Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Oncternal Therapeutics, Inc. | d420023d8k.htm |
| EX-2.1 - ASSET PURCHASE AGREEMENT - Oncternal Therapeutics, Inc. | d420023dex21.htm |
| EX-99.1 - PRESS RELEASE - Oncternal Therapeutics, Inc. | d420023dex991.htm |
EXHIBIT 99.2
GTx, Inc.
UNAUDITED PRO FORMA FINANCIAL INFORMATION
On September 28, 2012, GTx, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Strakan International S.à r.l. , an affiliate of ProStrakan Group plc (the “Purchaser”), pursuant to which the Company agreed to transfer, sell and assign to the Purchaser all of the Company’s rights to the metastatic breast cancer product, FARESTON®, and certain assets related thereto (collectively, the “FARESTON® Assets”). Effective as of September 30, 2012, the Company completed the sale of the FARESTON® Assets pursuant to the Purchase Agreement for a total cash purchase price of approximately $21.67 million, including payment for purchased inventory. The Company estimates that it will realize net proceeds of approximately $19.0 million after expenses related to the sale of the FARESTON® Assets (such sale, the “Disposition”).
The following unaudited pro forma financial information is presented to illustrate the effect of the Disposition on its historical financial position and operating results. The unaudited pro forma balance sheet as of June 30, 2012 is based on the historical balance sheet of the Company as of June 30, 2012 after giving effect to the Disposition as if the Disposition had occurred on June 30, 2012. The unaudited pro forma statements of operations for the six months ended June 30, 2012 and 2011 and the years ended December 31, 2011, 2010, and 2009 are based on the historical statements of operations of the Company after giving effect to the Disposition as if the Disposition had occurred on January 1, 2009. The unaudited pro forma financial statements should be read in conjunction with the Company’s historical financial statements and notes thereto contained in the Company’s 2011 Annual Report on Form 10-K, filed with the SEC on March 2, 2012 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed with the SEC on August 8, 2012.
The unaudited pro forma adjustments are based on available preliminary information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information is presented for illustration purposes only, in accordance with the adjustments and estimates set forth below, and are not necessarily indicative of the results that might have occurred had the Disposition taken place on June 30, 2012 for balance sheet purposes, or on January 1, 2009 for statement of operations purposes, and are not necessarily indicative of future operating results or financial position of the Company. Actual amounts could differ materially from these estimates. All pro forma adjustments and their underlying assumptions are described more fully in the notes to the unaudited pro forma financial information.
GTx, Inc.
UNAUDITED PRO FORMA CONDENSED BALANCE SHEETS
AS OF JUNE 30, 2012
(in thousands, except share data)
| As Reported | Pro Forma | Pro Forma | ||||||||||
| June 30, 2012 | Adjustments | June 30, 2012 | ||||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
$ | 47,319 | $ | 21,671 | (a) | $ | 68,990 | |||||
| Short-term investments |
8,610 | — | 8,610 | |||||||||
| Accounts receivable, net |
908 | — | 908 | |||||||||
| Inventory |
105 | (105 | )(b) | — | ||||||||
| Prepaid expenses and other current assets |
1,223 | — | 1,223 | |||||||||
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| Total current assets |
58,165 | 21,566 | 79,731 | |||||||||
| Property and equipment, net |
779 | — | 779 | |||||||||
| Intangible and other assets, net |
201 | — | 201 | |||||||||
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| Total assets |
$ | 59,145 | $ | 21,566 | $ | 80,711 | ||||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 1,462 | $ | — | $ | 1,462 | ||||||
| Accrued expenses and other current liabilities |
5,732 | 2,800 | (b) | 8,532 | ||||||||
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| Total current liabilities |
7,194 | 2,800 | 9,994 | |||||||||
| Other long-term liabilities |
262 | — | 262 | |||||||||
| Commitments and contingencies |
||||||||||||
| Stockholders’ equity: |
||||||||||||
| Common stock, $0.001 par value: 120,000,000 shares authorized at both June 30, 2012 and December 31, 2011; 62,809,673 and 62,790,223 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively |
63 | — | 63 | |||||||||
| Additional paid-in capital |
459,261 | — | 459,261 | |||||||||
| Accumulated deficit |
(407,635 | ) | 18,766 | (b) | (388,869 | ) | ||||||
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| Total stockholders’ equity |
51,689 | 18,766 | 70,455 | |||||||||
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| Total liabilities and stockholders’ equity |
$ | 59,145 | $ | 21,566 | $ | 80,711 | ||||||
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See accompanying notes to the unaudited pro forma financial statements.
