☒ | 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 | 36-4108129 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
427 Park St., Charlottesville, Virginia | 22902 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock, par value $0.0001 per share | ABOS | The Nasdaq Global Select Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||||
PART I. | 3 | |||||||
Item 1. | 3 | |||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
7 | ||||||||
8 | ||||||||
Item 2. | 18 | |||||||
Item 3. | 26 | |||||||
Item 4. | 26 | |||||||
28 | ||||||||
28 | ||||||||
Item 1A. | 28 | |||||||
Item 2. | 28 | |||||||
Item 3. | 28 | |||||||
Item 4. | 28 | |||||||
Item 5. | 28 | |||||||
Item 6. | 29 | |||||||
30 |
June 30, 2022 | December 31, 2021 | |||||||||||||||
March 31, 2022 | December 31, 2021 | (unaudited) | ||||||||||||||
(unaudited) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 108,764 | $ | 122,162 | $ | 111,067 | $ | 122,162 | ||||||||
Marketable securities, short-term | 80,326 | 72,075 | 78,844 | 72,075 | ||||||||||||
Prepaid expenses and other current assets | 3,008 | 4,424 | 1,142 | 4,424 | ||||||||||||
Total current assets | 192,098 | 198,661 | 191,053 | 198,661 | ||||||||||||
Marketable securities, long-term | 27,658 | 31,619 | 20,001 | 31,619 | ||||||||||||
Property and equipment, net | 51 | 36 | 113 | 36 | ||||||||||||
Deferred offering costs | 238 | — | ||||||||||||||
Right-of-use | 201 | — | 167 | — | ||||||||||||
Other assets | 79 | 14 | 106 | 14 | ||||||||||||
Total assets | $ | 220,087 | $ | 230,330 | $ | 211,678 | $ | 230,330 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable | $ | 1,219 | $ | 1,088 | $ | 1,710 | $ | 1,088 | ||||||||
Accrued expenses and other current liabilities | 2,578 | 4,059 | 3,282 | 4,059 | ||||||||||||
Operating lease liability, current portion | 139 | — | 142 | — | ||||||||||||
Total current liabilities | 3,936 | 5,147 | 5,134 | 5,147 | ||||||||||||
Operating lease liability, net of current portion | 62 | — | 25 | — | ||||||||||||
Total liabilities | 3,998 | 5,147 | 5,159 | 5,147 | ||||||||||||
Commitments and contingencies (Note 9 ) | 0 | 0 | ||||||||||||||
Commitments and contingencies (Note 9) | 0 | 0 | ||||||||||||||
Stockholders’ equity | ||||||||||||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and 0shares issued and outstanding as of March 31, 2022 and December 31, 202 1 | 0— | 0— | ||||||||||||||
Common stock, $0.0001 par value; 300,000,000 shares authorized and 40,473,270 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 4 | 4 | ||||||||||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 0— | 0— | ||||||||||||||
Common stock, $0.0001 par value; 300,000,000 shares authorized and 40,501,258 and 40,473,270 s hares issued and outstanding as of June 30, 2022 and December 31, 2021, | 4 | 4 | ||||||||||||||
Additional paid-in capital | 353,599 | 352,981 | 354,331 | 352,981 | ||||||||||||
Accumulated deficit | (136,700 | ) | (127,571 | ) | (146,851 | ) | (127,571 | ) | ||||||||
Accumulated other comprehensive loss | (814 | ) | (231 | ) | (965 | ) | (231 | ) | ||||||||
Total stockholders’ equity | 216,089 | 225,183 | 206,519 | 225,183 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 220,087 | $ | 230,330 | $ | 211,678 | $ | 230,330 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
Three Months Ended March 31, | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Research and development | $ | 5,985 | $ | 2,578 | $ | 7,321 | $ | 2,254 | $ | 13,306 | $ | 4,832 | ||||||||||||
General and administrative | 3,221 | 1,215 | 3,090 | 1,187 | 6,312 | 2,402 | ||||||||||||||||||
Total operating expenses | 9,206 | 3,793 | 10,411 | 3,441 | 19,618 | 7,234 | ||||||||||||||||||
