Market Overview

Alnylam Pharmaceuticals Reports Second Quarter 2018 Financial Results and Highlights Recent Period Activity

Share:

– Received Positive CHMP Opinion for ONPATTRO™ in Europe for the
Treatment of hATTR Amyloidosis in Adult Patients with Stage 1 or Stage 2
Polyneuropathy and On Track for August 11 PDUFA Date in U.S. –

– Achieved Robust Enrollment in ENVISION Phase 3 Study of Givosiran
and On Track to Report Topline Results from Interim Analysis for
Potential Accelerated Approval –

– Achieved Regulatory Alignment for Phase 3 Studies of Lumasiran and
ALN-TTRsc02 –

– Maintained Strong Balance Sheet with $1.48 Billion in Cash and
Expects to End 2018 with Approximately $1.0 Billion in Cash –

Alnylam
Pharmaceuticals, Inc.
 (NASDAQ:ALNY), the leading RNAi therapeutics
company, today reported its consolidated financial results for the
second quarter 2018 and highlighted recent progress in advancing its
pipeline.

"The second quarter and recent period mark a milepost in the history of
Alnylam that has been 16 years in the making – the recommendation from
the EU Committee for Medicinal Products for Human Use (CHMP) that the
European Medicines Agency approve the first-ever RNAi therapeutic,
ONPATTRO. We believe the positive CHMP opinion in the EU signals the
potential for a new therapeutic paradigm in medicine, raising hope for
patients and caregivers impacted by hATTR amyloidosis. With this
achievement, the expected FDA action by our August 11 PDUFA date, and
plans to file our JNDA in Japan later this year, we believe we are
poised to deliver on the promise of ONPATTRO on a truly global scale,"
said John Maraganore, Ph.D., Chief Executive Officer of Alnylam.

"In parallel, we have advanced our three other wholly owned late-stage
programs. We achieved robust enrollment in our ENVISION Phase 3 study of
givosiran and are on track for an interim analysis by the end of
September in support of a potential accelerated approval. In addition,
with our recent alignment with the FDA on a Phase 3 trial design for
lumasiran, we are gearing up to initiate a pivotal study for this
program in the coming weeks. Finally, we're pleased to announce today
that we have reached alignment with the FDA on a Phase 3 trial design
for ALN-TTRsc02 in hATTR amyloidosis patients, where we're on track to
start the study by year's end. All together, we believe our efforts
position us to achieve our Alnylam 2020 strategy of building a
multi-product, global, commercial-stage company with a deep and
sustainable clinical pipeline by the end of 2020."

