10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

Commission File Number: 001-39311

 

CEREVEL THERAPEUTICS HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-3911080

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

222 Jacobs Street, Suite 200

Cambridge, MA

02141

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (844) 304-2048

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share

 

CERE

 

The NASDAQ Stock Market LLC

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.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 5, 2021, the registrant had 147,235,789 shares of common stock, par value $0.0001 per share, outstanding.

 

 

 

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

4

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

5

 

Condensed Consolidated Statements of Stockholders' Equity

6

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

88

Item 3.

Defaults Upon Senior Securities

88

Item 4.

Mine Safety Disclosures

88

Item 5.

Other Information

88

Item 6.

Exhibits

89

Signatures

90

 

 

i


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Quarterly Report on Form 10-Q, or this Quarterly Report, may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report may include, for example, statements about:

the format, likelihood of success, cost and timing of our clinical trials and other product development activities, including the design of clinical trials and preclinical studies, the timing of initiation and completion of clinical trials and related preparatory work and the timing and outcome of regulatory interactions;
our ability to recruit and enroll suitable patients in our clinical trials;
the potential attributes and benefits of our product candidates;
our ability to obtain and maintain regulatory approval for our product candidates, and any related restrictions, limitations or warnings in the label of an approved product candidate;
our ability to obtain funding for our operations, including funding necessary to complete further development, approval and, if approved, commercialization of our product candidates;
the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expense and capital expenditure requirements;
the potential for our business development efforts to maximize the potential value of our portfolio;
our ability to identify, in-license or acquire additional product candidates;
our ability to maintain the Pfizer License Agreement underlying our product candidates;
our ability to compete with other companies currently marketing or engaged in the development of treatments for the indications that we are pursuing for our product candidates;
our ability to obtain and maintain intellectual property protection for our product candidates and the duration of such protection;
our ability to contract with and rely on third parties to assist in conducting our clinical trials and manufacturing our product candidates;
the size and growth potential of the markets for our product candidates, and our ability to serve those markets, either alone or in partnership with others;
the rate and degree of market acceptance of our product candidates, if approved;
the pricing and reimbursement of our product candidates, if approved;
regulatory developments in the United States and foreign countries;
the impact of laws, regulations, accounting standards, regulatory requirements, judicial decisions and guidance issued by authoritative bodies;
our ability to attract and retain key scientific, medical, commercial or management personnel;
our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;
our financial performance;
the ability to recognize the anticipated benefits of the Business Combination and the tavapadon financing transaction; and
the effect of COVID-19 on the foregoing.

The forward-looking statements contained in this Quarterly Report are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section titled “Risk Factors” of this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the ongoing COVID-19 pandemic and there may be additional risks that we consider immaterial, or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You should read this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

ii


SUMMARY OF MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS

Our business is subject to numerous risks and uncertainties that you should be aware of before making an investment decision, including those highlighted in the section entitled “Risk Factors.” These risks include, but are not limited to, the following:

The successful development of pharmaceutical products is highly uncertain.
We are a clinical-stage biopharmaceutical company with a limited operating history. We have incurred significant financial losses since our inception and anticipate that we will continue to incur significant financial losses for the foreseeable future.
We will need substantial additional funding, and if we are unable to raise capital when needed, we could be forced to delay, reduce or terminate our product discovery and development programs or commercialization efforts.
Due to the significant resources required for the development of our pipeline, and depending on our ability to access capital, we must prioritize the development of certain product candidates over others. Moreover, we may fail to expend our limited resources on product candidates or indications that may have been more profitable or for which there is a greater likelihood of success.
Our business is highly dependent on the success of our product candidates. If we are unable to successfully complete clinical development, obtain regulatory approval for or commercialize one or more of our product candidates, or if we experience delays in doing so, our business will be materially harmed.
The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
Business interruptions resulting from the ongoing COVID-19 outbreak or similar public health crises could cause a disruption of the development of our product candidates and adversely impact our business.
If our clinical trials fail to replicate positive results from earlier preclinical studies or clinical trials conducted by us or third parties, we may be unable to successfully develop, obtain regulatory approval for or commercialize our product candidates.
We may incur unexpected costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
Even if any of our product candidates receives regulatory approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success, in which case we may not generate significant revenues or become profitable.
Competitive products may reduce or eliminate the commercial opportunity for our product candidates, if approved. If our competitors develop technologies or product candidates more rapidly than we do, or their technologies or product candidates are more effective or safer than ours, our ability to develop and successfully commercialize our product candidates may be adversely affected.
We depend heavily on our executive officers, third-party consultants and others and our ability to compete in the biotechnology and pharmaceutical industries depends upon our ability to attract and retain highly qualified managerial, scientific and medical personnel. The loss of their services or our inability to hire and retain such personnel would materially harm our business.
Bain Investor and Pfizer have significant influence over us.
We rely on third parties to assist in conducting our clinical trials. If they do not perform satisfactorily, we may not be able to obtain regulatory approval or commercialize our product candidates, or such approval or commercialization may be delayed, and our business could be substantially harmed.
We depend and expect in the future to continue to depend on in-licensed intellectual property. Such licenses impose obligations on our business, and if we fail to comply with those obligations, we could lose license rights, which would substantially harm our business.