Loss from operations | (9,206 | ) | (3,793 | ) | (10,411 | ) | (3,441 | ) | (19,618 | ) | (7,234 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest income, net | 76 | 4 | 260 | 4 | 337 | 8 | ||||||||||||||||||
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | — | (23,217 | ) | — | (57,940 | ) | — | (81,157 | ) | |||||||||||||||
Other income, net | 1 | 9 | — | 19 | 1 | 28 | ||||||||||||||||||
Total other income (expense) | 77 | (23,204 | ) | 260 | (57,917 | ) | 338 | (81,121 | ) | |||||||||||||||
Net loss | (9,129 | ) | (26,997 | ) | (10,151 | ) | (61,358 | ) | (19,280 | ) | (88,355 | ) | ||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||
Unrealized loss on marketable securities | (583 | ) | — | (151 | ) | — | (734 | ) | — | |||||||||||||||
Comprehensive loss | $ | (9,712 | ) | $ | (26,997 | ) | $ | (10,302 | ) | $ | (61,358 | ) | $ | (20,014 | ) | $ | (88,355 | ) | ||||||
Net loss per common share, basic and diluted | $ | (0.23 | ) | $ | (64.41 | ) | $ | (0.25 | ) | $ | (141.93 | ) | $ | (0.48 | ) | $ | (207.52 | ) | ||||||
Weighted-average shares outstanding, basic and diluted | 40,473,270 | 419,124 | 40,497,087 | 432,325 | 40,485,244 | 425,761 | ||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | Accumulated | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Additional | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 40,473,270 | $ | 4 | $ | 352,981 | $ | (127,571 | ) | $ | (231 | ) | $ | 225,183 | |||||||||||||||||||||||||||||||||||
Common Stock | Paid-in | Accumulated | Comprehensive | Stockholders’ | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Deficit | Loss | Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 40,473,270 | $ | 4 | $ | 353,599 | $ | (136,700 | ) | $ | (814 | ) | $ | 216,089 | |||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | (583 | ) | (583 | ) | — | — | — | — | (151 | ) | (151 | ) | ||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 618 | — | — | 618 | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised for cash | 23,242 | — | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||||||||||||
Cashless stock options exercise | 4,746 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 715 | — | — | 715 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (9,129 | ) | — | (9,129 | ) | — | — | — | (10,151 | ) | — | (10,151 | ) | ||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 40,473,270 | $ | 4 | $ | 353,599 | $ | (136,700 | ) | $ | (814 | ) | $ | 216,089 | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 40,501,258 | $ | 4 | $ | 354,331 | $ | (146,851 | ) | $ | (965 | ) | $ | 206,519 | |||||||||||||||||||||||||||||||||||
Series A | Series A-1 | Series B | Additional Paid-in | Total Stockholders’ | ||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | Common Stock | Accumulated | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 477,297 | $ | 1,067 | 7,537,879 | $ | 16,333 | 11,862,043 | $ | 39,253 | 419,124 | $ | — | $ | 8,500 | $ | (53,962 | ) | $ | (45,462 | ) | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 127 | — | 127 | |||||||||||||||||||||||||||||||||
Issuance of milestone shares for cash, of $16net of issuance costs | — | — | — | — | 7,908,027 | 30,031 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Exercise of preferred stock warrant | — | — | 447,426 | 1,250 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Reclassification of preferred stock tranche rights liability upon issuance of milestone shares | — | — | — | — | — | 81,190 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Reclassification of warrant liability upon exercise of preferred stock warrant | — | — | — | 5,380 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Exercise of common stock warrants | — | — | — | — | — | — | 137,446 | — | 614 | — | 614 | |||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (61,358 | ) | (61,358 | ) | |||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 477,297 | $ | 1,067 | 7,985,305 | $ | 22,963 | 19,770,070 | $ | 150,474 | 556,570 | $ | — | $ | 9,241 | $ | (115,320 | ) | $ | (106,079 | ) | ||||||||||||||||||||||||
