☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-3103561 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
7575 Gateway Blvd, Suite 110 Newark, CA | 94560 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common stock, $0.0001 par value per share | CBAY | Nasdaq Global Select Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-acc elerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page | ||||||||||
PART I | 3 | |||||||||
Item 1. | 3 | |||||||||
3 | ||||||||||
4 | ||||||||||
5 | ||||||||||
6 | ||||||||||
7 | ||||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | ||||||||||
PART II | ||||||||||
Item 1. | ||||||||||
Item 1A. | ||||||||||
Item 6. | ||||||||||
Item 1. | Financial Statements |
March 31, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 43,326 | $ | 28,193 | ||||
Marketable securities | 82,132 | 118,130 | ||||||
Accrued interest receivable | 265 | 277 | ||||||
Prepaid research and development expenses | 5,631 | 2,221 | ||||||
Other prepaid expenses and current assets | 1,919 | 2,764 | ||||||
Total current assets | 133,273 | 151,585 | ||||||
Property and equipment, net | 1,690 | 1,761 | ||||||
Operating lease right-of-use | 273 | 272 | ||||||
Other assets | 1,446 | 207 | ||||||
Total assets | $ | 136,682 | $ | 153,825 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,606 | $ | 231 | ||||
Accrued research and development expenses | 3,294 | 4,698 | ||||||
Other accrued liabilities | 3,009 | 4,928 | ||||||
Total current liabilities | 7,909 | 9,857 | ||||||
Long-term portion of operating lease liability | 1,127 | 1,262 | ||||||
Total liabilities | 9,036 | 11,119 | ||||||
Commitments and contingencies | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||
Common stock, $0.0001 par value: 200,000,000 shares authorized; 68,946,092 and 68,946,092 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 7 | 7 | ||||||
Additional paid-in capital | 822,054 | 819,549 | ||||||
Accumulated other comprehensive (loss) income | (6 | ) | 8 | |||||
Accumulated deficit | (694,409 | ) | (676,858 | ) | ||||
Total stockholders’ equity | 127,646 | 142,706 | ||||||
Total liabilities and stockholders’ equity | $ | 136,682 | $ | 153,825 | ||||
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 73,995 | $ | 125,806 | ||||
Marketable securities | 114,564 | 60,729 | ||||||
Prepaid research and development expenses | 1,384 | 2,371 | ||||||
Other prepaid expenses and current assets | 2,103 | 2,193 | ||||||
Total current assets | 192,046 | 191,099 | ||||||
Property and equipment, net | 1,024 | 1,178 | ||||||
Non-current marketable securities | 4,885 | 8,067 | ||||||
Operating lease right-of-use | 239 | 254 | ||||||
Other assets | 2,448 | 1,720 | ||||||
Total assets | $ | 200,642 | $ | 202,318 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 199 | $ | 2,728 | ||||
Accrued research and development expenses | 9,659 | 9,752 | ||||||
Other accrued liabilities | 4,181 | 5,886 | ||||||
Total current liabilities | 14,039 | 18,366 | ||||||
Development financing liability | 78,685 | 50,320 | ||||||
Long-term portion of operating lease liability | 537 | 695 | ||||||
Total liabilities | 93,261 | 69,381 | ||||||
Commitments and contingencies | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; 0shares issued and outstanding | 0— | 0— | ||||||
Common stock, $0.0001 par value: 200,000,000 shares authorized; 84,677,939 and 84,677,939 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 8 | 8 | ||||||
Additional paid-in capital | 902,217 | 899,798 | ||||||
Accumulated other comprehensive loss | (219 | ) | (13 | ) | ||||
Accumulated deficit | (794,625 | ) | (766,856 | ) | ||||
Total stockholders’ equity | 107,381 | 132,937 | ||||||
