Close

Form 10-Q KERYX BIOPHARMACEUTICALS For: Mar 31

April 28, 2016 4:14 PM EDT
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 000-30929

 

 

KERYX BIOPHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   13-4087132

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

One Marina Park Drive, 12th Floor

Boston, Massachusetts 02210

(Address including zip code of principal executive offices)

(617) 466-3500

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   x    Accelerated filer   ¨
Non-accelerated filer   ¨  (Do not check if smaller reporting company)    Smaller reporting company   ¨

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

There were 105,820,947 shares of the registrant’s common stock, $0.001 par value, outstanding as of April 22, 2016.

 

 

 


Table of Contents

KERYX BIOPHARMACEUTICALS, INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2016

TABLE OF CONTENTS

 

         Page  

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

     1   

PART I

  FINANCIAL INFORMATION      2   

Item 1

  Financial Statements      2   
  Consolidated Balance Sheets as of March 31, 2016 (unaudited) and December 31, 2015      2   
  Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015 (unaudited)      3   
  Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015 (unaudited)      4   
  Notes to Consolidated Financial Statements (unaudited)      5   

Item 2

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      18   

Item 3

  Quantitative and Qualitative Disclosures About Market Risk      28   

Item 4

  Controls and Procedures      28   

PART II

  OTHER INFORMATION   

Item 1

  Legal Proceedings      29   

Item 1A

  Risk Factors      29   

Item 2

  Unregistered Sales of Equity Securities and Use of Proceeds      30   

Item 6

  Exhibits      30   


Table of Contents

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Certain matters discussed in this report, including matters discussed under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, or the Securities Act, and the Securities Exchange Act of 1934, as amended, or the Exchange Act, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. The words “anticipate,” “believe,” “estimate,” “may,” “expect,” “will,” “project” and similar expressions are generally intended to identify forward-looking statements. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation, those discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015, and under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report, as well as other factors which may be identified from time to time in our other filings with the Securities and Exchange Commission, or the SEC, or in the documents where such forward-looking statements appear. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements. Such forward-looking statements include, but are not limited to, statements about our:

 

    estimates regarding market size and projected growth, as well as our expectation of market acceptance of AuryxiaTM (ferric citrate) and market share;

 

    expectations for increases or decreases in expenses;

 

    expectations for pre-clinical and clinical development and regulatory progress, including manufacturing, commercialization and reimbursement (including market acceptance) of Fexeric® (ferric citrate coordination complex) or any other products that we may acquire or in-license;

 

    expectations for incurring capital expenditures to expand our development and manufacturing capabilities;

 

    expectations regarding our ability to successfully market Riona® through our Japanese partners, Japan Tobacco, Inc. and Torii Pharmaceutical Co., Ltd.;

 

    expectations regarding our ability to successfully develop and obtain FDA approval of Auryxia for the treatment of iron deficiency anemia in non-dialysis dependent chronic kidney disease patients;

 

    expectations regarding our ability to identify a commercial partner(s) to launch Fexeric in the European market;

 

    expectations for generating revenue, positive cash flow or becoming profitable on a sustained basis;

 

    expectations of the scope of patent protection with respect to Auryxia and Fexeric;

 

    expectations or ability to enter into marketing and other partnership agreements;

 

    expectations or ability to enter into product acquisition and in-licensing transactions;

 

    estimates of the sufficiency of our existing cash and cash equivalents to finance our operating requirements, including expectations regarding the value and liquidity of our investments;

 

    expected losses; and

 

    expectations for future capital requirements.

The forward-looking statements contained in this report reflect our views and assumptions only as of the date that this report is signed. Except as required by law, we assume no responsibility for updating any forward-looking statements.

In addition, with respect to all of our forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 

1


Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Keryx Biopharmaceuticals, Inc.

Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015

 

 

(in thousands, except share and per share amounts)

 

     March 31, 2016     December 31, 2015  
     (Unaudited)        

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 170,531      $ 200,290   

Inventory

     42,198        41,881   

Accounts receivable, net

     4,325        3,656   

Receivable from landlord

     637        637   

Other current assets

     2,519        2,830   
  

 

 

   

 

 

 

Total current assets

     220,210        249,294   

Property, plant and equipment, net

     5,014        5,083   

Goodwill

     3,208        3,208   

Other assets, net

     1,100        1,100   
  

 

 

   

 

 

 

Total assets

   $ 229,532      $ 258,685   
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable and accrued expenses

   $ 13,748      $ 21,322   

Accrued compensation and related liabilities

     3,580        5,473   

Deferred revenue

     3,718        3,526   

Derivative liability

     48,693        46,686   

Deferred lease incentive, current portion

     244        244   

Other current liabilities

     93        355   
  

 

 

   

 

 

 

Total current liabilities

     70,076        77,606   

Convertible senior notes

     106,521        90,773   

Deferred lease incentive, net of current portion

     1,445        1,506   

Deferred tax liability

     810        790   

Other liabilities

     1,285        1,076   
  

 

 

   

 

 

 

Total liabilities

     180,137        171,751   
  

 

 

   

 

 

 

Commitments and contingencies

    

Stockholders’ equity:

    

Preferred stock, $0.001 par value per share (5,000,000 shares authorized, no shares issued and outstanding)

     —          —     

Common stock, $0.001 par value per share (130,000,000 shares authorized, 105,898,731 and 105,221,555 shares issued, 105,818,783 and 105,141,607 shares outstanding at March 31, 2016 and December 31, 2015, respectively)

     106        105   

Additional paid-in capital

     764,613        761,189   

Treasury stock, at cost, 79,948 shares at March 31, 2016 and December 31, 2015, respectively

     (357     (357

Accumulated deficit

     (714,967     (674,003
  

 

 

   

 

 

 

Total stockholders’ equity

     49,395        86,934   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 229,532      $ 258,685   
  

 

 

   

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

2


Table of Contents

Keryx Biopharmaceuticals, Inc.

Consolidated Statements of Operations

for the three months ended March 31, 2016 and 2015 (Unaudited)

 

 

(in thousands, except share and per share amounts)

 

     Three months ended
March 31,
 
     2016     2015  

Revenues:

    

Net U.S. Auryxia product sales

   $ 5,616      $ 422   

License revenue

     1,209        753   
  

 

 

   

 

 

 

Total revenues

     6,825        1,175   
  

 

 

   

 

 

 

Operating expenses:

    

Cost of goods sold

     1,071        76   

License expenses

     726        452   

Research and development

     7,616        9,591   

Selling, general and administrative

     20,809        18,880   
  

 

 

   

 

 

 

Total operating expenses

     30,222        28,999   
  

 

 

   

 

 

 

Operating loss

     (23,397     (27,824

Other income (expense):

    

Amortization of debt discount

     (15,748     —     

Other income (expense), net

     (1,799     107   
  

 

 

   

 

 

 

Total other income (expense)

     (17,547     107   

Loss before income taxes

     (40,944     (27,717

Income taxes

     20        22   
  

 

 

   

 

 

 

Net loss

   $ (40,964   $ (27,739
  

 

 

   

 

 

 

Basic and diluted net loss per common share

   $ (0.39   $ (0.28
  

 

 

   

 

 

 

Weighted average shares used in computing basic and diluted net loss per common share

     105,649,571        100,553,490   
  

 

 

   

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

3


Table of Contents

Keryx Biopharmaceuticals, Inc.

Consolidated Statements of Cash Flows

for the three months ended March 31, 2016 and 2015 (Unaudited)

 

 

(in thousands)

 

     Three months ended
March 31,
 
     2016     2015  

CASH FLOWS FROM OPERATING ACTIVITIES

    

Net loss

   $ (40,964   $ (27,739

Adjustments to reconcile loss to cash flows used in operating activities:

    

Stock-based compensation expense

     3,293        4,321   

Amortization of debt discount

     15,748        —     

Change in fair value of derivative liability

     2,007        —     

Depreciation and amortization

     261        138   

Amortization of deferred lease incentive

     (61     —     

Deferred income taxes

     20        22   

Changes in operating assets and liabilities:

    

Other current assets

     311        752   

Accounts receivable, net

     (669     (449

Inventory

     371        (19,317

Other current liabilities

     (262     (15

Accounts payable and accrued expenses

     (6,291     8,923   

Accrued compensation and related liabilities

     (1,893     (2,178

Deferred revenue

     192        300   

Other liabilities

     209        (34
  

 

 

   

 

 

 

Net cash used in operating activities

     (27,728     (35,276
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

    

Purchases of property, plant and equipment

     (2,037     (61

Proceeds from maturity of held-to-maturity securities

     —          11,508   
  

 

 

   

 

 

 

Net cash (used in) provided by investing activities

     (2,037     11,447   
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

    

Proceeds from public offerings, net

     —          118,284   

Proceeds from exercise of options

     6        97   
  

 

 

   

 

 

 

Net cash provided by financing activities

     6        118,381   
  

 

 

   

 

 

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

     (29,759     94,552   

Cash and cash equivalents at beginning of year

     200,290        74,284   
  

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

   $ 170,531      $ 168,836   
  

 

 

   

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

4


Table of Contents

Keryx Biopharmaceuticals, Inc.

Notes to Consolidated Financial Statements (unaudited)

 

 

Unless the context requires otherwise, references in this report to “Keryx,” “Company,” “we,” “us” and “our” refer to Keryx Biopharmaceuticals, Inc. and our subsidiaries.

NOTE 1 – DESCRIPTION OF BUSINESS

We are a biopharmaceutical company focused on bringing innovative medicines to market for people with renal disease. Our product, Auryxia (ferric citrate), is an oral, absorbable iron-based medicine, that received marketing approval from the U.S. Food and Drug Administration, or FDA, in September 2014 for the control of serum phosphorus levels in patients with chronic kidney disease, or CKD, on dialysis. Ferric citrate is also approved in Japan under the tradename Riona and marketed by our Japanese partner, Japan Tobacco Inc. or JT, and approved in Europe as Fexeric. When discussing ferric citrate in the United States in reference to our marketed product, we will refer to it as Auryxia, when discussing it in the United States in reference to our investigational medicine in Phase 3, we will refer to it as ferric citrate, when discussing it in Japan, we will refer to it as Riona, and when discussing it in Europe, we will refer to it as Fexeric.

We launched Auryxia in the United States in late December 2014. Auryxia is being marketed in the United States through our specialty salesforce and commercial infrastructure. Our sales organization is aligned to 95 territories calling on approximately 5,000 target nephrologists and their associated dialysis centers.

In March 2016, we announced positive top-line results from our pivotal Phase 3 study of ferric citrate for the treatment of iron deficiency anemia, or IDA, in adults with stage 3-5 non-dialysis dependent chronic kidney disease, or NDD-CKD. This study’s primary endpoint was the between group comparison of the proportion of patients achieving a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period of the study. Secondary endpoints in the Phase 3 study included the change from baseline to the end of the randomized period for hemoglobin, ferritin, TSAT and serum phosphorus. The top-line results demonstrated statistically significant differences between ferric citrate- and placebo-treated patients for the primary endpoint and all pre-specified secondary endpoints. The majority of patients in the ferric citrate group (52 percent) achieved a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period as comparted to 19 percent in the placebo group (p<0.001). Additionally, the safety profile of the drug candidate was consistent with previously reported clinical studies of ferric citrate, with the majority of adverse events reported as mild to moderate. We believe these initial data support our plan to submit a supplemental new drug application, or sNDA, in the third quarter of 2016 seeking to expand the label for ferric citrate to include the treatment of IDA in adults with stage 3-5 NDD-CKD.

Our Japanese partner, Japan Tobacco Inc., or JT, together with its subsidiary Torii Pharmaceutical Co. Ltd., or Torii, received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare as an oral treatment for the improvement of hyperphosphatemia in patients with CKD, including dialysis and NDD-CKD, in January 2014. Torii began to market the product under the brand name Riona in May 2014. Under the license agreement with JT and Torii, we receive royalty payments based on a tiered double-digit percentage of net sales of Riona in Japan escalating up to the mid-teens, and may also receive up to an additional $55.0 million upon the achievement of certain annual net sales milestones. We in turn owe royalties at a mid-single digit percentage of net sales to the licensor of ferric citrate associated with net sales of Riona in Japan.

On September 23, 2015, the European Commission, or EC, approved Fexeric (ferric citrate coordination complex) for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adult patients with CKD, including dialysis and NDD-CKD. The EC also considered ferric citrate coordination complex as a New Active Substance, which provides 10 years of data and marketing exclusivity in the European Union. We are currently seeking potential partners to commercialize Fexeric in the European Union.

Currently, our only product is Auryxia. In January 2015, we began to recognize product sales based on prescription sales of Auryxia in the United States. We have also generated, and expect to continue to generate, revenue from the sublicensing of rights to Auryxia in Japan to our Japanese partners, JT and Torii. We may engage in business development activities that include seeking strategic relationships for Auryxia outside of the United States, as well as evaluating other compounds and companies for in-licensing or acquisition, with a focus on complementary assets.

 

5


Table of Contents

Our major sources of cash have been proceeds from various public and private offerings of our common stock, the issuance of convertible notes, option and warrant exercises, interest income, upfront and milestone payments from our agreement with JT and Torii and miscellaneous payments from our other prior licensing activities. Even though we are commercializing Auryxia, we may not become profitable. Our ability to achieve profitability depends on a number of factors, including our ability to complete our development efforts, obtain additional regulatory approvals for Auryxia, successfully complete any post-approval regulatory obligations and successfully manufacture and commercialize Auryxia alone or in partnership. We may continue to incur substantial operating losses even after we begin to generate meaningful revenues from Auryxia.

During 2015, we completed two financings to secure capital needed to fund our commercialization efforts and to continue the clinical development of Auryxia. In October 2015, we completed the sale of $125 million of Convertible Senior Notes due 2020, or the Notes, to funds managed by The Baupost Group, L.L.C., or Baupost. In order to accommodate the full conversion of the Notes into shares of our common stock, we will seek stockholder approval of an amendment to our certificate of incorporation at the 2016 Annual Meeting of Stockholders to increase the number of authorized shares of our common stock. If the necessary share increase is not approved by our stockholders by July 1, 2016, we may pay a portion of the conversion amount in cash. As of March 31, 2016, Baupost beneficially owns approximately 24% of our issued and outstanding common stock. If all of the Notes were converted prior to the approval of the necessary increase in authorized shares, Baupost would beneficially own approximately 28% of our issued and outstanding common stock and Baupost’s beneficial ownership of our issued and outstanding common stock would increase to approximately 43% if the remaining Notes were converted into our common stock. In addition, in January 2015, we raised approximately $118.3 million, net of underwriting discounts and offering expenses, in an underwritten public offering of our common stock.

Most of our biopharmaceutical development and substantially all of our administrative operations during the three months ended March 31, 2016 and 2015 were conducted in the United States of America.

NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair presentation of the consolidated financial statements have been included. Nevertheless, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.

Principles of Consolidation

The consolidated financial statements include our financial statements and those of our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses during the applicable reporting period. Actual results could differ from those estimates. Such differences could be material to these consolidated financial statements.

 

6


Table of Contents

Cash and Cash Equivalents

We consider liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. At March 31, 2016 and December 31, 2015, all of our cash and cash equivalents were held in either commercial bank accounts or money market funds.

Inventory

Inventory is stated at the lower of cost or estimated realizable value. We determine the cost of our inventory, which includes amounts related to materials, third-party contract manufacturing and packaging services, and manufacturing overhead, on a first-in, first-out basis. We capitalize inventory costs at our suppliers when, based on management’s judgment, the realization of future economic benefit is probable at each given supplier. We received FDA approval for Auryxia on September 5, 2014, and on that date began capitalizing inventory purchases of saleable product from certain suppliers. Prior to FDA approval, all saleable product purchased from such suppliers was included as a component of research and development expense.

Accounts Receivable, Net

We extend credit to our customers for U.S. Auryxia product sales resulting in accounts receivable. Customer accounts are monitored for past due amounts. Past due accounts receivable, determined to be uncollectible, are written off against the allowance for doubtful accounts. Allowances for doubtful accounts are estimated based upon past due amounts, historical losses and existing economic factors, and are adjusted periodically. We offer cash discounts to certain of our customers, generally 2% of the sales price, as an incentive for prompt payment. The estimate of cash discounts is recorded at the time of sale. We account for the cash discounts by reducing revenue and accounts receivable by the amount of the discounts we expect our customers to take. The accounts receivable are reported in the consolidated balance sheets, net of the allowances for doubtful accounts and cash discounts. There was no allowance for doubtful accounts at March 31, 2016 and December 31, 2015.

Revenue Recognition

Our commercial launch of our only product, Auryxia, in the United States occurred in late December 2014. We sell product to a limited number of major wholesalers, our Distributors, as well as certain pharmacies, or collectively, our Customers. Our Distributors resell the product to retail pharmacies for purposes of the pharmacies reselling the product to fill patient prescriptions. In accordance with GAAP, our revenue recognition policy requires that: (i) there is persuasive evidence that an arrangement exists between us and the Customer, (ii) delivery has occurred, (iii) collectability is reasonably assured, and (iv) the price is fixed or determinable. Until we have the ability to reliably estimate returns of Auryxia from our Customers, revenue will be recognized based on the resale of Auryxia for the purposes of filling patient prescriptions, and not based on initial sales from us to our Customers. Consistent with industry practice, once we achieve sufficient history such that we can reliably estimate returns based on sales to our Customers, we anticipate that our revenues will be recognized based on sales to our Customers. We currently defer Auryxia revenue recognition until the earlier of the product being resold for purposes of filling patient prescriptions and the expiration of the right of return (twelve months after the expiration date of the product). The deferred revenue is recorded net of discounts, rebates, and chargebacks. We also defer the related cost of product sales and record such amounts as finished goods inventory held by others, which is included in inventory on our consolidated balance sheet, until revenue related to such product sales is recognized.

We have written contracts with our Customers and delivery occurs when a Customer receives Auryxia. We evaluate the creditworthiness of each of our Customers to determine whether revenues can be recognized upon delivery, subject to satisfaction of the other requirements, or whether recognition is required to be delayed until receipt of payment. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate our gross product sales from the sales to Customers and (ii) reasonably estimate our net product sales. We calculate gross product sales based on the wholesale acquisition cost that we charge our Customers for Auryxia. We estimate our net product sales by deducting from our gross product sales (a) trade allowances, such as invoice discounts for prompt payment and distributor fees, (b) estimated government and private payor rebates, chargebacks and discounts, such as Medicaid reimbursements, (c) reserves for expected product returns, upon our ultimate transition to a sell-in revenue recognition model and (d) estimated costs of incentives offered to certain indirect customers, including patients.

 

7


Table of Contents

Trade Allowances: We generally provide invoice discounts on Auryxia sales to our Distributors for prompt payment and pay fees for distribution services, such as fees for certain data that Distributors provide to us. The payment terms for sales to Distributors generally include a prompt-pay discount for payment made within 30 days. Based on our judgment and industry experience, we expect our Distributors to earn these discounts and fees, and deduct the full amount of these discounts and fees from our gross product sales and accounts receivable at the time such revenues are recognized.

Rebates, Chargebacks and Discounts: We contract with Medicaid, other government agencies and various commercial and Medicare Part D private insurance providers, or collectively, our Third-party Payors, so that Auryxia will be eligible for partial or full reimbursement from such Third-party Payors. We also contract with certain specialty pharmacies directly so that Auryxia will be eligible for purchase by these specialty pharmacies. We estimate the rebates, chargebacks and discounts we will provide to Third-party Payors and specialty pharmacies, and deduct these estimated amounts from our gross product sales at the time the sales are recognized. We estimate the rebates, chargebacks and discounts that we will provide to Third-party Payors and specialty pharmacies based upon (i) our contracts with these Third-party Payors and specialty pharmacies, (ii) the government-mandated discounts applicable to government-funded programs and (iii) information obtained from our Customers and other third parties regarding the payor mix for Auryxia.

Product Returns: For the year ended December 31, 2015, the first full period in which we began selling Auryxia, and continuing into the three months ended March 31, 2016, we were not able to reasonably estimate product returns for all product sold to Customers. Once sufficient data exists or we are able to reasonably estimate the amount of Auryxia that will be returned, we will deduct these estimated amounts from our gross revenues at the time that revenues are recognized. Our Customers have the right to return Auryxia during the 18-month period beginning six months prior to the labeled expiration date and ending twelve months after the labeled expiration date. Currently the expiration date for Auryxia is eighteen months after it has been converted into tablet form, which is the last step in the manufacturing process for Auryxia and generally occurs within a few months before Auryxia is delivered to Customers. As of March 31, 2016, we have experienced an immaterial number of product returns.

Other Incentives: Other incentives that we offer to indirect customers include co-pay mitigation rebates provided by us to commercially insured patients who have coverage for Auryxia and who reside in states that permit co-pay mitigation programs, and vouchers for a month supply of Auryxia at no patient cost. Our co-pay mitigation program is intended to reduce each participating patient’s portion of the financial responsibility for Auryxia’s purchase price to a specified dollar amount. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, we estimate the average co-pay mitigation amounts and the percentage of patients that we expect to participate in the program in order to establish our accruals for co-pay mitigation rebates and deduct these estimated amounts from our gross product sales at the time the sales are recognized. We adjust our accruals for co-pay mitigation and voucher rebates based on our estimates regarding the portion of issued rebates that we estimate will not be redeemed.

Our U.S. Auryxia product sales for the three months ended March 31, 2016 and 2015 were offset by provisions for allowances and accruals as set forth in the tables below.

 

(in thousands)

   Three months ended
March 31, 2016
     Percent of gross
Auryxia

product sales
     Three months ended
March 31, 2015
     Percent of gross
Auryxia

product sales
 

Gross Auryxia product sales

   $ 8,625          $ 964      

Less provision for product sales allowances and accruals

           

Trade allowances

     1,146         13%         100         10%   

Rebates, chargebacks and discounts

     1,678         20%         30         3%   

Product returns

                               

Other incentives (1)

     185         2%         412         43%   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     3,009         35%         542         56%   
  

 

 

       

 

 

    

Net U.S. Auryxia product sales

   $ 5,616          $ 422      
  

 

 

       

 

 

    

 

(1) Includes co-pay mitigation and voucher rebates.

The following table summarizes U.S. Auryxia product sales recognized and deferred during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

8


Table of Contents

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Net U.S. Auryxia sales recognized

   $ 5,616       $ 422       $ 10,141   

Deferred product sales

     3,718         714         3,526   
  

 

 

    

 

 

    

 

 

 
   $ 9,334       $ 1,136       $ 13,667   
  

 

 

    

 

 

    

 

 

 

We recognize license revenue in accordance with Accounting Standards Codification 605, Revenue Recognition, or ASC 605. We analyze each element of our licensing agreement to determine the appropriate revenue recognition. The terms of the license agreement may include payment to us of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. We recognize revenue from upfront payments over the period of significant involvement under the related agreements unless the fee is in exchange for products delivered or services rendered that represent the culmination of a separate earnings process and no further performance obligation exists under the contract. We recognize milestone payments as revenue upon the achievement of specified milestones only if (1) the milestone payment is non-refundable, (2) substantive effort is involved in achieving the milestone, (3) the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone, and (4) the milestone is at risk for both parties. If any of these conditions are not met, we defer the milestone payment and recognize it as revenue over the estimated period of performance under the contract.

For arrangements for which royalty revenue information becomes available and collectability is reasonably assured, we recognize revenue during the applicable period earned. When collectability is reasonably assured but a reasonable estimate of royalty revenue cannot be made, the royalty revenue is recognized in the quarter that the licensee provides the written report and related information to us.

Cost of Goods Sold

Cost of goods sold includes the cost of active pharmaceutical ingredient for Auryxia on which product sales were recognized during the period, as well as the associated costs for tableting, packaging, shipment, insurance and quality assurance. Cost of goods sold also includes expenses due to the licensor of Auryxia related to the manufacturing of product and product sales recognized during the period.

In conjunction with our recognition and deferral of U.S. Auryxia product sales, we expensed and capitalized the associated cost of goods, as follows, during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Cost of goods sold expensed

   $ 1,071       $ 76       $ 4,520   

Finished goods inventory held by others

     803         107         231   
  

 

 

    

 

 

    

 

 

 
   $ 1,874       $ 183       $ 4,751   
  

 

 

    

 

 

    

 

 

 

Finished goods inventory held by others as of March 31, 2016 and 2015 represents the cost of goods sold that has been deferred to align with our deferral of U.S. Auryxia product sales.

License Expenses

License expenses include royalty and other expenses due to the licensor of Auryxia related to our license agreement with JT and Torii. With regard to royalty expense, such expense is directly related to the royalty revenue received from JT and Torii and is recognized in the same period as the revenue is recorded. Other expenses are recognized in the period they are incurred.

Research and Development Costs

Research and development costs are expensed as incurred. Pre-approval inventory expenditures are recorded as research and development expense as incurred. The capitalization of inventory for our product candidate(s) commence when it is probable that the product will be approved for commercial marketing. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. We make estimates of costs incurred in relation to external clinical research organizations,

 

9


Table of Contents

or CROs, and clinical site costs. We analyze the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. We review and accrue CRO expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study. Accrued CRO costs are subject to revisions as such trials progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of our policy is to match the recording of expenses in our consolidated financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.

Stock-Based Compensation

We recognize all share-based payments to employees and to non-employee directors for service on our Board of Directors as compensation expense in the consolidated financial statements based on the grant date fair values of the awards. Stock-based compensation expense recognized each period is based on the value of the portion of awards that is ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

For share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. We record compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued, or the total compensation is recalculated based on the then current fair value, at each subsequent reporting date.

Basic and Diluted Net Loss Per Common Share

Basic net loss per share is computed by dividing the losses allocable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. The options outstanding as of March 31, 2016 and 2015, which are not included in the computation of net loss per share amounts, were 6,491,921 and 6,257,851, respectively. No warrants were outstanding during each of these periods.

Acquisitions

We account for acquired businesses using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Acquisition-related costs are expensed as incurred. Any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Impairment

Long lived assets are reviewed for an impairment loss when circumstances indicate that the carrying value of long-lived tangible and intangible assets with finite lives may not be recoverable. Management’s policy in determining whether an impairment indicator exists, a triggering event, comprises measurable operating performance criteria as well as qualitative measures. If an analysis is necessitated by the occurrence of a triggering event, we make certain assumptions in determining the impairment amount. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset or used in its disposal. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized.

 

10


Table of Contents

Goodwill is reviewed for impairment annually, or when events arise that could indicate that an impairment exists. We test for goodwill impairment using a two-step process. The first step compares the fair value of the reporting unit with the unit’s carrying value, including goodwill. When the carrying value of the reporting unit is greater than fair value, the unit’s goodwill may be impaired, and the second step must be completed to measure the amount of the goodwill impairment charge, if any. In the second step, the implied fair value of the reporting unit’s goodwill is compared with the carrying amount of the unit’s goodwill. If the carrying amount is greater than the implied fair value, the carrying value of the goodwill must be written down to its implied fair value. As of December 31, 2015, management concluded that there was no impairment of our goodwill. We will continue to perform impairment tests annually, at December 31, and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. For the period ending March 31, 2016, management determined that there were no impairment indicators that would trigger a goodwill impairment analysis.

Concentrations of Credit Risk

We do not have significant off-balance-sheet risk or credit risk concentrations. We maintain our cash and cash equivalents and held-to-maturity investments, when applicable, with multiple financial institutions that invest in investment-grade securities with average maturities of less than twelve months. See Note 3 – Fair Value Measurements.

Our accounts receivable, net at March 31, 2016 and December 31, 2015 represent amounts due to the Company from customers. We perform ongoing credit evaluations of our customers and generally do not require collateral. The following table sets forth customers who represented 10% or more of our total accounts receivable, net as of March 31, 2016 and December 31, 2015:

 

     March 31, 2016     December 31, 2015  

Davita Rx

     24     19

AmerisourceBergen Drug Corporation

     21     17

McKesson Corporation

     21     23

Cardinal Health, Inc.

     19     24

Fresenius Medical Care Rx

     13     15

We currently depend on a single supply source for Auryxia drug product. If any of our suppliers, including the source of Auryxia drug product, were to limit or terminate production, or otherwise fail to meet the quality or delivery requirements needed to supply Auryxia at levels to meet market demand, we could experience a loss of revenue, which could materially and adversely impact our results of operations.

Leases

In April 2015, we signed a lease agreement for approximately 27,300 square feet in Boston, Massachusetts, for a 94 month term that commenced on May 1, 2015. In order to make the space usable for our operations, substantial improvements were made. Our landlord agreed to pay for up to approximately $1.9 million of the improvements, and we bore all additional costs that were incurred. As such, we have determined that we are the owner of the improvements and account for tenant improvements paid by our landlord as a lease incentive. On May 1, 2015, in accordance with ASC 840-20, we recorded a deferred lease incentive, and an associated receivable from our landlord, for the total amount to be paid by the landlord for improvements. The deferred lease incentive is being amortized as a partial offset to rent expense over the term of the lease. We began occupying the space in November 2015. Improvements made to our leased space have been recorded as fixed assets and will be amortized over the assets’ useful lives or the remaining lease term, whichever is shorter.

The lease for our New York City office will expire on September 30, 2016 and we have notified our landlord that we will not renew our lease.

Recently Issued and Proposed Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The

 

11


Table of Contents

standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2017 and allows for adoption using a full retrospective method, or a modified retrospective method. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. We are currently assessing the method of adoption and the expected impact that Topic 606 will have on our financial position and results of operations.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for us on January 1, 2019. The adoption of this standard is expected to have a material impact on our financial position. We are currently evaluating the potential impact that this standard may have on our results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard will be effective for us on January 1, 2017. We are currently evaluating the potential impact that this standard may have on our financial position, results of operations and statement of cash flows.

NOTE 3 – FAIR VALUE MEASUREMENTS

We measure certain financial assets and liabilities at fair value on a recurring basis in our consolidated financial statements using a fair value hierarchy. The hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires financial assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

 

    Level 1 – quoted prices in active markets for identical assets and liabilities;

 

    Level 2 – inputs other than Level 1 quoted prices that are directly or indirectly observable; and

 

    Level 3 – unobservable inputs that are not corroborated by market data.

We review investment securities for impairment and to determine the classification of the impairment as temporary or other-than-temporary. Losses are recognized in our consolidated statement of operations when a decline in fair value is determined to be other-than-temporary. We review our investments on an ongoing basis for indications of possible impairment. Once identified, the determination of whether the impairment is temporary or other-than-temporary requires significant judgment.

The following table provides the fair value measurements of applicable financial assets as of March 31, 2016 and December 31, 2015:

 

     Financial assets at fair value
as of March 31, 2016
     Financial assets at fair value
as of December 31, 2015
 

(in thousands)

   Level 1      Level 2      Level 3      Level 1      Level 2      Level 3  

Assets:

                 

Money market funds (1)

   $ 166,086       $ —         $ —         $ 193,886       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 166,086       $ —         $ —         $ 193,886       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

                 

Derivative liability

   $ —         $ —         $ 48,693       $ —         $ —         $ 46,686   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ —         $ —         $ 48,693       $ —         $ —         $ 46,686   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Included in cash and cash equivalents on our consolidated balance sheets. The carrying amount of money market funds approximates fair value.

In October 2015, we issued the Notes. As of March 31, 2016 and December 31, 2015, the fair value of our Notes was $138.3 million and $132.9 million, respectively, which differs from their carrying value. The fair value of our Notes is influenced by interest rates and our stock price and stock price volatility. See Note 8– Debt for additional information on our debt obligations.

 

12


Table of Contents

NOTE 4 – INVENTORY

Upon approval of Auryxia on September 5, 2014 by the FDA, we began capitalizing our purchases of saleable inventory of Auryxia from suppliers. Inventory consists of the following at March 31, 2016 and December 31, 2015:

 

(in thousands)

   March 31, 2016      December 31, 2015  

Raw materials

   $ 525       $ 495   

Work in process

     39,100         40,124   

Finished goods

     1,770         1,031   

Finished goods inventory held by others

     803         231   
  

 

 

    

 

 

 

Total inventory

   $ 42,198       $ 41,881   
  

 

 

    

 

 

 

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock

On January 21, 2015, we announced the pricing of an underwritten public offering in which we sold 10,541,667 shares of our common stock at a price of $12.00 per share for gross proceeds of approximately $126.5 million. Net proceeds from this offering were approximately $118.3 million, net of underwriting discounts and offering expenses of approximately $8.2 million. The shares were sold under Registration Statements (Nos. 333-201605 and 333-201639) on Form S-3 and Form S-3MEF, respectively, filed by us with the Securities and Exchange Commission.

Change in Stockholders’ Equity

Total stockholders’ equity decreased by $37.5 million during the three months ended March 31, 2016. This decrease was primarily attributable to our net loss of $41.0 million, partially offset by $3.5 million related to stock-based compensation and stock option exercises.

NOTE 6 – STOCK-BASED COMPENSATION EXPENSE

Equity Incentive Plans

Total shares available for the issuance of stock options or other stock-based awards under our stock option and incentive plans were 1,055,849 shares at March 31, 2016.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2016:

 

     Number
of shares
     Weighted-
average
exercise price
     Weighted-
average
contractual
term
     Aggregate
intrinsic
value
 
                   (in years)         

Outstanding at December 31, 2015

     5,411,557       $ 10.96         7.2       $ 2,049,329   
           

 

 

 

Granted

     1,690,550         3.44         

Exercised

     (22,425      2.75          $ 52,698   
           

 

 

 

Forfeited

     (218,087      9.09         

Expired

     (369,674      14.72         
  

 

 

          

Outstanding at March 31, 2016

     6,491,921       $ 8.88         7.9       $ 3,544,992   
  

 

 

    

 

 

    

 

 

    

 

 

 

Vested and expected to vest at March 31, 2016

     6,240,311       $ 8.90         7.9       $ 3,401,256   
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable at March 31, 2016

     2,708,307       $ 9.85         6.1       $ 1,383,548   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

13


Table of Contents

Upon the exercise of stock options, we issue new shares of our common stock. As of March 31, 2016, 100,000 options issued to employees are unvested, performance-based options.

Restricted Stock

Certain employees, directors and consultants have been awarded restricted stock under our equity incentive plans. The time-vesting restricted stock grants vest primarily over a period of three to four years. The following table summarizes restricted share activity for the three months ended March 31, 2016:

 

     Number of
shares
     Weighted
average
grant date
fair value
     Aggregate
intrinsic
value
 

Outstanding at December 31, 2015

     1,344,747       $ 11.59       $ 6,790,972   
        

 

 

 

Granted

     747,825         3.35      

Vested

     (114,806      14.50       $ 520,704   
        

 

 

 

Forfeited

     (93,074      8.99      
  

 

 

       

Outstanding at March 31, 2016

     1,884,692       $ 8.27       $ 8,801,512   
  

 

 

    

 

 

    

 

 

 

As of March 31, 2016, 560,000 shares of restricted stock issued to employees are unvested, performance-based shares.

Stock-Based Compensation Expense

We incurred $3.3 million and $4.3 million of non-cash compensation expense related to equity incentive grants during the three months ended March 31, 2016 and 2015, respectively. The following table reflects stock-based compensation expense for the three month period ended March 31, 2016 and 2015:

 

     Three months ended March 31,  

(in thousands)

   2016      2015  

Cost of goods sold

   $ 6       $ 1   

Research and development

     705         921   

Selling, general and administrative

     2,582         3,399   
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 3,293       $ 4,321   
  

 

 

    

 

 

 

Stock-based compensation costs capitalized as part of inventory were immaterial for the three months ended March 31, 2016 and 2015.

The fair value of stock options granted is estimated at the date of grant using the Black-Scholes pricing model. The expected term of options granted is derived from historical data, the expected vesting period and the full contractual term. Expected volatility is based on the historical volatility of our common stock. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. We have assumed no expected dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future.

