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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
10-Q
(Mark One)
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the quarterly period ended
September 30,
2022
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the transition period from ___________________ to
___________________
Commission File Number:
001-40703
INVIVYD, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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85-1403134
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1601 Trapelo Road,
Suite 178
Waltham,
MA
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02451
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(Address of principal executive offices)
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(Zip Code)
|
Registrant’s telephone number, including area code:
(781)
819-0080
Adagio Therapeutics, Inc.
(Former name, former address and former fiscal year, if changed
since last report)
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, $0.0001 par value per share
|
|
IVVD
|
|
The Nasdaq Global 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.
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Large accelerated filer
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☐
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Accelerated filer
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☐
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|
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Non-accelerated filer
|
|
☒
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Smaller reporting company
|
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☒
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
☒
As of November 3,
2022, the registrant had
108,982,401
shares of
common stock, $0.0001 par value per share, outstanding.
Table of Contents
i
SUMMARY OF RISK FACTORS
The following summarizes the principal factors that make an
investment in us speculative or risky, all of which are more fully
described in the Risk Factors section below. This summary should be
read in conjunction with the Risk Factors section and should not be
relied upon as an exhaustive summary of the material risks facing
our business.
Risks Related to our Financial Position and Capital
Needs
•
We have incurred significant losses since our inception. We expect
to incur losses over the next several years and may never achieve
or maintain profitability.
•
We have a limited operating history and no history of
commercializing products, which may make it difficult for an
investor to evaluate the success of our business to date and to
assess our future viability.
•
We will need substantial additional funding to meet our financial
obligations and to pursue our business objectives. If we are unable
to raise capital when needed, we could be forced to curtail our
planned operations and the pursuit of our growth
strategy.
Risks Related to the Development of our Product
Candidates
•
We continue to monitor the evolution of SARS-CoV-2 and the
in vitro
activity of adintrevimab against predominant variants in the United
States to identify a potential opportunity for an EUA request in
the event of a susceptible variant. We cannot be certain that
adintrevimab will neutralize future variants and that we will
submit an EUA for adintrevimab or whether an EUA will be granted if
we do submit such request.
•
All of our product candidates are currently in clinical and
preclinical development. If we are unable to successfully develop,
receive regulatory approval or EUA for and commercialize our
product candidates for the indications we seek, or successfully
develop any other product candidates, or experience significant
delays in doing so, our business will be harmed.
•
Because our product candidates represent novel approaches to the
prevention and treatment of disease, there are many uncertainties
regarding the development, market acceptance, third-party
reimbursement coverage and commercial potential of our product
candidates.
•
Newly emerging and future SARS-CoV-2 variants could reduce the
activity and effectiveness of antibodies targeting the receptor
binding domain region as a potential prevention of or treatment for
symptomatic COVID-19. We may not be successful in identifying new
antibodies that are suitable either as monotherapy or as
combination therapy to mitigate the risk of reduced activity
against future SARS-CoV-2 variants.
•
Our integrated discovery platform approach may not produce durable,
broadly neutralizing, or effective antibodies in the timeframe
necessary to address a changing virus.
•
There can be no assurance that the Public Health Emergency will
continue to be in place for an extended period of time and that the
product candidates we are developing for COVID-19 could be granted
an EUA by the FDA or similar authorization by regulatory
authorities outside of the United States if we decide to apply for
such an authorization. If we do not apply for such an authorization
or, if we do apply and no authorization is granted or, once
granted, it is terminated, we will be unable to sell our product
candidates in the near future and instead, will be required to
pursue solely the traditional regulatory approval processes of the
FDA and comparable foreign authorities, which are lengthy, time
consuming and inherently unpredictable. If we are not able to
obtain required regulatory approval for our product candidates, our
business will be substantially harmed.
•
Success in preclinical studies or earlier clinical trials may not
be indicative of results in future clinical trials. Our product
candidates may not have favorable results in later clinical trials,
if any, or receive regulatory approval.
•
Lack of awareness or negative public opinion of monoclonal antibody
therapies and increased regulatory scrutiny of monoclonal antibody
therapies to prevent or treat COVID-19 may adversely impact the
development or commercial success of our product
candidates.
•
We may experience delays or difficulties in the enrollment and/or
retention of patients in clinical trials, or we may pause, delay or
terminate enrollment in our clinical trials, which could in turn
delay or prevent our receipt of necessary regulatory
approvals.