Series A | Series A-1 | Series B | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 477,297 | $ | 1,067 | 7,537,879 | $ | 16,333 | 11,862,043 | $ | 39,253 | 419,124 | $ | — | $ | 8,374 | $ | (26,965 | ) | $ | (18,591 | ) | ||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | 126 | — | 126 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (26,997 | ) | (26,997 | ) | |||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 477,297 | $ | 1,067 | 7,537,879 | $ | 16,333 | 11,862,043 | $ | 39,253 | 419,124 | $ | — | $ | 8,500 | $ | (53,962 | ) | $ | (45,462 | ) | ||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Accumulated | Comprehensive | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Deficit | Loss | Equity | |||||||||||||||||||
Balance as of December 31, 2021 | 40,473,270 | $ | 4 | $ | 352,981 | $ | (127,571 | ) | $ | (231 | ) | $ | 225,183 | |||||||||||
Unrealized loss on marketable securities | — | — | — | — | (734 | ) | (734 | ) | ||||||||||||||||
Stock options exercised for cash | 23,242 | — | 17 | — | — | 17 | ||||||||||||||||||
Cashless stock options exercise | 4,746 | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | 1,333 | — | — | 1,333 | ||||||||||||||||||
Net loss | — | — | — | (19,280 | ) | — | (19,280 | ) | ||||||||||||||||
Balance as of June 30, 2022 | 40,501,258 | $ | 4 | $ | 354,331 | $ | (146,851 | ) | $ | (965 | ) | $ | 206,519 | |||||||||||
Series A | Series A-1 | Series B | Additional Paid-in | Total Stockholders’ | ||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | Common Stock | Accumulated | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 477,297 | �� | $ | 1,067 | 7,537,879 | $ | 16,333 | 11,862,043 | $ | 39,253 | 419,124 | $ | — | $ | 8,374 | $ | (26,965 | ) | $ | (18,591 | ) | |||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 253 | — | 253 | |||||||||||||||||||||||||||||||||
I ssuance of milestone shares for cash, of $16net of issuance costs | — | — | — | — | 7,908,027 | 30,031 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Exercise of preferred stock warrant | — | — | 447,426 | 1,250 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Reclassification of preferred stock tranche rights liability upon issuance of milestone shares | — | — | — | — | — | 81,190 | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Reclassification of warrant liability upon exercise of preferred stock warrant | — | — | — | 5,380 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Exercise of common stock warrants | — | — | — | — | — | — | 137,446 | — | 614 | — | 614 | |||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (88,355 | ) | (88,355 | ) | |||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 477,297 | $ | 1,067 | 7,985,305 | $ | 22,963 | 19,770,070 | $ | 150,474 | 556,570 | $ | — | $ | 9,241 | $ | (115,320 | ) | $ | (106,079 | ) | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (19,280 | ) | $ | (88,355 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation | 10 | — | ||||||
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | — | 81,157 | ||||||
Stock-based compensation expense | 1,333 | 253 | ||||||
Amortization of premiums and accretion of discounts on marketable securities, net | 384 | — | ||||||
