| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 10 | | | |
| | | | | 13 | | | |
| | | | | 26 | | | |
| | | | | 28 | | | |
| | | | | 70 | | | |
| | | | | 80 | | | |
| | | | | 81 | | | |
| | | | | 82 | | | |
| | | | | 83 | | | |
| | | | | 93 | | | |
| | | | | 119 | | | |
| | | | | 148 | | | |
| | | | | 155 | | | |
| | | | | 163 | | | |
| | | | | 166 | | | |
| | | | | 168 | | | |
| | | | | 173 | | | |
| | | | | 182 | | | |
| | | | | 183 | | | |
| | | | | 186 | | | |
| | | | | 186 | | | |
| | | | | 186 | | | |
| | | | | F-1 | | |
Assumed Average
Purchase Price Per Share |
| |
Number of Registered
Shares to be Issued if Full Purchase(1)(2) |
| |
Percentage of Outstanding
Shares After Giving Effect to the Issuance to B. Riley Principal Capital II(3) |
| |
Gross Proceeds from the
Sale of Shares to B. Riley Principal Capital II Under the Purchase Agreement |
| |||||||||
$0.43
|
| | | | 14,506,475 | | | | | | 16.6% | | | | | $ | 6,237,784 | | |
$0.61
|
| | | | 14,506,475 | | | | | | 16.6% | | | | | $ | 8,848,950 | | |
$0.87
|
| | | | 14,506,475 | | | | | | 16.6% | | | | | $ | 12,620,633 | | |
$1.20(4) | | | | | 14,506,475 | | | | | | 16.6% | | | | | $ | 17,407,770 | | |
$1.61
|
| | | | 31,055,901 | | | | | | 29.9% | | | | | $ | 50,000,000 | | |
$2.10
|
| | | | 23,809,524 | | | | | | 24.6% | | | | | $ | 50,000,000 | | |
$2.72
|
| | | | 18,382,353 | | | | | | 20.1% | | | | | $ | 50,000,000 | | |
(in thousands)
|
| |
Purchase price
|
| |
Shares Issued
|
| ||||||
Share consideration to Legacy Gelesis(a)(b)(c)
|
| | | $ | 675,000,000 | | | | | | 67,490,310 | | |
| | |
Common Stock Outstanding
|
| |||||||||
| | |
Shares
|
| |
%
|
| ||||||
CPSR Public Stockholders
|
| | | | 755,223 | | | | | | 1.0% | | |
Sponsor
|
| | | | 4,916,250 | | | | | | 6.8% | | |
Total CPSR
|
| | | | 5,671,473 | | | | | | 7.9% | | |
Legacy Gelesis Stockholders(a)
|
| | | | 54,814,847 | | | | | | 75.9% | | |
PIPE Investors
|
| | | | 9,000,000 | | | | | | 12.5% | | |
Backstop Sponsor Shares
|
| | | | 1,983,750 | | | | | | 2.7% | | |
Backstop Purchase Shares
|
| | | | 744,217 | | | | | | 1.0% | | |
Total Shares at Closing
|
| | | | 72,214,287 | | | | | | 100.0% | | |
Legacy Gelesis – Remaining Consideration Shares(a)(b)
|
| | | | 12,675,463 | | | | | | | | |
Total Shares at Closing (including certain Legacy Gelesis shares)
|
| | | | 84,889,750 | | | | | | | | |
| | |
Historical
|
| | | | | | | | | | | | | | | | |||||||||
| | |
For the Six Months
Ended June 30, 2022 |
| |
For the Period
from January 1, 2022 to January 13, 2022 |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Condensed Combined |
| ||||||||||||
| | |
Gelesis Holdings, Inc.
|
| |
CPSR
|
| | | | ||||||||||||||||||
Product revenue, net
|
| | | $ | 16,487 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 16,487 | | |
Total revenue, net
|
| | | | 16,487 | | | | | | — | | | | | | — | | | | | | | | | 16,487 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Costs of goods sold
|
| | | | 9,699 | | | | | | — | | | | | | — | | | | | | | | | 9,699 | | |
Selling, general and administrative
|
| | | | 70,156 | | | | | | — | | | | | | (9,713) | | | |
3(a), 3(b), 3(c)
|
| | | | 60,443 | | |
Research and development
|
| | | | 12,933 | | | | | | — | | | | | | (4,437) | | | |
3(c)
|
| | | | 8,496 | | |
Amortization of intangible
assets |
| | | | 1,133 | | | | | | — | | | | | | — | | | | | | | | | 1,133 | | |
General and administrative expenses
|
| | | | — | | | | | | 5 | | | | | | (5) | | | |
3(a)
|
| | | | — | | |
Operating expenses
|
| | | | 93,921 | | | | | | 5 | | | | | | (14,155) | | | | | | | | | 79,771 | | |
Loss from operations
|
| | | | (77,434) | | | | | | (5) | | | | | | 14,155 | | | | | | | | | (63,284) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in the fair value of earnout liability
|
| | | | 52,681 | | | | | | — | | | | | | — | | | | | | | | | 52,681 | | |
Change in the fair value of convertible promissory
notes |
| | | | (156) | | | | | | — | | | | | | 156 | | | |
3(d)
|
| | | | — | | |
Change in the fair value of warrants
|
| | | | 6,084 | | | | | | 7,280 | | | | | | (689) | | | |
3(e)
|
| | | | 12,675 | | |
Interest earned on investments held in Trust Account
|
| | | | — | | | | | | (2) | | | | | | 2 | | | |
3(f)
|
| | | | — | | |
Unrealized gain on marketable
securities held in Trust Account |
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Interest expense, net
|
| | | | (321) | | | | | | — | | | | | | — | | | | | | | | | (321) | | |
Interest income
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other income, net
|
| | | | 930 | | | | | | — | | | | | | — | | | | | | | | | 930 | | |
(Loss) income before income
taxes |
| | | | (18,216) | | | | | | 7,273 | | | | | | 13,624 | | | | | | | | | 2,681 | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net (loss) income
|
| | | | (18,216) | | | | | | 7,273 | | | | | | 13,624 | | | | | | | | | 2,681 | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (564) | | | | | | — | | | | | | — | | | | | | | | | (564) | | |
Total other comprehensive loss
|
| | | | (564) | | | | | | — | | | | | | — | | | | | | | | | (564) | | |
Comprehensive (loss) income
|
| | | $ | (18,780) | | | | | $ | 7,273 | | | | | $ | 13,624 | | | | | | | | $ | 2,117 | | |
Weighted average shares outstanding, Common stock
|
| | | | 67,609,838 | | | | | | | | | | | | | | | | | | | | | 72,214,287 | | |
Basic and diluted net (loss) income per share, Common stock
|
| | | $ | (0.83) | | | | | | | | | | | | | | | | | | | | $ | 0.04 | | |
| | |
Historical
|
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Condensed Combined |
| |||||||||||||||
| | |
Legacy Gelesis
|
| |
CPSR
|
| | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product revenue, net
|
| | | $ | 11,185 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 11,185 | | |
Total revenue, net
|
| | | | 11,185 | | | | | | — | | | | | | — | | | | | | | | | 11,185 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Costs of goods sold
|
| | | | 9,983 | | | | | | — | | | | | | — | | | | | | | | | 9,983 | | |
Selling, general and administrative
|
| | | | 71,041 | | | | | | — | | | | | | 32,583 | | | |
4(a), 4(b), 4(c)
|
| | | | 103,624 | | |
Research and development
|
| | | | 12,867 | | | | | | — | | | | | | 5,249 | | | |
4(c)
|
| | | | 18,116 | | |
Amortization of intangible assets
|
| | | | 2,267 | | | | | | — | | | | | | — | | | | | | | | | 2,267 | | |
General and administrative expenses
|
| | | | — | | | | | | 20,674 | | | | | | (20,674) | | | |
4(a)
|
| | | | — | | |
Operating expenses
|
| | | | 96,158 | | | | | | 20,674 | | | | | | 17,158 | | | | | | | | | 133,990 | | |
Loss from operations
|
| | | | (84,973) | | | | | | (20,674) | | | | | | (17,158) | | | | | | | | | (122,805) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in the fair value of convertible promissory notes
|
| | | | (128) | | | | | | — | | | | | | — | | | | | | | | | (128) | | |
Change in the fair value of
warrants |
| | | | (7,646) | | | | | | 7,602 | | | | | | (3,118) | | | |
4(d)
|
| | | | (3,162) | | |
Interest earned on investments held in Trust Account
|
| | | | — | | | | | | 167 | | | | | | (167) | | | |
4(e)
|
| | | | — | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | — | | | | | | 7 | | | | | | (7) | | | |
4(e)
|
| | | | — | | |
Interest expense, net
|
| | | | (1,364) | | | | | | — | | | | | | — | | | | | | | | | (1,364) | | |
Interest income
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other income, net
|
| | | | 781 | | | | | | — | | | | | | — | | | | | | | | | 781 | | |
Loss before income taxes
|
| | | | (93,330) | | | | | | (12,898) | | | | | | (20,450) | | | | | | | | | (126,678) | | |
Provision for income taxes
|
| | | | 17 | | | | | | — | | | | | | — | | | | | | | | | 17 | | |
Net loss
|
| | | | (93,347) | | | | | | (12,898) | | | | | | (20,450) | | | | | | | | | (126,695) | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (719) | | | | | | — | | | | | | — | | | | | | | | | (719) | | |
Total other comprehensive loss
|
| | | | (719) | | | | | | — | | | | | | — | | | | | | | | | (719) | | |
Comprehensive loss
|
| | | $ | (94,066) | | | | | $ | (12,898) | | | | | $ | (20,450) | | | | | | | | $ | (127,414) | | |
Weighted average shares outstanding, Common stock
|
| | | | 2,204,486 | | | | | | | | | | | | | | | | | | | | | 72,214,287 | | |
Basic and diluted net loss per share, Common stock
|
| | | $ | (85.22) | | | | | | | | | | | | | | | | | | | | $ | (1.75) | | |
Weighted average shares outstanding, Class A Common stock
|
| | | | | | | | | | 27,600,000 | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, Class A Common stock
|
| | | | | | | | | $ | (0.37) | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding, Class B Common stock
|
| | | | | | | | | | 6,900,000 | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, Class B Common stock
|
| | | | | | | | | $ | (0.37) | | | | | | | | | | | | | | | | | |
(in thousands, except share and per share amounts)
|
| |
For the Six
Months Ended June 30, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Pro forma net income (loss)
|
| | | $ | 2,681 | | | | | $ | (126,695) | | |
Pro forma weighted average shares outstanding-basic and diluted
|
| | | | 72,214,287 | | | | | | 72,214,287 | | |
Pro forma net income (loss) per share-basic and diluted
|
| | | $ | 0.04 | | | | | $ | (1.75) | | |
Pro forma weighted average shares outstanding-basic and diluted | | | | | | | | | | | | | |
CPSR public stockholders
|
| | | | 755,223 | | | | | | 755,223 | | |
CPSR Sponsor
|
| | | | 4,916,250 | | | | | | 4,916,250 | | |
Total
|
| | | | 5,671,473 | | | | | | 5,671,473 | | |
Legacy Gelesis(a)(b)
|
| | | | 54,814,847 | | | | | | 54,814,847 | | |
PIPE Investors
|
| | | | 9,000,000 | | | | | | 9,000,000 | | |
Backstop Sponsor Shares
|
| | | | 1,983,750 | | | | | | 1,983,750 | | |
Backstop Purchase Shares
|
| | | | 744,217 | | | | | | 744,217 | | |
Pro forma weighted average shares outstanding-basic antidiluted(c)
|
| | | | 72,214,287 | | | | | | 72,214,287 | | |
| | |
For the Three Months Ended
June 30, |
| |
For the Six Months Ended
June 30, |
| |
For the Year Ended
December 31, |
| |||||||||||||||||||||||||||
In thousands
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||||||||
New members acquired
|
| | | | 43,800 | | | | | | 14,200 | | | | | | 84,200 | | | | | | 28,300 | | | | | | 61,400 | | | | | | 18,800 | | |
Units sold
|
| | | | 129,890 | | | | | | 33,120 | | | | | | 244,460 | | | | | | 81,881 | | | | | | 170,969 | | | | | | 40,987 | | |
Product revenue, net
|
| | | $ | 8,973 | | | | | $ | 2,178 | | | | | $ | 16,487 | | | | | $ | 5,279 | | | | | $ | 11,185 | | | | | $ | 2,708 | | |
Average selling price per unit, net
|
| | | $ | 69.08 | | | | | $ | 65.76 | | | | | $ | 67.44 | | | | | $ | 64.47 | | | | | $ | 65.42 | | | | | $ | 66.07 | | |
Gross profit
|
| | | $ | 4,187 | | | | | $ | 173 | | | | | $ | 6,788 | | | | | $ | 458 | | | | | $ | 1,202 | | | | | $ | 294 | | |
Gross margin
|
| | | | 46.7% | | | | | | 7.9% | | | | | | 41.2% | | | | | | 8.7% | | | | | | 10.7% | | | | | | 10.9% | | |
| | |
For the Three Months Ended
June 30, |
| |
For the Six Months Ended
June 30, |
| |
For the Year Ended
December 31, |
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
In thousands
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||||||||
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net loss
|
| | | $ | (12,513) | | | | | $ | (24,739) | | | | | $ | (18,216) | | | | | $ | (43,325) | | | | | $ | (93,347) | | | | | $ | (25,905) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 17 | | | | | | 2,039 | | |
Depreciation and amortization
|
| | | | 987 | | | | | | 750 | | | | | | 2,573 | | | | | | 1,491 | | | | | | 3,791 | | | | | | 2,779 | | |
Stock based compensation expense
|
| | | | 7,976 | | | | | | 1,639 | | | | | | 21,965 | | | | | | 3,094 | | | | | | 5,532 | | | | | | 4,808 | | |
Change in fair value of earnout liability
|
| | | | (18,812) | | | | | | — | | | | | | (52,681) | | | | | | — | | | | | | — | | | | | | — | | |
Change in fair value of warrants
|
| | | | (2,600) | | | | | | 4,977 | | | | | | (6,084) | | | | | | 7,051 | | | | | | 7,646 | | | | | | 1,466 | | |
Change in fair value of convertible promissory notes
|
| | | | — | | | | | | — | | | | | | 156 | | | | | | — | | | | | | 128 | | | | | | — | | |
Change in fair value of One S.r.l. call option
|
| | | | 607 | | | | | | 506 | | | | | | 865 | | | | | | 554 | | | | | | 1,024 | | | | | | — | | |
Change in fair value of tranche rights
liability |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (256) | | |
Interest expense, net
|
| | | | 186 | | | | | | 227 | | | | | | 321 | | | | | | 588 | | | | | | 1,364 | | | | | | 432 | | |
Adjusted EBITDA
|
| | | $ | (24,169) | | | | | $ | (16,640) | | | | | $ | (51,101) | | | | | $ | (30,530) | | | | | $ | (73,845) | | | | | $ | (14,637) | | |
| | |
For the Three Months Ended June 30,
|
| |||||||||||||||
|
2022
|
| |
2021
|
| |
Change
|
| |||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | ||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product revenue, net
|
| | | $ | 8,973 | | | | | $ | 2,178 | | | | | $ | 6,795 | | |
Total revenue, net
|
| | | | 8,973 | | | | | | 2,178 | | | | | | 6,795 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Costs of goods sold
|
| | | | 4,786 | | | | | | 2,005 | | | | | | 2,781 | | |
Selling, general and administrative
|
