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 September 30, 2020
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 001-39208
Beam Therapeutics Inc.
(Exact name of Registrant as specified in its Charter)
|
Delaware |
81-5238376 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
|
|
26 Landsdowne Street Cambridge, MA |
02139 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (857) 327-8775
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Stock, par value $0.01 per share |
BEAM |
Nasdaq Global Select Market |
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, a 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 ☒
The number of shares of registrant’s common stock outstanding as of November 6, 2020 was 57,965,991.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements reflect, among other things:
|
|
• |
our current expectations and anticipated results of operations; |
|
|
• |
the initiation, timing, progress and results of our research and development programs and preclinical and clinical studies, including the expected timing of filing Investigation New Drug, or IND, applications and the therapeutic applications of our technology; |
|
|
• |
our ability to advance any product candidates that we may develop and successfully complete any clinical studies, including the manufacture of any such product candidates; |
|
|
• |
our ability to pursue a comprehensive suite of clinically validated delivery modalities; |
|
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• |
our ability to quickly leverage our initial programs and to progress additional programs to create a clinical portfolio; |
|
|
• |
the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; |
|
|
• |
developments related to our competitors and our industry; |
|
|
• |
our ability to leverage the clinical, regulatory, and manufacturing advancements made by gene therapy and gene editing programs to accelerate our clinical trials and approval of product candidates; |
|
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• |
the expected timing, progress and success of our collaborations with third parties and our ability to identify and enter into future license agreements and collaborations; |
|
|
• |
developments related to base editing technologies; |
|
|
• |
our ability to successfully develop our three distinct pipelines and obtain and maintain approval for our product candidates; |
|
|
• |
our ability to successfully establish and maintain a commercial-scale current Good Manufacturing Practice, or cGMP, manufacturing facility and that this facility will be operational in 2023; |
|
|
• |
regulatory developments in the United States and foreign countries; |
|
|
• |
our ability to attract and retain key scientific and management personnel; and |
|
|
• |
the impact of the coronavirus disease of 2019, or COVID-19, pandemic on our business. |
All of these statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will,” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in Part II, Item 1A of this report. Unless legally required, we assume no obligation to update any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information.
When we use the terms “Beam,” the “Company,” “we,” “us” or “our” in this Quarterly Report on Form 10-Q, we mean Beam Therapeutics Inc. and its subsidiaries on a consolidated basis, unless the context indicates otherwise.
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Page |
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PART I |
|
|
|
Item 1. |
1 |
|
|
|
1 |
|
|
|
Condensed Consolidated Statements of Operations and Other Comprehensive Loss |
2 |
|
|
3 |
|
|
|
5 |
|
|
|
7 |
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
20 |
|
Item 3. |
32 |
|
|
Item 4. |
32 |
|
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|
PART II |
|
|
|
Item 1. |
33 |
|
|
