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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File Number: 001-36042
 INTREXON CORPORATION
(Exact name of registrant as specified in its charter)
 
Virginia
 
26-0084895
 
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
 
 
 
 
 
20374 Seneca Meadows Parkway
 
 
 
Germantown,
Maryland
 
20876
 
(Address of principal executive offices)
 
(Zip Code)
(301) 556-9900
(Registrant's telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report date) 
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, no par value
 
XON
 
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 31, 2019, 162,070,609 shares of common stock, no par value per share, were outstanding.


Table of Contents

INTREXON CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
Item No.
 
Page
1.
 
 
 
 
 
 
2.
3.
4.
 
1.
1A.
2.
3.
4.
5.
6.
 
Intrexon®, Trans Ova Genetics®, Oxitec®, EnviroFlight®, ViaGen®, ActoBiotics®, and Design-Build-Test-Learn® are our and/or our affiliates' registered trademarks in the United States and Precigen™, AquaBounty™, Okanagan Specialty Fruits™, Progentus™, ActoBio Therapeutics™, and Precigen Therapeutics™ are our and/or our affiliates' common law trademarks in the United States. This Quarterly Report on Form 10-Q, or this Quarterly Report, and the information incorporated herein by reference, contain references to trademarks, service marks, and trade names owned by us or other companies. Solely for convenience, trademarks, service marks and trade names referred to in this Quarterly Report and the information incorporated herein, including logos, artwork, and other visual displays, may appear without the ® or ™ symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks, and trade names. We do not intend our use or display of other companies' trade names, service marks, or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Other trademarks, trade names, and service marks appearing in this Quarterly Report are the property of their respective owners. Unless the context requires otherwise, references in this Quarterly Report to "Intrexon", "we", "us", and "our" refer to Intrexon Corporation.



2

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Special Note Regarding Forward-Looking Statements
This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Quarterly Report, including statements regarding our strategy, future events, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. The words "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "predict", "project", "would", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:
 
our strategy and overall approach to our business model;
our efforts to realign our business;
our efforts to hold or generate significant operating capital, including through partnering, potential asset sales, and operating cost reductions;
our ability to successfully enter new markets or develop additional products, whether independently or with our collaborators;
our ability to successfully enter into optimal strategic relationships with our subsidiaries and operating companies that we may form in the future;
competition from existing technologies and products or new technologies and products that may emerge;
actual or anticipated variations in our operating results;
our current and future joint ventures, or JVs, exclusive channel collaborations, or ECCs, license agreements and other collaborations;
developments concerning our collaborators and licensees;
actual or anticipated fluctuations in our competitors' or our collaborators' and licensees' operating results or changes in their respective growth rates;
our cash position;
market conditions in our industry;
our ability to protect our intellectual property and other proprietary rights and technologies;
our ability to adapt to changes in laws, regulations and policies;
our ability and the ability of our collaborators and licensees to adapt to changes in laws, regulations and policies and to secure any necessary regulatory approvals to commercialize any products developed by us or under our ECCs, license agreements and JVs;
the ability of our collaborators and licensees to protect our intellectual property and other proprietary rights and technologies;
our ability and the ability of our collaborators and licensees to develop and successfully commercialize products enabled by our technologies;
the rate and degree of market acceptance of any products developed by us, our subsidiaries, a collaborator under an ECC, or through a JV or license under a license agreement;
our ability to retain and recruit key personnel;

3

Table of Contents

the result of litigation proceedings or investigations that we currently face or may face in the future;
our expectations related to the use of proceeds from our public offerings and other financing efforts; and
our estimates regarding expenses, future revenue, capital requirements, and need for additional financing.
Forward-looking statements may also concern our expectations relating to our subsidiaries and other affiliates. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report.
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in Part II, Item 1A. "Risk Factors," that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, JVs or investments that we may make.
You should read this Quarterly Report, the documents that we reference in this Quarterly Report, our Annual Report on Form 10-K for the year ended December 31, 2018, the other reports we have filed with the Securities and Exchange Commission, or SEC, and the documents that we have filed as exhibits to our filings with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


4

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Intrexon Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited) 
(Amounts in thousands, except share data)
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
58,162

 
$
102,768

Restricted cash

 
6,987

Short-term investments
67,641

 
119,688

Equity securities

 
384

Receivables
 
 
 
Trade, net
24,496

 
21,195

Related parties, net
7,095

 
4,129

Other, net
2,866

 
2,754

Inventory
18,192

 
21,447

Prepaid expenses and other
4,712

 
6,131

Total current assets
183,164

 
285,483

Equity securities, noncurrent
21,503

 
1,798

Property, plant and equipment, net
120,401

 
128,874

Intangible assets, net
112,526

 
129,291

Goodwill
149,916

 
149,585

Investments in affiliates
18,093

 
18,859

Right-of-use assets
41,558

 

