qtnt-10q_20181231.htm

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2018

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 001-36415

 

QUOTIENT LIMITED

(Exact name of registrant as specified in its charter)

 

 

Jersey, Channel Islands

 

Not Applicable

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

B1, Business Park Terre Bonne,

Route de Crassier 13,

1262 Eysins, Switzerland

 

Not Applicable

(Address of principal executive offices)

 

(Zip Code)

011-41-22-716-9800

(Registrant’s telephone number, including area code)

 

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, 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 February 5, 2019, there were 65,031,492 Ordinary Shares, nil par value, of Quotient Limited outstanding.

 

 

 


 

TABLE OF CONTENTS

 

 

  

Page

 

PART I – FINANCIAL INFORMATION

  

 

3

 

 

Item 1. Financial Statements

  

 

3

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 

23

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

 

37

 

 

Item 4. Controls and Procedures

  

 

38

 

 

PART II – OTHER INFORMATION

  

 

39

 

 

Item 1. Legal Proceedings

  

 

39

 

 

Item 1A. Risk Factors

  

 

39

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

 

39

 

 

Item 3. Defaults Upon Senior Securities

  

 

39

 

 

Item 4. Mine Safety Disclosures

  

 

39

 

 

Item 5. Other Information

  

 

39

 

 

Item 6. Exhibits

  

 

40

 

 

Signatures

 

 

41

 

 

 

 

- i -


 

Cautionary note regarding forward-looking statements

This Quarterly Report on Form 10-Q, and exhibits thereto, contains estimates, predictions, opinions, projections and other statements that may be interpreted as “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve substantial risks and uncertainties. The forward-looking statements are contained principally in Part I, Item 2: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and are also contained elsewhere in this Quarterly Report. Forward-looking statements can be identified by words such as “strategy,” “objective,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate,” “might,” “design” and other similar expressions, although not all forward-looking statements contain these identifying words. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain, and are subject to numerous known and unknown risks and uncertainties.

Forward-looking statements include statements about:

 

the development, regulatory approval and commercialization of MosaiQTM;

 

the design of blood grouping and disease screening capabilities of MosaiQ and the benefits of MosaiQ for both customers and patients;

 

future demand for and customer adoption of MosaiQ, the factors that we believe will drive such demand and our ability to address such demand;

 

our expected profit margins for MosaiQ;

 

the size of the market for MosaiQ;

 

the regulation of MosaiQ by the U.S. Food and Drug Administration, or the FDA, or other regulatory bodies, or any unanticipated regulatory changes or scrutiny by such regulators;

 

future plans for our conventional reagent products;

 

the status of our future relationships with customers, suppliers, and regulators relating to our conventional reagent products;

 

future demand for our conventional reagent products and our ability to meet such demand;

 

our ability to manage the risks associated with international operations;

 

anticipated changes, trends and challenges in our business and the transfusion diagnostics market;

 

the effects of competition;

 

the expected outcome or impact of litigation;

 

our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others;

 

our anticipated cash needs, including the adequacy of our cash and short-term investment balances relative to our forecasted cash requirements for the next twelve months, and our expected sources of funding, including proceeds from the issuance of additional 12% Senior Secured Notes due 2024, or the Secured Notes, and our estimates regarding our capital requirements and capital expenditures; and

 

our plans for executive and director compensation for the future.

You should also refer to the various factors identified in this and other reports filed by us with the Securities and Exchange Commission, including but not limited to those discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2018, for a discussion of other important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate. Further, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this Quarterly Report represent our views only as of the date of this Quarterly Report. Subsequent events and developments may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to publicly update any forward-looking statements, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report.

- 1 -


 

Where you can find more information

We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission. You can inspect, read and copy these reports, proxy statements and other information at the Securities and Exchange Commission’s Public Reference Room, which is located at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information regarding the operation of the Securities and Exchange Commission’s Public Reference Room by calling the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and Exchange Commission also maintains a website at www.sec.gov that makes available reports, proxy statements and other information regarding issuers that file electronically.

