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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): December&nbsp;31, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>DICERNA PHARMACEUTICALS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-36281</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">20-5993609</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>87 Cambridgepark Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cambridge, MA 02140 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (617) <FONT STYLE="white-space:nowrap">621-8097</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (See General Instruction A.2 below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4c))</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934
(&#167; <FONT STYLE="white-space:nowrap">240.12b-2</FONT> of this chapter). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9746; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;31, 2018, Dicerna Pharmaceuticals, Inc. (the &#147;Company&#148;) and Boehringer Ingelheim International GmbH, a wholly-owned subsidiary of
C.H. Boehringer Sohn AG&nbsp;&amp; Co. KG (&#147;BI&#148;) entered into an Additional Target Agreement (the &#147;ATA&#148;). In October 2018, BI exercised its option under a Collaborative Research and License Agreement between the Company and BI,
dated October&nbsp;27, 2017 (the &#147;Original Agreement&#148;) to add the development of product candidates targeting an additional gene (the &#147;Additional Target&#148;) to the development activities governed by the Original Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ATA provides a research work plan for the Additional Target. The ATA also amends the Original Agreement to provide BI with the option to add the
development of product candidates targeting a further additional gene to the Original Agreement (the &#147;Second Option&#148;) for a three-year period, and to provide for the delivery of a replacement product candidate by the Company to BI in the
event that a product candidate under the Original Agreement or the ATA fails at certain stages of <FONT STYLE="white-space:nowrap">pre-clinical</FONT> or clinical development. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the ATA, in accordance with the terms of the Original Agreement, BI will pay the Company a
<FONT STYLE="white-space:nowrap">non-refundable</FONT> upfront payment (the &#147;Option Payment&#148;) of $5.0&nbsp;million to exercise its initial option for development related to the Additional Target. Under the terms of the ATA, during the term
of the research program, BI will reimburse the Company for certain expenses. The Company is eligible to receive up to $170.0&nbsp;million in potential development and commercial milestones related to the Additional Target. The Company is also
eligible to receive tiered royalty payments on potential global net sales, subject to certain adjustments, in the <FONT STYLE="white-space:nowrap">mid-single</FONT> digits. Other than as set forth in the ATA, development of the Additional Target
will be subject to the terms of the Original Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the ATA, if BI elects, in its sole discretion, to exercise the Second Option, the parties
would agree to a research work plan and budget for the additional gene and negotiate development and commercialization milestones and royalty payments to the Company. BI would make another option fee payment to the Company of $5.0&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing summary of the material terms of the ATA is qualified in its entirety by reference to the ATA and the Original Agreement. The Company will seek
confidential treatment from the Securities and Exchange Commission for portions of the ATA, and, subject to such confidential treatment, the ATA will be filed as an exhibit to the Company&#146;s Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.02 Results of Operations and Financial Condition.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company had cash, cash equivalents, and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-to-maturity</FONT></FONT>
investments of approximately $302.6&nbsp;million as of December&nbsp;31, 2018. This does not include $94.5&nbsp;million of expected near-term net receipts from: (i)&nbsp;the Company&#146;s expected receipt of the Option Payment, in the amount of
$5.0&nbsp;million; (ii)&nbsp;the Company&#146;s expected receipt of an upfront payment in the amount of $100.0&nbsp;million from the Company&#146;s recent collaboration with Eli Lilly and Company (&#147;Lilly&#148;), as disclosed in the
Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on October&nbsp;29, 2018; and (iii)&nbsp;the Company&#146;s expected final payment to Alnylam Pharmaceuticals, Inc. (&#147;Alnylam&#148;) in the amount of
$10.5&nbsp;million pursuant to a Confidential Settlement Agreement and General Release attached as Exhibit&nbsp;10.1 to the Company&#146;s Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> for the quarterly period ended
June&nbsp;30, 2018, filed on August&nbsp;8, 2018. The Company believes that its current cash, cash-equivalents and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-to-maturity</FONT></FONT> investments, in addition to the
Option Payment and the expected upfront payment from Lilly, and reduced by the cash payment to Alnylam, will be sufficient to fund the execution of its current clinical and operating plan beyond 2020. This estimate assumes no new funding from
additional collaboration agreements or from external financing events and no significant unanticipated changes in costs and expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in
this Item&nbsp;2.02 is intended to be furnished and shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections&nbsp;11
or 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein shall not be incorporated by reference into any of the Company&#146;s filings with the United States Securities and Exchange Commission, whether made before or
after the date hereof, regardless of any general incorporation language in such filing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note on Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> includes forward-looking statements. Such forward-looking statements are subject
to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Examples of forward-looking statements include, among others, statements we make regarding: (i)&nbsp;the Option
Payment, (ii)&nbsp;the expected upfront Lilly payment, (iii)&nbsp;the cash payment to Alnylam, (iv)&nbsp;development or sales milestone payments, or royalty payments, (v)&nbsp;therapeutic and commercial potential of GalXC&#153; inferred from the
statements regarding such payments, (vi)&nbsp;the Second Option, and (vii)&nbsp;guidance related to the anticipated duration and usage of current cash and cash equivalents. The process by which an early stage platform such as GalXC could potentially
lead to an approved product is long and subject to highly significant risks, particularly with respect to a <FONT STYLE="white-space:nowrap">pre-clinical</FONT> research collaboration. Applicable risks and uncertainties include those relating to our
<FONT STYLE="white-space:nowrap">pre-clinical</FONT> research and other risks identified under the heading &#147;Risk Factors&#148; included in the Company&#146;s most recent <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> filing and in other
future filings with the SEC. The forward-looking statements contained in this Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> reflect the Company&#146;s current views with respect to future events, and the Company does not
undertake and specifically disclaims any obligation to update any forward-looking statements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date: January&nbsp;4, 2019</TD>
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<TD VALIGN="top" COLSPAN="3"><B>DICERNA PHARMACEUTICALS, INC.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Douglas M. Fambrough, III</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Douglas M. Fambrough, III, Ph.D.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 31, 2018
DICERNA PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-36281
20-5993609
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
87 Cambridgepark Drive
Cambridge, MA 02140
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (617)
621-8097
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (See General Instruction A.2 below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4c))
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§
240.12b-2
of this chapter).