Other assets
8,027

 
2,287

Total assets
$
655,188

 
$
716,177

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

Intrexon Corporation and Subsidiaries
Consolidated Balance Sheets
(Unaudited) 
(Amounts in thousands, except share data)
June 30,
2019
 
December 31,
2018
Liabilities and Total Equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
8,563

 
$
13,420

Accrued compensation and benefits
9,034

 
10,687

Other accrued liabilities
11,701

 
20,620

Deferred revenue, including $7,053 and $6,945 from related parties as of June 30, 2019 and December 31, 2018, respectively
16,593

 
15,554

Lines of credit
387

 
466

Current portion of long-term debt
468

 
559

Current portion of lease liabilities
4,813

 

Related party payables
74

 
256

Total current liabilities
51,633

 
61,562

Long-term debt, net of current portion, including $55,743 and $55,290 to related parties as of June 30, 2019 and December 31, 2018, respectively
212,479

 
211,235

Deferred revenue, net of current portion, including $51,195 and $52,227 from related parties as of June 30, 2019 and December 31, 2018, respectively
66,542

 
54,210

Lease liabilities, net of current portion
38,757

 

Deferred tax liabilities, net
6,332

 
7,213

Other long-term liabilities
222

 
3,235

Total liabilities
375,965

 
337,455

Commitments and contingencies (Note 16)

 

Total equity
 
 
 
Common stock, no par value, 400,000,000 and 200,000,000 shares authorized as of June 30, 2019 and December 31, 2018, respectively; 161,917,424 and 160,020,466 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

Additional paid-in capital
1,737,449

 
1,722,012

Accumulated deficit
(1,430,020
)
 
(1,330,545
)
Accumulated other comprehensive loss
(28,206
)
 
(28,612
)
Total Intrexon shareholders' equity
279,223

 
362,855

Noncontrolling interests

 
15,867

Total equity
279,223

 
378,722

Total liabilities and total equity
$
655,188

 
$
716,177

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

Intrexon Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
 
(Amounts in thousands, except share and per share data)
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Collaboration and licensing revenues, including $7,110 and $13,148 from related parties during the three months ended June 30, 2019 and 2018, respectively, and $10,922 and $29,788 during the six months ended June 30, 2019 and 2018, respectively
$
9,097

 
$
17,450

 
$
15,067

 
$
37,298

Product revenues
7,819

 
9,568

 
12,676

 
16,720

Service revenues
18,400

 
17,718

 
29,783

 
29,965

Other revenues
670

 
539

 
1,795

 
958

Total revenues
35,986

 
45,275

 
59,321

 
84,941

Operating Expenses
 
 
 
 
 
 
 
Cost of products
9,176

 
10,639

 
17,466

 
19,169

Cost of services
8,218

 
7,895

 
15,310

 
14,678

Research and development
34,518

 
42,049

 
67,580

 
79,187

Selling, general and administrative
21,483

 
34,427

 
55,077

 
74,164

Total operating expenses
73,395

 
95,010

 
155,433

 
187,198

Operating loss
(37,409
)
 
(49,735
)
 
(96,112
)
 
(102,257
)
Other Expense, Net
 
 
 
 
 
 
 
Unrealized and realized appreciation (depreciation) in fair value of equity securities and preferred stock, net
5,632

 
(19,182
)
 
5,702

 
(20,278
)
Interest expense
(4,358
)
 
(142
)
 
(8,669
)
 
(241
)
Interest and dividend income
1,031

 
5,746

 
2,395

 
11,216

Other expense, net
(2,605
)
 
(93
)
 
(2,099
)
 
(881
)
Total other expense, net
(300
)
 
(13,671
)
 
(2,671
)
 
(10,184
)
Equity in net loss of affiliates
(1,747
)
 
(4,550
)
 
(3,387
)
 
(7,010
)
Loss before income taxes
(39,456
)
 
(67,956
)
 
(102,170
)
 
(119,451
)
Income tax benefit
525

 
1,127

 
1,103

 
5,213

Net loss
$
(38,931
)
 
$
(66,829
)
 
$
(101,067
)
 
$
(114,238
)
Net loss attributable to the noncontrolling interests
165

 
1,447

 
1,592

 
2,691

Net loss attributable to Intrexon
$
(38,766
)
 
$
(65,382
)
 
$
(99,475
)
 
$
(111,547
)
Net loss attributable to Intrexon per share, basic and diluted
$
(0.25
)
 
$
(0.51
)
 
$
(0.65
)
 
$
(0.87
)
Weighted average shares outstanding, basic and diluted
153,749,929

 
129,299,584

 
153,351,208

 
128,500,897

The accompanying notes are an integral part of these consolidated financial statements.


