0001564590-20-038904.txt : 20200810 0001564590-20-038904.hdr.sgml : 20200810 20200810160545 ACCESSION NUMBER: 0001564590-20-038904 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200810 DATE AS OF CHANGE: 20200810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Calithera Biosciences, Inc. CENTRAL INDEX KEY: 0001496671 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 272366329 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36644 FILM NUMBER: 201089354 BUSINESS ADDRESS: STREET 1: 343 OYSTER POINT BLVD #200 CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 BUSINESS PHONE: 650-870-1000 MAIL ADDRESS: STREET 1: 343 OYSTER POINT BLVD #200 CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 10-Q 1 cala-10q_20200630.htm 10-Q cala-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

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

For the quarterly period ended June 30, 2020

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: 001-36644

 

CALITHERA BIOSCIENCES, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

27-2366329

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

343 Oyster Point Blvd., Suite 200

South San Francisco, CA 94080

(Address of principal executive offices including zip code)

Registrant’s telephone number, including area code: (650870-1000

 

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

 

CALA

 

The Nasdaq Global Select 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.

 

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 August 6, 2020, the registrant had 70,558,711 shares of common stock, $0.0001 par value per share, outstanding.

 

 


Calithera Biosciences, Inc.

Quarterly Report on Form 10-Q

For the Quarter Ended June 30, 2020

INDEX

 

 

  

Page

PART I. FINANCIAL INFORMATION 

  

3

 

 

 

Item 1.

 

Financial Statements (Unaudited)

  

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets at June 30, 2020, and December 31, 2019

 

3

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2020 and 2019

 

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019

 

6

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

 

8

 

 

Notes to Condensed Consolidated Financial Statements 

  

9

 

 

 

 

 

Item 2.

 

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

  

19

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk 

  

25

 

 

 

 

 

Item 4.

 

Controls and Procedures 

  

25

 

 

 

 

 

PART II. OTHER INFORMATION 

  

26

 

 

 

Item 1.

 

Legal Proceedings

  

26

 

 

 

 

 

Item 1A.

 

Risk Factors

  

26

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

52

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

  

52

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

  

52

 

 

 

 

 

Item 5.

 

Other Information

  

52

 

 

 

 

 

Item 6.

 

Exhibits

  

54

 

 

 

 

 

SIGNATURES

  

55

 

 

 

 

 

2


PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

 

Calithera Biosciences, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except per share amounts)

 

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

114,895

 

 

$

60,437

 

Short-term investments

 

39,237

 

 

 

96,924

 

Receivables from collaborations

 

923

 

 

 

482

 

Prepaid expenses and other current assets

 

1,497

 

 

 

1,953

 

Total current assets

 

156,552

 

 

 

159,796

 

Other assets

 

601

 

 

 

280

 

Restricted cash

 

440

 

 

 

440

 

Property and equipment, net

 

808

 

 

 

992

 

Operating lease right-of-use asset

 

6,526

 

 

 

7,260

 

Total assets

$

164,927

 

 

$

168,768

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

672

 

 

$

2,052

 

Accrued and other liabilities

 

15,180

 

 

 

17,572

 

Total current liabilities

 

15,852

 

 

 

19,624

 

Noncurrent operating lease liability

 

5,791

 

 

 

6,718

 

Total liabilities

 

21,643

 

 

 

26,342

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.0001 par value, 200,000 shares authorized

    as of June 30, 2020, and December 31, 2019;

    70,559 and 63,514 shares issued and outstanding as

    of June 30, 2020, and December 31, 2019, respectively

 

7

 

 

 

6

 

Additional paid-in capital

 

474,098

 

 

 

428,479

 

Accumulated deficit

 

(330,938

)

 

 

(286,101

)

Accumulated other comprehensive income

 

117

 

 

 

42

 

Total stockholders’ equity

 

143,284

 

 

 

142,426

 

Total liabilities and stockholders’ equity

$

164,927

 

 

$

168,768

 

 

 

 

 

 

 

 

 

 

See accompanying notes.