Total liabilities and stockholders’ equity | $ | 200,642 | $ | 202,318 | ||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 12,382 | $ | 9,509 | ||||
General and administrative | 5,236 | 4,418 | ||||||
Total operating expenses | 17,618 | 13,927 | ||||||
Loss from operations | (17,618 | ) | (13,927 | ) | ||||
Interest income | 67 | 839 | ||||||
Net loss | $ | (17,551 | ) | $ | (13,088 | ) | ||
Other comprehensive loss: | ||||||||
Unrealized loss on marketable securities | (14 | ) | (210 | ) | ||||
Total other comprehensive loss | (14 | ) | (210 | ) | ||||
Comprehensive loss | $ | (17,565 | ) | $ | (13,298 | ) | ||
Basic and diluted net loss per common share | $ | (0.25 | ) | $ | (0.19 | ) | ||
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share | 68,946,092 | 68,882,459 |
Three Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 18,415 | $ | 12,382 | ||||
General and administrative | 6,087 | 5,236 | ||||||
Total operating expenses | 24,502 | 17,618 | ||||||
Loss from operations | (24,502 | ) | (17,618 | ) | ||||
Other income (expense), net: | ||||||||
Interest income | 98 | 67 | ||||||
Interest expense | (3,365 | ) | 0— | |||||
Total other income (expense), net | (3,267 | ) | 67 | |||||
Net loss | $ | (27,769 | ) | $ | (17,551 | ) | ||
Other comprehensive loss: | ||||||||
Unrealized loss on marketable securities | (206 | ) | (14 | ) | ||||
Total other comprehensive loss | (206 | ) | (14 | ) | ||||
Comprehensive loss | $ | (27,975 | ) | $ | (17,565 | ) | ||
Basic and diluted net loss per common share | $ | (0.32 | ) | $ | (0.25 | ) | ||
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share | 87,802,939 | 68,946,092 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Operating activities | ||||||||
Net loss | $ | (17,551 | ) | $ | (13,088 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 164 | 153 | ||||||
Stock-based compensation expense | 2,505 | 1,998 | ||||||
Net accretion and amortization of investments in marketable securities | 196 | (205 | ) | |||||
Changes in assets and liabilities: | ||||||||
Interest receivable and other current assets | 299 | 310 | ||||||
Prepaid research and development expenses and other prepaid assets | (2,852 | ) | 1,951 | |||||
Other assets | (1,239 | ) | 0 | |||||
Accounts payable | 1,375 | (1,290 | ) | |||||
Accrued liabilities | (3,458 | ) | (4,537 | ) | ||||
Net cash used in operating activities | (20,561 | ) | (14,708 | ) | ||||
Investing activities | ||||||||
Purchases of property and equipment | (94 | ) | 0 | |||||
Purchases of marketable securities | (18,212 | ) | (65,503 | ) | ||||
Proceeds from maturities of marketable securities | 54,000 | 112,136 | ||||||
Net cash provided by investing activities | 35,694 | 46,633 | ||||||
Financing activities | ||||||||
Cash provided by financing activities | 0 | 0 | ||||||
Net increase in cash and cash equivalents | 15,133 | 31,925 | ||||||
Cash and cash equivalents at beginning of period | 28,193 | 24,869 | ||||||
Cash and cash equivalents at end of period | $ | 43,326 | $ | 56,794 | ||||
Supplemental disclosure | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 166 | $ | 161 |
Three Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Operating activities | ||||||||
Net loss | $ | (27,769 | ) | $ | (17,551 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 169 | 164 | ||||||
Stock-based compensation expense | 2,414 | 2,505 | ||||||
Accretion of development financing liability | 3,365 | 0— | ||||||
Net accretion and amortization of investments in marketable securities | 131 | 196 | ||||||
Changes in assets and liabilities: | ||||||||
Other prepaid expenses and current assets | 1,077 | (2,553 | ) | |||||
Other assets | (728 | ) | (1,239 | ) | ||||
Accounts payable | (2,341 | ) | 1,375 | |||||