| | | | 32,450 | | | | | | 13,972 | | | | | | 18,478 | | |
Research and development
|
| | | | 5,523 | | | | | | 5,592 | | | | | | (69) | | |
Amortization of intangible assets
|
| | | | 566 | | | | | | 566 | | | | | | — | | |
Total operating expenses
|
| | | | 43,325 | | | | | | 22,135 | | | | | | 21,190 | | |
Loss from operations
|
| | | | (34,352) | | | | | | (19,957) | | | | | | (14,395) | | |
Other non-operating income (expense), net
|
| | | | 21,839 | | | | | | (4,782) | | | | | | 26,621 | | |
Loss before income taxes
|
| | | | (12,513) | | | | | | (24,739) | | | | | | 12,226 | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (12,513) | | | | | $ | (24,739) | | | | | $ | 12,226 | | |
| | |
For the Three Months Ended June 30,
|
| |||||||||||||||
In thousands
|
| |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | ||||||
Selling and marketing expense
|
| | | $ | 22,197 | | | | | $ | 7,273 | | | | | $ | 14,924 | | |
General and administrative expense
|
| | | | 5,285 | | | | | | 5,554 | | | | | | (269) | | |
Non-cash stock-based compensation expense
|
| | | | 4,968 | | | | | | 1,145 | | | | | | 3,823 | | |
Total selling, general and administrative expense
|
| | | $ | 32,450 | | | | | $ | 13,972 | | | | | $ | 18,478 | | |
| | |
For the Three Months Ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
In thousands
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | ||||||
GS200
|
| | | $ | 4 | | | | | $ | 267 | | | | | | (263) | | |
GS300
|
| | | | (55) | | | | | | 812 | | | | | | (867) | | |
GS500
|
| | | | — | | | | | | 1,106 | | | | | | (1,106) | | |
Unallocated expenses | | | | | | | | | | | | | | | | | | | |
Other research and development expenses
|
| | | | 2,567 | | | | | | 2,913 | | | | | | (346) | | |
Non-cash stock-based compensation expense
|
| | | | 3,008 | | | | | | 494 | | | | | | 2,514 | | |
Total Research and development expense
|
| | | $ | 5,523 | | | | | $ | 5,592 | | | | | $ | (69) | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | ||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product revenue, net
|
| | | $ | 16,487 | | | | | $ | 5,279 | | | | | $ | 11,208 | | |
Total revenue, net
|
| | | | 16,487 | | | | | | 5,279 | | | | | | 11,208 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Costs of goods sold
|
| | | | 9,699 | | | | | | 4,821 | | | | | | 4,878 | | |
Selling, general and administrative
|
| | | | 70,156 | | | | | | 25,917 | | | | | | 44,239 | | |
Research and development
|
| | | | 12,933 | | | | | | 9,968 | | | | | | 2,965 | | |
Amortization of intangible assets
|
| | | | 1,133 | | | | | | 1,133 | | | | | | — | | |
Total operating expenses
|
| | | | 93,921 | | | | | | 41,839 | | | | | | 52,082 | | |
Loss from operations
|
| | | | (77,434) | | | | | | (36,560) | | | | | | (40,874) | | |
Other non-operating income (expense), net
|
| | | | 59,218 | | | | | | (6,748) | | | | | | 65,966 | | |
Loss before income taxes
|
| | | | (18,216) | | | | | | (43,308) | | | | | | 25,092 | | |
Provision for income taxes
|
| | | | — | | | | | | 17 | | | | | | (17) | | |
Net loss
|
| | | $ | (18,216) | | | | | $ | (43,325) | | | | | $ | 25,109 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
In thousands
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | ||||||
Selling and marketing expense
|
| | | $ | 43,361 | | | | | $ | 14,959 | | | | | $ | 28,402 | | |
General and administrative expense
|
| | | | 12,903 | | | | | | 8,925 | | | | | | 3,978 | | |
Non-cash stock-based compensation expense
|
| | | | 13,892 | | | | | | 2,033 | | | | | | 11,859 | | |
Total selling, general and administrative expense
|
| | | $ | 70,156 | | | | | $ | 25,917 | | | | | $ | 44,239 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
In thousands
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | ||||||
GS200
|
| | | $ | 47 | | | | | $ | 1,312 | | | | | | (1,265) | | |
GS300
|
| | | | 127 | | | | | | 812 | | | | | | (685) | | |
GS500
|
| | | | 75 | | | | | | 1,106 | | | | | | (1,031) | | |
Unallocated expenses
|
| | | | | | | | | | | | | | | | | | |
Other research and development expenses
|
| | | | 4,612 | | | | | | 5,677 | | | | | | (1,065) | | |
Non-cash stock-based compensation expense
|
| | | | 8,073 | | | | | | 1,061 | | | | | | 7,012 | | |
Total Research and development expense
|
| | | $ | 12,933 | | | | | $ | 9,968 | | | | | $ | 2,965 | | |
| | |
For the Year Ended December 31,
|
| |
Increase
(Decrease) |
| ||||||||||||
|
2021
|
| |
2020
|
| ||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Product revenue, net
|
| | | $ | 11,185 | | | | | $ | 2,708 | | | | | $ | 8,477 | | |
Licensing revenue
|
| | | | — | | | | | | 18,734 | | | | | | (18,734) | | |
Total revenue, net
|
| | | | 11,185 | | | | | | 21,442 | | | | | | (10,257) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Costs of goods sold
|
| | | | 9,983 | | | | | | 2,414 | | | | | | 7,569 | | |
Selling, general and administrative
|
| | | | 71,041 | | | | | | 28,870 | | | | | | 42,171 | | |
Research and development
|
| | | | 12,867 | | | | | | 16,115 | | | | | | (3,248) | | |
Amortization of intangible assets
|
| | | | 2,267 | | | | | | 2,267 | | | | | | — | | |
Total operating expenses
|
| | | | 96,158 | | | | | | 49,666 | | | | | | 46,492 | | |
Loss from operations
|
| | | | (84,973) | | | | | | (28,224) | | | | | | (56,749) | | |
Other non-operating (expense) income, net
|
| | | | (8,357) | | | | | | 4,358 | | | | | | (12,715) | | |
Loss before income taxes
|
| | | | (93,330) | | | | | | (23,866) | | | | | | (69,464) | | |
Provision for income taxes
|
| | | | 17 | | | | | | 2,039 | | | | | | (2,022) | | |
Net loss
|
| | | $ | (93,347) | | | | | $ | (25,905) | | | | | $ | (67,442) | | |
| | |
For the Year Ended December 31,
|
| |
Increase
(Decrease) |
| ||||||||||||
In thousands
|
| |
2021
|
| |
2020
|
| ||||||||||||
Selling and marketing expense
|
| | | $ | 52,781 | | | | | $ | 16,108 | | | | | $ | 36,673 | | |
General and administrative expense
|
| | | | 14,293 | | | | | | 9,914 | | | | | | 4,379 | | |
Non-cash stock-based compensation expense
|
| | | | 3,967 | | | | | | 2,848 | | | | | | 1,119 | | |
Total selling, general and administrative expense
|
| | | $ | 71,041 | | | | | $ | 28,870 | | | | | $ | 42,171 | | |
| | |
For the Year Ended December 31,
|
| |
Increase
(Decrease) |
| ||||||||||||
In thousands
|
| |
2021
|
| |
2020
|
| ||||||||||||
GS200
|
| | | $ | (279) | | | | | $ | 6,652 | | | | | | (6,931) | | |
GS300
|
| | | | 1,467 | | | | | | — | | | | | | 1,467 | | |
GS500
|
| | | | 1,636 | | | | | | — | | | | | | 1,636 | | |
Unallocated expenses | | | | | | | | | | | | | | | | | | | |
Other research and development expenses
|
| | | | 8,478 | | | | | | 7,503 | | | | | | 975 | | |
Non-cash stock-based compensation expense
|
| | | | 1,565 | | | | | | 1,960 | | | | | | (395) | | |
Total Research and development expense
|
| | | $ | 12,867 | | | | | $ | 16,115 | | | | | $ | (3,248) | | |
| | |
For the Six Months Ended June 30,
|
| |
For the Year Ended December 31,
|
| ||||||||||||||||||
In thousands
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | | | | | | | ||||||
Cash (used in) provided by: | | | | | | ||||||||||||||||||||
Operating activities
|
| | | $ | (39,772) | | | | | $ | (35,369) | | | | | $ | (55,291) | | | | | $ | (21,991) | | |
Investing activities
|
| | | | (5,067) | | | | | | 13,943 | | | | | | 4,083 | | | | | | (56,205) | | |
Financing activities
|
| | | | 42,189 | | | | | | 4,333 | | | | | | 32,533 | | | | | | 88,923 | | |
Effect of exchange rates on cash
|
| | | | (406) | | | | | | (680) | | | | | | (1,072) | | | | | | 1,643 | | |
Increase (decrease) in cash and cash equivalents
|
| | | $ | (3,056) | | | | | $ | (17,773) | | | | | $ | (19,747) | | | | | $ | 12,370 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
In thousands
|
| |
Total
|
| |
Less than
1 Year |
| |
1 to 3
Years |
| |
4 to 5
Years |
| |
More than
5 Years |
| |||||||||||||||
Long-term debt obligations(1)(2)
|
| | | $ | 64,964 | | | | | $ | 29,311 | | | | | $ | 14,356 | | | | | $ | 8,420 | | | | | $ | 12,877 | | |
Operating lease commitments(3)
|
| | | | 2,262 | | | | | | 634 | | | | | | 1,194 | | | | | | 418 | | | | | | 16 | | |
Unpaid portion of acquisition of intangible asset(4)
|
| | | | 5,604 | | | | | | 5,604 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 72,830 | | | | | $ | 35,549 | | | | | $ | 15,550 | | | | | $ | 8,838 | | | | | $ | 12,893 | | |
Name
|
| |
Age
|
| |
Title
|
|
Yishai Zohar | | |
59
|
| | President, Chief Executive Officer, Class III Director and Co-Inventor | |
David Pass, Pharm.D. | | |
54
|
| | Chief Operating Officer and Chief Commercial Officer | |
Elliot Maltz, CPA | | |
38
|
| | Chief Financial Officer and Treasurer | |
Harry L. Leider, M.D., M.B.A, FACPE
|
| |
64
|
| | Chief Medical Officer | |
Elaine Chiquette, Pharm.D. | | |
56
|
| | Chief Scientific Officer | |
Alessandro Sannino, Ph.D. | | |
50
|
| | Co-Inventor & Lead Project Scientist | |
David Abraham | | |
56
|
| | General Counsel, Chief Compliance Officer and Corporate Secretary | |
Alison Bauerlein*(1) | | |
40
|
| | Class I Director | |
Dominic Perks*(1) | | |
45
|
| | Class I Director | |
Kathryn Cavanaugh*(2) | | |
48
|
| | Class II Director | |
Clayton Christopher*(3) | | |
49
|
| | Class II Director | |
Paul Fonteyne*(3) | | |
60
|
| | Class II Director | |
Raju Kucherlapati, Ph.D.*(1)(2) | | |
79
|
| | Class III Director | |
Jane Wildman*(2) | | |
61
|
| | Class III Director | |
Compensation Element
|
| |
Purpose
|
|
Base Salary | | | To provide stable and competitive income | |
Annual Incentives | | | To motivate and reward short-term behaviors, actions and results that drive long-term value creation. | |
Equity Compensation | | | To encourage executives to maximize long-term shareholder value (provided in the form of options) | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total ($)
|
| ||||||||||||||||||
Yishai Zohar, President, Chief Executive Officer,
Class III Director and Co-Inventor |
| | | | 2021 | | | | | | 412,000 | | | | | | 3,211,500 | | | | | | 267,802 | | | | | | 10,150 | | | | | | 3,901,452 | | |
| | | | | 2020 | | | | | | 400,000 | | | | | | 2,517,231 | | | | | | 390,000 | | | | | | 9,975 | | | | | | 3,317,206 | | |
David Abraham,(4) General Counsel, Chief
Compliance Officer and Corporate Secretary |
| | | | 2021 | | | | | | 132,613 | | | | | | 1,311,057 | | | | | | 68,873 | | | | | | 293,241 | | | | | | 1,805,784 | | |
Elliot Maltz, Chief Financial Officer and Treasurer
|
| | | | 2021 | | | | | | 304,078 | | | | | | 998,267 | | | | | | 172,028 | | | | | | 10,150 | | | | | | 1,484,523 | | |
| | | | | 2020 | | | | | | 250,000 | | | | | | 691,781 | | | | | | 128,438 | | | | | | 9,975 | | | | | | 1,080,193 | | |
| | |
Option Awards(1)(2)
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||
| | |
Number of Securities Underlying
|
| |
Number of Securities Underlying
|
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3) |
| ||||||||||||||||||||||||||||||
Name
|
| |
Vesting
Commencement Date |
| |
Unexercised
Options (#) Exercisable |
| |
Unexercised
Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||||||||||||||
Yishai Zohar, President,Chief Executive Officer
Class III Director, and Co-Inventor |
| | | | 1/27/2011 | | | | | | 129,377 | | | | | | — | | | | | | 1.48 | | | | | | 6/25/2022 | | | | | | | | | | | | | | |
| | | | | 8/29/2014 | | | | | | 170,164 | | | | | | — | | | | | | 8.07 | | | | | | 8/29/2024 | | | | | | | | | | | | | | |
| | | | | 9/29/2014 | | | | | | 1,746 | | | | | | — | | | | | | 10.51 | | | | | | 2/16/2025 | | | | | | | | | | | | | | |
| | | | | 4/1/2016 | | | | | | 150,691 | | | | | | — | | | | | | 10.51 | | | | | | 9/7/2026 | | | | | | | | | | | | | | |
| | | | | 5/8/2017 | | | | | | 30,000 | | | | | | — | | | | | | 10.51 | | | | | | 6/15/2027 | | | | | | | | | | | | | | |
| | | | | 7/17/2018 | | | | | | 175,000 | | | | | | — | | | | | | 10.51 | | | | | | 7/17/2028 | | | | | | | | | | | | | | |
| | | | | 7/15/2020 | | | | | | 166,778 | | | | | | 233,250 | | | | | | 11.03 | | | | | | 7/15/2030 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 150,000(4) | | | | | | 3,349,500 | | |
David Abraham, General
Counsel, Chief Compliance Officer, and Corporate Secretary |
| | | | 12/9/2020(5) | | | | | | 50,401 | | | | | | 40,320 | | | | | | 4.26 | | | | | | 12/9/2030 | | | | | | | | | | | | | | |
| | | | | 8/1/2021 | | | | | | | | | | | | 267,681 | | | | | | 9.46 | | | | | | 10/0/2031 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elliot Maltz, Chief Financial Officer and Treasurer
|
| | | | 3/25/2014 | | | | | | 25,601 | | | | | | — | | | | | | 8.07 | | | | | | 8/29/2024 | | | | | | | | | | | | | | |
| | | | | 3/25/2014 | | | | | | 262 | | | | | | — | | | | | | 10.51 | | | | | | 2/16/2025 | | | | | | | | | | | | | | |
| | | | | 3/26/2017 | | | | | | 40,000 | | | | | | — | | | | | | 10.51 | | | | | | 6/15/2027 | | | | | | | | | | | | | | |
| | | | | 7/17/2018 | | | | | | 20,000 | | | | | | — | | | | | | 10.51 | | | | | | 7/17/2028 | | | | | | | | | | | | | | |
| | | | | 7/15/2020 | | | | | | 45,806 | | | | | | 64,129 | | | | | | 11.03 | | | | | | 7/15/2030 | | | | | | | | | | | | | | |
| | | | | 5/14/2021 | | | | | | — | | | | | | 83,913 | | | | | | 14.41 | | | | | | 6/3/2031 | | | | | | | | | | | | | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Option Awards ($)(2)
|
| |
Total ($)
|
| |||||||||
Paul Fonteyne
|