F-2
GTx, Inc.
UNAUDITED PRO FORMA CONDENSED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2012
(in thousands, except share and per share data)
| As Reported | Pro Forma | |||||||||||
| Six Months Ended | Pro Forma | Six Months Ended | ||||||||||
| June 30, 2012 | Adjustments | June 30, 2012 | ||||||||||
| Revenues: |
||||||||||||
| Product sales, net |
$ | 3,468 | $ | (3,468 | )(c) | $ | — | |||||
| Collaboration revenue |
— | — | — | |||||||||
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| Total revenues |
3,468 | (3,468 | ) | — | ||||||||
| Costs and expenses: |
||||||||||||
| Cost of product sales |
519 | (519 | )(c) | — | ||||||||
| Research and development expenses |
19,072 | — | 19,072 | |||||||||
| General and administrative expenses |
5,399 | (410 | )(c) | 4,989 | ||||||||
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| Total costs and expenses |
24,990 | (929 | ) | 24,061 | ||||||||
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| Loss from operations |
(21,522 | ) | (2,539 | ) | (24,061 | ) | ||||||
| Other income, net |
61 | — | 61 | |||||||||
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| Net loss |
$ | (21,461 | ) | $ | (2,539 | ) | $ | (24,000 | ) | |||
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| Net loss per share: |
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| Basic and diluted |
$ | (0.34 | ) | $ | (0.38 | ) | ||||||
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| Weighted average shares used in computing net loss per share: |
||||||||||||
| Basic and diluted |
62,801,835 | 62,801,835 | ||||||||||
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See accompanying notes to the unaudited pro forma financial statements.
F-3
GTx, Inc.
UNAUDITED PRO FORMA CONDENSED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(in thousands, except share and per share data)
| As Reported | Pro Forma | |||||||||||
| Six Months Ended | Pro Forma | Six Months Ended | ||||||||||
| June 30, 2011 | Adjustments | June 30, 2011 | ||||||||||
| Revenues: |
||||||||||||
| Product sales, net |
$ | 2,874 | $ | (2,874 | )(c) | $ | — | |||||
| Collaboration revenue |
8,066 | — | 8,066 | |||||||||
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| Total revenues |
10,940 | (2,874 | ) | 8,066 | ||||||||
| Costs and expenses: |
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| Cost of product sales |
469 | (469 | )(c) | — | ||||||||
| Research and development expenses |
14,894 | — | 14,894 | |||||||||
| General and administrative expenses |
9,154 | (2,976 | )(c) | 6,178 | ||||||||
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| Total costs and expenses |
24,517 | (3,445 | ) | 21,072 | ||||||||
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| Loss from operations |
(13,577 | ) | 571 | (13,006 | ) | |||||||
| Other income, net |
309 | — | 309 | |||||||||
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| Net loss |
$ | (13,268 | ) | $ | 571 | $ | (12,697 | ) | ||||
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| Net loss per share: |
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| Basic and diluted |
$ | (0.26 | ) | $ | (0.24 | ) | ||||||
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| Weighted average shares used in computing net loss per share: |
||||||||||||
| Basic and diluted |
51,844,616 | 51,844,616 | ||||||||||
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See accompanying notes to the unaudited pro forma financial statements.
F-4
GTx, Inc.
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2011
(in thousands, except share and per share data)
| As Reported | Pro Forma | |||||||||||
| Year Ended | Pro Forma | Year Ended | ||||||||||
| December 31, 2011 | Adjustments | December 31, 2011 | ||||||||||
| Revenues: |
||||||||||||
| Product sales, net |
$ | 6,673 | $ | (6,673 | )(c) | $ | — | |||||
| Collaboration revenue |
8,066 | — | 8,066 | |||||||||
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| Total revenues |
14,739 | (6,673 | ) | 8,066 | ||||||||
| Costs and expenses: |
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| Cost of product sales |
1,055 | (1,055 | )(c) | — | ||||||||
| Research and development expenses |
31,938 | — | 31,938 | |||||||||
| General and administrative expenses |
15,438 | (3,411 | )(c) | 12,027 | ||||||||
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| Total costs and expenses |
48,431 | (4,466 | ) | 43,965 | ||||||||
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| (Loss) income from operations |
(33,692 | ) | (2,207 | ) | (35,899 | ) | ||||||
| Other income, net |
398 | — | 398 | |||||||||
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| Net (loss) income |
$ | (33,294 | ) | $ | (2,207 | ) | $ | (35,501 | ) | |||
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| Net (loss) income per share: |
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| Basic and diluted |
$ | (0.58 | ) | $ | (0.62 | ) | ||||||
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| Weighted average shares used in computing net (loss) income per share: |
||||||||||||
| Basic and diluted |
57,359,466 | 57,359,466 | ||||||||||
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See accompanying notes to the unaudited pro forma financial statements.