 

Black-Scholes Option Valuation Assumptions

   Three months ended March 31,  
     2016      2015  

Risk-free interest rates

     1.6%         1.7%   

Dividend yield

     —           —     

Volatility

     82.0%         91.6%   

Weighted-average expected term

     6.0 years        6.0 years   

The weighted average grant date fair value of options granted for the three months ended March 31, 2016 and 2015 was $2.41 and $10.83, respectively. We used historical information to estimate forfeitures within the valuation model. As of March 31, 2016, there was $17.2 million and $7.8 million of total unrecognized compensation cost related to non-vested stock options and restricted stock, respectively, which is expected to be recognized over weighted-average periods of 2.2 years and 1.6 years, respectively. These amounts do not include, as of March 31, 2016, 100,000 options outstanding and 560,000 shares of restricted stock outstanding which are performance-based and vest upon achievement of certain corporate milestones. Stock-based compensation for these awards will be measured and recorded if and when it is probable that the milestone will be achieved.

 

14


Table of Contents

NOTE 7 – LICENSE AGREEMENTS

In November 2005, we entered into a license agreement with Panion & BF Biotech, Inc., or Panion. Under the license agreement, we acquired the exclusive worldwide rights, excluding certain Asian-Pacific countries, for the development and marketing of ferric citrate. To date, we have paid an aggregate of $11.6 million of milestone payments to Panion, including the $2.0 million paid upon European marketing approval in 2015. In addition, Panion is eligible to receive royalty payments based on a mid-single digit percentage of net sales of ferric citrate in the licensed territory, as well as a manufacturing fee for product manufactured for use in the licensed territory.

In September 2007, we entered into a Sublicense Agreement with JT and Torii, JT’s pharmaceutical business subsidiary, under which JT and Torii obtained the exclusive sublicense rights for the development and commercialization of ferric citrate in Japan, which is being marketed in the United States under the trade name Auryxia. JT and Torii are responsible for the future development and commercialization costs in Japan. Effective as of June 8, 2009, we entered into an Amended and Restated Sublicense Agreement, or Revised Agreement, with JT and Torii, which, among other things, provided for the elimination of all significant on-going obligations under the sublicense agreement.

In January 2013, JT and Torii filed its new drug application, or NDA, with the Japanese Ministry of Health, Labour and Welfare for marketing approval of ferric citrate in Japan for the treatment of hyperphosphatemia in patients with CKD. Under the terms of the license agreement with JT and Torii, we received a non-refundable milestone payment of $7.0 million in January 2013 for the achievement of the NDA filing milestone.

In January 2014, JT and Torii received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare. Ferric citrate, launched in May 2014 and is being marketed in Japan by Torii under the brand name Riona, is indicated as an oral treatment for the improvement of hyperphosphatemia in patients with CKD. Under the terms of the license agreement with JT and Torii, we received a non-refundable payment of $10.0 million in February 2014 for the achievement of the marketing approval milestone. We also receive royalty payments based on a tiered double-digit percentage of net sales of Riona in Japan escalating up to the mid-teens and may also receive up to an additional $55.0 million upon the achievement of certain annual net sales milestones. In accordance with our revenue recognition policy, royalty revenues are recognized in the quarter that JT and Torii provide their written report and related information to us regarding sales of Riona, which generally will be one quarter following the quarter in which the underlying sales by JT and Torii occurred. For the three months ended March 31, 2016 and 2015, we recorded $1.2 million and $0.8 million, respectively, in license revenue related to royalties earned on net sales of Riona in Japan. We record the associated mid-single digit percentage of net sales royalty expense due Panion, the licensor of ferric citrate, in the same period as the royalty revenue from JT and Torii is recorded. For the three months ended March 31, 2016 and 2015, we recorded $0.7 million and $0.5 million, respectively, in license expenses related to royalties due to the licensor of ferric citrate relating to sales of Riona in Japan.

NOTE 8 – DEBT

In October 2015, we completed the sale of $125 million of Notes due 2020, in a private placement, or the Private Placement, to funds managed by Baupost pursuant to a Notes Purchase Agreement dated October 14, 2015. The Notes were issued under an Indenture, or the Indenture, dated as of October 15, 2015, with The Bank of New York Mellon Trust Company, N.A. as trustee, or the Trustee. Under the terms of the Indenture, the Notes may be converted into shares of our common stock at the discretion of Baupost. In furtherance thereof, we will seek stockholder approval of an amendment to our certificate of incorporation to increase in the number of authorized shares of our common stock to ensure that we have an adequate authorized share reserve to cover any conversions of the Notes by Baupost, and if the necessary share increase is not approved by our stockholders by July 1, 2016, we may pay a portion of the conversion amount in cash. Further, the Indenture subjects us to certain financial and business covenants and contains restrictions on the payments of cash dividends.

 

15


Table of Contents

The Indenture contains customary terms and events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving us) occurs and is continuing, the Trustee by notice to us, or the holders of at least 25% in aggregate principal amount of the outstanding Notes by written notice to us and the Trustee, may declare 100% of the principal on all of the Notes to be due and payable. Upon such a declaration of acceleration, such principal will be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving us, 100% of the principal on all of the Notes will become due and payable automatically.

Further, in connection with the Private Placement, we entered into a Registration Rights Agreement with the purchasers of the Notes, or the Registration Rights Agreement, pursuant to which we agreed to (i) file a registration statement, or the Resale Registration Statement with the SEC covering the resale of the Notes and the underlying common stock which the Notes are convertible into upon the written request of Baupost, and (ii) use commercially reasonable efforts, subject to receipt of necessary information from all the purchasers of the Notes, to cause the SEC to declare the Resale Registration Statement effective. Further, the Registration Rights Agreement permits Baupost to demand from time to time that we file a shelf Registration Statement pursuant to Rule 415 of the Securities Act from which any number of shelf takedowns may be conducted upon written request from Baupost. Finally, the Registration Rights Agreement affords Baupost certain piggyback registration rights.

The Notes, a portion of which are currently convertible, are convertible at the option of Baupost at an initial conversion rate of 267.3797 shares of our common stock per $1,000 principal amount, equal to a conversion price of $3.74 per share, which represents the last reported sale price of our stock on October 14, 2015. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events. Further, upon the occurrence of certain fundamental changes involving us, Baupost may require us to repurchase for cash all or part of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased.

A portion of the Notes, represented by $60,680,000 of the $125,000,000 par value of the Notes, is currently convertible into shares of our common stock at the option of Baupost. The remaining portion of the Notes, represented by $64,320,000 of the total par value, is contingently convertible into shares of our common stock or cash at the option of Baupost. As discussed above, we will seek stockholder approval of an amendment to our certificate of incorporation to increase the number of authorized shares of our common stock to ensure that we have an adequate share reserve to cover any conversions by Baupost. If the necessary share increase is approved by our stockholders by July 1, 2016, or the Shareholder Approval Deadline, the portion of the Notes that is contingently convertible will be convertible into shares of our common stock at the option of Baupost. If the share increase is not approved by our stockholders by the Shareholder Approval Deadline, the contingently convertible portion of the Notes, represented by $64,320,000 of the par value, will be convertible to cash at the option of Baupost.

Under the terms of the Indenture, prior to the Shareholder Approval Deadline, any conversion by Baupost shall be deemed a partial share settlement and partial cash settlement, based on a pro-rata portion of the Notes based on the original convertible and contingently convertible par values of the Notes. In such an event, the contingently convertible portion of the Notes would be settled subsequent to July 1, 2016 in a manner dictated by whether shareholder approval of the amendment to our certificate of incorporation discussed above is obtained by the Shareholder Approval Deadline. If we are required to satisfy our obligation partially in cash, we will pay an amount for each $1,000 principal amount of the Notes being converted equal to the sum of the Daily Conversion Values for each of the five consecutive trading days following conversion notice, where the Daily Conversion Value for each day is 20% of the product of (a) the conversion rate on such trading day and (b) the daily volume-weighted average price for such trading day.

In accordance with accounting guidance for debt with a conversion option, we separated the conversion option from the debt instrument and account for it separately as a derivative liability, due to the Notes being partially convertible to cash at the option of Baupost. We allocated the proceeds between the debt component and the embedded conversion option (the derivative) by performing a valuation of the derivative as of the transaction date, which was determined based on the difference between the fair value of the Notes with the conversion option and the fair value of the Notes without the conversion option. The fair value of the derivative liability was recognized as a debt discount and the carrying amount of the convertible notes represents the difference between the proceeds from the issuance of the Notes and the fair value of the derivative liability on the date of issuance. The excess of the principal amount of the debt component over its carrying amount, or debt discount, is amortized to interest expense using the effective interest method over the expected life of the debt.

Our outstanding convertible notes and derivative liability balances as of March 31, 2016 and December 31, 2015 consisted of the following:

 

16


Table of Contents

(in thousands)

   March 31, 2016      Fair Value
Adjustment
     December 31, 2015  

Debt component:

        

Principal

   $ 125,000          $ 125,000   

Less: debt discount

     (18,479         (34,227
  

 

 

       

 

 

 

Net carrying amount

   $ 106,521          $ 90,773   
  

 

 

       

 

 

 

Derivative liability

   $ 48,693       $ 2,007       $ 46,686   
  

 

 

       

 

 

 

We determined the expected life of the debt was equal to the period through July 1, 2016, as this represents the point at which a portion of the Notes is contingently convertible into cash. Accordingly, for the three months ended March 31, 2016 approximately $15.7 million of interest expense was recognized related to the Notes, all of which was attributable to the amortization of the debt discount. As of March 31, 2016 and December 31, 2015, the carrying value of the Notes was $106.5 million and $90.8 million, respectively, and the fair value of the Notes was $138.3 million and $132.9 million, respectively.

NOTE 9 – OTHER INCOME (EXPENSE), NET

The components of other income (expense), net are as follows:

 

     Three months ended March 31,  

(in thousands)

   2016      2015  

Interest income

   $ 202       $ 107   

Other income

     6         —     

Fair value adjustment to derivative liability

     (2,007      —     
  

 

 

    

 

 

 
   $ (1,799    $ 107   
  

 

 

    

 

 

 

 

17


Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context requires otherwise, references in this report to “Keryx,” the “Company,” “we,” “us” and “our” refer to Keryx Biopharmaceuticals, Inc. and our subsidiaries.

The following discussion and analysis contains forward-looking statements about our plans and expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our results could differ materially from the results anticipated by our forward-looking statements as a result of many known or unknown factors, including, but not limited to, those factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 as updated under the heading “Risk Factors” in this report. See also the “Special Cautionary Notice Regarding Forward-Looking Statements” set forth at the beginning of this report.

You should read the following discussion and analysis in conjunction with the unaudited consolidated financial statements, and the related footnotes thereto, appearing elsewhere in this report, and in conjunction with management’s discussion and analysis and the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015.

OVERVIEW

We are a biopharmaceutical company focused on bringing innovative medicines to market for people with renal disease. Our product, Auryxia (ferric citrate), also known as Riona in Japan and Fexeric in Europe, is an oral, absorbable iron-based medicine, that received marketing approval from the U.S. Food and Drug Administration, or FDA, in September 2014 for the control of serum phosphorus levels in patients with chronic kidney disease, or CKD, on dialysis. When discussing ferric citrate in the United States in reference to our marketed product, we will refer to it as Auryxia, when discussing it in the United States in reference to our investigational medicine in Phase 3, we will refer to it as ferric citrate, when discussing it in Japan, we will refer to it as Riona, and when discussing it in Europe, we will refer to it as Fexeric.

We launched Auryxia in the United States in late December 2014. Auryxia is being marketed in the United States through our specialty salesforce and commercial infrastructure. Our sales organization is aligned to 95 territories calling on approximately 5,000 target nephrologists and their associated dialysis centers. In 2015, we reported net U.S. Auryxia product sales of $10.1 million.

In March 2016, we announced positive top-line results from our pivotal Phase 3 study of ferric citrate for the treatment of iron deficiency anemia, or IDA, in adults with stage 3-5 non-dialysis dependent chronic kidney disease, or NDD-CKD. This study’s primary endpoint was the between group comparison of the proportion of patients achieving a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period of the study. Secondary endpoints in the Phase 3 study include the change from baseline to the end of the randomized period for hemoglobin, ferritin, TSAT and serum phosphorus. The top-line results showed that treatment with ferric citrate in the registration trial demonstrated statistically significant differences as compared to placebo for the primary and all pre-specified secondary endpoints. The majority of patients in the ferric citrate group (52 percent) achieved a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period as compared to 19 percent in the placebo group. Additionally, the safety profile of the drug candidate was consistent with previously reported clinical studies of ferric citrate. We believe the initial data support our plan to submit a supplemental new drug application, or sNDA in the third quarter of 2016 seeking to expand the label for ferric citrate to include the treatment of IDA in adults with stage 3-5 NDD-CKD.

Our Japanese partner, Japan Tobacco Inc. or JT, together with its subsidiary Torii Pharmaceutical Co. Ltd., or Torii, received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare as an oral treatment for the improvement of hyperphosphatemia in patients with CKD, including dialysis and NDD-CKD, in January 2014. Torii began to market the product under the brand name Riona in May 2014. Under the license agreement with JT and Torii, we receive royalty payments based on a tiered double-digit percentage of net sales of Riona in Japan escalating up to the mid-teens, as well as up to an additional $55.0 million upon the achievement of certain annual net sales milestones. We in turn owe royalties at a mid-single digit percentage of net sales to the licensor of ferric citrate associated with net sales of Riona in Japan.

 

18


Table of Contents

On September 23, 2015, the European Commission, or EC, approved Fexeric (ferric citrate coordination complex) for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adult patients with CKD, including dialysis and NDD-CKD. The EC also considered ferric citrate coordination complex as a New Active Substance, which provides 10 years of data and marketing exclusivity in the European Union. We are currently seeking potential partners to commercialize Fexeric in the European Union.

Currently, our only product is Auryxia. In January 2015, we began to recognize product sales based on prescription sales of Auryxia in the United States. We have also generated, and expect to continue to generate, revenue from the sublicensing of rights to Auryxia in Japan to our Japanese partners, JT and Torii. We may engage in business development activities that include seeking strategic relationships for Auryxia outside of the United States, as well as evaluating other compounds and companies for in-licensing or acquisition, with a focus on complementary assets.

Our major sources of cash have been proceeds from various public and private offerings of our common stock, the issuance of convertible notes, option and warrant exercises, interest income, and the upfront and milestone payments from our agreement with JT and Torii and miscellaneous payments from our other prior licensing activities. Even though we are commercializing Auryxia, we may not become profitable. Our ability to achieve profitability depends on a number of factors, including our ability to complete our development efforts, obtain additional regulatory approvals for Auryxia, successfully complete any post-approval regulatory obligations and successfully manufacture and commercialize Auryxia alone or in partnership. We may continue to incur substantial operating losses even after we begin to generate meaningful revenues from Auryxia.

During 2015, we completed two financings to secure capital needed to fund our commercialization efforts and to continue the clinical development of Auryxia. In October 2015, we completed the sale of $125 million of Convertible Senior Notes due 2020, or the Notes, to funds managed by The Baupost Group, L.L.C., or Baupost. In order to accommodate the full conversion of the Notes into shares of our common stock, we will seek stockholder approval of an amendment to our certificate of incorporation at the 2016 Annual Meeting of Stockholders to increase the number of authorized shares of our common stock. If the necessary share increase is not approved by our stockholders by July 1, 2016, we may pay a portion of the conversion amount in cash. As of March 31, 2016, Baupost beneficially owns approximately 24% of our issued and outstanding common stock. If all of the Notes were converted prior to the approval of the necessary increase in authorized shares, Baupost would beneficially own approximately 28% of our issued and outstanding common stock and Baupost’s beneficial ownership of our issued and outstanding common stock would increase to approximately 43% if the remaining Notes were converted into our common stock. In addition, in January 2015, we raised approximately $118.3 million, net of underwriting discounts and offering expenses, in an underwritten public offering of our common stock.

Most of our biopharmaceutical development and substantially all of our administrative operations during the three months ended March 31, 2016 and 2015 were conducted in the United States of America.

Financial Performance Overview

Net U.S. Auryxia product sales represents the gross product sales of Auryxia in the United Sates less provisions for product sales allowances and accruals. These provisions include trade allowances, rebates, chargebacks and discounts, product returns and other incentives. See “Critical Accounting Policies” below for more information on the components of net U.S. Auryxia product sales.

Our license revenues consist of license fees and milestone payments arising from our agreement with JT and Torii. See “Critical Accounting Policies” below for more information on our recognition of license revenues from our agreement with JT and Torii.

Royalty revenue consists of royalties received from our Japanese partner on net sales of Riona in Japan. Based on our agreement with JT and Torii, and in accordance with our revenue recognition policy described below, royalty revenues are recognized in the quarter that JT and Torii provide their written report and related information to us regarding sales of Riona, which generally will be one quarter following the quarter in which the underlying sales by JT and Torii occurred.

 

19


Table of Contents

Cost of goods sold includes the cost of active pharmaceutical ingredient for Auryxia on which product sales were recognized during the period, as well as the associated costs for tableting, packaging, shipment, insurance and quality assurance. Cost of goods sold also includes expenses due the licensor of Auryxia related to the manufacturing of product and product sales recognized during the period.

Our license expenses consist of royalty and other expenses due to the licensor of Auryxia related to our license agreement with JT and Torii. With regard to license expense, such expense is directly related to the royalty revenue received from JT and Torii and is recognized in the same period as the revenue is recorded. Other expenses are recognized in the period they are incurred.

Our research and development expenses consist primarily of salaries and related personnel costs, including stock-based compensation, fees paid to consultants and outside service providers for clinical and laboratory development, manufacturing, including pre-approval inventory build-up, regulatory, facilities-related and other expenses relating to the design, development, manufacture, testing, and enhancement of our drug candidates and technologies, as well as expenses related to in-licensing of new product candidates. We expense our research and development costs as they are incurred.

Our selling, general and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, for executive, finance, sales, marketing and other administrative personnel, recruitment expenses, professional fees and other corporate expenses, including investor relations, legal activities, pre-commercial/commercial activities and facilities-related expenses.

Our results of operations include stock-based compensation expense as a result of the grants of stock options and restricted stock. Compensation expense for awards of options and restricted stock granted to employees and directors represents the fair value of the award recorded over the respective vesting periods of the individual awards. See “Critical Accounting Policies” below for a discussion of our recognition of stock-based compensation expenses. The expense is included in the respective categories of expense in the consolidated statements of operations. We expect to continue to incur significant stock-based compensation expenses.

Even though our trials demonstrated that Auryxia is effective in the control of serum phosphorus levels in patients with CKD on dialysis, there is no guarantee that we will be able to record meaningful commercial sales of Auryxia in the future or become profitable. In addition, we expect losses to continue as we continue to fund the development and commercialization of Auryxia, including, but not limited to, supplemental new drug application submissions building of inventory, commercial activities, ongoing and additional clinical trials, and the potential acquisition and development of additional drug candidates in the future. As we continue our development efforts, we may enter into additional third-party collaborative agreements and may incur additional expenses, such as licensing fees and milestone payments. As a result, our quarterly results may fluctuate and a quarter-by-quarter comparison of our operating results may not be a meaningful indication of our future performance.

RECENT DEVELOPMENTS

In March 2016, we announced positive top-line results from our pivotal Phase 3 study of ferric citrate for the treatment of iron deficiency anemia, or IDA, in adults with non-dialysis dependent chronic kidney disease, or NDD-CKD. This study’s primary endpoint was the between group comparison of the proportion of patients achieving a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period. Secondary endpoints in the Phase 3 study include the change from baseline to the end of the randomized period for hemoglobin, ferritin, TSAT and serum phosphorus. The top-line results showed that the registration trial demonstrated statistically significant differences versus placebo for the primary and all pre-specified secondary endpoints. The study showed that the majority of patients in the ferric citrate group (52 percent) achieved a 1 g/dL increase in hemoglobin vs. 19 percent in the placebo group. Additionally, the safety profile was consistent with previously reported clinical studies. These data support our plan to submit a supplemental new drug application, or sNDA, in the third quarter of 2016 seeking to expand ferric citrate’s indication.

In March 2016, we announced that Steven C. Gilman, Ph.D., and Michael Rogers were appointed as independent directors to our Board of Directors. Additionally, we announced that Michael Tarnok, Jack Kaye, Senator Wyche Fowler, Jr., and Joseph Feczko, M.D. will not seek re-election to our Board of Directors when their terms expire at our upcoming 2016 Annual Meeting of Stockholders.

 

20


Table of Contents

GENERAL CORPORATE

We have devoted substantially all of our efforts to the identification, in-licensing, development and partnering of drug candidates, as well as pre-commercial/commercial activities related to Auryxia, and have incurred negative cash flow from operations each year since our inception. We have spent, and expect to continue to spend, substantial amounts in connection with implementing our business strategy, including our product development efforts, our clinical trials, commercial, partnership and licensing activities. Prior to the U.S. launch of Auryxia in late December 2014, we had not commercialized any drug. Our ability to achieve profitability depends on a number of factors, including our ability to complete our development efforts, obtain additional regulatory approvals for our drug, successfully complete any post-approval regulatory obligations and successfully manufacture and commercialize our drug. We may continue to incur substantial operating losses even after we begin to generate meaningful revenues from our drug.

CRITICAL ACCOUNTING POLICIES

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results may differ from these estimates under different assumptions or conditions.

We define critical accounting policies as those that are reflective of significant judgments and uncertainties and which may potentially result in materially different results under different assumptions and conditions. In applying these critical accounting policies, our management uses its judgment to determine the appropriate assumptions to be used in making certain estimates. These estimates are subject to an inherent degree of uncertainty. Our critical accounting policies include the following:

Revenue Recognition and Related Sales Allowances and Accruals

Our commercial launch of our only product, Auryxia, in the United States occurred in late December 2014. We sell product to a limited number of major wholesalers, which we refer to as our Distributors, as well as certain pharmacies, which we refer to collectively as our Customers. Our Distributors resell the product to retail pharmacies for purposes of the pharmacies reselling the product to fill patient prescriptions. In accordance with GAAP, our revenue recognition policy requires that: (i) there is persuasive evidence that an arrangement exists between us and the Customer, (ii) delivery has occurred, (iii) collectability is reasonably assured and (iv) the price is fixed or determinable. Until we have the ability to reliably estimate returns of Auryxia from our Customers, revenue will be recognized based on the resale of Auryxia for the purposes of filling patient prescriptions, and not based on initial sales from us to our Customers. Consistent with industry practice, once we achieve sufficient history such that we can reliably estimate returns based on sales to our Customers, we anticipate that our revenues will be recognized based on sales to our Customers. We currently defer Auryxia revenue recognition until the earlier of the product being resold for purposes of filling patient prescriptions and the expiration of the right of return (twelve months after the expiration date of the product). The deferred revenue is recorded net of discounts, rebates, and chargebacks. We also defer the related cost of product sales and record such amounts as finished goods inventory held by others, which is included in inventory on our consolidated balance sheet, until revenue related to such product sales is recognized.

We have written contracts with our Customers and delivery occurs when a Customer receives Auryxia. We evaluate the creditworthiness of each of our Customers to determine whether revenues can be recognized upon delivery, subject to satisfaction of the other requirements, or whether recognition is required to be delayed until receipt of payment. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate our gross product sales from the sales to Customers and (ii) reasonably estimate our net product sales. We calculate gross product sales based on the wholesale acquisition cost that we charge our Customers for Auryxia. We estimate our net product sales by deducting from our gross product sales (a) trade allowances, such as invoice discounts for prompt payment and distributor fees, (b) estimated government and private payor rebates, chargebacks and discounts, such as Medicaid reimbursements, (c) reserves for expected product returns and (d) estimated costs of incentives offered to certain indirect customers, including patients.

 

21


Table of Contents

Trade Allowances: We generally provide invoice discounts on Auryxia sales to our Distributors for prompt payment and pay fees for distribution services, such as fees for certain data that Distributors provide to us. The payment terms for sales to Distributors generally include a prompt-pay discount for payment made within 30 days. Based on our judgment and industry experience, we expect our Distributors to earn these discounts and fees, and deduct the full amount of these discounts and fees from our gross product sales and accounts receivable at the time such revenues are recognized.

Rebates, Chargebacks and Discounts: We contract with Medicaid, other government agencies and various commercial and Medicare Part D private insurance providers, or collectively, our Third-party Payors, so that Auryxia will be eligible for partial or full reimbursement from such Third-party Payors. We also contract with certain specialty pharmacies directly so that Auryxia will be eligible for purchase by these specialty pharmacies. We estimate the rebates, chargebacks and discounts we will provide to Third-party Payors and specialty pharmacies, and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. We estimate the rebates, chargebacks and discounts that we will provide to third-party payors and specialty pharmacies based upon (i) our contracts with these third-party payors and specialty pharmacies, (ii) the government-mandated discounts applicable to government-funded programs, and (iii) information obtained from our Customers and other third parties regarding the payor mix for Auryxia.

Product Returns: For the three months ended March 31, 2016, and for the year ended December 31, 2015, the first full period in which we began selling Auryxia, we were not able to reasonably estimate product returns for all product sold to Customers. Once sufficient data exists or we are able to reasonably estimate the amount of Auryxia that will be returned, we will deduct these estimated amounts from our gross revenues at the time that revenues are recognized. Our Customers have the right to return Auryxia during the 18-month period beginning six months prior to the labeled expiration date and ending twelve months after the labeled expiration date. Currently the expiration date for Auryxia is eighteen months after it has been converted into tablet form, which is the last step in the manufacturing process for Auryxia and generally occurs within a few months before Auryxia is delivered to Customers. As of March 31, 2016, we have experienced an immaterial number of product returns.

Other Incentives: Other incentives that we offer to indirect customers include co-pay mitigation rebates provided by us to commercially insured patients who have coverage for Auryxia and who reside in states that permit co-pay mitigation programs, and vouchers for a month supply of Auryxia at no patient cost. Our co-pay mitigation program is intended to reduce each participating patient’s portion of the financial responsibility for Auryxia’s purchase price to a specified dollar amount. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, we estimate the average co-pay mitigation amounts and the percentage of patients that we expect to participate in the program in order to establish our accruals for co-pay mitigation rebates and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. We adjust our accruals for co-pay mitigation and voucher rebates based on our estimates regarding the portion of issued rebates that we estimate will not be redeemed.

The following table summarizes U.S. Auryxia product sales recognized and deferred during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Net U.S. Auryxia sales recognized

   $ 5,616       $ 422       $ 10,141   

Deferred product sales

     3,718         714         3,526   
  

 

 

    

 

 

    

 

 

 
   $ 9,334       $ 1,136       $ 13,667   
  

 

 

    

 

 

    

 

 

 

In conjunction with our recognition and deferral of U.S. Auryxia product sales, we expensed and capitalized the associated cost of goods, as follows, during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Cost of goods sold expensed

   $ 1,071       $ 76       $ 4,520   

Finished goods inventory held by others

     803         107         231   
  

 

 

    

 

 

    

 

 

 
   $ 1,874       $ 183       $ 4,751   
  

 

 

    

 

 

    

 

 

 

 

22


Table of Contents

We recognize license revenue in accordance with Accounting Standards Codification 605, Revenue Recognition, or ASC 605. We analyze each element of our licensing agreement to determine the appropriate revenue recognition. The terms of the license agreement may include payment to us of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. We recognize revenue from upfront payments over the period of significant involvement under the related agreements unless the fee is in exchange for products delivered or services rendered that represent the culmination of a separate earnings process and no further performance obligation exists under the contract. We recognize milestone payments as revenue upon the achievement of specified milestones only if (1) the milestone payment is non-refundable, (2) substantive effort is involved in achieving the milestone, (3) the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone, and (4) the milestone is at risk for both parties. If any of these conditions are not met, we defer the milestone payment and recognize it as revenue over the estimated period of performance under the contract.

For arrangements for which royalty revenue information becomes available and collectability is reasonably assured, we recognize revenue during the applicable period earned. When collectability is reasonably assured but a reasonable estimate of royalty revenue cannot be made, the royalty revenue is recognized in the quarter that the licensee provides the written report and related information to us.

Stock-Based Compensation

We have granted stock options and restricted stock to employees, directors and consultants, as well as warrants to other third parties. For employee and director grants, the value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model takes into account volatility in the price of our stock, the risk-free interest rate, the estimated life of the option, the closing market price of our stock and the exercise price. We base our estimates of our stock price volatility on the historical volatility of our common stock and our assessment of future volatility; however, these estimates are neither predictive nor indicative of the future performance of our stock. For purposes of the calculation, we assumed that no dividends would be paid during the life of the options and warrants. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management judgment. In addition, we are required to estimate the expected forfeiture rate and only recognize expense for those equity awards expected to vest. As a result, if other assumptions had been used, our recorded stock-based compensation expense could have been materially different from that reported. In addition, because some of the options and warrants issued to employees, consultants and other third-parties vest upon the achievement of certain milestones, the total expense is uncertain.

Total compensation expense for options and restricted stock issued to consultants is determined at the “measurement date.” The expense is recognized over the vesting period for the options and restricted stock. Until the measurement date is reached, the total amount of compensation expense remains uncertain. We record stock-based compensation expense based on the fair value of the equity awards at the reporting date. These equity awards are then revalued, or the total compensation is recalculated based on the then current fair value, at each subsequent reporting date. This results in a change to the amount previously recorded in respect of the equity award grant, and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value, such as changes in market price, until the measurement date is reached and the compensation expense is finalized.

In addition, certain options and restricted stock issued to employees, consultants and other third-parties vest upon the achievement of certain milestones, therefore the total expense is uncertain until the milestone is met.

Accruals for Clinical Research Organization and Clinical Site Costs

We make estimates of costs incurred in relation to external clinical research organizations, or CROs, and clinical site costs. We analyze the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. We review and accrue CRO expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study. Accrued CRO costs are subject to revisions as such trials progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. With respect to clinical site costs, the financial terms of these

 

23


Table of Contents

agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, and the completion of portions of the clinical trial or similar conditions. The objective of our policy is to match the recording of expenses in our consolidated financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.

Inventory

Inventory is stated at the lower of cost or estimated realizable value. We determine the cost of our inventory, which includes amounts related to materials, third-party contract manufacturing and packaging services, and manufacturing overhead, on a first-in, first-out basis. We capitalize inventory costs at our suppliers when, based on management’s judgment, the realization of future economic benefit is probable at each given supplier. We received FDA approval for Auryxia on September 5, 2014, and on that date began capitalizing inventory purchases of saleable product from certain suppliers. Prior to FDA approval, all saleable product purchased from such suppliers was included as a component of research and development expense.

Accounts Receivable, Allowances for Doubtful Accounts and Cash Discounts

We extend credit to our customers for U.S. Auryxia product sales resulting in accounts receivable. Customer accounts are monitored for past due amounts. Past due accounts receivable, determined to be uncollectible, are written off against the allowance for doubtful accounts. Allowances for doubtful accounts are estimated based upon past due amounts, historical losses and existing economic factors, and are adjusted periodically. We offer cash discounts to certain of our customers, generally 2% of the sales price, as an incentive for prompt payment. The estimate of cash discounts is recorded at the time of sale. We account for the cash discounts by reducing revenue and accounts receivable by the amount of the discounts we expect our customers to take. Accounts receivable are reported in the consolidated balance sheets, net of the allowances for doubtful accounts and cash discounts. There was no allowance for doubtful accounts at March 31, 2016 and December 31, 2015.

Accounting Related to Goodwill

Goodwill is reviewed for impairment annually, or when events arise that could indicate that an impairment exists. We test for goodwill impairment using a two-step process. The first step compares the fair value of the reporting unit with the unit’s carrying value, including goodwill. When the carrying value of the reporting unit is greater than fair value, the unit’s goodwill may be impaired, and the second step must be completed to measure the amount of the goodwill impairment charge, if any. In the second step, the implied fair value of the reporting unit’s goodwill is compared with the carrying amount of the unit’s goodwill. If the carrying amount is greater than the implied fair value, the carrying value of the goodwill must be written down to its implied fair value.

We are required to perform impairment tests annually and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

For a discussion of new accounting standards, see Note 2—Basis of Presentation and Summary of Significant Accounting Policies to our consolidated financial statements included in this report.

RESULTS OF OPERATIONS

Three months ended March 31, 2016 and March 31, 2015

Net U.S. Auryxia Product Sales. For the three months ended March 31, 2016, we recognized $5.6 million in product sales of Auryxia, net of allowances, discounts, incentives, rebates and chargebacks, as compared with $0.4 million for the three months ended March 31, 2015.

 

24


Table of Contents
     Three months ended March 31,  

(in thousands)

   2016      Percent of gross
Auryxia

product sales
    2015      Percent of gross
Auryxia

product sales
 

Gross Auryxia product sales

   $ 8,625         $ 964      

Less provision for product sales allowances and accruals

          

Trade allowances

     1,146         13     100         10

Rebates, chargebacks and discounts

     1,678         20     30         3

Product returns

                              

Other incentives (1)

     185         2     412         43
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     3,009         35     542         56
  

 

 

      

 

 

    

Net U.S. Auryxia product sales

   $ 5,616         $ 422      
  

 

 

      

 

 

    

 

(1) Includes co-pay mitigation and voucher rebates.

We sell product to a limited number of major wholesalers, which we refer to as our Distributors, as well as certain pharmacies, which we refer to collectively as our Customers. Our Distributors resell the product to retail pharmacies for purposes of their reselling the product to fill patient prescriptions. In accordance with our revenue recognition policy, until we have the ability to reliably estimate returns of Auryxia from our Customers, revenue recognition is deferred until the earlier of the product being resold for purposes of filling patient prescriptions and the expiration of the right of return (twelve months after the expiration date of the product), and not based on sales from us to our Customers. At March 31, 2016, we have deferred revenues of $3.7 million, as compared to $3.5 million at December 31, 2015, which represents Auryxia product shipped to our Customers, but not yet resold to fill patient prescriptions, net of applicable allowances, discounts, incentives, rebates and chargebacks. U.S. Auryxia product sales and patient prescriptions have increased on a quarter-by-quarter basis since Auryxia’s launch in December 2014. We expect Auryxia product sales and patient prescriptions to increase on a quarter-by-quarter basis throughout 2016 as we continue the commercialization of Auryxia and as physicians continue to gain experience treating their patients with Auryxia.

Other incentives include costs associated with patient services programs, including a voucher program that provides a free month of drug to patients as we work to build formulary access for Auryxia. We expect that voucher redemptions will represent a continuously decreasing percentage of our gross sales. We expect that this decrease in our voucher program, however, will be offset by increases in rebates as more of our business will be contracted with third-party payors.

License Revenue. For the three months ended March 31, 2016, we recognized $1.2 million in license revenue on royalty payments from sales of Riona in Japan as compared to $0.8 million for the three months ended March 31, 2015. This increase was due to increased sales by JT and Torii of Riona in Japan.

Cost of Goods Sold. For the three months ended March 31, 2016, we recognized $1.1 million in cost of goods sold related to product sales of Auryxia, as compared to $0.1 million for the three months ended March 31, 2015. The increase is attributable to increased sales of Auryxia.

License Expenses. For the three months ended March 31, 2016, we recognized $0.7 million in license expenses related to royalties due to the licensor of Auryxia relating to sales of Riona in Japan as compared to $0.5 million for the three months ended March 31, 2015. This increase was due to an increase in sales of Riona in Japan.

Research and Development Expenses. Research and development expenses decreased by $2.0 million, or 21%, to $7.6 million for the three months ended March 31, 2016, as compared to $9.6 million for the three months ended March 31, 2015. The decrease in research and development expenses was due to a decrease in regulatory, clinical and medical affairs expenses related to the development of ferric citrate for the treatment of IDA in patients with stage 3-5 NDD-CKD. We expect our research and development expenses to remain relatively consistent on a quarterly basis throughout 2016. In total, we expect 2016 research and development expenses to decline from 2015 following the completion of our pivotal Phase 3 study of ferric citrate for the treatment of IDA in patients with stage 3-5 NDD-CKD.

