What changed in this filing

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Item 1. Financial Statements

2021-08-03 compared with 2021-05-05 · 135 added, 73 removed, 452 unchanged (32% of the section changed)

9 unchanged sentences

Total current assets

Property and equipment, net

Property, plant, and equipment, net

Equity investments

16 unchanged sentences

Preferred stock — 25,000,000 shares authorized;

nil outstanding as of March 31, 2021 and

nil outstanding as of June 30, 2021 and

December 31, 2020

1 unchanged sentence

67,764,950 and 66,818,520 shares issued

and outstanding as of March 31, 2021 and December 31, 2020, respectively

and outstanding as of June 30, 2021 and December 31, 2020, respectively

Additional paid-in capital

7 unchanged sentences

(In thousands, except share and per share amounts)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Collaboration and license

10 unchanged sentences

Change in fair value of equity investments

Non-cash interest expense on liability related to the sale of future royalties

Other expense

Loss before income taxes

Non-cash interest expense on liability related to the sale of future

Other income (expense)

Income (loss) before income taxes

Provision for income taxes

Net loss per share, basic and diluted

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

Net income (loss)

Net income (loss) per share:

Weighted-average shares used in computing net income (loss)

See accompanying notes.

ULTRAGENYX PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

Three Months Ended March 31,

Other comprehensive loss:

Three Months Ended June 30,

Six Months Ended June 30,

Net income (loss)

Other comprehensive income (loss):

Foreign currency translation adjustments

Unrealized loss on available-for-sale securities

Other comprehensive loss

Total comprehensive loss

Unrealized gain (loss) on available-for-sale securities

Other comprehensive income (loss):

Total comprehensive income (loss)

See accompanying notes.

5 unchanged sentences

Income (Loss)

Balance as of March 31, 2021

Stock-based compensation

Issuance of common stock under equity plan

awards, net of tax

Other comprehensive income

Balance as of June 30, 2021

Comprehensive

Stockholders'

Income (Loss)

Balance as of December 31, 2020

Stock-based compensation expense

Stock-based compensation

Issuance of common stock under equity plan

1 unchanged sentence

Other comprehensive loss

Balance as of June 30, 2021

Comprehensive

Stockholders'

Income (Loss)

Balance as of March 31, 2020

Issuance of common stock in connection with

at-the-market offering, net of issuance costs

Stock-based compensation

Issuance of common stock under equity plan

awards, net of tax

Other comprehensive income

Balance as of June 30, 2020

ULTRAGENYX PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

Comprehensive

2 unchanged sentences

Balance as of December 31, 2019

Issuance of common stock in connection

with license agreement, net of issuance

Issuance of common stock in connection with

license agreement, net of issuance costs

Stock-based compensation expense

at-the-market offering, net of issuance costs

Stock-based compensation

Issuance of common stock upon exercise of

warrants and under equity plan awards,

Other comprehensive loss

Balance as of March 31, 2020

warrants and under equity plan awards, net

Other comprehensive income

Balance as of June 30, 2020

See accompanying notes.

2 unchanged sentences

(In thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities:

9 unchanged sentences

Prepaid expenses and other assets

Receivable related to the Daiichi Sankyo license agreement

Accounts payable, accrued, and other liabilities

2 unchanged sentences

Investing activities:

Purchase of property and equipment

Purchase of property, plant, and equipment

Purchase of marketable debt securities

Purchase of equity investments

Proceeds from sale of marketable debt securities

3 unchanged sentences

Proceeds from the issuance of common stock in connection with the license agreement, net

Proceeds from the issuance of common stock in connection with at-the-market offering, net

Proceeds from the issuance of common stock from exercise of warrants and equity plan

17 unchanged sentences

Food and Drug Administration (FDA) and in Canada for the treatment of X-linked hypophosphatemia (XLH) in adult and pediatric patients one year of age and older, and is approved in the European Union (EU) and the United Kingdom, for the treatment of XLH with radiographic evidence of bone disease in children one year of age and older, adolescents, and adults.

In Brazil and Mexico, Crysvita is approved for treatment of XLH in adult and pediatric patients one year of age and older.