Second Quarter 2018 and Recent Significant Corporate Highlights

  • Received a positive opinion from CHMP recommending marketing
    authorization of ONPATTRO (patisiran) – a first-of-its-kind RNAi
    therapeutic – for the treatment of hATTR amyloidosis in adult patients
    with stage 1 or stage 2 polyneuropathy.
    • The European Commission (EC) decision on approval of ONPATTRO is
      now expected in September, and the recommended Summary of Product
      Characteristics (SmPC) includes data from secondary and
      exploratory study endpoints in the APOLLO Phase 3 trial, including
      cardiac results.
    • The Company is on track in the U.S. with an August 11 PDUFA date
      for ONPATTRO with the FDA.
    • Published APOLLO study results
      for patisiran
      in the July 5, 2018 issue of The New England
      Journal of Medicine
      .
    • Presented additional data from the APOLLO Phase 3 study at the 4th
      Congress of the European
      Academy of Neurology (EAN)
      and the Peripheral
      Nerve Society (PNS)
      2018 Annual Meeting.
    • To date the Company has fulfilled over 200 requests by physicians
      for eligible patients to begin treatment in the early access or
      compassionate use programs for patisiran in the U.S. and EU.
  • Advanced givosiran, an investigational RNAi therapeutic in development
    for the treatment of acute hepatic porphyrias (AHPs).
    • Completed enrollment of the cohort of patients in the ENVISION
      Phase 3 study that will comprise the planned interim analysis in
      support of a potential accelerated approval.
      • The Company remains on track to report topline results of the
        interim analysis by the end of September and, pending Company
        and FDA review of the program at the time of interim analysis
        and assuming positive results and acceptable safety, the
        Company expects to submit an NDA at or around year-end 2018
        seeking an accelerated approval.
      • The interim analysis is based on lowering of urinary
        aminolevulinic acid (ALA) levels at three months of treatment
        as a surrogate biomarker that is reasonably likely to predict
        clinical benefit.
    • Alnylam announced today that it has achieved robust enrollment in
      ENVISION and expects to complete full patient accrual by the end
      of September, ahead of schedule.
      • As a result, the Company now expects to report topline results
        on the primary endpoint of annualized attack rate in early
        2019.
  • Advanced lumasiran, an investigational RNAi therapeutic in development
    for the treatment of primary hyperoxaluria type 1 (PH1), with new
    positive data
    from the Phase 1/2 study presented at the OxalEurope
    European Hyperoxaluria Consortium.
    • The Company is on track to initiate a Phase 3 pivotal trial in
      mid-2018, with results expected in late 2019 supporting a
      potential NDA filing in early 2020.
  • Advanced ALN-TTRsc02, a subcutaneously administered investigational
    RNAi therapeutic in development for the treatment of ATTR amyloidosis.
    • Alnylam announced today that it has reached alignment with the FDA
      on the design of a pivotal Phase 3 study for ALN-TTRsc02 in
      patients with hATTR amyloidosis.
      • The Phase 3 pivotal trial will be an open-label study with
        co-primary endpoints of mNIS+7 and Norfolk-QOL at nine months
        comparing the effects of ALN-TTRsc02 in approximately 120
        patients with hATTR amyloidosis to results from the placebo
        arm from the APOLLO Phase 3 study of patisiran. In addition,
        certain cardiac parameters will be included as endpoints.
      • An additional reference arm of approximately 30 patients
        receiving patisiran will be included.
    • The Company is on track to start the Phase 3 study in late 2018
      and plans to start additional Phase 3 studies of ALN-TTRsc02,
      including in wild-type ATTR amyloidosis, in 2019.
  • Alnylam announces today that, due to slower than anticipated
    enrollment, it expects that initial data from the Phase 2 trial of
    cemdisiran in atypical hemolytic-uremic syndrome (aHUS) will be
    reported in 2019. The Company had previously guided for initial data
    to be reported in late 2018.
  • Alnylam's partner, The Medicines Company, announced in June that the
    Independent Data Monitoring Committee for the ongoing inclisiran Phase
    3 clinical trials (ORION 9, 10, and 11) conducted its third, planned
    review of safety and efficacy data from the ORION trials and
    recommended that they continue without modification.
    • At the time of review, substantially all patients in the trials
      had received two doses of inclisiran or placebo.
    • The Company has accumulated more than 1,550 patient-years of
      safety data for inclisiran.
  • Enrollment in the fitusiran Phase 3 ATLAS program is ongoing.
  • Announced successful delivery of novel siRNA conjugates to the central
    nervous system (CNS) in rats and plans to advance a pipeline of
    CNS-targeted investigational RNAi therapeutics into clinical
    development.

Upcoming Events

In mid-2018, Alnylam intends to:

  • Achieve FDA approval and launch ONPATTRO in the U.S.
  • Gain regulatory approval for ONPATTRO from the EC; the Company expects
    to launch ONPATTRO in certain European markets shortly thereafter.
  • File a Japanese NDA for ONPATTRO with the Pharmaceuticals and Medical
    Device Agency.
  • Report topline interim analysis results from the ENVISION Phase 3
    trial of givosiran in support of a potential accelerated approval.
  • Initiate the lumasiran Phase 3 study.

In late 2018, Alnylam intends to:

  • File for regulatory approval for ONPATTRO in additional global markets.
  • File an NDA for givosiran with the FDA for accelerated approval,
    assuming positive results and acceptable safety from the interim
    analysis of the ENVISION Phase 3 study and pending FDA review.
  • Present 12-month safety and efficacy results from the Global
    Open-Label Extension (OLE) study of ONPATTRO at the annual meeting of
    the American Association of Neuromuscular and Electrodiagnostic
    Medicine (AANEM) on October 10th in Washington, D.C.
  • Present updated data from the Phase 1/2 and OLE studies of lumasiran,
    at the European Society for Pediatric Nephrology (ESPN) Annual Meeting
    in Antalya, Turkey and at the American Society of Nephrology (ASN)
    Kidney Week Meeting in San Diego, CA., respectively, in October.
  • Initiate the Phase 3 study for ALN-TTRsc02 in hATTR amyloidosis.
  • File new Investigational New Drug (IND) or Clinical Trial Applications
    (CTA), including ALN-AAT02, in development for the treatment of
    alpha-1 antitrypsin deficiency-associated liver disease, and ALN-HBV02
    (also known as VIR-2218), in development in partnership with Vir
    Biotechnology for the treatment of chronic hepatitis B virus infection.
  • Complete selection of its first CNS-targeted development candidate
    (DC).

