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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 June 30, 2022

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: 001-37539

 

Global Blood Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-4825712

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

181 Oyster Point Boulevard

South San Francisco, CA 94080

(Address of principal executive offices)

(650) 741-7700

(Registrant’s telephone number, including area code)

 

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 $0.001 per share

GBT

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, 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 4, 2022, there were 67,463,704 shares of the registrant’s Common Stock, par value $0.001 per share, outstanding.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I. – FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements

3

 

Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2022, and 2021 (Unaudited)

4

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2022, and 2021 (Unaudited)

5

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022, and 2021 (Unaudited)

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

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

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

 

 

PART II. – OTHER INFORMATION

28

 

 

 

Item 1.

Legal Proceedings

28

Item 1A.

Risk Factors

28

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 3.

Defaults Upon Senior Securities

72

Item 4.

Mine Safety Disclosures

72

Item 5.

Other Information

72

Item 6.

Exhibits

72

 

 

SIGNATURES

74

 

2


 

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Assets

 

(Unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

261,152

 

 

$

684,717

 

Short-term marketable securities

 

 

256,006

 

 

 

 

Accounts receivable, net

 

 

29,765

 

 

 

28,800

 

Inventories

 

 

65,816

 

 

 

58,202

 

Prepaid expenses and other current assets

 

 

27,272

 

 

 

30,251

 

Total current assets

 

 

640,011

 

 

 

801,970

 

Long-term marketable securities

 

 

146,863

 

 

 

50,057

 

Property and equipment, net

 

 

32,425

 

 

 

34,918

 

Operating lease right-of-use assets

 

 

46,497

 

 

 

48,015

 

Restricted cash

 

 

2,432

 

 

 

2,436

 

Other assets, noncurrent

 

 

2,214

 

 

 

1,812

 

Total assets

 

$

870,442

 

 

$

939,208

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,260

 

 

$

15,097

 

Accrued liabilities

 

 

53,266

 

 

 

39,297

 

Accrued compensation

 

 

25,187

 

 

 

27,712

 

Other liabilities, current

 

 

6,379

 

 

 

5,892

 

Total current liabilities

 

 

93,092

 

 

 

87,998

 

Long-term debt, net

 

 

247,130

 

 

 

246,352

 

Convertible debt, net

 

 

334,815

 

 

 

334,089

 

Operating lease liabilities, noncurrent

 

 

70,322

 

 

 

73,506

 

Other liabilities, noncurrent

 

 

6,723

 

 

 

853

 

Total liabilities

 

 

752,082

 

 

 

742,798

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized as of June 30, 2022 (unaudited) and December 31, 2021; no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value, 150,000,000 shares authorized as of June 30, 2022 (unaudited) and December 31, 2021, respectively; 67,272,761 and 64,636,641 shares issued and outstanding as of June 30, 2022 (unaudited) and December 31, 2021, respectively

 

 

67

 

 

 

65

 

Additional paid-in capital

 

 

1,575,719

 

 

 

1,485,805

 

Accumulated other comprehensive income

 

 

(3,973

)

 

 

100

 

Accumulated deficit

 

 

(1,453,453

)

 

 

(1,289,560

)

Total stockholders’ equity

 

 

118,360

 

 

 

196,410

 

Total liabilities and stockholders’ equity

 

$

870,442

 

 

$

939,208

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3


 

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Product sales, net

 

$

71,550

 

 

$

47,555

 

 

$

126,710

 

 

$

86,598

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,413

 

 

 

748

 

 

 

2,468

 

 

 

1,332

 

Research and development

 

 

64,775

 

 

 

51,784

 

 

 

117,608

 

 

 

102,641

 

Selling, general and administrative

 

 

81,088

 

 

 

61,093

 

 

 

155,622

 

 

 

120,059

 

Total costs and operating expenses

 

 

147,276

 

 

 

113,625

 

 

 

275,698

 

 

 

224,032

 

Loss from operations

 

 

(75,726

)

 

 

(66,070

)

 

 

(148,988

)

 

 

(137,434

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,664

 

 

 

164

 

 

 

2,164

 

 

 

493

 

Interest expense

 

 

(8,402

)

 

 

(3,677

)

 

 

(16,607

)

 

 

(7,366

)

Other income (expense), net

 

 

186

 

 

 

21

 

 

 

(100

)

 

 

(62

)

Total other income (expense), net

 

 

(6,552

)

 

 

(3,492

)

 

 

(14,543

)

 

 

(6,935

)

Loss before income taxes

 

 

(82,278

)

 

 

(69,562

)

 

 

(163,531

)

 

 

(144,369

)

Provision for income taxes

 

 

192

 

 

 

30

 

 

 

362

 

 

 

153

 

Net loss

 

 

(82,470

)

 

 

(69,592

)

 

 

(163,893

)

 

 

(144,522

)

Other comprehensive expense:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized loss on marketable securities, net of tax

 

 

(1,711

)

 

 

(78

)

 

 

(3,626

)

 