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Table of Contents

Intrexon Corporation and Subsidiaries
Consolidated Statements of Comprehensive Loss
(Unaudited)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(Amounts in thousands)
2019
 
2018
 
2019
 
2018
Net loss
$
(38,931
)
 
$
(66,829
)
 
$
(101,067
)
 
$
(114,238
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain on investments
59

 

 
106

 
2

Gain (loss) on foreign currency translation adjustments
26

 
(12,153
)
 
311

 
(6,293
)
Comprehensive loss
(38,846
)
 
(78,982
)
 
(100,650
)
 
(120,529
)
Comprehensive loss attributable to the noncontrolling interests
199

 
1,489

 
1,581

 
2,792

Comprehensive loss attributable to Intrexon
$
(38,647
)
 
$
(77,493
)
 
$
(99,069
)
 
$
(117,737
)
The accompanying notes are an integral part of these consolidated financial statements.


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Table of Contents

Intrexon Corporation and Subsidiaries
Consolidated Statements of Shareholders' and Total Equity
(Unaudited)
 
(Amounts in thousands, except share data)
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Accumulated
Deficit
 
Total
Intrexon
Shareholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
Shares
 
Amount
 
 
 
 
 
 
Balances at March 31, 2019
160,615,416

 
$

 
$
1,732,608

 
$
(28,325
)
 
$
(1,391,254
)
 
$
313,029

 
$
21,794

 
$
334,823

Stock-based compensation expense

 

 
56

 

 

 
56

 
5

 
61

Shares issued upon vesting of restricted stock units
345,378

 

 

 

 

 

 

 

Shares issued as payment for services
956,630

 

 
4,857

 

 

 
4,857

 

 
4,857

Adjustments for noncontrolling interests

 

 
(72
)
 

 

 
(72
)
 
72

 

Deconsolidation of subsidiary

 

 

 

 

 

 
(21,672
)
 
(21,672
)
Net loss

 

 

 

 
(38,766
)
 
(38,766
)
 
(165
)
 
(38,931
)
Other comprehensive income

 

 

 
119

 

 
119

 
(34
)
 
85

Balances at June 30, 2019
161,917,424

 
$

 
$
1,737,449

 
$
(28,206
)
 
$
(1,430,020
)
 
$
279,223

 
$

 
$
279,223

(Amounts in thousands, except share data)
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Accumulated
Deficit
 
Total
Intrexon
Shareholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
Shares
 
Amount
 
 
 
 
 
 
Balances at March 31, 2018
129,239,376

 
$

 
$
1,492,916

 
$
(9,737
)
 
$
(867,374
)
 
$
615,805

 
$
18,317

 
$
634,122

Stock-based compensation expense

 

 
8,814

 

 

 
8,814

 
32

 
8,846

Shares issued for exercises of stock options and warrants
5,311

 

 
47

 

 

 
47

 
562

 
609

Shares issued as payment for services
177,101

 

 
2,546

 

 

 
2,546

 

 
2,546

Adjustments for noncontrolling interests

 

 
33

 

 

 
33

 
(33
)
 

Net loss

 

 

 

 
(65,382
)
 
(65,382
)
 
(1,447
)
 
(66,829
)
Other comprehensive loss

 

 

 
(12,111
)
 

 
(12,111
)
 
(42
)
 
(12,153
)
Balances at June 30, 2018
129,421,788

 
$

 
$
1,504,356

 
$
(21,848
)
 
$
(932,756
)
 
$
549,752

 
$
17,389

 
$
567,141

The accompanying notes are an integral part of these consolidated financial statements

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Table of Contents

Intrexon Corporation and Subsidiaries
Consolidated Statements of Shareholders' and Total Equity
(Unaudited)
(Amounts in thousands, except share data)
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Accumulated
Deficit
 
Total
Intrexon
Shareholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
Shares
 
Amount
 
 
 
 
 
 
Balances at December 31, 2018
160,020,466

 
$

 
$
1,722,012

 
$
(28,612
)
 
$
(1,330,545
)
 
$
362,855

 
$
15,867

 
$
378,722

Stock-based compensation expense

 

 
9,046

 

 

 
9,046

 
69

 
9,115

Shares issued upon vesting of restricted stock units and for exercises of stock options and warrants
632,015

 

 
57

 

 

 
57

 
250

 
307

Shares issued for accrued compensation
150,908

 

 
1,102

 

 

 
1,102

 

 
1,102

Shares issued as payment for services
1,114,035

 

 
5,688

 

 

 
5,688

 

 
5,688

Shares issued in public offerings, net of issuance costs

 

 

 

 

 

 
6,611

 
6,611

Adjustments for noncontrolling interests

 

 
(456
)
 

