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DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) |
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04-3221586
(I.R.S. EMPLOYER IDENTIFICATION NO.) |
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(TITLE OF EACH CLASS) |
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NAME OF EACH EXCHANGE
ON WHICH REGISTERED |
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COMMON STOCK, $.01 PAR VALUE
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The NASDAQ Stock Market LLC
(NASDAQ Global Market) |
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| Large accelerated filer ☐ | | |
Accelerated filer ☒
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Non-accelerated filer ☐
(Do not check if a smaller reporting company) |
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Smaller reporting company ☐
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Page
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PART I | | | |||||
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PART II | | | |||||
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| | | | 40 | | | |
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| | | | 57 | | | |
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| | | | 82 | | | |
| | | | 82 | | | |
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PART III | | | |||||
| | | | 83 | | | |
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PART IV | | | |||||
| | | | 83 | | | |
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| | | | 83 | | | |
| | | | 84 | | |
NAME
|
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AGE
|
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POSITION
|
|
Paolo Pucci
|
| |
54
|
| | Chief Executive Officer and a Director | |
Peter S. Lawrence
|
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52
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| | President and Chief Operating Officer | |
Robert J. Weiskopf
|
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65
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| | Chief Financial Officer and Treasurer | |
Dr. Brian Schwartz
|
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54
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| | Chief Medical Officer | |
| | |
12/31/10
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12/31/11
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12/31/12
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12/31/13
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12/31/14
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12/31/15
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ArQule, Inc.
|
| | | | 100.00 | | | | | | 96.08 | | | | | | 47.53 | | | | | | 36.63 | | | | | | 20.78 | | | | | | 36.97 | | |
NASDAQ Market (U.S. Companies) Index
|
| | | | 100.00 | | | | | | 100.31 | | | | | | 116.79 | | | | | | 155.90 | | | | | | 175.33 | | | | | | 176.17 | | |
NASDAQ Biotechnology Index
|
| | | | 100.00 | | | | | | 112.08 | | | | | | 148.27 | | | | | | 246.09 | | | | | | 330.75 | | | | | | 369.67 | | |
Plan Category
|
| |
Number of Shares of
Common Stock to be Issued Upon Exercise of Outstanding Options |
| |
Weighted-Average
Exercise Price of Outstanding Options |
| |
Weighted-Average
Remaining Contractual Term (in years) |
| |
Number of Shares of
Common Stock Remaining Available for Future Issuance Under Equity Compensation Plans |
| ||||||||||||
Equity compensation plans approved by stockholders
|
| | | | 8,305,950 | | | | | $ | 4.24 | | | | | | 5.21 | | | | | | 4,311,474 | | |
Equity compensation plans not approved by stockholders
|
| | | | — | | | | | $ | — | | | | | | — | | | | | | — | | |
| | |
HIGH
|
| |
LOW
|
| ||||||
2014 | | | | ||||||||||
First Quarter
|
| | | $ | 2.92 | | | | | $ | 1.97 | | |
Second Quarter
|
| | | | 2.08 | | | | | | 1.29 | | |
Third Quarter
|
| | | | 1.60 | | | | | | 1.08 | | |
Fourth Quarter
|
| | | | 1.45 | | | | | | 1.04 | | |
2015 | | | | ||||||||||
First Quarter
|
| | | $ | 2.50 | | | | | $ | 1.05 | | |
Second Quarter
|
| | | | 2.30 | | | | | | 1.50 | | |
Third Quarter
|
| | | | 2.12 | | | | | | 1.42 | | |
Fourth Quarter
|
| | | | 2.65 | | | | | | 1.83 | | |
2016 | | | | ||||||||||
First Quarter (through February 15, 2016)
|
| | | $ | 2.19 | | | | | $ | 1.60 | | |
| | |
YEAR ENDED DECEMBER 31,
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2015
|
| |
2014
|
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2013
|
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2012
|
| |
2011
|
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STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS DATA:
|
| | | | | | |||||||||||||||||||||||||
Revenue: | | | | | | | |||||||||||||||||||||||||
Research and development revenue(a)(b)
|
| | | $ | 11,239 | | | | | $ | 11,254 | | | | | $ | 15,914 | | | | | $ | 36,414 | | | | | $ | 47,310 | | |
Costs and expenses: | | | | | | | |||||||||||||||||||||||||
Research and development(c)
|
| | | | 15,561 | | | | | | 22,271 | | | | | | 27,555 | | | | | | 33,966 | | | | | | 45,011 | | |