| | | | 35,000 | | | | | | 137,714 | | | | | | 172,714 | | |
Jane Wildman
|
| | | | 32,741 | | | | | | 363,323 | | | | | | 396,064 | | |
Alison Bauerlein
|
| | | | 2,948 | | | | | | 440,569 | | | | | | 443,517 | | |
Name and Address of Beneficial Owner
|
| |
Number of
Shares |
| |
%
|
| |||
Directors and Officers: | | | | | | | | | | |
Yishai Zohar(1)
|
| | | | 2,610,339 | | | |
3.5%
|
|
David Pass(2)
|
| | | | 1,200,995 | | | |
1.6%
|
|
Elliot Maltz(3)
|
| | | | 526,900 | | | |
*
|
|
Harry L. Leider(4)
|
| | | | 696,694 | | | |
*
|
|
Elaine Chiquette(5)
|
| | | | 689,564 | | | |
*
|
|
Alessandro Sannino(6)
|
| | | | 2,161,843 | | | |
2.9%
|
|
David Abraham(7)
|
| | | | 177,054 | | | |
*
|
|
Raju Kucherlapati
|
| | | | 15,000 | | | |
*
|
|
Dominic Perks
|
| | | | — | | | | | |
Alison Bauerlein(8)
|
| | | | 51,843 | | | |
*
|
|
Jane Wildman(9)
|
| | | | 74,880 | | | |
*
|
|
Kathryn Cavanaugh
|
| | | | 12,825 | | | |
*
|
|
Paul Fonteyne(10)
|
| | | | 198,720 | | | |
*
|
|
Clayton Christopher(11)
|
| | | | 1,213,498 | | | |
1.6%
|
|
All Directors and Executive Officers as a group (13 individuals)
|
| | | | 9,630,155 | | | |
11.9%
|
|
Five Percent Holders: | | | | | | | | | | |
PureTech Health LLC(12)
|
| | | | 17,099,310 | | | |
23.3%
|
|
SSD2 LLC and affiliated entities(13)
|
| | | | 13,405,732 | | | |
18.0%
|
|
HPSO SPV Limited(14)
|
| | | | 12,181,993 | | | |
16.7%
|
|
Pacific Investment Management Company LLC(15)
|
| | | | 9,417,607 | | | |
12.3%
|
|
CMS Medical Venture Investment (HK) Limited(16)
|
| | | | 4,901,770 | | | |
6.7%
|
|
R. Steven Hicks(17)
|
| | | | 4,232,391 | | | |
5.6%
|
|
| | |
Number of Shares of Common
Stock Beneficially Owned Prior to Offering |
| |
Maximum Number of
Shares of Common Stock to be Offered Pursuant to this Prospectus |
| |
Number of Shares of
Common Stock Beneficially Owned After Offering |
| |||||||||||||||||||||
Name of Selling Stockholder
|
| |
Number(1)
|
| |
Percent(2)
|
| |
Number(3)
|
| |
Percent(2)
|
| ||||||||||||||||||
B. Riley Principal Capital II, LLC(4)
|
| | | | 355,361 | | | | | | * | | | | | | 35,891,461 | | | | | | 0 | | | | | | — | | |
|
Audited Financial Statements of Gelesis Holdings, Inc. (f/k/a Capstar Special Purpose Acquisition Corp.)
|
| | | | | | |
| | | | | F-2 | | | |
| Consolidated Financial Statements | | | |||||
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| Unaudited Interim Condensed Consolidated Financial Statements of Gelesis Holdings, Inc. | | | | | | | |
| | | | | F-21 | | | |
| | | | | F-22 | | | |
| | | | | F-23 | | | |
| | | | | F-24 | | | |
| | | | | F-26 | | | |
| | | | | F-28 | | |
| Audited Consolidated Financial Statements of Gelesis, Inc. | | | | | | | |
| | | | | F-52 | | | |
| | | | | F-53 | | | |
| | | | | F-55 | | | |
| | | | | F-56 | | | |
| | | | | F-57 | | | |
| | | | | F-58 | | | |
| | | | | F-60 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 221,189 | | | | | $ | 491,827 | | |
Prepaid expenses
|
| | | | 13,503 | | | | | | 65,973 | | |
Total Current Assets
|
| | | | 234,692 | | | | | | 557,800 | | |
Marketable securities held in Trust Account
|
| | | | 276,207,207 | | | | | | 276,209,453 | | |
Total Assets
|
| | | $ | 276,441,899 | | | | | | 276,767,253 | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities – Accounts payable and accrued expenses
|
| | | $ | 21,805,927 | | | | | | 1,630,832 | | |
Warrant liabilities
|
| | | | 22,499,441 | | | | | | 30,101,808 | | |
Deferred underwriting fee payable
|
| | | | 9,660,000 | | | | | | 9,660,000 | | |
Total Liabilities
|
| | | | 53,965,368 | | | | | | 41,392,640 | | |
Commitments (Note 6) | | | | | | | | | | | | | |
Class A common stock subject to possible redemption 27,600,000 shares at
redemption value as of December 31, 2021 and 2020 |
| | | | 276,000,000 | | | | | | 276,033,447 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
and outstanding |
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized, 0
shares issued and outstanding (excluding 27,600,000 shares subject to possible redemption) at December 31, 2021 and 2020 |
| | | | — | | | | | | — | | |
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 6,900,000 shares issued and outstanding at December 31, 2021 and
2020 |
| | | | 690 | | | | | | 690 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (53,524,159) | | | | | | (40,659,524) | | |
Total Stockholders’ Deficit
|
| | | | (53,523,469) | | | | | | (40,658,834) | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 276,441,899 | | | | | | 276,767,253 | | |
| | |
For the
Year Ended December 31, 2021 |
| |
For the Period
from February 14, 2020 (Inception) Through December 31, 2020 |
| ||||||
General and administrative expenses
|
| | | $ | 20,674,209 | | | | | $ | 2,426,204 | | |
Loss from operations
|
| | | | (20,674,209) | | | | | | (2,426,204) | | |
Other income (expense): | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 167,045 | | | | | | 201,441 | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | 6,715 | | | | | | 8,012 | | |
Change in fair value of warrant liabilities
|
| | | | 7,602,367 | | | | | | (12,406,208) | | |
Transaction costs associated with the Initial Public Offering
|
| | | | — | | | | | | (671,901) | | |
Total other expense, net
|
| | |
|
7,776,127
|
| | | |
|
(12,868,656)
|
| |
Net loss
|
| | | $ | (12,898,082) | | | | | $ | (15,294,860) | | |
Basic and diluted weighted average shares outstanding, Class A common stock
|
| | | | 27,600,000 | | | | | | 15,218,692 | | |
Basic and diluted net loss per share, Class A common stock
|
| | | $ | (0.37) | | | | | $ | (0.70) | | |
Basic and diluted weighted average shares outstanding, Class B common stock
|
| | | | 6,900,000 | | | | | | 6,496,262 | | |
Basic and diluted net loss per share, Class B common stock
|
| | | $ | (0.37) | | | | | $ | (0.70) | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – February 14, 2020 (Inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B common stock to Sponsor
|
| | | | | | | | | | | | | | | | 6,900,000 | | | | | | 690 | | | | | | 24,310 | | | | | | — | | | | | | 25,000 | | |
Remeasurement of Class A common stock to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,302,710) | | | | | | (25,364,664) | | | | | | (26,667,374) | | |
Excess cash received from sale of Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,278,400 | | | | | | — | | | | | | 1,278,400 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,294,860) | | | | | | (15,294,860) | | |
Balance – December 31, 2020
|
| | | | — | | | | | | — | | | | | $ | 6,900,000 | | | | | $ | 690 | | | | | $ | — | | | | | $ | (40,659,524) | | | | | $ | (40,658,834) | | |
Remeasurement of Class A common stock to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,447 | | | | | | 33,447 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,898,082) | | | | | | (12,898,082) | | |
Balance – December 31, 2021
|
| | | | | | | | | $ | — | | | | | | 6,900,000 | | | | | $ | 690 | | | | | $ | — | | | | | $ | (53,524,159) | | | | | $ | (53,523,469) | | |
| | |
For the
Year Ended December 31, 2021 |
| |
For the Period from
February 14, 2020 (Inception) Through December 31, 2020 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (12,898,082) | | | | | $ | (15,294,860) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (167,045) | | | | | | (201,441) | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | (6,715) | | | | | | (8,012) | | |
Transaction costs associated with the Initial Public Offering
|
| | | | — | | | | | | 671,901 | | |
Change in fair value of warrant liabilities
|
| | | | (7,602,367) | | | | | | 12,406,208 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | 52,470 | | | | | | (65,973) | | |
Accounts payable and accrued expenses
|
| | | | 20,175,095 | | | | | | 1,630,832 | | |
Net cash used in operating activities
|
| | | | (446,644) | | | | | | (861,345) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Cash withdrawn from Trust Account to pay for franchise taxes
|
| | | | 176,006 | | | | | | — | | |
Investment of cash into Trust Account
|
| | | | — | | | | | | (276,000,000) | | |
Net cash provided by (used in) investing activities
|
| | | | 176,006 | | | | | | (276,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B common stock to Sponsor
|
| | | | — | | | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | — | | | | | | 270,480,000 | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 7,520,000 | | |
Proceeds from promissory note – related party
|
| | | | — | | | | | | 150,000 | | |
Repayment of promissory note – related party
|
| | | | — | | | | | | (150,000) | | |
Payment of offering costs
|
| | | | — | | | | | | (671,828) | | |
Net cash provided by financing activities
|
| | | | — | | | | | | 277,353,172 | | |
Net Change in Cash
|
| | | | (270,638) | | | | | | 491,827 | | |
Cash – Beginning of period
|
| | | | 491,827 | | | | | | — | | |
Cash – End of period
|
| | | $ | 221,189 | | | | | $ | 491,827 | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Remeasurement of Class A common stock to redemption amount
|
| | | $ | 33,447 | | | | | $ | 26,667,374 | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 9,660,000 | | |
Initial classification of warrant liability
|
| | | $ | — | | | | | $ | 17,695,600 | | |
|
Gross proceeds
|
| | | $ | 276,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (11,454,000) | | |
|
Class A common stock issuance costs
|
| | | | (15,179,927) | | |
| Plus: | | | | | | | |
|
Remeasurement of carrying value to redemption value
|
| | | | 26,667,374 | | |
|
Common stock subject to possible redemption, 12/31/20
|
| | | | 276,033,447 | | |
|
Remeasurement of carrying value to redemption value
|
| | | | (33,447) | | |
|
Common stock subject to possible redemption, 12/31/21
|
| | | $ | 276,000,000 | | |
| | |
Year Ended December 31,
2021 |
| |
For the Period from February 14, 2020
(Inception) Through December 31, 2020 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net loss per common share | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net loss, as adjusted
|
| | | $ | (10,318,466) | | | | | $ | (2,579,616) | | | | | $ | (10,719,238) | | | | | $ | (4,575,622) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average stock outstanding
|
| | | | 27,600,000 | | | | | | 6,900,000 | | | | | | 15,218,692 | | | | | | 6,496,262 | | |
Basic and diluted net loss per common share
|
| | | $ | (0.37) | | | | | $ | (0.37) | | | | | $ | (0.70) | | | | | $ | (0.70) | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Deferred tax assets (liabilities) | | | | | | | | | | | | | |
Net operating loss carryforward
|
| | | $ | 9,695 | | | | | $ | 36,961 | | |
Startup/Organizational expenses
|
| | | | 488,923 | | | | | | 472,542 | | |
Unrealized gain on marketable securities
|
| | | | (4,382) | | | | | | (43,985) | | |
Total deferred tax assets
|
| | | | 494,236 | | | | | | 465,518 | | |
Valuation allowance
|
| | | | (494,236) | | | | | | (465,518) | | |
Deferred tax assets, net of valuation allowance
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Federal | | | | | | | | | | | | | |
Current
|
| | | $ | — | | | | | $ | — | | |
Deferred
|
| | | | (28,719) | | | | | | (465,518) | | |
State and Local | | | | | | | | | | | | | |
Current
|
| | | | — | | | | | | — | | |
Deferred
|
| | | | — | | | | | | — | | |
Change in valuation allowance
|
| | | | 28,719 | | | | | | 465,518 | | |
Income tax provision
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Statutory federal income tax rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State taxes, net of federal tax benefit
|
| | | | 0.0% | | | | | | 0.0% | | |
Business combination expense
|
| | | | (33.19)% | | | | | | — | | |
Change in fair value of warrants
|
| | | | 12.38% | | | | | | 0.0% | | |
Transaction costs incurred in connection with warrant liabilities
|
| | | | — | | | | | | (0.0)% | | |
Valuation allowance
|
| | | | (0.19)% | | | | | | (21.0)% | | |
Income tax provision
|
| | | | 0.0% | | | | | | 0.0% | | |
Description
|
| |
Level
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Cash and marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 276,207,207 | | | | | $ | 276,209,453 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 8,964,000 | | | | | $ | 19,458,000 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 13,805,441 | | | | | $ | 10,643,808 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Risk free rate
|
| | | | 1.26% | | | | | | 0.47% | | |
Expected term
|
| | | | 5.04 | | | | | | 5.76 | | |
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Expected volatility
|
| | | | 24.28% | | | | | | 19.0% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Unit Price
|
| | | $ | 9.96 | | | | | $ | 10.15 | | |
| | |
Private Placement
|
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of January 1, 2020
|
| | | $ | | | | | $ | | | | | $ | | | |||
Initial measurement on July 7, 2020 (Initial Public Offering)
|
| | | | 6,241,600 | | | | | | 11,454,000 | | | | | | 17,695,600 | | |
Transfer to Level 1
|
| | | | — | | | | | | (11,046,900) | | | | | | (11,046,900) | | |
Change in fair value
|
| | | | 4,402,208 | | | | | | (407,100) | | | | | | 3,995,108 | | |
Fair value as of December 31, 2020
|
| | | $ | 10,643,808 | | | | | $ | — | | | | | $ | 10,643,808 | | |
Change in fair value
|
| | | | 3,161,633 | | | | | | — | | | | | | 3,161,633 | | |
Fair value as of December 31, 2021
|
