(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description of Document | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIO GENE THERAPIES INC. | |||||||||||||||||
Dated: | November 10, 2022 | ||||||||||||||||
By: | /s/ David Nassif | ||||||||||||||||
Name: | David Nassif | ||||||||||||||||
Title: | Chief Executive Officer; Chief Financial Officer; Chief Accounting Officer; and General Counsel |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
(includes stock-based compensation (benefit) expense of $(8) and $489 for the three months ended September 30, 2022 and 2021 and $(409) and $921 for the six months ended September 30, 2022 and 2021, respectively) | $ | 336 | $ | 11,448 | $ | 5,878 | $ | 19,506 | |||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
(includes stock-based compensation expense of $223 and $6,809 for the three months ended September 30, 2022 and 2021 and $465 and $7,698 for the six months ended September 30, 2022 and 2021, respectively) | 2,941 | 9,748 | 5,933 | 13,607 | |||||||||||||||||||
Total operating expenses | 3,277 | 21,196 | 11,811 | 33,113 | |||||||||||||||||||
Other (income) expenses: | |||||||||||||||||||||||
Other (income) expense, net | (197) | 41 | (321) | 22 | |||||||||||||||||||
Loss before income tax benefit | (3,080) | (21,237) | (11,490) | (33,135) | |||||||||||||||||||
Income tax benefit | — | — | (4) | (28) | |||||||||||||||||||
Net loss | $ | (3,080) | $ | (21,237) | $ | (11,486) | $ | (33,107) | |||||||||||||||
Net loss per share of common stock — basic and diluted | $ | (0.04) | $ | (0.29) | $ | (0.16) | $ | (0.45) | |||||||||||||||
Weighted-average shares of common stock outstanding — basic and diluted | 73,975,196 | 72,941,507 | 73,870,818 | 72,901,906 |
September 30, 2022 | March 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 49,865 | $ | 63,729 | |||||||
Restricted cash | 1,184 | 1,184 | |||||||||
Prepaid expenses and other current assets | 2,335 | 5,214 | |||||||||
Income tax receivable | 355 | 1,609 | |||||||||
Total current assets | 53,739 | 71,736 | |||||||||
Operating lease right-of-use assets | 7 | 2,444 | |||||||||
Property and equipment, net | — | 900 | |||||||||
Total assets | $ | 53,746 | $ | 75,080 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,963 | $ | 3,984 | |||||||
Accrued expenses | 2,867 | 8,232 | |||||||||
Current portion of operating lease liabilities | 4 | 786 | |||||||||
Total current liabilities | 4,834 | 13,002 | |||||||||
Operating lease liabilities, net of current portion | — | 1,730 | |||||||||
Total liabilities | 4,834 | 14,732 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, par value $0.00001 per share, 1,000,000,000 shares authorized, 73,975,196 and 73,739,378 issued and outstanding at September 30, 2022 and March 31, 2022, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 923,022 | 922,966 | |||||||||
Accumulated deficit | (874,442) | (862,956) | |||||||||
Accumulated other comprehensive income | 331 | 337 | |||||||||
Total stockholders’ equity | 48,912 | 60,348 | |||||||||
Total liabilities and stockholders’ equity | $ | 53,746 | $ | 75,080 |
Six Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (11,486) | $ | (33,107) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Non-cash lease expenses | 2,437 | 100 | |||||||||
Stock-based compensation expense | 56 | 8,619 | |||||||||
Depreciation and non-cash amortization | 137 | 122 | |||||||||
Change in operating lease liabilities | (2,512) | (109) | |||||||||
Other | 857 | 4 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses and other current assets | 2,879 | 3,027 | |||||||||
Income tax receivable | 1,254 | (77) | |||||||||
Accounts payable | (2,021) | 1,332 | |||||||||
Accrued expenses | (5,365) | (1,830) | |||||||||
Net cash used in operating activities | (13,764) | (21,919) | |||||||||
Cash flows from investing activities: | |||||||||||
Cash proceeds from sale of long-term investment | — | 4,343 | |||||||||
Cash proceeds from sale of property and equipment | 190 | — | |||||||||
Purchases of property and equipment | (290) | (194) | |||||||||
Net cash (used in) provided by investing activities | (100) | 4,149 | |||||||||
Cash flows from financing activities: | |||||||||||
Cash proceeds from issuance of shares of common stock, net of issuance costs | — | 479 | |||||||||
Net cash provided by financing activities | — | 479 | |||||||||
Net change in cash and cash equivalents, restricted cash and long-term restricted cash | (13,864) | (17,291) | |||||||||
Total cash and cash equivalents, restricted cash and long-term restricted cash—beginning of period | 64,913 | 120,170 | |||||||||
Total cash and cash equivalents, restricted cash and long-term restricted cash—end of period | $ | 51,049 | $ | 102,879 | |||||||
Cash and cash equivalents —beginning of period | 63,729 | 118,986 | |||||||||
Restricted cash included in current assets—beginning of period | 1,184 | — | |||||||||
Restricted cash included in long-term assets—beginning of period | — | 1,184 | |||||||||
Total cash and cash equivalents, restricted cash and long-term restricted cash—beginning of period | $ | 64,913 | $ | 120,170 | |||||||
Cash and cash equivalents—end of period | 49,865 | 101,695 | |||||||||
Restricted cash included in current assets—end of period | 1,184 | 1,184 | |||||||||
Total cash and cash equivalents and restricted cash—end of period | $ | 51,049 | $ | 102,879 | |||||||
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