Amortization of right-of-use | 66 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other current assets | 3,282 | (1,108 | ) | |||||
Other assets | (92 | ) | (13 | ) | ||||
Accounts payable | 580 | 741 | ||||||
Operating lease liability | (66 | ) | — | |||||
Accrued expenses and other current liabilities | (984 | ) | 691 | |||||
Net cash used in operating activities | (14,767 | ) | (6,634 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of marketable securities | (12,129 | ) | — | |||||
Proceeds from maturities and sales of marketable securities | 15,860 | — | ||||||
Purchases of property and equipment | (45 | ) | (6 | ) | ||||
Net cash provided by (used in) investing activities | 3,686 | (6 | ) | |||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of Series B milestone shares, net of issuance costs | — | 30,031 | ||||||
Proceeds from exercise of Series A-1 warrant | — | 1,250 | ||||||
Proceeds from exercise of common stock warrants | — | 614 | ||||||
Payments for deferred offering costs | (31 | ) | (220 | ) | ||||
Proceeds from the exercise of stock options | 17 | — | ||||||
Net cash provided by (used in) financing activities | (14 | ) | 31,675 | |||||
Net change in cash and cash equivalents | (11,095 | ) | 25,035 | |||||
Cash and cash equivalents at the beginning of the period | 122,162 | 43,777 | ||||||
Cash and cash equivalents at the end of the period | $ | 111,067 | $ | 68,812 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for income taxes | $ | — | $ | — | ||||
Cash paid for interest | $ | — | $ | — | ||||
Supplemental disclosure of noncash investing and financing activities | ||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 233 | — | |||||
Deferred offering costs in accrued expenses and other current liabilities | $ | 207 | $ | 497 | ||||
Purchases of property and equipment in accounts payable | $ | 42 | $ | — | ||||
Reclassification of preferred stock tranche rights liability upon share issuance | $ | — | $ | 81,190 | ||||
Reclassification of warrant liability upon exercise of preferred stock warrant | $ | — | $ | 5,380 | ||||
Deferred offering costs in accounts payable | $ | — | $ | 1,635 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (9,129 | ) | $ | (26,997 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation | 4 | — | ||||||
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | — | 23,217 | ||||||
Stock-based compensation expense | 618 | 126 | ||||||
Amortization of premiums and accretion of discounts on marketable securities, net | 216 | — | ||||||
Amortization of right-of-use | 33 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other current assets | 1,416 | (44 | ) | |||||
Other assets | (65 | ) | (13 | ) | ||||
Accounts payable | 121 | 387 | ||||||
Operating lease liability | (32 | ) | — | |||||
Accrued expenses and other current liabilities | (1,481 | ) | 954 | |||||
Net cash used in operating activities | (8,299 | ) | (2,370 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of marketable securities | (9,090 | ) | — | |||||
Proceeds from maturities and sales of marketable securities | 4,000 | — | ||||||
Purchases of property and equipment | (9 | ) | — | |||||
Net cash used in investing activities | (5,099 | ) | — | |||||
Net change in cash and cash equivalents | (13,398 | ) | (2,370 | ) | ||||
Cash and cash equivalents at the beginning of the period | 122,162 | 43,777 | ||||||
Cash and cash equivalents at the end of the period | $ | 108,764 | $ | 41,407 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for income taxes | $ | — | $ | — | ||||
Cash paid for interest | $ | — | $ | — | ||||
Supplemental disclosure of noncash investing and financing activities | ||||||||
Purchases of property and equipment in accounts payable | $ | 10 | $ | — | ||||
