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Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 | Mar. 15, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AVEO | ||
Entity Registrant Name | AVEO PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 0001325879 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 27,130,087 | ||
Entity Public Float | $ 105.7 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-34655 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3581650 | ||
Entity Address, Address Line One | 30 Winter Street | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02108 | ||
City Area Code | 857 | ||
Local Phone Number | 400-0101 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of our definitive proxy statement for our 2021 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. |
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Aveo Pharmaceuticals Inc.
Aveo Pharmaceuticals Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract).
The Loan Agreement includes (i) a financial covenant that we maintain minimum unrestricted cash positions of $10.0 million through the date the Second Tranche funding is received, $15.0 million through the date the Third Tranche funding is received and $10.0 million thereafter through the maturity of the Loan Agreement, and (ii) an operating covenant that we achieve greater than or equal to 75% of our forecasted net product revenues from our sales of tivozanib over a 6-month trailing period, as defined and measured on a monthly basis, commencing upon the earlier to occur of (x) the Third Tranche funding and (y) the month of April 2022.
The 2021 Loan Amendment also (i) increased Tranche Two funding upon achieving Performance Milestone I from $10.0 million to $20.0 million, (ii) increased the amount of net product revenues from sales of FOTIVDA required for us to achieve Performance Milestone II from $20.0 million to $35.0 million, and changed the deadline for achieving Performance Milestone II from December 31, 2021 to April 1, 2022, and (iii) increased the amount of unrestricted cash required for us to satisfy the minimum financial covenant during the period between receiving Tranche Two funding and Tranche Three funding from $10.0 million to $15.0 million.
In 2019, we raised approximately $30.3 million in net proceeds from the issuance of our common stock, including $7.5 million in net proceeds from the sale of approximately 1.3 million shares of our common stock pursuant to the SVB Leerink Sales Agreement in February 2019 and approximately $22.8 million in net proceeds from the sale of approximately 2.2 million shares of our common stock and warrants to purchase an aggregate of 2.5 million shares of our common stock in an underwritten public offering in April 2019, offset in part by approximately $4.1 million in debt-related payments pursuant to our 2010 Loan Agreement, including approximately $3.8 million in total principal payments during the period from August 2019 through December 2019 and a $0.3 million end-of-term fee in December 2019.
Our total revenues increased by $23.4 million, or 432%, to $28.8 million in 2019 from $5.4 million in 2018, principally due to the $25.0 million upfront payment we earned from KKC under the August 1, 2019 amendment to the KKC Agreement, pursuant to which KKC repurchased the non-oncology rights to tivozanib in our territory, excluding the rights we have sublicensed to EUSA under the EUSA Agreement, partially offset by a $2.0 million development and regulatory milestone earned under the CANbridge Agreement in 2018 that was not earned in 2019.
The achievement of Performance Milestone...Read more
In 2018, we raised approximately...Read more
In 2020, we raised approximately...Read more
Under the terms of the...Read more
We are also obligated to...Read more
Ficlatuzumab expenses increased by $0.6...Read more
If a promised good or...Read more
In February 2018, we entered...Read more
We agreed to pay SVB...Read more
We anticipate that research and...Read more
We anticipate that research and...Read more
The $53.6 million in equity...Read more
We are obligated to make...Read more
We assess whether each promised...Read more
Our total revenues decreased by...Read more
If we are unable to...Read more
Tivozanib expenses decreased by $6.1...Read more
On November 9, 2020, we...Read more
Interest expense, net decreased by...Read more
We used the $15.0 million...Read more
In March 2021, Offering Warrants...Read more
These expenses consist primarily of:...Read more
To determine revenue recognition for...Read more
The $11.0 million increase was...Read more
In August 2015, in connection...Read more
During 2020 and early 2021,...Read more
The $2.3 million payment due...Read more
In April 2019, we completed...Read more
If we raise additional funds...Read more
We received the initial $15.0...Read more
Selling, General and Administrative Expenses...Read more
These increases will be partially...Read more
These increases will be partially...Read more
On June 19, 2020, we...Read more
We also consider the intended...Read more
The net offering proceeds to...Read more
The net offering proceeds to...Read more
The 2020 Shelf (File No....Read more
Royalties: For arrangements that include...Read more
With respect to financial reporting...Read more
Once a contract is determined...Read more
The PIPE Warrants are subject...Read more
If and when we assess...Read more
The net offering proceeds to...Read more
Revenues from EUSA increased by...Read more
Selling, general and administrative expenses...Read more
The Loan Agreement provides that...Read more
The net offering proceeds to...Read more
We do not assess whether...Read more
The $0.4 million increase in...Read more
The probability of success for...Read more
In the fourth quarter of...Read more
In February 2019, we sold...Read more
In the fourth quarter of...Read more
Material changes in these estimates...Read more
The 2020 Loan Amendment provides...Read more
Tivozanib expenses increased by $5.3...Read more
The amount included in the...Read more
Research and Development Funding: Arrangements...Read more
SSP is determined at contract...Read more
In May 2016, we entered...Read more
The Loan Agreement also includes...Read more
We have determined that the...Read more
On August 21, 2018, we...Read more
Three stockholders each beneficially holding...Read more
If the consideration promised in...Read more
We have also entered into...Read more
We anticipate that selling, general...Read more
We anticipate that selling, general...Read more
As of December 31, 2020,...Read more
We believe that our $61.8...Read more
Development timelines, probability of success...Read more
Our policy is generally to...Read more
The following table summarizes the...Read more
In 2019, we recorded an...Read more
In 2018, we recorded an...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Aveo Pharmaceuticals Inc provided additional information to their SEC Filing as exhibits
Ticker: AVEO
CIK: 1325879
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-013607
Submitted to the SEC: Tue Mar 16 2021 4:36:20 PM EST
Accepted by the SEC: Tue Mar 16 2021
Period: Thursday, December 31, 2020
Industry: Pharmaceutical Preparations