The risks described above should be read together with the text of the full risk factors described below in the section entitled “Risk Factors” and the other information set forth in this Quarterly Report, including our consolidated financial statements and the related notes, as well as in other documents that we file with the Securities Exchange Commission, or the SEC. The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not precisely known to us, or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, results of operations and future growth prospects.

 

iii


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

CEREVEL THERAPEUTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts and per share data)

(Unaudited)

 

 

 

As of

 

 

 

September 30,
2021

 

 

December 31,
2020

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

669,676

 

 

$

383,623

 

Prepaid expenses and other current assets

 

 

5,353

 

 

 

6,937

 

Total current assets

 

 

675,029

 

 

 

390,560

 

Property and equipment, net

 

 

28,404

 

 

 

24,165

 

Operating lease assets

 

 

23,576

 

 

 

24,459

 

Restricted cash

 

 

4,200

 

 

 

4,200

 

Other long-term assets

 

 

2,271

 

 

 

1,889

 

Total assets

 

$

733,480

 

 

$

445,273

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

5,445

 

 

$

4,993

 

Accrued expenses and other current liabilities

 

 

23,020

 

 

 

22,519

 

Operating lease liabilities, current portion

 

 

2,335

 

 

 

2,036

 

Total current liabilities

 

 

30,800

 

 

 

29,548

 

Operating lease liabilities, net of current portion

 

 

34,752

 

 

 

30,969

 

Financing liability, related party (Notes 5 and 6)

 

 

19,306

 

 

 

 

Financing liability (Notes 5 and 6)

 

 

19,306

 

 

 

 

Other long-term liabilities

 

 

236

 

 

 

236

 

Total liabilities

 

 

104,400

 

 

 

60,753

 

Commitments and contingencies (Notes 12 and 13)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value: 10,000,000 shares authorized;
    
no shares issued and outstanding as of September 30, 2021 and
    December 31, 2020

 

 

 

 

 

 

Common stock, $0.0001 par value: 500,000,000 shares authorized;
  
147,135,968 and 127,123,954 shares issued and outstanding
    as of September 30, 2021 and December 31, 2020, respectively

 

 

15

 

 

 

13

 

Additional paid-in capital

 

 

1,186,787

 

 

 

775,417

 

Accumulated other comprehensive loss

 

 

(533

)

 

 

 

Accumulated deficit

 

 

(557,189

)

 

 

(390,910

)

Total stockholders’ equity

 

 

629,080

 

 

 

384,520

 

Total liabilities and stockholders’ equity

 

$

733,480

 

 

$

445,273

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


 

CEREVEL THERAPEUTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share amounts and per share data)

(Unaudited)

 

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

40,159

 

 

$

24,026

 

 

$

114,014

 

 

$

73,168

 

General and administrative

 

 

14,368

 

 

 

10,336

 

 

 

41,594

 

 

 

34,052

 

Total operating expenses

 

 

54,527

 

 

 

34,362

 

 

 

155,608

 

 

 

107,220

 

Loss from operations

 

 

(54,527

)

 

 

(34,362

)

 

 

(155,608

)

 