| | | $ | 13,805,441 | | | | | | — | | | | | $ | 13,805,441 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
ASSETS
|
| ||||||||||||
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 25,341 | | | | | $ | 28,397 | | |
Accounts receivable
|
| | | | 1,256 | | | | | | 731 | | |
Grants receivable
|
| | | | 9,480 | | | | | | 9,172 | | |
Inventories
|
| | | | 18,821 | | | | | | 13,503 | | |
Prepaid expenses and other current assets
|
| | | | 6,753 | | | | | | 14,203 | | |
Total current assets
|
| | | | 61,651 | | | | | | 66,006 | | |
Property and equipment, net
|
| | | | 56,305 | | | | | | 58,515 | | |
Operating lease right-of-use assets
|
| | | | 1,725 | | | | | | 2,016 | | |
Intangible assets, net
|
| | | | 14,547 | | | | | | 15,680 | | |
Other assets
|
| | | | 4,741 | | | | | | 4,084 | | |
Total assets
|
| | | $ | 138,969 | | | | | $ | 146,301 | | |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS’ EQUITY (DEFICIT) |
| ||||||||||||
Current liabilities: | | | | | | | | | | | | | |
Accounts payable, including due to related party of $303 and $147, respectively
|
| | | $ | 22,135 | | | | | $ | 10,066 | | |
Accrued expenses and other current liabilities, including due to related party of $2,791 and $5,664 respectively
|
| | | | 9,715 | | | | | | 13,660 | | |
Deferred income
|
| | | | 33,702 | | | | | | 32,370 | | |
Operating lease liabilities
|
| | | | 550 | | | | | | 541 | | |
Convertible promissory notes due to related party, held at fair value
|
| | | | — | | | | | | 27,128 | | |
Notes payable
|
| | | | 3,177 | | | | | | 1,950 | | |
Warrant liabilities
|
| | | | — | | | | | | 15,821 | | |
Total current liabilities
|
| | | | 69,279 | | | | | | 101,536 | | |
Deferred income
|
| | | | 9,040 | | | | | | 8,914 | | |
Operating lease liabilities
|
| | | | 1,222 | | | | | | 1,519 | | |
Notes payable, including due to related party of $15,223 and $16,523, respectively
|
| | | | 30,015 | | | | | | 35,131 | | |
Warrant liabilities
|
| | | | 1,130 | | | | | | — | | |
Earnout liability
|
| | | | 6,190 | | | | | | — | | |
Other long-term liabilities, including due to related party of $3,062 and $2,416, respectively
|
| | | | 5,908 | | | | | | 5,588 | | |
Total liabilities
|
| | | | 122,784 | | | | | | 152,688 | | |
Commitments and contingencies (Note 19) | | | | | | | | | | | | | |
Noncontrolling interest
|
| | | | 11,087 | | | | | | 11,855 | | |
Legacy Gelesis redeemable convertible preferred stock, $0.0001 par value – zero shares issued and outstanding at June 30, 2022; 51,730,762 shares authorized at December 31, 2021; and 48,566,655 shares issued and outstanding at December 31, 2021
|
| | | | — | | | | | | 311,594 | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value – 250,000,000 shares authorized at June 30, 2022; zero shares issued and outstanding at June 30, 2022 and December 31, 2021
|
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value – 900,000,000 shares authorized at June 30, 2022;
72,552,477 shares issued and outstanding at June 30, 2022; 125,961,571 shares authorized at December 31, 2021; 6,248,192 shares issued and outstanding at December 31, 2021 |
| | | | 7 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 289,332 | | | | | | (64,549) | | |
Accumulated other comprehensive (loss) income
|
| | | | (344) | | | | | | 219 | | |
Accumulated deficit
|
| | | | (283,896) | | | | | | (265,507) | | |
Total stockholders’ equity (deficit)
|
| | | | 5,098 | | | | | | (329,836) | | |
Total liabilities, noncontrolling interest, redeemable convertible preferred stock and stockholders’ equity (deficit)
|
| | | $ | 138,969 | | | | | $ | 146,301 | | |
| | |
For the Three Months
Ended June 30, |
| |
For the Six Months
Ended June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product revenue, net
|
| | | $ | 8,973 | | | | | $ | 2,178 | | | | | $ | 16,487 | | | | | $ | 5,279 | | |
Total revenue, net
|
| | | | 8,973 | | | | | | 2,178 | | | | | | 16,487 | | | | | | 5,279 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Costs of goods sold, including related party expenses
of $359 and $87, respectively, and $659 and $211, respectively |
| | | | 4,786 | | | | | | 2,005 | | | | | | 9,699 | | | | | | 4,821 | | |
Selling, general and administrative, including related party expenses of $125 and $123, respectively, and $250 and $246, respectively
|
| | | | 32,450 | | | | | | 13,972 | | | | | | 70,156 | | | | | | 25,917 | | |
Research and development, including related party
expenses of $57 and $64, respectively, and $119 and $130, respectively |
| | | | 5,523 | | | | | | 5,592 | | | | | | 12,933 | | | | | | 9,968 | | |
Amortization of intangible assets
|
| | | | 566 | | | | | | 566 | | | | | | 1,133 | | | | | | 1,133 | | |
Total operating expenses
|
| | | | 43,325 | | | | | | 22,135 | | | | | | 93,921 | | | | | | 41,839 | | |
Loss from operations
|
| | | | (34,352) | | | | | | (19,957) | | | | | | (77,434) | | | | | | (36,560) | | |
Change in the fair value of earnout liability
|
| | | | 18,812 | | | | | | — | | | | | | 52,681 | | | | | | — | | |
Change in the fair value of convertible promissory notes
|
| | | | — | | | | | | — | | | | | | (156) | | | | | | — | | |
Change in the fair value of warrants
|
| | | | 2,600 | | | | | | (4,977) | | | | | | 6,084 | | | | | | (7,051) | | |
Interest expense, net
|
| | | | (186) | | | | | | (227) | | | | | | (321) | | | | | | (588) | | |
Other income, net
|
| | | | 613 | | | | | | 422 | | | | | | 930 | | | | | | 891 | | |
Loss before income taxes
|
| | | | (12,513) | | | | | | (24,739) | | | | | | (18,216) | | | | | | (43,308) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17 | | |
Net loss
|
| | | | (12,513) | | | | | | (24,739) | | | | | | (18,216) | | | | | | (43,325) | | |
Accretion of Legacy Gelesis senior preferred stock to redemption value
|
| | | | — | | | | | | (82,365) | | | | | | (37,934) | | | | | | (116,126) | | |
Accretion of noncontrolling interest put option to redemption value
|
| | | | (85) | | | | | | (96) | | | | | | (173) | | | | | | (190) | | |
Net loss attributable to common stockholders
|
| | | $ | (12,598) | | | | | $ | (107,200) | | | | | $ | (56,323) | | | | | $ | (159,641) | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (0.17) | | | | | $ | (19.18) | | | | | $ | (0.83) | | | | | $ | (28.54) | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 72,423,043 | | | | | | 5,589,728 | | | | | | 67,609,838 | | | | | | 5,592,911 | | |
| | |
For the Three Months
Ended June 30, |
| |
For the Six Months
Ended June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Net loss
|
| | | $ | (12,513) | | | | | $ | (24,739) | | | | | $ | (18,216) | | | | | $ | (43,325) | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (426) | | | | | | 43 | | | | | | (564) | | | | | | (368) | | |
Total other comprehensive (loss) income
|
| | | | (426) | | | | | | 43 | | | | | | (564) | | | | | | (368) | | |
Comprehensive loss
|
| | | $ | (12,939) | | | | | $ | (24,696) | | | | | $ | (18,780) | | | | | $ | (43,693) | | |
| | |
Noncontrolling
Interest |
| |
Legacy Gelesis Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
| | | $ | 12,429 | | | | | | 18,446,525 | | | | | $ | 213,525 | | | | | | | 2,155,490 | | | | | $ | 1 | | | | | $ | 23,907 | | | | | $ | 938 | | | | | $ | (171,784) | | | | | $ | (146,938) | | |
Retroactive application of recapitalization
|
| | | | — | | | | | | 29,367,421 | | | | | | — | | | | | | | 3,431,604 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted Balance at December 31, 2020
|
| | | $ | 12,429 | | | | | | 47,813,946 | | | | | $ | 213,525 | | | | | | | 5,587,094 | | | | | $ | 1 | | | | | $ | 23,907 | | | | | $ | 938 | | | | | $ | (171,784) | | | | | $ | (146,938) | | |
Accretion of Legacy Gelesis senior
preferred stock to redemption value |
| | | | — | | | | | | — | | | | | | 33,761 | | | | | | | — | | | | | | — | | | | | | (33,761) | | | | | | — | | | | | | — | | | | | | (33,761) | | |
Exercise of Legacy Gelesis preferred stock warrants
|
| | | | — | | | | | | 752,709 | | | | | | 2,997 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,455 | | | | | | — | | | | | | — | | | | | | 1,455 | | |
Issuance of Legacy Gelesis common stock up exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 2,634 | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
Accretion of noncontrolling
interest put option to redemption value |
| | | | 94 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (94) | | | | | | (94) | | |
Foreign currency translation adjustment
|
| | | | (546) | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (411) | | | | | | — | | | | | | (411) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,586) | | | | | | (18,586) | | |
Balance at March 31, 2021
|
| | | $ | 11,977 | | | | | | 48,566,655 | | | | | $ | 250,283 | | | | | | | 5,589,728 | | | | | $ | 1 | | | | | $ | (8,395) | | | | | $ | 527 | | | | | $ | (190,464) | | | | | $ | (198,331) | | |
Accretion of Legacy Gelesis senior
preferred stock to redemption value |
| | | | — | | | | | | — | | | | | | 82,365 | | | | | | | — | | | | | | — | | | | | | (82,365) | | | | | | — | | | | | | — | | | | | | (82,365) | | |
Exercise of Legacy Gelesis preferred stock warrants
|
| | | | — | | | | | | — | | | | | | 937 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,639 | | | | | | — | | | | | | — | | | | | | 1,639 | | |
Issuance of Legacy Gelesis common stock up exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 25,464 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | 5 | | | | | | | | |
Accretion of noncontrolling
interest put option to redemption value |
| | | | 96 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (96) | | | | | | (96) | | |
Foreign currency translation adjustment
|
| | | | 152 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 43 | | | | | | — | | | | | | 43 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,739) | | | | | | (24,739) | | |
Balance at June 30, 2021
|
| | | $ | 12,225 | | | | | | 48,566,655 | | | | | $ | 333,585 | | | | | | | 5,615,192 | | | | | $ | 1 | | | | | $ | (89,116) | | | | | $ | 570 | | | | | $ | (215,299) | | | | | $ | (303,844) | | |
Balance at December 31, 2021
|
| | | $ | 11,855 | | | | | | 18,736,936 | | | | | $ | 311,594 | | | | | | | 2,410,552 | | | | | $ | 1 | | | | | $ | (64,549) | | | | | $ | 219 | | | | | $ | (265,507) | | | | | $ | (329,836) | | |
Retroactive application of recapitalization
|
| | | | — | | | | | | 29,829,719 | | | | | | — | | | | | | | 3,837,640 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted Balance at December 31, 2021
|
| | | $ | 11,855 | | | | | | 48,566,655 | | | | | $ | 311,594 | | | | | | | 6,248,192 | | | | | $ | 1 | | | | | $ | (64,549) | | | | | $ | 219 | | | | | $ | (265,507) | | | | | $ | (329,836) | | |
| | |
Noncontrolling
Interest |
| |
Legacy Gelesis Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
Accretion of Legacy Gelesis senior preferred stock to redemption value prior to Business Combination
|
| | | | — | | | | | | — | | | | | | 37,934 | | | | | | | — | | | | | | — | | | | | | (37,934) | | | | | | — | | | | | | — | | | | | | (37,934) | | |
Conversion of Legacy Gelesis
convertible preferred stock into common stock upon Business Combination |
| | | | — | | | | | | (48,566,655) | | | | | | (349,528) | | | | | | | 48,566,655 | | | | | | — | | | | | | 349,528 | | | | | | — | | | | | | — | | | | | | 349,528 | | |
Proceeds from Business Combination, net of issuance costs and assumed liabilities (Note 3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 17,399,440 | | | | | | 6 | | | | | | 70,472 | | | | | | — | | | | | | — | | | | | | 70,478 | | |
Conversion of Legacy Gelesis preferred stock warrants into common stock warrants upon Business Combination
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 16,747 | | | | | | — | | | | | | — | | | | | | 16,747 | | |
Recognition of earnout liability upon Business Combination
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (58,871) | | | | | | — | | | | | | — | | | | | | (58,871) | | |
Assumed private placement
warrant liability upon Business Combination |
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (8,140) | | | | | | — | | | | | | — | | | | | | (8,140) | | |
Stock based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 13,989 | | | | | | — | | | | | | — | | | | | | 13,989 | | |
Exercise of warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 176,126 | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
Accretion of noncontrolling interest put option to redemption value
|
| | | | 88 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (88) | | | | | | (88) | | |
Foreign currency translation adjustment
|
| | | | (239) | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (137) | | | | | | — | | | | | | (137) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,703) | | | | | | (5,703) | | |
Balance at March 31, 2022
|
| | | $ | 11,704 | | | | | | — | | | | | | — | | | | | | | 72,390,413 | | | | | $ | 7 | | | | | $ | 281,246 | | | | | $ | 82 | | | | | $ | (271,298) | | | | | $ | 10,037 | | |
Stock based compensation
expense |
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 7,976 | | | | | | — | | | | | | — | | | | | | 7,976 | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 162,064 | | | | | | 0 | | | | | | 110 | | | | | | — | | | | | | — | | | | | | 110 | | |
Accretion of noncontrolling interest
put option to redemption value |