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.  ☒
Item 1.01 Entry into a Material Definitive Agreement.
On December 31, 2018, Dicerna Pharmaceuticals, Inc. (the "Company") and Boehringer Ingelheim International GmbH, a wholly-owned subsidiary of
C.H. Boehringer Sohn AG & Co. KG ("BI") entered into an Additional Target Agreement (the "ATA"). In October 2018, BI exercised its option under a Collaborative Research and License Agreement between the Company and BI,
dated October 27, 2017 (the "Original Agreement") to add the development of product candidates targeting an additional gene (the "Additional Target") to the development activities governed by the Original Agreement.
The ATA provides a research work plan for the Additional Target. The ATA also amends the Original Agreement to provide BI with the option to add the
development of product candidates targeting a further additional gene to the Original Agreement (the "Second Option") for a three-year period, and to provide for the delivery of a replacement product candidate by the Company to BI in the
event that a product candidate under the Original Agreement or the ATA fails at certain stages of
pre-clinical
or clinical development.
Under the terms of the ATA, in accordance with the terms of the Original Agreement, BI will pay the Company a
non-refundable
upfront payment (the "Option Payment") of $5.0 million to exercise its initial option for development related to the Additional Target. Under the terms of the ATA, during the term
of the research program, BI will reimburse the Company for certain expenses. The Company is eligible to receive up to $170.0 million in potential development and commercial milestones related to the Additional Target. The Company is also
eligible to receive tiered royalty payments on potential global net sales, subject to certain adjustments, in the
mid-single
digits. Other than as set forth in the ATA, development of the Additional Target
will be subject to the terms of the Original Agreement.
Under the ATA, if BI elects, in its sole discretion, to exercise the Second Option, the parties
would agree to a research work plan and budget for the additional gene and negotiate development and commercialization milestones and royalty payments to the Company. BI would make another option fee payment to the Company of $5.0 million.
The foregoing summary of the material terms of the ATA is qualified in its entirety by reference to the ATA and the Original Agreement. The Company will seek
confidential treatment from the Securities and Exchange Commission for portions of the ATA, and, subject to such confidential treatment, the ATA will be filed as an exhibit to the Company's Annual Report on Form
10-K
for the year ended December 31, 2018.
Item 2.02 Results of Operations and Financial Condition.
The Company had cash, cash equivalents, and
held-to-maturity
investments of approximately $302.6 million as of December 31, 2018. This does not include $94.5 million of expected near-term net receipts from: (i) the Company's expected receipt of the Option Payment, in the amount of
$5.0 million; (ii) the Company's expected receipt of an upfront payment in the amount of $100.0 million from the Company's recent collaboration with Eli Lilly and Company ("Lilly"), as disclosed in the
Company's Current Report on Form
8-K
filed on October 29, 2018; and (iii) the Company's expected final payment to Alnylam Pharmaceuticals, Inc. ("Alnylam") in the amount of
$10.5 million pursuant to a Confidential Settlement Agreement and General Release attached as Exhibit 10.1 to the Company's Quarterly Report on
Form 10-Q
for the quarterly period ended
June 30, 2018, filed on August 8, 2018. The Company believes that its current cash, cash-equivalents and
held-to-maturity
investments, in addition to the
Option Payment and the expected upfront payment from Lilly, and reduced by the cash payment to Alnylam, will be sufficient to fund the execution of its current clinical and operating plan beyond 2020. This estimate assumes no new funding from
additional collaboration agreements or from external financing events and no significant unanticipated changes in costs and expenses.
The information in
this Item 2.02 is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11
or 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein shall not be incorporated by reference into any of the Company's filings with the United States Securities and Exchange Commission, whether made before or
after the date hereof, regardless of any general incorporation language in such filing.
Cautionary Note on Forward-Looking Statements
This Current Report on
Form 8-K
includes forward-looking statements. Such forward-looking statements are subject
to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Examples of forward-looking statements include, among others, statements we make regarding: (i) the Option
Payment, (ii) the expected upfront Lilly payment, (iii) the cash payment to Alnylam, (iv) development or sales milestone payments, or royalty payments, (v) therapeutic and commercial potential of GalXC™ inferred from the
statements regarding such payments, (vi) the Second Option, and (vii) guidance related to the anticipated duration and usage of current cash and cash equivalents. The process by which an early stage platform such as GalXC could potentially
lead to an approved product is long and subject to highly significant risks, particularly with respect to a
pre-clinical
research collaboration. Applicable risks and uncertainties include those relating to our
pre-clinical
research and other risks identified under the heading "Risk Factors" included in the Company's most recent
Form 10-Q
filing and in other
future filings with the SEC. The forward-looking statements contained in this Current Report on
Form 8-K
reflect the Company's current views with respect to future events, and the Company does not
undertake and specifically disclaims any obligation to update any forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: January 4, 2019
DICERNA PHARMACEUTICALS, INC.
By:
/s/ Douglas M. Fambrough, III
Douglas M. Fambrough, III, Ph.D.
Chief Executive Officer