General and administrative
|
| | | | 9,830 | | | | | | 12,154 | | | | | | 12,836 | | | | | | 13,852 | | | | | | 13,373 | | |
Restructuring and other costs(d)(e)
|
| | | | — | | | | | | 1,099 | | | | | | 650 | | | | | | — | | | | | | — | | |
Total costs and expenses
|
| | | | 25,391 | | | | | | 35,524 | | | | | | 41,041 | | | | | | 47,818 | | | | | | 58,384 | | |
Loss from operations
|
| | | | (14,152) | | | | | | (24,270) | | | | | | (25,127) | | | | | | (11,404) | | | | | | (11,074) | | |
Interest income
|
| | | | 101 | | | | | | 272 | | | | | | 502 | | | | | | 445 | | | | | | 317 | | |
Interest expense
|
| | | | — | | | | | | (35) | | | | | | (32) | | | | | | (26) | | | | | | (25) | | |
Other income(f)
|
| | | | 277 | | | | | | 642 | | | | | | 57 | | | | | | 113 | | | | | | 20 | | |
Loss before income taxes
|
| | | | (13,774) | | | | | | (23,391) | | | | | | (24,600) | | | | | $ | (10,872) | | | | | $ | (10,762) | | |
Benefit from income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | (13,774) | | | | | | (23,391) | | | | | | (24,600) | | | | | | (10,872) | | | | | | (10,762) | | |
Unrealized gain (loss) on marketable securities
|
| | | | 13 | | | | | | (77) | | | | | | (35) | | | | | | 108 | | | | | | 1 | | |
Comprehensive loss
|
| | | $ | (13,761) | | | | | $ | (23,468) | | | | | $ | (24,635) | | | | | $ | (10,764) | | | | | $ | (10,761) | | |
Basic and diluted net loss per share
|
| | | $ | (0.22) | | | | | $ | (0.37) | | | | | $ | (0.39) | | | | | $ | (0.18) | | | | | $ | (0.20) | | |
Weighted average common shares outstanding—basic and diluted
|
| | | | 62,808 | | | | | | 62,627 | | | | | | 62,480 | | | | | | 59,821 | | | | | | 52,778 | | |
Cash, cash equivalents and marketable securities(g)(h)
|
| | | $ | 38,772 | | | | | $ | 59,208 | | | | | $ | 74,695 | | | | | $ | 79,271 | | | | | $ | 68,168 | | |
Marketable securities-long term
|
| | | | — | | | | | | 2,058 | | | | | | 20,391 | | | | | | 51,328 | | | | | | 40,475 | | |
| | | | $ | 38,772 | | | | | $ | 61,266 | | | | | $ | 95,086 | | | | | $ | 130,599 | | | | | $ | 108,643 | | |
Working capital(g)(h)
|
| | | $ | 28,661 | | | | | $ | 42,824 | | | | | $ | 53,883 | | | | | $ | 52,968 | | | | | $ | 23,299 | | |
Notes payable
|
| | | | — | | | | | | — | | | | | | 1,700 | | | | | | 1,700 | | | | | | 1,700 | | |
Total assets
|
| | | | 40,004 | | | | | | 63,394 | | | | | | 98,179 | | | | | | 134,193 | | | | | | 117,051 | | |
Total stockholders’ equity (deficit)(g)(h)
|
| | | | 29,179 | | | | | | 40,545 | | | | | | 60,626 | | | | | | 81,029 | | | | | | 29,729 | | |
| | |
December 31,
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% increase (decrease)
|
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| | |
2015
|
| |
2014
|
| |
2013
|
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2014 to 2015
|
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2013 to 2014
|
| |||||||||||||||
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(in millions)
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Cash, cash equivalents and marketable securities short-term
|
| | | $ | 38.8 | | | | | $ | 59.2 | | | | | $ | 74.7 | | | | | | (35)% | | | | | | (21)% | | |
Marketable securities long-term
|
| | | | — | | | | | | 2.1 | | | | | | 20.4 | | | | | | (100)% | | | | | | (90)% | | |
Notes payable
|
| | | | — | | | | | | — | | | | | | 1.7 | | | | | | — | | | | | | (100)% | | |
Working capital
|
| | | | 28.7 | | | | | | 42.8 | | | | | | 53.9 | | | | | | (33)% | | | | | | (21)% | | |
| | |
Year Ended December 31,
|
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| | |
2015
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2014
|
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2013
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(in millions)
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Cash flow from: | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (22.2) | | | | | $ | (31.8) | | | | | $ | (33.7) | | |
Investing activities
|
| | | | 23.5 | | | | | | 30.3 | | | | | | 34.6 | | |
Financing activities
|
| | | | 0.1 | | | | | | (1.6) | | | | | | 0.3 | | |
| | |
Payment due by period
|
| ||||||||||||||||||||||||||||||||
Contractual Obligations
|
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Total
|
| |
Less than
1 year |
| |
1−3 years
|
| |
3−5 years
|
| |
More than
5 years |
| ||||||||||||||||||||
Operating lease obligations
|
| | | $ | 2,296 | | | | | $ | 528 | | | | | $ | 1,472 | | | | | $ | 296 | | | | | $ | — | | | |||||
Purchase obligations
|
| | | | 3,273 | | | | | | 3,273 | | | | | | — | | | | | | — | | | | | | — | | | |||||
Total
|
| | | $ | 5,569 | | | | | $ | 3,801 | | | | | $ | 1,472 | | | | | $ | 296 | | | | | $ | — | | | |||||
|
| | | | | | | | | | | | | | | | | | | | |
% increase (decrease)
|
| |||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |
2014 to 2015
|
| |
2013 to 2014
|
| |||||||||||||||
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(in millions)
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| | | |||||||||||||||||||||||||