 

25


Table of Contents

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased by $1.9 million, or 10%, to $20.8 million for the three months ended March 31, 2016, as compared to $18.9 million for the three months ended March 31, 2015. The increase was primarily due to an increase in personnel and related costs associated with the continued commercialization of Auryxia. We expect our selling, general and administrative costs to remain relatively consistent on a quarterly basis throughout 2016. In total, we expect 2016 selling, general and administrative expenses to decline slightly from 2015.

Other income (expense), net. Other income (expense), net for the three months ended March 31, 2016 was a $17.6 million expense as compared to $0.1 million in income for the three months ended March 31, 2015. This increase in expense was primarily the result of $15.7 million of interest expense recorded related to the amortization of the debt discount recognized in connection with the issuance of the Notes in October 2015. Additionally, we recorded $2.0 million of expense for the three months ended March 31, 2016 related to the increase in fair value of the derivative liability from December 31, 2015 to March 31, 2016. This derivative liability was recorded in connection with the issuance of the Notes in October 2015 and represents the portion of the Notes that is required to be accounted for separately. See Note 8—Debt for additional details.

Income Taxes. For the three months ended March 31, 2016, we recognized $20,000 in income tax expense related to the recording of a deferred tax liability associated with capitalized goodwill, an indefinite-lived intangible asset that is being amortized for tax purposes, as compared to $22,000 in income tax expense for the three months ended March 31, 2015. Indefinite-lived intangibles are non-monetary assets which are not amortized under GAAP, since there is no foreseeable limit to the cash flows provided by them. Our lack of earnings history and the uncertainty surrounding our ability to generate taxable income prior to the reversal or expiration of such deferred tax liability were the primary factors considered by management when recording the valuation allowance against our deferred tax assets. We continue to maintain a full valuation allowance against the entire amount of our net deferred tax assets.

LIQUIDITY AND CAPITAL RESOURCES

Our major sources of cash have been proceeds from various public and private offerings of our common stock, the issuance of convertible notes, option and warrant exercises, interest income, and from the upfront and milestone payments from our agreement with JT and Torii and miscellaneous payments from our other prior licensing activities. The commercial launch of our product, Auryxia, occurred in late December 2014 and we began to recognize revenue from the sales of Auryxia in 2015. Even though we are commercializing Auryxia, we may not become profitable. Our ability to achieve profitability depends on a number of factors, including our ability to complete our development efforts, obtain additional regulatory approvals for our drug, successfully complete any post-approval regulatory obligations and successfully manufacture and commercialize our drug alone or in partnership. We may continue to incur substantial operating losses even after we begin to generate meaningful revenues from Auryxia.

In October 2015, we completed the sale of $125 million of Convertible Senior Notes due 2020, or the Notes, to funds managed by The Baupost Group, L.L.C, or Baupost. The Notes may be converted into shares of our common stock at the discretion of Baupost at a conversion price of $3.74, subject to adjustment based on the occurrence of certain events. In order to accommodate the full conversion of the Notes into shares of our common stock, we will seek stockholder approval of an amendment to our certificate of incorporation at the 2016 Annual Meeting of Stockholders to increase the number of authorized shares of our common stock. If the necessary share increases are not approved by our stockholders by July 1, 2016, we may pay a portion of the conversion amount in cash. We also entered into a Registration Rights Agreement with the purchasers of the Notes, or the Registration Rights Agreement, pursuant to which we agreed to (i) file a registration statement with the Securities Exchange Commission, or SEC, covering the resale of the Notes and the underlying common stock which the Notes are convertible into upon the written request of Baupost, and (ii) use commercially reasonable efforts, subject to receipt of necessary information from all the purchasers of the Notes, to cause the SEC to declare such resale registration statement effective. Further, the Registration Rights Agreement permits Baupost to demand from time to time that we file a shelf Registration Statement pursuant to Rule 415 of the Securities Act from which any number of shelf takedowns may be conducted upon written request from Baupost. In addition, the Registration Rights Agreement provides Baupost certain piggyback registration rights.

On January 21, 2015, we announced the pricing of an underwritten public offering in which we sold 10,541,667 shares of our common stock at a price of $12.00 per share for gross proceeds of approximately $126.5 million. Net proceeds from this offering were approximately $118.3 million, net of underwriting discounts and offering expenses of approximately $8.2 million. The shares were sold under registration statements (Nos. 333-201605 and 333-201639) on Form S-3 and Form S-3MEF, respectively, filed by us with the SEC.

 

26


Table of Contents

In January 2014, our Japanese partner, JT and Torii, received manufacturing and marketing approval of Riona from the Japanese Ministry of Health, Labour and Welfare. We receive royalty payments based on a tiered double-digit percentage of net sales of Riona in Japan escalating up to the mid-teens, as well as up to an additional $55.0 million upon the achievement of certain annual net sales milestones. We owe royalties at a mid-single digit percentage of net sales to the licensor of ferric citrate associated with net sales of Riona in Japan.

As of March 31, 2016, we had $170.5 million in cash and cash equivalents, as compared to $200.3 million in cash and cash equivalents at December 31, 2015, representing a decrease of $29.8 million.

We currently expect that our existing capital resources and future anticipated cash flows will be sufficient to execute our current business objectives. The actual amount of cash that we will need to operate is subject to many factors, including, but not limited to, the timing and expenditures associated with commercial activities related to Auryxia and the magnitude of cash received from product sales, the timing and expenditures associated with the build-up of inventory and capacity expansion, and the timing, design and conduct of clinical trials for Auryxia. As a result of these factors, we may need to seek additional financings to provide the cash necessary to execute our current operations, including beyond the continued commercialization of Auryxia, and to develop any drug candidates we may in-license or acquire. For a detailed discussion regarding the risks and uncertainties related to our liquidity and capital resources, please refer to our Risk Factor, “Our existing capital resources may not be adequate to finance our operating cash requirements for the length of time that we have estimated” included in our Annual Report on Form 10-K for the year ended December 31, 2015 and the other risk factors contained therein.

Net cash used in operating activities for the three months ended March 31, 2016 was $27.7 million as compared to $35.3 million net cash used in operating activities of for the same period in 2015. This decrease in net cash used in operating activities was primarily related to Auryxia commercial expenditures to support the launch in 2015, including the manufacturing of inventory.

Net cash used in investing activities for the three months ended March 31, 2016 was $2.0 million as compared to $11.4 million net cash provided by investing activities for the same period in 2015. The increase in cash used in investing activities was primarily attributable to maturities of short-term investments in 2015, with no such activity in 2016.

Net cash provided by financing activities for the three months ended March 31, 2016 was less than $0.1 million attributable the exercise of stock options. Net cash provided by financing activities for the same period in 2015 was $118.4 million, primarily attributable to the net proceeds received from our public offering of common stock in January 2015 of $118.3 million.

OBLIGATIONS AND COMMITMENTS

As of March 31, 2016, our contractual obligations and commitments primarily consist of our obligations under non-cancelable leases, convertible senior notes, and various agreements with third parties, including selling, general and administrative, research and development and manufacturing agreements.

There have been no other material changes to our contractual obligations and commitments outside the ordinary course of business from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2015.

Leases

In April 2015, we signed a lease agreement for approximately 27,300 square feet in Boston, Massachusetts, for a 94 month term that commenced on May 1, 2015. In order to make the space usable for our operations, substantial improvements were made. Our landlord agreed to pay for up to approximately $1.9 million of the improvements, and we bore all additional costs that were incurred. As such, we have determined that we are the owner of the improvements and account for tenant improvements paid by our landlord as a lease incentive. On May 1, 2015, in accordance with ASC 840-20, we recorded a deferred lease incentive, and an associated receivable from our landlord, for the total amount to be paid by the landlord for improvements. The deferred lease incentive is being amortized as a partial offset to rent expense over the term of the lease. We began occupying the space in November 2015. Improvements made to our leased space have been recorded as fixed assets and will be amortized over the assets’ useful lives or the remaining lease term, whichever is shorter.

 

27


Table of Contents

The lease for our New York City office will expire on September 30, 2016 and we have notified our landlord that we will not renew our lease.

Royalty and Contingent Milestone Payments

Under the license agreement with Panion, we acquired the exclusive worldwide rights, excluding certain Asian-Pacific countries, for the development and marketing of ferric citrate. To date, we have paid an aggregate of $11.6 million of milestone payments to Panion, including the $2.0 million paid upon European marketing approval in 2015. In addition, Panion is eligible to receive royalty payments based on a mid-single digit percentage of net sales of Auryxia in the United States and of Riona in Japan. We record royalties on net sales of Auryxia in cost of goods sold and royalties on net sales of Riona in license expense.

OFF-BALANCE SHEET ARRANGEMENTS

We have not entered into any transactions with unconsolidated entities whereby we have financial guarantees, subordinated retained interests, derivative instruments or other contingent arrangements that expose us to material continuing risks, contingent liabilities, or any other obligations under a variable interest in an unconsolidated entity that provides us with financing, liquidity, market risk or credit risk support, or engages in leasing, hedging, or research and development services on our behalf.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

The primary objective of our investment activities is to preserve principal while maximizing our income from investments and minimizing our market risk. As of March 31, 2016, our portfolio of financial instruments consists of cash equivalents, including money market funds. Due to the short-term nature of these financial instruments, we believe there is no material exposure to interest rate risk, and/or credit risk, arising from our portfolio of financial instruments.

Equity Price Risk

Our Notes issued to Baupost include conversion and settlement provisions that are based on the price of our common stock at conversion or at maturity of the Notes. The amount of cash we may be required to pay upon conversion of the Notes is determined by the price of our common stock. The fair value of the Notes is dependent on the price and volatility of our common stock and will generally increase or decrease as the market price of our common stock changes. See Note 3 – Fair Value Measurements and Note 8 – Debt for a description of the Notes and their fair value.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of March 31, 2016, management carried out, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2016, our disclosure controls and procedures were effective.

 

28


Table of Contents

Changes in Internal Controls over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended March 31, 2016, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We, and our subsidiaries, are not a party to, and our property is not the subject of, any material pending legal proceedings.

ITEM 1A. RISK FACTORS

Information regarding risk factors appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015. There have been no material changes from the risk factors previously disclosed in that Annual Report on Form 10-K , except as follows:

The second risk factor under the caption “Risks associated with our product development efforts” is replaced with the following risk factor:

Pre-clinical testing and clinical development are long, expensive and uncertain processes. If our Phase 3 study of ferric citrate for the treatment of IDA in patients with Stage 3-5 NDD-CKD raises safety signals or fails to demonstrate efficacy despite positive top-line results, we may be unable to submit or receive regulatory approval for an expanded indication for Auryxia.

In March 2016, we announced positive top-line results from our pivotal Phase 3 study of ferric citrate for the treatment of iron deficiency anemia, or IDA, in adults with non-dialysis dependent chronic kidney disease, or NDD-CKD. Despite our positive top-line results, the FDA may not concur with our interpretation of our Phase 3 study results, supportive data, conduct of the studies, or any other part of our regulatory submission and could ultimately deny approval of ferric citrate for the treatment of IDA in adults with stage 3-5 NDD-CKD. Additionally, we may need to conduct significant additional research and human testing before we may submit an application for regulatory approval. Pre-clinical testing and clinical development are long, expensive and uncertain processes. Satisfaction of regulatory requirements typically depends on the nature, complexity and novelty of the product. It requires the expenditure of substantial resources. Data obtained from pre-clinical and clinical tests can be interpreted in different ways, which could delay, limit or prevent regulatory approval. The FDA may pose additional questions or request further toxicological, drug-drug interaction, pre-clinical or clinical data or substantiation. Negative, inconclusive, or insufficient results or medical events during a pre-clinical or clinical trial could cause us to delay or terminate our development efforts. Furthermore, interim results of preclinical or clinical studies do not necessarily predict their final results, and acceptable results in early studies might not be obtained in later studies.

Safety signals detected during clinical studies and pre-clinical animal studies, such as the gastrointestinal bleeding and liver toxicities that have been seen in some high-dose ferric citrate canine studies, may require us to perform additional safety studies or analyses, which could delay the development of the drug or lead to a decision to discontinue development of the drug. While both the FDA and EC have previously reviewed the data from our Phase 3 clinical program for CKD patients on dialysis and Phase 2 study in NDD CKD patients, we can provide no assurance that the FDA will not raise any safety concerns in the future from these studies. Drug candidates in the later stages of clinical development may fail to show the desired traits of safety and efficacy despite positive results in earlier clinical testing. The risk also remains that a clinical program conducted by one of our partners may raise efficacy or safety concerns that may prevent approval of the drug. In addition, qualitative, quantitative and statistical interpretation of any of the prior pre-clinical and clinical safety and efficacy data of our drug may be viewed as flawed by the FDA. In addition, there can be no assurance that safety and/or efficacy concerns from the prior data were not overlooked or misinterpreted by us or our consultants, which in subsequent, larger studies might appear and prevent approval of such drug candidate.

 

29


Table of Contents

Clinical trials have a high risk of failure. A number of companies in the pharmaceutical industry, including biotechnology companies, have suffered significant setbacks in advanced clinical trials, even after achieving what appeared to be promising results in earlier trials. We experienced such a setback with our Phase 3 KRX-0401 (perifosine) trial results in April 2012, and we can provide no assurance that we will not experience such setbacks with ferric citrate or any other drug candidate we develop. If we experience delays in the testing or approval process for our existing drug or if we need to perform more or larger clinical trials than originally planned, our financial results and the commercial prospects for our drug may be materially impaired. In addition, we have limited experience in conducting and managing the clinical trials necessary to obtain regulatory approval. Accordingly, we may encounter unforeseen problems and delays in the approval process. Although we engage, from time to time, clinical research organizations with experience in conducting regulatory trials, errors in the conduct, monitoring, data capture and analysis, and/or auditing could potentially invalidate the results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Securities

On January 28, 2016, we issued an aggregate of 430,000 shares of restricted stock to eight of our employees as incentive compensation under our 2013 Incentive Plan. The offer, sale, and issuance of these shares of restricted stock were deemed to be exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering. Each of the recipients of the shares of restricted stock acquired the securities for investment only and not with a view to or for sale in connection with any distribution thereof and appropriate legends were affixed to the securities. Each of the recipients of the shares of restricted stock was an accredited investor and had adequate access, through employment relationships, to information about us.

ITEM 6. EXHIBITS

The exhibits listed on the Exhibit Index are included with this report.

 

31.1    Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
31.2    Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
32.1    Certification of Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
32.2    Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
101    Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements.

 

30


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

      KERYX BIOPHARMACEUTICALS, INC.
Date: April 28, 2016       By:   

/s/ Scott A. Holmes

         Chief Financial Officer
         Principal Financial and Accounting Officer

 

31


Table of Contents

EXHIBIT INDEX

The following exhibits are included as part of this Quarterly Report on Form 10-Q:

 

31.1    Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
31.2    Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
32.1    Certification of Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
32.2    Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, dated April 28, 2016.
101    Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements.

 

32

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Gregory P. Madison, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Keryx Biopharmaceuticals, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 28, 2016      

/s/ Gregory P. Madison

     

Gregory P. Madison

Chief Executive Officer

Principal Executive Officer

Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott A. Holmes, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Keryx Biopharmaceuticals, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: April 28, 2016      

/s/ Scott A. Holmes

     

Scott A. Holmes

Chief Financial Officer

Principal Financial and Accounting Officer

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF

KERYX BIOPHARMACEUTICALS, INC.

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Keryx Biopharmaceuticals, Inc. (the “Company”) on Form 10-Q for the quarterly period ended March 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Gregory P. Madison, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: April 28, 2016      

/s/ Gregory P. Madison

     

Gregory P. Madison

Chief Executive Officer

Principal Executive Officer

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER OF

KERYX BIOPHARMACEUTICALS, INC.

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Keryx Biopharmaceuticals, Inc. (the “Company”) on Form 10-Q for the quarterly period ended March 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Scott A. Holmes, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: April 28, 2016      

/s/ Scott A. Holmes

     

Scott A. Holmes

Chief Financial Officer

Principal Financial and Accounting Officer

v3.4.0.3
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2016
Apr. 22, 2016
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q1  
Trading Symbol KERX  
Entity Registrant Name KERYX BIOPHARMACEUTICALS INC  
Entity Central Index Key 0001114220  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   105,820,947
v3.4.0.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 170,531 $ 200,290
Inventory 42,198 41,881
Accounts receivable, net 4,325 3,656
Receivable from landlord 637 637
Other current assets 2,519 2,830
Total current assets 220,210 249,294
Property, plant and equipment, net 5,014 5,083
Goodwill 3,208 3,208
Other assets, net 1,100 1,100
Total assets 229,532 258,685
Current liabilities:    
Accounts payable and accrued expenses 13,748 21,322
Accrued compensation and related liabilities 3,580 5,473
Deferred revenue 3,718 3,526
Derivative liability 48,693 46,686
Deferred lease incentive, current portion 244 244
Other current liabilities 93 355
Total current liabilities 70,076 77,606
Convertible senior notes 106,521 90,773
Deferred lease incentive, net of current portion 1,445 1,506
Deferred tax liability 810 790
Other liabilities 1,285 1,076
Total liabilities $ 180,137 $ 171,751
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value per share (5,000,000 shares authorized, no shares issued and outstanding)
Common stock, $0.001 par value per share (130,000,000 shares authorized, 105,898,731 and 105,221,555 shares issued, 105,818,783 and 105,141,607 shares outstanding at March 31, 2016 and December 31, 2015, respectively) $ 106 $ 105
Additional paid-in capital 764,613 761,189
Treasury stock, at cost, 79,948 shares at March 31, 2016 and December 31, 2015, respectively (357) (357)
Accumulated deficit (714,967) (674,003)
Total stockholders' equity 49,395 86,934
Total liabilities and stockholders' equity $ 229,532 $ 258,685
v3.4.0.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2016
Dec. 31, 2015
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 130,000,000 130,000,000
Common stock, shares issued 105,898,731 105,221,555
Common stock, shares outstanding 105,818,783 105,141,607
Treasury stock, shares 79,948 79,948
v3.4.0.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues:    
Net U.S. Auryxia product sales $ 5,616 $ 422
License revenue 1,209 753
Total revenues 6,825 1,175
Operating expenses:    
Cost of goods sold 1,071 76
License expenses 726 452
Research and development 7,616 9,591
Selling, general and administrative 20,809 18,880
Total operating expenses 30,222 28,999
Operating loss (23,397) (27,824)
Other income (expense):    
Amortization of debt discount (15,748)  
Other income (expense), net (1,799) 107
Total other income (expense) (17,547) 107
Loss before income taxes (40,944) (27,717)
Income taxes 20 22
Net loss $ (40,964) $ (27,739)
Basic and diluted net loss per common share $ (0.39) $ (0.28)
Weighted average shares used in computing basic and diluted net loss per common share 105,649,571 100,553,490
v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (40,964) $ (27,739)
Adjustments to reconcile loss to cash flows used in operating activities:    
Stock-based compensation expense 3,293 4,321
Amortization of debt discount 15,748  
Change in fair value of derivative liability 2,007  
Depreciation and amortization 261 138
Amortization of deferred lease incentive (61)  
Deferred income taxes 20 22
Changes in operating assets and liabilities:    
Other current assets 311 752
Accounts receivable, net (669) (449)
Inventory 371 (19,317)
Other current liabilities (262) (15)
Accounts payable and accrued expenses (6,291) 8,923
Accrued compensation and related liabilities (1,893) (2,178)
Deferred revenue 192 300
Other liabilities 209 (34)
Net cash used in operating activities (27,728) (35,276)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (2,037) (61)
Proceeds from maturity of held-to-maturity securities   11,508
Net cash (used in) provided by investing activities (2,037) 11,447
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from public offerings, net   118,284
Proceeds from exercise of options 6 97
Net cash provided by financing activities 6 118,381
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (29,759) 94,552
Cash and cash equivalents at beginning of year 200,290 74,284
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 170,531 $ 168,836
v3.4.0.3
Description of Business
3 Months Ended
Mar. 31, 2016
Description of Business

NOTE 1 – DESCRIPTION OF BUSINESS

We are a biopharmaceutical company focused on bringing innovative medicines to market for people with renal disease. Our product, Auryxia (ferric citrate), is an oral, absorbable iron-based medicine, that received marketing approval from the U.S. Food and Drug Administration, or FDA, in September 2014 for the control of serum phosphorus levels in patients with chronic kidney disease, or CKD, on dialysis. Ferric citrate is also approved in Japan under the tradename Riona and marketed by our Japanese partner, Japan Tobacco Inc. or JT, and approved in Europe as Fexeric. When discussing ferric citrate in the United States in reference to our marketed product, we will refer to it as Auryxia, when discussing it in the United States in reference to our investigational medicine in Phase 3, we will refer to it as ferric citrate, when discussing it in Japan, we will refer to it as Riona, and when discussing it in Europe, we will refer to it as Fexeric.

We launched Auryxia in the United States in late December 2014. Auryxia is being marketed in the United States through our specialty salesforce and commercial infrastructure. Our sales organization is aligned to 95 territories calling on approximately 5,000 target nephrologists and their associated dialysis centers.

In March 2016, we announced positive top-line results from our pivotal Phase 3 study of ferric citrate for the treatment of iron deficiency anemia, or IDA, in adults with stage 3-5 non-dialysis dependent chronic kidney disease, or NDD-CKD. This study’s primary endpoint was the between group comparison of the proportion of patients achieving a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period of the study. Secondary endpoints in the Phase 3 study included the change from baseline to the end of the randomized period for hemoglobin, ferritin, TSAT and serum phosphorus. The top-line results demonstrated statistically significant differences between ferric citrate- and placebo-treated patients for the primary endpoint and all pre-specified secondary endpoints. The majority of patients in the ferric citrate group (52 percent) achieved a 1 g/dL or greater increase in hemoglobin at any point during the 16-week randomized period as comparted to 19 percent in the placebo group (p<0.001). Additionally, the safety profile of the drug candidate was consistent with previously reported clinical studies of ferric citrate, with the majority of adverse events reported as mild to moderate. We believe these initial data support our plan to submit a supplemental new drug application, or sNDA, in the third quarter of 2016 seeking to expand the label for ferric citrate to include the treatment of IDA in adults with stage 3-5 NDD-CKD.

Our Japanese partner, Japan Tobacco Inc., or JT, together with its subsidiary Torii Pharmaceutical Co. Ltd., or Torii, received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare as an oral treatment for the improvement of hyperphosphatemia in patients with CKD, including dialysis and NDD-CKD, in January 2014. Torii began to market the product under the brand name Riona in May 2014. Under the license agreement with JT and Torii, we receive royalty payments based on a tiered double-digit percentage of net sales of Riona in Japan escalating up to the mid-teens, and may also receive up to an additional $55.0 million upon the achievement of certain annual net sales milestones. We in turn owe royalties at a mid-single digit percentage of net sales to the licensor of ferric citrate associated with net sales of Riona in Japan.

On September 23, 2015, the European Commission, or EC, approved Fexeric (ferric citrate coordination complex) for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adult patients with CKD, including dialysis and NDD-CKD. The EC also considered ferric citrate coordination complex as a New Active Substance, which provides 10 years of data and marketing exclusivity in the European Union. We are currently seeking potential partners to commercialize Fexeric in the European Union.

Currently, our only product is Auryxia. In January 2015, we began to recognize product sales based on prescription sales of Auryxia in the United States. We have also generated, and expect to continue to generate, revenue from the sublicensing of rights to Auryxia in Japan to our Japanese partners, JT and Torii. We may engage in business development activities that include seeking strategic relationships for Auryxia outside of the United States, as well as evaluating other compounds and companies for in-licensing or acquisition, with a focus on complementary assets.

 

Our major sources of cash have been proceeds from various public and private offerings of our common stock, the issuance of convertible notes, option and warrant exercises, interest income, upfront and milestone payments from our agreement with JT and Torii and miscellaneous payments from our other prior licensing activities. Even though we are commercializing Auryxia, we may not become profitable. Our ability to achieve profitability depends on a number of factors, including our ability to complete our development efforts, obtain additional regulatory approvals for Auryxia, successfully complete any post-approval regulatory obligations and successfully manufacture and commercialize Auryxia alone or in partnership. We may continue to incur substantial operating losses even after we begin to generate meaningful revenues from Auryxia.

During 2015, we completed two financings to secure capital needed to fund our commercialization efforts and to continue the clinical development of Auryxia. In October 2015, we completed the sale of $125 million of Convertible Senior Notes due 2020, or the Notes, to funds managed by The Baupost Group, L.L.C., or Baupost. In order to accommodate the full conversion of the Notes into shares of our common stock, we will seek stockholder approval of an amendment to our certificate of incorporation at the 2016 Annual Meeting of Stockholders to increase the number of authorized shares of our common stock. If the necessary share increase is not approved by our stockholders by July 1, 2016, we may pay a portion of the conversion amount in cash. As of March 31, 2016, Baupost beneficially owns approximately 24% of our issued and outstanding common stock. If all of the Notes were converted prior to the approval of the necessary increase in authorized shares, Baupost would beneficially own approximately 28% of our issued and outstanding common stock and Baupost’s beneficial ownership of our issued and outstanding common stock would increase to approximately 43% if the remaining Notes were converted into our common stock. In addition, in January 2015, we raised approximately $118.3 million, net of underwriting discounts and offering expenses, in an underwritten public offering of our common stock.

Most of our biopharmaceutical development and substantially all of our administrative operations during the three months ended March 31, 2016 and 2015 were conducted in the United States of America.

v3.4.0.3
Basis of Presentation and Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2016
Basis of Presentation and Summary of Significant Accounting Policies

NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair presentation of the consolidated financial statements have been included. Nevertheless, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.

Principles of Consolidation

The consolidated financial statements include our financial statements and those of our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses during the applicable reporting period. Actual results could differ from those estimates. Such differences could be material to these consolidated financial statements.

 

Cash and Cash Equivalents

We consider liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. At March 31, 2016 and December 31, 2015, all of our cash and cash equivalents were held in either commercial bank accounts or money market funds.

Inventory

Inventory is stated at the lower of cost or estimated realizable value. We determine the cost of our inventory, which includes amounts related to materials, third-party contract manufacturing and packaging services, and manufacturing overhead, on a first-in, first-out basis. We capitalize inventory costs at our suppliers when, based on management’s judgment, the realization of future economic benefit is probable at each given supplier. We received FDA approval for Auryxia on September 5, 2014, and on that date began capitalizing inventory purchases of saleable product from certain suppliers. Prior to FDA approval, all saleable product purchased from such suppliers was included as a component of research and development expense.

Accounts Receivable, Net

We extend credit to our customers for U.S. Auryxia product sales resulting in accounts receivable. Customer accounts are monitored for past due amounts. Past due accounts receivable, determined to be uncollectible, are written off against the allowance for doubtful accounts. Allowances for doubtful accounts are estimated based upon past due amounts, historical losses and existing economic factors, and are adjusted periodically. We offer cash discounts to certain of our customers, generally 2% of the sales price, as an incentive for prompt payment. The estimate of cash discounts is recorded at the time of sale. We account for the cash discounts by reducing revenue and accounts receivable by the amount of the discounts we expect our customers to take. The accounts receivable are reported in the consolidated balance sheets, net of the allowances for doubtful accounts and cash discounts. There was no allowance for doubtful accounts at March 31, 2016 and December 31, 2015.

Revenue Recognition

Our commercial launch of our only product, Auryxia, in the United States occurred in late December 2014. We sell product to a limited number of major wholesalers, our Distributors, as well as certain pharmacies, or collectively, our Customers. Our Distributors resell the product to retail pharmacies for purposes of the pharmacies reselling the product to fill patient prescriptions. In accordance with GAAP, our revenue recognition policy requires that: (i) there is persuasive evidence that an arrangement exists between us and the Customer, (ii) delivery has occurred, (iii) collectability is reasonably assured, and (iv) the price is fixed or determinable. Until we have the ability to reliably estimate returns of Auryxia from our Customers, revenue will be recognized based on the resale of Auryxia for the purposes of filling patient prescriptions, and not based on initial sales from us to our Customers. Consistent with industry practice, once we achieve sufficient history such that we can reliably estimate returns based on sales to our Customers, we anticipate that our revenues will be recognized based on sales to our Customers. We currently defer Auryxia revenue recognition until the earlier of the product being resold for purposes of filling patient prescriptions and the expiration of the right of return (twelve months after the expiration date of the product). The deferred revenue is recorded net of discounts, rebates, and chargebacks. We also defer the related cost of product sales and record such amounts as finished goods inventory held by others, which is included in inventory on our consolidated balance sheet, until revenue related to such product sales is recognized.

We have written contracts with our Customers and delivery occurs when a Customer receives Auryxia. We evaluate the creditworthiness of each of our Customers to determine whether revenues can be recognized upon delivery, subject to satisfaction of the other requirements, or whether recognition is required to be delayed until receipt of payment. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate our gross product sales from the sales to Customers and (ii) reasonably estimate our net product sales. We calculate gross product sales based on the wholesale acquisition cost that we charge our Customers for Auryxia. We estimate our net product sales by deducting from our gross product sales (a) trade allowances, such as invoice discounts for prompt payment and distributor fees, (b) estimated government and private payor rebates, chargebacks and discounts, such as Medicaid reimbursements, (c) reserves for expected product returns, upon our ultimate transition to a sell-in revenue recognition model and (d) estimated costs of incentives offered to certain indirect customers, including patients.

 

Trade Allowances: We generally provide invoice discounts on Auryxia sales to our Distributors for prompt payment and pay fees for distribution services, such as fees for certain data that Distributors provide to us. The payment terms for sales to Distributors generally include a prompt-pay discount for payment made within 30 days. Based on our judgment and industry experience, we expect our Distributors to earn these discounts and fees, and deduct the full amount of these discounts and fees from our gross product sales and accounts receivable at the time such revenues are recognized.

Rebates, Chargebacks and Discounts: We contract with Medicaid, other government agencies and various commercial and Medicare Part D private insurance providers, or collectively, our Third-party Payors, so that Auryxia will be eligible for partial or full reimbursement from such Third-party Payors. We also contract with certain specialty pharmacies directly so that Auryxia will be eligible for purchase by these specialty pharmacies. We estimate the rebates, chargebacks and discounts we will provide to Third-party Payors and specialty pharmacies, and deduct these estimated amounts from our gross product sales at the time the sales are recognized. We estimate the rebates, chargebacks and discounts that we will provide to Third-party Payors and specialty pharmacies based upon (i) our contracts with these Third-party Payors and specialty pharmacies, (ii) the government-mandated discounts applicable to government-funded programs and (iii) information obtained from our Customers and other third parties regarding the payor mix for Auryxia.

Product Returns: For the year ended December 31, 2015, the first full period in which we began selling Auryxia, and continuing into the three months ended March 31, 2016, we were not able to reasonably estimate product returns for all product sold to Customers. Once sufficient data exists or we are able to reasonably estimate the amount of Auryxia that will be returned, we will deduct these estimated amounts from our gross revenues at the time that revenues are recognized. Our Customers have the right to return Auryxia during the 18-month period beginning six months prior to the labeled expiration date and ending twelve months after the labeled expiration date. Currently the expiration date for Auryxia is eighteen months after it has been converted into tablet form, which is the last step in the manufacturing process for Auryxia and generally occurs within a few months before Auryxia is delivered to Customers. As of March 31, 2016, we have experienced an immaterial number of product returns.

Other Incentives: Other incentives that we offer to indirect customers include co-pay mitigation rebates provided by us to commercially insured patients who have coverage for Auryxia and who reside in states that permit co-pay mitigation programs, and vouchers for a month supply of Auryxia at no patient cost. Our co-pay mitigation program is intended to reduce each participating patient’s portion of the financial responsibility for Auryxia’s purchase price to a specified dollar amount. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, we estimate the average co-pay mitigation amounts and the percentage of patients that we expect to participate in the program in order to establish our accruals for co-pay mitigation rebates and deduct these estimated amounts from our gross product sales at the time the sales are recognized. We adjust our accruals for co-pay mitigation and voucher rebates based on our estimates regarding the portion of issued rebates that we estimate will not be redeemed.

Our U.S. Auryxia product sales for the three months ended March 31, 2016 and 2015 were offset by provisions for allowances and accruals as set forth in the tables below.

 

(in thousands)

   Three months ended
March 31, 2016
     Percent of gross
Auryxia

product sales
     Three months ended
March 31, 2015
     Percent of gross
Auryxia

product sales
 

Gross Auryxia product sales

   $ 8,625          $ 964      

Less provision for product sales allowances and accruals

           

Trade allowances

     1,146         13%         100         10%   

Rebates, chargebacks and discounts

     1,678         20%         30         3%   

Product returns

                               

Other incentives (1)

     185         2%         412         43%   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     3,009         35%         542         56%   
  

 

 

       

 

 

    

Net U.S. Auryxia product sales

   $ 5,616          $ 422      
  

 

 

       

 

 

    

 

(1) Includes co-pay mitigation and voucher rebates.

The following table summarizes U.S. Auryxia product sales recognized and deferred during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Net U.S. Auryxia sales recognized

   $ 5,616       $ 422       $ 10,141   

Deferred product sales

     3,718         714         3,526   
  

 

 

    

 

 

    

 

 

 
   $ 9,334       $ 1,136       $ 13,667   
  

 

 

    

 

 

    

 

 

 

We recognize license revenue in accordance with Accounting Standards Codification 605, Revenue Recognition, or ASC 605. We analyze each element of our licensing agreement to determine the appropriate revenue recognition. The terms of the license agreement may include payment to us of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. We recognize revenue from upfront payments over the period of significant involvement under the related agreements unless the fee is in exchange for products delivered or services rendered that represent the culmination of a separate earnings process and no further performance obligation exists under the contract. We recognize milestone payments as revenue upon the achievement of specified milestones only if (1) the milestone payment is non-refundable, (2) substantive effort is involved in achieving the milestone, (3) the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone, and (4) the milestone is at risk for both parties. If any of these conditions are not met, we defer the milestone payment and recognize it as revenue over the estimated period of performance under the contract.

For arrangements for which royalty revenue information becomes available and collectability is reasonably assured, we recognize revenue during the applicable period earned. When collectability is reasonably assured but a reasonable estimate of royalty revenue cannot be made, the royalty revenue is recognized in the quarter that the licensee provides the written report and related information to us.

Cost of Goods Sold

Cost of goods sold includes the cost of active pharmaceutical ingredient for Auryxia on which product sales were recognized during the period, as well as the associated costs for tableting, packaging, shipment, insurance and quality assurance. Cost of goods sold also includes expenses due to the licensor of Auryxia related to the manufacturing of product and product sales recognized during the period.

In conjunction with our recognition and deferral of U.S. Auryxia product sales, we expensed and capitalized the associated cost of goods, as follows, during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Cost of goods sold expensed

   $ 1,071       $ 76       $ 4,520   

Finished goods inventory held by others

     803         107         231   
  

 

 

    

 

 

    

 

 

 
   $ 1,874       $ 183       $ 4,751   
  

 

 

    

 

 

    

 

 

 

Finished goods inventory held by others as of March 31, 2016 and 2015 represents the cost of goods sold that has been deferred to align with our deferral of U.S. Auryxia product sales.

License Expenses

License expenses include royalty and other expenses due to the licensor of Auryxia related to our license agreement with JT and Torii. With regard to royalty expense, such expense is directly related to the royalty revenue received from JT and Torii and is recognized in the same period as the revenue is recorded. Other expenses are recognized in the period they are incurred.