Financial results for the quarter ended June 30, 2018

"Alnylam's strong balance sheet with approximately $1.48 billion in cash
and investments allows us to execute on preparations for our anticipated
product launches for patisiran in 2018 and givosiran in 2019, assuming
regulatory approvals," said Manmeet Soni, Chief Financial Officer of
Alnylam.

Cash and Investments
At June 30, 2018, Alnylam had cash,
cash equivalents and marketable debt securities, and restricted
investments, excluding equity securities, of $1.48 billion, as compared
to $1.73 billion at December 31, 2017.

GAAP and Non-GAAP Net Loss
The net loss according to
accounting principles generally accepted in the U.S. (GAAP) for the
second quarter of 2018 was $163.6 million, or $1.63 per share on both a
basic and diluted basis, as compared to a net loss of $118.4 million, or
$1.34 per share on both a basic and diluted basis, for the same period
in the previous year.

The non-GAAP net loss for the second quarter of 2018 was $161.9 million,
or $1.61 per share on both a basic and diluted basis, as compared to a
non-GAAP net loss of $94.4 million, or $1.07 per share on both a basic
and diluted basis for the same period in the previous year.

The non-GAAP net loss excludes stock-based compensation expense and gain
on litigation settlement. See "Use of Non-GAAP Financial Measures" below
for a description of non-GAAP financial measures and a reconciliation
between GAAP and non-GAAP net loss appearing later in this press release.

Revenues
Revenues were $29.9 million in the second quarter
of 2018, as compared to $15.9 million in the second quarter of 2017.
Revenues for the second quarter of 2018 included $23.1 million from the
Company's alliance with Sanofi Genzyme and $6.8 million from other
sources.

GAAP and Non-GAAP Research and Development Expenses
GAAP
research and development (R&D) expenses were $137.6 million in the
second quarter of 2018 as compared to $90.6 million in the second
quarter of 2017.

Non-GAAP R&D expenses were $126.0 million in the second quarter of 2018
as compared to $77.4 million in the second quarter of 2017. Non-GAAP R&D
expenses exclude stock-based compensation expense. A reconciliation
between GAAP and non-GAAP R&D expenses appears later in this press
release.

GAAP and Non-GAAP General and Administrative Expenses
GAAP
general and administrative (G&A) expenses were $84.7 million in the
second quarter of 2018 as compared to $45.8 million in the second
quarter of 2017.

Non-GAAP G&A expenses were $74.1 million in the second quarter of 2018
as compared to $35.0 million in the second quarter of 2017. Non-GAAP G&A
expenses exclude stock-based compensation expense. A reconciliation
between GAAP and non-GAAP G&A expenses appears later in this press
release.

Gain on Litigation Settlement
In April 2018, we and Dicerna
Pharmaceuticals, Inc. entered into a settlement agreement and general
release resolving all ongoing litigation between the companies. As a
result, during the second quarter of 2018, we recorded $20.6 million as
a gain on litigation settlement that includes the $10.0 million
valuation of Dicerna common stock received at the settlement date, the
$2.0 million upfront cash payment received in the second quarter of
2018, and $8.6 million, which represents the discounted present value as
of the settlement date of the $13.0 million cash payment due from
Dicerna by April 18, 2022 under the terms of the settlement agreement.
The non-GAAP net loss for the second quarter of 2018 excludes the gain
on litigation settlement.

2018 Financial Guidance
Alnylam reiterates its expectations
to end 2018 with approximately $1.0 billion of cash, cash equivalents
and marketable debt securities, restricted cash and restricted
investments, excluding equity securities.

The Company reiterates its expectations for its 2018 annual non-GAAP R&D
expenses to be in the range of $420 million to $460 million and non-GAAP
selling, general and administrative (SG&A) expenses to be in the range
of $280 million to $320 million. Both non-GAAP R&D and SG&A expenses
exclude stock-based compensation expenses.

Use of Non-GAAP Financial Measures
This press release
contains non-GAAP financial measures, including expenses adjusted to
exclude certain non-cash expenses and non-recurring gains outside the
ordinary course of the Company's business. These measures are not in
accordance with, or an alternative to, GAAP, and may be different from
non-GAAP financial measures used by other companies.