Item 1A. |
33 |
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Item 2. |
34 |
|
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Item 6. |
35 |
Item 1. Financial Statements (Unaudited)
Beam Therapeutics Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
||
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
137,903 |
|
|
$ |
37,221 |
|
|
Marketable securities |
|
|
64,317 |
|
|
|
54,627 |
|
|
Prepaid expenses and other current assets |
|
|
6,487 |
|
|
|
2,696 |
|
|
Total current assets |
|
|
208,707 |
|
|
|
94,544 |
|
|
Property and equipment, net |
|
|
29,404 |
|
|
|
24,290 |
|
|
Restricted cash |
|
|
14,840 |
|
|
|
13,332 |
|
|
Operating lease right-of-use assets |
|
|
21,776 |
|
|
|
18,957 |
|
|
Other assets |
|
|
3,546 |
|
|
|
4,976 |
|
|
Total assets |
|
$ |
278,273 |
|
|
$ |
156,099 |
|
|
Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,569 |
|
|
$ |
7,846 |
|
|
Accrued expenses and other current liabilities |
|
|
18,309 |
|
|
|
7,852 |
|
|
Derivative liabilities |
|
|
16,500 |
|
|
|
7,800 |
|
|
Current portion of lease liability |
|
|
4,340 |
|
|
|
4,337 |
|
|
Current portion of equipment financing liability |
|
|
1,733 |
|
|
|
1,303 |
|
|
Total current liabilities |
|
|
47,451 |
|
|
|
29,138 |
|
|
Long-term lease liability |
|
|
23,810 |
|
|
|
21,187 |
|
|
Long-term equipment financing liability |
|
|
4,448 |
|
|
|
4,411 |
|
|
Other liabilities |
|
|
2,493 |
|
|
|
418 |
|
|
Total liabilities |
|
|
78,202 |
|
|
|
55,154 |
|
|
Commitments and contingencies (See Note 7, Leases, and Note 8, License agreements) |
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock |
|
|
— |
|
|
|
302,049 |
|
|
Stockholders’ equity (deficit): |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; 25,000,000 and no shares authorized, and no shares issued or outstanding at September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.01 par value; 250,000,000 and 205,000,000 shares authorized, 51,930,943 and 9,981,991 issued, and 50,438,740 and 7,326,185 outstanding at September 30, 2020 and December 31, 2019, respectively |
|
|
504 |
|
|
|
73 |
|
|
Additional paid-in capital |
|
|
501,698 |
|
|
|
1,851 |
|
|
Accumulated other comprehensive income |
|
|
41 |
|
|
|
16 |
|
|
Accumulated deficit |
|
|
(302,172 |
) |
|
|
(203,044 |
) |
|
Total stockholders’ equity (deficit) |
|
|
200,071 |
|
|
|
(201,104 |
) |
|
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) |
|
$ |
278,273 |
|
|
$ |
156,099 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
Condensed Consolidated Statements of Operations and Other Comprehensive Loss
(Unaudited)
(in thousands, except share and per share amounts)
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
License revenue |
|
$ |
6 |
|
|
$ |
6 |
|
|
$ |
18 |
|
|
$ |
12 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
29,825 |
|
|
|
12,543 |
|
|
|
70,728 |
|
|
|
34,402 |
|
|
General and administrative |
|
|
7,502 |
|
|
|
5,487 |
|
|
|
21,251 |
|
|
|
14,393 |
|
|
Total operating expenses |
|
|
37,327 |
|
|
|
18,030 |
|
|
|
91,979 |
|
|
|
48,795 |
|
|
Loss from operations |
|
|
(37,321 |
) |
|
|
(18,024 |
) |
|
|
(91,961 |
) |
|
|
(48,783 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of derivative liabilities |
|
|
2,700 |
|
|
|
(1,600 |
) |
|
|
(8,700 |
) |
|
|
(3,600 |
) |
|
Interest and other income (expense), net |
|
|
169 |
|
|
|
619 |
|
|
|
1,533 |
|
|
|
1,907 |
|
|
Total other income (expense) |
|
|
2,869 |
|
|
|
(981 |
) |
|
|
(7,167 |
) |
|
|
(1,693 |
) |
|
Net loss |
|
$ |
(34,452 |
) |
|
$ |
(19,005 |
) |
|
$ |
(99,128 |
) |
|
$ |
(50,476 |
) |
|
Unrealized (loss) gain on marketable securities |
|
|
(132 |
) |
|
|
(35 |
) |
|
|
25 |
|
|
|
48 |
|
|
Comprehensive loss |
|
$ |
(34,584 |
) |
|
$ |
(19,040 |
) |
|
$ |
(99,103 |
) |
|
$ |
(50,428 |
) |
|
Reconciliation of net loss to net loss attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(34,452 |