Research and Development Costs

Research and development costs are expensed as incurred. Pre-approval inventory expenditures are recorded as research and development expense as incurred. The capitalization of inventory for our product candidate(s) commence when it is probable that the product will be approved for commercial marketing. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. We make estimates of costs incurred in relation to external clinical research organizations, or CROs, and clinical site costs. We analyze the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. We review and accrue CRO expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study. Accrued CRO costs are subject to revisions as such trials progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of our policy is to match the recording of expenses in our consolidated financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.

Stock-Based Compensation

We recognize all share-based payments to employees and to non-employee directors for service on our Board of Directors as compensation expense in the consolidated financial statements based on the grant date fair values of the awards. Stock-based compensation expense recognized each period is based on the value of the portion of awards that is ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

For share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. We record compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued, or the total compensation is recalculated based on the then current fair value, at each subsequent reporting date.

Basic and Diluted Net Loss Per Common Share

Basic net loss per share is computed by dividing the losses allocable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. The options outstanding as of March 31, 2016 and 2015, which are not included in the computation of net loss per share amounts, were 6,491,921 and 6,257,851, respectively. No warrants were outstanding during each of these periods.

Acquisitions

We account for acquired businesses using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Acquisition-related costs are expensed as incurred. Any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Impairment

Long lived assets are reviewed for an impairment loss when circumstances indicate that the carrying value of long-lived tangible and intangible assets with finite lives may not be recoverable. Management’s policy in determining whether an impairment indicator exists, a triggering event, comprises measurable operating performance criteria as well as qualitative measures. If an analysis is necessitated by the occurrence of a triggering event, we make certain assumptions in determining the impairment amount. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset or used in its disposal. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized.

 

Goodwill is reviewed for impairment annually, or when events arise that could indicate that an impairment exists. We test for goodwill impairment using a two-step process. The first step compares the fair value of the reporting unit with the unit’s carrying value, including goodwill. When the carrying value of the reporting unit is greater than fair value, the unit’s goodwill may be impaired, and the second step must be completed to measure the amount of the goodwill impairment charge, if any. In the second step, the implied fair value of the reporting unit’s goodwill is compared with the carrying amount of the unit’s goodwill. If the carrying amount is greater than the implied fair value, the carrying value of the goodwill must be written down to its implied fair value. As of December 31, 2015, management concluded that there was no impairment of our goodwill. We will continue to perform impairment tests annually, at December 31, and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. For the period ending March 31, 2016, management determined that there were no impairment indicators that would trigger a goodwill impairment analysis.

Concentrations of Credit Risk

We do not have significant off-balance-sheet risk or credit risk concentrations. We maintain our cash and cash equivalents and held-to-maturity investments, when applicable, with multiple financial institutions that invest in investment-grade securities with average maturities of less than twelve months. See Note 3 – Fair Value Measurements.

Our accounts receivable, net at March 31, 2016 and December 31, 2015 represent amounts due to the Company from customers. We perform ongoing credit evaluations of our customers and generally do not require collateral. The following table sets forth customers who represented 10% or more of our total accounts receivable, net as of March 31, 2016 and December 31, 2015:

 

     March 31, 2016     December 31, 2015  

Davita Rx

     24     19

AmerisourceBergen Drug Corporation

     21     17

McKesson Corporation

     21     23

Cardinal Health, Inc.

     19     24

Fresenius Medical Care Rx

     13     15

We currently depend on a single supply source for Auryxia drug product. If any of our suppliers, including the source of Auryxia drug product, were to limit or terminate production, or otherwise fail to meet the quality or delivery requirements needed to supply Auryxia at levels to meet market demand, we could experience a loss of revenue, which could materially and adversely impact our results of operations.

Leases

In April 2015, we signed a lease agreement for approximately 27,300 square feet in Boston, Massachusetts, for a 94 month term that commenced on May 1, 2015. In order to make the space usable for our operations, substantial improvements were made. Our landlord agreed to pay for up to approximately $1.9 million of the improvements, and we bore all additional costs that were incurred. As such, we have determined that we are the owner of the improvements and account for tenant improvements paid by our landlord as a lease incentive. On May 1, 2015, in accordance with ASC 840-20, we recorded a deferred lease incentive, and an associated receivable from our landlord, for the total amount to be paid by the landlord for improvements. The deferred lease incentive is being amortized as a partial offset to rent expense over the term of the lease. We began occupying the space in November 2015. Improvements made to our leased space have been recorded as fixed assets and will be amortized over the assets’ useful lives or the remaining lease term, whichever is shorter.

The lease for our New York City office will expire on September 30, 2016 and we have notified our landlord that we will not renew our lease.

Recently Issued and Proposed Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2017 and allows for adoption using a full retrospective method, or a modified retrospective method. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. We are currently assessing the method of adoption and the expected impact that Topic 606 will have on our financial position and results of operations.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for us on January 1, 2019. The adoption of this standard is expected to have a material impact on our financial position. We are currently evaluating the potential impact that this standard may have on our results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard will be effective for us on January 1, 2017. We are currently evaluating the potential impact that this standard may have on our financial position, results of operations and statement of cash flows.

v3.4.0.3
Fair Value Measurements
3 Months Ended
Mar. 31, 2016
Fair Value Measurements

NOTE 3 – FAIR VALUE MEASUREMENTS

We measure certain financial assets and liabilities at fair value on a recurring basis in our consolidated financial statements using a fair value hierarchy. The hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires financial assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

 

    Level 1 – quoted prices in active markets for identical assets and liabilities;

 

    Level 2 – inputs other than Level 1 quoted prices that are directly or indirectly observable; and

 

    Level 3 – unobservable inputs that are not corroborated by market data.

We review investment securities for impairment and to determine the classification of the impairment as temporary or other-than-temporary. Losses are recognized in our consolidated statement of operations when a decline in fair value is determined to be other-than-temporary. We review our investments on an ongoing basis for indications of possible impairment. Once identified, the determination of whether the impairment is temporary or other-than-temporary requires significant judgment.

The following table provides the fair value measurements of applicable financial assets as of March 31, 2016 and December 31, 2015:

 

     Financial assets at fair value 
as of March 31, 2016
     Financial assets at fair value 
as of December 31, 2015
 

(in thousands)

   Level 1      Level 2      Level 3      Level 1      Level 2      Level 3  

Assets:

                 

Money market funds (1)

   $ 166,086       $ —         $ —         $ 193,886       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 166,086       $ —         $ —         $ 193,886       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

                 

Derivative liability

   $ —         $ —         $ 48,693       $ —         $ —         $ 46,686   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ —         $ —         $ 48,693       $ —         $ —         $ 46,686   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Included in cash and cash equivalents on our consolidated balance sheets. The carrying amount of money market funds approximates fair value.

In October 2015, we issued the Notes. As of March 31, 2016 and December 31, 2015, the fair value of our Notes was $138.3 million and $132.9 million, respectively, which differs from their carrying value. The fair value of our Notes is influenced by interest rates and our stock price and stock price volatility. See Note 8– Debt for additional information on our debt obligations.

v3.4.0.3
Inventory
3 Months Ended
Mar. 31, 2016
Inventory

NOTE 4 – INVENTORY

Upon approval of Auryxia on September 5, 2014 by the FDA, we began capitalizing our purchases of saleable inventory of Auryxia from suppliers. Inventory consists of the following at March 31, 2016 and December 31, 2015:

 

(in thousands)

   March 31, 2016      December 31, 2015  

Raw materials

   $ 525       $ 495   

Work in process

     39,100         40,124   

Finished goods

     1,770         1,031   

Finished goods inventory held by others

     803         231   
  

 

 

    

 

 

 

Total inventory

   $ 42,198       $ 41,881   
  

 

 

    

 

 

 
v3.4.0.3
Stockholders' Equity
3 Months Ended
Mar. 31, 2016
Stockholders' Equity

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock

On January 21, 2015, we announced the pricing of an underwritten public offering in which we sold 10,541,667 shares of our common stock at a price of $12.00 per share for gross proceeds of approximately $126.5 million. Net proceeds from this offering were approximately $118.3 million, net of underwriting discounts and offering expenses of approximately $8.2 million. The shares were sold under Registration Statements (Nos. 333-201605 and 333-201639) on Form S-3 and Form S-3MEF, respectively, filed by us with the Securities and Exchange Commission.

Change in Stockholders’ Equity

Total stockholders’ equity decreased by $37.5 million during the three months ended March 31, 2016. This decrease was primarily attributable to our net loss of $41.0 million, partially offset by $3.5 million related to stock-based compensation and stock option exercises.

v3.4.0.3
Stock-Based Compensation Expense
3 Months Ended
Mar. 31, 2016
Stock-Based Compensation Expense

NOTE 6 – STOCK-BASED COMPENSATION EXPENSE

Equity Incentive Plans

Total shares available for the issuance of stock options or other stock-based awards under our stock option and incentive plans were 1,055,849 shares at March 31, 2016.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2016:

 

     Number
of shares
     Weighted-
average
exercise price
     Weighted-
average
contractual
term
     Aggregate
intrinsic 
value
 
                   (in years)         

Outstanding at December 31, 2015

     5,411,557       $ 10.96         7.2       $ 2,049,329   
           

 

 

 

Granted

     1,690,550         3.44         

Exercised

     (22,425      2.75          $ 52,698   
           

 

 

 

Forfeited

     (218,087      9.09         

Expired

     (369,674      14.72         
  

 

 

          

Outstanding at March 31, 2016

     6,491,921       $ 8.88         7.9       $ 3,544,992   
  

 

 

    

 

 

    

 

 

    

 

 

 

Vested and expected to vest at March 31, 2016

     6,240,311       $ 8.90         7.9       $ 3,401,256   
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable at March 31, 2016

     2,708,307       $ 9.85         6.1       $ 1,383,548   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Upon the exercise of stock options, we issue new shares of our common stock. As of March 31, 2016, 100,000 options issued to employees are unvested, performance-based options.

Restricted Stock

Certain employees, directors and consultants have been awarded restricted stock under our equity incentive plans. The time-vesting restricted stock grants vest primarily over a period of three to four years. The following table summarizes restricted share activity for the three months ended March 31, 2016:

 

     Number of
shares
     Weighted
average 
grant date
fair value
     Aggregate
intrinsic 
value
 

Outstanding at December 31, 2015

     1,344,747       $ 11.59       $ 6,790,972   
        

 

 

 

Granted

     747,825         3.35      

Vested

     (114,806      14.50       $ 520,704   
        

 

 

 

Forfeited

     (93,074      8.99      
  

 

 

       

Outstanding at March 31, 2016

     1,884,692       $ 8.27       $ 8,801,512   
  

 

 

    

 

 

    

 

 

 

As of March 31, 2016, 560,000 shares of restricted stock issued to employees are unvested, performance-based shares.

Stock-Based Compensation Expense

We incurred $3.3 million and $4.3 million of non-cash compensation expense related to equity incentive grants during the three months ended March 31, 2016 and 2015, respectively. The following table reflects stock-based compensation expense for the three month period ended March 31, 2016 and 2015:

 

     Three months ended March 31,  

(in thousands)

   2016      2015  

Cost of goods sold

   $ 6       $ 1   

Research and development

     705         921   

Selling, general and administrative

     2,582         3,399   
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 3,293       $ 4,321   
  

 

 

    

 

 

 

Stock-based compensation costs capitalized as part of inventory were immaterial for the three months ended March 31, 2016 and 2015.

The fair value of stock options granted is estimated at the date of grant using the Black-Scholes pricing model. The expected term of options granted is derived from historical data, the expected vesting period and the full contractual term. Expected volatility is based on the historical volatility of our common stock. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. We have assumed no expected dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future.

 

Black-Scholes Option Valuation Assumptions

   Three months ended March 31,  
     2016      2015  

Risk-free interest rates

     1.6%         1.7%   

Dividend yield

     —           —     

Volatility

     82.0%         91.6%   

Weighted-average expected term

     6.0 years        6.0 years   

The weighted average grant date fair value of options granted for the three months ended March 31, 2016 and 2015 was $2.41 and $10.83, respectively. We used historical information to estimate forfeitures within the valuation model. As of March 31, 2016, there was $17.2 million and $7.8 million of total unrecognized compensation cost related to non-vested stock options and restricted stock, respectively, which is expected to be recognized over weighted-average periods of 2.2 years and 1.6 years, respectively. These amounts do not include, as of March 31, 2016, 100,000 options outstanding and 560,000 shares of restricted stock outstanding which are performance-based and vest upon achievement of certain corporate milestones. Stock-based compensation for these awards will be measured and recorded if and when it is probable that the milestone will be achieved.

v3.4.0.3
License Agreements
3 Months Ended
Mar. 31, 2016
License Agreements

NOTE 7 – LICENSE AGREEMENTS

In November 2005, we entered into a license agreement with Panion & BF Biotech, Inc., or Panion. Under the license agreement, we acquired the exclusive worldwide rights, excluding certain Asian-Pacific countries, for the development and marketing of ferric citrate. To date, we have paid an aggregate of $11.6 million of milestone payments to Panion, including the $2.0 million paid upon European marketing approval in 2015. In addition, Panion is eligible to receive royalty payments based on a mid-single digit percentage of net sales of ferric citrate in the licensed territory, as well as a manufacturing fee for product manufactured for use in the licensed territory.

In September 2007, we entered into a Sublicense Agreement with JT and Torii, JT’s pharmaceutical business subsidiary, under which JT and Torii obtained the exclusive sublicense rights for the development and commercialization of ferric citrate in Japan, which is being marketed in the United States under the trade name Auryxia. JT and Torii are responsible for the future development and commercialization costs in Japan. Effective as of June 8, 2009, we entered into an Amended and Restated Sublicense Agreement, or Revised Agreement, with JT and Torii, which, among other things, provided for the elimination of all significant on-going obligations under the sublicense agreement.

In January 2013, JT and Torii filed its new drug application, or NDA, with the Japanese Ministry of Health, Labour and Welfare for marketing approval of ferric citrate in Japan for the treatment of hyperphosphatemia in patients with CKD. Under the terms of the license agreement with JT and Torii, we received a non-refundable milestone payment of $7.0 million in January 2013 for the achievement of the NDA filing milestone.

In January 2014, JT and Torii received manufacturing and marketing approval of ferric citrate from the Japanese Ministry of Health, Labour and Welfare. Ferric citrate, launched in May 2014 and is being marketed in Japan by Torii under the brand name Riona, is indicated as an oral treatment for the improvement of hyperphosphatemia in patients with CKD. Under the terms of the license agreement with JT and Torii, we received a non-refundable payment of $10.0 million in February 2014 for the achievement of the marketing approval milestone. We also receive royalty payments based on a tiered double-digit percentage of net sales of Riona in Japan escalating up to the mid-teens and may also receive up to an additional $55.0 million upon the achievement of certain annual net sales milestones. In accordance with our revenue recognition policy, royalty revenues are recognized in the quarter that JT and Torii provide their written report and related information to us regarding sales of Riona, which generally will be one quarter following the quarter in which the underlying sales by JT and Torii occurred. For the three months ended March 31, 2016 and 2015, we recorded $1.2 million and $0.8 million, respectively, in license revenue related to royalties earned on net sales of Riona in Japan. We record the associated mid-single digit percentage of net sales royalty expense due Panion, the licensor of ferric citrate, in the same period as the royalty revenue from JT and Torii is recorded. For the three months ended March 31, 2016 and 2015, we recorded $0.7 million and $0.5 million, respectively, in license expenses related to royalties due to the licensor of ferric citrate relating to sales of Riona in Japan.

v3.4.0.3
Debt
3 Months Ended
Mar. 31, 2016
Debt

NOTE 8 – DEBT

In October 2015, we completed the sale of $125 million of Notes due 2020, in a private placement, or the Private Placement, to funds managed by Baupost pursuant to a Notes Purchase Agreement dated October 14, 2015. The Notes were issued under an Indenture, or the Indenture, dated as of October 15, 2015, with The Bank of New York Mellon Trust Company, N.A. as trustee, or the Trustee. Under the terms of the Indenture, the Notes may be converted into shares of our common stock at the discretion of Baupost. In furtherance thereof, we will seek stockholder approval of an amendment to our certificate of incorporation to increase in the number of authorized shares of our common stock to ensure that we have an adequate authorized share reserve to cover any conversions of the Notes by Baupost, and if the necessary share increase is not approved by our stockholders by July 1, 2016, we may pay a portion of the conversion amount in cash. Further, the Indenture subjects us to certain financial and business covenants and contains restrictions on the payments of cash dividends.

 

The Indenture contains customary terms and events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving us) occurs and is continuing, the Trustee by notice to us, or the holders of at least 25% in aggregate principal amount of the outstanding Notes by written notice to us and the Trustee, may declare 100% of the principal on all of the Notes to be due and payable. Upon such a declaration of acceleration, such principal will be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving us, 100% of the principal on all of the Notes will become due and payable automatically.

Further, in connection with the Private Placement, we entered into a Registration Rights Agreement with the purchasers of the Notes, or the Registration Rights Agreement, pursuant to which we agreed to (i) file a registration statement, or the Resale Registration Statement with the SEC covering the resale of the Notes and the underlying common stock which the Notes are convertible into upon the written request of Baupost, and (ii) use commercially reasonable efforts, subject to receipt of necessary information from all the purchasers of the Notes, to cause the SEC to declare the Resale Registration Statement effective. Further, the Registration Rights Agreement permits Baupost to demand from time to time that we file a shelf Registration Statement pursuant to Rule 415 of the Securities Act from which any number of shelf takedowns may be conducted upon written request from Baupost. Finally, the Registration Rights Agreement affords Baupost certain piggyback registration rights.

The Notes, a portion of which are currently convertible, are convertible at the option of Baupost at an initial conversion rate of 267.3797 shares of our common stock per $1,000 principal amount, equal to a conversion price of $3.74 per share, which represents the last reported sale price of our stock on October 14, 2015. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events. Further, upon the occurrence of certain fundamental changes involving us, Baupost may require us to repurchase for cash all or part of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased.

A portion of the Notes, represented by $60,680,000 of the $125,000,000 par value of the Notes, is currently convertible into shares of our common stock at the option of Baupost. The remaining portion of the Notes, represented by $64,320,000 of the total par value, is contingently convertible into shares of our common stock or cash at the option of Baupost. As discussed above, we will seek stockholder approval of an amendment to our certificate of incorporation to increase the number of authorized shares of our common stock to ensure that we have an adequate share reserve to cover any conversions by Baupost. If the necessary share increase is approved by our stockholders by July 1, 2016, or the Shareholder Approval Deadline, the portion of the Notes that is contingently convertible will be convertible into shares of our common stock at the option of Baupost. If the share increase is not approved by our stockholders by the Shareholder Approval Deadline, the contingently convertible portion of the Notes, represented by $64,320,000 of the par value, will be convertible to cash at the option of Baupost.

Under the terms of the Indenture, prior to the Shareholder Approval Deadline, any conversion by Baupost shall be deemed a partial share settlement and partial cash settlement, based on a pro-rata portion of the Notes based on the original convertible and contingently convertible par values of the Notes. In such an event, the contingently convertible portion of the Notes would be settled subsequent to July 1, 2016 in a manner dictated by whether shareholder approval of the amendment to our certificate of incorporation discussed above is obtained by the Shareholder Approval Deadline. If we are required to satisfy our obligation partially in cash, we will pay an amount for each $1,000 principal amount of the Notes being converted equal to the sum of the Daily Conversion Values for each of the five consecutive trading days following conversion notice, where the Daily Conversion Value for each day is 20% of the product of (a) the conversion rate on such trading day and (b) the daily volume-weighted average price for such trading day.

In accordance with accounting guidance for debt with a conversion option, we separated the conversion option from the debt instrument and account for it separately as a derivative liability, due to the Notes being partially convertible to cash at the option of Baupost. We allocated the proceeds between the debt component and the embedded conversion option (the derivative) by performing a valuation of the derivative as of the transaction date, which was determined based on the difference between the fair value of the Notes with the conversion option and the fair value of the Notes without the conversion option. The fair value of the derivative liability was recognized as a debt discount and the carrying amount of the convertible notes represents the difference between the proceeds from the issuance of the Notes and the fair value of the derivative liability on the date of issuance. The excess of the principal amount of the debt component over its carrying amount, or debt discount, is amortized to interest expense using the effective interest method over the expected life of the debt.

Our outstanding convertible notes and derivative liability balances as of March 31, 2016 and December 31, 2015 consisted of the following:

 

(in thousands)

   March 31, 2016      Fair Value
Adjustment
     December 31, 2015  

Debt component:

        

Principal

   $ 125,000          $ 125,000   

Less: debt discount

     (18,479         (34,227
  

 

 

       

 

 

 

Net carrying amount

   $ 106,521          $ 90,773   
  

 

 

       

 

 

 

Derivative liability

   $ 48,693       $ 2,007       $ 46,686   
  

 

 

       

 

 

 

We determined the expected life of the debt was equal to the period through July 1, 2016, as this represents the point at which a portion of the Notes is contingently convertible into cash. Accordingly, for the three months ended March 31, 2016 approximately $15.7 million of interest expense was recognized related to the Notes, all of which was attributable to the amortization of the debt discount. As of March 31, 2016 and December 31, 2015, the carrying value of the Notes was $106.5 million and $90.8 million, respectively, and the fair value of the Notes was $138.3 million and $132.9 million, respectively.

v3.4.0.3
Other Income (Expense), Net
3 Months Ended
Mar. 31, 2016
Other Income (Expense), Net

NOTE 9 – OTHER INCOME (EXPENSE), NET

The components of other income (expense), net are as follows:

 

     Three months ended March 31,  

(in thousands)

   2016      2015  

Interest income

   $ 202       $ 107   

Other income

     6         —     

Fair value adjustment to derivative liability

     (2,007      —     
  

 

 

    

 

 

 
   $ (1,799    $ 107   
  

 

 

    

 

 

 
v3.4.0.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2016
Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments that are, in the opinion of management, of a normal recurring nature and are necessary for a fair presentation of the consolidated financial statements have been included. Nevertheless, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include our financial statements and those of our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses during the applicable reporting period. Actual results could differ from those estimates. Such differences could be material to these consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents

We consider liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. At March 31, 2016 and December 31, 2015, all of our cash and cash equivalents were held in either commercial bank accounts or money market funds.

Inventory

Inventory

Inventory is stated at the lower of cost or estimated realizable value. We determine the cost of our inventory, which includes amounts related to materials, third-party contract manufacturing and packaging services, and manufacturing overhead, on a first-in, first-out basis. We capitalize inventory costs at our suppliers when, based on management’s judgment, the realization of future economic benefit is probable at each given supplier. We received FDA approval for Auryxia on September 5, 2014, and on that date began capitalizing inventory purchases of saleable product from certain suppliers. Prior to FDA approval, all saleable product purchased from such suppliers was included as a component of research and development expense.

Accounts Receivable, Net

Accounts Receivable, Net

We extend credit to our customers for U.S. Auryxia product sales resulting in accounts receivable. Customer accounts are monitored for past due amounts. Past due accounts receivable, determined to be uncollectible, are written off against the allowance for doubtful accounts. Allowances for doubtful accounts are estimated based upon past due amounts, historical losses and existing economic factors, and are adjusted periodically. We offer cash discounts to certain of our customers, generally 2% of the sales price, as an incentive for prompt payment. The estimate of cash discounts is recorded at the time of sale. We account for the cash discounts by reducing revenue and accounts receivable by the amount of the discounts we expect our customers to take. The accounts receivable are reported in the consolidated balance sheets, net of the allowances for doubtful accounts and cash discounts. There was no allowance for doubtful accounts at March 31, 2016 and December 31, 2015.

Revenue Recognition

Revenue Recognition

Our commercial launch of our only product, Auryxia, in the United States occurred in late December 2014. We sell product to a limited number of major wholesalers, our Distributors, as well as certain pharmacies, or collectively, our Customers. Our Distributors resell the product to retail pharmacies for purposes of the pharmacies reselling the product to fill patient prescriptions. In accordance with GAAP, our revenue recognition policy requires that: (i) there is persuasive evidence that an arrangement exists between us and the Customer, (ii) delivery has occurred, (iii) collectability is reasonably assured, and (iv) the price is fixed or determinable. Until we have the ability to reliably estimate returns of Auryxia from our Customers, revenue will be recognized based on the resale of Auryxia for the purposes of filling patient prescriptions, and not based on initial sales from us to our Customers. Consistent with industry practice, once we achieve sufficient history such that we can reliably estimate returns based on sales to our Customers, we anticipate that our revenues will be recognized based on sales to our Customers. We currently defer Auryxia revenue recognition until the earlier of the product being resold for purposes of filling patient prescriptions and the expiration of the right of return (twelve months after the expiration date of the product). The deferred revenue is recorded net of discounts, rebates, and chargebacks. We also defer the related cost of product sales and record such amounts as finished goods inventory held by others, which is included in inventory on our consolidated balance sheet, until revenue related to such product sales is recognized.

We have written contracts with our Customers and delivery occurs when a Customer receives Auryxia. We evaluate the creditworthiness of each of our Customers to determine whether revenues can be recognized upon delivery, subject to satisfaction of the other requirements, or whether recognition is required to be delayed until receipt of payment. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate our gross product sales from the sales to Customers and (ii) reasonably estimate our net product sales. We calculate gross product sales based on the wholesale acquisition cost that we charge our Customers for Auryxia. We estimate our net product sales by deducting from our gross product sales (a) trade allowances, such as invoice discounts for prompt payment and distributor fees, (b) estimated government and private payor rebates, chargebacks and discounts, such as Medicaid reimbursements, (c) reserves for expected product returns, upon our ultimate transition to a sell-in revenue recognition model and (d) estimated costs of incentives offered to certain indirect customers, including patients.

 

Trade Allowances: We generally provide invoice discounts on Auryxia sales to our Distributors for prompt payment and pay fees for distribution services, such as fees for certain data that Distributors provide to us. The payment terms for sales to Distributors generally include a prompt-pay discount for payment made within 30 days. Based on our judgment and industry experience, we expect our Distributors to earn these discounts and fees, and deduct the full amount of these discounts and fees from our gross product sales and accounts receivable at the time such revenues are recognized.

Rebates, Chargebacks and Discounts: We contract with Medicaid, other government agencies and various commercial and Medicare Part D private insurance providers, or collectively, our Third-party Payors, so that Auryxia will be eligible for partial or full reimbursement from such Third-party Payors. We also contract with certain specialty pharmacies directly so that Auryxia will be eligible for purchase by these specialty pharmacies. We estimate the rebates, chargebacks and discounts we will provide to Third-party Payors and specialty pharmacies, and deduct these estimated amounts from our gross product sales at the time the sales are recognized. We estimate the rebates, chargebacks and discounts that we will provide to Third-party Payors and specialty pharmacies based upon (i) our contracts with these Third-party Payors and specialty pharmacies, (ii) the government-mandated discounts applicable to government-funded programs and (iii) information obtained from our Customers and other third parties regarding the payor mix for Auryxia.

Product Returns: For the year ended December 31, 2015, the first full period in which we began selling Auryxia, and continuing into the three months ended March 31, 2016, we were not able to reasonably estimate product returns for all product sold to Customers. Once sufficient data exists or we are able to reasonably estimate the amount of Auryxia that will be returned, we will deduct these estimated amounts from our gross revenues at the time that revenues are recognized. Our Customers have the right to return Auryxia during the 18-month period beginning six months prior to the labeled expiration date and ending twelve months after the labeled expiration date. Currently the expiration date for Auryxia is eighteen months after it has been converted into tablet form, which is the last step in the manufacturing process for Auryxia and generally occurs within a few months before Auryxia is delivered to Customers. As of March 31, 2016, we have experienced an immaterial number of product returns.

Other Incentives: Other incentives that we offer to indirect customers include co-pay mitigation rebates provided by us to commercially insured patients who have coverage for Auryxia and who reside in states that permit co-pay mitigation programs, and vouchers for a month supply of Auryxia at no patient cost. Our co-pay mitigation program is intended to reduce each participating patient’s portion of the financial responsibility for Auryxia’s purchase price to a specified dollar amount. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, we estimate the average co-pay mitigation amounts and the percentage of patients that we expect to participate in the program in order to establish our accruals for co-pay mitigation rebates and deduct these estimated amounts from our gross product sales at the time the sales are recognized. We adjust our accruals for co-pay mitigation and voucher rebates based on our estimates regarding the portion of issued rebates that we estimate will not be redeemed.

Our U.S. Auryxia product sales for the three months ended March 31, 2016 and 2015 were offset by provisions for allowances and accruals as set forth in the tables below.

 

(in thousands)

   Three months ended
March 31, 2016
     Percent of gross
Auryxia

product sales
     Three months ended
March 31, 2015
     Percent of gross
Auryxia

product sales
 

Gross Auryxia product sales

   $ 8,625          $ 964      

Less provision for product sales allowances and accruals

           

Trade allowances

     1,146         13%         100         10%   

Rebates, chargebacks and discounts

     1,678         20%         30         3%   

Product returns

                               

Other incentives (1)

     185         2%         412         43%   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     3,009         35%         542         56%   
  

 

 

       

 

 

    

Net U.S. Auryxia product sales

   $ 5,616          $ 422      
  

 

 

       

 

 

    

 

(1) Includes co-pay mitigation and voucher rebates.

The following table summarizes U.S. Auryxia product sales recognized and deferred during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Net U.S. Auryxia sales recognized

   $ 5,616       $ 422       $ 10,141   

Deferred product sales

     3,718         714         3,526   
  

 

 

    

 

 

    

 

 

 
   $ 9,334       $ 1,136       $ 13,667   
  

 

 

    

 

 

    

 

 

 

We recognize license revenue in accordance with Accounting Standards Codification 605, Revenue Recognition, or ASC 605. We analyze each element of our licensing agreement to determine the appropriate revenue recognition. The terms of the license agreement may include payment to us of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. We recognize revenue from upfront payments over the period of significant involvement under the related agreements unless the fee is in exchange for products delivered or services rendered that represent the culmination of a separate earnings process and no further performance obligation exists under the contract. We recognize milestone payments as revenue upon the achievement of specified milestones only if (1) the milestone payment is non-refundable, (2) substantive effort is involved in achieving the milestone, (3) the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone, and (4) the milestone is at risk for both parties. If any of these conditions are not met, we defer the milestone payment and recognize it as revenue over the estimated period of performance under the contract.

For arrangements for which royalty revenue information becomes available and collectability is reasonably assured, we recognize revenue during the applicable period earned. When collectability is reasonably assured but a reasonable estimate of royalty revenue cannot be made, the royalty revenue is recognized in the quarter that the licensee provides the written report and related information to us.

Cost of Goods Sold

Cost of Goods Sold

Cost of goods sold includes the cost of active pharmaceutical ingredient for Auryxia on which product sales were recognized during the period, as well as the associated costs for tableting, packaging, shipment, insurance and quality assurance. Cost of goods sold also includes expenses due to the licensor of Auryxia related to the manufacturing of product and product sales recognized during the period.

In conjunction with our recognition and deferral of U.S. Auryxia product sales, we expensed and capitalized the associated cost of goods, as follows, during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Cost of goods sold expensed

   $ 1,071       $ 76       $ 4,520   

Finished goods inventory held by others

     803         107         231   
  

 

 

    

 

 

    

 

 

 
   $ 1,874       $ 183       $ 4,751   
  

 

 

    

 

 

    

 

 

 

Finished goods inventory held by others as of March 31, 2016 and 2015 represents the cost of goods sold that has been deferred to align with our deferral of U.S. Auryxia product sales.

License Expenses

License Expenses

License expenses include royalty and other expenses due to the licensor of Auryxia related to our license agreement with JT and Torii. With regard to royalty expense, such expense is directly related to the royalty revenue received from JT and Torii and is recognized in the same period as the revenue is recorded. Other expenses are recognized in the period they are incurred.

Research and Development Costs

Research and Development Costs

Research and development costs are expensed as incurred. Pre-approval inventory expenditures are recorded as research and development expense as incurred. The capitalization of inventory for our product candidate(s) commence when it is probable that the product will be approved for commercial marketing. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. We make estimates of costs incurred in relation to external clinical research organizations, or CROs, and clinical site costs. We analyze the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. We review and accrue CRO expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study. Accrued CRO costs are subject to revisions as such trials progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of our policy is to match the recording of expenses in our consolidated financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.

Stock - Based Compensation

Stock-Based Compensation

We recognize all share-based payments to employees and to non-employee directors for service on our Board of Directors as compensation expense in the consolidated financial statements based on the grant date fair values of the awards. Stock-based compensation expense recognized each period is based on the value of the portion of awards that is ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

For share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. We record compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third-parties are then revalued, or the total compensation is recalculated based on the then current fair value, at each subsequent reporting date.

Basic and Diluted Net Loss Per Common Share

Basic and Diluted Net Loss Per Common Share

Basic net loss per share is computed by dividing the losses allocable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share does not reflect the effect of shares of common stock to be issued upon the exercise of stock options and warrants, as their inclusion would be anti-dilutive. The options outstanding as of March 31, 2016 and 2015, which are not included in the computation of net loss per share amounts, were 6,491,921 and 6,257,851, respectively. No warrants were outstanding during each of these periods.

Acquisitions

Acquisitions

We account for acquired businesses using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Acquisition-related costs are expensed as incurred. Any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill.

Impairment

Impairment

Long lived assets are reviewed for an impairment loss when circumstances indicate that the carrying value of long-lived tangible and intangible assets with finite lives may not be recoverable. Management’s policy in determining whether an impairment indicator exists, a triggering event, comprises measurable operating performance criteria as well as qualitative measures. If an analysis is necessitated by the occurrence of a triggering event, we make certain assumptions in determining the impairment amount. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset or used in its disposal. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized.

 

Goodwill is reviewed for impairment annually, or when events arise that could indicate that an impairment exists. We test for goodwill impairment using a two-step process. The first step compares the fair value of the reporting unit with the unit’s carrying value, including goodwill. When the carrying value of the reporting unit is greater than fair value, the unit’s goodwill may be impaired, and the second step must be completed to measure the amount of the goodwill impairment charge, if any. In the second step, the implied fair value of the reporting unit’s goodwill is compared with the carrying amount of the unit’s goodwill. If the carrying amount is greater than the implied fair value, the carrying value of the goodwill must be written down to its implied fair value. As of December 31, 2015, management concluded that there was no impairment of our goodwill. We will continue to perform impairment tests annually, at December 31, and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable. For the period ending March 31, 2016, management determined that there were no impairment indicators that would trigger a goodwill impairment analysis.

Concentrations of Credit Risk

Concentrations of Credit Risk

We do not have significant off-balance-sheet risk or credit risk concentrations. We maintain our cash and cash equivalents and held-to-maturity investments, when applicable, with multiple financial institutions that invest in investment-grade securities with average maturities of less than twelve months. See Note 3 – Fair Value Measurements.

Our accounts receivable, net at March 31, 2016 and December 31, 2015 represent amounts due to the Company from customers. We perform ongoing credit evaluations of our customers and generally do not require collateral. The following table sets forth customers who represented 10% or more of our total accounts receivable, net as of March 31, 2016 and December 31, 2015:

 

     March 31, 2016     December 31, 2015  

Davita Rx

     24     19

AmerisourceBergen Drug Corporation

     21     17

McKesson Corporation

     21     23

Cardinal Health, Inc.

     19     24

Fresenius Medical Care Rx

     13     15

We currently depend on a single supply source for Auryxia drug product. If any of our suppliers, including the source of Auryxia drug product, were to limit or terminate production, or otherwise fail to meet the quality or delivery requirements needed to supply Auryxia at levels to meet market demand, we could experience a loss of revenue, which could materially and adversely impact our results of operations.