In Brazil, Colombia, and Mexico, Crysvita is approved for treatment of XLH in adult and pediatric patients one year of age and older.

Crysvita is also approved in the United States by the FDA for the treatment of fibroblast growth factor 23 (FGF23)-related hypophosphatemia in tumor-induced osteomalacia (TIO), associated with phosphaturic mesenchymal tumors that cannot be curatively resected or localized in adults and pediatric patients 2 years of age and older.

13 unchanged sentences

Management recognizes that the Company will need to raise additional capital to fully implement its business plans.

Through March 31, 2021, the Company has relied primarily on its sale of equity securities, its sale of future royalties, and strategic collaboration arrangements, to finance its operations.

Through June 30, 2021, the Company has relied primarily on its sale of equity securities, its revenues from commercial products, its sale of future royalties, and strategic collaboration arrangements, to finance its operations.

The Company will likely raise additional capital through the issuance of equity, borrowings, or strategic alliances with partner companies.

8 unchanged sentences

These financial statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K filed on February 12, 2021 with the United States Securities and Exchange Commission (SEC).

The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021.

The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021.

The Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from audited financial statements at that date, but does not include all of the information required by GAAP for complete financial statements.

15 unchanged sentences

Credit Losses

The Company is exposed to credit losses primarily through receivables from customers and collaborators and through its available-for-sale debt securities.

For trade receivables and other instruments, the Company uses a new forward-looking expected loss model that generally results in the earlier recognition of allowances for losses.

For available-for-sale debt securities with unrealized losses, the losses are recognized as allowances rather than as reductions in the amortized cost of the securities.

The Company is exposed to credit losses primarily through receivables from customers and collaborators and through its available-for-sale debt securities.

The Company’s expected loss allowance methodology for the receivables is developed using historical collection experience, current and future economic market conditions, a review of the current aging status and financial condition of the entities.

3 unchanged sentences

The Company considered the current and expected future economic and market conditions surrounding the novel coronavirus (COVID-19) pandemic and determined that the estimate of credit losses was not significantly impacted.

There was no material allowance recorded for losses on receivables and available-for-sale debt securities which were attributable to credit risk for the three months ended March 31, 2021 and 2020.

There was no material allowance recorded for losses on receivables and available-for-sale debt securities which were attributable to credit risk for the three and six months ended June 30, 2021 and 2020.

Revenue Recognition

42 unchanged sentences

The following tables set forth the fair value of the Company’s financial assets remeasured on a recurring basis based on the three-tier fair value hierarchy (in thousands):

March 31, 2021

June 30, 2021

Money market funds

21 unchanged sentences

The Company recognizes the interest income on the convertible promissory note based on the effective interest rate method over the life of the note.

As of March 31, 2021, the balance of the convertible promissory note was $ 2.1 million, including $ 0.3 million in interest receivable, and was recorded in other assets, and the allocated fair value of the warrant was $ 0.6 million and was recorded in investments in equity securities.

As of June 30, 2021, the balance of the convertible promissory note was $ 2.2 million, including $ 0.4 million in interest receivable, and was recorded in other assets, and the allocated fair value of the warrant was $ 0.6 million and was recorded in equity investments.

In December 2020, the Company invested $ 1.4 million in Mazi Therapeutics, Inc.

(Mazi), a private pharmaceutical company founded by a current employee of the Company, in the form of a convertible promissory note that matures in two years , if not converted earlier.

As of March 31, 2021, the balance of the convertible promissory note was $ 1.4 million.

As of June 30, 2021, the balance of the convertible promissory note was $ 1.4 million.

Balance Sheet Components

1 unchanged sentence

The fair values of cash equivalents and investments classified as available-for-sale securities consisted of the following (in thousands):

March 31, 2021

June 30, 2021

Gross Unrealized

14 unchanged sentences

Government Treasury and agency securities

At March 31, 2021, the remaining contractual maturities of available-for-sale securities were less than three years .

There have been no significant realized gains or losses on available-for-sale securities for the three months ended March 31, 2021 and 2020.

All marketable securities with unrealized losses at March 31, 2021 have been in a loss position for less than twelve months and were temporary in nature.

At June 30, 2021, the remaining contractual maturities of available-for-sale securities were less than five years .