| | | | 85 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (85) | | | | | | (85) | | |
Foreign currency translation adjustment
|
| | | | (702) | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (426) | | | | | | — | | | | | | (426) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,513) | | | | | | (12,513) | | |
Balance at June 30, 2022
|
| | | $ | 11,087 | | | | | | — | | | | | | — | | | | | | | 72,552,477 | | | | | $ | 7 | | | | | $ | 289,332 | | | | | $ | (344) | | | | | $ | (283,896) | | | | | $ | 5,098 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,216) | | | | | $ | (43,325) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Amortization of intangible assets
|
| | | | 1,133 | | | | | | 1,133 | | |
Reduction in carrying amount of right-of-use assets
|
| | | | 265 | | | | | | 150 | | |
Depreciation
|
| | | | 1,440 | | | | | | 358 | | |
Stock-based compensation
|
| | | | 21,965 | | | | | | 3,094 | | |
Unrealized loss (gain) on foreign currency transactions
|
| | | | 672 | | | | | | (28) | | |
Non-cash interest (income) expense
|
| | | | (3) | | | | | | 36 | | |
Accretion on marketable securities
|
| | | | — | | | | | | (1) | | |
Change in the fair value of earnout liability
|
| | | | (52,681) | | | | | | — | | |
Change in the fair value of warrants
|
| | | | (6,084) | | | | | | 7,051 | | |
Change in the fair value of convertible promissory notes
|
| | | | 156 | | | | | | — | | |
Change in fair value of One S.r.l. call option
|
| | | | 865 | | | | | | 554 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Account receivables
|
| | | | (1,473) | | | | | | 640 | | |
Grants receivable
|
| | | | (1,078) | | | | | | (675) | | |
Prepaid expenses and other current assets
|
| | | | 5,048 | | | | | | (7,685) | | |
Inventories
|
| | | | (5,258) | | | | | | (156) | | |
Other assets
|
| | | | (536) | | | | | | (3,281) | | |
Accounts payable
|
| | | | 11,486 | | | | | | (2,374) | | |
Accrued expenses and other current liabilities
|
| | | | 571 | | | | | | 8,211 | | |
Operating lease liabilities
|
| | | | (263) | | | | | | (144) | | |
Deferred income
|
| | | | 2,300 | | | | | | 7,048 | | |
Other long-term liabilities
|
| | | | (81) | | | | | | (5,975) | | |
Net cash used in operating activities
|
| | | | (39,772) | | | | | | (35,369) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (5,067) | | | | | | (10,057) | | |
Maturities of marketable securities
|
| | | | — | | | | | | 24,000 | | |
Net cash (used in) provided by investing activities
|
| | | | (5,067) | | | | | | 13,943 | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from Business Combination, net of transaction costs
|
| | | | 70,478 | | | | | | — | | |
Principal repayment of notes payable
|
| | | | (1,119) | | | | | | (226) | | |
Repayment of convertible promissory notes due to related party, held at fair value
|
| | | | (27,284) | | | | | | — | | |
Proceeds from issuance of promissory notes (net of issuance costs of $0 and $30, respectively)
|
| | | | — | | | | | | 4,540 | | |
Proceeds from the exercise of warrants
|
| | | | 4 | | | | | | 9 | | |
Proceeds from exercise of share-based awards
|
| | | | 110 | | | | | | 10 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net cash provided by financing activities
|
| | | | 42,189 | | | | | | 4,333 | | |
Effect of exchange rates on cash
|
| | | | (406) | | | | | | (680) | | |
Net decrease in cash
|
| | | | (3,056) | | | | | | (17,773) | | |
Cash and cash equivalents at beginning of year
|
| | | | 28,397 | | | | | | 48,144 | | |
Cash and cash equivalents at end of period
|
| | | $ | 25,341 | | | | | $ | 30,371 | | |
Noncash investing and financing activities: | | | | | | | | | | | | | |
Purchases of property and equipment included in accounts payable and accrued expense
|
| | | $ | 1,027 | | | | | $ | 1,217 | | |
Deferred financing costs included in accounts payable and accrued expense
|
| | | | — | | | | | $ | 506 | | |
Recognition of earnout liability
|
| | | $ | 58,871 | | | | | | — | | |
Recognition of private placement warrant liability
|
| | | $ | 8,140 | | | | | | — | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid on notes payable
|
| | | $ | 181 | | | | | $ | 158 | | |
| | |
Amount
|
| |||
Cash – CPSR trust and cash (net of redemptions)
|
| | | $ | 7,558 | | |
Cash – PIPE Investment
|
| | | | 90,000 | | |
Cash – Backstop Agreement
|
| | | | 7,442 | | |
Gross proceeds
|
| | | $ | 105,000 | | |
Less: transaction costs, advisory fees and liabilities paid
|
| | | | (34,522) | | |
Net proceeds from the Business Combination
|
| | | $ | 70,478 | | |
| | |
Common Stock
|
| |||
CPSR Public Stockholders
|
| | | | 755,223 | | |
CPSR Sponsor Stockholders
|
| | | | 4,916,250 | | |
Total CPSR Stockholders
|
| | | | 5,671,473 | | |
Common stock issued to Gelesis Legacy Equityholders
|
| | | | 54,814,847 | | |
Common stock issued to PIPE Investors and Backstop Agreement
|
| | | | 11,727,967 | | |
Total common stock immediately after Closing
|
| | | | 72,214,287 | | |
| | | | | | | | |
Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
|
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnout liability (See Note 14)
|
| | | $ | 6,190 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,190 | | |
Private placement warrant liability (see Note 13)
|
| | | | 1,130 | | | | | | — | | | | | | — | | | | | | 1,130 | | |
One S.r.l. call option (see Note 11)
|
| | | | 3,062 | | | | | | — | | | | | | — | | | | | | 3,062 | | |
Total liabilities measured at fair value
|
| | | $ | 10,382 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,382 | | |
| | | | | | | | |
Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
|
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible promissory notes (see Note 12)
|
| | | $ | 27,128 | | | | | $ | — | | | | | $ | — | | | | | $ | 27,128 | | |
Legacy Gelesis preferred stock warrants (See Note 13)
|
| | | | 15,821 | | | | | | — | | | | | | — | | | | | | 15,821 | | |
One S.r.l. call option (see Note 11)
|
| | | | 2,416 | | | | | | — | | | | | | — | | | | | | 2,416 | | |
Total liabilities measured at fair value
|
| | | $ | 45,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 45,365 | | |
| | |
Convertible
Promissory Notes |
| |
Legacy Gelesis
Redeemable Preferred Stock Warrants Liabilities |
| |
One S.r.l. Call
Option |
| |
Earnout
Liability |
| |
Private Placement
Warrant Liability |
| |||||||||||||||
Balance at December 31, 2021
|
| | | $ | 27,128 | | | | | $ | 15,821 | | | | | $ | 2,416 | | | | | $ | — | | | | | $ | — | | |
Assumed upon Business Combination
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,140 | | |
Recognized upon Business Combination
|
| | | | — | | | | | | — | | | | | | — | | | | | | 58,871 | | | | | | — | | |
Changes in fair value
|
| | | | 156 | | | | | | 926 | | | | | | 865 | | | | | | (52,681) | | | | | | (7,010) | | |
Foreign currency translation (gain)/loss
|
| | | | — | | | | | | — | | | | | | (219) | | | | | | — | | | | | | — | | |
Conversion and exchange upon Business Combination
|
| | | | — | | | | | | (16,747) | | | | | | — | | | | | | — | | | | | | — | | |
Settlement
|
| | | | (27,284) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at June 30, 2022
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,062 | | | | | $ | 6,190 | | | | | $ | 1,130 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Roman Health Pharmacy LLC
|
| | | $ | 6,916 | | | | | $ | 2,037 | | | | | $ | 13,415 | | | | | $ | 4,931 | | |
GoGoMeds
|
| | | | 2,057 | | | | | | 140 | | | | | | 3,072 | | | | | | 230 | | |
CMS
|
| | | | — | | | | | | — | | | | | | — | | | | | | 119 | | |
Total
|
| | | $ | 8,973 | | | | | $ | 2,178 | | | | | $ | 16,487 | | | | | $ | 5,279 | | |
| | |
2022
|
| |
2021
|
| ||||||
Balance at December 31,
|
| | | $ | 82 | | | | | $ | 14 | | |
Provision related to product sales
|
| | | | 1,193 | | | | | | 326 | | |
Credits and payments made
|
| | | | (1,154) | | | | | | (324) | | |
Balance at June 30,
|
| | | $ | 121 | | | | | $ | 16 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Raw materials
|
| | | $ | 9,599 | | | | | $ | 8,074 | | |
Work in process
|
| | | | 4,746 | | | | | | 2,643 | | |
Finished goods
|
| | | | 4,476 | | | | | | 2,786 | | |
Total inventories
|
| | | $ | 18,821 | | | | | $ | 13,503 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Prepaid expenses
|
| | | $ | 1,128 | | | | | $ | 982 | | |
Prepaid insurance
|
| | | | 1,474 | | | | | | 55 | | |
Prepaid manufacturing expenses
|
| | | | 596 | | | | | | 2,624 | | |
Prepaid contract research costs
|
| | | | 185 | | | | | | 262 | | |
Research and development tax credit
|
| | | | 692 | | | | | | 579 | | |
Value added tax receivable
|
| | | | 1,574 | | | | | | 5,633 | | |
Deferred financing costs
|
| | | | — | | | | | | 3,855 | | |
Income tax receivable
|
| | | | 198 | | | | | | 213 | | |
Investment tax credit
|
| | | | 906 | | | | | | — | | |
Prepaid expenses and other current assets
|
| | | $ | 6,753 | | | | | $ | 14,203 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Laboratory and manufacturing equipment
|
| | | $ | 28,158 | | | | | $ | 28,101 | | |
Land and buildings
|
| | | | 10,186 | | | | | | 10,404 | | |
Leasehold improvements
|
| | | | 1,490 | | | | | | 1,614 | | |
Computer equipment and software
|
| | | | 529 | | | | | | 463 | | |
Capitalized software
|
| | | | 232 | | | | | | 228 | | |
Construction in process
|
| | | | 21,683 | | | | | | 22,097 | | |
Property and equipment – at cost
|
| | | | 62,278 | | | | | | 62,907 | | |
Less accumulated depreciation
|
| | | | (5,973) | | | | | | (4,392) | | |
Property and equipment – net
|
| | | $ | 56,305 | | | | | $ | 58,515 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Accrued payroll and related benefits
|
| | | $ | 2,442 | | | | | $ | 1,384 | | |
Accrued professional fees and outside contractors (including due to related
party of $179 and $60, respectively) |
| | | | 2,392 | | | | | | 4,359 | | |
Accrued property, plant and equipment additions
|
| | | | 589 | | | | | | 1,257 | | |
Accrued inventory and manufacturing expense
|
| | | | 285 | | | | | | 128 | | |
Unpaid portion of acquisition of intangible asset and investment in related
party (see Note 11) |
| | | | 2,612 | | | | | | 5,604 | | |
Tax payables
|
| | | | 70 | | | | | | 145 | | |
Deferred legal fees
|
| | | | 738 | | | | | | 738 | | |
Accrued interest
|
| | | | 587 | | | | | | 45 | | |
Total accrued expenses
|
| | | $ | 9,715 | | | | | $ | 13,660 | | |
| | |
June,
2022 |
| |
December 31,
2021 |
| ||||||
Long-term tax liabilities
|
| | | | 91 | | | | | | 182 | | |
Contingent loss for research and development tax credits
|
| | | | 2,755 | | | | | | 2,990 | | |
One S.r.l. call option (see Note 11)
|
| | | | 3,062 | | | | | | 2,416 | | |
Total other long-term liabilities
|
| | | $ | 5,908 | | | | | $ | 5,588 | | |
| | |
Intangible Assets
|
| |||
Intangible asset at relative fair value
|
| | | $ | 15,564 | | |
Adjustment to record deferred tax liability
|
| | | | 5,783 | | |
Carrying value of intangible asset at June 2019 acquisition date
|
| | | $ | 21,347 | | |
Cumulative amortization expense
|
| | | | (5,667) | | |
Balance at December 31, 2021
|
| | | $ | 15,680 | | |
Period amortization expense
|
| | | | (1,133) | | |
Balance at June 30, 2022
|
| | | $ | 14,547 | | |
|
Balance at December 31, 2021
|
| | | $ | 2,416 | | |
|
Change in fair value
|
| | | | 865 | | |
|
Foreign currency translation gain
|
| | | | (219) | | |
|
Balance at June 30, 2022
|
| | | $ | 3,062 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Expected term
|
| |
4.0 years
|
| |
2.0 years
|
| ||||||
Expected volatility
|
| | | | 64.0% | | | | | | 62.0% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
Risk free interest rate
|
| | | | 3.0% | | | | | | 0.70% | | |
Estimated fair value of ownership interest
|
| | | $ | 6,097 | | | | | $ | 6,922 | | |
Exercise price of call option
|
| | | $ | 6,270 | | | | | $ | 6,806 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Italian Economic Development Agency Loan
|
| | | | 323 | | | | | | 525 | | |
Intesa Sanpaolo Loan 1
|
| | | | 7,384 | | | | | | 8,507 | | |
Intesa Sanpaolo Loan 2
|
| | | | 5,225 | | | | | | 5,672 | | |
Horizon 2020 Loan
|
| | | | 414 | | | | | | 486 | | |
RIF Shareholders Loan
|
| | | | 15,674 | | | | | | 17,015 | | |
UniCredit Loan
|
| | | | 5,188 | | | | | | 5,630 | | |
Total debt obligation
|
| | | $ | 34,208 | | | | | $ | 37,835 | | |
Unamortized loan discount and issuance costs
|
| | | | (1,016) | | | | | | (754) | | |
Total debt obligation carrying amount
|
| | | $ | 33,192 | | | | | $ | 37,081 | | |
Current portion
|
| | | $ | 3,177 | | | | | $ | 1,950 | | |
Long-term portion
|
| | | $ | 30,015 | | | | | $ | 35,131 | | |
| | |
At June 30, 2022
|
| |||
Remaining 2022 obligation
|
| | | | 1,362 | | |
2023
|
| | | | 7,909 | | |
2024
|
| | | | 5,315 | | |
2025
|
| | | | 3,868 | | |
2026
|
| | | | 3,889 | | |
More than 5 years
|
| | | | 11,865 | | |
Total maturities
|
| | | $ | 34,208 | | |
| | |
Series A-4
Warrants |
| |
Private Placement
Warrants |
| |
Total
|
| |||||||||
Balance at December 31, 2021
|
| | | $ | 15,821 | | | | | $ | — | | | | | $ | 15,821 | | |
Assumed upon Business Combination
|
| | | | — | | | | | | 8,140 | | | | | | 8,140 | | |
Changes in fair value
|
| | | | 926 | | | | | | (7,010) | | | | | | (6,084) | | |
Conversion and exchange upon Business Combination
|
| | | | (16,747) | | | | | | — | | | | | | (16,747) | | |