We make available free of charge at www.quotientbd.com (in the “Investors” section) copies of materials we file with, or furnish to, the Securities and Exchange Commission. By referring to our corporate website, www.quotientbd.com, we do not incorporate any such website or its contents into this Quarterly Report on Form 10-Q.

 

- 2 -


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data and per share data)

 

 

 

 

December 31,

2018

 

 

March 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,468

 

 

$

20,165

 

Short-term investments

 

 

103,202

 

 

 

5,669

 

Trade accounts receivable, net

 

 

2,356

 

 

 

2,862

 

Inventories

 

 

15,306

 

 

 

16,278

 

Prepaid expenses and other current assets

 

 

2,678

 

 

 

7,065

 

Total current assets

 

 

128,010

 

 

 

52,039

 

Restricted cash

 

 

7,510

 

 

 

5,040

 

Property and equipment, net

 

 

49,286

 

 

 

60,156

 

Intangible assets, net

 

 

759

 

 

 

914

 

Deferred income taxes

 

 

616

 

 

 

649

 

Other non-current assets

 

 

4,584

 

 

 

5,043

 

Total assets

 

$

190,765

 

 

$

123,841

 

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,996

 

 

$

5,441

 

Accrued compensation and benefits

 

 

4,337

 

 

 

5,312

 

Accrued expenses and other current liabilities

 

 

10,390

 

 

 

15,340

 

Current portion of deferred lease rental benefit

 

 

440

 

 

 

443

 

Current portion of capital lease obligation

 

 

469

 

 

 

515

 

Total current liabilities

 

 

18,632

 

 

 

27,051

 

Long-term debt, less current portion

 

 

120,044

 

 

 

85,063

 

Deferred lease rental benefit, less current portion

 

 

1,056

 

 

 

443

 

Capital lease obligation, less current portion

 

 

943

 

 

 

1,422

 

Defined benefit pension plan obligation

 

 

6,322

 

 

 

6,168

 

7% Cumulative redeemable preference shares

 

 

19,113

 

 

 

18,325

 

Total liabilities

 

 

166,110

 

 

 

138,472

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' equity (deficit):

 

 

 

 

 

 

 

 

Ordinary shares (nil par value) 64,972,552 and 45,646,424 issued and outstanding at

   December 31, 2018 and March 31, 2018 respectively

 

 

367,679

 

 

 

253,934

 

Additional paid in capital

 

 

27,284

 

 

 

23,708

 

Accumulated other comprehensive loss

 

 

(15,877

)

 

 

(16,634

)

Accumulated deficit

 

 

(354,431

)

 

 

(275,639

)

Total shareholders' equity (deficit)

 

 

24,655

 

 

 

(14,631

)

Total liabilities and shareholders' equity (deficit)

 

$

190,765

 

 

$

123,841

 

 

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

 

- 3 -


 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data and per share data)

 

 

 

Quarter ended

 

 

Nine months ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

6,723

 

 

$

5,653

 

 

$

20,834

 

 

$

17,789

 

Other revenues

 

 

 

 

 

206

 

 

 

19

 

 

 

806

 

Total revenue

 

 

6,723

 

 

 

5,859

 

 

 

20,853

 

 

 

18,595

 

Cost of revenue

 

 

(4,186

)

 

 

(2,325

)

 

 

(12,803

)

 

 

(7,943

)

Gross profit

 

 

2,537

 

 

 

3,534

 

 

 

8,050

 

 

 

10,652

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

(2,233

)

 

 

(1,910

)

 

 

(6,359

)

 

 

(5,461

)

Research and development, net of government grants

 

 

(11,788

)

 

 

(11,929

)

 

 

(37,356

)

 

 

(37,944

)

General and administrative expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense in respect of share options and

   management equity incentives

 

 