There have been no significant realized gains or losses on available-for-sale securities for the three and six months ended June 30, 2021 and 2020.

All marketable securities with unrealized losses at June 30, 2021 have been in a loss position for less than twelve months and were temporary in nature.

We do not intend to sell the investments that are in an unrealized loss position before recovery of their amortized cost basis.

9 unchanged sentences

The following table disaggregates total revenues from customers (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Collaboration and license revenue:

Crysvita collaboration revenue in profit-share territory

Crysvita collaboration revenue in profit-

share territory

Crysvita royalty revenue in European

Daiichi Sankyo

2 unchanged sentences

Total product sales

Crysvita non-cash collaboration royalty revenue

Crysvita non-cash collaboration royalty

Total revenues

The following table disaggregates total revenues based on geographic location (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

North America

Latin America

Total revenues

The following table presents changes in the contract liabilities (in thousands):

Three Months Ended March 31,

Six Months Ended June 30,

Balance of contract liabilities at beginning of period

1 unchanged sentence

See Note 6 for additional details on contract liabilities activities.

The Company’s largest accounts receivable balance accounted for 54 % and 71 % of the total accounts receivable balance as of March 31, 2021 and December 31, 2020, respectively, and was due from a collaboration partner.

The Company’s largest accounts receivable balance accounted for 58 % and 71 % of the total accounts receivable balance as of June 30, 2021 and December 31, 2020, respectively, and was due from a collaboration partner.

License and Research Agreements

3 unchanged sentences

Under the terms of this collaboration and license agreement, as amended, the Company and KKC collaborate on the development and commercialization of Crysvita in the field of orphan diseases in the United States and Canada, or the profit-share territory, and in the European Union, United Kingdom, and Switzerland, or the European territory, and the Company has the right to develop and commercialize such products in the field of orphan diseases in Mexico and Central and South America, or Latin America.

In May 2017, the Company entered into an agreement with a wholly-owned subsidiary of KKC pursuant to which it was granted the right to commercialize Crysvita in Turkey.

Development Activities

In the field of orphan diseases, and except for ongoing studies being conducted by KKC, the Company is the lead party for development activities in the profit-share territory and in the European territory until the applicable transition date.

The Company shares the costs for development activities in the profit-share territory and the European territory conducted pursuant to the development plan before the applicable transition date equally with KKC.

The Company shares the costs for development activities in the profit-share territory and the European territory conducted pursuant to the

development plan before the applicable transition date equally with KKC.

In April 2023, which is the transition date for the profit-share territory, KKC will become the lead party and be responsible for the costs of the development activities.

14 unchanged sentences

Beginning in 2020, the Company recorded the royalty revenue as non-cash royalty revenues.

During the three months ended June 30, 2021 and 2020, there was a change in the estimate of the revenue reserves related to sales made prior to January 1, 2020, as a result of which, the Company recorded $ 0.2 million and $ 1.5 million, respectively, as royalty revenue in European territory.

The Company’s share of collaboration and royalty revenue related to Crysvita was as follows (in thousands):

Three Months Ended March 31,

Company's share of revenue in profit-share territory

Non-cash royalty revenue in European territory

Three Months Ended June 30,

Six Months Ended June 30,

Company's share of revenue in profit-

share territory

Royalty revenue in European territory

Non-cash royalty revenue in European

Product revenue related to sales in other territories

2 unchanged sentences

Accordingly, the Company records revenue on a gross basis related to the sale of Crysvita once the product is delivered and the risk and title of the product is transferred to the distributor.

The Company recorded product sales of $ 5.9 million and $ 1.6 million for the three months ended March 31, 2021 and 2020 , respectively, net of estimated product returns and other deductions.

The Company recorded product sales of $ 2.9 million and $ 8.8 million for the three and six months ended June 30, 2021, respectively, and $ 2.5 million and $ 4.2 million for the three and six months ended June 30, 2020, respectively, net of estimated product returns and other deductions.

KKC has the option to assume responsibility for commercialization efforts in Turkey from the Company, after a certain minimum period.