Accrued research and development expenses | (93 | ) | (1,404 | ) | ||||
Other accrued liabilities | (1,587 | ) | (2,054 | ) | ||||
Net cash used in operating activities | (25,362 | ) | (20,561 | ) | ||||
Investing activities | ||||||||
Purchases of property and equipment | 0 | (94 | ) | |||||
Purchases of marketable securities | (62,485 | ) | (18,212 | ) | ||||
Proceeds from maturities of marketable securities | 11,495 | 54,000 | ||||||
Net cash (used in) provided by investing activities | (50,990 | ) | 35,694 | |||||
Financing activities | ||||||||
Proceeds from development financing | 25,000 | 0 | ||||||
Issuance costs paid for issuance of common stock | (459 | ) | 0 | |||||
Net cash provided by financing activities | 24,541 | 0 | ||||||
Net (decrease) increase in cash and cash equivalents | (51,811 | ) | 15,133 | |||||
Cash and cash equivalents at beginning of period | 125,806 | 28,193 | ||||||
Cash and cash equivalents at end of period | $ | 73,995 | $ | 43,326 | ||||
Supplemental disclosure | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 171 | $ | 166 |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2020 | 68,946,092 | $ | 7 | $ | 819,549 | $ | 8 | $ | (676,858 | ) | $ | 142,706 | ||||||||||||
Stock-based compensation expense | — | — | 2,505 | — | — | 2,505 | ||||||||||||||||||
Net loss | — | — | — | — | (17,551 | ) | (17,551 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (14 | ) | — | (14 | ) | ||||||||||||||||
Balances as of March 31, 2021 | 68,946,092 | $ | 7 | $ | 822,054 | $ | (6 | ) | $ | (694,409 | ) | $ | 127,646 | |||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2019 | 68,882,459 | $ | 7 | $ | 812,133 | $ | 80 | $ | (625,872 | ) | $ | 186,348 | ||||||||||||
Stock-based compensation expense | — | — | 1,998 | — | — | 1,998 | ||||||||||||||||||
Net loss | — | — | — | — | (13,088 | ) | (13,088 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||
Balances as of March 31, 2020 | 68,882,459 | $ | 7 | $ | 814,131 | $ | (130 | ) | $ | (638,960 | ) | $ | 175,048 | |||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2021 | 84,677,939 | $ | 8 | $ | 899,798 | $ | (13 | ) | $ | (766,856 | ) | $ | 132,937 | |||||||||||
Issuance costs related to issuance of common stock and pre-funded warrants | 0 | — | 5 | — | — | 5 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,414 | — | — | 2,414 | ||||||||||||||||||
Net loss | — | — | — | — | (27,769 | ) | (27,769 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (206 | ) | — | (206 | ) | ||||||||||||||||
Balances as of March 31, 2022 | 84,677,939 | $ | 8 | $ | 902,217 | $ | (219 | ) | $ | (794,625 | ) | $ | 107,381 | |||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2020 | 68,946,092 | $ | 7 | $ | 819,549 | $ | 8 | $ | (676,858 | ) | $ | 142,706 | ||||||||||||
Stock-based compensation expense | — | — | 2,505 | — | — | 2,505 | ||||||||||||||||||
Net loss | — | — | — | — | (17,551 | ) | (17,551 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (14 | ) | — | (14 | ) | ||||||||||||||||
Balances as of March 31, 2021 | 68,946,092 | $ | 7 | $ | 822,054 | $ | (6 | ) | $ | (694,409 | ) | $ | 127,646 | |||||||||||
As of March 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 38,460 | $ | — | $ | — | $ | 38,460 | ||||||||
Total cash equivalents | 38,460 | — | — | 38,460 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. treasury securities | — | 8,000 | — | 8,000 | ||||||||||||
U.S. and foreign commercial paper | — | 33,475 | — | 33,475 | ||||||||||||
U.S. and foreign corporate debt securities | — | 23,677 | — | 23,677 | ||||||||||||
Asset-backed securities | — | 13,978 | — | 13,978 | ||||||||||||
Supranational debt securities | — | 3,002 | — | 3,002 | ||||||||||||
Total marketable securities | — | 82,132 | — | 82,132 | ||||||||||||