F-5
GTx, Inc.
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2010
(in thousands, except share and per share data)
| As Reported | Pro Forma | |||||||||||
| Year Ended | Pro Forma | Year Ended | ||||||||||
| December 31, 2010 | Adjustments | December 31, 2010 | ||||||||||
| Revenues: |
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| Product sales, net |
$ | 3,827 | $ | (3,827 | )(c) | $ | — | |||||
| Collaboration revenue |
56,786 | — | 56,786 | |||||||||
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| Total revenues |
60,613 | (3,827 | ) | 56,786 | ||||||||
| Costs and expenses: |
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| Cost of product sales |
768 | (768 | )(c) | — | ||||||||
| Research and development expenses |
28,495 | — | 28,495 | |||||||||
| General and administrative expenses |
17,419 | (4,225 | )(c) | 13,194 | ||||||||
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| Total costs and expenses |
46,682 | (4,993 | ) | 41,689 | ||||||||
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| (Loss) income from operations |
13,931 | 1,166 | 15,097 | |||||||||
| Other income, net |
1,363 | — | 1,363 | |||||||||
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| Net (loss) income |
$ | 15,294 | $ | 1,166 | $ | 16,460 | ||||||
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| Net (loss) income per share: |
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| Basic and diluted |
$ | 0.39 | $ | 0.42 | ||||||||
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| Weighted average shares used in computing net (loss) income per share: |
||||||||||||
| Basic and diluted |
38,874,721 | 38,874,721 | ||||||||||
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See accompanying notes to the unaudited pro forma financial statements.
F-6
GTx, Inc.
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2009
(in thousands, except share and per share data)
| As Reported | Pro Forma | |||||||||||
| Year Ended | Pro Forma | Year Ended | ||||||||||
| December 31, 2009 | Adjustments | December 31, 2009 | ||||||||||
| Revenues: |
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| Product sales, net |
$ | 3,289 | $ | (3,289 | )(c) | $ | — | |||||
| Collaboration revenue |
11,441 | — | 11,441 | |||||||||
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| Total revenues |
14,730 | (3,289 | ) | 11,441 | ||||||||
| Costs and expenses: |
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| Cost of product sales |
1,290 | (1,290 | )(c) | — | ||||||||
| Research and development expenses |
32,344 | — | 32,344 | |||||||||
| General and administrative expenses |
27,778 | (613 | )(c) | 27,165 | ||||||||
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| Total costs and expenses |
61,412 | (1,903 | ) | 59,509 | ||||||||
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| (Loss) income from operations |
(46,682 | ) | (1,386 | ) | (48,068 | ) | ||||||
| Other income, net |
188 | — | 188 | |||||||||
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| (Loss) income before income taxes |
(46,494 | ) | (1,386 | ) | (47,880 | ) | ||||||
| Income tax benefit |
238 | — | 238 | |||||||||
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| Net (loss) income |
$ | (46,256 | ) | $ | (1,386 | ) | $ | (47,642 | ) | |||
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| Net (loss) income per share: |
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| Basic and diluted |
$ | (1.27 | ) | $ | (1.31 | ) | ||||||
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| Weighted average shares used in computing net (loss) income per share: |
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| Basic and diluted |
36,415,379 | 36,415,379 | ||||||||||
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See accompanying notes to the unaudited pro forma financial statements.
F-7
GTx, Inc.
NOTES TO THE UNAUDITED PRO FORMA FINANCIAL STATEMENTS
Pro Forma Adjustments
Pro forma adjustments are necessary to reflect the impact on the Company’s balance sheet as if the Disposition had occurred on June 30, 2012 and to reflect the impact on the Company’s statements of operations as if Disposition had occurred on January 1, 2009. The pro forma adjustments included in the unaudited pro forma financial statements are as follows:
| (a) | To reflect the cash proceeds from the sale of the FARESTON® Assets, including purchased product inventory. |
| (b) | To reflect the impact of the Disposition on specified balance sheet items as if the Disposition had occurred on June 30, 2012. This includes the sale of product inventory and recognition of liabilities that are expected to be paid within 30 days of the Disposition. |
| (c) | To reflect the impact of the Disposition on the Company’s operating results as if the Disposition had occurred on January 1, 2009. |
F-8