 

 

 

3


Calithera Biosciences, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

15,656

 

 

$

20,928

 

 

$

35,781

 

 

$

41,167

 

General and administrative

 

5,096

 

 

 

3,984

 

 

 

10,042

 

 

 

8,148

 

Total operating expenses

 

20,752

 

 

 

24,912

 

 

 

45,823

 

 

 

49,315

 

Loss from operations

 

(20,752

)

 

 

(24,912

)

 

 

(45,823

)

 

 

(49,315

)

Interest and other income, net

 

361

 

 

 

760

 

 

 

986

 

 

 

1,476

 

Net loss

$

(20,391

)

 

$

(24,152

)

 

$

(44,837

)

 

$

(47,839

)

Net loss per share, basic and diluted

$

(0.29

)

 

$

(0.58

)

 

$

(0.67

)

 

$

(1.19

)

Weighted average common shares used to

     compute net loss per share, basic and

     diluted

 

69,516

 

 

 

41,303

 

 

 

67,036

 

 

 

40,091

 

 

See accompanying notes.

 

4


Calithera Biosciences, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(In thousands)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

$

(20,391

)

 

$

(24,152

)

 

$

(44,837

)

 

$

(47,839

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on

   available-for-sale securities

 

42

 

 

 

45

 

 

 

75

 

 

 

151

 

Total comprehensive loss

$

(20,349

)

 

$

(24,107

)

 

$

(44,762

)

 

$

(47,688

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes.

 

 

5


Calithera Biosciences, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands)

 

 

 

Three Months Ended June 30, 2020

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated  Deficit

 

 

Accumulated Other Comprehensive Income

 

 

Total Stockholders' Equity

 

Balance at March 31, 2020

 

 

64,687

 

 

$

6

 

 

$

438,131

 

 

$

(310,547

)

 

$

75

 

 

$

127,665

 

Issuance of common stock in connection with

   public offering, net of underwriting

   commissions and issuance costs

 

 

5,750

 

 

 

1

 

 

 

33,463

 

 

 

 

 

 

 

 

 

33,464

 

Exercise of stock options

 

 

20

 

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

52

 

Issuance of common stock per employee stock

   plan purchases

 

 

102

 

 

 

 

 

 

386

 

 

 

 

 

 

 

 

 

386

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,066

 

 

 

 

 

 

 

 

 

2,066

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(20,391

)

 

 

 

 

 

(20,391

)

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42

 

 

 

42

 

Balance at June 30, 2020

 

 

70,559

 

 

$

7

 

 

$

474,098

 

 

$

(330,938

)

 

$

117

 

 

$

143,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated  Deficit

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total Stockholders' Equity

 

Balance at March 31, 2019

 

 

39,083

 

 

$

4

 

 

$

325,905

 

 

$

(219,928

)

 

$

(7

)

 

$

105,974

 

Issuance of common stock in connection with

   public offering, net of underwriting

   commissions and issuance costs

 

 

14,375

 

 

 

1

 

 

 

53,760

 

 

 

 

 

 

 

 

 

53,761

 

Issuance of common stock in connection with

   at-the-market offering, net of underwriting

   commissions and issuance costs

 

 

150

 

 

 

 

 

 

1,373

 

 

 

 

 

 

 

 

 

1,373

 

Exercise of stock options

 

 

72

 

 

 

 

 

 

208

 

 

 

 

 

 

 

 

 

208

 

Issuance of common stock per employee stock

   plan purchases

 

 

91

 

 

 

 

 

 

378

 

 

 

 

 

 

 

 

 

378

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,795

 

 

 

 

 

 

 

 

 

1,795

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(24,152

)

 

 

 

 

 

(24,152

)

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

45

 

Balance at June 30, 2019

 

 

53,771

 

 

$

5

 

 

$

383,419

 

 

$

(244,080

)

 

$

38

 

 

$

139,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes.

6


Calithera Biosciences, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands)

 

 

 

Six Months Ended June 30, 2020

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

 

 

Accumulated  Deficit

 

 

Accumulated Other Comprehensive Income

 

 

Total Stockholders' Equity

 

Balance at December 31, 2019

 

 

63,514

 

 

$

6

 

 

$

428,479

 

 

 

 

$

(286,101

)

 

$

42

 

 

$

142,426

 

Issuance of common stock in connection with

   public offering, net of underwriting

   commissions and issuance costs

 

 

5,750

 

 

 

1

 

 

 

33,463

 

 

 

 

 

 

 

 

 

 

 

33,464

 

Issuance of common stock in connection with

   at-the-market offering, net of underwriting

   commissions and issuance costs

 

 

1,160

 

 

 

 

 

 

7,397

 

 

 

 

 

 

 

 

 

 

 

7,397

 

Exercise of stock options

 

 

33

 

 