(1,073

)

 

 

(986

)

 

 

(3,576

)

 

 

(3,458

)

Other general and administrative expenses

 

 

(6,471

)

 

 

(5,804

)

 

 

(19,388

)

 

 

(15,851

)

Total general and administrative expense

 

 

(7,544

)

 

 

(6,790

)

 

 

(22,964

)

 

 

(19,309

)

Total operating expense

 

 

(21,565

)

 

 

(20,629

)

 

 

(66,679

)

 

 

(62,714

)

Operating loss

 

 

(19,028

)

 

 

(17,095

)

 

 

(58,629

)

 

 

(52,062

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(5,679

)

 

 

(3,249

)

 

 

(14,614

)

 

 

(11,656

)

Other, net

 

 

(1,536

)

 

 

33

 

 

 

(5,516

)

 

 

1,478

 

Other expense, net

 

 

(7,215

)

 

 

(3,216

)

 

 

(20,130

)

 

 

(10,178

)

Loss before income taxes

 

 

(26,243

)

 

 

(20,311

)

 

 

(78,759

)

 

 

(62,240

)

Provision for income taxes

 

 

(11

)

 

 

 

 

 

(33

)

 

 

 

Net loss

 

$

(26,254

)

 

$

(20,311

)

 

$

(78,792

)

 

$

(62,240

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of effective portion of foreign currency

   cash flow hedges

 

$

41

 

 

$

(64

)

 

$

(320

)

 

$

409

 

Change in unrealized gain on short-term investments

 

 

169

 

 

 

(7

)

 

 

416

 

 

 

25

 

Foreign currency gain (loss)

 

 

(176

)

 

 

(168

)

 

 

554

 

 

 

1,144

 

Provision for pension benefit obligation

 

 

35

 

 

 

45

 

 

 

107

 

 

 

132

 

Other comprehensive income (loss), net

 

 

69

 

 

 

(194

)

 

 

757

 

 

 

1,710

 

Comprehensive loss

 

$

(26,185

)

 

$

(20,505

)

 

$

(78,035

)

 

$

(60,530

)

Net loss available to ordinary shareholders - basic and diluted

 

$

(26,254

)

 

$

(20,311

)

 

$

(78,792

)

 

$

(62,240

)

Loss per share - basic and diluted

 

$

(0.46

)

 

$

(0.47

)

 

$

(1.53

)

 

$

(1.58

)

Weighted-average shares outstanding - basic and diluted

 

 

56,619,356

 

 

 

43,353,506

 

 

 

51,512,352

 

 

 

39,274,570

 

 

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

 

 

- 4 -


 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT) (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data)

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

September 30, 2018

 

 

54,229,503

 

 

$

303,176

 

 

$

26,211

 

 

$

(15,946

)

 

$

(328,177

)

 

$

(14,736

)

Issue of shares, net of issue costs of $4,497

 

 

10,615,385

 

 

 

64,503

 

 

 

 

 

 

 

 

 

 

 

 

64,503

 

Issue of shares upon exercise of incentive

   share options and vesting of RSUs

 

 

127,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,254

)

 

 

(26,254

)

Change in the fair value of the effective

   portion of foreign currency cash

   flow hedges

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

41

 

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

169

 

 

 

 

 

 

169

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature intra-

   entity balances

 

 

 

 

 

 

 

 

 

 

 

3,399

 

 

 

 

 

 

3,399

 

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

(3,575

)

 

 

 

 

 

(3,575

)

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

69

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,073

 

 

 

 

 

 

 

 

 

1,073

 

December 31, 2018

 

 

64,972,552

 

 

$

367,679

 

 

$

27,284

 

 

$

(15,877

)

 

$

(354,431

)

 

$

24,655

 

 

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

March 31, 2018

 

 

45,646,424

 

 

$

253,934

 

 

$

23,708

 

 

$

(16,634

)

 

$

(275,639

)

 

$

(14,631

)