 

(107,220

)

Interest income, net

 

 

13

 

 

 

1

 

 

 

38

 

 

 

210

 

Other income (expense), net

 

 

(7,545

)

 

 

(4,684

)

 

 

(10,709

)

 

 

(11,976

)

Loss before income taxes

 

 

(62,059

)

 

 

(39,045

)

 

 

(166,279

)

 

 

(118,986

)

Income tax benefit (provision), net

 

 

 

 

 

5

 

 

 

 

 

 

21

 

Net loss

 

$

(62,059

)

 

$

(39,040

)

 

$

(166,279

)

 

$

(118,965

)

Net loss per share, basic and diluted

 

$

(0.43

)

 

$

(0.62

)

 

$

(1.25

)

 

$

(1.93

)

Weighted-average shares used in calculating net loss per share, basic and diluted

 

 

144,022,109

 

 

 

63,270,340

 

 

 

132,971,450

 

 

 

61,726,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(62,059

)

 

$

(39,040

)

 

$

(166,279

)

 

$

(118,965

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Changes in fair value attributable to instrument-specific credit risk

 

 

(533

)

 

 

 

 

 

(533

)

 

 

 

Total other comprehensive loss

 

 

(533

)

 

 

 

 

 

(533

)

 

 

 

Comprehensive loss

 

$

(62,592

)

 

$

(39,040

)

 

$

(166,812

)

 

$

(118,965

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

CEREVEL THERAPEUTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(1)

(In thousands, except share amounts)

(Unaudited)

 

 

 

Common stock

 

 

Additional
paid-in

 

 

Accumulated other comprehensive

 

 

Accumulated

 

 

Total
stockholders’

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

deficit

 

 

equity

 

Balance at December 31, 2020

 

 

127,123,954

 

 

$

13

 

 

$

775,417

 

 

$

 

 

$

(390,910

)

 

$

384,520

 

Issuance of common stock under equity incentive plans related to vesting of RSUs

 

 

14,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plans related to exercise of options

 

 

186,892

 

 

 

 

 

 

742

 

 

 

 

 

 

 

 

 

742

 

Reclassification of private placement warrants from equity to other long-term liabilities

 

 

 

 

 

 

 

 

(305

)

 

 

 

 

 

 

 

 

(305

)

Equity-based compensation expense

 

 

 

 

 

 

 

 

6,060

 

 

 

 

 

 

 

 

 

6,060

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,981

)

 

 

(50,981

)

Balance at March 31, 2021

 

 

127,325,116

 

 

$

13

 

 

$

781,914

 

 

$

 

 

$

(441,891

)

 

$

340,036

 

Issuance of common stock under equity incentive plans related to vesting of RSUs

 

 

14,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plans related to exercise of options

 

 

204,684

 

 

 

 

 

 

1,394

 

 

 

 

 

 

 

 

 

1,394

 

Issuance of common stock under equity incentive plans related to ESPP issuances

 

 

40,589

 

 

 

 

 

 

435

 

 

 

 

 

 

 

 

 

435

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

5,261

 

 

 

 

 

 

 

 

 

5,261

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(53,239

)

 

 

(53,239

)

Balance at June 30, 2021

 

 

127,584,659

 

 

$

13

 

 

$

789,004

 

 

$

 

 

$

(495,130

)

 

$

293,887

 

Issuance of common stock related to follow-on offering, net of offering costs (Note 1)

 

 

14,000,000

 

 

 

1

 

 

 

328,250

 

 

 

 

 

 

 

 

 

328,251

 

Issuance of common stock related to exercise of public warrants

 

 

4,822,947

 

 

 

1

 

 

 

55,462

 

 

 

 

 

 

 

 

 

55,463

 

Issuance of common stock related to cashless exercise of private placement warrants

 

 

111,426

 

 

 

 

 

 

4,186

 

 

 

 

 

 

 

 

 

4,186

 

Issuance of common stock under equity incentive plans related to vesting of RSUs

 

 

14,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plans related to exercise of options

 

 

602,666

 

 

 

 

 

 

3,751

 

 

 

 

 

 

 

 

 

3,751

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

6,134

 

 

 

 

 

 

 

 

 