) |
|
$ |
(19,005 |
) |
|
$ |
(99,128 |
) |
|
$ |
(50,476 |
) |
|
Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock |
|
|
— |
|
|
|
(3,262 |
) |
|
|
(1,277 |
) |
|
|
(9,451 |
) |
|
Net loss attributable to common stockholders |
|
$ |
(34,452 |
) |
|
$ |
(22,267 |
) |
|
$ |
(100,405 |
) |
|
$ |
(59,927 |
) |
|
Net loss per common share attributable to common stockholders, basic and diluted |
|
$ |
(0.69 |
) |
|
$ |
(3.31 |
) |
|
$ |
(2.31 |
) |
|
$ |
(9.58 |
) |
|
Weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted |
|
|
50,087,747 |
|
|
|
6,717,792 |
|
|
|
43,438,919 |
|
|
|
6,254,069 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited)
(in thousands, except share amounts)
|
|
Redeemable Convertible Preferred Stock |
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
|||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
(Loss) Income |
|
|
Deficit |
|
|
Deficit |
|
||||||||
|
Balance at December 31, 2018 |
|
|
119,308,387 |
|
|
$ |
251,434 |
|
|
|
|
5,565,368 |
|
|
$ |
56 |
|
|
$ |
7,256 |
|
|
|
— |
|
|
$ |
(124,718 |
) |
|
$ |
(117,406 |
) |
|
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $0.1 million |
|
|
11,308,397 |
|
|
|
37,901 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Accretion of redeemable convertible preferred stock to redemption value |
|
|
— |
|
|
|
2,963 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(2,963 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,963 |
) |
|
Vesting of restricted common stock |
|
|
— |
|
|
|
— |
|
|
|
|
388,562 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock related to license agreement |
|
|
— |
|
|
|
— |
|
|
|
|
16,725 |
|
|
|
— |
|
|
|
113 |
|
|
|
— |
|
|
|
— |
|
|
|
113 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
869 |
|
|
|
— |
|
|
|
— |
|
|
|
869 |
|
|
Exercise of common stock options |
|
|
— |
|
|
|
— |
|
|
|
|
12,502 |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,610 |
) |
|
|
(13,610 |
) |
|
Balance at March 31, 2019 |
|
|
130,616,784 |
|
|
$ |
292,298 |
|
|
|
|
5,983,157 |
|
|
$ |
60 |
|
|
$ |
5,278 |
|
|
$ |
— |
|
|
$ |
(138,328 |
) |
|
$ |
(132,990 |
) |
|
Accretion of redeemable convertible preferred stock to redemption value |
|
|
— |
|
|
|
3,226 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(3,226 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,226 |
) |
|
Vesting of restricted common stock |
|
|
— |
|
|
|
— |
|
|
|
|
393,440 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
2,073 |
|
|
|
— |
|
|
|
— |
|
|
|
2,073 |
|
|
Exercise of common stock options |
|
|
— |
|
|
|
— |
|
|
|
|
57,496 |
|
|
|
1 |
|
|
|
47 |
|
|
|
— |
|
|
|
— |
|
|
|
48 |
|
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83 |
|
|
|
— |
|
|
|
83 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,861 |
) |
|
|
(17,861 |
) |
|
Balance at June 30, 2019 |
|
|
130,616,784 |
|
|
$ |
295,524 |
|
|
|
|
6,434,093 |
|
|
$ |
65 |
|
|
$ |
4,168 |
|
|
$ |
83 |
|
|
$ |
(156,189 |
) |
|
$ |
(151,873 |
) |
|
Accretion of redeemable convertible preferred stock to redemption value |
|
|
— |
|
|
|
3,226 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(3,262 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,262 |
) |
|
Vesting of restricted common stock |
|
|
— |
|
|
|
— |
|
|
|
|
389,261 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
2,029 |
|
|
|
— |
|
|
|
— |
|
|
|
2,029 |
|
|
Exercise of common stock options |
|
|
— |
|
|
|
— |
|
|
|
|
80,300 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
|
— |
|
|
|
81 |
|
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35 |
) |
|
|
— |
|
|
|
(35 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,005 |
) |
|
|
(19,005 |
) |
|
Balance at September 30, 2019 |
|
|
130,616,784 |
|
|
$ |
298,750 |
|
|
|
|
6,903,654 |
|
|
$ |
69 |
|
|
$ |
3,012 |
|
|
$ |
48 |
|
|
$ |
(175,194 |
) |
|
$ |
(172,065 |