The items included in GAAP presentations but excluded for purposes of
determining non-GAAP financial measures for the periods presented in the
press release are stock-based compensation expense and the gain on
litigation settlement. The Company has excluded the impact of
stock-based compensation expense, which may fluctuate from period to
period based on factors including the variability associated with
performance-based grants for stock options and restricted stock units
and changes in the Company's stock price, which impacts the fair value
of these awards. The Company has excluded the impact of the gain on
litigation settlement because the Company believes this item is a
one-time event occurring outside the ordinary course of the Company's
business.

The Company believes the presentation of non-GAAP financial measures
provides useful information to management and investors regarding the
Company's financial condition and results of operations. When GAAP
financial measures are viewed in conjunction with non-GAAP financial
measures, investors are provided with a more meaningful understanding of
the Company's ongoing operating performance and are better able to
compare the Company's performance between periods. In addition, these
non-GAAP financial measures are among those indicators the Company uses
as a basis for evaluating performance, allocating resources and planning
and forecasting future periods. Non-GAAP financial measures are not
intended to be considered in isolation or as a substitute for GAAP
financial measures. A reconciliation between GAAP and non-GAAP measures
is provided later in this press release.

Conference Call Information
Management will provide an
update on the Company and discuss second quarter 2018 results as well as
expectations for the future via conference call on Thursday, August 2,
2018 at 8:30 am ET. To access the call, please dial 877-312-7507
(domestic) or 631-813-4828 (international) five minutes prior to the
start time and refer to conference ID 1365915. A replay of the call will
be available beginning at 11:30 am ET on the day of the call. To access
the replay, please dial 855-859-2056 (domestic) or 404-537-3406
(international) and refer to conference ID 1365915.

Alnylam – Sanofi Genzyme Alliance
Alnylam and Sanofi
Genzyme, the specialty care global business unit of Sanofi, established
an alliance to accelerate the advancement of RNAi therapeutics as a
potential new class of medicines for patients around the world with rare
genetic diseases. The alliance enables Sanofi Genzyme to expand its rare
disease pipeline with Alnylam's novel RNAi technology and provides
access to Alnylam's R&D engine, while Alnylam benefits from Sanofi
Genzyme's proven global capabilities to advance late-stage development
and, upon commercialization, accelerate market access for these
promising genetic medicines products.

About RNAi
RNAi (RNA interference) is a natural cellular
process of gene silencing that represents one of the most promising and
rapidly advancing frontiers in biology and drug development today. Its
discovery has been heralded as "a major scientific breakthrough that
happens once every decade or so," and was recognized with the award of
the 2006 Nobel Prize for Physiology or Medicine. By harnessing the
natural biological process of RNAi occurring in our cells, a major new
class of medicines, known as RNAi therapeutics, is on the horizon. Small
interfering RNA (siRNA), the molecules that mediate RNAi and comprise
Alnylam's RNAi therapeutic platform, function upstream of today's
medicines by potently silencing messenger RNA (mRNA) – the genetic
precursors – that encode for disease-causing proteins, thus preventing
them from being made. This is a revolutionary approach with the
potential to transform the care of patients with genetic and other
diseases.

About LNP Technology
Alnylam has licenses to Arbutus
Biopharma LNP intellectual property for use in RNAi therapeutic products
using LNP technology.

About Alnylam Pharmaceuticals
Alnylam (NASDAQ:ALNY) is
leading the translation of RNA interference (RNAi) into a whole new
class of innovative medicines with the potential to transform the lives
of people afflicted with rare genetic, cardio-metabolic, and hepatic
infectious diseases. Based on Nobel Prize-winning science, RNAi
therapeutics represent a powerful, clinically validated approach for the
treatment of a wide range of severe and debilitating diseases. Founded
in 2002, Alnylam is delivering on a bold vision to turn scientific
possibility into reality, with a robust discovery platform and deep
pipeline of investigational medicines, including four product candidates
that are in late-stage development. Looking forward, Alnylam will
continue to execute on its "Alnylam 2020" strategy of building a
multi-product, commercial-stage biopharmaceutical company with a
sustainable pipeline of RNAi-based medicines to address the needs of
patients who have limited or inadequate treatment options. Alnylam
employs over 800 people in the U.S. and Europe and is headquartered in
Cambridge, MA. For more information about our people, science and
pipeline, please visit www.alnylam.com
and engage with us on Twitter at @Alnylam
or on LinkedIn.