Research and development revenue
|
| | | $ | 11.2 | | | | | $ | 11.3 | | | | | $ | 15.9 | | | | | | —% | | | | | | (29)% | | |
| | | | | | | | | | | | | | | | | | | | |
% increase (decrease)
|
| |||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |
2014 to 2015
|
| |
2013 to 2014
|
| |||||||||||||||
| | |
(in millions)
|
| | | |||||||||||||||||||||||||
Research and development
|
| | | $ | 15.6 | | | | | $ | 22.3 | | | | | $ | 27.6 | | | | | | (30)% | | | | | | (19)% | | |
Oncology program
|
| |
Current status
|
| |
Year Ended
December 31, 2015 |
| |
Program-to-date
|
| ||||||
Met program—Tivantinib
|
| |
Phase 3
|
| | | $ | 0.8 | | | | | $ | 84.6 | | |
Clinical Phase
|
| |
Estimated Completion Period
|
|
Phase 1
|
| |
1−2 years
|
|
Phase 2
|
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2−3 years
|
|
Phase 3
|
| |
2−4 years
|
|
| | | | | | | | | | | | | | | | | | | | |
% increase (decrease)
|
| |||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |
2014 to 2015
|
| |
2013 to 2014
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| |||||||||||||||
| | |
(in millions)
|
| | | |||||||||||||||||||||||||
General and administrative
|
| | | $ | 9.8 | | | | | $ | 12.2 | | | | | $ | 12.8 | | | | | | (19)% | | | | | | (5)% | | |
| | | | | | | | | | | | | | | | | | | | |
% increase (decrease)
|
| |||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| |
2014 to 2015
|
| |
2013 to 2014
|
| |||||||||||||||
| | |
(in thousands)
|
| | | |||||||||||||||||||||||||
Interest income
|
| | | $ | 101 | | | | | $ | 272 | | | | | $ | 502 | | | | | | (63)% | | | | | | (46)% | | |
Interest expense
|
| | | | — | | | | | | (35) | | | | | | (32) | | | | | | (100)% | | | | | | 9% | | |
Other income
|
| | | | 277 | | | | | | 642 | | | | | | 57 | | | | | | (57)% | | | | | | 1,026% | | |
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Page
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December 31,
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| | |
2015
|
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2014
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(IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA) |
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ASSETS | | | | ||||||||||||
Current assets: | | | | ||||||||||||
Cash and cash equivalents
|
| | | $ | 13,983 | | | | | $ | 12,525 | | | ||
Marketable securities-short term
|
| | | | 24,789 | | | | | | 46,683 | | | ||
Prepaid expenses and other current assets
|
| | | | 714 | | | | | | 1,893 | | | ||
Total current assets
|
| | | | 39,486 | | | | | | 61,101 | | | ||
Marketable securities-long term
|
| | | | — | | | | | | 2,058 | | | ||
Property and equipment, net
|
| | | | 266 | | | | | | 133 | | | ||
Other assets
|
| | | | 252 | | | | | | 102 | | | ||
Total assets
|
| | | $ | 40,004 | | | | | $ | 63,394 | | | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | ||||||||||||
Current liabilities: | | | | ||||||||||||
Accounts payable and accrued expenses
|
| | | $ | 6,234 | | | | | $ | 6,947 | | | ||
Current portion of deferred revenue
|
| | | | 4,591 | | | | | | 11,098 | | | ||
Current portion of deferred gain on sale leaseback
|
| | | | — | | | | | | 232 | | | ||
Total current liabilities
|
| | | | 10,825 | | | | | | 18,277 | | | ||
Deferred revenue, net of current portion
|
| | | | — | | | | | | 4,572 | | | ||
Total liabilities
|
| | | | 10,825 | | | | | | 22,849 | | | ||
Commitments and contingencies (Note 12) | | | | ||||||||||||
Stockholders’ equity: | | | | ||||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued
or outstanding |
| | | | — | | | | | | — | | | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 62,939,780 and 62,821,781 shares issued and outstanding at December 31, 2015 and 2014, respectively
|
| | | | 629 | | | | | | 628 | | | ||
Additional paid-in capital
|
| | | | 510,664 | | | | | | 508,270 | | | ||
Accumulated other comprehensive income (loss)
|
| | | | 3 | | | | | | (10) | | | ||
Accumulated deficit
|
| | | | (482,117) | | | | | | (468,343) | | | ||
Total stockholders’ equity
|
| | | | 29,179 | | | | | | 40,545 | | | ||
Total liabilities and stockholders’ equity
|
| | | $ | 40,004 | | | | | $ | 63,394 | | | ||
|
| | |
YEAR ENDED DECEMBER 31,
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
| | |
(IN THOUSANDS, EXCEPT
PER SHARE DATA) |
| ||||||||||||||||||
Revenue: | | | | | ||||||||||||||||||
Research and development revenue
|
| | | $ | 11,239 | | | | | $ | 11,254 | | | | | $ | 15,914 | | | |||
Costs and expenses: | | | | | ||||||||||||||||||
Research and development
|
| | | | 15,561 | | | | | | 22,271 | | | | | | 27,555 | | | |||
General and administrative
|
| | | | 9,830 | | | | | | 12,154 | | | | | | 12,836 | | | |||
Restructuring and other costs
|
| | | | — | | | | | | 1,099 | | | | | | 650 | | | |||
| | | | | 25,391 | | | | | | 35,524 | | | | | | 41,041 | | | |||
Loss from operations
|
| | | | (14,152) | | | | | | (24,270) | | | | | | (25,127) | | | |||
Interest income
|
| | | | 101 | | | | | | 272 | | | | | | 502 | | | |||
Interest expense