) |
3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - Continued
(Unaudited)
(in thousands, except share amounts)
|
|
|
Redeemable Convertible Preferred Stock |
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ (Deficit) |
|
||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
(Loss) Income |
|
|
Deficit |
|
|
Equity |
|
|||||||||
|
Balance at December 31, 2019 |
|
|
130,616,784 |
|
|
$ |
302,049 |
|
|
|
|
7,326,185 |
|
|
$ |
73 |
|
|
$ |
1,851 |
|
|
$ |
16 |
|
|
$ |
(203,044 |
) |
|
$ |
(201,104 |
) |
|
Accretion of redeemable convertible preferred stock to redemption value |
|
|
— |
|
|
|
1,277 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(1,277 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,277 |
) |
|
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering |
|
|
(130,616,784 |
) |
|
|
(303,326 |
) |
|
|
|
29,127,523 |
|
|
|
291 |
|
|
|
303,035 |
|
|
|
— |
|
|
|
— |
|
|
|
303,326 |
|
|
Issuance of common stock from initial public offering, net of issuance costs of $18.7 million |
|
|
— |
|
|
|
— |
|
|
|
|
12,176,471 |
|
|
|
122 |
|
|
|
188,201 |
|
|
|
— |
|
|
|
— |
|
|
|
188,323 |
|
|
Vesting of restricted common stock |
|
|
— |
|
|
|
— |
|
|
|
|
387,866 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
2,792 |
|
|
|
— |
|
|
|
— |
|
|
|
2,792 |
|
|
Exercise of common stock options |
|
|
— |
|
|
|
— |
|
|
|
|
59,305 |
|
|
|
1 |
|
|
|
151 |
|
|
|
— |
|
|
|
— |
|
|
|
152 |
|
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(360 |
) |
|
|
— |
|
|
|
(360 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30,458 |
) |
|
|
(30,458 |
) |
|
Balance at March 31, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
|
49,077,350 |
|
|
$ |
491 |
|
|
$ |
494,749 |
|
|
$ |
(344 |
) |
|
$ |
(233,502 |
) |
|
$ |
261,394 |
|
|
Vesting of restricted common stock |
|
|
— |
|
|
|
— |
|
|
|
|
387,870 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
2,769 |
|
|
|
— |
|
|
|
— |
|
|
|
2,769 |
|
|
Exercise of common stock options |
|
|
— |
|
|
|
— |
|
|
|
|
180,517 |
|
|
|
1 |
|
|
|
359 |
|
|
|
— |
|
|
|
— |
|
|
|
360 |
|
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
517 |
|
|
|
— |
|
|
|
517 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34,218 |
) |
|
|
(34,218 |
) |
|
Balance at June 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
|
49,645,737 |
|
|
$ |
496 |
|
|
$ |
497,873 |
|
|
$ |
173 |
|
|
$ |
(267,720 |
) |
|
$ |
230,822 |
|
|
Vesting of restricted common stock |
|
|
— |
|
|
|
— |
|
|
|
|
387,867 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock related to license agreement |
|
|
— |
|
|
|
— |
|
|
|
|
175,000 |
|
|
|
2 |
|
|
|
262 |
|
|
|
|
|
|
|
|
|
|
|
264 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
3,012 |
|
|
|
— |
|
|
|
— |
|
|
|
3,012 |
|
|
Exercise of common stock options |
|
|
— |
|
|
|
— |
|
|
|
|
230,136 |
|
|
|
2 |
|
|
|
555 |
|
|
|
— |
|
|
|
— |
|
|
|
557 |
|
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(132 |
) |
|
|
— |
|
|
|
(132 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(34,452 |
) |
|
|
(34,452 |
) |
|
Balance at September 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
|
50,438,740 |
|
|
$ |
504 |
|
|
$ |
501,698 |
|
|
$ |
41 |
|
|
$ |
(302,172 |
) |
|
$ |
200,071 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
|
|
|
Nine Months Ended September 30, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Operating activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(99,128 |
) |
|
$ |
(50,476 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
3,463 |
|
|
|
2,501 |
|
|
Amortization of investment discount (premiums) |
|
|
49 |
|
|
|
(670 |
) |
|
Stock-based compensation expense |
|
|
8,573 |
|
|
|
4,971 |
|
|
Change in operating lease right-of-use assets |
|
|
3,065 |
|
|
|
1,019 |
|
|
Non-cash research and development license expense, net |
|
|
5,164 |
|
|
|
113 |
|