Alnylam Forward Looking Statements
Various statements in
this release concerning Alnylam's future expectations, plans and
prospects, including, without limitation, Alnylam's views with respect
to the potential for RNAi therapeutics, including patisiran, givosiran,
fitusiran, inclisiran, ALN-TTRsc02 and lumasiran, its expectations
regarding the review, potential regulatory approval and commercial
launch of patisiran in the United States and Europe and its plans for
additional regulatory filings for patisiran, including in Japan, its
expectations regarding the timing of clinical studies and the
presentation of clinical data, its expectations regarding the timing for
the interim analysis in the ENVISION Phase 3 clinical trial of givosiran
and the reporting of interim analysis results and the potential timing
for an NDA filing for givosiran for accelerated approval, if such
interim analysis is positive, its expectations regarding the pivotal
study design for lumasiran, the initiation of the planned Phase 3 study,
the potential timing of Phase 3 study results for lumasiran in 2019 and
a possible filing of an NDA in early 2020 if such results are positive,
its plans to initiate a Phase 3 study for ALN-TTRsc02 in 2018 in hATTR
amyloidosis, its expected cash, cash equivalents and marketable debt
securities, restricted cash and restricted investments balance,
excluding equity securities, as of December 31, 2018, its expected range
of 2018 annual non-GAAP R&D expenses and non-GAAP SG&A expenses,
expectations regarding the receipt of consideration from Dicerna in
connection with the settlement of ongoing litigation, and expectations
regarding its "Alnylam 2020" guidance for the advancement and
commercialization of RNAi therapeutics, constitute forward-looking
statements for the purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Actual results and
future plans may differ materially from those indicated by these
forward-looking statements as a result of various important risks,
uncertainties and other factors, including, without limitation,
Alnylam's ability to discover and develop novel drug candidates and
delivery approaches, successfully demonstrate the efficacy and safety of
its product candidates, the pre-clinical and clinical results for its
product candidates, which may not be replicated or continue to occur in
other subjects or in additional studies or otherwise support further
development of product candidates for a specified indication or at all,
actions or advice of regulatory agencies, which may affect the design,
initiation, timing, continuation and/or progress of clinical trials or
result in the need for additional pre-clinical and/or clinical testing,
delays, interruptions or failures in the manufacture and supply of its
product candidates, obtaining, maintaining and protecting intellectual
property, Alnylam's ability to enforce its intellectual property rights
against third parties and defend its patent portfolio against challenges
from third parties, obtaining and maintaining regulatory approval,
pricing and reimbursement for products, progress in establishing a
commercial and ex-United States infrastructure, competition from others
using technology similar to Alnylam's and others developing products for
similar uses, Alnylam's ability to manage its growth and operating
expenses, obtain additional funding to support its business activities,
and establish and maintain strategic business alliances and new business
initiatives, Alnylam's dependence on third parties for development,
manufacture and distribution of products, the outcome of litigation, the
risk of government investigations, and unexpected expenditures, as well
as those risks more fully discussed in the "Risk Factors" filed with
Alnylam's most recent Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (SEC) and in other filings that
Alnylam makes with the SEC. In addition, any forward-looking statements
represent Alnylam's views only as of today and should not be relied upon
as representing its views as of any subsequent date. Alnylam explicitly
disclaims any obligation, except to the extent required by law, to
update any forward-looking statements.

None of Alnylam's investigational therapeutics have been approved by the
U.S. Food and Drug Administration, European Medicines Agency, or any
other regulatory authority and no conclusions can or should be drawn
regarding the safety or effectiveness of such investigational
therapeutics.

       

ALNYLAM PHARMACEUTICALS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS

(In thousands, except per share amounts)

 
Three Months Ended

June 30,

Six Months Ended

June 30,

2018     2017 2018     2017
 
 
Net revenues from collaborators $ 29,907   $ 15,932   $ 51,806   $ 34,892  
 
Operating expenses:
Research and development 137,582 90,627 234,439 177,611
General and administrative   84,679     45,779     157,126     84,266  
Total operating expenses   222,261     136,406     391,565     261,877  
Loss from operations   (192,354 )   (120,474 )   (339,759 )   (226,985 )
Other income (expense):
Interest income 6,101 2,577 11,895 4,705
Other income (expense) 2,208 (523 ) 2,543 (3,430 )
Gain on litigation settlement   20,564         20,564      
Total other income   28,873     2,054     35,002     1,275  
Loss before income taxes (163,481 ) (118,420 ) (304,757 ) (225,710 )
Provision for income taxes   (79 )       (17 )    
Net loss $ (163,560 ) $ (118,420 ) $ (304,774 ) $ (225,710 )
Net loss per common share - basic and diluted $ (1.63 ) $ (1.34 ) $ (3.04 ) $ (2.59 )
Weighted-average common shares used to compute basic and diluted net
loss per common share
  100,519     88,098     100,251     87,068  
 