|
| | | | — | | | | | | (35) | | | | | | (32) | | | |||
Other income
|
| | | | 277 | | | | | | 642 | | | | | | 57 | | | |||
Loss before income taxes
|
| | | | (13,774) | | | | | | (23,391) | | | | | | (24,600) | | | |||
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | |||
Net loss
|
| | | | (13,774) | | | | | | (23,391) | | | | | | (24,600) | | | |||
Unrealized gain (loss) on marketable securities
|
| | | | 13 | | | | | | (77) | | | | | | (35) | | | |||
Comprehensive loss
|
| | | $ | (13,761) | | | | | $ | (23,468) | | | | | $ | (24,635) | | | |||
Basic and diluted net loss per share: | | | | | ||||||||||||||||||
Net loss per share
|
| | | $ | (0.22) | | | | | $ | (0.37) | | | | | $ | (0.39) | | | |||
Weighted average basic and diluted common shares outstanding
|
| | | | 62,808 | | | | | | 62,627 | | | | | | 62,480 | | | |||
|
| | |
COMMON STOCK
|
| |
ADDITIONAL
PAID-IN CAPITAL |
| |
ACCUMULATED
OTHER COMPREHENSIVE INCOME/(LOSS) |
| |
ACCUMULATED
DEFICIT |
| |
STOCK-
HOLDERS’ EQUITY |
| |||||||||||||||||||||||||||
| | |
SHARES
|
| |
PAR
VALUE |
| ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012
|
| | | | 62,399,827 | | | | | $ | 624 | | | | | $ | 500,655 | | | | | $ | 102 | | | | | $ | (420,352) | | | | | $ | 81,029 | | | ||||||
Stock option exercises and issuance of stock
|
| | | | 200,395 | | | | | | 2 | | | | | | 72 | | | | | | | | | | | | | | | | | | 74 | | | ||||||
Employee stock purchase plan
|
| | | | 135,985 | | | | | | 1 | | | | | | 279 | | | | | | | | | | | | | | | | | | 280 | | | ||||||
Stock based compensation expense
|
| | | | | | | | | | | | | | | | 3,878 | | | | | | | | | | | | | | | | | | 3,878 | | | ||||||
Change in unrealized gain (loss) on marketable securities
|
| | | | | | | | | | | | | | | | | | | | | | (35) | | | | | | | | | | | | (35) | | | ||||||
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (24,600) | | | | | | (24,600) | | | ||||||
Balance at December 31, 2013
|
| | | | 62,736,207 | | | | | | 627 | | | | | | 504,884 | | | | | | 67 | | | | | | (444,952) | | | | | | 60,626 | | | ||||||
Restricted shares issued net of
forfeitures and shares redeemed for taxes |
| | | | (5,257) | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | — | | | ||||||
Employee stock purchase plan
|
| | | | 90,831 | | | | | | 1 | | | | | | 104 | | | | | | | | | | | | | | | | | | 105 | | | ||||||
Stock based compensation expense
|
| | | | | | | | | | | | | | | | 3,282 | | | | | | | | | | | | | | | | | | 3,282 | | | ||||||
Change in unrealized gain (loss) on marketable securities
|
| | | | | | | | | | | | | | | | | | | | | | (77) | | | | | | | | | | | | (77) | | | ||||||
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (23,391) | | | | | | (23,391) | | | ||||||
Balance at December 31, 2014
|
| | | | 62,821,781 | | | | | | 628 | | | | | | 508,270 | | | | | | (10) | | | | | | (468,343) | | | | | | 40,545 | | | ||||||
Restricted shares issued net of
forfeitures and shares redeemed for taxes |
| | | | 13,242 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | — | | | ||||||
Employee stock purchase plan
|
| | | | 104,757 | | | | | | 1 | | | | | | 133 | | | | | | | | | | | | | | | | | | 134 | | | ||||||
Stock based compensation expense
|
| | | | | | | | | | | | | | | | 2,261 | | | | | | | | | | | | | | | | | | 2,261 | | | ||||||
Change in unrealized gain (loss) on marketable securities
|
| | | | | | | | | | | | | | | | | | | | | | 13 | | | | | | | | | | | | 13 | | | ||||||
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (13,774) | | | | | | (13,774) | | | ||||||
Balance at December 31, 2015
|
| | | | 62,939,780 | | | | | $ | 629 | | | | | $ | 510,664 | | | | | $ | 3 | | | | | $ | (482,117) | | | | | $ | 29,179 | | | ||||||
|
| | |
YEAR ENDED DECEMBER 31,
|
| ||||||||||||||||||
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
| | |
(IN THOUSANDS)
|
| ||||||||||||||||||
Cash flows from operating activities: | | | | | ||||||||||||||||||
Net loss
|
| | | $ | (13,774) | | | | | $ | (23,391) | | | | | $ | (24,600) | | | |||
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | ||||||||||||||||||
Depreciation and amortization
|
| | | | 161 | | | | | | 603 | | | | | | 864 | | | |||
Amortization of premium/discount on marketable securities
|
| | | | 464 | | | | | | 1,120 | | | | | | 2,144 | | | |||
Amortization of deferred gain on sale leaseback
|
| | | | (232) | | | | | | (552) | | | | | | (552) | | | |||
Non-cash stock compensation
|
| | | | 2,261 | | | | | | 3,282 | | | | | | 3,943 | | | |||
Gain on auction rate securities
|
| | | | — | | | | | | (254) | | | | | | (57) | | | |||
Gain on sale of property and equipment
|
| | | | (277) | | | | | | (388) | | | | | | — | | | |||
Impairment of property and equipment
|
| | | | — | | | | | | 280 | | | | | | — | | | |||
Changes in operating assets and liabilities:
|
| | | | ||||||||||||||||||
Prepaid expenses and other assets
|
| | | | 1,029 | | | | | | (30) | | | | | | (363) | | | |||
Accounts payable and accrued expenses
|
| | | | (713) | | | | | | (1,523) | | | | | | (1,693) | | | |||
Deferred revenue