Leases

Leases

In April 2015, we signed a lease agreement for approximately 27,300 square feet in Boston, Massachusetts, for a 94 month term that commenced on May 1, 2015. In order to make the space usable for our operations, substantial improvements were made. Our landlord agreed to pay for up to approximately $1.9 million of the improvements, and we bore all additional costs that were incurred. As such, we have determined that we are the owner of the improvements and account for tenant improvements paid by our landlord as a lease incentive. On May 1, 2015, in accordance with ASC 840-20, we recorded a deferred lease incentive, and an associated receivable from our landlord, for the total amount to be paid by the landlord for improvements. The deferred lease incentive is being amortized as a partial offset to rent expense over the term of the lease. We began occupying the space in November 2015. Improvements made to our leased space have been recorded as fixed assets and will be amortized over the assets’ useful lives or the remaining lease term, whichever is shorter.

The lease for our New York City office will expire on September 30, 2016 and we have notified our landlord that we will not renew our lease.

Recently Issued and Proposed Accounting Pronouncements

Recently Issued and Proposed Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), a comprehensive new standard which amends revenue recognition principles and provides a single set of criteria for revenue recognition among all industries. The new standard provides a five step framework whereby revenue is recognized when promised goods or services are transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires enhanced disclosures pertaining to revenue recognition in both interim and annual periods. The standard is effective for interim and annual periods beginning after December 15, 2017 and allows for adoption using a full retrospective method, or a modified retrospective method. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. We are currently assessing the method of adoption and the expected impact that Topic 606 will have on our financial position and results of operations.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for us on January 1, 2019. The adoption of this standard is expected to have a material impact on our financial position. We are currently evaluating the potential impact that this standard may have on our results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard will be effective for us on January 1, 2017. We are currently evaluating the potential impact that this standard may have on our financial position, results of operations and statement of cash flows.

v3.4.0.3
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2016
Schedule of Provisions for Allowances and Accruals

Our U.S. Auryxia product sales for the three months ended March 31, 2016 and 2015 were offset by provisions for allowances and accruals as set forth in the tables below.

 

(in thousands)

   Three months ended
March 31, 2016
     Percent of gross
Auryxia

product sales
     Three months ended
March 31, 2015
     Percent of gross
Auryxia

product sales
 

Gross Auryxia product sales

   $ 8,625          $ 964      

Less provision for product sales allowances and accruals

           

Trade allowances

     1,146         13%         100         10%   

Rebates, chargebacks and discounts

     1,678         20%         30         3%   

Product returns

                               

Other incentives (1)

     185         2%         412         43%   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     3,009         35%         542         56%   
  

 

 

       

 

 

    

Net U.S. Auryxia product sales

   $ 5,616          $ 422      
  

 

 

       

 

 

    

 

(1) Includes co-pay mitigation and voucher rebates.
Summary of U.S. Auryxia Product Sales Recognized and Deferred

The following table summarizes U.S. Auryxia product sales recognized and deferred during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Net U.S. Auryxia sales recognized

   $ 5,616       $ 422       $ 10,141   

Deferred product sales

     3,718         714         3,526   
  

 

 

    

 

 

    

 

 

 
   $ 9,334       $ 1,136       $ 13,667   
  

 

 

    

 

 

    

 

 

 
Expensed and Capitalized Cost of Goods

We expensed and capitalized the associated cost of goods, as follows, during the three months ended March 31, 2016 and 2015, and the year ended December 31, 2015:

 

(in thousands)

   March 31, 2016      March 31, 2015      December 31, 2015  

Cost of goods sold expensed

   $ 1,071       $ 76       $ 4,520   

Finished goods inventory held by others

     803         107         231   
  

 

 

    

 

 

    

 

 

 
   $ 1,874       $ 183       $ 4,751   
  

 

 

    

 

 

    

 

 

 
Customer Who Represented 10% Or More Total Account Receivable

The following table sets forth customers who represented 10% or more of our total accounts receivable, net as of March 31, 2016 and December 31, 2015:

 

     March 31, 2016     December 31, 2015  

Davita Rx

     24     19

AmerisourceBergen Drug Corporation

     21     17

McKesson Corporation

     21     23

Cardinal Health, Inc.

     19     24

Fresenius Medical Care Rx

     13     15
v3.4.0.3
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2016
Fair Value Measurements of Financial Assets

The following table provides the fair value measurements of applicable financial assets as of March 31, 2016 and December 31, 2015:

 

     Financial assets at fair value 
as of March 31, 2016
     Financial assets at fair value 
as of December 31, 2015
 

(in thousands)

   Level 1      Level 2      Level 3      Level 1      Level 2      Level 3  

Assets:

                 

Money market funds (1)

   $ 166,086       $ —         $ —         $ 193,886       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 166,086       $ —         $ —         $ 193,886       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

                 

Derivative liability

   $ —         $ —         $ 48,693       $ —         $ —         $ 46,686   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ —         $ —         $ 48,693       $ —         $ —         $ 46,686   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Included in cash and cash equivalents on our consolidated balance sheets. The carrying amount of money market funds approximates fair value.
v3.4.0.3
Inventory (Tables)
3 Months Ended
Mar. 31, 2016
Summary of Inventories

Inventory consists of the following at March 31, 2016 and December 31, 2015:

 

(in thousands)

   March 31, 2016      December 31, 2015  

Raw materials

   $ 525       $ 495   

Work in process

     39,100         40,124   

Finished goods

     1,770         1,031   

Finished goods inventory held by others

     803         231   
  

 

 

    

 

 

 

Total inventory

   $ 42,198       $ 41,881   
  

 

 

    

 

 

 
v3.4.0.3
Stock-Based Compensation Expense (Tables)
3 Months Ended
Mar. 31, 2016
Summary of Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2016:

 

     Number
of shares
     Weighted-
average
exercise price
     Weighted-
average
contractual
term
     Aggregate
intrinsic
value
 
                   (in years)         

Outstanding at December 31, 2015

     5,411,557       $ 10.96         7.2       $ 2,049,329   
           

 

 

 

Granted

     1,690,550         3.44         

Exercised

     (22,425      2.75          $ 52,698   
           

 

 

 

Forfeited

     (218,087      9.09         

Expired

     (369,674      14.72         
  

 

 

          

Outstanding at March 31, 2016

     6,491,921       $ 8.88         7.9       $ 3,544,992   
  

 

 

    

 

 

    

 

 

    

 

 

 

Vested and expected to vest at March 31, 2016

     6,240,311       $ 8.90         7.9       $ 3,401,256   
  

 

 

    

 

 

    

 

 

    

 

 

 

Exercisable at March 31, 2016

     2,708,307       $ 9.85         6.1       $ 1,383,548   
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Restricted Share Activity

The following table summarizes restricted share activity for the three months ended March 31, 2016:

 

     Number of
shares
     Weighted
average
grant date
fair value
     Aggregate
intrinsic
value
 

Outstanding at December 31, 2015

     1,344,747       $ 11.59       $ 6,790,972   
        

 

 

 

Granted

     747,825         3.35      

Vested

     (114,806      14.50       $ 520,704   
        

 

 

 

Forfeited

     (93,074      8.99      
  

 

 

       

Outstanding at March 31, 2016

     1,884,692       $ 8.27       $ 8,801,512   
  

 

 

    

 

 

    

 

 

 
Stock Based Compensation Expense

The following table reflects stock-based compensation expense for the three month period ended March 31, 2016 and 2015:

 

     Three months ended March 31,  

(in thousands)

   2016      2015  

Cost of goods sold

   $ 6       $ 1   

Research and development

     705         921   

Selling, general and administrative

     2,582         3,399   
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 3,293       $ 4,321   
  

 

 

    

 

 

 
Black-Scholes Option Valuation Assumptions

Black-Scholes Option Valuation Assumptions

   Three months ended March 31,  
     2016      2015  

Risk-free interest rates

     1.6%         1.7%   

Dividend yield

     —           —     

Volatility

     82.0%         91.6%   

Weighted-average expected term

     6.0 years        6.0 years  
v3.4.0.3
Debt (Tables)
3 Months Ended
Mar. 31, 2016
Outstanding Convertible Notes and Derivative Liability Balances

Our outstanding convertible notes and derivative liability balances as of March 31, 2016 and December 31, 2015 consisted of the following:

 

(in thousands)

   March 31, 2016      Fair Value
Adjustment
     December 31, 2015  

Debt component:

        

Principal

   $ 125,000          $ 125,000   

Less: debt discount

     (18,479         (34,227
  

 

 

       

 

 

 

Net carrying amount

   $ 106,521          $ 90,773   
  

 

 

       

 

 

 

Derivative liability

   $ 48,693       $ 2,007       $ 46,686   
  

 

 

       

 

 

 
v3.4.0.3
Other Income (Expense), Net (Tables)
3 Months Ended
Mar. 31, 2016
Schedule of Other Nonoperating Income (Expense)

The components of other income (expense), net are as follows:

 

     Three months ended March 31,  

(in thousands)

   2016      2015  

Interest income

   $ 202       $ 107   

Other income

     6         —     

Fair value adjustment to derivative liability

     (2,007      —     
  

 

 

    

 

 

 
   $ (1,799    $ 107   
  

 

 

    

 

 

