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
Common Stock
On June 19, 2014, our common stock commenced trading on The Nasdaq Global Market under the symbol “ARDX”. Prior to that date, there was no public trading market for our common stock. As of December 31, 2020, there were 33 holders of record of our common stock.
Dividends
We have never declared or paid cash dividends on our capital stock. We currently intend to retain any future earnings to finance the growth and development of our business.
Recent Sales of Unregistered Securities
None.
Use of Proceeds
Not applicable.
Issuer Purchases of Equity Securities
Not applicable.
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ITEM 6. SELECTED FINANCIAL DATA
The data set forth below is not necessarily indicative of the results of future operations and should be read in conjunction with the financial statements and the notes thereto in Item 8 of Part II, “Financial Statements and Supplementary Data,” and the information contained in Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Historical results are not necessarily indicative of future results .
Year Ended December 31,
Statement of Operations Data:
2020
2019
2018
2017
2016
(in thousands, except share and per share amounts)
Revenues:
Collaborative development revenue
$
5,364
$
459
$
—
$
42,000
$
—
Product supply revenue
1,501
322
287
—
—
Licensing revenue
706
4,500
2,320
—
—
Total revenues
7,571
5,281
2,607
42,000
—
Operating expenses:
Cost of revenue
145
600
466
8,400
—
Research and development
65,053
71,677
69,373
75,484
94,161
General and administrative
33,153
24,267
23,715
23,231
18,734
Total operating expenses
98,351
96,544
93,554
107,115
112,895
Loss from operations
(90,780)
(91,263)
(90,947)
(65,115)
(112,895)
Interest expense
(5,099)
(5,726)
(3,534)
—
—
Other income, net
1,568
2,352
3,187
1,955
508
Loss before provision for income taxes
(94,311)
(94,637)
(91,294)
(63,160)
(112,387)
Provision for income taxes
2
303
4
1,179
—
Net loss
$
(94,313)
$
(94,940)
$
(91,298)
$
(64,339)
$
(112,387)
Net loss per common share, basic and diluted
$
(1.05)
$
(1.47)
$
(1.62)
$
(1.36)
$
(2.80)
Shares used in computing net loss per share - basic and diluted
89,582,138
64,478,066
56,219,919
47,435,331
40,118,522
As of December 31,
Balance Sheet Data:
2020
2019
2018
2017
2016
(in thousands)
Cash and investments
$
188,598
$
247,512
$
168,089
$
133,976
$
200,823
Total assets
201,562
259,782
183,332
157,903
213,131
Loan payable, current and non-current
50,788
50,014
49,209
—
—
Accumulated deficit
(554,765)
(460,452)
(365,512)
(278,214)
(213,875)
Total stockholders' equity
126,112
186,655
115,813
139,312
193,151
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