Balance at June 30, 2022
|
| | | $ | — | | | | | $ | 1,130 | | | | | $ | 1,130 | | |
| | |
Private Placement
Warrants |
| |||
Expected term
|
| |
4.5 years
|
| |||
Expected volatility
|
| | | | 62.0% | | |
Expected dividend yield
|
| | | | 0.0% | | |
Risk free interest rate
|
| | | | 3.0% | | |
Price of Gelesis Common Stock
|
| | | $ | 1.55 | | |
Exercise price of warrants
|
| | | $ | 11.50 | | |
| | |
Earnout Liability
|
| |||
Balance at December 31, 2021
|
| | | $ | — | | |
Recognized upon Business Combination
|
| | | | 58,871 | | |
Changes in fair value
|
| | | | (52,681) | | |
Balance at June 30, 2022
|
| | | $ | 6,190 | | |
| | |
Earnout Liability
|
| |||
Expected term
|
| |
4.5 years
|
| |||
Expected volatility
|
| | | | 62.0% | | |
Expected dividend yield
|
| | | | 0.0% | | |
Risk free interest rate
|
| | | | 3.0% | | |
Price of Gelesis Common Stock
|
| | | $ | 1.55 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Common stock issued upon option exercise and RSUs vesting
|
| | | | 20,000,493 | | | | | | 13,486,708 | | |
Conversion of all classes of redeemable convertible preferred stock
|
| | | | — | | | | | | 48,566,655 | | |
Issuances upon exercise of warrants to purchase Series A-4, upon conversion to common warrants
|
| | | | — | | | | | | 1,836,429 | | |
Issuances upon exercise of common stock warrants
|
| | | | 24,333,365 | | | | | | 1,353,062 | | |
Earnout shares
|
| | | | 23,482,845 | | | | | | — | | |
Total common stock reserved for future issuance
|
| | | | 67,816,703 | | | | | | 65,242,854 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Research and development
|
| | | $ | 3,008 | | | | | $ | 494 | | | | | $ | 8,073 | | | | | $ | 1,061 | | |
Selling, general and administrative
|
| | | | 4,968 | | | | | | 1,145 | | | | | | 13,892 | | | | | | 2,033 | | |
Total
|
| | | $ | 7,976 | | | | | $ | 1,639 | | | | | $ | 21,965 | | | | | $ | 3,094 | | |
| | |
Number of
Options |
| |
Weighted-
Average Exercise Price per Share |
| |
Weighted-
Average Remaining Contractual Term (Years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding at December 31, 2021
|
| | | | 4,889,820 | | | | | $ | 10.39 | | | | | | 6.17 | | | | | $ | 54,449 | | |
Retroactive application of reverse recapitalization
|
| | | | 7,784,666 | | | | | | (6.38) | | | | | | | | | | | | | | |
Adjusted and Outstanding at December 31, 2021
|
| | | | 12,674,486 | | | | | $ | 4.01 | | | | | | 6.17 | | | | | $ | 54,449 | | |
Granted
|
| | | | 2,658,185 | | | | | $ | 3.35 | | | | | | | | | | | | | | |
Exercised
|
| | | | (162,064) | | | | | $ | 0.68 | | | | | | | | | | | | | | |
Forfeited – unvested
|
| | | | (17,281) | | | | | $ | 5.56 | | | | | | | | | | | | | | |
Forfeited – vested
|
| | | | (63,718) | | | | | $ | 4.31 | | | | | | | | | | | | | | |
Expired
|
| | | | (456,534) | | | | | $ | 1.23 | | | | | | | | | | | | | | |
Outstanding at June 30, 2022
|
| | | | 14,633,074 | | | | | $ | 4.01 | | | | | | 6.66 | | | | | $ | 840 | | |
Exercisable at June 30, 2022
|
| | | | 9,780,237 | | | | | $ | 3.81 | | | | | | 5.43 | | | | | $ | 840 | | |
Vested and Expected to Vest at June 30, 2022
|
| | | | 14,633,074 | | | | | $ | 4.01 | | | | | | 6.66 | | | | | $ | 840 | | |
| | |
Six Month
Ended June 30, 2022 |
| |||
Market price of common stock
|
| | | $ | 3.35 | | |
Expected volatility
|
| | | | 72.4% | | |
Expected term (in years)
|
| | | | 6.1 | | |
Risk-free interest rate
|
| | | | 1.7% | | |
Expected dividend yield
|
| | | | 0.0% | | |
| | |
Number of RSUs
|
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
Outstanding and Unvested at December 31, 2021
|
| | | | 313,354 | | | | | $ | 21.41 | | |
Retroactive application of reverse recapitalization
|
| | | | 498,868 | | | | | $ | (13.15) | | |
Adjusted and Outstanding and Unvested at December 31, 2021
|
| | | | 812,222 | | | | | $ | 8.26 | | |
Granted
|
| | | | 4,555,197 | | | | | $ | 3.46 | | |
Vested
|
| | | | (17,654) | | | | | $ | 8.26 | | |
Forfeited
|
| | | | — | | | | | | | | |
Outstanding and Unvested at June 30, 2022
|
| | | | 5,349,765 | | | | | $ | 4.18 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (12,513) | | | | | $ | (24,739) | | | | | $ | (18,216) | | | | | $ | (43,325) | | |
Accretion of redeemable convertible preferred stock to
redemption value |
| | | | — | | | | | | (82,365) | | | | | | (37,934) | | | | | | (116,126) | | |
Accretion of noncontrolling interest put option to redemption value
|
| | | | (85) | | | | | | (96) | | | | | | (173) | | | | | | (190) | | |
Net loss attributable to common stockholders
|
| | | $ | (12,598) | | | | | $ | (107,200) | | | | | $ | (56,323) | | | | | $ | (159,641) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 72,423,043 | | | | | | 5,589,728 | | | | | | 67,609,838 | | | | | | 5,592,911 | | |
Net loss per share, basic and diluted
|
| | | $ | (0.17) | | | | | $ | (19.18) | | | | | $ | (0.83) | | | | | $ | (28.54) | | |
| | |
June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Convertible preferred stock
|
| | | | — | | | | | | 48,566,655 | | |
Warrants on convertible preferred stock
|
| | | | — | | | | | | 1,836,429 | | |
Options and RSUs to acquire common stock
|
| | | | 20,000,493 | | | | | | 13,624,593 | | |
Warrants on common stock
|
| | | | 24,333,365 | | | | | | 1,353,062 | | |
Earnout shares
|
| | | | — | | | | | | — | | |
Total
|
| | | | 44,333,858 | | | | | | 65,380,739 | | |
| | |
At June 30, 2022
|
| |||
Remaining 2022 maturities
|
| | | $ | 313 | | |
2023
|
| | | | 629 | | |
2024
|
| | | | 553 | | |
2025
|
| | | | 383 | | |
2026
|
| | | | 30 | | |
More than 5 years
|
| | | | 15 | | |
Total undiscounted lease maturities
|
| | | $ | 1,923 | | |
Imputed interest
|
| | | | (151) | | |
Total lease liability
|
| | | $ | 1,772 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 28,397 | | | | | $ | 48,144 | | |
Marketable securities
|
| | | | — | | | | | | 23,998 | | |
Accounts receivable
|
| | | | 731 | | | | | | 818 | | |
Grants receivable
|
| | | | 9,172 | | | | | | 8,116 | | |
Inventories
|
| | | | 13,503 | | | | | | 5,122 | | |
Prepaid expenses and other current assets
|
| | | | 14,203 | | | | | | 6,677 | | |
Total current assets
|
| | | | 66,006 | | | | | | 92,875 | | |
Property and equipment, net
|
| | | | 58,515 | | | | | | 46,895 | | |
Operating lease right-of-use assets
|
| | | | 2,016 | | | | | | 2,167 | | |
Intangible assets, net
|
| | | | 15,680 | | | | | | 17,947 | | |
Other assets
|
| | | | 4,084 | | | | | | 3,959 | | |
Total assets
|
| | | $ | 146,301 | | | | | $ | 163,843 | | |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable, including due to related party of $147 and $93, respectively
|
| | | $ | 10,066 | | | | | $ | 8,322 | | |
Accrued expenses and other current liabilities, including due to related party of $5,664 and $109 respectively
|
| | | | 13,660 | | | | | | 7,320 | | |
Deferred income
|
| | | | 32,370 | | | | | | 624 | | |
Operating lease liabilities
|
| | | | 541 | | | | | | 421 | | |
Convertible promissory notes due to related party, held at fair value
|
| | | | 27,128 | | | | | | — | | |
Notes payable
|
| | | | 1,950 | | | | | | 254 | | |
Warrant liabilities
|
| | | | 15,821 | | | | | | 581 | | |
Total current liabilities
|
| | | | 101,536 | | | | | | 17,522 | | |
Deferred income
|
| | | | 8,914 | | | | | | 8,276 | | |
Operating lease liabilities
|
| | | | 1,519 | | | | | | 1,780 | | |
Notes payable, including due to related party of $16,523 and $18,936, respectively
|
| | | | 35,131 | | | | | | 34,002 | | |
Warrant liabilities
|
| | | | — | | | | | | 11,518 | | |
Other long-term liabilities, including due to related party of $2,416 and $7,457, respectively
|
| | | | 5,588 | | | | | | 11,729 | | |
Total liabilities
|
| | | | 152,688 | | | | | | 84,827 | | |
Commitments and contingencies (Note 19) | | | | | | | | | | | | | |
Noncontrolling interest
|
| | | | 11,855 | | | | | | 12,429 | | |
Redeemable convertible preferred stock, $0.0001 par value – authorized 19,957,625 and 19,957,625 shares at December 31, 2021 and 2020, respectively
|
| | | | | | | | | | | | |
Series A-1 – 1,711,755 shares designated; 1,689,193 and 1,636,971 shares issued and outstanding at December 31, 2021 and 2020; aggregate liquidation preference of $7,505 and $7,273 at December 31, 2021 and 2020, respectively
|
| | | | 7,113 | | | | | | 6,176 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Series A-2 – 1,161,254 shares designated; 1,161,254 shares issued and outstanding at December 31, 2021 and 2020; aggregate liquidation preference of $3,030 at December 31, 2021 and 2020, respectively
|
| | | | 3,033 | | | | | | 3,033 | | |
Series A-3 – 1,730,874 shares designated; 1,730,874 and 1,492,685 shares issued and outstanding at December 31, 2021 and 2020; aggregate liquidation preference of $5,188 and $4,474 at December 31, 2021 and 2020, respectively
|
| | | | 7,460 | | | | | | 4,463 | | |
Series A-4 – 2,159,022 shares designated; 1,450,529 shares issued and outstanding
at December 31, 2021 and 2020, respectively; aggregate liquidation preference of $5,473 at December 31, 2021 and 2020, respectively |
| | | | 2,602 | | | | | | 2,602 | | |
Series A-5 – 1,977,114 shares designated; 1,977,114 shares issued and outstanding at December 31, 2021 and 2020; aggregate liquidation preference of $24,536 at December 31, 2021 and 2020
|
| | | | 44,307 | | | | | | 24,991 | | |
Series Growth – 2,538,274 shares designated; 2,538,274 shares issued and
outstanding at December 31, 2021 and 2020; aggregate liquidation preference of $31,500 at December 31, 2021 and 2020 |
| | | | 56,959 | | | | | | 32,763 | | |
Series 2 Growth – 2,370,803 shares designated; 2,370,803 shares issued and
outstanding at December 31, 2021 and 2020; aggregate liquidation preference of $30,370 at December 31, 2021 and 2020 |
| | | | 53,201 | | | | | | 30,684 | | |
Series 3 Growth – 6,308,529 shares designated; 5,818,895 shares issued and outstanding at December 31, 2021 and 2020, respectively; aggregate liquidation preference of $150,768 at December 31, 2021 and 2020, respectively
|
| | | | 136,919 | | | | | | 108,813 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.0001 par value – 48,595,723 shares authorized at December 31,
2021 and 2020, respectively; 2,410,552 and 2,155,490 shares issued and outstanding at December 31, 2021 and 2020, respectively |
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | (64,549) | | | | | | 23,907 | | |
Accumulated other comprehensive income
|
| | | | 219 | | | | | | 938 | | |
Accumulated deficit
|
| | | | (265,507) | | | | | | (171,784) | | |
Total stockholders’ deficit
|
| | | | (329,836) | | | | | | (146,938) | | |
Total liabilities, noncontrolling interest, redeemable convertible preferred stock and stockholders’ deficit
|
| | | $ | 146,301 | | | | | $ | 163,843 | | |
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue: | | | | | | | | | | | | | |
Product revenue, net
|
| | | $ | 11,185 | | | | | $ | 2,708 | | |
Licensing revenue
|
| | | | — | | | | | | 18,734 | | |
Total revenue, net
|
| | | | 11,185 | | | | | | 21,442 | | |
Operating expenses: | | | | | | | | | | | | | |
Costs of goods sold, including related party expenses of $447 and $108, respectively
|
| | | | 9,983 | | | | | | 2,414 | | |
Selling, general and administrative, including related party expenses of $494 and $614, respectively
|
| | | | 71,041 | | | | | | 28,870 | | |
Research and development, including related party expenses of $255 and $272, respectively
|
| | | | 12,867 | | | | | | 16,115 | | |
Amortization of intangible assets
|
| | | | 2,267 | | | | | | 2,267 | | |
Total operating expenses
|
| | | | 96,158 | | | | | | 49,666 | | |
Loss from operations
|
| | | | (84,973) | | | | | | (28,224) | | |
Change in the fair value of convertible promissory notes
|
| | | | (128) | | | | | | — | | |
Change in the fair value of warrants
|
| | | | (7,646) | | | | | | (1,466) | | |
Change in fair value of tranche rights liability
|
| | | | — | | | | | | 256 | | |
Interest expense, net
|
| | | | (1,364) | | | | | | (432) | | |
Other income, net
|
| | | | 781 | | | | | | 6,000 | | |
Loss before income taxes
|
| | | | (93,330) | | | | | | (23,866) | | |
Provision for income taxes
|
| | | | 17 | | | | | | 2,039 | | |
Net loss
|
| | | | (93,347) | | | | | | (25,905) | | |
Accretion of senior preferred stock to redemption value
|
| | | | (94,134) | | | | | | (11,372) | | |
Accretion of noncontrolling interest put option to redemption value
|
| | | | (376) | | | | | | (567) | | |
Net loss attributable to common stockholders
|
| | | $ | (187,857) | | | | | $ | (37,844) | | |
Net loss per share attributable to common stockholders − basic and diluted
|
| | | $ | (85.22) | | | | | $ | (17.61) | | |
Weighted average common shares outstanding − basic and diluted
|
| | | | 2,204,486 | | | | | | 2,149,182 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (93,347) | | | | | $ | (25,905) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (719) | | | | | | 828 | | |
Unrealized loss on marketable securities
|
| | | | — | | | | | | (1) | | |
Total other comprehensive (loss) income
|
| | | | (719) | | | | | | 827 | | |
Comprehensive loss
|
| | | $ | (94,066) | | | | | $ | (25,078) | | |
| | | | | | | | |
Redeemable Convertible Preferred Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Series A-1
|
| |
Series A-2
|
| |
Series A-3
|
| |
Series A-4
|
| |
Series A-5
|
| |
Series Growth Series 2 Growth Series 3