 
v3.4.0.3
Description of Business - Additional information (Detail)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 21, 2015
USD ($)
Oct. 31, 2015
USD ($)
Jan. 31, 2015
USD ($)
Mar. 31, 2016
Customer
Members
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]            
Number of sales representatives in the field | Members       95    
Number of nephrologists | Customer       5,000    
License agreements, potential milestone receivable           $ 55,000
Proceeds from public offerings, net         $ 118,284  
Public offering            
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]            
Proceeds from public offerings, net $ 118,300   $ 118,300      
Convertible Senior Notes, due 2020            
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]            
Proceeds from convertible senior notes   $ 125,000        
Convertible Senior Notes, due 2020 | Baupost Group L..L..C.            
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]            
Proceeds from convertible senior notes   $ 125,000        
Percentage of outstanding shares of common stock owned       24.00%    
Percentage of common stock conversion into notes       28.00%    
Convertible Senior Notes, due 2020 | Baupost Group L..L..C. | After to the approval            
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]            
Percentage of common stock conversion into notes       43.00%    
v3.4.0.3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2015
USD ($)
ft²
Mar. 31, 2016
USD ($)
shares
Mar. 31, 2015
shares
Dec. 31, 2015
USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Sales cash discounts offered to customers, percentage   2.00%    
Allowance for doubtful accounts   $ 0   $ 0
Option outstanding, not included in computation of net loss per share amount | shares   6,491,921 6,257,851  
Impairment of goodwill   $ 0   0
Receivable from landlord   $ 637,000   $ 637,000
Maximum        
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Liquid investments, original maturities   3 months    
Boston, Massachusetts        
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Space lease agreement, square feet | ft² 27,300      
Lease agreement term 94 months      
Lease agreement, commencement date May 01, 2015      
Boston, Massachusetts | Maximum        
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Receivable from landlord $ 1,900,000      
v3.4.0.3
Schedule of Provisions for Allowances and Accruals (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Allowance for Sales Return and Doubtful Accounts [Line Items]      
Gross Auryxia product sales $ 8,625 $ 964  
Provision for product sales allowances and accruals 3,009 542  
Net U.S. Auryxia product sales $ 5,616 $ 422 $ 10,141
Provision for product sales allowances and accruals, Percentage 35.00% 56.00%  
Trade Allowances      
Allowance for Sales Return and Doubtful Accounts [Line Items]      
Provision for product sales allowances and accruals $ 1,146 $ 100  
Provision for product sales allowances and accruals, Percentage 13.00% 10.00%  
Rebates Chargebacks and Discounts      
Allowance for Sales Return and Doubtful Accounts [Line Items]      
Provision for product sales allowances and accruals $ 1,678 $ 30  
Provision for product sales allowances and accruals, Percentage 20.00% 3.00%  
Other Incentives      
Allowance for Sales Return and Doubtful Accounts [Line Items]      
Provision for product sales allowances and accruals [1] $ 185 $ 412  
Provision for product sales allowances and accruals, Percentage [1] 2.00% 43.00%  
[1] Includes co-pay mitigation and voucher rebates.
v3.4.0.3
Summary of U.S. Auryxia Product Sales Recognized and Deferred (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Deferred Revenue Arrangement [Line Items]      
Net U.S. Auryxia sales recognized $ 5,616 $ 422 $ 10,141
Deferred product sales 3,718 714 3,526
Product Revenue, Deferred and Recognized $ 9,334 $ 1,136 $ 13,667
v3.4.0.3
Expensed and Capitalized Cost of Goods (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Inventory [Line Items]      
Cost of goods sold expensed $ 1,071 $ 76 $ 4,520
Finished goods inventory held by others 803 107 231
Inventory Finished Goods and Cost of Goods Sold $ 1,874 $ 183 $ 4,751
v3.4.0.3
Customer Who Represented 10% Or More Total Account Receivable (Detail) - Accounts Receivable, net - Customer Concentration Risk
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Amerisource Bergen Corporation    
Concentration Risk [Line Items]    
Concentration risk percentage 21.00% 17.00%
Cardinal Health, Inc    
Concentration Risk [Line Items]    
Concentration risk percentage 19.00% 24.00%
McKesson Corporation    
Concentration Risk [Line Items]    
Concentration risk percentage 21.00% 23.00%
Davita Rx    
Concentration Risk [Line Items]    
Concentration risk percentage 24.00% 19.00%
Fresenius Medical Care Rx    
Concentration Risk [Line Items]    
Concentration risk percentage 13.00% 15.00%
v3.4.0.3
Fair Value Measurements of Financial Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Level 1    
Assets:    
Financial assets at fair value $ 166,086 $ 193,886
Level 1 | Money market funds    
Assets:    
Financial assets at fair value [1] 166,086 193,886
Level 3    
Liabilities:    
Financial liabilities at fair value 48,693 46,686
Level 3 | Derivative liability    
Liabilities:    
Financial liabilities at fair value $ 48,693 $ 46,686
[1] Included in cash and cash equivalents on our consolidated balance sheets. The carrying amount of money market funds approximates fair value.
v3.4.0.3
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2016
Dec. 31, 2015
Convertible Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes, fair value $ 138.3 $ 132.9
v3.4.0.3
Summary of Inventories (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Inventory [Line Items]      
Raw materials $ 525 $ 495  
Work in process 39,100 40,124  
Finished goods 1,770 1,031  
Finished goods inventory held by others 803 231 $ 107
Total inventory $ 42,198 $ 41,881  
v3.4.0.3
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended
Jan. 21, 2015
Jan. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Stockholders Equity Note [Line Items]        
Proceeds from issuance of common stock, net       $ 118,284
Total stockholders' equity     $ (37,500)  
Net loss     (40,964) $ (27,739)
Share-based compensation and stock option exercises     $ 3,500  
Public offering        
Stockholders Equity Note [Line Items]        
Stock issued during period, shares, new issues 10,541,667      
Share price $ 12.00      
Proceeds from issuance of common stock, gross $ 126,500      
Proceeds from issuance of common stock, net 118,300 $ 118,300    
Underwriting discounts and offering expenses $ 8,200      
v3.4.0.3
Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for the issuance of stock options 1,055,849    
Non cash compensation expense related to equity incentive granted $ 3,293 $ 4,321  
Weighted average grant date fair value of options granted $ 2.41 $ 10.83  
Total unrecognized compensation cost related to non-vest stock options $ 17,200    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock awards vesting period 4 years    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock awards vesting period 3 years    
Stock Compensation Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of options 6,491,921   5,411,557
Weighted average recognition periods for unrecognized compensation cost 2 years 2 months 12 days    
Stock Compensation Plan | Unvested Performance-Based Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of options 100,000    
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock issued 1,884,692   1,344,747
Total unrecognized compensation cost related to restricted stock $ 7,800    
Weighted average recognition periods for unrecognized compensation cost 1 year 7 months 6 days    
Restricted Stock | Unvested performance-based employee awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock issued 560,000    
Restricted Stock | Performance-based and vest upon achievement of certain corporate milestones      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock issued 560,000    
Stock Options | Performance-based and vest upon achievement of certain corporate milestones      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of options 100,000    
v3.4.0.3
Summary of Stock Option Activity (Detail) - Stock Compensation Plan - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Number of shares    
Outstanding at beginning of period 5,411,557  
Granted 1,690,550  
Exercised (22,425)  
Forfeited (218,087)  
Expired (369,674)  
Outstanding at end of period 6,491,921 5,411,557
Vested and expected to vest at March 31, 2016 6,240,311  
Exercisable at March 31, 2016 2,708,307  
Weighted-average exercise price    
Outstanding at beginning of period $ 10.96  
Granted 3.44  
Exercised 2.75  
Forfeited 9.09  
Expired 14.72  
Outstanding at end of period 8.88 $ 10.96
Vested and expected to vest at March 31, 2016 8.90  
Exercisable at March 31, 2016 $ 9.85  
Weighted-average contractual term    
Outstanding 7 years 10 months 24 days 7 years 2 months 12 days
Vested and expected to vest at March 31, 2016 7 years 10 months 24 days  
Exercisable at March 31, 2016 6 years 1 month 6 days  
Aggregate intrinsic value    
Outstanding at beginning of period $ 2,049,329  
Exercised 52,698  
Outstanding at end of period 3,544,992 $ 2,049,329
Vested and expected to vest at March 31, 2016 3,401,256  
Exercisable at March 31, 2016 $ 1,383,548  
v3.4.0.3
Summary of Restricted Share Activity (Detail) - Restricted Stock
3 Months Ended
Mar. 31, 2016
USD ($)
$ / shares
shares
Number of shares  
Outstanding at beginning of period | shares 1,344,747
Granted | shares 747,825
Vested | shares (114,806)
Forfeited | shares (93,074)
Outstanding at end of period | shares 1,884,692
Weighted average grant date fair value  
Outstanding at beginning of period | $ / shares $ 11.59
Granted | $ / shares 3.35
Vested | $ / shares 14.50
Forfeited | $ / shares 8.99
Outstanding at end of period | $ / shares $ 8.27
Aggregate intrinsic value  
Outstanding at beginning of period | $ $ 6,790,972
Vested | $ 520,704
Outstanding at end of period | $ $ 8,801,512
v3.4.0.3
Stock Based Compensation Expense (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation expense $ 3,293 $ 4,321
Cost of goods sold    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation expense 6 1
Research and Development Expense    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation expense 705 921
Selling, General and Administrative Expense    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Stock-based compensation expense $ 2,582 $ 3,399
v3.4.0.3
Black Scholes Option Valuation Assumptions (Detail)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rates 1.60% 1.70%
Dividend yield 0.00% 0.00%
Volatility 82.00% 91.60%
Weighted-average expected term 6 years 6 years
v3.4.0.3
License Agreements - Additional Information (Detail) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended 113 Months Ended
Feb. 28, 2014
Jan. 31, 2013
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Mar. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]              
License agreements, non-refundable milestone payment received $ 10.0 $ 7.0          
License agreements, potential milestone receivable           $ 55.0  
License revenue related to royalties     $ 1.2 $ 0.8      
License expense related to royalties     $ 0.7 $ 0.5      
Licensing Agreements              
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]              
Payments to acquire right for development and marketing of Ferric Citrate             $ 11.6
Milestone payment         $ 2.0    
v3.4.0.3
Debt - Additional Information (Detail) - USD ($)
1 Months Ended 3 Months Ended
Oct. 31, 2015
Mar. 31, 2016
Dec. 31, 2015
Oct. 14, 2015
Debt Conversion [Line Items]        
Convertible senior notes   $ 106,521,000 $ 90,773,000  
Debt instrument principal amount   $ 1,000    
Conversion percentage   20.00%    
Notes, interest expense   $ 15,700,000    
Convertible Senior Notes, due 2020        
Debt Conversion [Line Items]        
Proceeds from issuance of convertible senior notes $ 125,000,000      
Minimum aggregate principal amount outstanding for declaration notice   25.00%    
Initial conversion rate 0.26738%      
Conversion price, per share       $ 3.74
Repurchase price percentage of the principal amount 100.00%      
Convertible senior notes   $ 125,000,000    
Convertible Senior Notes, due 2020 | Default (other than certain events of bankruptcy, insolvency or reorganization)        
Debt Conversion [Line Items]        
Redemption percentage   100.00%    
Convertible Senior Notes, due 2020 | Events of bankruptcy, insolvency or reorganization        
Debt Conversion [Line Items]        
Redemption percentage   100.00%    
Convertible Senior Notes, due 2020 | Currently convertible into shares of common stock at the option of Baupost        
Debt Conversion [Line Items]        
Convertible senior notes   $ 60,680,000    
Convertible Senior Notes, due 2020 | Contingently convertible into shares of common stock or cash at the option of Baupost        
Debt Conversion [Line Items]        
Convertible senior notes   64,320,000    
Convertible Debt        
Debt Conversion [Line Items]        
Convertible senior notes   106,521,000 90,773,000  
Notes, fair value   $ 138,300,000 $ 132,900,000  
v3.4.0.3
Summary of Outstanding Convertible Notes and Derivative Liability Balances (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]    
Fair value adjustment $ 2,007  
Net carrying amount 106,521 $ 90,773
Derivative liability 48,693 46,686
Convertible Debt    
Debt Instrument [Line Items]    
Principal 125,000 125,000
Less: debt discount (18,479) (34,227)
Net carrying amount 106,521 90,773
Derivative liability $ 48,693 $ 46,686
v3.4.0.3
Components of Other Income (Expense), Net (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Component Of Other Expense Income Nonoperating [Line Items]    
Interest income $ 202 $ 107
Other income 6  
Fair value adjustment to derivative liability (2,007)  
Other income (expense), net $ (1,799) $ 107
begin 644 Financial_Report.xlsx
M4$L#!!0    ( -* G$@J5XXWQ0$  ,$9   3    6T-O;G1E;G1?5'EP97-=
M+GAM;,V9S4[#,!"$7Z7*%36N;?Y%N0!7J 0O8))M8S6.+=N4]NVQ4T!0%42!
M2G/)3V>],\DZWZ47#RM'8; T;1?&11.C.V%\JY5EK6Z6J4M(OXV+I(8?.6PN_"Z9
M-GEHKIM]6I'O?_DL&R]Q8=IKKY[UAL%B;V/*Y](HW6T;U;/U\T=KY_^Y32@_
M54WUT/E4Z*/>LDM2\22I@:76?_)^VRF5]?0CPURXQX^B49[J^^C3?+=_&Q\+
M]I!*D>A*D?!*D?A*DQW8OG*\M"_V/Z'D4X$G1H>)%]2-F Q+M*;V"
M^GH A3&^.R6:E((C-Z."N[_8_ )02P,$%     @ TH"<2!.#K'*E 0  ]1@ 
M !H   !X;"]?HZZZ<=OV!8B.8I1+F&E:W[[416,O\Z4+DV\#@4G._%<_""R;D"^>_+F,
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M^@-02P,$%     @ TH"<2 ;ZCH&ULO59M;]HP$/XK%M(T*JV$TJ[2$(W$2ZM5:@QZMB9ST&P7[]S
M4EB@ 4H_C"\XY^?=A:8Z50*&!B1):!=T&HV+P-8.- 11*?IVFDM[/A5NFFJI.!.
M&AW>2V$-FJECUPL!JA-L W(&>1Z#R*QTR[!98,JF'#,67$&?U@JG7"$4J'_&
M'-,W26X_YGH&
M41G[?G*EQ1-8])F>M1I-^JTE6-D+W\ CJ6X^NTN1
M$7[3\6E"\6&-O7 $/[RJS;F57+L:0_F'/ENU8MG"FH]5BLZ&S\:^8@S@L!.L
MC?FPC"V/Y45XT4XK(2Z:M5+V
M*Q>,ZXA=:T?ER&YUL11M7EF2]:AO-!HE(RJNB/6XXEH &[^3\"-X5A_QPYRQ
MHS\?)3(S94,JQ&,Y?8YQ)6< **Q,?:X>U\M0:L#J/'H<9>YM9 ')^"8V2*F2NRMGM.7A]'DJ'5?4NKS,Z%CU.OT,'4EFV7-LV .D15;$.6M^8;MC8\7&P;,S%AQ*\%=[U6A/N9TE&T1+"?%\ XKY2:C0(;DR
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M4S^BLU=5?P%02P,$%     @ TH"<2)E&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M3A^%
M$5B-;'EDD81_OTV23;J;/ 0LZ?O.14?GZ#AY\^XN8NB&B)3R>	
M+]O6N[!3+UES@
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M?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH]5Z%8
M2=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 9<8WS2J-2S%UGB5P/&MG#P=
M$Q+-E L&08:7)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9-AIR
MM1:!MG&IA&!:$L;1>$[2M!'\6:[email protected]$.$9)>-T(^8LZ+D!&_
M'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T!Z.:
M60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+ .7\N
M?<^E[[GT/:'2MSAD6R4)RU3393>*$IY"
M&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y"M-2
MD&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#0X=Y
M>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O& RN0HGQ,
MC$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55ORL+YJ
M/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q
M3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5YYNTB42%(JP# 4A%W+C
M[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF8$O#
M>FZ=+2?_VU[4/;07/4;SHYG@'K.'YA,L
M0Z1^P7V*BH 1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW> ,?-2K6J5D*Q$_2P=\
M'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!U4#E
M/]O4#6CV#30,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04    " #2
M@)Q(1V7A&6L"  !F#   #0   'AL+W-T>6QER/>G'D.$PRC@%9LQ58)$5%R%<-) P,7?BQ2'\/GR\^]*J+M/P(T77RXN
M_.>KNSY^:1>N(' =.#[NXG-8H]\>B3Y/NX>]?4!Z@>\Q'3'
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M95.6-#8?".C#+NB<"\UNN&R ?0-N&MT.B0 ^$L#'7!H0
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MH&XGH2R\#?MFO0G Y3H'RX6DMJ?4]G1?0GZ5T#==ZM8-*;4]#=A^76B57:*2!"MF]15UAX:I'Y"J#@&AR.HJCM:+ZJOBOH1NR9M3Q>?_ 5!+ P04    " #2@)Q($<+CC4,"  "R!P  &   
M 'AL+W=O](7?#MGSHS-S&0]%^^R9$P%'TW=RFU8
M*M5MHD@6)6NH?.(=:_7)F8N&*KT4ETAV@M&3)35U1!!:1 VMVC#/[-ZKR#-^
M5775LE<1R&O34/%OSVK>;T,JDNIS$:49]'$.U4-:V7%VT"P\S;;NS ZMI8TLI_1Z.?FH8X
MG]^M/]MPM?M'*MF!UW^JDRJUMR@,3NQ,K[5ZX_T+&V-(C<&"U])^@^(J%6_N
ME#!HZ,7.\B?7-%6;37I0]TY%)O7O+41;=C)D1L1\09(; $R+2MBPR!(46?HBV!$9(,D<0F")%2BQ\B5B1P* )+#$
M&I18^_S4D0 @#R[*%! HYY!O8>EF'?(>!&.<$((>2#U(;^Q+N3\7A'GP>V$P
MQW>8>!:(5T8 S(-"@N%$QWX>$[>6C)@OUX;2%4'KQ$W):%8B&R8NMG7(H.#7
MUG:JV>[4GG;$EMA/>)YU],)^47&I6AD*:8_0D_:EU UT6M3L
MK,QTJ>=B:"G#0O'NWB&G-IW_!U!+ P04    " #2@)Q(KG#V;Q@$  !)%   
M&    'AL+W=OFE ;L9WWYKMIG[MRM,Y?&M6[6M5%XPZD*Y_94GU=->'Y<_P(/N3:#9%3\=0K7=G:_&LP_U?6/X>&/P^-:#1Y"
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MD+U8T8OE7DB6G>59]&SX)RM:A0\O^O#,
MAU;$AVV"#(Z@L
MQN9*QB=P?AK*3^!L-*G+-+4CR)Q+8WYDB *GJ*$4!8F/E%N?B)9>9(0"9ZBA
M# 7.1SXP7*-M9%.BC%#D"#44HHH1Q%SD)V65@"#R
ML>H591HCI[&A-$:!QIBRD1%4\_6U=".S&#F+*?1W-\VBN$\5L-I1TGGP-E)1
MH\QCY#PVE,>"QK*I^E"S="*S&#W[SQOMBTQ/Y/2TE%B2AO7E0\W2B:P]%D.J/8
M$F1#]1*I!;1,4Y[KN0M^F^MIW[QB*P_VA#,_=<.O[^V8ZZ9H>NOKR?G!W/SW<_@=02P,$
M%     @ TH"<2"#--7T[ @  X0<  !@   !X;"]W;W)KP
MX]J DLDBW/[_G ^,#L5 V3NO"!'>1]MT?.M70O0; /BQ(BWF+[0GG5PY4]9B
M(8?L GC/"#YI4]N $,($M+CN_++0BP]0/_
M/O%67RJA)D!9@-EWJEO2\9IV'B/GK?\EV.P#J"1:\:LF U_T/05_H/1=#7Z<
MMCY4#*0A1Z%"8-GD AYIP_6_=[QR0=N[Q?=:_#&V=:?;85Q!Z61S&\+)
M$,Z&('YHB"9#9!C 2*;W]14+7!:,#AX;/T:/U3EU^3.N)R]
ME2@OP$W%F22[41(N).%:L7V>8SCW\56'I/DD6+%@)P,
MR&:(# ;TE.&18L60.!D2FR$V&))/W9%GJA5+ZF1);19DL*36;H,(.F_)9Y0K
MILS)E-E,B<&4V9D@RO(LC[QA?S$[%)WW#M0(>NZ
MKKYG2@61(>&+#%;)]W8>-.0L5#>5?3:^0.- T/[^H,ZO>OD/4$L#!!0    (
M -* G$B>D7 910,  ((-   8    >&PO=V]R:W-H965T&UL
M=9?!'N( F$I(SMF=B=3GOH3":']DQLV68"R 4M^^BCKIIN%9_Z_OR8)-WNI.NB>S!GW=@W!]/616\?
MVV/2G5M=[%U0726,D#RIB[*)UTO7]MRNE^;25V6CG]NHN]1UT?[;Z,I<5S&-
M;PTOY?'4#PW)>IGCTUE1_
MRGU_LK0DCO;Z4%RJ_L5.NU_&-
M)%,8'L"F '8/N.?! ](I(/T,R%RE(YFKZUO1%^ME:ZY1.P[&N1C&G#ZF]LOM
MAD;WH=P[6UEG6]_7N5HF[T,_DV0S2MA,0N^*Q'9^S\"P#!L&PMG7!%NH$ 3/
MD*(UI"X^G\<'"#,T/G/QZ3S>0]R,$N$DC9/PG.9>'5"4,8:#(G&2UB)
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MM!ANE P:I?*-DD$'I(3GF>+@[Q65$L[33/D&GLRVMK5NCV[+WT4[.['KO5_4$L#!!0    ( -* G$AN"ST#
MY0,  -\1   8    >&PO=V]R:W-H965T&UL=9A=DYLZ#(;_
M"I/[%$L&##O9S&PXT^FYZ$RG%^TUFS@)4\ Y0#8]_[Y\9+-4DF\".*\LR48/
MMC^Z:KKGU;GO+T]AV.W/MBZZ3^YBF^&?HVOKHA\>VU/875I;
M'":CN@I1J22LB[)9;3=3V[=VNW'7OBH;^ZT-NFM=%^W_.UNYV_,*5N\-W\O3
MN1\;PNTF?-@=RMHV7>F:H+7'Y]4+/.4:1\FD^%':6[>X#\;@7YW[-3[\>WA>
MJ3$&6]E]/W91#).]R[JIM^@_VUZUW];K(*ZN+W?"V;Z7J;_S'1
MW4PVP+L!/@P>?F0#?3?0'P:3AW".;,KKGZ(OMIO6W8)VGHQ+,S)%Z$J7'A9,Z%BR*-GIDW8B2&CRMQLC/,"<0F2F4OJ>@E
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MXW&-BA9-+LE\7R>4*8J44"O23$NL6BX)/.-F\PK
MY+P"10&*G$4L$H%ID.K4\P)KF5B:$PLHC79:H!%F)J;4$G19%/L6)EKFEA:X
M!91;6EKQ*]"Y:[KC J%C33["D2])44Y*&BWUS
M;=O3=)[0!7MW;?IQB[IH?9Q9O$Q'%J1]!T_Y?/+PT#F&J3\.0G6UQ>#Q4]MB/MV:X;^?SA_FA=Y?WXY3'F<[V#U!+
M P04    " #2@)Q(Z\0&HY(!  !P P  &    'AL+W=OE#I2@/[;,7!K!B>ZAMEO3O
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M+ZK2XD3L/-I!Q!?,#SP,HH[)=.]T%H2ZD+U4>-6&;D6BP77IY1VH<3=JS379=KGN>1OH&
MK\I!=/!+V$X:1\[HP\.D\;6('H*4[.:6DCZL_QHH:'UTOP;?SALQ!QZ'ZWZO
M/UGU'U!+ P04    " #2@)Q(_!X!YI0!  !P P  &    'AL+W=O*D5Y:)^],( 5
MVT-MLZ1_7]NP!"4H+\S%Y\P8/X4596!R)G4;;B_B"^8&'050QF>Z=SH)0%[*7,L^_%.P2"\V8TX3A
M:\R"8*'ZTH)OM3CQ#W2^3=]M*MPE^NY3A5N8_;LF;#42#;9-+^](A8-)>[;*
M+LMUQ]-(W^!ET8L6?@G;2N/(&7UXF#2^!M%#D)+=["GIPOHO@8+&1_=K\.VT
M$5/@L;_N]_*3E?\!4$L#!!0    ( -* G$A>.KGMDP$  ' #   8    >&PO
M=V]R:W-H965T&UL?5/;;IPP$/T5RQ\0@[>Y:,4B95-%R4.E
M* _MLQ<&L&)[B&V6].]C&Y:@%/6%N?B/Q4(QHWUP'X,F'5L8=:.=]OV?,
M51UHX:ZP!Q-.&K1:^!#:EKG>@J@322O&L^R&:2$-+8N4>[%E@8-7TL"+)6[0
M6MB_1U X'FA.+XE7V78^)EA9L(572PW&233$0G.@]_G^N(N(!/@M870KGT3M
M)\2W&#S7!YI%":"@\K&"".8,#Z!4+!0:O\\UOUI&XMJ_5'],MPWJ3\+! ZH_
MLO9=$)M14D,C!N5?<7R"^0K7L6"%RJ4OJ0;G45\HE&CQ,5EIDAVG$_YCIFT3
M^$S@"^$N2\*G1DGF3^%%65@AT%4,9GNGRYS+/;PIV
MCH5FS''"\#5F0;!0?6G!MUH<^3]TODW?;2K<)?KNOPJW,+??FK#52#38-KV\
M(Q4.)NW9*KLLUSU/(_V"ET4O6O@E;"N-(R?TX6'2^!I$#T%*=G5-21?6?PD4
M-#ZZM\&WTT9,@25HQGV1730AI:%BGW8LL"!Z^D
M@1=+W*"UL-];4#AN:$Z/B5?9=CXF6%FPF5=+#<9)-,1"LZ&W^7J[BH@$>),P
MNL6>1.\[Q(\8/-4;FD4+H*#R44&$90]WH%04"H4_#YJ_)2-QN3^J/Z3;!O<[
MX> .U;NL?1?,9I34T(A!^5<<'^%PA0/+_Y4X,M&J+!
MMNG=':EP,&G*%MEYM&YY:N@OO"QZT<*SL*TTCNS0AV=)S6L0/00KV<4E)5T8
M_CE0T/BXO0Y[.\W#%'CLC],]_V+E#U!+ P04    " #2@)Q(9-U7O),!  !P
M P  &0   'AL+W=O7Q(ML.Q\3K"S8PJNE!N,D&F*A.=#[?'_<
M140"O$H8WQ8(7*I2^I!N=17RB4:/$Q
M66F2':<3GL^T;0*?"7PAW&5)^-0HR7P47I2%Q9'8:;2]B"^8[WD81!63Z=[I
M+ AU(7LN\_Q'P&PO=V]R:W-H965TZAMEO3O:QN6H!;UA;GXG)GC
M\5!.:#]<#^#)IU;&'6GO_7!@S-4]:.%N<  33EJT6O@0VHZYP8)H$DDKQK/L
M&]-"&EJ5*?=FJQ)'KZ2!-TO:10F@H/:Q@@CF @^@5"P4&O]:
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M -* G$@02= 3D@$  ' #   9    >&PO=V]R:W-H965T&,"*[2&V6=*_KVU8@EJ4
M%^;B,5=UH(6[PAY,.&G0:N%#:%OF>@NB
M3B2M&,^R;TP+:6A9I-R3+0L)9MYV."E05;
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M P04    " #2@)Q(W?$$?Y$!  !O P  &0   'AL+W=O)]M-(D.XPG$VL=SV]X/N/OLZ1[[)-4_A1>
M%+G%@=AQLIV(#[@Y\#"',B;3M=-9T.E"]EIL^"YGUUCHACF-&+[$S @6JL\M
M^%J+$_]&Y^OT[:K";:)O_ZMP#;/_TH0M1J+!-NGA'2FQ-VG-%MEYMQYX&NDG
MO,@[T< ?81MI'+F@#P^3QE@A2LKL=)6W8_CE04/OH_@B^'1=B##QVTWK/
M_UCQ#U!+ P04    " #2@)Q(6]Q,;I,!  !P P  &0   'AL+W=O@^.S" 
M5=O#VB9T_[ZV(11M45^8B\^9.1X/^8#VS;4 GKQK9=R1MMYW!\9:GRTC<>G?JC^EVP;U%^'@C.J/K'P;Q&:4
M5%"+7OD7''["=(5=+%BBGE'2NQ-VK-%
M=EZN!YY&^@DO\DXT\%O81AI'+NC#PZ3QU8@>@I3L;D=)&]9_#A34/KKWP;?C
M1HR!Q^ZVW_-/5GP 4$L#!!0    ( -* G$B%()P:; (  -X)   9    >&PO
M=V]R:W-H965TTV'$_:'B15F3SC]DW'>]6(/I+\L(XW9+4E
M2PMQB-\-OZG1.K+)[X3XL)N?^W6/U@_^X>UZ2_8XJ_BO9/L]J+TJ+
M[A$21QW['*Y-[ZZWXIEB#"!'&=09 8(J">",!D6R:%(#@AFG@C"Y%BD@"(%("@\$8298Y$Y
M%)E/".C97
M&0+- CJ!8B: (O=U$*@(Z,"*WA **'P#0%#  027/@%U/9MT)P#* R8@N/H)
M*.W<3'R!0R >X#1!0Y/G$!P@4\@%N
M!034>3[Q 0 5(1_@;D! J1<3'R"0[X-D]/WMN#RZ,4-%M;CT;JH9G3Y'F0UU
MW^\O>%6>V9'_8O+8]"K:"6VF />M/@BAN.9EAZ[EI^4';Y=RLY3!^
M#!LMSH]IZCG25?\!4$L#!!0    ( -* G$C>Z%]=O@$  )\$   9    >&PO
M=V]R:W-H965T0'* Y)G"QR+#6=JNUB
M4M6+[9K8OVU4#B[@N'O[ 79LN9A!>-3"\$
MU7\OP-5P3C;)O?#*FM;Z BYR//,J)D :IB324)^3Q\WIDGE$ /QF,)A%'_GL
M5Z7>_.!G=4Y2'P$XE-8K4-?VH_X.;$W$;4?IB6'>8 7U0V3!EV5=><*BM
M[QY<7X\7:!Q8U=V?@_E-*OX!4$L#!!0    ( -* G$ASF1NYE0$  ' #   9
M    >&PO=V]R:W-H965TVFM3+N
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M+)4!  !P P  &0   'AL+W=OV$ *[:'VF9)_[ZV80E->&$N/F?F>#P4
M(]HWUP%X\JZ5<2?:>=\?&7-5!UJX.^S!A),&K18^A+9EKK<@ZD32BO$LNV=:
M2$/+(N5>;%G@X)4T\&*)&[06]N\9%(XGNJ.WQ*ML.Q\3K"S8PJNE!N,D&F*A
M.=&'W?&<1T0"_)(PNI5/HO8+XEL,GNH3S:($4%#Y6$$$)]LM(D.TXG/)]IVP0^$_A"^)8EX5.C)/.[\*(L+([$3J/M17S!W9&'
M050QF>Z=SH)0%[+7:)
MGO^G\/Z3PBW,X5,3MAJ)!MNFEW>DPL&D/5MEE^5ZX&FD'_"RZ$4+S\*VTCAR
M01\>)HVO0?00I&1W>TJZL/Y+H*#QT3T$WTX;,04>^]M^+S]9^0]02P,$%   
M  @ TH"<2(:<]6&_ 0  GP0  !D   !X;"]W;W)K&UL=53;;ML@&'X5Y S&IZD5W3>S?-BH'#W#Q!V)U&*DZ,7:H6ZUX!
MJ3V),YS&<8XYH2(J"U][464A!\.H@!>%], Y47_.P.1XBI+H5GBE;6=< 9<%
M7G@UY2 TE0(I:$[10W(\YP[A 6\41KV:(Y?](N6[6SS7IRAV$8!!99P"L<,5
M'H$Q)V2-?\^:7Y:.N)[?U'_X;FWZ"]'P*-DO6IO.AHTC5$-#!F9>Y?@$= D#PCL-R8A3+XQP:L3Q$&U_J)H5,E!^&NYJBYW\2'U)_ +7A8]:>$G
M42T5&EVDL>?8G[9&2@,V2GQG&^[L:[$L&3>_M7$T7:%H8V=^>@^5-*C\!
M4$L#!!0    ( -* G$B-W(KBE@$  ' #   9    >&PO=V]R:W-H965T,A>?,W,\GN0#VC?7 GCRH95Q!]IZW^T9ZH9?$
MLVQ:'Q.LR-G,JZ0&XR0:8J$^T/O-_KB-B 1XD3"XA4^B]A/B6PQ^5P>:10F@
MH/2Q@@CF# ^@5"P4&K]/-;]:1N+2OU1_3+<-ZD_"P0.J5UGY-HC-**F@%KWR
MSSC\@ND*U[%@BDQ-ZD/5MD
MY^6ZYVFD7_ B[T0#?X1MI''DA#X\3!I?C>@A2,FNKBEIP_K/@8+:1__[)BD]02P,$%     @ TH"<2+D0L R5 0  < ,  !D   !X;"]W
M;W)K&UL;5/;;IPP$/T5RQ\0@[=ITQ6+E$T5M0^1
MHCRDSUX8P(KM(;99DK^/;5A"4UZ8B\^9.1X/Q8CVQ74 GKQI9=R!=M[W>\9<
MU8$6[@I[,.&D0:N%#Z%MF>LMB#J1M&(\R[XS+:2A99%RC[8L;TDGB2;>=C@I4%6WBUU&"<1$,L- =ZF^^/NXA(@&<)HUOY)&H_
M(;[$X$]]H%F4  HJ'RN(8,YP!TK%0J'QZUSSLV4DKOU+]?MTVZ#^)!S \Z@N%$BW>)BM-LN-T\NUFIFT3
M^$S@"^$F2\*G1DGF+^%%65@AT%4,9GNGRYS+_F17L
M' O-F..$X6O,@F"A^M*";[4X\O_H?)N^VU2X2_3=/PKS+PJW,%^;L-5(--@V
MO;PC%0XF[=DJNRS7+4\C_82712]:>!"VE<:1$_KP,&E\#:*'("6[NJ:D"^N_
M! H:']T?P;?31DR!Q_ZRW\M/5GX 4$L#!!0    ( -* G$AT*!&[E0(  ,@*
M   9    >&PO=V]R:W-H965T,5D:K)#XXX>):RDRR+FKYP2YRJBO"_"UJRR]Q&]K7CM3CD4GK<>+NBHK4H6&UQ
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M//#P1QZ!.U5) +H$@,M@CZP;3-1UF;8)09MP9(/IU?)I,?0GK#4>?RM AX )3,K$1T<0Y@AZ?
M% 0G#F%@%.'PG,'C@O'T3D-P-A$4SFA" HX>\O^C8#A7" K6J.!QLNX6#&<+
MC<.%W7AX]D*@B4,3P=E"0+B0._2!0&C"!XX@B@$)/"$!AQ ECR\@AG.#@=R,
MJ@5!WL#'Z7ROC^1 ?Q%^*&IA;9A4GW[S@=XS)JD2=)_4CLC5;^6M4=*]U(^1
M>N;-CU;3D.QX_6^\_;QF_P!02P,$%     @ TH"<2#6AKO3  @  V0H  !D 
M  !X;"]W;W)K&ULE5;;CILP$/T5Q [\.9-'!F3SD=5
MUF+N'J4\S3Q/;(^LHN*)GUBM_NQY4U&IALW!$Z>&T9TQJDJ/(!1Y%2UJ-\_,
MW$N39_PLRZ)F+XTCSE5%F[]+5O++W,7N=>*U.!REGO#RS.OM=D7%:E'PVFG8
M?NXN\.P9IQIB$+\*=A%WWXX6O^'\30]^[.8NTAI8R;924U#U>F?&K#^^\K^S>S7"5_0P5;\?)WL9-'I1:YSH[MZ;F4K_SRG75K"#7AEI?"
M/)WM64A>74U&C@=P;^S2!^:!!T!L'-
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MQ7 5P$ 9\(GM"0)-%!L,)SH&,MT?7380*)SP ^W%IJ/F _:7,H:N%LN%3=AND)]IQ+IG2B)[7Y1]5G]H.2[:7^C-5WTW9>
M[4#RT[61[+O9_!]02P,$%     @ TH"<2*ODAF4" P  I P  !D   !X;"]W
M;W)K&ULE5==;]HP%/TK47Y 8SN?H(!40J?M85+5
MA^W9@(&H29H'@=@>64W% S^Q1LWL>5M3J5[;0R!.+:,[0ZJK@""4!#4M&W^9F['G=IGS
MLZS*ACVWGCC7-6W_KEC%+PL?^]>!E_)PE'H@6.;!P-N5-6M$R1NO9?N%_XCG
M3\1 #.)7R2YB].QI\1O.7_7+C]W"1UH#J]A6ZA!4_;VQ@E65CJ16_M,'O:VI
MB>/G:_1O)ETE?T,%*WCUN]S)HU*+?&_']O1D)T(T0?$N*>
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M$)I0,^%4^!.M 4'VZ0)!$W:%0;]ZQ 0(D4Z$@-T&?\%N,.PW&#  D
MS>R:N*APJC^PY6#([MD/BJ7Q@)\#I%_H#GV$,'6*K
M/RL(%#MUR]PF9LZ^=D$1GC!K#)L&GOV_B2L(Y"H&0"2T%0,@/&&3!#8I/=RG
MZU)@)R' ^;?UKT"07ZL=4/;?=);I[D?QT_288/DR6_P!02P,$%     @ TH"<2/V_HE8D
M @  0 8  !D   !X;"]W;W)K&UL?57;CILP%/P5