Deferred offering costs in accrued expenses and other current liabilities | $ | — | $ | 257 | ||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
March 31, 2022 | Gross Unrealized | Gross Unrealized | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
Commercial paper | $ | 47,961 | $ | — | $ | — | $ | 47,961 | $ | 43,984 | $ | — | $ | — | $ | 43,984 | ||||||||||||||||
Corporate debt securities | 15,373 | — | (117 | ) | 15,256 | 15,033 | — | (206 | ) | 14,827 | ||||||||||||||||||||||
Asset-backed securities | 8,077 | — | (45 | ) | 8,032 | 8,039 | — | (31 | ) | 8,008 | ||||||||||||||||||||||
U.S. treasury securities | 9,093 | — | (16 | ) | 9,077 | 12,088 | — | (63 | ) | 12,025 | ||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
Total available-for-sale | 80,505 | — | (178 | ) | 80,326 | 79,144 | — | (300 | ) | 78,844 | ||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
Corporate debt securities | 9,275 | — | (227 | ) | 9,048 | 5,662 | — | (184 | ) | 5,478 | ||||||||||||||||||||||
Asset-backed securities | 7,033 | — | (107 | ) | 6,926 | 3,010 | — | (116 | ) | 2,894 | ||||||||||||||||||||||
U.S. treasury securities | 11,985 | — | (302 | ) | 11,684 | 11,994 | �� | (365 | ) | 11,629 | ||||||||||||||||||||||
Total available-for-sale | 28,294 | — | (636 | ) | 27,658 | 20,666 | — | (665 | ) | 20,001 | ||||||||||||||||||||||
Total available-for-sale | $ | 108,798 | $ | — | $ | (814 | ) | $ | 107,984 | $ | 99,810 | $ | — | $ | (965 | ) | $ | 98,845 | ||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | |||||||||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
Commercial paper | $ | 47,939 | $ | — | $ | — | $ | 47,939 | ||||||||||||||||||||||||
Corporate debt securities | 7,992 | — | (11 | ) | 7,981 | |||||||||||||||||||||||||||
Asset-backed securities | 16,177 | — | (22 | ) | 16,155 | |||||||||||||||||||||||||||
Total available-for-sale | 72,108 | — | (33 | ) | 72,075 | |||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
Corporate debt securities | 16,816 | — | (103 | ) | 16,713 | |||||||||||||||||||||||||||
Asset-backed securities | 3,013 | — | (25 | ) | 2,988 | |||||||||||||||||||||||||||
U.S. treasury securities | 11,988 | — | (70 | ) | 11,918 | |||||||||||||||||||||||||||
Total available-for-sale | 31,817 | — | (198 | ) | 31,619 | |||||||||||||||||||||||||||
Total available-for-sale | $ | 103,925 | $ | — | $ | (231 | ) | $ | 103,694 | |||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Available-for-sale | ||||||||||||||||
Commercial paper | $ | 47,939 | $ | — | $ | — | $ | 47,939 | ||||||||
Corporate debt securities | 7,992 | — | (11 | ) | 7,981 | |||||||||||
Asset-backed securities | 16,177 | — | (22 | ) | 16,155 | |||||||||||
Total available-for-sale | 72,108 | — | (33 | ) | 72,075 | |||||||||||
Available-for-sale | ||||||||||||||||
Corporate debt securities | 16,816 | — | (103 | ) | 16,713 | |||||||||||
Asset-backed securities | 3,013 | — | (25 | ) | 2,988 | |||||||||||
U.S. treasury securities | 11,988 | — | (70 | ) | 11,918 | |||||||||||
Total available-for-sale | 31,817 | — | (198 | ) | 31,619 | |||||||||||
Total available-for-sale | $ | 103,925 | $ | — | $ | (231 | ) | $ | 103,694 | |||||||
Fair value measurements at reporting date using | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at March 31, 2022 | |||||||||||||
Assets included in: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market securities | $ | 108,086 | $ | 0 | $ | 0 | $ | 108,086 | ||||||||
Marketable securities | ||||||||||||||||
Commercial paper | 0 | 47,961 | 0 | 47,961 | ||||||||||||
Corporate debt securities | 0 | 24,304 | 0 | 24,304 | ||||||||||||
Asset-backed securities | 0 | 14,958 | 0 | 14,958 | ||||||||||||