|
| | | | (11,079) | | | | | | (10,929) | | | | | | (13,366) | | | |||
Net cash used in operating activities
|
| | | | (22,160) | | | | | | (31,782) | | | | | | (33,680) | | | |||
Cash flows from investing activities: | | | | | ||||||||||||||||||
Purchases of marketable securities
|
| | | | (36,978) | | | | | | (33,366) | | | | | | (40,581) | | | |||
Proceeds from sale or maturity of marketable securities
|
| | | | 60,479 | | | | | | 63,189 | | | | | | 75,224 | | | |||
Proceeds from sale of property and equipment
|
| | | | 298 | | | | | | 500 | | | | | | — | | | |||
Purchases of property and equipment
|
| | | | (315) | | | | | | — | | | | | | — | | | |||
Net cash provided by investing activities
|
| | | | 23,484 | | | | | | 30,323 | | | | | | 34,643 | | | |||
Cash flows from financing activities: | | | | | ||||||||||||||||||
Payment of notes payable
|
| | | | — | | | | | | (1,700) | | | | | | — | | | |||
Proceeds from stock option exercises and employee stock plan purchases
|
| | | | 134 | | | | | | 105 | | | | | | 289 | | | |||
Net cash provided by (used in) financing activities
|
| | | | 134 | | | | | | (1,595) | | | | | | 289 | | | |||
Net increase (decrease) in cash and cash equivalents
|
| | | | 1,458 | | | | | | (3,054) | | | | | | 1,252 | | | |||
Cash and cash equivalents, beginning of period
|
| | | | 12,525 | | | | | | 15,579 | | | | | | 14,327 | | | |||
Cash and cash equivalents, end of period
|
| | | $ | 13,983 | | | | | $ | 12,525 | | | | | $ | 15,579 | | | |||
|
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Research and development
|
| | | $ | 682 | | | | | $ | 1,016 | | | | | $ | 1,315 | | | |||
General and administrative
|
| | | | 1,579 | | | | | | 2,183 | | | | | | 2,489 | | | |||
Restructuring
|
| | | | — | | | | | | 83 | | | | | | 139 | | | |||
Total stock-based compensation expense
|
| | | $ | 2,261 | | | | | $ | 3,282 | | | | | $ | 3,943 | | | |||
|
| | |
2015
|
| |
2014
|
| |
2013
|
|
Dividend yield(1)
|
| |
0.0%
|
| |
0.0%
|
| |
0.0%
|
|
Weighted average expected volatility factor(2)
|
| |
66%
|
| |
67%
|
| |
73%
|
|
Risk free interest(3)
|
| |
1.3–1.7%
|
| |
1.5–1.8%
|
| |
0.8–1.7%
|
|
Expected term, excluding options issued pursuant to the Employee Stock Purchase Plan(4)
|
| |
5.6–6.8 years
|
| |
5.8–6.9 years
|
| |
5.9–7.1 years
|
|
Expected term—Employee Stock Purchase Plan(5)
|
| |
6 months
|
| |
6 months
|
| |
6 months
|
|
December 31, 2015
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||||||
Security type | | | | | | ||||||||||||||||||||||||
Corporate debt securities-short term
|
| | | $ | 24,786 | | | | | $ | 13 | | | | | $ | (10) | | | | | $ | 24,789 | | | ||||
Corporate debt securities-long term
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Total available-for-sale marketable securities
|
| | | $ | 24,786 | | | | | $ | 13 | | | | | $ | (10) | | | | | $ | 24,789 | | | ||||
|
December 31, 2014
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||||||
Security type | | | | | | ||||||||||||||||||||||||
Corporate debt securities-short term
|
| | | $ | 46,690 | | | | | $ | 16 | | | | | $ | (23) | | | | | $ | 46,683 | | | ||||
Corporate debt securities-long term
|
| | | | 2,061 | | | | | | — | | | | | | (3) | | | | | | 2,058 | | | ||||
Total available-for-sale marketable securities
|
| | | $ | 48,751 | | | | | $ | 16 | | | | | $ | (26) | | | | | $ | 48,741 | | | ||||
|
| | |
December 31,
2015 |
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||||||
Cash equivalents
|
| | | $ | 11,800 | | | | | $ | 11,800 | | | | | $ | — | | | | | $ | — | | | ||||
Corporate debt securities-short term
|
| | | | 24,789 | | | | | | — | | | | | | 24,789 | | | | | | — | | | ||||
Corporate debt securities-long term
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||||
Total
|
| | | $ | 36,589 | | | | | $ | 11,800 | | | | | $ | 24,789 | | | | | $ | — | | | ||||
|
| | |
December 31,
2014 |
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||||||
Cash equivalents
|
| | | $ | 10,740 | | | | | $ | 10,740 | | | | | $ | — | | | | | $ | — | | | ||||
Corporate debt securities-short term
|
| | | | 46,683 | | | | | | — | | | | | | 46,683 | | | | | | — | | | ||||
Corporate debt securities-long term
|
| | | | 2,058 | | | | | | — | | | | | | 2,058 | | | | | | — | | | ||||
Total
|
| | | $ | 59,481 | | | | | $ | 10,740 | | | | | $ | 48,741 | | | | | $ | — | | | ||||
|
| | |
USEFUL
LIFE ESTIMATED (YEARS) |
| |
2015
|
| |
2014
|
| ||||||||
Machinery and equipment
|
| |
5
|
| | | $ | 1,939 | | | | | $ | 2,562 | | | ||
Leasehold improvements
|
| |
3–10
|
| | | | 232 | | | | | | 1,005 | | | ||
Furniture and fixtures
|
| |
7
|
| | | | 40 | | | | | | 1,175 | | | ||
Computer equipment
|
| |
3
|
| | | | 2,482 | | | | | | 3,604 | | | ||
| | | | | | | | 4,693 | | | | | | 8,346 | | | ||
Less: Accumulated depreciation and amortization
|
| | | | | | | 4,427 | | | | | | 8,213 | | | ||
Net property and equipment
|
| | | | | | $ | 266 | | | | | $ | 133 | | | ||
|
| | |
2015
|
| |
2014
|
| ||||||||
Security deposits
|
| | | $ | 252 | | | | | $ | 102 | | | ||
Total other assets