MQ CXR]Z\G/9AO&V@(FN)9: :G'%>\Q(5I(
M;?QWTKQOJ8G+\4W]NSFM$12?TFH#<+:/CY0Q:?
M"*1>@=0(P >!S G38@J#Z0TFRQ=9V<.N06GB!')88T ,4N#WFWG]9AZ_CI6=
MQ62+;6 !GAV_:U !4L>O1RA+/KDDN==N[K%;.';S52K?('2L[-<@ *!S\(,'
M!/.\< Q'BQ>-8GXV'4L$-;OT4M_%175NBB^)?E&=^@YL]K:WW66J+X,BD:@/F93TQ)K$R&3^I/%O5SN<)P2>IAX4:<]OA[$2RX=:OYX]&]1]0
M2P,$%     @ TH"<2'C_?:,> @  .@8  !D   !X;"]W;W)K&UL?57;CML@%/P5RQ^PV/B61HZE=:*J?:BTVH?VF3@DMA:,"R3>
M_GVY.(Z#T;X$.,P,V(![M7-F
MG"*IEOP"Q, Q.AD2)0!&40XHZOJP*DWLC5+_:DS8N OC
M\!YX[RZMU %0E6#FG3J*>]&Q/N#XO M?X^TAUP@#^-WA42SF@?9^9.Q#+WZ>
M=F&D+6""&ZD5D!IN>(\)T4+JX+^3YN-(35S.[^K?3;;*_1$)O&?D3W>2K3(;
MA<$)G]&5R'J>$ 46?=NQZ,XYVIT@FFI\ )P*<
M"?,Y?D(R$9('(?V2D$Z$]$$PM08V%5.( Y*H*CD; V[_O 'I.Q)O4U7J1@=-
M9*H50T5L%LTT);EIHPM06 Q>8^!EQ6"-@G,\8H!S,-J#/1@W7 L]'[->(
M(G)<>$12OXG$6XO$\/.G6GSS"Z1>@=0()$N!W#%96TQA,+TM9E0X]=RO047N
M)+N&I!F,_&XSK]O,X]8Q4EM,MCAE$R6.V35&9>2X76-@$OO-YEZSN<>LI4(&G;MI;Z%B^C<#E^A?J).O(ZW
M>]O5'C)5.: +_H7XI>M%<&12-0#S3,^,2:P\1B^JF*UJY/."X+/4TT+-N>UM
M=B'9<._4\^>B^@]02P,$%     @ TH"<2+*\*%1. @  T0@  !D   !X;"]W
M;W)K&ULE5;!CILP$/T5Q 
M!('*"\J)>A$UK9*>M_X.;0XHL1"'
M^%W21@W&GA5_%.+=3GZ>MGYH-5!&>-G XOK-_
M=^D:^4>BZ$&P/^5)%T9MZ'LG>B97IM]$\X-V.2PM82Z8Y-^V05=F%P .X"+)]&36Q
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MB^NLRLO%M7*-?+#:=^\==AWH <_2FESH+R(O9:6\H]"FC[EN
M%N9\T4\8/6L[3,Q8MAVWG6A1WP\0_2DF^P]02P,$%     @ TH"<2#93X7-D
M @  CP@  !D   !X;"]W;W)K&ULE5;;CILP%/P5
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M&X%D$H/%Q&./4>0ED[1V &P9)"/8C9T%:&PV3
M:!E,2PJ 1=&]1/"=ZL: (?^.!%R:V/]"+'!UXN SL02SN@%C 6 /8H&K70_W
M]#D%KD@,E.3TL&\@4#(]@VCT:JXI/YD[[email protected]=2CPSVZ,;?>;#Q<;>U+
M?S*CC*@9<[&A]R6RM"4G^HOP4]D(9\^DNE3,J__(F*3*O_>D_!?JZV#H5/0H
M=3-6;6[O2]N1K+U>_\,W2/8?4$L#!!0    ( -* G$B]>24_I@$  /8#   9
M    >&PO=V]R:W-H965T'LKEA/2K^9 <"B=\&E
MV>/!VG%'B&D'$-2LU C2G?1*"VI=J$_$C!IH%TB"DR++-D10)G%3A]R+;FIU
MMIQ)>-'(G(6@^M\S<#7M<8ZOB5=V&JQ/D*8F"Z]C J1A2B(-_1Y_S7>'RB,"
MX#>#R=SLD?=^5.K-!S^[/#06J] W7*! W#NA=S%?V?-CRL]\79_5?\>
MJG7NC]3 0?$_K+.#,YMAU$%/S]R^JND'S"6LO6"KN E?U)Z-5>)*P4C0][@R
M&=8IGFRSF98F%#.A6 AY]2FAG GE X%$9Z&N;]32IM9J0CK.8J1^Y/FN=)UK
M?3(T*IRYRHS+7IIB6]7DXH5FS'/$%+>8>\0A@?@0(<[ XJ)(NB@"O[QSL4X+
ME$F!,@AL[@0V:8$J*5 E'#P]]"%B\M@L&4!YN5V5#\U(PHK5EP<[Y&9$(SW!
M+ZI/3!IT5-9-.\RD5\J"D\Q6:XP&]PB7@$-O_?;)[77\+V-@U7A]9&PO=V]R:W-H965T4G*VI92"", ,M:;JP+.S>JR@+?E.LZ>BK".2M;8GXLZ>,
M#[L0A8^-M^9:*[,!R@+,OG/3TDXVO L$O>S"+VA[Q$9A!3\;.LC%/##L)\[?
MS>+[>1="@T 9K92)0/1PIP?*F FD$_^>8OY+:8S+^2/Z5UNMIC\120^<_6K.
MJM:P, S.]$)N3+WQX1N=2DA-P(HS:7^#ZB85;Q^6,&C)QS@VG1V'\4F*)YO?
M$$V&:#:@Y%-#/!GB_S4DDR%Q#& LQ3;B2!0I"\&'0(POKR?F&T';1+>Z,INV
ML_:9;H74N_!)LU^U$1+S;/BX%$DSY+C6H+A+ &:<0:-O*"1]6?+
M%&GN#Q![ \0V0/Q4:>Y4.FJPU716DT:I4^M:D^2I'R3Q@B1KD!PZ(*,F722)
MHD(8C\L]L)B3]^<4[''ZR\E0KESN@X>%=ILW,Z!Q8'NR97^
M(.+:=#(X<:7O!GN"+YPKJB/"%UU[K>_X><'H19DIUG,Q7GOC0O'^<8G/_R3E
M7U!+ P04    " #2@)Q(KTZ(,5L"  !."   &0   'AL+W=O\\IU0X'U59\[6;"]&L/(\?@B T*M(4;M9JN=>VRQE5U$6-7UM'7ZM*M+^WM"2
M=6L7NO>)M^*2"S7A9:DW\DY%16M>L-IIZ7GM?H:K/?051"-^%+3C#WU'!7]@
M[%T-OIW6+E QT)(>A9(@LKG1+2U+I22=?PVB?ST5\;%_5_^BTY7A'PBG6U;^
M+$XBE]$"USG1,[F6XHUU7^F0 U:"1U9R_>L]; "3A['SWV(P&19&?V*,)K=&$ELV=
MAQ,:/OYBSI'5)3)=P,+9Q%:!^/F/*+$*))8\D]F=2HQMAP ', PCNY.J=K;K
M"PPO_V&[AOL+S"\6+=@L5 EHL8%S&VBQ"1=/#]JO,$3_OX*; 82G=]#(?#O@
MHF7<-"1[48!F5? !FH=DEH48&4;>0UUNR(5^)^VEJ+ES8$*6>%V(SXP)*A7!
MBTPOEX_[."CI6:AN)/MM_]SU \&:^^L]_H7(_@!02P,$%     @ TH"<2"[=
M]K1) P  _PX  !D   !X;"]W;W)K&ULE9==RL;Y+/*RGKG[ICD\>5Z]WLLBK2?J(,OVR5951=JTM]7.JP^5
M3#>=49%[Y/NA5Z19ZCDWY1ZUS<_-C/7
MUSG(7*X;[2)M?S[D4N:Y]M1&_C,X_1]3&UY?G[U_Z\IMTW]+:[E4^>]LT^S;
M;'W7VLR;5W7Z+H<: NUPK?*Z^^^LCW6CBK.)ZQ3I9_^;E=WOJ7\2^X,9
M-J#!@"X&%'QIP <#?C%@XDL#,1@(P\#K2^DF8I4VZ7Q:J9-3]:MW2/4F84^B
MG>JU'NQFMGO63D7=CG[,N<^GWH=V-&@6O8:N-.RB\%KOEQ"$0BQH9$ZW 99C
M1>3?2E; BDUQ%H8E@1BIC$?,G,<>Y
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MT0-KC1$CA-AHK>/QL1%^L;DQBI2 @BT'*L\P\OCCZ$@4%>U=M0B&K7==OU-OHS:ZZKOS_J;1AW.[>:EYYW_ U!+ P04    " #2@)Q(B+OU^70#
M   F#P  &0   'AL+W=O\$>\^55$FF3JFH/E58]M&VJ,0G?=6E76[](]==WH(PW9[%%7>!O(D:O5F+YLJ[]1C[R-7E56Q$6?:>%//?T>D[9V\XO;]Z_Z:GJ\)_SENQD>6?8M<=5;3$]W9B
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MX4GJ2":.$G&$R$C8-;>(DHA3#F;MV+@/@<*PZX:  F&F8ACR ^V]K,D42 *P90I(I=!P1<" "06,TJ1D%& 6Y0D&OA
M<$D!1%*L'4)!F8,'%Q1 !,7>( 04.0X"@,L)Q/;^1(Z/ N Z =AIPMJ? 91.
M!8E$?"I=_0!['.%R@H*L:/L&"X1[!Z)&$'3>5&6J34P%SN.GFZ=J6WUGCU'U!+ P04    " #2@)Q($8$8=9H"   R"0  
M&0   'AL+W=O%5NVF0!R)3E._WTE@0D1RP5]L+O/KN"55-VD>M5G(4ST
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MAK6]$7S"!8]HL _M;)#(EC/"! T#3>.T8C-&ULE57!;J,P$/T5Q <4L .$
MB" E657=PTI5#[MG!YR :F/6=D+W[]FYE'/$Y;QM]%B;%T
M/BBIQ=8MI6PVGB?R$E,DGEB#:_7FQ#A%4FWYV1,-QZ@P)$H\X/N11U%5NUEJ
M8J\\2]E%DJK&K]P1%TH1_[?'A+5;-W!O@;?J7$H=\++4&WA%17$M*E8[')^V
M[B[8' *H(0;QN\*M&*T=7?R1L7>]^5EL75_7@ G.I99 ZG'%!TR(5E*9__:B
M]YR:.%[?U)]-NZK\(Q+XP,B?JI"EJM9WG0*?T(7(-]:^X+Z'4 OFC CSZ^07
M(1F]45R'HH_N6=7FV79OUGY/LQ- 3P #8 .^$E>FTJ\ST]0-)E*6<
MM0[O/D:#]#&LDCBR\R,K/WK
M@9/X7E\K9C3>9;*T06?\"_%S50OGR*0:L&8,GAB36!7I/ZDO5JJ+;]@0?))Z
M&:LU[ZZ";B-9<[O9ANLU^P]02P,$%     @ TH"<2!G!.3_V 0  W 4  !D 
M  !X;"]W;W)K&UL?51=CYP@%/TKQ!^P..IH=^*8
M[$S3M ]--OO0/C-Z_>"W'SBXE6V  J],=K+
M8] J-1PPEF4+C,@'/D"O=VHN&%%Z*1HL!P&DLB1&<12&*6:DZX,BM[%G4>1\
[email protected])&Q-\34#X=@UUP"[QT3:M, !^1@/H8/.T.Y\P@
M+.!7!Y/4AKB=W]2_
MV6JU^PN1<.;T=U>I5IL- U1!34:J7OCT'982]D:PY%3:+RI'J3B[40+$R-L\
M=KT=IWDG>UQH?D*T$**5L.;Q$^*%$-\)B:UT=F;K^DH4*7+!)R3FNQB(N?+=
M(=8G5YJ@/2B[IRN3.GHMXC3*\=4(+9C3C(DVF-V*P%I]31'Y4IRB#W0GP?DC
M(@O]&6)O$;'EI]LBPL0OD'@%$BL0OSN%V#D%'R9Q"O%A]GXC>Z^1O4<@=8SX
M,)ECY'/,.R.IUTCJ$?CB&/%A'ATC'LS_[C;S&LD\ CO'B _C_F.?8V8C>/-J
M&(C&=A.)2C[VROR?F^C:L)XB\^J<^$DWLKGOW&6*?" -_"2BZ7J)+ESI-VU?
M7LVY FTQ?-"WUNI6NRXHU,I,,ST7<_>9%XH/MUZZ-O3B'U!+ P04    " #2
M@)Q(TR0:DY,"  !-"0  &0   'AL+W=O,5D6K+]YXX
M1HG;SS-C>>9ZQDRR+FKYS1YRJBO!_P/
M4AN\//,ZWK:H:"T*5CN<[F;N,YJND($8Q)^"7D1O[6CQ:\:^].;7=N;Z6@,M
MZ49J%T0]SG1!RU)[4I'_MDYO,36QO[YZ?S7I*OEK(NB"E9_%5AZ46M]UMG1'
M3J7\8)<5;7.(M<,-*X7Y=38G(5EUI;A.1;Z;9U&;YZ5YD_HM#28$+2'H"%T<
MF!"VA/!&B'XD1"TA>C1"W!+B1R,D+2&Y$9(?";@EX$9=]:.6LR\P00]3(#B
M(68YQJ AXA7RD@PQJS$FQ%&'\50F73H!E,X\ !Q84A<0QA*R'&."(>)EC,"^
ME3'@)!I"WB MV#J4G[0,CB0$*QP:>C((D<(.(M!!9!R$ P=/5HLT&&PP=5-^
MZS068PB&5<2@BGBD(O"M1GV+1R'B&(Z1@#&2<::IE<:RP2#43W5B-P< \B=W
M#AV#4C @Q?I'+3$4Q>J>%Q!TYU124$H*2+G3@4^@@Z?'.U#?,]"4\@$-H3T\
M?* T:)+)&?H[QB15&:F.
M<)V#^K;I-B7=2;W$:LV;V[[92':\?KQT7U#Y?U!+ P04    " #2@)Q(O*!@
M"3@#  "K#@  &0   'AL+W=O2"'*=_7R$PP6CEVB\&Q-FS>V3.
M2DJ/HGEO=YQ+Y[,JZW;A[J3N]KQ*F_OQ)[7ZLU&-%4NU6.S]=I]P_.U
M#JI*#P@)O2HO:C=+]=A+DZ7B(,NBYB^-TQZJ*F_^/O)2'!+UV/7-/N?57T/E#_
MS:H;U'^%?J?FKE6C'QF+@]3[Z(@&S&./@0D&Z RS-#%T1'BJ@K$,P,IX!".<
MQ>$LA8F!<\03@O#/(<]8H@BOE*$3QC1!>$80XP0^2N!K C8A\&=%+GM(I"%U
M/YDD#( 20F:*361"HHA-@6@L261*"2)"K')B-%-LEDH"G"!!"9+KOZ2NUV'F)8A:F+N7F'(A
M(!?T4DNKH$@V-N\#&,BWY$%[P0,%A,[email protected]!G4P90A'-^L4 2B:SQ^XB
MFR#<\=2T/$OBN2 ,E%CRX#:FIH^-UD(1'__G:\#=3$VK^E8*W*LTNL$!N FI
MZ4*?S/[email protected])D@>P"D -RN0Z]4"[D PS66J14!6M8 [$$QS^819*'!S
MP0WK)."V@2M62C 7P)"$L?UK!MPZ@%B'6%P.N"$@O$$Q;@@P5R]3<8\)IHI]
M!A<4X\X!9/V*+>L7X*: &U8PAIN"F2N8H7C 3!7;MD,(]/)^B.%&8Z:'(([F
M=5&SE;*8G;?2H2X,"@G6=;W)SKWBS5:?F5IG)0ZU/J)-1L=SV0/HG?\7/$OW
M^9;_S)MM4;?.FY#J_*!W^1LA)%<5D3LU1SMU3JT&J1Z^S9@9XJ]<:[[VR((32$.:^D_77RDU2\OIBX3DT_^K5L
M[-KU7Q(TF,$&9# @H\'H!S;P!P/_:A#82'ME-JZO5-$L%;QS1/\8+35OCI>^
MSEQN+FVB[#<=F=2WYRQ 8>J=#=& V?08,L'@$>%I]M$%@5QLR)TYN76P!1 !
M[,$'@_"M?7031 03!"!!8 G\&X)XEH4>$UM,TXM$$]"-EQ#T$@)>DIF7'A-.
MO& 4A03/,A;>B5F@./9A-1&H)@+4S,1$=V*")%KX,RT *HJ2!_F/02WQG1:2
MA#!! A(DGZ^ !4BP +*QF*5C$Y^\S@*:N
MON DB&?"MQ#.#PAY4+WX0:O GZC? ?2T@ '5[NZV!Q\X
M5TRK02\Z+X6>NN.A8@=EMK'>BWX.]0?%V\M8'6=[]@]02P,$%     @ TH"<
M2%.9']S\ 0  E04  !D   !X;"]W;W)K&UL=51+
MCYLP$/XKB/LN;^A&!&F3JFH/E59[:,\.# ^MC:EMPO;?UP]""+@7; _?8V; 
MDT^4?? 60#B?!/?\Z+9"# ?/XV4+!/%G.D OW]24$23DD34>'QB@2I,(]D+?
M3SV"NMXMU1'H
M>4=[AT%]=%^#PSE3" WXU<'$5WM'Y7ZA]$,=?E1'UU82TB48$DQ
MUT^G'+F@Y$9Q'8(^S=KU>IW,FRR=:79".!/"A;#XV G13(CNA%A7:C+3=7U%
M A4YHY/#S+<8D/KDP2&2G2M54#=*OY.5<1F]%G$0Y-Y5"J!]K%5TFS6NHKLLF?I(3
MR R,NTR1#ZB!GX@U7<^="Q7R,NHK4U,J0*;H/\M.M7)&+@<,M5#;3.Z9&1OF
M(.AP&X++)"[^ 5!+ P04    " #2@)Q(J(:>SW)D  "37 $ %    'AL+W-H
M87)E9%-T&UL[;W;;B/9F29ZW>LI D;FC 0$63Q(I)3M-J"4E&79
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M_=??7]_^H?XW.PB!(6< .'_G/T^W17?^YR6Y;U+>G:WEYO..J-&\N53[W+
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M$C5Y7VQ2S"*%:>&S<*K;)ML"KO$$(SZE=I3&N=LQEFE2I4"@,U@FO!';A$OT!$>=X=95:9X59907FSW+;DP9#C4J%B_-W+Z_27[N
MWAA>WXOKVKN>U2K;()U6?#=!_@'O2/-9\V&4V&^J=3)+_^57()*KM'Q*?_6;
MJ#XD,:3'8CE/R^H_TSW8[!IT^+G4!5;,OUX-^H/!$,BRC( M;-,(;A1+Z>CH
M-!X,!OA_(K:C9+MY+,KL+^D<]K/0OV95A52*RR@<&SQN6S+0[P'?'8X'^[X\
M')S&9^=G\70\I(_B?X]&P_CT]#2Z*?#]65$!ZYJ>Q^?$[R;C^DF WE_#-+Q5?1=A\K8(&1+22\^V2"I0]]@JCKT
MZ6*?2N!?A7^UOZ#RW+-6:@O8CL/FO_;M^= '3_3E+HG59S+>S352!TM/XQOMLAI*W
M2T@RF 6^#W=?;Q@RJ)J_DBP$05NL
M@'7+&,=-!6B% OU:+#QMRCF!6M+S3V&J8?W:=@CZ;Z
M+(CYYH)O]OR&]-6V#6^3*IOQ(67++5Z 7)XDR3:3"X?WIO[JCVGV\(AO)*#B
M)&")R'W<5O W%!Z@_FUI_^]_^4?VW$TR$-XMB^?#[^;EQ=UOHW?O/_UX%[V[
M_?0A^O3Y^O;BR\W'[Z.+RR\W/]Q\N;F^:XK%/VTK47DV!=H2!6@[H,_1_.$O
M9)\L:!ZZ=$><"8JU=MV:%)\>[$U=518Z:$S^,0%-"X=?))FJ'T22AZC$H('-
M,J>*)QY=OTSS[20+/<9)/&5S^(_['?SW4UI]XZK?W7R\^'CYPJJ#N:^W]TNXM<4"#A6^
MU6Y?AJ^D/Z?E+*N(*HLUB5/<" @68 1%VM@:L_9YA%X
M'!H!(.7POO>C3]M2U9'8J'YRA'<=Z /T0#JR4O0.]! \.'-5;A^B"T\]
M*/(8/AF]N[J(D2'L-6Q>@?9W0PG 0-%/+ N3MPH 9N@7B?BPJ^+]R6P%3
M ^6$^-$:QB-JH$V8/<+$88$_9?,\W>ENX-?,Y>^O8MS?>98L=U56P02#S:"M
M6%:%+(=YU>\2.)YHFP.[-C@G>'(.^PQ\\A:-+J)+W@B^% 7L.KT#FA3JVAO0
MCV+^B_E2W">S61&!Q._C\G_W)6:N[GWO>HM\"U@K3 [N909/_OB8Y@:5EVU5
MX6XO:K/.>(!D8%K&3E.I(GI&REDN^5%\+$/GERJS\#M\
M.7)?-O#SH5]3=O>0L'%JJ0@?_HQ<.AIW3B!<(<_#WP&>!VUJYQAT/+R_[:_S
M3G>^K]N/EW>9;//9(ZQ7KU'7+J#!ZTQE).:^O7H9:H/X>7L.K:-L@("W#X]T
M8FA? [&BU$%[ N[%+!4'SFJ%3!NN7)8OR@1N%1SHMI1K3T^;HGQ(A)H,U.@*O!=B(=%E5&"M"F
M6/>62!N@B&Z7&Y%+N /K[(E4;J$8L BW@
MS!U\.5TA6<.S-\)YDCE]CU@'F*.@J(U[IU$.O,\N99Z"7C?'(;MY2_3QZJH'
M_*4/2BSL-,WR;W_]KY59E["58,G"".LB@S&>DXHF>I]NGE.X70]PVFN6 F56
ML:3!WU%]8:>A065&>5PR>\S2)^*Y(',>OIN_QZ\_X*K9)"E%V0/%954\+(M[
M7.3&H(CA"[/BBT=I4)#0 0/MX6]I;K_1_#B>I9M];.BH0<[$T9<[D-GD
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M%9P.'5:!AJ+!(4<
M<;^\5?]L$0RBD1H[]P^LA=*Q_S8%Z?H81^^3>SPN'/7'=+D@9=WJQ<;MEE[T
M;$4:F^[@XPZN ',C='6P@A#HI:Q\\A'@C%6ZT"=ECV-6:O(M;A#I#K)-8.. 
M]N@4?Y$/Y&@DS90E"M[5R%--,Q2].M)7J\$NQ0>8 &O@%= !_8XYJVS[D(4R6*KS71_OL;%84;!9E&U8-9LU@4*
MJXP"<\0NV>]H57>0JO9@:F,;'MME01GE]^E"L(0[G+:C(:04W1?PX);JH<;>,9W QSQ#KLBZ)@ !]!D;S ]9A
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M8_ED'^$?V-[$6SS2()/Y*
MUIH_A-/CZJX,Y%#*=)(EGG91LB+%5QQNGM[KR&4#0[823\!2JB0#6Q\QUU;ET"Q9P6P-[S>/,6+@F*<
MDY.XOL=S=_/@<&3^-T6;IBD[5AFM$856E/09&>-M]?)"J/B%/L%
MX0 V.LTQS &*]1B!K>7D42,O2O&,5]QW&4:CD]-8?*_^P68YD@SZ3C^[!9EDP*U.UP6BZ!WM=<_?.!K60,&@9
MJAB&IVP^2'8+_M*,HP5:'>ZOS2,H%=&*RP30
M^SLW+3EQN%EVOU&Q[O+IPZWUU__')!L4D,A]Y]_?#AXO:/
M^-O=S?Y4];-FA&-LICZ#15%L2#&&
M"PR:?,%MM(Z#8MUE@NW9T%-2>K(@D"G
MQ(F@PH8F*QY4'=1K__*>Z@W [6P]1?98%Y)U D\]@QJSW/507#+W)D\Q&6 W.#UA- :+
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MEGOGG 1PSQ=;DM4802Y6H#.SI4'>8-#4.7<+OIB<+'-1:!8 +E:(;;5GN6N*;Q]
M8POH;KT:Q(_I!AE#^O,&TQ? - ,%0_W1,U#%BA5^&_>RNR3 ,+?C[7*7SI4Z
M]J-+&V\DE[T?"^@ D/"M<,Q"U6
M[]#O^ 4UQL *BY*'!#5CYN%+N-:DF*-?$$-]F\5V:;]#RB@_P(MO/$&C6TY@
MF.PI2%=?1AP]@F56E&31B>N. PI9Q>$8)7OK#56EE;5AFT3"61YT,H*Q9W:,7MM4&#H],#DPAL2Q89M1S9F80(?KC3J860?41:OC
MW9M 1@>$_C#+/>'95"\,AY5X UT^9#C$/28^ &DA,6E(10H]ZQ2 S])9TCX;
M3;*P0SVKTE@C9I2FH,;P:G1.X;+"MTX-U
MMV(8&$:>@ZT!:L+.@#2R)TV_P8^RUQJCH3N?5$4.5V>':OJVE)"I.CC6%
M;$8S760_HW906M[-TN$K<)PEWE>R=L@AZB) H!-E-+9E/'!2VS+WX[DN\F7/
M/=:@!WO1[^VN_H4NL&@I8FUR(,&-)B:F'CY;3WS6X;I[/"ES-8:LK:D4>C0XU%9[U;,\58\[9LDRK\$'!-)1G,Q6!B"UWE-PG07$(V8GWX-"
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M Y.$6VJ8G3KLV=3A,M4ASBZ/[8\TX\H*F?V^"1)KW $$7I
MV(W':J0L5EF2G=$'K'))LCF\E*WNX8(I91[-CB-!T^!96B>M+EB$#F:^",] 
M0Y%VD7R>?!:H')*ZV*.BFZ8\P#3E)3DYCN;^$MD5P4%N-ELJ-HWX3FAR)'J8
M2[QUGCWD,DXTBZ]O$-DI]4R_-Z!#RS9=UK;I2K?IC?DL:[WEM;XQ7'M]8Z?T
MAM3N;OMYCP-]?X0.EEH!'=[O./6O4F^\1U<.)0>38. P*RZR(TV#/XIW&;5"
M>*4/5Y'3@JAF^1@$6<.E_UD2X[$FOTG16?Q9'0*
M_WL^.3'O4WZ95Z[7Q'N\8QODG+U?A_'P9!(-QZ^CX6  __?:'7SG_8"7)M,S
M6-+K:#R(QJ\M':BB];>__C_^_QE;DJ^4>C0\CH9GIVB0GPQ'&/\V7(L_C@>#
M\VA\^CHZ/1E%IY/79C\F ^S':3P!\G@5G8Q&!L>]$=YDJ X27I2\0[
MG@JXVR10:)E]BA!9-AR?PK]/1
MQ !]QN/Q";X7#\ZNSYE=[
MY$0*;^"09^L)F6)='"LL*;KSXGNN+]\]=$X.U
M,L7J1G)6J4NR)M5"-%3V%M'-4DW7WU,015L,S8BZ_CTIWW=@NI@FNHD-"@3A
M TK=M-X'R0^!R3Z@WJI%')ZWVR:$>T1*(L-;JGF@VMF>P;NW OZ&:+Z_RB
M VV8B^LP7L-!+'ZCAKR^\$094.HBLX&8V"]TV@T'AH2"A-?.6P]Q O2'43!>I1S2'[email protected]:$6,4MNA:J-W4<8QLOH%R
M+(I7D1+1]C
M;7S61NG(-O)3VNE?@0] ==,*"[]E'Y$JI4+UB9EBC)W"F\G\B<2!*U/ $EZZ65C&(;%JL<7E(PP;
M@F9J+@52:.1RF+@STND5OL"N&JN)>B!#..J3>-$L/8B(YRGA>8B[!JYW$3K<
M[&3Q*7@?13PJ/IY7!S.R,<9724([436B4K%6(\G^01:-Y!:X75!VJP PJGH2.OI'$
M VLC&T$F<27<($I*D$PJ\LEE4;D[G@@@)[KM*%\-ET=DYA4,D>R;IZ BS';J
M ).\[4!>1,S>;;IZLE9D"L)/"N2D
M/B\[0Q[?:-!/B\%R2K4M7U=")BKD0_Y<5S;F57):5Z7NF\O0$Q P_8W"D\[,KECEG16%][E*7B?H$=L#5)>!/+;6;+X=7'%4N=A'_\4D2AFU G2N31V0IL
M0?+WCW[D@12V?]P[-(K=*%.IQ0-H=!O/=Q5$_!UF
M./"..JJ7.^?6AGW$A,D^.E<6J:?!.9=T+>^%E\8<^PFK3T!:+FSZ\XZR*S Q
M&*0@195IRA76P0BY+[PO>7FDIIY'2OZ>KL/'\X#U)+:"A:P(EU>(>10=!UKY
M>5:RN+_]];^M",V6#M/@P?7_]M?_SNE![D7O/*S2I7"!%I/'V"/6/ "RY=WP
M3!?L#$*\*F9U&T:3MZD_'02!943(@85;BERFV*C_AIH.(:&$V)9VGKH++OF7
M-H!K1X2&#MIRHIP->KY*THIP;1H)8%1W?U&\H1KV"G,8*Z1#8Q4MX728EFJ#LI2C[B<(4L"6
MO;X,=$"8ODXS=^'<50H,D?B)4\9U+X+<*5M)H$/72@H0:6"+6G:8X<)W/O.S
MOWU1E:BT,OZDZ'Y%W@)[?N9&PW-@G%U_D:/4F8EAIB(UFTO-#0=/Q;Q5WFK:
MIR;O8UX8E@73!<1CK^^#.#_$@?3[ZYF8%%E=)G/Y]@>7GK'3)ZZ4:.F*D
M8PZI?8%IBZ *9UDYVZX8L*32FA\O^6 &Y$,5=Y;A+N%C/?J8@;<>,HU%9+G[
M3YX$>;$PMV63TNPJ6[0FN1AD?V.FV84F3*%.7&/+H8
MH8+*[.&!RSM)R8N)":*A @H^B3#:;E>Z+T8<&9*S,J,4?]_KSNYRA4U'8@4A<.T[1\_<4S4^A3
M@,DY,[R"'LY (9^K,Z9U$WB.20LBH#UUL?NEI)V,>ZK*)X\/6% 2=4WG/L:U
MKY?!URUBB^P(@X:@2%7;/MN@$E6MBRI9VOKT/7- J!Q"$L$7O>NU=UIQ> Q12FNIWA,Q3(6IJ[\MXV>6_< .'O[!:CO9OO\Q)70>CQNFV4'-5 Z1U0"@J.M
M=$B/@A2FH:4FS"M#U,0U=MVBZLO)\]A/Q]MY<4EX)"6IP![,BCK5_/?PCE3>
MU8/[%,P']2"\BUCQJ_<1/>$.3#X4==46N+#FFK5OF65Y3FQ%@=AZ%RBU)F6]
MJEYL5%,'/+$3$1W #%IHVJ@@PH@V9;-H(3#6U7(%
MT6U6_83*W+R@]5 ZIX].6BP6/7&H]BAA%+U[/]$^\@#XGUC_Z0TOKO,LYPH7
MKSJP!40=#JF!#-^("KYX QB0<%J
MK8DBQ>ZP A$7\[09PEZ\_5(AW-'7, L2N?7.@'I6$,@'GY@Z]H40@IH;LN2J>Y\?"K2#%OE2OD7Q616F]D>(C:%;X
MR#ZU1(0;):F2;U1[JAD!OTJ>0!N+;G^.1B?1:P20?J27AJ[,YB03]D6H-=P*L%F24$'*M! )%'=WI+ML*15^0
MDXSC<5PXVA NK ?47A*Y4540.3XXUWACT_P5]I%\)\^H\BRP1(>$L$"&:GX)
M)2M+%KB?/BU 59QXCLNSZ'MP322JI>-)-D2- Q8UL]4!XIUJOQ9K>RV$>M\3%FQ5& 
M\3>NT=)>E[Q$.C+,7,0A!1\U6.RK8?_<1_T2B\4.+S#Y:72/+"$A61Q(0Q2V[?]DD7V2*4YBKW@&8IC_93"CI[YDB=:6Z\_".O"M*FL.O<8I>G
M[#E?V?8RNACR]^EBQ)RQ2ZX5QM3F8VPS 1>LI^T@=RDEU"S8+HQ*/R'"^C^(
MA$4#77*_D!^UJ!N-X_7.LB:B6=C%CS@UA9@C5X<['XH,:^9,2MY6?L]A\%.@C:-EBN$Z]EH4#&;LT*]XAW!=PF=(Z.$/(<\O14MZE]Z7"CDU:UG/W-9(93WJ#41PYQN_WE-C_
M&BS4CP)&/0Z.F>"/,OWI\ RF'U V$/6U1O[(K\^112,A:V_/ZRA<'1II*UC7
MF,"ZWEWAU]N(95W%Y_P$9%J(RH):WN**=S=Z.].&/1D.KB )\(
MM2(Z.*B\94A4W^!^!"T&CV#'?,K^)S8,^*D*U W)],T\1UB6K[=2KN7YU6+K
M>]H\.EGBD"_-V<,\ZYSS/WNC
M,I ;;YD-C8$HTF^&WU,D,)MKR""J[K_N,6*-4NN?T=+POL,TN,W=$_)18\=$
M3@9D9__>IZ!<:WYCG>8=*E44Z)EB]L+L9DOI6^213Q#L-4Q,[1-Q
M>^+:(DDW1$)"%-O0\*54[\SUCU?V\'L
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M.4SLKNN#?C= 3DG'.2'Y@GT\/W[Y=/M'\W6M[<8$S79+D&F*+Q>8QUER>#>#@ZJ5=T#./I=( U)./#BSVP; 1+1OCZ
MN\>PFB\>GI_A/X; >(:MC7!M__7KUO[K=/"G=/!W7SY=_OZWG]Y?7=_>H36'
MG3B__-%HR@SIY)\\(&)[\8*6<1NIO9<$25"#]@()VR19= YA:I_RA,)F
M"YO'K+(S->1:J0_Q#6C+Y#:VZ[9YT *T1YR$>YL^V&:=
M?@OGHX\%W);Q>-Q#6AZ<$K_4_QR?'^/U);S4N]Z8KH?^QX?K=W46B!V_B!:W
M$@/ X[USZB*^?OVS-))S_6WZQC55]JF0R(KH4*BYJOV8TH^HT97LI(!/OQI/
MW3GY)6XO0K1*LS\=C4"IN ,<0K4F&T8Q"F *S
MAXC>F(\6X4MFI!W:>S8D9C/FF":!4Q/#,] O9W"(^?]P3F\NZ:D
MJJ/QY#R>3$_@[\.3_G14GVY-B+ILNU?16?_L#*9Z#O\< W\_B<_/1^:'E/  
MM0;%3TIN'6X$,G4\Y.'.!W:XD\$P'IU.=(D*L%E[?11/!V?Q>( [=]X_.XTF
M_2&5.(N2CM1Q7G(=)T$K4^3DF".%GZ/+T!$]==?:_Q:E
M\[9?[7WRP;_:>F6]B_GB;03B 5*>GM!M'/9/D1XG\13NW3G<#KV)\'M\!A=N
MW!^?*LT?#8PP&0Z(E_#\&>'-!U WH_?^&VH09X A=Y1-=C
M-"5XD3.X&J?#D6DGQ],)DZ,CY/KY&4NAT>$4RL-UEWFH #,_NE 52E*K2+%I
M=N+] 9-[B[Q'MFIKJKLG>QO$*C3847)NV@C#RT .4X._A*Y&P S4Z>ES^[8 &?;HG"O>Q_B9KAG<;Y<)K.MN1G!=UB BZ*>^+2UA
MB<>!/M/RM3GZBU(I,O> =]&5&XNLXE%,K11%$P"U:U.@>_3I!M+'G6?!U"N+
MO.^YIVPR3"#MOF!-:U;]U%O@I@<.CD;!$J$(?"G)W[B+=EDJF(>)WH1Z%^%-
MRV9QP)HUNBS7,@?.G[/52ALMQO)Z(4HZ?%ZX(:FZ [-':"[4#U#_)&*2L^.X
M&Q]&AE7!)[67)Z%5'Y1/IR'%^Y2?5YJ$_X5;QQX/SKKMFY!.6*.EF!3?@@L7
M?-G/ ]REOVT_B"H:]B>OX?^;OC97P9+)3XG_]X,[YC,PJ%]'Y_B*L9F5.0_UJ=VAFC5QS[^.DFCW73UPK^6#"(U@0'S/@SHA^-@^?46M:N\55SO4U%&HYAFO!M8\
MF?8VQ)&VFDN#_L.=E9MRS2M;.*T\%#&#L5N1*W?8:;/G7U3
MA Q8SI^QA2OWG8WY-^Y5)X=U465)WON<2!$RTEU)B-K*?>O]QUP+X:+>DQS;
M>A.C/5US,*@5U9[Q)G'%']G6U>W-(\
M'99I<]=<'N5WNLRXE&ACNW%;Y)JVYN#U9MFFNS-XO:FS<$0YQCFF*Y49
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MM\'>>5N&1M3J=6T45;O,R4E:P:_I@J;CQ1+4R78=M3^P#88*>.:
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M!,Y[&S ^*Z&X'EQX?70$%A
M[HAO<@%R7 ?+ZX*P$UA23EX++IQP9\ZV:,$EM6"9#5Q2P?JCOF&JN0B)L_1V
M=3NB41MD+(J0ZKF;W01#(">Z1ZOAG7C
M<>",Q]#@HBSZ.@2O9S;RD6#$ED%JD5CAO$VX29X =] BDN*M2?4'ZXPUK$6J
MQU)-V.EW!/%H%C4^MP+_U##J 
M+FMB@T'SD!:+J.N[email protected]/==7;_]TIIYU=J+/JKWHK>-YPTWGD?>
MX:#XE\E,=#'9],_RRV?W"S84PKPPXS6GU\;TZRUV_N$BC$2^]5G2A3Q-GE-"
M=04HK%U+5Z_!MF*:D-P![GB38RKF%COPBGO)^\M<"I^R9GWDE?QL"0K8]WY'@7;NL1@?XUN6@6RZ7&G4N
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MQHQ.7Q.WL]Z?M:V@"8$)? >DDI=1#<;_G W1?%$N@?2!J>Q(;,/!0!L;&O20Q]K!R/]A/H9:P.:#"S^
M>489:C(XK39 :?D'G5_LKS[R5V\:JY?I$FQF;0+9,PI+R+;4*,NV9@FZZ=]>7S"A5\W5=Y)  >:N57CT%.+D66YQ$C
ME:46UT:@I\>:(DZI__,VY2BUSX2YB]*60$;5U[3Q=%N\!QC31)61_E@Z8Y^4;K?P_,GP5)?KY7%>S#:<;RU!
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M]ILT4<.DJ=LQIM6.\4P7"P#79;[email protected];3!9QHE--M6S;A6[;59K,L>:2^7D;
MA40"/6PZCUQ5S?UD8 ZD65G^+[/52!KN7:<10ZU]*8=<$=-R1>R=CEMW TT[
M1_2FN>H#/ G KHI27W"AK*RN&>5^SAA5V_
MB2O5F!^2OHU.-TG<-$BTR8_.8KEO%U6!'.8U2;_7249'/FE(]8?^+3MU[0T$$,DF%((NB[%
MHS$6SG#1.\3A4G^_1_9LI1.HFBC\]+&H_C$*L-*W8"S<[I&O)'"" _PG-4AM
MT:M@#Z7IA)T0T33V/24''GT4M)WM*NW5D^E$02%\^]H@%,VLAVR\IAX/VXQ_
M6!1<&"I/>!,43L.(3>DZ82B!VB*$&]G@)@V%^'+EUB8*^*A!V<:.11WPJ'"_
M60\=^]YQGR8O>!%;G$/$(48)/M\3KG)
M]84?\6NZ@F/J7,J)9A1(-"Y;4(C"6ZZ%6&;P8^F;+"E';/$GE?'0F@)^R"7)
MI"[[:VC ;1IUDBB89F,1-D^X@=1)KU+-7['=M+_=5O@\N8FMSM
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M^>G#-;S%U<7XUO47\27)E6-K;B,]H^D;J?T&X9>6J=<@])<6/-THGR
MG6?'T5 )2&GM
MDY_3I%XX9EL=;+3E"N)C(+]_3!'OF?8-M8P72,=;/*(\BME<@L4I4;BP+S$9
MO3R@>7F2$H%.+6;8!>>QW7*>&'<-)ZKXO95$^QH'J]^3$&TCJLBS2&,'2[)8
M8=AL6ZR,3&3&"WOR@/#Y,T0!$E"Q__9WO1\*N7=D-;6,6>1S4H\,)IZ-W!@V@]?Y9B167C$,^/P.QW/<2=G;ML
M^XR]-+ P85'&LY!X%%4LO2)V3=\F8O!H!ZV4^EJ_\A2NM=O82[_3!C#/HR55Q:(3
M6%+4!8%*W)8<5+'*VQY 2M^BV6B/1X?#U[IJ_5S;#%T&*&A+7I]G&VCV<.9<
M:PCM=G7!):N*,-@YDJP7L2HE"9L)SC"T09K6O.H"D&X1SJ9AI
M](]KAYEV\(.$6BX@J[#W\,,\P!OD]%KU=H8X^P%025$R[CY5C]E8DT)F=F&[
MP98>AH]E=6>_,8%I-":@1#M"J\+H7D8\R6NBC-D?#MD?JQ$:0'R-/;8@7\;!
M?6$$+V"PG0#G\$F1BS8YR:
MT_2R/#;\+_2_$/0DK<55Q'M08-*!:Q-BV%-MH>=S7X7]HI39Q')]_1(D;5:$
MG5V*538#LLK31:U,4=OQ84/;W'X69^G:F;Z[NG!^;1^%OVC!D./-H1AR(I7"
M+3!R;MFM8'*VQS>WLY58LHN-E8HB=5?&O,0*!T++Y$V#]8_]+6Z,/W
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MC[+7ZA'C/L:.LJ=CV1L,5&;24H);VP@&-B"!@HVK596!2>U+1EU6R68[>UASQT+
MG[6<:Q2<*S-YPGO1D25%4*JK:'ZL19[=U/
M?TQS&739\CLUH;C3S6XA^FBK?;,-*$^H9]5CZAP.AB,H!#IHSU&%5]#2/#4/
M"7QBE$6*K)^W*CH*FIF!);YQL3)]U;.456$\KG6%T07Z\E108JW40&J]3S9J
M&W"31%UAS"B*2YB!5#+5WVPPTSQGSEH<3X[98]
MA.9N?'!#8C26(VPI0Y1B T_CU$Z]VDE4D9I4W5/CJG*EIZZG">O5TBB+BSZ,
M] 2P:JI8(E5DD0]02>;8O-B#I"H_8TLVJI=!=J\I).'W@DX(BMQO[P9>O?O4
M6PUKD3K!(%.=DVHD[*^E(Y00Y/?[TE:I\AUW1S+/_2P%(+#).Q#1NO64"$_T
MH1J?W^]*NTY&%FE&V;1I9=-M&>I,L'LG97!)O$I
M-7E#D!.51VVSHVP@A.,P3K^4(IR$LYOQ')SJV]3=:=?F3J=!4!48 M.&G!OD
M 7T*N4CMUXK(;ODF5)=D;<@"_#$&NVNH<+II1Y-#O6_%3)NE+O
MM2Y8A$YLZ!K@AJ!I2;M(+MU,DVD34A=[6=XJ#PAJB[PI1W-_B>SSH."P&#H"
MULUW0K1%HYU5? O* ?$H4D'??"&,%&ZRVO]8VQ
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MU5GSJSW2HY"WA$3!W='-(1^)0-Y1F8XK G0>+%-?V Q[4I#"@KT/Q BJYB^7A^>":,D*I)QGA[XYTD'U^ \T8'[#!"6#239,-C0A*.C8V%
M@'+QF*TY\I!A'0R1/%*:;4A7R5_11/;6;&C-9!#9A7M11=OOV0?5<*8F0\8H
MJ$X8@;%VE*A+_E9XG,%K/B%!2DRV;N0QL,GL5!C'&SFYWV<_)OA8K+[.7%$J
M?03DEFU&RJ>]B;WTJ7@_ ^Z&/GF! 1_4.^=%!MQ"QG;%R#0'4TR>G!+_!8XZ
M^*9&./2KJHHF;U=(%]2IY>(P!=_]V\K^/2:+J&_\0030X1QT($B=6A.9X(@"U-$>L)GG4^;L.- @?D0QLR"$03
M?JH-7*CIK>E'I+JYY(5V+"L9A[+)$K\%<],Q[\4$K[R8(-Z*QCGN?[H;Q%WB
MP:7/2RHW*5!7TYZ'*JJW@!Z>"^ZQ+E1; OO13-,2S0R^(!WBA'593YO#;=<&
MOTKG,\PO1V?2474<:=/N:!\XKF6<%AI7B_PD$4\#'1;.LMA$]LP
M)4DR+-RY1IFT.6+-QF"PN:3"O"5PUADGZ_ >^/ >[,BZO/VD+DYYVE39AOFG
MN#IAJ-U?4O7V B?A(@H[^D;2+ZP!;Z3K/3FZV#F?YB5(054OR)]2.0:A58/H
M4Z0L0UP>D9GX!*V^2J6XLYTKQJ-@9R";.3&+3X 2Q! C&).KG,F9NAPK;-[7
MTJB3&X.Y357RC,4P.10OOS"E-T"O[TJ0JU^S4S=' 
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M9N#VV[+F4MK#>7!)F V@E,CLA5%XP5O7^P$I[KHG)9C6@BDKGK86T@MFKQ<
MC@W5K"&]-*\4A; 8A*M4H":D2NZP+1AM\H>91Z;$ %#HE()]PL34VK0NZD7-
MKC^'MK<+W224E$5-W7FU/JRZUY$HISU#9%C]H]?Z:N&$N>[6VP(U4-B.*]<@
MJPK1_&M\X&5BX(X $G=H[75A"9G[ ^QI)>#:&MG3IHB4\F)U';[?R\S9+BXM$[-#.@[4[PNNB_O;7_^;UP+;X,'U
M__;7_VX[]4>SAW#K-;N!' YN>*8+=G$AFC/S2(9+<2E0'02Q
M(M ][+5*;-9':FWMC!402K-6E^:IN^!2L&D#N%1(:.B@+8\$(BM'@8R?F5LH
M,EY>L"C>4 WFA9D9N(FYY@UX\XYMUJE'8[5YM]5!S21RL]SBE] 'C.WG,1X1
M:8-;I+2_XU7#S]H.HJX;+95.KM9;@7X@2$55XCB-T'"%NA:T>X@G-9"21E,=
MFT[E(?T$B"E^\:[&FE07U#7IG(V;\[Q("3HEDNYF+#BX'J%81!T?X^Q-A5Y]
ML:$BUW21HWI327TJ]MQ,VU9%(4&Q.T3E[ @7&=?*\(5QIH.#&?/2T&P1
MB0Y=JR8QVFHK3!9B1I/Y&?N^?+2P",:?%%WJR%M@ST^":?@YC/-"7.2[L!;?
M5E^("8MQ:#'&E:&;]JG)^YABAQ@L=%>I<+6V#^)K4J\)VN[[email protected] 7"Q1
M''3_8MYCYXHEZY+RG5+M-_$]8*:O?8'I]9D"*EDYVZZ0SF;D[F-P?^=4:!8I
M+^%C/?J8@;<>+,A.EKO_Y$F09P_SB38IS:ZR%922_T)N!"V7M_!3-
MRHSJ-_S !4<<&*M")'0E6+7LC< *6@21(O4FL_ ]E*\3@-PEICFY9_&H6*!]
MU\VMQ:#W%\^,ID]!/>>C\8J^..N'W-;.1Z";P'/D:H0$=L!E
M1:P.?-&[AWNG%8=W0!-Z G6M;[Z7B\A_]RZ0O^M40$IIQ*4ZA<3B)A,?[PY7
ME(7W*;R#3*ZDF&T("%.\BOAU_XR9 P-1/Q>]:I.N&9BFTLZW6/L3T=_Y&#G(
M9YHJG--^MG C724M_A?=.MUPB\-GTU\L=Z(@; =?"+YAZ!L9-NM+DXTB-_OZ
M6?!I_8"4N,KR)4F870-8-#'GA:KKRT.C+U1Q9@(+\%/LX-ZF\N''W%UM1UEO
M[BL&O\(SA%>66<#BV[6_>@;SHN0'TWV^!2FT14O]GU>JJLF"[)'VNAOFA;_SXFGQ2$K2KP5_
MFV ,A1_[[^$=J;RK5^^TG$B3/&K"J=#2I0<(&H6BKMH"%];\OO8MLRS/B:TH
M$%OO D496P3C^_5*;V^/ L06_BYN$J(EA+MDI9K&%8B=B.@ 9M!"TT8%44L6
M 244:9$Z5FYSV1?V /VFAPEUAILT4OIMT/MJL>B)C[E'";[H\*3FIU)DAO^)
M]<7>\!)-R'*N8?*J2!M%J73 *,AZFZ(G):\[ORHV9E;LO,;2D6&%_@S@$\;'
MBP"9L=D*+ 2Y/6@_M '9^I7C*#46O5&VN-A)4 NY.Q::KIT!VD\P5Z469!XK_<-5+N"
MX)OXQ#36(8005%61#]G5F E5*+HNYND@ITJ6'0W:03DQG&/HZK2>'XL #'.(
M0'DE[&1I';3B_6C6<,D^'0(A)?EAM:=:T*"2)]#DHMN?H]%)]#H:GD>OS05,
M%!2E;3E+WZ8@0?+H"CNR77H BV#GP<-3>/C#[/= %?"GQL^C,?Q\21V(8#G:
MG W[8-)GZ(/F'6U$MM7LVF5TB6H]S&]))+UWJ AU%_&,
M@X0>["2GL5%196W;9ENZ6F]&*>.X\+ZAAG2V((SL5B WJN(BEP[GAF]L64;&
M/>O8*_2,ZM("2ZI(@*<;3:QB+;9T6?M^NCN<=#K70@%<_)#,$=P.?:/(>6=:]\+0 [A]
M%@RDF8V!4+/-' SZ*^8'78"%LG2]=I"WHD%'K27\A DRYP(@K-$T'@\&IL*4
MM!03O8F3O2VP.5<,UZ&JDMGC%F%(I=%I$IV?,(?BYLPDL36<3A2$;>,LX(E?
M$T"6"M$"+!\#W10CUSB]6SX%E5'8$L*KUPY.O!L8M^3".Q 9\R4Z)KEU 7X$
MTU&ISR\YMO5'P;;]RE=UHU%$E7#[%?QEAV%M[94_:IO_"]@0'$8?IGRR.
M+NXNH[.300\;+?DMJ1*79EL;5LJ-<^/EB'G%L+8N0>?F ;1YOF>!,-?%D)-2
M%R/VDEURK=JI-A_7J-0E.=!V*#RPY+!3H9^72&(],7ZW=QJ;9!I# J#UO=Y9
M_D4TFP4]C!'0_L8_'XJH:[I22LYF?L_AR/BN&ZJ$,1Y8BDTT::9L\%.@[J/I
MBV%.=HM(IRF+I2X[A.L29D1:;4;H2)ATRCYW?DJOGNTV=OU.\:UL,IP+?L]K0D+\U8(-VPAQ<_\;DLL/AN
M'@"8E45>8(BBM0_U@:.8CB[NNQ
M^5CTZ=T>-J#5G&FZ$I=AB9DK CKLJ:,OQ3J;FX*67TQ_4>=3?^O&;BP$B6PQ@OK48P/D?_H\H!FCXQ[1B_,?' C$D
M V_%IS+Z@%8':EG'=\@+_$=/M+
MFGZET%]B6OTET?\^_I*H?IH=[KA.K:+K>=C%=]:]>$%:_B$,-:@4\V(,JW!L
MXZ7">LT[Q>0X&';ZC7G7>)F39CCD$^W_N7Z'WZ.K)1K*_X[D?\==?S>\+4!(
M#7@_$JIPZR:3>' &=QBAD_7_AP,>QV?A7T7BRB2_Y<7W+O7@30?B>C"&HJ^'
M?V0$=IZ$#XUY^+N>M)]K9Y16M[?9@Z,A<%1:1=$([email protected]![!=>,K
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M27\ZJD^W1L4N60S,IOX9Z)#]<_@G:)$G)_'Y^H0)VUUT?Q=' 6CZGOQ'D?K)Y)?TCZUO@,9W2VAPAO
MI6TT3(^\ K^4$$LWCB37U8C1O*BL^L2H1.:1THOT \N%S9^>$/T,^Z>X@Y-X
M"I1R#N>IM ._QV= (N/^^%1/Z6@X/(G/!A,^_-,!$B YT-"7K^@P.\W0X:L^R[^8EAYR$Y'4*0Y ,Z]:V]UO+>"#-_F\?N/+D;_$[L8?4-[F8,N'.PA
M+OVM)'Y'O>C"!4U]G)*C*\) Q>%@=5]T=?5Q?Y?D?3#=F2*_WEU%1Z^:EQ<3
M#\;[GZ%Q7G@&-MP^,U'WS >Z%(UY^<]VC0CD9+3I,4IZ;JU/'%J&S$/9,C1OT4=*W>C
MY.GZL2R6Q0.98_]F8U1=Z!"NI#2.U@7"D%*Y? 9SV<"M\9Q*C78AV_ME-F.X
MM9;XC\^Q[](
MGR_6R!T& 7=8;/Z__W"\_U?;RPMO+3R_OY3X>
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MV8AX@XZZ0M6-&;6RY6^(0O\"FR>0*P^T^B.2KO(4"3EO,6S@2R-^I7P&FB-V58,.^P?&VUYNV;[8Z62I<
MVW>(H4,&TXL3*73W_1DJ1F25]3V&'>
M-_SR,S_1?)M,18H]_])E42IL_>6OB)>&E;4$W&&M:<+"$4^8!1'[YO#_OS/Y
M^(<2?-_7+$'/\9^SB=Z$$;37R\"3<;CAFD_@[W  _=)D&L*F.V"/+/QKR@3L
MNML]<)BVUC$0\X)M[J6,!G.DQ$MO@HA"1D'[O>ME"A=P
MI1!"JN&%XP!:0WL!#M9B78_;GV[)_/\,?+_;F=PQ[\:V^CC7BO5%%5Y[-ZRA
M9DF0<*0AE^$(CFIWZ#) )_A*;AO.B%?(#[EOG]J7XBRV4H-)49335KL[JPE];\V(ZHI[IK+-Z4C=W3J1=-.Q+DOU6&_'OUGOC\#5RZNU3A3LA
M^SMR\VS&VO=>QMI%F+'6\2KEB46'Y(EU1E6[$L,:2DE_TN*/ZT];7&-!'EG]
MUU8?O\LQJ_]RUAIY/&^=S?Z4M Y&W719<6K$A4/;_HD+6H)-5@@I7?A=H9#4P/#JS;H>B;X@0"*WJ=SO]&G+
M*#8^!!SHL((_2
M+);"WGZ7AWSN>DV0RS8M01ACV7[9%E*M;T?S5.\WWT)]#>;KIV&U_HB5]&T_
MTIC,CQ/"J6,(O,\(&*E._=TA39*7SE,7:'@(Z:*+7WSR9
M7_292XOCY%,EI7MUY)8)1&OATCN7?9[@]QZ^;0:% K8=.!//4/D[4[=_
M2; <.-"-XT#[N%5KQFV#^S0SHIN<1^Y/,TC5R+INGIJ?E+PW,_I;M\(.C6EC
M/+)JSO*%((5ZWT[54ID;\L/+9CYHD[O2FMW+WU75YC?_/U!+ 0(4 Q0    (
M -* G$@J5XXWQ0$  ,$9   3              "  0    !;0V]N=&5N=%]4
M>7!E&UL4$L! A0#%     @ TH"<2$AU!>[%    *P(   L         
M     ( !]@$  %]R96QS+RYR96QS4$L! A0#%     @ TH"<2!.#K'*E 0  
M]1@  !H              ( !Y (  'AL+U]R96QS+W=O&PO=&AE
M;64O=&AE;64Q+GAM;%!+ 0(4 Q0    ( -* G$A'9>$9:P(  &8,   -    
M          "  <&UL4$L! A0#%     @ TH"<2-J1
M;JHS!   G@T   \              ( !71(  'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#%     @ TH"<2"#--7T[ @  X0<  !@              ( !
MA!T  'AL+W=O
MD7 910,  ((-   8              "  ?4?  !X;"]W;W)K&PO=V]R:W-H965T&UL4$L! A0#%     @ 
MTH"<2.O$!J.2 0  < ,  !@              ( !BR<  'AL+W=O&PO=V]R
M:W-H965T&UL4$L! A0#%     @ TH"<2 KIAR./ 0  ;@, 
M !@              ( !YBP  'AL+W=O\DP$  ' #   9              "  :LN  !X
M;"]W;W)K&UL4$L! A0#%     @ TH"<2#R<#)J1
M 0  < ,  !D              ( !=3   'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#%     @ TH"<2%O<3&Z3 0  < ,  !D     
M         ( !SC4  'AL+W=O"0  &0              @ &8-P  >&PO=V]R
M:W-H965TZ%]=O@$  )\$
M   9              "  3LZ  !X;"]W;W)K&UL
M4$L! A0#%     @ TH"<2'.9&[F5 0  < ,  !D              ( !,#P 
M 'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#%     @ 
MTH"<2(W&PO=V]R:W-H965T&UL4$L! A0#%     @ TH"<2'C_?:,> @  .@8  !D         
M     ( !KE   'AL+W=O&PO=V]R:W-H
M965T&UL4$L!
M A0#%     @ TH"<2+UY)3^F 0  ]@,  !D              ( !(U@  'AL
M+W=O&PO=V]R:W-H965T&UL4$L! A0#%     @ TH"<
M2"[=]K1) P  _PX  !D              ( !W%X  'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#%     @ TH"<2!!K#F,\ @  :@< 
M !D              ( !V&@  'AL+W=O&PO=V]R:W-H965T&UL4$L! A0#%     @ TH"<2+R@8 DX P  JPX  !D             
M ( !0G   'AL+W=O&PO=V]R:W-H965T
M&UL4$L! A0#
M%     @ TH"<2*B&GL]R9   DUP! !0              ( !&UL4$L%!@     Q #$ 20T  !?=      $!
 