 

(259

)

Cumulative translation adjustment

 

 

(300

)

 

 

259

 

 

 

(446

)

 

 

259

 

Total other comprehensive expense, net

 

 

(2,011

)

 

 

181

 

 

 

(4,072

)

 

 

 

Comprehensive loss

 

$

(84,481

)

 

$

(69,411

)

 

$

(167,965

)

 

$

(144,522

)

Basic and diluted net loss per common share

 

$

(1.26

)

 

$

(1.12

)

 

$

(2.51

)

 

$

(2.32

)

Weighted-average number of shares used in computing basic and diluted net loss per common share

 

 

65,594,792

 

 

 

62,312,418

 

 

 

65,220,518

 

 

 

62,207,328

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

64,636,641

 

 

$

65

 

 

$

1,485,805

 

 

$

100

 

 

$

(1,289,560

)

 

$

196,410

 

Issuance of common stock upon exercise of stock options

 

 

21,653

 

 

 

 

 

 

324

 

 

 

 

 

 

 

 

 

324

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

308,118

 

 

 

 

 

 

(981

)

 

 

 

 

 

 

 

 

(981

)

Issuance of common stock pursuant to ESPP purchases

 

 

89,050

 

 

 

 

 

 

2,259

 

 

 

 

 

 

 

 

 

2,259

 

Stock-based compensation expenses

 

 

 

 

 

 

 

 

19,475

 

 

 

 

 

 

 

 

 

19,475

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

(2,062

)

 

 

 

 

 

(2,062

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(81,423

)

 

 

(81,423

)

Balance at March 31, 2022

 

 

65,055,462

 

 

$

65

 

 

$

1,506,882

 

 

$

(1,962

)

 

$

(1,370,983

)

 

$

134,002

 

Issuance of common stock upon exercise of stock options

 

 

15,015

 

 

 

 

 

 

216

 

 

 

 

 

 

 

 

 

216

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

136,916

 

 

 

 

 

 

(114

)

 

 

 

 

 

 

 

 

(114

)

Issuance of common stock upon at-the-market offering

 

 

2,065,368

 

 

 

2

 

 

 

48,493

 

 

 

 

 

 

 

 

 

48,495

 

Stock-based compensation expenses

 

 

 

 

 

 

 

 

20,242

 

 

 

 

 

 

 

 

 

20,242

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

(2,011

)

 

 

 

 

 

(2,011

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82,470

)

 

 

(82,470

)

Balance at June 30, 2022

 

 

67,272,761

 

 

$

67

 

 

$

1,575,719

 

 

$

(3,973

)

 

$

(1,453,453

)

 

$

118,360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

61,898,090

 

 

$

62

 

 

$

1,402,262

 

 

$

302

 

 

$

(986,469

)

 

$

416,157

 

Issuance of common stock upon exercise of stock options

 

 

47,763

 

 

 

 

 

 

1,110

 

 

 

 

 

 

 

 

 

1,110

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

229,087

 

 

 

 

 

 

(1,897

)

 

 

 

 

 

 

 

 

(1,897

)

Issuance of common stock pursuant to ESPP purchases

 

 

65,110

 

 

 

 

 

 

2,558

 

 

 

 

 

 

 

 

 

2,558

 

Stock-based compensation expenses

 

 

 

 

 

 

 

 

20,378

 

 

 

 

 

 

 

 

 

20,378

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

(181

)

 

 

 

 

 

(181

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(74,930

)

 

 

(74,930

)

Balance at March 31, 2021

 

 

62,240,050

 

 

$

62

 

 

$

1,424,411

 

 

$

121

 

 

$

(1,061,399

)

 

$

363,195

 

Issuance of common stock upon exercise of stock options

 

 

28,575

 

 

 

 

 

 

403

 

 

 

 

 

 

 

 

 

403

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

110,493

 

 

 

 

 

 

(65

)

 

 

 

 

 

 

 

 

(65

)

Stock-based compensation

 

 

 

 

 

 

 

 

21,644

 

 

 

 

 

 

 

 

 

21,644

 

Other comprehensive losses

 

 

 

 

 

 

 

 

 

 

 

181

 

 

 

 

 

 

181

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,592

)

 

 

(69,592

)

Balance at June 30, 2021

 

 

62,379,118

 

 

$

62

 

 

$

1,446,393

 

 

$

302

 

 

$

(1,130,991

)

 

$

315,766

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

5


 

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(163,893

)

 

$

(144,522

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

3,052

 

 

 

2,908

 

Amortization (accretion) of premium (discount) on marketable securities

 

 

88

 

 

 

112

 

Non-cash interest expense

 

 

1,541

 

 

 

476

 

Amortization of operating lease right-of-use assets

 

 

1,518

 

 

 

1,301

 

Stock-based compensation

 

 

38,984

 

 

 

41,184

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivables

 

 

(965

)

 

 

(2,044

)

Inventories

 

 

(6,806

)

 

 

(6,841

)

Prepaid expenses and other assets, current