6,134

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(533

)

 

 

 

 

 

(533

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(62,059

)

 

 

(62,059

)

Balance at September 30, 2021

 

 

147,135,968

 

 

$

15

 

 

$

1,186,787

 

 

$

(533

)

 

$

(557,189

)

 

$

629,080

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6


 

CEREVEL THERAPEUTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(1)

(In thousands, except share amounts)

(Unaudited)

 

 

 

Common stock

 

 

Additional
paid-in

 

 

Accumulated

 

 

Total
stockholders’

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

equity

 

Balance at December 31, 2019

 

 

60,930,932

 

 

$

6

 

 

$

322,115

 

 

$

(244,298

)

 

$

77,823

 

Issuance of common stock under equity incentive plans related to vesting of RSUs

 

 

14,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

2,970

 

 

 

 

 

 

2,970

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(53,208

)

 

 

(53,208

)

Balance at March 31, 2020

 

 

60,945,202

 

 

$

6

 

 

$

325,085

 

 

$

(297,506

)

 

$

27,585

 

Issuance of common stock under equity incentive plans related to vesting of RSUs

 

 

14,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

3,423

 

 

 

 

 

 

3,423

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(26,717

)

 

 

(26,717

)

Balance at June 30, 2020

 

 

60,959,472

 

 

$

6

 

 

$

328,508

 

 

$

(324,223

)

 

$

4,291

 

Issuance of Series A-1 preferred stock and Series A common stock in exchange for cash

 

 

2,500,000

 

 

 

 

 

 

25,000

 

 

 

 

 

 

25,000

 

Partial settlement of Equity Commitment liability upon issuance of Series A-1 preferred stock and Series A common stock

 

 

 

 

 

 

 

 

5,530

 

 

 

 

 

 

5,530

 

Issuance of common stock under equity incentive plans related to vesting of RSUs

 

 

14,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

3,472

 

 

 

 

 

 

3,472

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(39,040

)

 

 

(39,040

)

Balance at September 30, 2020

 

 

63,473,742

 

 

$

6

 

 

$

362,510

 

 

$

(363,263

)

 

$

(747

)

 

 

(1)
Historical share and capital amounts were retroactively restated for reverse recapitalization as described in Note 1, Nature of Operations.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

CEREVEL THERAPEUTICS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

For the Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(166,279

)

 

$

(118,965

)

Adjustments to reconcile net loss to net cash flows used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,644

 

 

 

336

 

Non-cash rent expense under operating leases

 

 

(615

)

 

 

471

 

Equity-based compensation

 

 

17,455

 

 

 

9,864

 

Change in fair value of Equity Commitment and Share Purchase Option

 

 

 

 

 

11,970

 

Change in fair value of financing liability, related party

 

 

3,415

 

 

 

 

Change in fair value of financing liability

 

 

3,415

 

 

 

 

Change in fair value of private placement warrants

 

 

3,881

 

 

 

 

Write-off of deferred costs related to financing activities

 

 

 

 

 

2,485

 

Changes in operating assets and liabilities, net:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

1,672

 

 

 

4,577

 

Operating lease asset

 

 

(14

)

 

 

(459

)

Other assets

 

 

(651

)

 

 

(243

)

Accounts payable

 

 

1,874

 

 

 

581

 

Accrued expenses and other liabilities

 

 

2,806

 

 

 

8,699

 

Operating lease liability

 

 

5,595

 

 

 

4,585

 

Net cash flows used in operating activities

 

 

(125,802

)

 

 

(76,099

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(9,431

)

 

 

(11,341

)

Net cash flows used in investing activities

 

 

(9,431

)

 

 

(11,341

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock related to follow-on offering, net of offering costs (refer to Note 1)

 

 

328,251

 

 

 

 

Proceeds from the exercise of public warrants

 

 

55,463

 

 

 

 

Proceeds from the exercise of stock options and ESPP purchases

 

 

6,322

 

 

 

 

Proceeds from financing liability, related party

 

 

15,625

 

 

 

 

Proceeds from financing liability

 

 

15,625

 

 

 

 

Proceeds from issuance of Series A-1 preferred stock and Series A common stock with exchange

 

 

 

 

 

25,000