|
| | | $ | 252 | | | | | $ | 102 | | | ||
|
| | |
2015
|
| |
2014
|
| ||||||||
Accounts payable
|
| | | $ | 186 | | | | | $ | 259 | | | ||
Accrued payroll
|
| | | | 1,956 | | | | | | 2,130 | | | ||
Accrued outsourced pre-clinical and clinical fees
|
| | | | 3,273 | | | | | | 3,753 | | | ||
Accrued professional fees
|
| | | | 516 | | | | | | 157 | | | ||
Other accrued expenses
|
| | | | 303 | | | | | | 648 | | | ||
| | | | $ | 6,234 | | | | | $ | 6,947 | | | ||
|
Stock Options
|
| |
Number
of Shares |
| |
Weighted Average
Exercise Price |
| ||||||||
Outstanding as of December 31, 2012
|
| | | | 7,157,458 | | | | | $ | 5.70 | | | ||
Granted
|
| | | | 1,220,910 | | | | | | 2.53 | | | ||
Exercised
|
| | | | (3,000) | | | | | | 2.35 | | | ||
Cancelled
|
| | | | (863,554) | | | | | | 4.82 | | | ||
Outstanding as of December 31, 2013
|
| | | | 7,511,814 | | | | | $ | 5.28 | | | ||
Granted
|
| | | | 1,150,119 | | | | | | 2.47 | | | ||
Exercised
|
| | | | — | | | | | | — | | | ||
Cancelled
|
| | | | (937,319) | | | | | | 5.06 | | | ||
Outstanding as of December 31, 2014
|
| | | | 7,724,614 | | | | | $ | 4.89 | | | ||
Granted
|
| | | | 1,513,850 | | | | | | 1.25 | | | ||
Exercised
|
| | | | — | | | | | | — | | | ||
Cancelled
|
| | | | (932,514) | | | | | | 4.82 | | | ||
Outstanding as of December 31, 2015
|
| | | | 8,305,950 | | | | | $ | 4.24 | | | ||
Exercisable as of December 31, 2015
|
| | | | 5,756,625 | | | | | $ | 5.12 | | | ||
|
| | |
Options Outstanding
|
| |
Options Exercisable
|
| |||||||||||||||||||||||||||||
Range of Exercise Prices
|
| |
Number
Outstanding at December 31, 2015 |
| |
Weighted Average
Remaining Contractual Life |
| |
Weighted Average
Exercise Price |
| |
Exercisable as of
December 31, 2015 |
| |
Weighted Average
Exercise Price |
| ||||||||||||||||||||
$1.16–1.42
|
| | | | 1,206,350 | | | | | | 9.01 | | | | | $ | 1.17 | | | | | | 7,800 | | | | | $ | 1.16 | | | |||||
1.43–2.35
|
| | | | 318,750 | | | | | | 8.98 | | | | | | 1.70 | | | | | | 105,000 | | | | | | 1.46 | | | |||||
2.36–2.80
|
| | | | 1,756,703 | | | | | | 6.94 | | | | | | 2.55 | | | | | | 815,072 | | | | | | 2.56 | | | |||||
2.81–5.60
|
| | | | 2,053,809 | | | | | | 2.87 | | | | | | 3.89 | | | | | | 2,053,809 | | | | | | 3.89 | | | |||||
5.61–8.40
|
| | | | 2,893,338 | | | | | | 3.92 | | | | | | 6.93 | | | | | | 2,697,944 | | | | | | 6.86 | | | |||||
8.41–9.45
|
| | | | 77,000 | | | | | | 1.37 | | | | | | 9.09 | | | | | | 77,000 | | | | | | 9.09 | | | |||||
| | | | | 8,305,950 | | | | | | 5.21 | | | | | $ | 4.24 | | | | | | 5,756,625 | | | | | $ | 5.12 | | | |||||
|
| | |
Options
|
| |
Weighted-Average
Exercise Price |
| |
Weighted-Average
Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Vested and unvested expected to vest at December 31, 2015
|
| | | | 8,119,246 | | | | | $ | 4.24 | | | | | | 5.21 | | | | | $ | 1,265 | | |
Exercisable at December 31, 2015
|
| | | | 5,756,625 | | | | | $ | 5.12 | | | | | | 3.82 | | | | | $ | 83 | | |
Restricted Stock
|
| |
Number of Shares
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||||
Unvested as of December 31, 2014
|
| | | | 105,665 | | | | | $ | 2.51 | | | ||
Granted
|
| | | | — | | | | | | — | | | ||
Vested
|
| | | | (36,101) | | | | | | 2.51 | | | ||
Cancelled
|
| | | | (10,929) | | | | | | 2.51 | | | ||
Unvested as of December 31, 2015
|
| | | | 58,635 | | | | | $ | 2.51 | | | ||
|
| | |
2015
|
| |
2014
|
| |
2013
|
| ||||||||||||
Income tax (benefit) expense at statutory rate
|
| | | $ | (4,683) | | | | | $ | (7,953) | | | | | $ | (8,364) | | | |||
State tax (benefit) expense, net of Federal tax (benefit) expense
|
| | | | (677) | | | | | | (1,154) | | | | | | (901) | | | |||
Permanent items
|
| | | | 239 | | | | | | 383 | | | | | | 516 | | | |||
Effect of change in valuation allowance and State NOL expiration
|
| | | | 4,945 | | | | | | 9,402 | | | | | | 10,862 | | | |||
Tax credits
|
| | | | (74) | | | | | | (678) | | | | | | (2,113) | | | |||
Other
|
| | | | 250 | | | | | | — | | | | | | — | | | |||
Tax expense (benefit)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | |||
|
| | |
2015
|
| |
2014
|
| ||||||||
Deferred tax assets: | | | | ||||||||||||
Net operating loss carryforwards
|
| | | $ | 125,599 | | | | | $ | 115,747 | | | ||
Tax credit carryforwards
|
| | | | 25,036 | | | | | | 24,962 | | | ||
Equity based compensation
|
| | | | 9,176 | | | | | | 8,558 | | | ||
Book depreciation in excess of tax
|
| | | | 35 | | | | | | 1,352 | | | ||
Reserves and accruals
|
| | | | 276 | | | | | | 52 | | | ||
Deferred revenue
|
| | | | 1,796 | | | | | | 6,115 | | | ||
Loss on investment
|
| | | | — | | | | | | 194 | | | ||
Other
|
| | | | 26 | | | | | | 19 | | | ||
| | | | | 161,944 | | | | | | 156,999 | | | ||
Valuation allowance
|
| | | | (161,944) | | | | | | (156,999) | | | ||
Deferred tax liabilities
|
| | | | — | | | | | | — | | | ||
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | | ||
|
YEAR ENDING DECEMBER 31,
|
| |
OPERATING LEASES
|
| ||||
2016
|
| | | $ | 529 | | | |
2017
|
| | | | 488 | | | |
2018
|
| | | | 484 | | | |
