UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K/A

Amendment No. 1 to Form 10-K

 

þ  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the fiscal year ended December 31, 2015

 

o  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 001-37437


XBIOTECH INC.

(Exact name of Registrant as specified in its charter)

 

British Columbia, Canada N/A
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

 

8201 E. Riverside Drive, Bldg. 4, Suite 100

Austin TX 78744

(Address of principal executive offices, including zip code)

 

Telephone Number (512) 386-2900

(Registrant's telephone number, including area code)

 


Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   NASDAQ Global Market

 

Securities registered pursuant to Section 12(g) of the Act:

None

 


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  o    No  ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act of 1933.    Yes  o     No  ý

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  ý    No  o  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  ý    No   o  

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ý 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o     Accelerated filer o     Non-accelerated filer ý   Smaller Reporting Company o  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  o      No  ý

 

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2015, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $348,728,794, based upon the closing sales price for the registrant’s common stock, as reported on the NASDAQ Global Market. The calculation of the aggregate market value of voting and non-voting common equity excludes 12,752,867 shares of common stock the registrant held by executive officers, directors and shareholders that the registrant concluded were affiliates of the registrant on that date. Exclusion of such shares should not be construed to indicate that any such person possesses the power, direct or indirect, to direct or cause the direction of management or policies of the registrant or that such person is controlled by or under common control with the registrant.

 

As of March 30, 2016, 32,292,106 shares of the registrant’s Common Stock were outstanding.  

 

 

EXPLANATORY NOTE

 

 

This Amendment No. 1 on Form 10-K/A is an amendment to the Annual Report on Form 10-K for the year ended December 31, 2015(the "Report") filed with the Securities and Exchange Commission on March 30, 2016.

 

This Form 10-K/A is being field for the purpose of correcting the errors regarding ITEM  8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 

Except as expressly noted herein, this Form 10-K/A does not alter any other part of the content of the Report and does not affect the information originally set forth in the Report, the remaining portions of which have not been amended.

 

 

 

 

 

 

PART II

 

ITEM  8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

 

 

XBiotech Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

   Year Ended December 31,
   2015  2014  2013
          
Operating activities               
Net loss  $(37,483)  $(21,724)  $(9,927)
Adjustments to reconcile net loss to net cash used in operating activities:               
Depreciation   699    664    784 
Share-based compensation expense   4,407    7,020    739 
Gain on disposal of property and equipment   (157)   -    - 
Changes in operating assets and liabilities:               
Prepaid expenses and other current   (1,579)   38    (252)
Accounts payable   840    1,068    103 
Accrued expenses   (52)   1,234    (326)
Deferred rent   17    -    (29)
Net cash used in operating activities   (33,308)   (11,700)   (8,908)
                
Investing activities               
Purchase of property and equipment   (2,322)   (1,397)   (59)
Expenditures on building construction   (8,070)   -    - 
Net cash used in investing activities   (10,392)   (1,397)   (59)
                
Financing activities               
Issuance of common stock and warrants, net   75,712    63,374    12,045 
Issuance of common stock under stock option plan   1,348    150    - 
Collection of subscription receivable   410    -    - 
Deferred offering costs   -    (324)   - 
Net cash provided by financing activities   77,470    63,200    12,045 
Effect of foreign exchange rate on cash and cash equivalents   (48)   (18)   (1)
                
Net change in cash and cash equivalents   33,722    50,085    3,077 
Cash and cash equivalents, beginning of period   57,329    7,244    4,167 
Cash and cash equivalents, end of period  $91,051   $57,329   $7,244 

 

 

3. Property and Equipment

 

Property and equipment consisted of the following as of December 31, 2015 and 2014 (in thousands):

 

   2015  2014
Computer and office equipment  $335   $262 
Furniture and fixtures   132    126 
Land    1,418    1,418 
Leasehold improvements    770    762 
Scientific equipment    5,595    4,648 
Vehicle    30    30 
Construction in process    2,417    189 
Building Construction in process    10,371    885 
Accumulated depreciation    (4,751)   (4,207)
           
   $16,317   $4,113 

 

Depreciation expenses related to property and equipment amounted to approximately $699,000, $664,000, and $784,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Construction in process is related to R&D and manufactory equipment.

 

4. Accrued Expenses

 

Accrued expenses consist of the following as of December 31, 2015, and 2014 (in thousands):

 

   2015  2014
Accrued compensation and related   $441   $1,037 
Accrued professional fees    119    134 
Accrued clinical trial    278    183 
 Other    628    164 
           
   $1,466   $1,518 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

 

  XBIOTECH INC.
     
     
Date:  April 15, 2016 By: /S/ John Simard
    John Simard
    President, Chief Executive Officer and Director (Principal Executive Officer)
     
Date: April 15, 2016 By: /S/ Queena Han
    Queena Han
    Vice President, Finance and Human Resources, and Secretary (Principal Financial Officer and Principal Accounting Officer)
     

 

 

 

 

 

 

 

 

 

INDEX TO EXHIBITS

 

 

Exhibit
Numbers
  Exhibits
31.1   Certification of Chief Executive Officer pursuant to Rule 13a-14(a)
31.2   Certification of Chief Financial Officer pursuant to Rule 13a-14(a)
101.INS   XBRL Instance
101.SCH   XBRL Taxonomy Extension Schema
101.CAL   XBRL Taxonomy Extension Calculation
101.DEF   XBRL Taxonomy Extension Definition
101.LAB   XBRL Taxonomy Extension Labels
101.PRE   XBRL Taxonomy Extension Presentation