Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock has been publicly traded on the Nasdaq Global Select Market under the symbol “AGIO” since July 24, 2013. Prior to that time, there was no public market for our common stock.
Holders
As of February 18, 2021, there were approximately 11 holders of record of our common stock. This number does not include beneficial owners whose shares are held by nominees in street name.
Dividends
We have not declared or paid any cash dividends on our capital stock since our inception. We intend to retain future earnings, if any, to finance the operation and expansion of our business and do not anticipate paying any cash dividends to holders of common stock in the foreseeable future.
Securities Authorized for Issuance under Equity Compensation Plans
Information about our equity compensation plans is incorporated herein by reference to Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters , of this Annual Report on Form 10-K.
Performance Graph
The following performance graph and related information shall not be deemed to be “soliciting material” or to be “filed” with the Securities and Exchange Commission, or SEC, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities under that Section, nor shall such information be incorporated by reference into any future filing under the Exchange Act or the Securities Act of 1933, as amended, or the Securities Act, except to the extent that we specifically incorporate it by reference into such filing.
The following graph compares the performance of our common stock to the NASDAQ Composite Index and the NASDAQ Biotechnology Index from December 31, 2015 through December 31, 2020. The comparison assumes $100 was invested after the market closed on December 31, 2015 in our common stock and in each of the foregoing indices, and it assumes reinvestment of dividends, if any. The stock price performance included in this graph is not necessarily indicative of future stock price performance.
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Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Issuer or Affiliated Purchasers
Neither we nor any affiliated purchaser or anyone acting on behalf of us or an affiliated purchaser made any repurchases of shares of our common stock during the fourth quarter of 2020.
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Item 6. Selected Consolidated Financial Data
You should read the following selected historical consolidated financial data along with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the consolidated financial statements and related notes thereto contained in this Annual Report on Form 10-K. The following selected financial information included in the tables below are derived from our consolidated financial statements. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period.
Selected Consolidated Financial Data
Years Ended December 31,
(in thousands, except shares and per share amounts)
2020 2019 2018 (1)
2017 (1)
2016 (1)
Results of Operations
Total revenue $ 203,196 $ 117,912 $ 94,387 $ 43,011 $ 69,892
Total cost and expenses (3)
519,345 544,245 456,866 363,805 270,877
Loss from operations (316,149) (426,333) (362,479) (320,794) (200,985)
Net loss $ (327,370) $ (411,472) $ (346,028) $ (314,670) $ (198,471)
Net loss per share – basic and diluted $ (4.74) $ (6.86) $ (6.03) $ (6.75) $ (5.07)
Weighted-average number of common shares used in computing net loss per share – basic and diluted 68,997,879 59,994,539 57,418,300 46,587,631 39,126,400
Financial Position at Year End:
Cash, cash equivalents and marketable securities $ 670,537 $ 717,806 $ 805,421 $ 567,750 $ 573,564
Operating lease assets (2)
84,661 93,643 — — —
Total assets (2)
852,952 890,741 858,457 614,397 619,094
Deferred revenue — 61,513 92,519 163,640 190,210
Operating lease liabilities (2)
104,551 112,716 — — —
Total liabilities (2)
453,452 250,213 170,920 238,894 260,503
Total stockholders’ equity (2)
$ 399,500 $ 640,528 $ 687,537 $ 375,503 $ 358,591
(1) Amounts prior to 2018 do not reflect the impact of the adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), in the first quarter of 2018 under the modified retrospective method. See Note 3. Summary of Significant Accounting Policies to the consolidated financial statements in this Annual Report on 10-K for additional information.
(2) Amounts prior to 2019 do not reflect the impact of the adoption of Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), in the first quarter of 2019 under the optional transition method. See Note 3. Summary of Significant Accounting Policies to the consolidated financial statements in this Annual Report on 10-K for additional information.
(3) Expense is net of $7,811 and $19,714 of cost reimbursement from related party for the years ended December 31, 2017 and 2016, respectively.
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