2019
|
| | | | 499 | | | |
Thereafter
|
| | | | 296 | | | |
Total minimum lease payments
|
| | | $ | 2,296 | | | |
|
| | |
FIRST
QUARTER |
| |
SECOND
QUARTER |
| |
THIRD
QUARTER |
| |
FOURTH
QUARTER |
| ||||||||||||
2015 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenues
|
| | | $ | 2,785 | | | | | $ | 3,004 | | | | | $ | 2,653 | | | | | $ | 2,797 | | |
Net loss
|
| | | | (4,551) | | | | | | (4,017) | | | | | | (2,354) | | | | | | (2,852) | | |
Basic and diluted net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share
|
| | | $ | (0.07) | | | | | $ | (0.06) | | | | | $ | (0.04) | | | | | $ | (0.05) | | |
| | |
FIRST
QUARTER |
| |
SECOND
QUARTER |
| |
THIRD
QUARTER |
| |
FOURTH
QUARTER |
| ||||||||||||
2014 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenues
|
| | | $ | 2,676 | | | | | $ | 2,901 | | | | | $ | 2,662 | | | | | $ | 3,015 | | |
Net loss
|
| | | | (7,141) | | | | | | (6,339) | | | | | | (6,399) | | | | | | (3,512) | | |
Basic and diluted earnings (loss) per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share
|
| | | $ | (0.11) | | | | | $ | (0.10) | | | | | $ | (0.10) | | | | | $ | (0.06) | | |
EXHIBIT
NO. |
| |
DESCRIPTION
|
| |||
| | 3.1 | | | | Restated Certificate of Incorporation of the Company. Filed as Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed on March 2, 2011 (File No. 000-21429) and incorporated herein by reference. | |
| | 3.3 | | | | Amended and Restated By-laws of the Company. Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on January 27, 2014 (File No. 000-21429) and incorporated herein by reference. |
|
| | 4.1 | | | | Specimen Common Stock Certificate. Filed as Exhibit 4.2 to the Company’s Registration Statement on Form S-1 filed on August 19, 1996 (File No. 333-11105) and incorporated herein by reference. |
|
| | 10.1* | | | | Amended and Restated 1994 Equity Incentive Plan. Filed as Appendix A to the Company’s Definitive Proxy Statement filed on April 29, 2011 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.2* | | | | Amended and Restated 1996 Employee Stock Purchase Plan. Filed as Appendix B to the Company’s Definitive Proxy Statement filed on April 29, 2011 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.3* | | | | Amended and Restated 1996 Director Stock Option Plan. Filed as Appendix C to the Company’s Definitive Proxy Statement filed on April 29, 2011 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.4* | | | | 2005 Director Stock Compensation Plan. Filed as Exhibit 4 to the Company’s Registration Statement on Form S-8 filed on December 6, 2005 (File No. 333-130159) and incorporated herein by reference. | |
| | 10.5* | | | | Employment Agreement between the Company and Peter S. Lawrence dated April 13, 2006. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 18, 2006 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.6+ | | | | Exclusive License Agreement by and between the Company and Kyowa Hakko Kogyo Co., Ltd. Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed on August 7, 2007 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.7* | | | | Amendment to Employment Agreement, dated as of October 4, 2007, by and between the Company and Peter S. Lawrence. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 10, 2007 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.8* | | | | Form of Incentive Stock Option Agreement. Filed as Exhibit 10.16 to the Company’s Annual Report on Form 10-K filed on March 17, 2008 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.9* | | | | Form of Non-Statutory Stock Option Agreement. Filed as Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on March 17, 2008 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.10* | | | | Second Amendment to Employment Agreement, dated April 14, 2008, by and between ArQule, Inc. and Peter S. Lawrence. Filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K, filed on April 18, 2008 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.11* | | | | Employment Agreement, dated as of April 15, 2008, by and between ArQule, Inc. and Paolo Pucci. Filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K, filed on April 18, 2008 (File No. 000-21429) and incorporated herein by reference. |
|
EXHIBIT
NO. |
| |
DESCRIPTION
|
| |||
| | 10.12+ | | | | Collaborative Research, Development and License Agreement, dated November 7, 2008, by and between ArQule, Inc. and Daiichi Sankyo Co., Ltd. Filed as Exhibit 10.22 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed on March 6, 2009 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.13+ | | | | License, Co-Development and Co-Commercialization Agreement, dated December 18, 2008, by and between ArQule, Inc. and Daiichi Sankyo Co., Ltd. Filed as Exhibit 10.23 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed on March 6, 2009 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.14+ | | | | Agreement on Milestone Payments and Royalties, effective as of May 25, 2009 by and between ArQule, Inc. and Daiichi Sankyo Co., Ltd. Filed as Exhibit 10.1 to the Company’s Current Report on Form 10-Q for the quarter ended June 30, 2009, filed on August 7, 2009 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.15* | | | | Amendment to Employment Agreement, dated as of July 15, 2010, by and between the Company and Paolo Pucci. Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed on August 4, 2010 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.16* | | | | Form of Stock Unit Agreement. Filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed on August 4, 2010 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.17* | | | | Form of Restricted Stock Agreement. Filed as Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed on August 4, 2010 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.18+ | | | | Amendment No. 1 to Collaborative Research, Development and License Agreement, dated October 8, 2010, by and between ArQule, Inc. and Daiichi Sankyo Co., Ltd. Filed as Exhibit 10.1 to the Company’s Amendment No. 1 to Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 filed on January 14, 2011 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.19* | | | | Employment Agreement, dated as of June 17, 2008, by and between ArQule, Inc. and Brian Schwartz, Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 24, 2012 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.20* | | | | Amendment to Employment Agreement dated as of February 23, 2012 by and between ArQule, Inc. and Brian Schwartz. Filed as Exhibit 10.2 to Amendment No. 1 to the Company’s Current Report on Form 8-K filed on February 27, 2012 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.21+ | | | | License and Co-Commercialization Agreement, dated November 8, 2011, by and between ArQule, Inc. and Daiichi Sankyo Co., Ltd. Filed as Exhibit 10.24 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 filed on March 1, 2012 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.22* | | | | Second Amendment to Employment Agreement, dated as of March 8, 2013, by and between ArQule, Inc. and Paolo Pucci. Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 11, 2013 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.23* | | | | Third Amendment to Employment Agreement, dated as of March 8, 2013, by and between ArQule, Inc. and Peter S. Lawrence. Filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 11, 2013 (File No. 000-21429) and incorporated herein by reference. |
|
| | 10.24* | | | | Second Amendment to Employment Agreement, dated March 8, 2013, by and between ArQule, Inc. and Brian Schwartz. Filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on March 11, 2013 (File No. 000-21429) and incorporated herein by reference. |
|
EXHIBIT
NO. |
| |
DESCRIPTION
|
| |||
| | 10.25 | | | | 2014 Equity Incentives Plan. Filed as Appendix B to the Company’s Definitive Proxy Statement filed on April 11, 2014 (File No. 000-21429) and incorporated herein by reference. | |
| | 10.26+ | | | | Collaborative Research, Development and License Agreement, dated May 4, 2015, by and between ArQule, Inc. and Beryllium. Discovery Corp. Filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 5, 2015 (File No. 000-21429) and incorporated herein by reference. | |
| | 23.1 | | | | Consent of PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm, filed herewith. | |
| | 31.1 | | | | Rule 13a-14(a) Certificate of Chief Executive Officer, filed herewith. | |
| | 31.2 | | | | Rule 13a-14(a) Certificate of Principal Financial Officer, filed herewith. | |
32 | | | Rule 13a-14(b) Certificate of Chief Executive Officer and Principal Financial Officer, filed herewith. | | |||
101 | | | The following materials from ArQule, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) Balance Sheets, (ii) Statements of Operations and Comprehensive Loss, (iii) Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss, (iv) Statements of Cash Flows, and (v) Notes to Financial Statements. | |
| ArQule, Inc. | | |||
| By: | | | /s/ Paolo Pucci | |
| | | | Paolo Pucci | |
| | | | Chief Executive Officer | |
| Date: February 29, 2016 | |
|
SIGNATURE
|
| |
TITLE
|
| |
DATE
|
|
|
/s/ Paolo Pucci
Paolo Pucci
|
| | Chief Executive Officer and Director (Principal Executive Officer) |
| |
February 29, 2016
|
|
|
/s/ Peter S. Lawrence
Peter S. Lawrence
|
| | President and Chief Operating Officer (Principal Financial Officer) |
| |
February 29, 2016
|
|
|
/s/ Robert J. Weiskopf
Robert J. Weiskopf
|
| | Chief Financial Officer and Treasurer (Principal Accounting Officer) |
| |
February 29, 2016
|
|
|
/s/ Patrick J. Zenner
Patrick J. Zenner
|
| | Director—Chairman of the Board | | |
February 29, 2016
|
|
|
/s/ Timothy C. Barabe
Timothy C. Barabe
|
| | Director | | |
February 29, 2016
|
|
|
/s/ Susan L. Kelley
Susan L. Kelley
|
| | Director | | |
February 29, 2016
|
|
|
/s/ Ronald M. Lindsay
Ronald M. Lindsay
|
| | Director | | |
February 29, 2016
|
|
|
/s/ Michael D. Loberg
Michael D. Loberg
|
| | Director | | |
February 29, 2016
|
|
|
/s/ William G. Messenger
William G. Messenger
|
| | Director | | |
February 29, 2016
|
|