•
We may not be successful in our efforts to build a pipeline of
additional product candidates through internal efforts or through
partnerships for discovery of novel antibody product
candidates.
•
Our business and operations may be adversely affected by the
evolving and ongoing COVID-19 global pandemic.
ii
Risks Related to the Manufacturing of our Product
Candidates
•
Monoclonal antibody therapies are complex and difficult to
manufacture, and we rely on contract manufacturers for access to
capacity. We could experience manufacturing problems, may be unable
to access desired manufacturing capacity within desired timeframes,
or may be unable to access raw materials due to global supply chain
shortages or otherwise, that result in delays in the development,
supply, or commercialization of our product candidates or otherwise
harm our business.
Risks Related to the Commercialization of Our Product
Candidates
•
The affected populations for our product candidates may be smaller
than we or third parties currently project, which may affect our
ability to enroll our clinical trials as well as the addressable
markets for our product candidates.
•
Our monoclonal antibody product candidates may face significant
competition from vaccines, antiviral agents and other therapeutics
for COVID-19 that are currently available or in
development.
Risks Related to Our Intellectual Property
•
If we are unable to obtain, maintain and enforce patent protection
for our product candidates, or if the scope of the patent
protection obtained is not sufficiently broad, our competitors or
other third parties could develop and commercialize products
similar or identical to ours and our ability to successfully
develop and commercialize our product candidates may be adversely
affected.
•
Third parties may initiate legal proceedings alleging that we are
infringing, misappropriating or otherwise violating their
intellectual property rights, the outcome of which would be
uncertain.
Risks Related to Ownership of Our Common Stock and Our Status as a
Public Company
•
We previously identified a material weakness in our internal
control over financial reporting, which has since been remediated.
We may identify future material weaknesses in our internal control
over financial reporting. If we are unable to remediate these
material weaknesses, or if we fail to establish and maintain
adequate internal control over financial reporting, we may not be
able to produce timely and accurate financial statements, and we
may conclude that our internal control over financial reporting is
not effective, which may adversely affect our
business.
iii
PART
I—FINANCIAL INFORMATION
Item 1.
Financial Statements.
INVIVYD,
INC.
Condensed
Consolidated Balance Sheets
(UNaudited)
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
278,152
|
|
|
$
|
542,224
|
|
|
Marketable securities
|
|
|
140,517
|
|
|
|
49,194
|
|
|
Prepaid expenses and other current assets
|
|
|
2,927
|
|
|
|
25,293
|
|
|
Total current assets
|
|
|
421,596
|
|
|
|
616,711
|
|
|
Property and equipment, net
|
|
|
1,429
|
|
|
|
83
|
|
|
Operating lease right-of-use assets
|
|
|
1,486
|
|
|
|
—
|
|
|
Other non-current assets
|
|
|
236
|
|
|
|
3,297
|
|
|
Total assets
|
|
$
|
424,747
|
|
|
$
|
620,091
|
|
|
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
(Deficit)
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
16,770
|
|
|
$
|
5,783
|
|
|
Accrued expenses
|
|
|
28,974
|
|
|
|
56,277
|
|
|
Operating lease liability, current
|
|
|
329
|
|
|
|
—
|
|
|
Other current liabilities
|
|
|
53
|
|
|
|
—
|
|
|
Total current liabilities
|
|
|
46,126
|
|
|
|
62,060
|
|
|
Early-exercise liability
|
|
|
1
|
|
|
6
|
|
|
Operating lease liability, non-current
|
|
|
1,177
|
|
|
|
—
|
|
|
Other non-current liability
|
|
|
—
|
|
|
|
6
|
|
|
Total liabilities
|
|
|
47,304
|
|
|
|
62,072
|
|
|
Commitments and contingencies (Note
8)
|
|
|
|
|
|
|
|
Stockholders’ equity (deficit):
|
|
|
|
|
|
|
|
Preferred stock
(undesignated), $0.0001 par
value;
10,000,000 shares
authorized
and
no shares
issued and outstanding at September 30, 2022
and
December 31, 2021
|
|
|
—
|
|
|
|
—
|
|
|
Common stock,
$0.0001 par
value;
1,000,000,000 shares
authorized,
108,957,401 shares
issued and outstanding at September 30, 2022;
1,000,000,000 shares
authorized,
111,251,660 shares
issued and
110,782,909 shares
outstanding at December 31, 2021
|
|
|
11
|
|
|
|
11
|
|
|
Treasury stock, at
cost;
0 shares
and
468,751 shares
at
September
30, 2022 and December 31, 2021, respectively
|
|
|
—
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
|
866,238
|
|
|
|
850,125
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
46
|
|
|
|
(8
|
)
|
|
Accumulated deficit
|
|
|
(488,852
|
)
|
|
|
(292,109
|
)
|
|
Total stockholders’ equity (deficit)
|
|
|
377,443
|
|
|
|
558,019
|
|
|
Total liabilities, convertible preferred stock and stockholders’
equity (deficit)
|
|
$
|
424,747
|
|
|
$
|
620,091
|
|
The accompanying notes are an integral part of these condensed
consolidated financial statements.
1
INVIVYD,
INC.
Condensed Consolidated Statements
of Operations and Comprehensive Loss
(UNaudited)
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development(1)
|
|
$
|
30,131
|
|
|
$
|
45,366
|
|
|
$
|
159,295
|
|
|
$
|
114,465
|
|
|
Acquired in-process research and development(2)
|
|
|
4,000
|
|
|
|
4,000
|
|
|
|
4,000
|
|
|
|
7,500
|
|
|
Selling, general and administrative
|
|
|
13,200
|
|
|
|
11,052
|
|
|
|
36,524
|
|
|
|
21,853
|
|
|
Total operating expenses
|
|
|
47,331
|
|
|
|
60,418
|
|
|
|
199,819
|
|
|
|
143,818
|
|
|
Loss from operations
|
|
|
(47,331
|
)
|
|
|
(60,418
|
)
|
|
|
(199,819
|
)
|
|
|
(143,818
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
2,244
|
|
|
|
43
|
|
|
|
3,076
|
|
|
|
70
|
|
|
Total other income (expense), net
|
|
|
2,244
|
|
|
|
43
|
|
|
|
3,076
|
|
|
|
70
|
|
|
Net loss
|
|
|
(45,087
|
)
|
|
|
(60,375
|
)
|
|
|
(196,743
|
)
|
|
|
(143,748
|
)
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on available-for-sale securities, net of
tax
|
|
|
46
|
|
|
|
3
|
|
|
|
54
|
|
|
|
3
|
|
|
Comprehensive loss
|
|
$
|
(45,041
|
)
|
|
$
|
(60,372
|
)
|
|
$
|
(196,689
|
)
|
|
$
|
(143,745
|
)
|
|
Net loss per share attributable to common stockholders, basic and
diluted
|
|
$
|
(0.42
|
)
|
|
$
|
(0.98
|
)
|
|
$
|
(1.82
|
)
|
|
$
|
(7.06
|
)
|
|
Weighted-average common shares outstanding, basic and
diluted
|
|
|
108,420,674
|
|
|
|
61,297,086
|
|
|
|
108,154,397
|
|
|
|
20,346,771
|
|
(1)
Includes related-party amounts of $1,742
and $6,027
for the three and nine months ended
September 30, 2022,
respectively, and $1,826
and $2,261
for the three and nine months ended September 30, 2021,
respectively
(see Note 15).
(2)
Includes related-party amounts of $4,000
for both the three and nine months ended
September 30, 2022,
and $4,000
and $7,500
for the three and nine months ended September 30, 2021,
respectively
(see Note 15).
The accompanying notes are an integral part of these condensed
consolidated financial statements.
2
INVIVYD,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Preferred Stock
|
|
|
|
Common Stock
|
|
|
Treasury Stock
|
|
|
Additional
Paid-in
|
|
|
Accumulated Other Comprehensive
|
|
|
Accumulated
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Deficit
|
|
|
Equity (Deficit)
|
|
|
Balances at December 31, 2020
|
|
|
12,647,934
|
|
|
$
|
169,548
|
|
|
|
|
5,593,240
|
|
|
$
|
1
|
|
|
|
22,600,000
|
|
|
$
|
(85
|
)
|
|
$
|
154
|
|
|
$
|
—
|
|
|
$
|
(65,319
|
)
|
|
$
|
(65,249
|
)
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
587
|
|
|
|
—
|
|
|
|
—
|
|
|
|
587
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(38,700
|
)
|
|
|
(38,700
|
)
|
|
Balances at March 31, 2021
|
|
|
12,647,934
|
|
|
$
|
169,548
|
|
|
|
|
5,593,240
|
|
|
$
|
1
|
|
|
|
22,600,000
|
|
|
$
|
(85
|
)
|
|
$
|
741
|
|
|
$
|
—
|
|
|
$
|
(104,019
|
)
|
|
$
|
(103,362
|
)
|
|
Issuance of Series C convertible preferred stock, net of issuance
costs of $337
|
|
|
4,296,550
|
|
|
|
335,163
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Issuance of common stock
|
|
|
—
|
|
|
|
—
|
|
|
|
|
6,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
66
|
|
|
|
—
|
|
|
|
—
|
|
|
|
66
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,342
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,342
|
|
|
Vesting of restricted common stock from early-exercised
options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
Retirement of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22,600,000
|
)
|
|
|
85
|
|
|
|
(85
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(44,673
|
)
|
|
|
(44,673
|
)
|
|
Balances at June 30, 2021
|
|
|
16,944,484
|
|
|
$
|
504,711
|
|
|
|
|
5,599,240
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,067
|
|
|
$
|
—
|
|
|
$
|
(148,692
|
)
|
|
$
|
(144,624
|
)
|
|
Issuance of common stock upon completion of initial public
offering, net of commissions, underwriting discounts and offering
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
20,930,000
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
327,518
|
|
|
|
—
|
|
|
|
—
|
|
|
|
327,520
|
|
|
Conversion of convertible preferred stock to common
stock
|
|
|
(16,944,484
|
)
|
|
|
(504,711
|
)
|
|
|
|
84,722,420
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
504,707
|
|
|
|
—
|
|
|
|
—
|
|
|
|
504,709
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,979
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,979
|
|
|
Vesting of restricted common stock from early-exercised
options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
Unrealized gain on available-for-sale securities, net of
tax
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
3
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(60,375.0
|
)
|
|
|
(60,375
|
)
|
|
Balances at September 30, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
111,251,660
|
|
|
$
|
5
|
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
842,272
|
|
|
$
|
3
|
|
|
$
|
(209,067
|
)
|
|
$
|
633,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Preferred Stock
|
|
|
|
Common Stock
|
|
|
Treasury Stock
|
|
|
Additional
Paid-in
|
|
|
Accumulated Other Comprehensive
|
|
|
Accumulated
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Deficit
|
|
|
Equity (Deficit)
|
|
|
Balances at December 31, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
110,782,909
|
|
|
$
|
11
|
|
|
|
468,751
|
|
|
$
|
—
|
|
|
$
|
850,125
|
|
|
$
|
(8
|
)
|
|
$
|
(292,109
|
)
|
|
$
|
558,019
|
|
|
Vesting of restricted common stock from early-exercised
options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
Exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
50,353
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
47
|
|
|
|
—
|
|
|
|
—
|
|
|
|
47
|
|
|
Repurchase of unvested restricted common stock
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(1,158,089
|
)
|
|
|
—
|
|
|
|
1,158,089
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Retirement of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,626,840
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,983
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,983
|
|
|
Unrealized gain on available-for-sale securities, net of
tax
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
8
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(100,666
|
)
|
|
|
(100,666
|
)
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at March 31, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
109,675,173
|
|
|
$
|
11
|
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
852,156
|
|
|
$
|
—
|
|
|
$
|
(392,775
|
)
|
|
$
|
459,392
|
|
|
Exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
98,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
76
|
|
|
|
—
|
|
|
|
—
|
|
|
|
76
|
|
|
Repurchase of unvested restricted common stock
|
|
|
—
|
|
|
|
—
|
|
|
|
|
(992,648
|
)
|
|
|
—
|
|
|
|
992,648
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,361
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,361
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(50,990
|
)
|
|
|
(50,990
|
)
|
|
Balances at June 30, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
108,780,525
|
|
|
$
|
11
|
|
|
|
992,648
|
|
|
$
|
—
|
|
|
$
|
858,593
|
|
|
$
|
—
|
|
|
$
|
(443,765
|
)
|
|
$
|
414,839
|
|
|
Exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
|
125,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97
|
|
|
Retirement of treasury stock
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(992,648
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Issuance of common stock under the employee stock purchase
plan
|
|
|
—
|
|
|
|
—
|
|
|
|
|
51,876
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
149
|
|
|
|
—
|
|
|
|
—
|
|
|
|
149
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,399
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,399
|
|
|
Unrealized gain on available-for-sale securities, net of
tax
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
46
|
|
|
|
—
|
|
|
|
46
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(45,087
|
)
|
|
|
(45,087
|
)
|
|
Balances at September 30, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
108,957,401
|
|
|
$
|
11
|
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
866,238
|
|
|