Growth Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Noncontrolling
Interest |
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | $ | — | | | | | | 1,636,971 | | | | | $ | 6,176 | | | | | | 1,161,254 | | | | | $ | 3,033 | | | | | | 1,492,685 | | | | | $ | 4,463 | | | | | | 1,439,352 | | | | | $ | 2,466 | | | | | | 1,977,114 | | | | | $ | 24,536 | | | | | | 2,538,274 | | | | | $ | 31,500 | | | | | | 2,370,803 | | | | | $ | 30,370 | | | | | | 2,973,270 | | | | | $ | 51,348 | | | | | | 2,144,651 | | | | | $ | 1 | | | | | $ | 26,248 | | | | | $ | 111 | | | | | $ | (145,423) | | | | | $ | (119,063) | | |
Cumulative effects of adoption of
accounting standards (see Note 2) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (111) | | | | | | | | | | | | 111 | | | | | | | | |
Noncontrolling interest, net of
issuance costs of $406 |
| | | | 11,349 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,322 | | | | | | | | | | | | | | | | | | 4,322 | | |
Issuance of Series 3 growth redeemable
convertible preferred stock, net of issuance costs of $329 and warrant liability of $744 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,845,625 | | | | | | 48,125 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Accretion of senior preferred stock
to redemption value |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 455 | | | | | | | | | | | | 1,263 | | | | | | | | | | | | 314 | | | | | | | | | | | | 9,340 | | | | | | | | | | | | | | | | | | (11,372) | | | | | | | | | | | | | | | | | | (11,372) | | |
Exercise of Series A-4 warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,177 | | | | | | 136 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Stock based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,808 | | | | | | | | | | | | | | | | | | 4,808 | | |
Exercise of share-based awards
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,839 | | | | | | | | | | | | 12 | | | | | | | | | | | | | | | | | | 12 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (25,905) | | | | | | (25,905) | | |
Accretion of noncontrolling interest
put option to redemption value |
| | | | 567 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (567) | | | | | | (567) | | |
Foreign currency translation loss
|
| | | | 513 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 828 | | | | | | | | | | | | 828 | | |
Unrealized loss on marketable
securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) | | | | | | | | | | | | (1) | | |
Balance at December 31, 2020
|
| | | $ | 12,429 | | | | | | 1,636,971 | | | | | $ | 6,176 | | | | | | 1,161,254 | | | | | $ | 3,033 | | | | | | 1,492,685 | | | | | $ | 4,463 | | | | | | 1,450,529 | | | | | $ | 2,602 | | | | | | 1,977,114 | | | | | $ | 24,991 | | | | | | 2,538,274 | | | | | $ | 32,763 | | | | | | 2,370,803 | | | | | $ | 30,684 | | | | | | 5,818,895 | | | | | $ | 108,813 | | | | | | 2,155,490$ | | | | | $ | 1 | | | | | $ | 23,907 | | | | | $ | 938 | | | | | | (171,784) | | | | | $ | (146,938) | | |
Accretion of senior preferred stock
to redemption value |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 19,316 | | | | | | | | | | | $ | 24,196 | | | | | | | | | | | $ | 22,517 | | | | | | | | | | | $ | 28,106 | | | | | | | | | | | | | | | | | | (94,134) | | | | | | | | | | | | | | | | | $ | (94,134) | | |
Stock based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,532 | | | | | | | | | | | | | | | | | | 5,532 | | |
Exercise of stock options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 255,062 | | | | | | | | | | | | 146 | | | | | | | | | | | | | | | | | | 146 | | |
Exercise of warrants
|
| | | | | | | | | | 52,222 | | | | | | 937 | | | | | | | | | | | | | | | | | | 238,189 | | | | | | 2,997 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Accretion of noncontrolling interest
put option to redemption value |
| | | | 376 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (376) | | | | | | (376) | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (93,347) | | | | | | (93,347) | | |
Foreign currency translation gain
|
| | | | (950) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (719) | | | | | | | | | | | | (719) | | |
Balance at December 31, 2021
|
| | | $ | 11,855 | | | | | | 1,689,193 | | | | | $ | 7,113 | | | | | | 1,161,254 | | | | | $ | 3,033 | | | | | | 1,730,874 | | | | | $ | 7,460 | | | | | | 1,450,529 | | | | | $ | 2,602 | | | | | | 1,977,114 | | | | | $ | 44,307 | | | | | | 2,538,274 | | | | | $ | 56,959 | | | | | | 2,370,803 | | | | | $ | 53,201 | | | | | | 5,818,895 | | | | | $ | 136,919 | | | | | | 2,410,552 | | | | | $ | 1 | | | | | $ | (64,549) | | | | | $ | 219 | | | | | $ | (265,507) | | | | | $ | (329,836) | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (93,347) | | | | | $ | (25,905) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Amortization of intangible assets
|
| | | | 2,267 | | | | | | 2,267 | | |
Reduction in carrying amount of right-of-use assets
|
| | | | 449 | | | | | | 375 | | |
Depreciation
|
| | | | 1,524 | | | | | | 512 | | |
Stock-based compensation
|
| | | | 5,532 | | | | | | 4,808 | | |
Unrealized loss on foreign currency transactions
|
| | | | (37) | | | | | | (589) | | |
Noncash interest expense
|
| | | | 173 | | | | | | — | | |
Accretion on marketable securities
|
| | | | (1) | | | | | | (6) | | |
Amortization/accretion on long-term assets and liabilities, net
|
| | | | — | | | | | | (4) | | |
Change in the fair value of warrants
|
| | | | 7,646 | | | | | | 1,466 | | |
Change in the fair value of convertible promissory notes
|
| | | | 128 | | | | | | — | | |
Change in fair value of One S.r.l. call option
|
| | | | 1,024 | | | | | | — | | |
Gain on extinguishment of debt
|
| | | | — | | | | | | (297) | | |
Gain on extinguishment of preferred stock warrant
|
| | | | — | | | | | | (157) | | |
Change in fair value of trance rights liability
|
| | | | — | | | | | | (256) | | |
Deferred tax expense on intangible asset (see Note 11)
|
| | | | — | | | | | | 1,810 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Account receivables
|
| | | | 70 | | | | | | (729) | | |
Grants receivable
|
| | | | (1,723) | | | | | | (6,779) | | |
Prepaid expenses and other current assets
|
| | | | (8,029) | | | | | | (3,281) | | |
Inventories
|
| | | | (8,645) | | | | | | (3,928) | | |
Other assets
|
| | | | 107 | | | | | | (3,583) | | |
Accounts payable
|
| | | | 2,604 | | | | | | 4,085 | | |
Accrued expenses and other current liabilities
|
| | | | 8,709 | | | | | | 151 | | |
Operating lease liabilities
|
| | | | (440) | | | | | | (358) | | |
Deferred income
|
| | | | 33,140 | | | | | | 8,242 | | |
Other long-term liabilities
|
| | | | (6,442) | | | | | | 165 | | |
Net cash used in operating activities
|
| | | | (55,291) | | | | | | (21,991) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (19,917) | | | | | | (32,212) | | |
Maturities (purchases) of marketable securities
|
| | | | 24,000 | | | | | | (23,993) | | |
Net cash provided by (used) in investing activities
|
| | | | 4,083 | | | | | | (56,205) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Principal repayment of notes payable
|
| | | | (302) | | | | | | (192) | | |
Proceeds from the exercise of warrants
|
| | | | 10 | | | | | | — | | |
Proceeds from the issuance of convertible promissory notes
|
| | | | 27,000 | | | | | | — | | |
| | |
Year ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Proceeds from issuance of promissory notes (net of issuance costs of $207 and $751, respectively)
|
| | | | 5,679 | | | | | | 28,939 | | |
Proceeds from issuance of redeemable convertible preferred stock(net of issuance costs of $0 and $329, respectively)
|
| | | | — | | | | | | 48,815 | | |
Proceeds from exercise of share-based awards
|
| | | | 146 | | | | | | 12 | | |
Proceeds from issuance of noncontrolling interest
|
| | | | — | | | | | | 11,349 | | |
Net cash provided by financing activities
|
| | | | 32,533 | | | | | | 88,923 | | |
Effect of exchange rates on cash
|
| | | | (1,072) | | | | | | 1,643 | | |
Net decrease (increase) in cash
|
| | | | (19,747) | | | | | | 12,370 | | |
Cash and cash equivalents at beginning of year
|
| | | | 48,144 | | | | | | 35,774 | | |
Cash and cash equivalents at end of year
|
| | | $ | 28,397 | | | | | $ | 48,144 | | |
Noncash investing and financing activities: | | | | | | | | | | | | | |
Purchases of property and equipment included in accounts payable and accrued expense
|
| | | $ | 1,712 | | | | | $ | 1,818 | | |
Deferred financing costs included in accounts payable and accrued expense
|
| | | $ | 773 | | | | | $ | — | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Lease liabilities arising from obtaining right-of-use assets
|
| | | $ | 305 | | | | | $ | — | | |
Interest paid on notes payable
|
| | | $ | 1,578 | | | | | $ | 274 | | |
Asset Category
|
| |
Useful Lives
|
|
Computer equipment and software | | | 1 – 3 years | |
Laboratory and manufacturing equipment | | | 2.5 – 8.3 years | |
Leasehold improvements | | | 5 – 10 years, or the remaining term of lease, if shorter | |
Buildings and land improvements | | | 18 – 20 years | |
Land | | | Not depreciated | |
| | | | | | | | |
Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
|
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible promissory notes (see Note 12)
|
| | | $ | 27,128 | | | | | $ | — | | | | | $ | — | | | | | $ | 27,128 | | |
Preferred stock warrants
|
| | | | 15,821 | | | | | | — | | | | | | — | | | | | | 15,821 | | |
One Srl call option (see Note 11)
|
| | | | 2,416 | | | | | | — | | | | | | — | | | | | | 2,416 | | |
Total liabilities measured at fair value
|
| | | $ | 45,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 45,365 | | |
| | | | | | | | |
Fair Value Measurements
|
| |||||||||||||||
| | |
Fair Value
|
| |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities
|
| | | $ | 23,998 | | | | | $ | 23,998 | | | | | $ | — | | | | | $ | — | | |
Total assets measured at fair value
|
| | | $ | 23,998 | | | | | $ | 23,998 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock warrants
|
| | | $ | 12,099 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,099 | | |
One Srl call option (see Note 11)
|
| | | | 1,545 | | | | | | — | | | | | | — | | | | | | 1,545 | | |
Total liabilities measured at fair value
|
| | | $ | 13,644 | | | | | $ | — | | | | | $ | — | | | | | $ | 13,644 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
IPO scenario
|
| | | | 2.5% | | | | | | 75.0% | | |
Market adjusted equity value method
|
| | | | 2.5% | | | | | | 25.0% | | |
Special purpose acquisition company (“SPAC”) scenario
|
| | | | 95.0% | | | | | | 0.0% | | |
| | |
Tranche
rights liability |
| |||
Balance at December 31, 2019
|
| | | $ | 310 | | |
Change in fair value of tranche rights liability immediately prior to tranche settlement in April 2020
|
| | | | (256) | | |
Settlement of Series 3 Growth tranche rights liability in April 2020
|
| | | | (54) | | |
Balance at December 31, 2020
|
| | | $ | — | | |
| | |
Series A-1
Warrants |
| |
Series A-3
Warrants |
| |
Series A-4
Warrants |
| |
Series 3
Growth Warrants |
| |
Series 4
Growth Options |
| |
Total
|
| ||||||||||||||||||
Balance at December 31, 2019
|
| | | | 485 | | | | | | 2,541 | | | | | | 7,686 | | | | | | 4,631 | | | | | | 653 | | | | | | 15,996 | | |
Issuance of Series 4 Growth option
liability |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 745 | | | | | | 745 | | |
Extinguishment of Series 3 Growth warrant
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,973) | | | | | | — | | | | | | (5,973) | | |
Exercise of Series A-4 warrants
|
| | | | — | | | | | | — | | | | | | (135) | | | | | | — | | | | | | — | | | | | | (135) | | |
Change in fair value of warrant liability
|
| | | | 96 | | | | | | 355 | | | | | | 1,071 | | | | | | 1,342 | | | | | | (1,398) | | | | | | 1,466 | | |
Balance at December 31, 2020
|
| | | $ | 581 | | | | | $ | 2,896 | | | | | $ | 8,622 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,099 | | |
Exercise of warrants
|
| | | | (937) | | | | | | (2,987) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,924) | | |
Change in fair value of warrant liability
|
| | | | 356 | | | | | | 91 | | | | | | 7,199 | | | | | | — | | | | | | — | | | | | | 7,646 | | |
Balance at December 31, 2021
|
| | | $ | — | | | | | $ | — | | | | | $ | 15,821 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,821 | | |
| | |
Series
A-4 Warrants |
|
Expected term
|
| |
0.1 years
|
|
Expected volatility
|
| |
48.0%
|
|
Expected dividend yield
|
| |
0.0%
|
|
Risk free interest rate
|
| |
0.6%
|
|
Estimated fair value of the redeemable convertible preferred stock
|
| |
$ 22.36
|
|
Exercise price of warrants
|
| |
$ 0.04
|
|
| | |
Series A-1
Warrants |
| |
Series A-3
Warrants |
| |
Series A-4
Warrants |
|
Expected term
|
| |
0.3 years
|
| |
1.5 years
|
| |
2.6 years
|
|
Expected volatility
|
| |
48.0%
|
| |
68.0%
|
| |
59.0%
|
|
Expected dividend yield
|
| |
0.0%
|
| |
0.0%
|
| |
0.0%
|
|
Risk free interest rate
|
| |
0.1%
|
| |
0.1%
|
| |
0.2%
|
|
Estimated fair value of the redeemable convertible preferred stock
|
| |
$12.24
|
| |
$12.21
|
| |
$12.22
|
|
Exercise price of warrants
|
| |
$4.44
|
| |
$0.04
|
| |
$0.04
|
|
|
Fair value of One Srl call option
|
| | | $ | 1,494 | | |
|
Foreign currency translation loss
|
| | | | 51 | | |
|
Balance at December 31, 2020
|
| | | $ | 1,545 | | |
|
Change in fair value
|