U.S. treasury securities | 0 | 20,761 | 0 | 20,761 | ||||||||||||
Total fair value | $ | 108,086 | $ | 107,984 | $ | 0 | $ | 216,070 | ||||||||
Fair value measurements at reporting date using | ||||||||||||||||
Quoted Prices in | ||||||||||||||||
Active Markets for | Significant Other | |||||||||||||||
Identical Assets | Observable Inputs | Significant Unobservable | Fair Value at | |||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | June 30, 2022 | |||||||||||||
Assets included in: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market securities | $ | 110,067 | $ | — | $ | — | $ | 110,067 | ||||||||
Marketable securities | ||||||||||||||||
Commercial paper | — | 43,984 | — | 43,984 | ||||||||||||
Corporate debt securities | — | 20,305 | — | 20,305 | ||||||||||||
Asset-backed securities | — | 10,902 | — | 10,902 | ||||||||||||
U.S. treasury securities | — | 23,654 | — | 23,654 | ||||||||||||
Total fair value | $ | 110,067 | $ | 98,845 | $ | — | $ | 208,912 | ||||||||
Fair value measurements at reporting date using | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2021 | |||||||||||||
Assets included in: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market securities | $ | 121,162 | $ | 0 | $ | 0 | $ | 121,162 | ||||||||
Marketable securities | ||||||||||||||||
Commercial paper | — | 47,939 | — | 47,939 | ||||||||||||
Corporate debt securities | — | 24,694 | — | 24,694 | ||||||||||||
Asset-backed securities | — | 19,143 | — | 19,143 | ||||||||||||
U.S. treasury securities | — | 11,918 | — | 11,918 | ||||||||||||
Total fair value | $ | 121,162 | $ | 103,694 | $ | 0 | $ | 224,856 | ||||||||
Fair value measurements at reporting date using | ||||||||||||||||
Quoted Prices in | ||||||||||||||||
Active Markets for | Significant Other | |||||||||||||||
Identical Assets | Observable Inputs | Significant Unobservable | Fair Value at | |||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | December 31, 2021 | |||||||||||||
Assets included in: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market securities | $ | 121,162 | $ | — | $ | — | $ | 121,162 | ||||||||
Marketable securities | ||||||||||||||||
Commercial paper | — | 47,939 | — | 47,939 | ||||||||||||
Corporate debt securities | — | 24,694 | — | 24,694 | ||||||||||||
Asset-backed securities | — | 19,143 | — | 19,143 | ||||||||||||
U.S. treasury securities | — | 11,918 | — | 11,918 | ||||||||||||
Total fair value | $ | 121,162 | $ | 103,694 | $ | — | $ | 224,856 | ||||||||
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
Research and development service agreements | $ | 1,653 | $ | 2,591 | $ | 650 | $ | 2,591 | ||||||||
Prepaid raw materials | 141 | 83 | ||||||||||||||
Dues and subscriptions | 125 | 96 | ||||||||||||||
Prepaid insurance | 749 | 1,514 | 21 | 1,514 | ||||||||||||
Dues and subscriptions | 158 | 96 | ||||||||||||||
Prepaid raw materials | 333 | 83 | ||||||||||||||
Other | 115 | 140 | 205 | 140 | ||||||||||||
Total prepaid expenses and other current assets | $ | 3,008 | $ | 4,424 | $ | 1,142 | $ | 4,424 | ||||||||
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
Research and development | $ | 1,638 | $ | 2,623 | $ | 2,031 | $ | 2,623 | ||||||||
Bonuses and other employee liabilities | 541 | 1,102 | 934 | 1,102 | ||||||||||||
Legal | 294 | 130 | 192 | 130 | ||||||||||||
Professional fees | 6 | — | 24 | — | ||||||||||||
Other | 99 | 204 | 101 | 204 | ||||||||||||
Total accrued expenses and other current li a bilities | $ | 2,578 | $ | 4,059 | ||||||||||||
Total accrued expenses and other current liabilities | $ | 3,282 | $ | 4,059 | ||||||||||||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Risk-free interest rate | 1.71% | 0.4% - 0.5% | 1.71 - 3.38% | 0.40% - 0.50% | ||||