Comprehensive loss:
Net loss $ (163,560 ) $ (118,420 ) $ (304,774 ) $ (225,710 )
Unrealized gain (loss) on marketable securities, net of tax 1,046 (476 ) 626 (2,412 )
Reclassification adjustment for realized loss on marketable
securities included in net loss
      345         1,894  
Comprehensive loss $ (162,514 ) $ (118,551 ) $ (304,148 ) $ (226,228 )
 

       

ALNYLAM PHARMACEUTICALS, INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

(In thousands, except per share amounts)

 
Three Months Ended

June 30,

Six Months Ended

June 30,

2018     2017 2018     2017
Reconciliation of GAAP to Non-GAAP Research and development:
GAAP Research and development $ 137,582 $ 90,627 $ 234,439 $ 177,611
Less: Stock-based compensation expenses   (11,616 )   (13,254 )   (21,753 )   (21,945 )
Non-GAAP Research and development $ 125,966   $ 77,373   $ 212,686   $ 155,666  
 
Reconciliation of GAAP to Non-GAAP General and administrative:
GAAP General and administrative $ 84,679 $ 45,779 $ 157,126 $ 84,266
Less: Stock-based compensation expenses   (10,625 )   (10,776 )   (20,072 )   (17,802 )
Non-GAAP General and administrative $ 74,054   $ 35,003   $ 137,054   $ 66,464  
 
Reconciliation of GAAP to Non-GAAP Operating expenses:
GAAP Operating expenses $ 222,261 $ 136,406 $ 391,565 $ 261,877
Less: Stock-based compensation expenses   (22,241 )   (24,030 )   (41,825 )   (39,747 )
Non-GAAP Operating expenses $ 200,020   $ 112,376   $ 349,740   $ 222,130  
 
Reconciliation of GAAP to Non-GAAP Net loss:
GAAP Net loss $ (163,560 ) $ (118,420 ) $ (304,774 ) $ (225,710 )
Add: Stock-based compensation expenses 22,241 24,030 41,825 39,747
Less: Gain on litigation settlement   (20,564 )       (20,564 )    
Non-GAAP Net loss $ (161,883 ) $ (94,390 ) $ (283,513 ) $ (185,963 )
 
Reconciliation of GAAP to Non-GAAP Net loss per common
share-basic and diluted:
GAAP Net loss per common share - basic and diluted $ (1.63 ) $ (1.34 ) $ (3.04 ) $ (2.59 )
Add: Stock-based compensation expenses 0.22 0.27 0.42 0.45
Less: Gain on litigation settlement   (0.20 )       (0.21 )    
Non-GAAP Net loss per common share - basic and diluted $ (1.61 ) $ (1.07 ) $ (2.83 ) $ (2.14 )
 

       

ALNYLAM PHARMACEUTICALS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

             
June 30, December 31,
      2018     2017
Cash, cash equivalents and marketable debt securities $ 1,435,622 $ 1,704,537
Restricted investments 44,825 30,000
Billed and unbilled collaboration receivables 2,961 34,002
Prepaid expenses and other assets 78,142 44,291
Property, plant and equipment, net       227,839       181,900
Total assets     $ 1,789,389     $ 1,994,730
Accounts payable, accrued expenses and other liabilities $ 106,041 $ 104,905
Total deferred revenue 13,683 84,780
Total deferred rent 18,863 8,614
Long-term debt 30,000 30,000
Total stockholders' equity (100.6 million and 99.7 million common
shares issued and outstanding at June 30, 2018 and December 31,
2017, respectively)
      1,620,802       1,766,431
Total liabilities and stockholders' equity     $ 1,789,389     $ 1,994,730
 

This selected financial information should be read in conjunction with
the consolidated financial statements and notes thereto included in
Alnylam's Annual Report on Form 10-K which includes the audited
financial statements for the year ended December 31, 2017.

View Comments and Join the Discussion!