 

 
(456
)
 
456

 

Deconsolidation of subsidiary

 

 

 

 

 

 
(21,672
)
 
(21,672
)
Net loss

 

 

 

 
(99,475
)
 
(99,475
)
 
(1,592
)
 
(101,067
)
Other comprehensive income

 

 

 
406

 

 
406

 
11

 
417

Balances at June 30, 2019
161,917,424

 
$

 
$
1,737,449

 
$
(28,206
)
 
$
(1,430,020
)
 
$
279,223

 
$

 
$
279,223

(Amounts in thousands, except share data)
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Accumulated
Deficit
 
Total
Intrexon
Shareholders'
Equity
 
Noncontrolling
Interests
 
Total
Equity
Shares
 
Amount
 
 
 
 
 
 
Balances at December 31, 2017
122,087,040

 
$

 
$
1,397,005

 
$
(15,554
)
 
$
(847,820
)
 
$
533,631

 
$
12,914

 
$
546,545

Cumulative effect of adoption of ASC 606

 

 

 
(104
)
 
26,611

 
26,507

 

 
26,507

Stock-based compensation expense

 

 
20,154

 

 

 
20,154

 
54

 
20,208

Shares issued for exercises of stock options and warrants
27,033

 

 
121

 

 

 
121

 
812

 
933

Shares issued as payment for services
407,715

 

 
5,487

 

 

 
5,487

 

 
5,487

Shares and warrants issued in public offerings, net of issuance costs
6,900,000

 

 
82,374

 

 

 
82,374

 
5,616

 
87,990

Adjustments for noncontrolling interests

 

 
(785
)
 

 

 
(785
)
 
785

 

Net loss

 

 

 

 
(111,547
)
 
(111,547
)
 
(2,691
)
 
(114,238
)
Other comprehensive loss

 

 

 
(6,190
)
 

 
(6,190
)
 
(101
)
 
(6,291
)
Balances at June 30, 2018
129,421,788

 
$

 
$
1,504,356

 
$
(21,848
)
 
$
(932,756
)
 
$
549,752

 
$
17,389

 
$
567,141

The accompanying notes are an integral part of these consolidated financial statements

10

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Intrexon Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended 
 June 30,
(Amounts in thousands)
2019
 
2018
Cash flows from operating activities
 
 
 
Net loss
$
(101,067
)
 
$
(114,238
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation and amortization
12,690

 
16,881

Loss on disposal of assets, net
1,286

 
5,585

Unrealized and realized (appreciation) depreciation on equity securities and preferred stock, net
(5,702
)
 
20,278

Noncash dividend income
(25
)
 
(9,914
)
Amortization of premiums (discounts) on investments, net
(693
)
 

Equity in net loss of affiliates
3,387

 
7,010

Stock-based compensation expense
9,115

 
20,208

Shares issued as payment for services
5,688

 
5,487

Provision for bad debts
344

 
789

Accretion of debt discount and amortization of deferred financing costs
4,532

 

Deferred income taxes
(981
)
 
(5,089
)
Other noncash items
3,166

 
205

Changes in operating assets and liabilities:
 
 
 
Receivables:
 
 
 
Trade
(3,743
)
 
(3,639
)
Related parties
(3,317
)
 
6,279

Other
296

 
(53
)
Inventory
3,096

 
432

Prepaid expenses and other
45

 
1,284

Right-of-use assets
2,639

 

Other assets
(1,202
)
 
102

Accounts payable
(3,686
)
 
(468
)
Accrued compensation and benefits
(347
)
 
7,597

Other accrued liabilities
(7,855
)
 
(1,165
)
Deferred revenue
8,890

 
(15,648
)
Lease liabilities
(2,675
)
 

Related party payables
67

 
(199
)
Other long-term liabilities
(585
)
 
218

Net cash used in operating activities
(76,637
)
 
(58,058
)
The accompanying notes are an integral part of these consolidated financial statements.

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Intrexon Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

 
Six Months Ended 
 June 30,
(Amounts in thousands)
2019
 
2018
Cash flows from investing activities
 
 
 
Purchases of investments
(37,163
)
 
(76
)
Maturities of investments
90,000

 
6,000

Proceeds from sales of equity securities
589

 
217

Investments in affiliates
(2,370
)
 
(8,510
)
Decrease in cash from deconsolidation of subsidiary
(7,244
)
 

Return of investment in affiliate

 
2,598

Purchases of property, plant and equipment
(25,423
)
 
(21,589
)
Proceeds from sale of assets
176

 
440

Net cash provided by (used in) investing activities
18,565

 
(20,920
)
Cash flows from financing activities
 
 
 
Proceeds from issuance of shares and warrants in public offerings, net of issuance costs
6,611

 
87,990

Advances from lines of credit