4 unchanged sentences

As a result, the Company was reimbursed for these costs and operating expenses were reduced as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Research and development

1 unchanged sentence

Collaboration receivable and payable

The Company had accounts receivable from KKC in the amount of $ 14.1 million and $ 16.4 million from profit-share revenue and royalties and other receivables recorded in prepaid and other current assets of $ 5.1 million and $ 9.6 million and accrued liabilities of $ 3.8 million and $ 2.4 million from commercial and development activity reimbursements, as of March 31, 2021 and December 31, 2020, respectively.

The Company had accounts receivable from KKC in the amount of $ 14.7 million and $ 16.4 million from profit-share revenue and royalties and other receivables recorded in prepaid and other current assets of $ 3.8 million and $ 9.6 million and accrued liabilities of $ 2.7 million and $ 2.4 million from commercial and development activity reimbursements, as of June 30 , 2021 and December 31, 2020, respectively.

Bayer HealthCare LLC

1 unchanged sentence

Under this agreement, Bayer has been granted an exclusive license to develop and commercialize one or more novel gene therapies for hemophilia A.

The agreement requires that Bayer use commercially

reasonable efforts to conduct and fund a proof-of-concept (POC) clinical trial and any subsequent clinical trials and commercialization of gene therapy products for treatment of hemophilia A.

The agreement requires that Bayer use commercially reasonable efforts to conduct and fund a proof-of-concept (POC) clinical trial and any subsequent clinical trials and commercialization of gene therapy products for treatment of hemophilia A.

Bayer has worldwide rights to commercialize the potential future product.

4 unchanged sentences

The Company may record future milestone payments as revenue, if it becomes probable that a significant reversal in the amount of revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved.

The Company has a Research Collaboration and License Agreement with Arcturus to research and develop therapies for select rare diseases.

For the three months ended March 31, 2021 and 2020 , there were no research and development expenses incurred for the funding of certain research services received from Arcturus.

In October 2015, the Company entered into a Research Collaboration and License Agreement with Arcturus whereby the Company and Arcturus would collaborate on the research and development of therapies for select rare diseases.

Arcturus has the primary responsibility for conducting certain research services, funded by the Company, and the Company is responsible for development and commercialization costs.

On a product-by-product basis, the Company may be obligated to make development and regulatory milestone payments of up to $ 24.5 million, and commercial milestone payments of up to $ 45.0 million, if certain milestones are achieved.

The Company may also be obligated to pay Arcturus royalties on any net sales of products incorporating the licensed intellectual property that range from a mid single-digit to low double-digit percentage.

For the three and six months ended June 30, 2021 and 2020, there were no research and development expenses incurred for the funding of certain research services received from Arcturus.

In May 2020, the Company exercised an option to purchase 600,000 shares of Arcturus’ common stock at $ 16.00 per share, or a total purchase price of $ 9.6 million.

1 unchanged sentence

The Company has elected to apply the fair value option to account for the equity investment in Arcturus.

As of March 31, 2021, the Company held 2,200,000 shares of Arcturus’ common stock.

As of June 30 , 2021, the Company held 2,200,000 shares of Arcturus’ common stock.

The changes in the fair value of the Company’s equity investment in Arcturus securities were as follows (in thousands):

7 unchanged sentences

Change in fair value

March 31, 2021

The Company recorded $ 4.6 million in unrealized loss and $ 7.7 million in unrealized gain for the three months ended March 31, 2021 and 2020, respectively, from the fair value adjustments on the equity investment in Arcturus securities.

June 30, 2021

The Company recorded $ 16.4 million and $ 21.0 million in unrealized losses for the three and six months ended June 30, 2021, respectively, and $ 95.2 million and $ 102.9 million in unrealized gains for the three and six months ended June 30, 2020, respectively, from the fair value adjustments on the equity investment in Arcturus securities.

In August 2019, the Company entered into a Program Agreement and a Unitholder Option Agreement with GeneTx to collaborate on the development of GeneTx’s GTX-102, an ASO for the treatment of Angelman syndrome.

Pursuant to the terms of the Unitholder Option Agreement, the Company made an upfront payment of $ 20.0 million for an exclusive option to acquire GeneTx, which was exercisable any time prior to 30 days following FDA acceptance of the IND for GTX-102.