Total assets measured at fair value | $ | 38,460 | $ | 82,132 | $ | — | $ | 120,592 | ||||||||
As of March 31, 2022 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 34,808 | $ | — | $ | — | $ | 34,808 | ||||||||
Total cash equivalents | 34,808 | — | — | 34,808 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. and foreign commercial paper | — | 31,275 | — | 31,275 | ||||||||||||
U.S. and foreign corporate debt securities | — | 35,805 | — | 35,805 | ||||||||||||
Supranational debt securities | — | 4,518 | — | 4,518 | ||||||||||||
U.S. treasury securities | — | 47,851 | — | 47,851 | ||||||||||||
Total marketable securities | — | 119,449 | — | 119,449 | ||||||||||||
Total assets measured at fair value | $ | 34,808 | $ | 119,449 | $ | — | $ | 154,257 | ||||||||
As of December 31, 2020 | As of December 31, 2021 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 22,415 | $ | — | $ | — | $ | 22,415 | $ | 85,638 | $ | — | $ | — | $ | 85,638 | ||||||||||||||||
U.S. commercial paper | — | — | — | — | ||||||||||||||||||||||||||||
Total cash equivalents | 22,415 | — | — | 22,415 | 85,638 | — | — | 85,638 | ||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||
U.S. treasury securities | — | 15,499 | — | 15,499 | ||||||||||||||||||||||||||||
U.S. and foreign commercial paper | — | 38,561 | — | 38,561 | — | 28,760 | — | 28,760 | ||||||||||||||||||||||||
U.S. and foreign corporate debt securities | — | 29,189 | — | 29,189 | — | 23,535 | — | 23,535 | ||||||||||||||||||||||||
U.S. agency securities | — | 23,994 | — | 23,994 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 7,885 | — | 7,885 | — | 8,522 | — | 8,522 | ||||||||||||||||||||||||
Supranational debt securities | — | 3,002 | — | 3,002 | ||||||||||||||||||||||||||||
U.S. treasury securities | — | 7,979 | — | 7,979 | ||||||||||||||||||||||||||||
Total marketable securities | — | 118,130 | — | 118,130 | — | 68,796 | — | 68,796 | ||||||||||||||||||||||||
Total assets measured at fair value | $ | 22,415 | $ | 118,130 | $ | — | $ | 140,545 | $ | 85,638 | $ | 68,796 | $ | — | $ | 154,434 | ||||||||||||||||
Due less than 1 year | $ | 114,564 | ||
Due between 1 and 2 years | 4,885 | |||
Total fair value | $ | 119,449 | ||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Numerator: | ||||||||
Net loss | $ | (17,551 | ) | $ | (13,088 | ) | ||
Denominator: | ||||||||
Weighted average number of common stock shares outstanding | 68,946,092 | 68,882,459 | ||||||
Net loss per share | $ | (0.25 | ) | $ | (0.19 | ) |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Common stock options | 10,052 | 6,117 | ||||||
Incentive awards | 101 | 101 | ||||||
Total | 10,153 | 6,218 | ||||||
March 31, 2022 | December 31, 2021 | |||||||
Accrued compensation | $ | 2,081 | $ | 3,986 | ||||
Accrued professional fees and other | 1,510 | 1,333 | ||||||
Current portion of operating lease liability | 590 | 567 | ||||||
Total other accrued liabilities | $ | 4,181 | $ | 5,886 | ||||
March 31, 2021 | December 31, 2020 | |||||||
Accrued compensation | $ | 1,504 | $ | 3,769 | ||||
Accrued professional fees and other | 1,003 | 677 | ||||||
Current portion of operating lease liability | 502 | 482 | ||||||
Total other accrued liabilities | $ | 3,009 | $ | 4,928 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Numerator: | ||||||||
Net loss | $ | (27,769 | ) | $ | (17,551 | ) | ||
Denominator: | ||||||||
Weighted average number of: | ||||||||
Common stock shares outstanding | 84,677,939 | 68,946,092 | ||||||
Pre-funded warrants outstanding | 3,125,000 | 0 | ||||||
Total | 87,802,939 | 68,946,092 | ||||||
Net loss per share | $ | (0.32 | ) | $ | (0.25 | ) |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Common stock options | 14,180 | 10,052 | ||||||