 

 

 

 

314

 

 

 

 

 

 

 

 

 

 

 

314

 

Issuance of common stock per employee stock

   plan purchases

 

 

102

 

 

 

 

 

 

386

 

 

 

 

 

 

 

 

 

 

 

386

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,059

 

 

 

 

 

 

 

 

 

 

 

4,059

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,837

)

 

 

 

 

 

(44,837

)

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

75

 

Balance at June 30, 2020

 

 

70,559

 

 

$

7

 

 

$

474,098

 

 

 

 

$

(330,938

)

 

$

117

 

 

$

143,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-In Capital

 

 

Accumulated  Deficit

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total Stockholders' Equity

 

Balance at December 31, 2018

 

 

38,834

 

 

$

4

 

 

$

322,993

 

 

$

(196,170

)

 

$

(113

)

 

$

126,714

 

Issuance of common stock in connection with

   public offering, net of underwriting

   commissions and issuance costs

 

 

14,375

 

 

 

1

 

 

 

53,760

 

 

 

 

 

 

 

 

 

53,761

 

Issuance of common stock in connection with

   at-the-market offering, net of underwriting

   commissions and issuance costs

 

 

393

 

 

 

 

 

 

2,523

 

 

 

 

 

 

 

 

 

2,523

 

Exercise of stock options

 

 

78

 

 

 

 

 

 

216

 

 

 

 

 

 

 

 

 

216

 

Issuance of common stock per employee stock

   plan purchases

 

 

91

 

 

 

 

 

 

378

 

 

 

 

 

 

 

 

 

378

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

3,478

 

 

 

 

 

 

 

 

 

3,478

 

Cumulative-effect adjustment from adoption

   of ASU 2018-07 accounting standard on

   stock compensation

 

 

 

 

 

 

 

 

71

 

 

 

(71

)

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(47,839

)

 

 

 

 

 

(47,839

)

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

151

 

 

 

151

 

Balance at June 30, 2019

 

 

53,771

 

 

$

5

 

 

$

383,419

 

 

$

(244,080

)

 

$

38

 

 

$

139,382

 

 

 

See accompanying notes.

7


 

Calithera Biosciences, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

Cash Flows Used In Operating Activities

 

 

 

 

 

 

 

Net loss

$

(44,837

)

 

$

(47,839

)

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

 

 

 

 

 

 

 

Depreciation

 

196

 

 

 

250

 

Discounts on investments

 

(160

)

 

 

(444

)

Stock-based compensation

 

4,059

 

 

 

3,478

 

Non-cash lease expense

 

734

 

 

 

666

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Receivables from collaborations

 

(441

)

 

 

257

 

Prepaid expenses and other current assets

 

457

 

 

 

401

 

Other assets

 

(321

)

 

 

285

 

Accounts payable

 

(1,380

)

 

 

12

 

Accrued liabilities

 

(2,502

)

 

 

2,973

 

Lease liability

 

(815

)

 

 

(713

)

Net cash used in operating activities

 

(45,010

)

 

 

(40,674

)

 

 

 

 

 

 

 

 

Cash Flows Provided by Investing Activities

 

 

 

 

 

 

 

Purchases of investments

 

(57,059

)

 

 

(51,030

)

Proceeds from sale and maturity of investments

 

114,981

 

 

 

60,300

 

Purchases of property and equipment

 

(13

)

 

 

 

Net cash provided by investing activities

 

57,909

 

 

 

9,270

 

 

 

 

 

 

 

 

 

Cash Flows Provided By Financing Activities

 

 

 

 

 

 

 

Proceeds from issuance of common stock upon public offering, net

 

33,462

 

 

 

54,044

 

Proceeds from issuance of common stock through an at-the-market offering, net

 

7,397

 

 

 

2,500

 

Proceeds from stock option exercises and employee stock plan purchases

 

700

 

 

 

594

 

Net cash provided by financing activities

 

41,559

 

 

 

57,138

 

 

 

 

 

 

 

 

 

Net increase in cash, cash equivalents, and restricted cash

 

54,458

 

 

 

25,734

 

Cash, cash equivalents, and restricted cash at beginning of period

 

60,877

 

 

 

51,498

 

Cash, cash equivalents, and restricted cash at end of period

$

115,335

 

 

$

77,232

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of Non-Cash Activities:

 

 

 

 

 

 

 

Unpaid amounts related to stock issuance and deferred financing costs

$

2