Expected term (in years) | 6.1 | 5.3 - 6.1 | 5.8 - 6.1 | 5.3 - 6.3 | ||||
Expected volatility | 90% | 90% | 90% | 90% | ||||
Expected dividend yield | 0% | 0% | 0% | 0% |
Weighted Average | ||||||||||||||||||||||||||||||||
Remaining | ||||||||||||||||||||||||||||||||
Weighted Average | Contractual Life (in | Aggregate Intrinsic | ||||||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | Stock Options | Exercise Price | years) | Value (in thousands) | |||||||||||||||||||||||||
Outstanding at December 31, 2021 | 3,835,618 | $ | 2.51 | 3,835,618 | $ | 2.51 | ||||||||||||||||||||||||||
Granted | 1,104,550 | 5.19 | 1,455,550 | $ | 4.80 | |||||||||||||||||||||||||||
Exercised | (29,982 | ) | $ | 0.84 | ||||||||||||||||||||||||||||
Forfeited | (18,149 | ) | 1.19 | (33,149 | ) | $ | 2.11 | |||||||||||||||||||||||||
Outstanding at March 31, 2022 | 4,922,019 | $ | 3.11 | 8.6 | $ | 9,562 | ||||||||||||||||||||||||||
Outstanding at June 30, 2022 | 5,228,037 | $ | 3.16 | 8.5 | $ | 12,500 | ||||||||||||||||||||||||||
Vested and exercisable at March 31, 2022 | 1,755,794 | $ | 1.54 | 7.5 | $ | 4,805 | ||||||||||||||||||||||||||
Vested and exercisable at June 30, 2022 | 1,910,996 | $ | 1.67 | 7.4 | $ | 6,561 | ||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
General and administrative | $ | 453 | $ | 79 | $ | 510 | $ | 79 | $ | 962 | $ | 159 | ||||||||||||
Research and development | 166 | 47 | 205 | 48 | 371 | 94 | ||||||||||||||||||
Total stock-based compensation | $ | 618 | $ | 126 | $ | 715 | $ | 127 | $ | 1,333 | $ | 253 | ||||||||||||
Three Months Ended March 31, 2022 | ||||
Operating leases | ||||
Operating lease cost | $ | 38 | ||
Less: sublease income | (16 | ) | ||
Operating lease expense | 22 | |||
Short-term lease rent expense | 5 | |||
Total rent expense | $ | 27 | ||
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2022 | |||||||
Operating leases | ||||||||
Operating lease cost | $ | 38 | $ | 76 | ||||
Less: sublease income | (16 | ) | (32 | ) | ||||
Operating lease expense | 22 | 44 | ||||||
Short-term lease rent expense | 5 | 10 | ||||||
Total rent expense | $ | 27 | $ | 54 | ||||
Three Months Ended March 31, 2022 | ||||
Operating cash flows from operating leases | $ | 38 | ||
Right-of-use | $ | 233 | ||
Weighted-average remaining lease term – operating leases | 1.4 | |||
Weighted-average discount rate – operating leases | 10.0 | % |
Six Months Ended | ||||
June 30, 2022 | ||||
Operating cash flows from operating leases | $ | 76 | ||
Right-of-use | $ | 233 | ||
Weighted-average remaining lease term – operating leases (in years) | 1.2 | |||
Weighted-average discount rate – operating leases | 10.0 | % |
Remaining Period Ended December 31, 2022 | $ | 115 | ||
Year Ended December 31, 2023 | 102 | |||
Total | 217 | |||
Less: present value discount | (16 | ) | ||
Operating lease liabilities | $ | 201 | ||
Remaining period ended December 31, 2022 | $ | 77 | ||
Year ended December 31, 2023 | 102 | |||
Total | 179 | |||
Less: present value discount | (12 | ) | ||
Operating lease liabilities | $ | 167 | ||
Year ended December 31, 2022 | $ | 153 | ||
Year ended December 31, 2023 | 102 | |||
Total | $ | 255 | ||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Shares issuable upon exercise of stock options | 4,922,019 | 3,481,178 | 5,228,037 | 3,664,601 | ||||||||||||
Shares issuable upon conversion of Series A Preferred Stock | 0 | 477,297 | — | 477,297 | ||||||||||||
Shares issuable upon conversion of Series A-1 Preferred Stock | 0 | 7,537,879 | — | 7,985,305 | ||||||||||||
Shares issuable upon conversion of Series B Preferred Stock | 0 | 11,862,043 | — | 19,770,070 | ||||||||||||
