Small Public Biotechs and Costs of Compliance with Sarbanes- Oxley - PowerPoint PPT Presentation

Oct 13, 2023 •23 likes •93 views

Small Public Biotechs and Costs of Compliance with Sarbanes- Oxley Section 404(b) Mike Raab, President and CEO, Ardelyx, Inc. SEC Small Business Capital Formation Advisory Committee Meeting August 13, 2019 Background on the Biotechnology

Small Public Biotechs and Costs of Compliance with Sarbanes- Oxley Section 404(b) Mike Raab, President and CEO, Ardelyx, Inc. SEC Small Business Capital Formation Advisory Committee Meeting August 13, 2019
Background on the Biotechnology Industry • Vast majority of biotechs are pre-revenue • Average biotech development timeline is 10 to 15 years before generating product revenue • Average cost of bringing a product to market is $2.6 billion 2
Background on the Biotechnology Industry (cont) • Ardelyx, Inc. is a clinical stage, pre-commercial, specialized biopharmaceutical company focused on developing first-in-class medicines to improve treatment choices for people with cardiorenal diseases • Ardelyx went public in 2014 as an emerging growth company (EGC) 3
Background on Biotech and the JOBS Act 4 *IPOs through August 1, 2019
IPO On-Ramp Ending for Growing Number of Biotechs Source: Craig Lewis and Joshua White: Science or Compliance: Will Section 404(b) Compliance Impede Innovation by 5 Emerging Growth Companies in the Biotech Industry? (February 2019)
Science or Compliance? • SOX 404(b) compliance costs Biotech EGCs an average of over $800,000 per year • Biotech investors are focused on the science behind the company • Investors could demand 404(b) compliance but do not Source: Craig Lewis and Joshua White: Science or Compliance: Will Section 404(b) Compliance Impede Innovation by Emerging 6 Growth Companies in the Biotech Industry? (February 2019)
SEC’s Proposed Rule • Expansion of SOX 404(b) relief for companies until they exceed $700 million in public float or $100 million in revenue is a welcomed step forward to making our public capital markets more accessible and attractive to small companies • In the biotech industry, it is common for companies with few employees and simple corporate structures to have high valuations 7

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