end

/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){	
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}
		
	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};
	
Show.toggleNext = function( link ){
	var ref = link;
	
	do{
		ref = ref.nextSibling;	
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';
			
		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};

/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em; 
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}



  3.4.0.3
  
  html
  73
  217
  1
  true
  36
  0
  false
  7
  
    
      false
      false
      R1.htm
      101 - Document - Document and Entity Information
      Sheet
      http://www.keryx.com/taxonomy/role/DocumentandEntityInformation
      Document and Entity Information
      Cover
      1
    
    
      false
      false
      R2.htm
      103 - Statement - Consolidated Balance Sheets
      Sheet
      http://www.keryx.com/taxonomy/role/StatementOfFinancialPositionClassified
      Consolidated Balance Sheets
      Statements
      2
    
    
      false
      false
      R3.htm
      104 - Statement - Consolidated Balance Sheets (Parenthetical)
      Sheet
      http://www.keryx.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical
      Consolidated Balance Sheets (Parenthetical)
      Statements
      3
    
    
      false
      false
      R4.htm
      105 - Statement - Consolidated Statements of Operations
      Sheet
      http://www.keryx.com/taxonomy/role/StatementOfIncomeAlternative
      Consolidated Statements of Operations
      Statements
      4
    
    
      false
      false
      R5.htm
      106 - Statement - Consolidated Statements of Cash Flows
      Sheet
      http://www.keryx.com/taxonomy/role/StatementOfCashFlowsIndirect
      Consolidated Statements of Cash Flows
      Statements
      5
    
    
      false
      false
      R6.htm
      107 - Disclosure - Description of Business
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsBusinessDescriptionAndBasisOfPresentationTextBlock
      Description of Business
      Notes
      6
    
    
      false
      false
      R7.htm
      108 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock
      Basis of Presentation and Summary of Significant Accounting Policies
      Notes
      7
    
    
      false
      false
      R8.htm
      109 - Disclosure - Fair Value Measurements
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock
      Fair Value Measurements
      Notes
      8
    
    
      false
      false
      R9.htm
      110 - Disclosure - Inventory
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock
      Inventory
      Notes
      9
    
    
      false
      false
      R10.htm
      111 - Disclosure - Stockholders' Equity
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsShareholdersEquityAndShareBasedPaymentsTextBlock
      Stockholders' Equity
      Notes
      10
    
    
      false
      false
      R11.htm
      112 - Disclosure - Stock-Based Compensation Expense
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsCompensationRelatedCostsGeneralTextBlock
      Stock-Based Compensation Expense
      Notes
      11
    
    
      false
      false
      R12.htm
      113 - Disclosure - License Agreements
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsSignificantAgreementsDisclosureTextBlock
      License Agreements
      Notes
      12
    
    
      false
      false
      R13.htm
      114 - Disclosure - Debt
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock
      Debt
      Notes
      13
    
    
      false
      false
      R14.htm
      115 - Disclosure - Other Income (Expense), Net
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsOtherIncomeAndOtherExpenseDisclosureTextBlock
      Other Income (Expense), Net
      Notes
      14
    
    
      false
      false
      R15.htm
      116 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies (Policies)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlockPolicies
      Basis of Presentation and Summary of Significant Accounting Policies (Policies)
      Policies
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock
      15
    
    
      false
      false
      R16.htm
      117 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies (Tables)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlockTables
      Basis of Presentation and Summary of Significant Accounting Policies (Tables)
      Tables
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock
      16
    
    
      false
      false
      R17.htm
      118 - Disclosure - Fair Value Measurements (Tables)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables
      Fair Value Measurements (Tables)
      Tables
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock
      17
    
    
      false
      false
      R18.htm
      119 - Disclosure - Inventory (Tables)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlockTables
      Inventory (Tables)
      Tables
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock
      18
    
    
      false
      false
      R19.htm
      120 - Disclosure - Stock-Based Compensation Expense (Tables)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsCompensationRelatedCostsGeneralTextBlockTables
      Stock-Based Compensation Expense (Tables)
      Tables
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsCompensationRelatedCostsGeneralTextBlock
      19
    
    
      false
      false
      R20.htm
      121 - Disclosure - Debt (Tables)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlockTables
      Debt (Tables)
      Tables
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock
      20
    
    
      false
      false
      R21.htm
      122 - Disclosure - Other Income (Expense), Net (Tables)
      Sheet
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsOtherIncomeAndOtherExpenseDisclosureTextBlockTables
      Other Income (Expense), Net (Tables)
      Tables
      http://www.keryx.com/taxonomy/role/NotesToFinancialStatementsOtherIncomeAndOtherExpenseDisclosureTextBlock
      21
    
    
      false
      false
      R22.htm
      123 - Disclosure - Description of Business - Additional information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureDescriptionOfBusinessAdditionalInformation
      Description of Business - Additional information (Detail)
      Details
      22
    
    
      false
      false
      R23.htm
      124 - Disclosure - Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesAdditionalInformation
      Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
      Details
      23
    
    
      false
      false
      R24.htm
      125 - Disclosure - Schedule of Provisions for Allowances and Accruals (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureScheduleOfProvisionsForAllowancesAndAccruals
      Schedule of Provisions for Allowances and Accruals (Detail)
      Details
      24
    
    
      false
      false
      R25.htm
      126 - Disclosure - Summary of U.S. Auryxia Product Sales Recognized and Deferred (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureSummaryOfUSAuryxiaProductSalesRecognizedAndDeferred
      Summary of U.S. Auryxia Product Sales Recognized and Deferred (Detail)
      Details
      25
    
    
      false
      false
      R26.htm
      127 - Disclosure - Expensed and Capitalized Cost of Goods (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureExpensedAndCapitalizedCostOfGoods
      Expensed and Capitalized Cost of Goods (Detail)
      Details
      26
    
    
      false
      false
      R27.htm
      128 - Disclosure - Customer Who Represented 10% Or More Total Account Receivable (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureCustomerWhoRepresented10OrMoreTotalAccountReceivable
      Customer Who Represented 10% Or More Total Account Receivable (Detail)
      Details
      27
    
    
      false
      false
      R28.htm
      129 - Disclosure - Fair Value Measurements of Financial Assets (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureFairValueMeasurementsOfFinancialAssets
      Fair Value Measurements of Financial Assets (Detail)
      Details
      28
    
    
      false
      false
      R29.htm
      130 - Disclosure - Fair Value Measurements - Additional Information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureFairValueMeasurementsAdditionalInformation
      Fair Value Measurements - Additional Information (Detail)
      Details
      29
    
    
      false
      false
      R30.htm
      131 - Disclosure - Summary of Inventories (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureSummaryOfInventories
      Summary of Inventories (Detail)
      Details
      30
    
    
      false
      false
      R31.htm
      132 - Disclosure - Stockholders' Equity - Additional Information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureStockholdersEquityAdditionalInformation
      Stockholders' Equity - Additional Information (Detail)
      Details
      31
    
    
      false
      false
      R32.htm
      133 - Disclosure - Stock-Based Compensation Expense - Additional Information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureStockBasedCompensationExpenseAdditionalInformation
      Stock-Based Compensation Expense - Additional Information (Detail)
      Details
      32
    
    
      false
      false
      R33.htm
      134 - Disclosure - Summary of Stock Option Activity (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureSummaryOfStockOptionActivity
      Summary of Stock Option Activity (Detail)
      Details
      33
    
    
      false
      false
      R34.htm
      135 - Disclosure - Summary of Restricted Share Activity (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureSummaryOfRestrictedShareActivity
      Summary of Restricted Share Activity (Detail)
      Details
      34
    
    
      false
      false
      R35.htm
      136 - Disclosure - Stock Based Compensation Expense (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureStockBasedCompensationExpense
      Stock Based Compensation Expense (Detail)
      Details
      35
    
    
      false
      false
      R36.htm
      137 - Disclosure - Black Scholes Option Valuation Assumptions (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureBlackScholesOptionValuationAssumptions
      Black Scholes Option Valuation Assumptions (Detail)
      Details
      36
    
    
      false
      false
      R37.htm
      138 - Disclosure - License Agreements - Additional Information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureLicenseAgreementsAdditionalInformation
      License Agreements - Additional Information (Detail)
      Details
      37
    
    
      false
      false
      R38.htm
      139 - Disclosure - Debt - Additional Information (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureDebtAdditionalInformation
      Debt - Additional Information (Detail)
      Details
      38
    
    
      false
      false
      R39.htm
      140 - Disclosure - Summary of Outstanding Convertible Notes and Derivative Liability Balances (Detail)
      Notes
      http://www.keryx.com/taxonomy/role/DisclosureSummaryOfOutstandingConvertibleNotesAndDerivativeLiabilityBalances
      Summary of Outstanding Convertible Notes and Derivative Liability Balances (Detail)
      Details
      39
    
    
      false
      false
      R40.htm
      141 - Disclosure - Components of Other Income (Expense), Net (Detail)
      Sheet
      http://www.keryx.com/taxonomy/role/DisclosureComponentsOfOtherIncomeExpenseNet
      Components of Other Income (Expense), Net (Detail)
      Details
      40
    
    
      false
      false
      All Reports
      Book
      All Reports
    
  
  
    kerx-20160331.xml
    kerx-20160331.xsd
    kerx-20160331_cal.xml
    kerx-20160331_def.xml
    kerx-20160331_lab.xml
    kerx-20160331_pre.xml
  
  
  
  true
  true



begin 644 0001193125-16-563667-xbrl.zip
M4$L#!!0    ( -* G$@:2#4)">   /&S"  1    :V5R>"TR,#$V,#,S,2YX
M;6SLO6ESXT:R*/K=$?T?\/J,3[0C"#;VI3WV#:Z>OL=N]9'D\2NQ^_E9+4"\=>$(7LI[>/+'G[?WY^\]U?_S]9EBXO
MI7X4ABP(V*/TCQ$+6.RE3/H8XALC!G\PL12%TC^ZE[]*6EN5
MI+LTG7UX__[AX:$=Q^-LF?8HFKZ79#G[Q-_Y[CY(DM76M+91^M-E- _''R2]
M]*M>S+P4'I?&L(\/DJ:HEJP8LN9<*\X'P_Z@FO^O_'0T>XS]V[M4>C?Z 1Y6
M3!G>T*7+]F6[!-A_2U=1F,#3TYD7/DJ=() N\:U$NF0)B^_9N"T6_7H3!Q+@
M-$Q^>EL"#W_=CN+;]_ )_;TOL/.6/_D!_QJL>3[PPS\1??GS^(O*\P\Z/:VZ
MKON>_IH]ZB>1H:GVNLWP)_*U$W_9RO"H^OX?O_UZ-;IC4T^N0P"4=1?^JC%'_6S1Y-T
M%B^'$O^"VU"KVQ@!1:?QX_)WQ!_Q-;WVVCR.@6]7O2?^N@2M[.OH;OE+^) H]?Y0L?X/^M 0F/[QG2;K\'?ZW)1 E_F@%XOS1DF^$[!;X?;R2SMWW<12P
M]^*Q_*WY=/D;XS1^CY3R'IY@L3_*7P"1\/0[42C7WING\9JMP5_?@O"0)!(?
MP8>$F.R2323BY0^XZD]O$W\Z"Y#CZ'=>/$*(-I,:],9=S"8_O44^DC..:7]-
MQCL(ESY&*>DL8%+;PE3BS%T+0O99@36K$,
M[L=/PP5XAT/+[?5U31YJCB4;KJG)KF,,9AF!^#]8B*<)D"LF(ZF
MN(;]U_>;@5&E@SZ;,,#$^)+=LW"^\_$#!7_9Y'CU17!U3>_T>XZL.UI7-AQ%
MD[L]NRN[QG#8'QA 6:[V1<7/J6]_ME6CSEDP# 5R*J[KD+4\Y*[3CC&
M_PS^/0=Z#N"II)/VO#A^A!/^NQ?,V1$!U4VE9RK]KMQQ#4G"$;J_7E0>*
MXK@=>Z #R7) -1<@M1Q'MRK ;@00QP$*S0\Y7H9^Z"=W;/Q+%(T37"%*THL)
M_705!>.3/&P-4.#H!/]6P-3Y]B9%TSXFF[X7P2)QZJ-@HW^BF?X9M!Y3M\6!
M"H8)27+5LE24W+II*_IRG'R9L?C+HE33%K$SL'2UUU7E86<(,MRU'-GI@$SK
MF_I0,[N=[K!GH PG5M#;ME%F\0T!K?%((0$_>_%%?)6BM4&$])G%)!2WEN=K
MJ&,%)I;)=]WNVIV^.Y3UOF/+ANJJAJF*!/I5%[T]])=8F) _UHEC+[QEB,[N8_'(9^\1?]5Y\.+QI_GTAL47
M$ZX\.O>>'Z#2'$;Q+_#NMNIA$7.;84KI=CJ*;>CRH*]JLF&9 [FK.3VYZ_2T
M_K#K M:(IW!MU(.F8[@%M@X%_$HZ$\_/T[LH]O_#MI4^NV)I4WI"6T%7E)I]
MM&;_3P#Z',OHL)#:W"I2'=O1UT"ZTB;Z' NSXAR.%4C?K!_J>@">!O9CDLQ/
M#E#0#$^ R+==!>\Z!@=@'C^6'CLMN PX0-L%PZF ;G^#%DSPPB[.AZ]CZ
M[IRAOM2#<.LB-LE.Z^"U@F"Z &#M&!#]*/Y33J9!YT1Q1"3(B1Q*&B7':VM
M6X:MJ8;@,N[*CZ8;E*&".C/'81Z_>"SY[_OACV/-F?NH%I9=.$$H'5(UE6*I>/=DFW5<*VJ8?,T++6 /Y[5712,69S@35JZ[7WG,6 %%]IP=;D6_#H+U.OYTP73?_ERS
M9%;LO2Y2HQEX8(^? R],X?#QP&":YMG,"W@Z=)[
M^ TLNMB'W9W>$>/]LE:_[UBR\^61\2L6W_LCMCP7XU-$*<=L3&D7R77$XQWY
MWS$!ZE.4_I,!:*/H-L3+:S*8+F;XY\,A:S$)M3,P#3!:![*C&3I(JSY(*],$
M-E>[email protected]_447TDJUM=J%_%'0L>;B^U0#?B@1S:K+L[CO98;%Z<&BJDO-
M?;[=0^9>'P$V\^W/5CWDODE>=3UF73P&]N+)0FN ?ZK71-XZ"%8:BJ<!"IWZ=ZZ0P=/].F,C^.=UA+\JY?/P;-'=
M<(CU,F!6*%@O8YBFM76&DJ8,@5X,(!@-,V2!\V77<0;R4!^Z;K=K*8.!R\T2
M\.8MS5!TM92E<%57VR/N#XSDP5<6C_P$%=T?#.MKX9SO
M6>S=,O$71DGW>T?]+L4%NNYJ!HA$V1IJWU#!_UG#0S%Y >!
M<;NV8^[O%#9$T\'.YDP8 /"NV8JC*_9!4'\(!GA:MGU#? '*P6F[RC$UP_'8
MY=L\,AN/S'$.HE!>Y&P^AFGLAXD_>D:L8K/3*!^!LG $1J<+^.W;\D S^K+1
MT2S9<;M#>=BS.EU;L]6ATN='8&#P C[G:@W,57HG]^Y8(:K
MH:B::1U3H*U V))SNWEZ&S=/*[WJ9[8M\]SY8)89 IL?#9:$Z YP35UP'00G
M9^%WX,^FJ]E?55.SP#_>ODJEJPWZ \N6'=L%[%M:%S.!^K*BP!-:=Z# JMRG
M-B@+#><1\7P=B&I:[]0&8FJT-NIV!
M#._WP [6#-FU[:%L*AW-M6S5T(9V0?Z. ]_8A\;8%CM'/Y2:&4'%LWT0D$//
MC_>D3&KGM8O)-53PCL]0X9,:G)YCF+(+.ET>J$-5Z2N*T=6M_/2=X4"3+=<=<-75U=4.Z*_^L*_U>P/0B+FM[3C8G:(N.5\(9V>MX6HFA[&U
MQMN(Y4PA,TUK3];&R2N\PYT1ICEO>T9=QU"!,S+LCFSU](YK
MNJ;E=CMY@OBYG]'A3'3;,I7C\(LE?-F6;1X/
M$9K@:4NQG)T0,?1#+QSY7E#*9\[MS;Z?C((HF>_:E #1XKJ*1G(.^&FG:V2G
M8ZFFT5/D8:?7D8V.#2ZOV77A1]U6.Z:E*P/PBY&9%FO.-H3N!5&"E*+HMHL_
M6R"J#X.7(8O&CF;AD'F^&!T@TL2W&JQ:B*Y",C0']>C7*-3I;PRNYADFW1L!@FV9P+
M=!ZD5]8:#\N@6\-(+7_\/&^,;9, 5*0\>PW34\L02T@PO%HUB2>3[[
MHE1X0B92QEX52_A3+[IG8%>D"?[09Q-O'J1_H^+'SRS&5.+KJ,]& 3@SG2#X
M%*4LZ<_9;W[H3^?3O>-J!B3[Y,V6UG5=NZO)CF,"G;@=0W9U%W!E#A6CW[4<
M1Q.A?05[8&FF2%;<+^B'KYTQP$DY:.T,618:=KXP-*=:4[A#Z0SYN[MD;9B*
MJA%5:"8XIV!A:;9F&LY65PA+.Y6Z_5Y/PTY:2JQVU-[0 
MXH%1M'K6V@O^_9+^E@N[_VJHO [Q?8TVFO>FA(>7M5
MD!E6.9_OA=JK'AK8DVFO>FA 7ZJ]ZH'A>KGVJH<^,-Y>5=-4TS37L.'AVZL>
M&M!3:Z]Z9#5Z,NU5U\*]CZHTC;=7-6LMX%ZFO>K&T#ZGO:IV"NU5CW&N*(5M
M2WG9]JI' !3;JYJ&70TAO6Q[U6,S:&1^\N^HQ
M($,?QE9M4UW%IL?JKGH,3@7O5%-UK5:N_T+=58\ ,.^N:JYR3X_17?484%)W
M555UJA';%^RN>@Q:QNZJEE6[LGN![JK'$%(NK@GK4[JK/ 7+3[JHZ-3 P
MM?J)'K.[ZA-P[J%_I[:LN^KS&X\>9>-':#QZ!&ZBQJ,6]EFHFC-';SQZ#%C!
MN<3KW>KUPY$;CQX#3FP\"B_4.E"_6./18RC $V@\>@PPJ5_6^L;BA^X\>@0P
MJ?.H4Q5(Q^D\>@3@L/,H*'FW2JR'[#QZ!*"P\RC/&#E2Y]'GP+1I$R*RP;1:
MH\<#=!X]PODT+/L"1R16XNSO5#G
MT2,?B^ET> [83Z7A[#;P"BM,Q:
MVO=1^UX>@UQ?LN_E$80F<"/V/C&6B\W#]+T\ EA8I*(ZS@I]?Y2^E\?G!%TP["-X[:,^4:Z
M_3Q]7@?K]I.?GMHV]\% !VOWHCK[A>R#$ZJS7X&2H];96^3"[ =+^ZHW7X:7@];9&R157=UYV3K[%7 ?
MM<[>H$JPG5&QYWS)H];9T[W*SAF4>RRSWR?PFU84:Z=49O\R"-"?EZRV_S+[
MW=&P>YF]SLOL^6W.*979OPQ-8+:;H6GV&IYXLLR>;DYXN5-_#@;8[6>@J8@W
M8DP^L0?ZTQ:TH6Y6,;S?"F$QK]LT5,LJ^XT;P;:0]#%B;)Q@V0S^'>M*+B8[
M9>]NB(K-V61S="";J O=*)Z$K9[)_*]YPI,BKZ,5N< E%&Q2RWUAZ%XVK#VQ5U*PYU(]!T> ?NXVJ-&P%C=".W'$&0]D 3T=V5+4G#W6U
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MVYJ7VW$PQP?FHVW5<WC<[CK.N<=T:L$H2K_27*Q;Z48R]ERX9'-7HSA,7BYU$]&@B50"_
M"D?^S NVC3GL2B9+;Z$V)A2T>=JY6GLVN,R.N"9=_NV/G1ZMC4L@E2J54?#4]"5^.I)=?49""],?2_(
M?U_DF&V#)LO.'!K\2"E-.S51J6P,+!*Q-U[C8 NJLU5$LVOSPU_N-TYODQ4M&O
M6SF-VP*X3&:J"L#7ZY@R&*1 \[;M@   N]/5NU@N;'>IU3MIUL4L^>K&ZQ')
M'?/*]G!L&V66T;$9YD)?]"4)9)E3/)Z/4G&B6=5I)QSO9#4?C38IX<*R[(IW
M_Q0@^QW0MCI5Z9)-/1]K*;$D-_9&Z=P+T'W1=L7D8D91#6NNZPPF[EW[R
M9V&6;#'N;A%IEN*B7XH];FU4JZJEJ?"SJ2L._:Q;KHE_-W1[G5FVF%S2-WO6
M<&"JLFYU+H-^O]OIVT;?*KK^M-5*][S5L+XH5FP-K*[#8P4+
M6Y ,E;:FGP%67 N?.#A6,H\7:,4\?:QHEJ+:RN&Q8HA+1* 5XPRP8H.Y;AT>
M*Z8PVX%6W&VP0GHR3UWB3M[%)#=8A6!_!EZ.Y[90K%"KF.A/ K8G]9_?TX(C
M-)]F@TG%J%A0;5L0EBOBJ#HWE^K.BM,S'*=GRL,N=J0>@.7750Q+UDUMV'$L
M0^\YSA=BC\_6/_>@S)\$K';1!N[.V _F>)%_Q4;SF.[Q!U]'P7S,QMQ_GL[F
M*7W^8I*UE\A:%FX;4JGA:LL[6:>O.4-+ZJ@
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MM\#K<-0J!ZZ%8@%@<=#B3GS!=^BR280WQ/C,T]J(8+!8O?OR8LBGU
MVL ;@"@(>%$Q.6NG2/8FD;V]B*]#(6%I4MLI2@1*S[:KO7^R[3[%(\^9T7 \
M5L&.*H;[!*,\-:1A\0U2=Z+ 9=O-K4GH%^$9;&W#,]$YZSP$JRN
M69:F#SN:K&E6%^@9P(;_-^2ATAWJENVH_6'NW-;9?/GN]YG <3Q1!M1ZJ'-Y!VK$*@>V*DG
M.E?V?+ DYN/Y>3QEN3[V
M7@C''5X92#^>(/06352NU3:N!&"%8RA$UBD*)A?;_[JNN]PIS#:^T0V,:(AP
MAC91J"JO.$SA%@CRZ+&23;48D
M'$_M8G?K!1-XV>:76(19J3(86.D\#K%Q7S[D+=FRM_+1HB TQ&R)D?@T,-MX
M/2>NL<"SE=5Z^^$-X7D*#;5!+J<(/A!]O^=82>(/0:.&"N8=9TW#9 K79G4,#"
M*K]Y*283/5Y,_L:"\764_5PD&9TB7K"7$7S(6>GA; S=1@HD-RU/7&Z@OZ[7
M6S%O#-$F]\HG"#6V]]&U6H'0TLW7 &04 ?\%Y$;L!2@]QU-L>4S)J_8:FF/*0;='KO&,E,0]OL]^V>
M(_F^K>,B+\&SJ#P3!K/RG_[U_?U_=Q@@6Y:^'=J%1"/7I!+J+U.O:P
M/NCJ<7H3;3&4=CV\PZ$%VDK7Y*'F@*K"UB*N8PQERS$'?4L9@ NM KP&V4_^"%7=E.?V>F-,3S,Y_ MI%)^C@)_M,6$X/4 V$87GG<5<(0M739Z
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M)7<(0F8]X2&.6)P"M/!$]3Q;TBT/= >/DO8]_AFQD9WE#+L*PH=QP\8]CG1XFI[%S]'^!2KI _C PB(W
MC[ (D!N25RRNX DMBQ2!S]+)$L9A%0%;L=@#$CO*WQJ) [I2[T_&8T69#G(._&>/IP]@%14W+'&!YWR. K$UBD0FPK*0D9$& O
M-DN;0?KU<"=A5"7894NDTF\8!/QO;SK[\;^^=I0?=;4EH73%U6&-/D"#9:D+
M#YCM!5'T7@C3\M#C#01_H= &0#CI8X\:F@0?PS'[^C]L;WIA&\6&=::*@C$5
M35.X>ENZMT53BU\+#\+Q=DVB]V)S\8[0EJSHLJY6+:_*MNH('_H!BWOPA]LH
M?A%T@]/[JQ??,@E(A 5X:6*[, ZLJGT%;,_,'IP)#O9%7_\[>/U0+[ZW.F!F@ZC&#P%H7FO
M+SN?KH87E[_A[T,&CUY<]NG)CY]^P;>__BCU+GZ]N/P@Q;+DA]KBI[_$E;[V+_XXPJ>K&I^VM2O@^OKP67QK>:-Q]G/].Q/
M;VWK^[=@ ?FWX4]OT2AE\5OI!DW+&)\J(RPN_S#.WK_LZ_?O]RWWUHB]V4]O^7_?;LK_N^XF
MI_ALM4(&2"KP/MGM2U@;:/SZ;R#*S;9A%G[^.S+XHWD"LBWY8=%8?N)0Z0 *
M'J]R>_U=@8P-MO]V #[@SQL51;
M55!B[A=@(>A.$M !N!-/RO7@]-L6>&/*/X3@TTS3&E+CL\,V[VQ2"NZVU(5Y=P8X[E0&TI+
MU8QS8Y)O2(,,,7O[CHVE6\P8.#NN45NV_>J81FTINGIN//.-<$@I-'3'@C'&
MF2*,\I\?ZSB*_MH81SL%MJD&AU< >@1D;L)RPI,D+JFXD5]71 4V"-.=T]X.
M[*^?,.2GO+FL'8%5FTY3J.J]B%X
M=! \F/\1L!.4BOO=W%DIJ^9<5G#B>[K&+/]B(;UH7=K')FG?O,BS$V(;!YZT
MAHVXD_WFHPY4W;6MKBT[EJO)ANH.9,?4#%!PZD"SM6'7[O1/*Q^5"F!EPI94
M1A<=PHGFH\99G2*FO$DTNT'FF94B]Y 2]IAH/\=SYR@!-(Q".?NU-/9A'4RC
MI'2YA,7W_HAA@@5F2'0C+QYC7D,_?XK2[$;E0@(F:H"79?M->$\PL#J2%'[!
M=T6;A%4B_L(M3L.0\'EIXODQ\O.*ZM;DH\9CR'#:+47/[80=\G\)F'_GF-G?[[Q
M!)Z2^"A)/)O\6V.?DEDQ(>4-IDU&2?'M9#%%\6 ,I:TASR'2T@J*1 (!U'I9
M/B?%4  ./Q[+,R_&K@*ME326E-.9!9Z+Q*K>CU/FH4S$C\$:2%3MXL_]'WDV
M;K%8B62B>\9S:T6/@XQ\BN14I(ZV]#M(S8!^4?H6)U]:$"@/3Y@(@.SM
M2:A'2EQTJHF+_4'W^L1TX<=0N@#E= -$BSD(F/1'U!@PDM@B;1]9XR^J9DI3
M/PB$P/\4I2A021UHBJ:0(,;*#?\>^7D6>"-B[YS4/XN_?"[^ @PTF8=C5(NP
M:^^646"XZ\W!7T\QQQ ;X5*]B">^]UGD'4J=VY@5X@/UFH"C,!E50Z2>$\_R
M]Q\PW]U/DCD6481CK!<))MO+ @ ;=?Q'.!"SO)"T%R?VITVKIOBKQG+,77-?T9I\SOM
MD20%2.Y9A?_*E[J* L%G*./7P=0_.:$SG
ME%7]P-[\B3\2)1U^"*(:I!27??",+UIB"9L(=3U-NJ(5YZ"R8U(Y:X!"RRU$
MZ<.M$4ICO?/NL:A#\L8@&O'3]:6PQ @,.,:%^CT1QJ/ 98)5=875P[%=$"HO
MHO'Y'W/#1"Q;@). \8BJC*.(DSKNO80^6O7_SH/'$GWQE%=".1XP6 ,2YM26
M3"]A.8J-"IV)Z,-JC[8TY ?8JA(.TL7\YE]@F8'RK%3S%'8G@G4S3\!>H ;H
MX#UE>HYLC# EU8O-[V-_Q+LT":V:VRRB: _ASS8K:)+_U
M4&)U,5Y8B-7K,JH+5/%R("0.SLU4G76?(6K,)A[8$L!W@G?H3Z6_2.\R\P)3
MLL5Q%>_?@-R)Y[-T](@VH(^N!/P-7%,0*\"V\:T79DVQ_? >_HB&P3SY08I&
M8$_PW?B).%K>F*I5ED=(G$#"Z., NZ(%5MJ$4^,V2A 7E,5):LV>_-=Z7/(
M%$%095]8#F3E6)1ZS7B3SC9/FT_F8$8AD_&%O=S'R>I-X.<6?ZKX",G#Q27Q
M)*93-O;)&1(?(*A'W(@;\B]QZ\?(GQXZ1D4.2K944.
M<5+!&IZ'H/RU"[4J%LS#G0_T KOQ\.\H0>&7[_P?"LDU\1'K<+BE-7/7OU5\
M$BTR>+WR[:OLN6+W5X,>UV1(&-R7R6PYSB",2'*]J4[[L@&8]T
MAS R?%[U@;R9T77&MC'Z($E:,BA:0G.\\\M0SZD%&K!(C#HGP%I,+XE"(D$V
M ><=*QV%JD*44<'D3/B$A;;UPPD6"! RJ-X$:7W=(?)XSLC#[V?H@N4S65*@
M>@6B43Y/)DB ]ZRF9->3UPQ=<*K]S Q=^NP4#X)V3K$/K!>E_W(31A+$D=RQ
M8++Z\,L$=SF'-PS5S, N]8SMC'#[]#%^O&CK%&86?83*5-+@4F
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email protected]"2)1C[)2-P,KSDB M.8@"'JL:9][H3^^6NN4D=_Z,U\7Y6+-*^?LH-E )88(W+,9_VZY"#JL0[%Z0 M1 4"[email protected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email protected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email protected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email protected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email protected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email protected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email protected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email protected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email protected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email protected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email protected]$ENQ^/2;M\'!M\!E4^,;-TS&.S0Z^8^/A#SD MUT9,Q"E@3^=HTV1F\!!"8YJW=MEP[LHC?0N^]D/R^PLG?/X2^"_N!F_>O_Y& M8N65=[.G"\SD6YZO(_>%33NV+7(-T114R%&DORR]QK/%;,$-19DB=*H$Q:J@ M'ZDR/]$_4WU0JA!Z>$4_4IU(P/H)96JA7"_X)3IP(]L<(P>9D;=$ ?J;-;7K MX];_%J)#;%"2=*7V=#(5?C$FP"GFMC#PJ?QFW0+BGSCX3L/%[email protected],,9U8JUD/1@>[9<+B9_3)@'4SDH%S3L M$@0O;JJ"8^F'(PQ3JC#9.2823*)GC)S]GK #9G:JG2>4[BW8U9#UZ2E@6X+. M=S1KO'G\1"()&=-Z^(OSNJLOB4B^I)W$;1K)=DDKVQJGA$YEHE@HNGE$F5B4 MR-5,;K4P+5B8+:17BY4%@!S77HQ+#_EE>9<' BE[@ QIMB0MHR.KCWYPZ1\> MHL?#MKYB)R0TDAZ'G%A+:V$::E@].@'*!6-.,NP0$.! 8#;=>"; M%+B3R 9-V3OY;BD)E[>6FIZZT-Z=0ZA_BZ-#X)U[FVKKUZZ'KR*\JTXY]A:C MO3?OKJ.L5\[GEKU,^O>25[)V4-P0FSJK\_,K;0VQYG0G]4,;A!.?3#!(2X8P MM%4XP4N!5?3D%_VC19YQ]+0O= YR'S@;G(?@L'DO9/N+0+D'7QOI[M>:3F<\ M7C.QA5PCA-XKJ1@R(VT,,A-M3(K1[)JB]*+!+/VY%N+UNR?_Y><-=BG-IO0' MRJYI@5WD5W^10%"S^( MW'\RV=?8"?$5@>-%[@OFCXT;'M;S$ M#]%ELHGJ2X!W[F$G&KFTOJ=SY-BFC/3&,O+_EW5N4<^C4E$J%OV8"/X):-RH M%K#-IQH!G.ZHTQU+AOJR@J#2@E3;:%F6C*7!LI2)0&(+B6T;=WN@$>X.KP\! MVW3SX?MZ>]C@S4<"G>Z"/D2)ZA^ M7+:8V/,DCA7:17G#*&T941=$A;8I(]+6Z0&)^'S%*%DA!XIW^HW'8F*\*1_Y MAXC6W:'5D$;(\R.:=\3&HP>]RJ;S0(+:L6",!^V[L[U:&;_V][W+GPO]+?NAO4 F<^2I3VR:E^>DHZUL2V)JM9 M,G$5$X2NM!?:0GECZ$!:0Z7FAJ:3>&9+AUDL4\W2,BNNPS;V0+;1,XUV7!S) MI]B.L#1<']]2@:?TC/8>OFOU&6LRG1>).G!%';G\M!>(0IJZCM\W)EUMJI=3 M PSNV%(Y;/59*$?O?)!ONEB.N0YO2&I[%"[6JUR4O!_VF&&37PEI8$B<_^BX MP>_.]H#I#.W6#P^!\&2 \'GMM. HT66TORA3@TI#3!S*Y4&RXVAXC"$?28+A MK=UL0@,Y$7JD4%^H:'C"-'A>G30BDQA%'*D^I>D]$XC4.28OES-+@E"&]#S* M$!?&-@;T/A+>*$4J^%[IFQ-L[DDKY]]=X31XZ1F=I"DV+)^T3%=I,D;?1U0 M80,1 <6$_C!L:1C:_)_G,"5?KZ%5,LWXW@G=\.;Q"_E"Z=0<&^/_X^!NW.B5 MU9)_ONG-/A)T3RIV4T]V)]5R;-FK>"Z1-4"/-Q>;0.=LGBAI)+Y9 MX!5]I>T@UI#F.<0AK6#)6N%K8H:AK= \93BD*>S<%'[9%&#S?_T(GDW[]; 6 M1'_+5_/.??+<1W?MD'%J[7H,45!3(E)C;WZ,GO*YXFPQ+1*]XMUL6KS0),K; M+-RJ L9[_:82!X+85(?=S@E>Z=]:K :9DZ@@53&%.=K\ V8\R1>Y>6Q4Y[KI M#+P:P6;D1QVUENTE[E32DY;EK) 7AV'L!L+7F626;KDX$-:CM;F^T MD[J>,:PEU^OS7< #]3VG-I BH:<4H.^[E-99C1?M8]HN3&&MGU!<[F$MA3%Y M0&L-%XY[F$QA*!:;S/@H?%\M *7P4RB*OH>]'T:_!OYA?WU](3X$SW]0?Y3D M:"&[SMWU^\N@ ZX*X!DU2#I0-06;HZ&9?-@$5SO+MX! M!H,&OA0(+@(/,FMV"$G:%H87_NZ![N.CUV3$,WJB"13Q"SIGO(1:2.\QG\WG MR6IO*@P5I643]M SUJHA)W?7Q3>A4"&@\TNM[E>:/6HV 21_+G&X#MQ]TEUS M.O'6N>;N@@#X)J^=_(VDD_FTPL-"*VRNE#^+:L!D\L!6850M&H.8(&W3!-9V M=WH>FSM:3TEJ>^$$&Q)!MG_'SC9ZOO+6XN16]*CN]%:@A^PDV'QL+<9Q@IM* M0K&H$2UK I3@*@%EP8!JSG&5(+-%R,!RW!;B9%EN$WR(?II>6D*B"_W/!Y+Z MO#A;>LG)>43T#%[)$)KM'A.$>;EW-?;&4@I);[2UE_8DY5#XS#I<]D-!](AN MN4VEQQLB!Z'4GEW(]\%K+%LR 'I6N>3B_.[OZ/SS)6(_?/A?OUW]?G[]X?/] M'3J_1Q_([V\^HB\?;J]N+@?$?A%CF MZ]7!2\>KUNB<7+6;-H)^3)L9J(16V[G X2S!C@U^_G!/('ZXN/UP?O?A)W3U M.?Z)_("$0=P\*C?[?#NC&\QI$+$;=P]W>Q>>RKTVAEKC%;%8.X<-FV\

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email protected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email protected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email protected]#3!E7QH=0)PZTSUL4/OU5 )W\'P&PQ0!&)+EW8R1>R'/KK MB"X"2XRX%^4!;RP^ MJZO%+AFXW]HQZ\&_CUW)KL'#-$S44'FHNN\W.\7T.KX!_=S;9#=6^O17!1,( M:[email protected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email protected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email protected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



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings