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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:
001-39488
Apexigen, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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85-1260244
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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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75 Shoreway Road,
Suite C
San Carlos,
CA
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94070
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
(650)
931-6236
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.0001 per share
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APGN
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The
Nasdaq Stock
Market LLC
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Warrants, each whole warrant exercisable for one share of Common
Stock at an exercise price of $11.50 per share
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APGNW
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The
Nasdaq Stock
Market LLC
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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,
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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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging growth company
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☒
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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 10, 2022, the registrant had
22,565,347
shares of common stock, $0.0001 par value per share,
outstanding.
Table of Contents
i
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking
statements. All statements other than statements of historical
facts contained in this report, including statements regarding our
future results of operations and financial position, business
strategy, product candidates, planned preclinical studies and
clinical trials, results of clinical trials, research and
development costs, regulatory approvals, timing, and likelihood of
success, as well as plans and objectives of management for future
operations, are forward-looking statements. These statements
involve known and unknown risks, uncertainties, and other important
factors that are in some cases beyond our control and may cause our
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms
such as “may,” “will,” “should,” “would,” “expect,” “plan,”
“anticipate,” “could,” “intend,” “target,” “project,”
“contemplate,” “believe,” “estimate,” “predict,” “potential,” or
“continue” or the negative of these terms or other similar
expressions. Forward-looking statements contained in this report
include, but are not limited to, statements about:
•
our success in retaining or recruiting, or changes required in, our
officers, key employees or directors;
•
our public securities’ potential liquidity and
trading;
•
the lack of a market for our securities;
•
our financial performance;
•
failure to realize the anticipated benefits of the Business
Combination (as defined in Part I, Item 1, Note 3, “Business
Combination,” in our notes to unaudited condensed consolidated
financial statements in this Quarterly Report on Form
10-Q);
•
the outcome of any legal proceedings that may be instituted against
us related to the Business Combination;
•
the timing and focus of our current and future clinical trials, and
the reporting of data from those trials;
•
our ability to obtain and maintain regulatory approval of our
product candidates;
•
our estimates of the number of patients in the United States who
suffer from the diseases we are targeting and the number of
patients that will enroll in clinical trials;
•
the timing or likelihood of regulatory filings and approvals for
our product candidates for various diseases;
•
our plans relating to commercializing our product candidates, if
approved, including which indications will be pursued;
•
the ability of our clinical trials to demonstrate safety and
efficacy, and other positive results, of our product
candidates;
•
the beneficial characteristics, safety, efficacy, and therapeutic
effects of our product candidates;
•
the development of competitors’ product candidates;
•
existing regulations and regulatory developments in the United
States and other jurisdictions;
•
the need to hire additional personnel and our ability to attract
and retain such personnel;
•
our plans and ability to obtain, maintain, enforce, or protect
intellectual property rights;
•
our continued reliance on third parties to conduct additional
clinical trials of our product candidates, and for the manufacture
of our product candidates for preclinical studies and clinical
trials; and
•
the success of our licensing agreements.
We have based these forward-looking statements largely on our
current expectations and projections about our business, the
industry in which we operate and financial trends that we believe
may affect our business, financial condition, results of
operations, and prospects, and these forward-looking statements are
not guarantees of future performance or development. These
forward-looking statements speak only as of the date of this report
and are subject to a number of risks, uncertainties, and
assumptions described in the section titled “Risk Factors” and
elsewhere in this report. Because forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified, you should not rely on these
forward-looking statements as predictions of future events. The
events and circumstances reflected in our forward-looking
statements may not be achieved or occur and actual results could
differ materially from those projected in the forward-looking
statements. We do not plan to publicly update or revise any
forward-looking statements contained herein whether as a result of
any new information, future events, or otherwise.
1
In addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These
statements are based upon information available to us as of the
date of this report, and while we believe such information forms a
reasonable basis for such statements, such information may be
limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain, and you are cautioned not to
unduly rely upon these statements.
2
PART I—FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial
Statements.
APEXIGEN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
12,708
|
|
|
$
|
23,443
|
|
|
Short-term investments
|
|
7,965
|
|
|
|
12,917
|
|
|
Prepaid expenses and other current assets
|
|
2,544
|
|
|
|
1,681
|
|
|
Deferred financing costs, current
|
|
1,776
|
|
|
|
-
|
|
|
Total current assets
|
|
24,993
|
|
|
|
38,041
|
|
|
Property and equipment, net
|
|
176
|
|
|
|
245
|
|
|
Right-of-use assets
|
|
198
|
|
|
|
483
|
|
|
Deferred financing costs, non-current
|
|
1,480
|
|
|
|
-
|
|
|
Other assets
|
|
727
|
|
|
|
327
|
|
|
Total assets
|
$
|
27,574
|
|
|
$
|
39,096
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
$
|
3,340
|
|
|
$
|
4,487
|
|
|
Accrued liabilities
|
|
7,096
|
|
|
|
8,488
|
|
|
Liability for common stock to be issued
|
|
1,350
|
|
|
|
-
|
|
|
Deferred revenue
|
|
5,137
|
|
|
|
3,610
|
|
|
Lease liabilities, current portion
|
|
210
|
|
|
|
369
|
|
|
Total current liabilities
|
|
17,133
|
|
|
|
16,954
|
|
|
Derivative warrant liabilities
|
|
28
|
|
|
|
-
|
|
|
Lease liabilities, less current portion
|
|
-
|
|
|
|
141
|
|
|
Total liabilities
|
|
17,161
|
|
|
|
17,095
|
|
|
Commitment and contingencies (Note
11)
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Common stock, $0.001 par
value;
1,000,000,000 and
23,563,040 shares
authorized as of September 30, 2022 (unaudited) and December 31,
2021, respectively;
22,065,347 and
18,051,470 shares
issued and outstanding as of September 30, 2022 (unaudited) and
December 31, 2021, respectively(1)
|
|
2
|
|
|
|
2
|
|
|
Additional paid-in capital
|
|
180,778
|
|
|
|
166,727
|
|
|
Accumulated deficit
|
|
(170,362
|
)
|
|
|
(144,724
|
)
|
|
Accumulated other comprehensive loss
|
|
(5
|
)
|
|
|
(4
|
)
|
|
Total stockholders’ equity
|
|
10,413
|
|
|
|
22,001
|
|
|
Total liabilities and stockholders’ equity
|
$
|
27,574
|
|
|
$
|
39,096
|
|
(1)
The condensed balance sheet as of December 31, 2021 presented above
reflects the retrospective application of recapitalization as if
the Transaction had occurred on January 1, 2021. See Note 1, 3, and
7.
See accompanying notes to unaudited condensed consolidated
financial statements.
3
APEXIGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(In thousands, except share and per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
5,683
|
|
|
$
|
5,501
|
|
|
$
|
18,796
|
|
|
$
|
15,122
|
|
|
General and administrative
|
|
|
3,116
|
|
|
|
1,807
|
|
|
|
7,240
|
|
|
|
5,735
|
|
|
Total operating expenses
|
|
|
8,799
|
|
|
|
7,308
|
|
|
|
26,036
|
|
|
|
20,857
|
|
|
Loss from operations
|
|
|
(8,799
|
)
|
|
|
(7,308
|
)
|
|
|
(26,036
|
)
|
|
|
(20,857
|
)
|
|
Other income, net
|
|
|
307
|
|
|
|
7
|
|
|
|
398
|
|
|
|
34
|
|
|
Net loss
|
|
$
|
(8,492
|
)
|
|
$
|
(7,301
|
)
|
|
$
|
(25,638
|
)
|
|
$
|
(20,823
|
)
|
|
Net loss per share
|
|
$
|
(0.41
|
)
|
|
$
|
(0.40
|
)
|
|
$
|
(1.36
|
)
|
|
$
|
(1.16
|
)
|
|
Weighted-average common shares used to compute net loss
per share, basic and diluted
|
|
|
20,484,136
|
|
|
|
18,040,783
|
|
|
|
18,895,417
|
|
|
|
18,028,234
|
|
|
Comprehensive Loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(8,492
|
)
|
|
$
|
(7,301
|
)
|
|
$
|
(25,638
|
)
|
|
$
|
(20,823
|
)
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on marketable securities
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
12
|
|
|
|
(4
|
)
|
|
Comprehensive loss
|
|
$
|
(8,493
|
)
|
|
$
|
(7,303
|
)
|
|
$
|
(25,626
|
)
|
|
$
|
(20,827
|
)
|
See accompanying notes to unaudited condensed consolidated
financial statements.
4
APEXIGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY
(In thousands, except share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022
|
|
|
|
|
Convertible
Preferred Stock
|
|
|
Common
Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Deficit
|
|
|
Income (Loss)
|
|
|
Equity (Deficit)
|
|
|
Balance at June 30, 2022, as previously reported
|
|
|
145,130,628
|
|
|
$
|
158,707
|
|
|
|
31,461,489
|
|
|
$
|
31
|
|
|
$
|
8,853
|
|
|
$
|
(161,870
|
)
|
|
$
|
(17
|
)
|
|
$
|
(153,003
|
)
|
|
Retroactive application of recapitalization
|
|
|
(145,130,628
|
)
|
|
|
(158,707
|
)
|
|
|
(13,369,861
|
)
|
|
|
(29
|
)
|
|
|
158,736
|
|
|
|
-
|
|
|
|
-
|
|
|
|
158,707
|
|
|
Balance at June 30, 2022, as adjusted
|
|
|
-
|
|
|
|
-
|
|
|
|
18,091,628
|
|
|
|
2
|
|
|
|
167,589
|
|
|
|
(161,870
|
)
|
|
|
(17
|
)
|
|
|
5,704
|
|
|
Business combination and private offering, net of transaction costs
of $9,232
|
|
|
-
|
|
|
|
-
|
|
|
|
3,143,464
|
|
|
|
-
|
|
|
|
8,468
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,468
|
|
|
Common stock issuance to Lincoln Park
|
|
|
-
|
|
|
|
-
|
|
|
|
766,684
|
|
|
|
-
|
|
|
|
4,115
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,115
|
|
|
Exercise of stock options
|
|
|
-
|
|
|
|
-
|
|
|
|
35,514
|
|
|
|
-
|
|
|
|
37
|
|
|
|
-
|
|
|
|
-
|
|
|
|
37
|
|
|
Exercise of restricted stock awards
|
|
|
-
|
|
|
|
-
|
|
|
|
23,518
|
|
|
|
-
|
|
|
|
242
|
|
|
|
-
|
|
|
|
-
|
|
|
|
242
|
|
|
Exercise of common stock warrant
|
|
|
-
|
|
|
|
-
|
|
|
|
4,539
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Reclassification of preferred stock warrant
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
325
|
|
|
|
-
|
|
|
|
-
|
|
|
|
325
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(8,492
|
)
|
|
|
-
|
|
|
|
(8,492
|
)
|
|
Other comprehensive loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12
|
|
|
|
12
|
|
|
Balance at September 30, 2022
|
|
|
-
|
|
|
$
|
-
|
|
|
|
22,065,347
|
|
|
$
|
2
|
|
|
$
|
180,778
|
|
|
$
|
(170,362
|
)
|
|
$
|
(5
|
)
|
|
$
|
10,413
|
|
See accompanying notes to unaudited condensed consolidated
financial statements.
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022
|
|
|
|
|
Convertible
Preferred Stock
|
|
|
Common
Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Deficit
|
|
|
Income (Loss)
|
|
|
Equity (Deficit)
|
|
|
Balance at January 1, 2022, as previously reported
|
|
|
145,130,628
|
|
|
$
|
158,707
|
|
|
|
31,070,665
|
|
|
$
|
31
|
|
|
$
|
7,991
|
|
|
$
|
(144,724
|
)
|
|
$
|
(4
|
)
|
|
$
|
(136,706
|
)
|
|
Retroactive application of recapitalization
|
|
|
(145,130,628
|
)
|
|
|
(158,707
|
)
|
|
|
(13,019,073
|
)
|
|
|
(29
|
)
|
|
|
158,736
|
|
|
|
-
|
|
|
|
-
|
|
|
|
158,707
|
|
|
Balance at January 1, 2022, as adjusted
|
|
|
-
|
|
|
|
-
|
|
|
|
18,051,592
|
|
|
|
2
|
|
|
|
166,727
|
|
|
|
(144,724
|
)
|
|
|
(4
|
)
|
|
|
22,001
|
|
|
Business combination and private offering, net of transaction costs
of $9,232
|
|
|
-
|
|
|
|
-
|
|
|
|
3,143,464
|
|
|
|
-
|
|
|
|
8,468
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,468
|
|
|
Common stock issuance to Lincoln Park
|
|
|
-
|
|
|
|
-
|
|
|
|
766,684
|
|
|
|
-
|
|
|
|
4,115
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,115
|
|
|
Exercise of stock options
|
|
|
-
|
|
|
|
-
|
|
|
|
75,550
|
|
|
|
-
|
|
|
|
110
|
|
|
|
-
|
|
|
|
-
|
|
|
|
110
|
|
|
Exercise of restricted stock awards
|
|
|
-
|
|
|
|
-
|
|
|
|
23,518
|
|
|
|
-
|
|
|
|
242
|
|
|
|
-
|
|
|
|
-
|
|
|
|
242
|
|
|
Exercise of common stock warrant
|
|
|
-
|
|
|
|
-
|
|
|
|
4,539
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Reclassification of preferred stock warrant
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,114
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,114
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(25,638
|
)
|
|
|
-
|
|
|
|
(25,638
|
)
|
|
Other comprehensive loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
Balance at September 30, 2022
|
|
|
-
|
|
|
$
|
-
|
|
|
|
22,065,347
|
|
|
$
|
2
|
|
|
$
|
180,778
|
|
|
$
|
(170,362
|
)
|
|
$
|
(5
|
)
|
|
$
|
10,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021
|
|
|
|
|
Convertible
Preferred Stock
|
|
|
Common
Stock
|
|
|
Additional
Paid-In
|
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
|
Deficit
|
|
|
Loss
|
|
|
Equity (Deficit)
|
|
|
Balance at June 30, 2021, as previously reported
|
|
|
145,130,628
|
|
|
$
|
158,707
|
|
|
|
30,910,665
|
|
|
$
|
31
|
|
|
$
|
7,396
|
|
|
|
$
|
(129,330
|
)
|
|
$
|
1
|
|
|
$
|
(121,902
|
)
|
|
Retroactive application of recapitalization
|
|
|
(145,130,628
|
)
|
|
|
(158,707
|
)
|
|
|
(12,875,464
|
)
|
|
|
(29
|
)
|
|
|
158,736
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
158,707
|
|
|
Balance at June 30, 2021, as adjusted
|
|
|
-
|
|
|
|
-
|
|
|
|
18,035,201
|
|
|
|
2
|
|
|
|
166,132
|
|
|
|
|
(129,330
|
)
|
|
|
1
|
|
|
|
36,805
|
|
|
Exercise of stock options
|
|
|
-
|
|
|
|
-
|
|
|
|
16,391
|
|
|
|
-
|
|
|
|
75
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
75
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
264
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
264
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
(7,301
|
)
|
|
|
-
|
|
|
|
(7,301
|
)
|
|
Other comprehensive loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
(2
|
)
|
|
Balance at September 30, 2021
|
|
|
-
|
|
|
$
|
-
|
|
|
|
18,051,592
|
|
|
$
|
2
|
|
|
$
|
166,471
|
|
|
-
|
|
$
|
(136,631
|
)
|
|
$
|
(1
|
)
|
|
$
|
29,841
|
|
See accompanying notes to unaudited condensed consolidated
financial statements.
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2021
|
|
|
|
|
Convertible
Preferred Stock
|
|
|
Common
Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amounts
|
|
|
Shares
|
|
|
Amounts
|
|
|
Capital
|
|
|
Deficit
|
|
|
Loss
|
|
|
Equity (Deficit)
|
|
|
Balance at January 1, 2021, as previously reported
|
|
|
145,130,628
|
|
|
$
|
158,707
|
|
|
|
30,521,693
|
|
|
$
|
31
|
|
|
$
|
6,750
|
|
|
$
|
(115,808
|
)
|
|
$
|
3
|
|
|
$
|
(109,024
|
)
|
|
Retroactive application of recapitalization
|
|
|
(145,130,628
|
)
|
|
|
(158,707
|
)
|
|
|
(12,526,339
|
)
|
|
|
(29
|
)
|
|
|
158,736
|
|
|
|
-
|
|
|
|
-
|
|
|
|
158,707
|
|
|
Balance at January 1, 2021, as adjusted
|
|
|
-
|
|
|
|
-
|
|
|
|
17,995,354
|
|
|
|
2
|
|
|
|
165,486
|
|
|
|
(115,808
|
)
|
|
|
3
|
|
|
|
49,683
|
|
|
Exercise of stock options
|
|
|
-
|
|
|
|
-
|
|
|
|
56,238
|
|
|
|
-
|
|
|
|
99
|
|
|
|
-
|
|
|
|
-
|
|
|
|
99
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
886
|
|
|
|
-
|
|
|
|
-
|
|
|
|
886
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(20,823
|
)
|
|
|
-
|
|
|
|
(20,823
|
)
|
|
Other comprehensive loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
Balance at September 30, 2021
|
|
|
-
|
|
|
$
|
-
|
|
|
|
18,051,592
|
|
|
$
|
2
|
|
|
|
166,471
|
|
|
$
|
(136,631
|
)
|
|
$
|
(1
|
)
|
|
$
|
29,841
|
|
See accompanying notes to unaudited condensed consolidated
financial statements.
7
APEXIGEN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net loss
|
$
|
(25,638
|
)
|
|
$
|
(20,823
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation
|
|
84
|
|
|
|
79
|
|
|
Stock-based compensation
|
|
1,114
|
|
|
|
886
|
|
|
Expense from exercise of restricted stock awards
|
|
242
|
|
|
|
-
|
|
|
Accretion of discount and amortization of premiums on marketable
securities
|
|
(4
|
)
|
|
|
160
|
|
|
Amortization of deferred financing costs
|
|
296
|
|
|
|
-
|
|
|
Change in fair value of derivative warrant liabilities
|
|
(62
|
)
|
|
|
-
|
|
|
Change in fair value of liability for common stock to be
issued
|
|
(150
|
)
|
|
|
-
|
|
|
Non-cash lease expense
|
|
300
|
|
|
|
422
|
|
|
Other
|
|
-
|
|
|
|
6
|
|
|
Changes in current assets and liabilities:
|
|
|
|
|
|
|
Prepaid expenses and other current assets
|
|
(1,251
|
)
|
|
|
(294
|
)
|
|
Other assets
|
|
(90
|
)
|
|
|
(73
|
)
|
|
Accounts payable
|
|
(1,955
|
)
|
|
|
33
|
|
|
Accrued expenses
|
|
(1,738
|
)
|
|
|
51
|
|