Shares issuable upon exercise of common stock warrants | 0 | 385,693 | — | 248,247 | ||||||||||||
Shares issuable upon exercise of preferred stock warrant | 0 | 447,426 | ||||||||||||||
Total | 4,922,019 | 24,191,516 | 5,228,037 | 32,145,520 | ||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||
Costs and operating expenses | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Research and development | $ | 5,985 | $ | 2,578 | $ | 3,407 | $ | 7,321 | $ | 2,254 | $ | 5,067 | ||||||||||||
General and administrative | 3,221 | 1,215 | 2,006 | 3,090 | 1,187 | 1,903 | ||||||||||||||||||
Total operating expenses | 9,206 | 3,793 | 5,413 | 10,411 | 3,441 | 6,970 | ||||||||||||||||||
Loss from operations | (9,206 | ) | (3,793 | ) | (5,413 | ) | (10,411 | ) | (3,441 | ) | (6,970 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest income, net | 260 | 4 | 256 | |||||||||||||||||||||
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | — | (23,217 | ) | 23,217 | — | (57,940 | ) | 57,940 | ||||||||||||||||
Interest income, net | 76 | 4 | 72 | |||||||||||||||||||||
Other income, net | 1 | 9 | (8 | ) | — | 19 | (19 | ) | ||||||||||||||||
Total other income (expense) | 77 | (23,204 | ) | 23,281 | ||||||||||||||||||||
Total other income | 260 | (57,917 | ) | 58,177 | ||||||||||||||||||||
Net loss | (9,129 | ) | (26,997 | ) | 17,868 | (10,151 | ) | (61,358 | ) | 51,207 | ||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||
Unrealized loss on marketable securities | (583 | ) | — | (583 | ) | (151 | ) | — | (151 | ) | ||||||||||||||
Comprehensive loss | $ | (9,712 | ) | $ | (26,997 | ) | $ | 17,285 | $ | (10,302 | ) | $ | (61,358 | ) | $ | 51,056 | ||||||||
Six Months Ended June 30, | ||||||||||||
2022 | 2021 | Change | ||||||||||
Operating expenses | ||||||||||||
Research and development | $ | 13,306 | $ | 4,832 | $ | 8,474 | ||||||
General and administrative | 6,312 | 2,402 | 3,910 | |||||||||
Total operating expenses | 19,618 | 7,234 | 12,384 | |||||||||
Loss from operations | (19,618 | ) | (7,234 | ) | (12,384 | ) | ||||||
Other income (expense) | ||||||||||||
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | — | (81,157 | ) | 81,157 | ||||||||
Interest income, net | 337 | 8 | 329 | |||||||||
Other income, net | 1 | 28 | (27 | ) | ||||||||
Total other income (expense) | 338 | (81,121 | ) | 81,459 | ||||||||
Net loss | (19,280 | ) | (88,355 | ) | 69,075 | |||||||
Other comprehensive loss | ||||||||||||
Unrealized loss on marketable securities | (734 | ) | — | (734 | ) | |||||||
Comprehensive loss | $ | (20,014 | ) | $ | (88,355 | ) | $ | 68,341 | ||||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net cash used in operating activities | $ | (8,299 | ) | $ | (2,370 | ) | $ | (14,767 | ) | $ | (6,634 | ) | ||||
Net cash used in investing activities | (5,099 | ) | — | |||||||||||||
Net cash provided by (used in) investing activities | 3,686 | (6 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (14 | ) | 31,675 | |||||||||||||
Net change in cash and cash equivalents | $ | (13,398 | ) | $ | (2,370 | ) | $ | (11,095 | ) | $ | 25,035 | |||||
(a) | Recent Sales of Unregistered Equity Securities |
(b) | Use of Proceeds |
(c) | Issuer Purchases of Equity Securities |
Number | ||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Filed herewith |
# | These certifications are being furnished solely to accompany this |
ACUMEN PHARMACEUTICALS, INC. | ||||
Date: | By: | /s/ Daniel O’Connell | ||
Daniel O’Connell | ||||
President and Chief Executive Officer (Principal Executive Officer) | ||||
Date: | By: | /s/ Matthew Zuga | ||
Matthew Zuga | ||||
Chief Financial Officer and Chief Business Officer (Principal Financial and Accounting Officer) |