Pursuant to the agreement, upon acceptance of the IND, which occurred in January 2020, the Company elected to extend the option period by paying an option extension payment of $ 25.0 million (option extension premium) during the quarter ended March 31, 2020.

Pursuant to the agreement, upon acceptance of the IND, which occurred in January 2020, the Company elected to extend the

option period by paying an option extension payment of $ 25.0 million (option extension premium) during the quarter ended March 31, 2020.

The Company has the right to acquire GeneTx for a payment of $ 125.0 million, at any time, until the earlier of 30 months from the first dosing of a patient in a planned Phase 1/2 study (subject to extensions) or 90 days after results are available from that study.

6 unchanged sentences

Although GeneTx is a variable interest entity, the Company is not the primary beneficiary as it currently does not have the power to direct the activities that would most significantly impact the economic performance of GeneTx.

Prior to product regulatory approval, all consideration paid to GeneTx represents rights to potential future benefits associated with GeneTx’s in-process research

and development activities, which have not reached technological feasibility and have no alternative future use.

Prior to product regulatory approval, all consideration paid to GeneTx represents rights to potential future benefits associated with GeneTx’s in-process research and development activities, which have not reached technological feasibility and have no alternative future use.

Accordingly, for the three months ended March 31, 2020, the Company recorded the option extension payment of $ 25.0 million as an in-process research and development expense.

22 unchanged sentences

The Company evaluated the License Agreement and the Sublicense Agreement under ASC 606 and determined that the performance obligations under the agreements are (i) intellectual property with respect to its HeLa PCL and HEK293 transient transfection manufacturing technology platforms together with the initial technical assistance and technology transfer services, which are expected to be completed in the fourth quarter of 2021, and (ii) the transfer of any know-how and improvements after the completion of the initial technology transfer through the end of the three year technology transfer period ending March 2023.

The Company determined that the total transaction price of the License Agreement was $ 183.4 million which was comprised of the $ 19.7 million premium from the SPA, the $ 125.0 million upfront payment, the $ 25.0 million in unconstrained milestone payments, $ 8.0 million from the Sublicense Agreement, and the $ 5.7 million estimated reimbursement amount for delivering the license and technology services.

Total revenue recognized under the license agreement through March 31, 2021 is $ 132.0 million.

As of June 30, 2021, the Company has determined that the total transaction price of the License Agreement was $ 183.6 million which was comprised of the $ 19.7 million premium from the SPA, the $ 125.0 million upfront payment, the $ 25.0 million in unconstrained milestone payments, $ 8.0 million from the Sublicense Agreement, and the $ 5.9 million estimated reimbursement amount for delivering the license and technology services .

Total revenue recognized under the license agreement through June 30, 2021 is $ 153.9 million.

The Company allocated the total transaction price to the two performance obligations on a relative stand-alone selling price basis.

3 unchanged sentences

Royalties from commercial sales will be accounted for as revenue upon achievement of such sales, assuming all other revenue recognition criteria are met.

For the three months ended March 31, 2021 and 2020, the Company recognized $ 42.8 million and none , respectively, in revenue related to this arrangement.

Accordingly, the Company had recorded $ 25.1 million as contract liabilities, net, as of March 31, 2021 .

The Company recorded an accounts receivable related to the above agreements of $ 1.3 million as of March 31, 2021.

The Company recognized $ 22.0 million and $ 64.7 million for the three and six months ended June 30 , 2021, respectively, and $ 18.9 million for the three and six months ended June 30, 2020, in revenue related to this arrangement.

Accordingly, the Company had recorded $ 3.9 million as contract liabilities, net, as of June 30, 2021 .

The Company recorded an accounts receivable related to the above agreements of $ 0.8 million as of June 30, 2021.

Solid Biosciences, Inc.

19 unchanged sentences

Change in fair value

March 31, 2021

June 30, 2021

The Company recorded $ 14.6 million and $ 30.7 million in unrealized losses for the three and six months ended June 30, 2021, respectively, from the fair value adjustments on the equity investment in Solid securities.

