575 unchanged sentences
Risks Related to Our Financial Position and Need for Additional Capital
−Removed: We have incurred significant losses to date, expect to incur losses over the next several years and may never achieve or maintain profitability.
−Removed: We had a net loss of $41.6 million in the three months ended March 31, 2021, $125.0 in the full year 2020 and $124.2 million in the full year 2019.
−Removed: As of March 31, 2021, we had an accumulated deficit of $826.3 million.
−Removed: To date, we have financed our operations primarily through the sale of equity securities and convertible debt, venture loans, upfront payments from our collaboration partners and, to a lesser extent, subsidies and grants from governmental agencies and fees for services.
+Added: We have incurred significant losses in prior years and expect to incur losses over the next several years and may never achieve or maintain profitability.
+Added: We had a net gain of $357.9 million in the six months ended June 30, 2021, and a net loss of $125.0 in the full year 2020 and $124.2 million in the full year 2019.
+Added: As of June 30, 2021, we had an accumulated deficit of $426.8 million.
+Added: In the past, we have financed our operations primarily through the sale of equity securities and convertible debt, venture loans, upfront payments from our collaboration partners and, to a lesser extent, subsidies and grants from governmental agencies and fees for services.
+Added: We expect to finance our operations in 2021 and 2022 primarily from the $462.4 million payments we collected from CSL Behring in May 2021.
We have devoted substantially all our financial resources and efforts to research and development, including preclinical studies and clinical trials.
We expect to continue to incur significant expenses and losses over the next several years, and our net losses may fluctuate significantly from quarter to quarter and year to year.
−Removed: Our losses will be materially impacted by the amount of license revenue that we will recognize in accordance with ASC 606 as a result of the closing of the transaction under the CSL Behring Agreement, which became fully effective on May 6, 2021.
+Added: Our profit in the three and six months ended June 30, 2021 was materially impacted by the amount of license revenue that we recognized as a result of the Closing of the transaction under the CSL Behring Agreement.
We anticipate that our expenses will increase substantially as we:
−Removed: ● Advance the clinical development of AMT-130, our Huntington’s disease gene therapy program;
+Added: ● Advance the clinical development of AMT-130 for our Huntington’s disease gene therapy program;
● Advance multiple research programs related to gene therapy candidates targeting liver-directed and CNS diseases;
+Added: ● Continue to expand our employee base to support research and development, as well as general and administrative functions;
● Acquire or in-license rights to new therapeutic targets or product candidates;
● Continue to expand, enhance, and optimize our technology platform, including our manufacturing capabilities, next-generation viral vectors and promoters, and other enabling technologies;
−Removed: ● Continue to expand our employee base to support research and development, as well as general and administrative functions;
● Maintain, expand, and protect our intellectual property portfolio, including in-licensing additional intellectual property rights from third parties.
−Removed: ● Build out our commercial and medical affairs infrastructure and seek marketing approval for any product candidates.
We may never succeed in these activities and, even if we do, may never generate revenues that are sufficient to achieve or sustain profitability.
10 unchanged sentences
Our existing and any future indebtedness could adversely affect our ability to operate our business.
−Removed: As of March 31, 2020, we had $70.0 million of outstanding principal of borrowings under the 2018 Amended Facility and 2021 Amended Facility, which following our January 2021 amendment we are required to repay in June 2023.
+Added: As of June 30, 2021, we had $70.0 million of outstanding principal of borrowings under the 2018 Amended Facility and 2021 Amended Facility, which following our January 2021 amendment we are required to repay in June 2023.
We could in the future incur additional debt obligations beyond our borrowings from Hercules.
89 unchanged sentences
Our share price has been and may in the future be volatile.
−Removed: From the start of trading of our ordinary shares on the Nasdaq Global Select Market on February 4, 2014 through May 6, 2021, the sale price of our ordinary shares ranged from a high of $82.49 to a low of $4.72.
−Removed: The closing price on May 6, 2021, was $32.86 per ordinary share.
+Added: From the start of trading of our ordinary shares on the Nasdaq Global Select Market on February 4, 2014 through July 22, 2021, the sale price of our ordinary shares ranged from a high of $82.49 to a low of $4.72.
+Added: The closing price on July 22, 2021, was $26.49 per ordinary share.
The stock market in general and the market for smaller biopharmaceutical companies in particular, have experienced extreme volatility that has often been unrelated to the operating performance of particular companies.
16 unchanged sentences
Our directors, executive officers and major shareholders, if they choose to act together, will continue to have a significant degree of control with respect to matters submitted to shareholders for approval.
−Removed: Our directors, executive officers and major shareholders holding more than 5% of our outstanding ordinary shares, in the aggregate, beneficially own approximately 49.0% of our issued shares (including such shares to be issued in relation to exercisable options to purchase ordinary shares) as at March 31, 2021.
+Added: Our directors, executive officers and major shareholders holding more than 5% of our outstanding ordinary shares, in the aggregate, beneficially own approximately 54.9% of our issued shares (including such shares to be issued in relation to exercisable options to purchase ordinary shares) as at June 30, 2021.
As a result, if these shareholders were to choose to act together, they may be able, as a practical matter, to control many matters submitted to our shareholders for approval, as well as our management and affairs.
21 unchanged sentences
Based on our average value of our gross assets, our cash and cash equivalents as well as the price of our shares we qualified as a passive foreign investment company (“PFIC”) for U.S.
−Removed: federal income tax for 2016 but not in 2017, 2018, 2019 or 2020.
+Added: federal income tax for 2016 but not between 2017 and 2020.
A corporation organized outside the United States generally will be classified as a PFIC for U.S.
51 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.