Incentive awards | 101 | 101 | ||||||
Total | 14,281 | 10,153 | ||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Research and development | $ | 1,077 | $ | 444 | ||||
General and administrative | 1,428 | 1,554 | ||||||
Total stock-based compensation expense | $ | 2,505 | $ | 1,998 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Research and development | $ | 1,098 | $ | 1,077 | ||||
General and administrative | 1,316 | 1,428 | ||||||
Total stock-based compensation expense | $ | 2,414 | $ | 2,505 | ||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended March 31, | Change Q1 | Three Months Ended March 31, | Change Q1 | |||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | 2022 | 2021 | 2022 vs. 2021 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 12,382 | $ | 9,509 | $ | 2,873 | $ | 18,415 | $ | 12,382 | $ | 6,033 | ||||||||||||
General and administrative | 5,236 | 4,418 | 818 | 6,087 | 5,236 | 851 | ||||||||||||||||||
Total operating expenses | 17,618 | 13,927 | 3,691 | 24,502 | 17,618 | 6,884 | ||||||||||||||||||
Loss from operations | (17,618 | ) | (13,927 | ) | (3,691 | ) | (24,502 | ) | (17,618 | ) | (6,884 | ) | ||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Interest income | 67 | 839 | (772 | ) | 98 | 67 | 31 | |||||||||||||||||
Interest expense | (3,365 | ) | — | (3,365 | ) | |||||||||||||||||||
Total other income (expense), net | (3,267 | ) | 67 | (3,334 | ) | |||||||||||||||||||
Net loss | $ | (17,551 | ) | $ | (13,088 | ) | $ | (4,463 | ) | $ | (27,769 | ) | $ | (17,551 | ) | $ | (10,218) | |||||||
Three Months Ended March 31, | Change Q1 | Three Months Ended March 31, | Change Q1 | |||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | 2022 | 2021 | 2022 vs. 2021 | |||||||||||||||||||
Project costs: | ||||||||||||||||||||||||
Seladelpar PBC clinical studies | $ | 5,903 | $ | 5,584 | $ | 319 | $ | 9,273 | $ | 5,903 | $ | 3,370 | ||||||||||||
Seladelpar NASH clinical studies | (10 | ) | 897 | (907 | ) | |||||||||||||||||||
Seladelpar PSC clinical studies | — | 252 | (252 | ) | ||||||||||||||||||||
Seladelpar drug manufacturing & development | 754 | 237 | 517 | 2,256 | 754 | 1,502 | ||||||||||||||||||
Seladelpar other studies | 123 | 125 | (2 | ) | ||||||||||||||||||||
Non-seladelpar studies | 982 | 230 | 752 | |||||||||||||||||||||
Seladelpar and non-seladelpar other studies | 100 | 1,095 | (995 | ) | ||||||||||||||||||||
Total project costs | 7,752 | 7,325 | 427 | 11,629 | 7,752 | 3,877 | ||||||||||||||||||
Internal research and development costs | 4,630 | 2,184 | 2,446 | 6,786 | 4,630 | 2,156 | ||||||||||||||||||
Total research and development | $ | 12,382 | $ | 9,509 | $ | 2,873 | $ | 18,415 | $ | 12,382 | $ | 6,033 | ||||||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net cash used in operating activities | $ | (20,561 | ) | $ | (14,708 | ) | ||
Net cash provided by investing activities | 35,694 | 46,633 | ||||||
Net increase in cash and cash equivalents | $ | 15,133 | $ | 31,925 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Net cash used in operating activities | $ | (25,362 | ) | $ | (20,561 | ) | ||
Net cash (used in) provided by investing activities | (50,990 | ) | 35,694 | |||||
Net cash provided by financing activities | 24,541 | — | ||||||
Net (decrease) increase in cash and cash equivalents | $ | (51,811 | ) | $ | 15,133 | |||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 6. | Exhibits |
CYMABAY THERAPEUTICS, INC. | ||
By: | /s/ Sujal Shah | |
Sujal Shah | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | May | |
By: | /s/ Daniel Menold | |
Daniel Menold | ||
Vice President, Finance | ||
(Principal Financial and Accounting Officer) | ||
Date: | May |