Mereo BioPharma 3 Limited

20 unchanged sentences

To the extent such payments are greater or less than the Company’s initial estimates or the timing of such payments is materially different than its original estimates, the Company will prospectively adjust the amortization of the liability and the effective interest rate.

The Company’s effective annual interest rate was approximately 9.8 % for the three months ended March 31, 2021.

The Company’s effective annual interest rate was approximately 9.8 % for the three months ended June 30 , 2021.

There are a number of factors that could materially affect the amount and timing of royalty payments from KKC in the applicable European territories, most of which are not within the Company’s control.

Such factors include, but are not limited to, the success of KKC’s sales and promotion of Crysvita, changing standards of care, delays or disruptions related to the COVID-19 pandemic, the introduction of competing products, pricing for reimbursement in various European territories, manufacturing or other delays, intellectual property matters, adverse events that result in governmental health authority imposed restrictions on the use of Crysvita, significant changes in foreign exchange rates as the royalty payments are made in U.S.

dollars (USD) while significant portions of the underlying European sales of Crysvita are made in currencies other than USD, and other events or circumstances that could result in reduced royalty payments from European sales of Crysvita, all of which would result in a reduction of non-cash royalty revenue and the non-cash interest expense over the life of the arrangement.

dollars (USD) while significant

portions of the underlying European sales of Crysvita are made in currencies other than USD, and other events or circumstances that could result in reduced royalty payments from European sales of Crysvita , all of which would result in a reduction of non-cash royalty revenue and the non-cash interest expense over the life of the arrangement.

Conversely, if sales of Crysvita in Europe are more than expected, the non-cash royalty revenue and the non-cash interest expense recorded by the Company would be greater over the term of the arrangement.

7 unchanged sentences

Non-cash interest expense

March 31, 2021

June 30, 2021

Stock-Based Awards

The 2014 Incentive Plan (the 2014 Plan) provides for automatic annual increases in shares available for grant, beginning on January 1, 2015 through January 1, 2024 .

As of March 31, 2021, there were 4,192,549 shares reserved under the 2014 Plan for the future issuance of equity awards, 3,995,536 shares reserved for the 2014 Employee Stock Purchase Plan, and 500,000 shares reserved for the Employment Inducement Plan.

As of June 30, 2021, there were 4,103,718 shares reserved under the 2014 Plan for the future issuance of equity awards, 3,956,907 shares reserved for the 2014 Employee Stock Purchase Plan, and 488,223 shares reserved for the Employment Inducement Plan.

The table below sets forth the stock-based compensation expense for the periods presented (in thousands):

Three Months Ended

Six Months Ended

Cost of sales

2 unchanged sentences

Total stock-based compensation expense

Net Loss Per Share

Basic net loss per share has been computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period.

Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock and potential dilutive securities outstanding during the period.

The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

Net Income (Loss) Per Share

Basic net income (loss) per share has been computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock and potential dilutive securities outstanding during the period.

For the three and six months ended June 30, 2021 and the six months ended June 30, 2020, there were no differences between basic and diluted net loss per share since the effect of the dilutive securities would have been antidilutive and therefore were excluded from the diluted net loss per share calculation.

The following table sets forth the computation of the basic and diluted net income (loss) per share (in thousands, except share and per share data):

Three Months Ended

Six Months Ended

Net income (loss), basic and diluted

Weighted-average shares used in computing net income

(loss) per share, basic

Weighted-average effect of dilutive securities:

Options to purchase common stock and RSUs

Weighted-average shares used in computing net income

(loss) per share, diluted

Net income (loss) per share:

The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive:

Three Months Ended

Six Months Ended

Options to purchase common stock and

5 unchanged sentences

For the year ended December 31, 2020, the total proceeds that the Company received from the offering were approximately $ 435.6 million, net of underwriting discounts and commissions.

In May 2021, the Company entered into an Open Market Sale Agreement with Jefferies LLC, or Jefferies, pursuant to which the Company may offer and sell shares of the Company’s common stock having an aggregate offering proceeds up to $ 350.0 million, from time to time, in at-the-market offerings through Jefferies.

As of June 30, 2021, the Company has no t sold any shares under the arrangement.

Accumulated Other Comprehensive Income

4 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.

What changed 10-Q

Item 1. Financial Statements