Summary
This 8-K filing from Beigene, Ltd. (ONC) on July 24, 2018, primarily serves to update investors on the company's ongoing efforts to list its ordinary shares on the Main Board of the Stock Exchange of Hong Kong Limited (HKEx). The company disclosed key financial projections related to its cash position and net product revenue for the second quarter of 2018, ahead of its HKEx listing application. Specifically, Beigene anticipates a modest decrease in its cash, cash equivalents, restricted cash, and short-term investments balance of approximately 5.0% to 5.8% for the period ending June 30, 2018, compared to March 31, 2018. This decrease is partially offset by US$42 million in proceeds from a bank loan for its manufacturing facility construction. Concurrently, the company expects a significant increase in net product revenue for the three months ended June 30, 2018, projected to be between 33.0% and 38.0% higher than the prior quarter. Investors should note that these financial figures have not been audited or reviewed by independent accountants and are subject to change.
Key Highlights
- 1Beigene, Ltd. is pursuing a listing of its ordinary shares on the Main Board of the Stock Exchange of Hong Kong Limited (HKEx).
- 2The company expects its cash, cash equivalents, restricted cash, and short-term investments to decrease by 5.0% to 5.8% from March 31, 2018, to June 30, 2018.
- 3A US$42 million bank loan was drawn by a subsidiary to fund the construction of a biologics manufacturing facility in Guangzhou, China.
- 4Net product revenue for the three months ended June 30, 2018, is projected to increase by 33.0% to 38.0% compared to the previous quarter.
- 5These financial projections have not been audited, reviewed, or assured by independent registered public accountants and are subject to change.
- 6The filing also supplements and updates business and risk factor disclosures previously filed with the SEC, which are incorporated by reference via Exhibits 99.1 and 99.2.
- 7There is no guarantee that the proposed HKEx listing will occur or the timing thereof.