Issue of shares, net of issue costs of $4,497

 

 

19,085,068

 

 

 

113,723

 

 

 

 

 

 

 

 

 

 

 

 

113,723

 

Issue of shares upon exercise of incentive

   share options and vesting of RSUs

 

 

241,060

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78,792

)

 

 

(78,792

)

Change in the fair value of the effective

   portion of foreign currency cash

   flow hedges

 

 

 

 

 

 

 

 

 

 

 

(320

)

 

 

 

 

 

(320

)

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

416

 

 

 

 

 

 

416

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature intra-

   entity balances

 

 

 

 

 

 

 

 

 

 

 

10,848

 

 

 

 

 

 

10,848

 

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

(10,294

)

 

 

 

 

 

(10,294

)

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

107

 

 

 

 

 

 

107

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

757

 

 

 

 

 

 

757

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,576

 

 

 

 

 

 

 

 

 

3,576

 

December 31, 2018

 

 

64,972,552

 

 

$

367,679

 

 

$

27,284

 

 

$

(15,877

)

 

$

(354,431

)

 

$

24,655

 

 

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


- 5 -


 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT) (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data)

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

September 30, 2017

 

 

37,694,531

 

 

$

217,883

 

 

$

18,357

 

 

$

(17,388

)

 

$

(235,230

)

 

$

(16,378

)

Issue of Shares , net of Issue Costs of

  $445

 

 

7,864,683

 

 

 

36,047

 

 

 

 

 

 

 

 

 

 

 

 

36,047

 

Issue of shares upon exercise of incentive

   share options and vesting of RSUs

 

 

28,717

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Issue of warrants

 

 

 

 

 

 

 

 

3,667

 

 

 

 

 

 

 

 

 

3,667

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,311

)

 

 

(20,311

)

Change in the fair value of the effective

   portion of foreign currency cash

   flow hedges

 

 

 

 

 

 

 

 

 

 

 

(64

)

 

 

 

 

 

(64

)

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature intra-

   entity balances

 

 

 

 

 

 

 

 

 

 

 

(2,133

)

 

 

 

 

 

(2,133

)

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

1,965

 

 

 

 

 

 

1,965

 

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

45

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(194

)

 

 

 

 

 

(194

)

Stock-based compensation

 

 

 

 

 

 

 

 

986

 

 

 

 

 

 

 

 

 

986

 

December 31, 2017

 

 

45,587,931

 

 

$

253,934

 

 

$

23,010

 

 

$

(17,582

)

 

$

(255,541

)

 

$

3,821

 

 

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

March 31, 2017

 

 

29,567,698

 

 

$

172,617

 

 

$

15,885

 

 

$

(19,292

)

 

$

(193,301

)

 

$

(24,091

)

Issue of shares, net of issue costs of $680

 

 

15,914,683

 

 

 

81,206

 

 

 

 

 

 

 

 

 

 

 

 

81,206

 

Issue of shares upon exercise of incentive

   share options and vesting of RSUs

 

 

105,550

 

 

 

111

 

 

 

 

 

 

 

 

 

 

 

 

111

 

Issue of warrants

 

 

 

 

 

 

 

 

3,667

 

 

 

 

 

 

 

 

 

3,667

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(62,240

)

 

 

(62,240

)

Change in the fair value of the effective

   portion of foreign currency cash

   flow hedges

 

 

 

 

 

 

 

 

 

 

 

409

 

 

 

 

 

 

409

 

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

25

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature intra-

   entity balances

 

 

 

 

 

 

 

 

 

 

 

(6,922

)

 

 

 

 

 

(6,922

)

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

8,066

 

 

 

 

 

 

8,066

 

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

132

 

 

 

 

 

 

132

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

1,710

 

 

 

 

 

 

1,710

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,458

 

 

 

 

 

 

 

 

 

3,458

 

December 31, 2017

 

 

45,587,931

 

 

$