| | | | 1,024 | | |
|
Foreign currency translation gain
|
| | | | (153) | | |
|
Balance at December 31, 2021
|
| | | $ | 2,416 | | |
| | |
At December 31,
|
| |||
| | |
2021
|
| |
2020
|
|
Expected term
|
| |
2.0 years
|
| |
1.8 years
|
|
Expected volatility
|
| |
62.0%
|
| |
61.0%
|
|
Expected dividend yield
|
| |
0.0%
|
| |
0.0%
|
|
Risk free interest rate
|
| |
0.7%
|
| |
0.1%
|
|
Estimated fair value of ownership interest
|
| |
$6,922
|
| |
$6,066
|
|
Exercise price of call option
|
| |
$6,806
|
| |
$7,358
|
|
| | |
Convertible
Promissory Notes |
|
Expected term
|
| |
0.1 years
|
|
Discount rate
|
| |
36.3%
|
|
Probability of repayment after close of business combination
|
| |
95.0%
|
|
Probability of holder electing conversion option
|
| |
5.0%
|
|
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
Marketable securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Commercial paper
|
| | | $ | 15,999 | | | | | $ | 1 | | | | | $ | (2) | | | | | $ | 15,998 | | |
United States Treasury securities
|
| | | | 8,000 | | | | | | — | | | | | | — | | | | | | 8,000 | | |
Total marketable securities
|
| | | $ | 23,999 | | | | | $ | 1 | | | | | $ | (2) | | | | | $ | 23,998 | | |
| | |
Product
Revenue Reserves |
| |||
Balance at December 31, 2019
|
| | | $ | — | | |
Provision related to product sales
|
| | | | 980 | | |
Credits and payments made
|
| | | | (966) | | |
Balance at December 31, 2020
|
| | | | 14 | | |
Provision related to product sales
|
| | | | 522 | | |
Credits and payments made
|
| | | | (454) | | |
Balance at December 31, 2021
|
| | | $ | 82 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Raw materials
|
| | | $ | 8,074 | | | | | $ | 1,213 | | |
Work in process
|
| | | | 2,643 | | | | | | 913 | | |
Finished goods
|
| | | | 2,786 | | | | | | 2,433 | | |
Consignment inventories
|
| | | | — | | | | | | 563 | | |
Total inventories
|
| | | $ | 13,503 | | | | | $ | 5,122 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Prepaid expenses
|
| | | $ | 3,874 | | | | | $ | 1,024 | | |
Prepaid contract research costs
|
| | | | 262 | | | | | | 169 | | |
Research and development tax credit
|
| | | | 579 | | | | | | 1,131 | | |
Value added tax receivable
|
| | | | 5,633 | | | | | | 4,315 | | |
Deferred financing costs
|
| | | | 3,855 | | | | | | 38 | | |
Prepaid expenses and other current assets
|
| | | $ | 14,203 | | | | | $ | 6,677 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Laboratory and manufacturing equipment
|
| | | $ | 28,101 | | | | | $ | 8,176 | | |
Land and buildings
|
| | | | 10,404 | | | | | | 4,334 | | |
Leasehold improvements
|
| | | | 1,614 | | | | | | 1,742 | | |
Computer equipment and software
|
| | | | 463 | | | | | | 176 | | |
Capitalized software
|
| | | | 228 | | | | | | 17 | | |
Construction in process
|
| | | | 22,097 | | | | | | 35,551 | | |
Property and equipment – at cost
|
| | | | 62,907 | | | | | | 49,996 | | |
Less accumulated depreciation
|
| | | | (4,392) | | | | | | (3,101) | | |
Property and equipment – net
|
| | | $ | 58,515 | | | | | $ | 46,895 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Accrued payroll and related benefits
|
| | | $ | 1,384 | | | | | $ | 3,009 | | |
Accrued professional fees and outside contractors (including due to related party of $60 and $109, respectively)
|
| | | | 4,359 | | | | | | 3,494 | | |
Accrued property, plant and equipment additions
|
| | | | 1,257 | | | | | | 768 | | |
Accrued inventory and manufacturing expense
|
| | | | 128 | | | | | | — | | |
Unpaid portion of acquisition of intangible asset and investment in related party (see Note 11)
|
| | | | 5,604 | | | | | | — | | |
Income taxes payable
|
| | | | 145 | | | | | | — | | |
Deferred IPO Fees
|
| | | | 738 | | | | | | — | | |
Accrued interest
|
| | | | 45 | | | | | | 49 | | |
Total accrued expenses
|
| | | $ | 13,660 | | | | | $ | 7,320 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred IPO fees
|
| | | $ | — | | | | | $ | 738 | | |
Long-term tax liabilities
|
| | | | 182 | | | | | | 301 | | |
Contingent loss for research and development tax credits
|
| | | | 2,990 | | | | | | 3,233 | | |
Unpaid portion of acquisition of intangible asset and investment in related party (see Note 11)
|
| | | | — | | | | | | 5,912 | | |
One Srl call option (see Note 11)
|
| | | | 2,416 | | | | | | 1,545 | | |
Total other long-term liabilities
|
| | | $ | 5,588 | | | | | $ | 11,729 | | |
| Consideration | | | | | | | |
|
Cash
|
| | | $ | 12,668 | | |
|
Warrants for redeemable convertible preferred stock
|
| | | | 4,706 | | |
|
Fair value of total consideration
|
| | | $ | 17,374 | | |
| Assets acquired at relative fair value | | | | | | | |
|
Intangible asset related to reduction in royalty
|
| | | $ | 15,564 | | |
|
Equity-method investment
|
| | | | 1,810 | | |
|
Total assets acquired
|
| | | $ | 17,374 | | |
| | |
Intangible Assets
|
| |||
Intangible asset at relative fair value
|
| | | $ | 15,564 | | |
Adjustment to record deferred tax liability
|
| | | | 5,783 | | |
Carrying value of intangible asset at June 2019 acquisition date
|
| | | $ | 21,347 | | |
Amortization expense
|
| | | | (1,133) | | |
Balance at December 31, 2019
|
| | | $ | 20,214 | | |
Amortization expense
|
| | | | (2,267) | | |
Balance at December 31, 2020
|
| | | $ | 17,947 | | |
Amortization expense
|
| | | | (2,267) | | |
Balance at December 31, 2021
|
| | | $ | 15,680 | | |
|
Carrying value of warrants for redeemable convertible preferred stock
|
| | | $ | 5,973 | | |
|
Fair value of common stock warrants, net of cash consideration paid of $10
|
| | | | (4,312) | | |
|
Fair value of contingent call option granted to One shareholders
|
| | | | (1,494) | | |
|
Gain on warrant liability extinguishment
|
| | | $ | 167 | | |
| | |
At December 31,
2021 |
| |||
2022
|
| | | | 2,183 | | |
2023
|
| | | | 8,585 | | |
2024
|
| | | | 5,771 | | |
2025
|
| | | | 4,199 | | |
2026
|
| | | | 4,221 | | |
More than 5 years
|
| | | | 12,877 | | |
Unamortized loan discount and issuance costs
|
| | | | (754) | | |
Total obligation
|
| | | $ | 37,081 | | |
Issued
|
| |
Classification
|
| |
Exercisable for
|
| |
Number of
Shares Issuable |
| |||
August 2013
|
| | Liability | | |
Series A-4 redeemable convertible
preferred stock (“Series A-4”) |
| | | | 708,493 | | |
October 2020
|
| | Equity | | | Common stock | | | | | 522,009 | | |
Issued
|
| |
Classification
|
| |
Exercisable for
|
| |
Number of
Shares Issuable |
| |||
April 2011
|
| | Liability | | |
Series A-1 redeemable convertible
preferred stock (“Series A-1”) |
| | | | 74,784 | | |
June 2012
|
| | Liability | | |
Series A-3 redeemable convertible
preferred stock (“Series A-3”) |
| | | | 238,189 | | |
August 2013
|
| | Liability | | |
Series A-4 redeemable convertible
preferred stock (“Series A-4”) |
| | | | 708,493 | | |
October 2020
|
| | Equity | | | Common stock | | | | | 522,009 | | |
| | |
Preferred Stock
Authorized |
| |
Issued and
Outstanding |
| |
Liquidation
Preference |
| |
Carrying
Value |
| |
Common Stock
Issuable Upon Conversion |
| |||||||||||||||
Series A-1
|
| | | | 1,711,755 | | | | | | 1,689,193 | | | | | $ | 7,505 | | | | | $ | 7,113 | | | | | | 1,689,193 | | |
Series A-2
|
| | | | 1,161,254 | | | | | | 1,161,254 | | | | | | 3,030 | | | | | | 3,033 | | | | | | 1,161,254 | | |
Series A-3
|
| | | | 1,730,874 | | | | | | 1,730,874 | | | | | | 5,188 | | | | | | 7,460 | | | | | | 1,730,874 | | |
Series A-4
|
| | | | 2,159,022 | | | | | | 1,450,529 | | | | | | 5,473 | | | | | | 2,602 | | | | | | 1,450,529 | | |
Series A-5
|
| | | | 1,977,114 | | | | | | 1,977,114 | | | | | | 24,536 | | | | | | 44,307 | | | | | | 1,977,114 | | |
Series Growth
|
| | | | 2,538,274 | | | | | | 2,538,274 | | | | | | 31,500 | | | | | | 56,959 | | | | | | 2,538,274 | | |
Series 2 Growth
|
| | | | 2,370,803 | | | | | | 2,370,803 | | | | | | 30,370 | | | | | | 53,201 | | | | | | 2,370,803 | | |
Series 3 Growth
|
| | | | 6,308,529 | | | | | | 5,818,895 | | | | | | 150,768 | | | | | | 136,919 | | | | | | 5,818,895 | | |
Total
|
| | | | 19,957,625 | | | | | | 18,736,936 | | | | | $ | 258,370 | | | | | $ | 311,594 | | | | | | 18,736,936 | | |
| | |
Preferred Stock
Authorized |
| |
Issued and
Outstanding |
| |
Liquidation
Preference |
| |
Carrying
Value |
| |
Common Stock
Issuable Upon Conversion |
| |||||||||||||||
Series A-1
|
| | | | 1,711,755 | | | | | | 1,636,971 | | | | | $ | 7,273 | | | | | $ | 6,176 | | | | | | 1,636,971 | | |
Series A-2
|
| | | | 1,161,254 | | | | | | 1,161,254 | | | | | | 3,030 | | | | | | 3,033 | | | | | | 1,161,254 | | |
Series A-3
|
| | | | 1,730,874 | | | | | | 1,492,685 | | | | | | 4,474 | | | | | | 4,463 | | | | | | 1,492,685 | | |
Series A-4
|
| | | | 2,159,022 | | | | | | 1,450,529 | | | | | | 5,473 | | | | | | 2,602 | | | | | | 1,450,529 | | |
Series A-5
|
| | | | 1,977,114 | | | | | | 1,977,114 | | | | | | 24,536 | | | | | | 24,991 | | | | | | 1,977,114 | | |
Series Growth
|
| | | | 2,538,274 | | | | | | 2,538,274 | | | | | | 31,500 | | | | | | 32,763 | | | | | | 2,538,274 | | |
Series 2 Growth
|
| | | | 2,370,803 | | | | | | 2,370,803 | | | | | | 30,370 | | | | | | 30,684 | | | | | | 2,370,803 | | |
Series 3 Growth
|
| | | | 6,308,529 | | | | | | 5,818,895 | | | | | | 150,768 | | | | | | 108,813 | | | | | | 5,818,895 | | |
Total
|
| | | | 19,957,625 | | | | | | 18,446,525 | | | | | $ | 257,424 | | | | | $ | 213,525 | | | | | | 18,446,525 | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Common stock options and RSUs outstanding
|
| | | | 5,203,174 | | | | | | 5,034,858 | | |
Conversion of all classes of redeemable convertible preferred stock
|
| | | | 18,736,936 | | | | | | 18,446,525 | | |
Issuances upon exercise of warrants to purchase Series A-1, upon conversion to
common warrants |
| | | | — | | | | | | 74,784 | | |
Issuances upon exercise of warrants to purchase Series A-3, upon conversion to
common warrants |
| | | | — | | | | | | 238,189 | | |
Issuances upon exercise of warrants to purchase Series A-4, upon conversion to
common warrants |
| | | | 708,493 | | | | | | 708,493 | | |
Issuances upon exercise of common stock warrants
|
| | | | 522,009 | | | | | | 522,009 | | |
Total common stock reserved for future issuance
|
| | | | 25,170,612 | | | | | | 25,024,858 | | |
| | |
Number of
Options |
| |
Weighted-
Average Exercise Price per Share |
| |
Weighted-
Average Remaining Contractual Term (Years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding at December 31, 2020
|
| | | | 5,034,858 | | | | | $ | 9.26 | | | | | | 6.12 | | | | | $ | 14,742 | | |
Granted
|
| | | | 518,684 | | | | | | 18.52 | | | | | | | | | | | | | | |
Exercised
|
| | | | (255,062) | | | | | | 0.57 | | | | | | | | | | | | 5,304 | | |
Forfeited
|
| | | | (68,090) | | | | | | 10.98 | | | | | | | | | | | | | | |
Expired
|
| | | | (340,570) | | | | | | 1.49 | | | | | | | | | | | | | | |
Outstanding at December 31, 2021
|
| | | | 4,889,820 | | | | | $ | 10.39 | | | | | | 6.17 | | | | | $ | 54,449 | | |
Exercisable at December 31, 2021
|
| | | | 3,704,417 | | | | | $ | 9.21 | | | | | | 5.28 | | | | | $ | 45,211 | | |
Nonvested at December 31, 2021
|
| | | | 1,185,403 | | | | | $ | 14.10 | | | | | | 8.95 | | | | | $ | 9,238 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Research and development
|
| | | $ | 1,565 | | | | | $ | 1,960 | | |
General and administrative
|
| | | | 3,967 | | | | | | 2,848 | | |
Total
|
| | | $ | 5,532 | | | | | $ | 4,808 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Fair value of common stock
|
| | | $ | 20.02 | | | | | $ | 11.18 | | |
Expected volatility
|
| | | | 60.1% | | | | | | 63.6% | | |
Expected term (in years)
|
| | | | 5.8 | | | | | | 5.8 | | |
Risk-free interest rate
|
| | | | 1.1% | | | | | | 0.2% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
Year Ended December 31
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
United States
|
| | | $ | (86,693) | | | | | $ | (19,658) | | |
Non-U.S.
|
| | | | (6,637) | | | | | | (4,208) | | |
Total
|
| | | $ | (93,330) | | | | | $ | (23,866) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Current tax expense (benefit): | | | | | | | | | | | | | |
U.S. federal
|
| | | $ | — | | | | | $ | — | | |
Foreign
|
| | | | 17 | | | | | | (24) | | |
Total current tax expense (benefit)
|
| | | | 17 | | | | | | (24) | | |
Deferred tax expense: | | | | | | | | | | | | | |
U.S. federal
|
| | | | — | | | | | | — | | |
State
|
| | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | 2,063 | | |
Total deferred tax benefit
|
| | | | — | | | | | | 2,063 | | |
Total provision for income taxes
|
| | | $ | 17 | | | | | $ | 2,039 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
U.S. Federal income tax provision expense at statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
Effect of nondeductible stock-based compensation
|
| | | | 0.8% | | | | | | (1.9)% | | |
Foreign rate differential
|
| | | | 0.2% | | | | | | 2.2% | | |
Mark to market of warrant liabilities
|
| | | | (1.7)% | | | | | | (1.3)% | | |
State taxes net of federal benefit
|
| | | | 4.3% | | | | | | 4.5% | | |
Non-deductible financing expenses
|
| | | | (0.3)% | | | | | | 0.4% | | |
Valuation allowance
|
| | | | (24.2)% | | | | | | (38.3)% | | |
Investment transfer
|
| | | | 0.0% | | | | | | 6.8% | | |
Other differences
|
| | | | (0.4)% | | | | | | (0.4)% | | |
US federal and state research credits
|
| | | | 0.4% | | | | | | 1.6% | | |
Uncertain tax positions
|
| | | | (0.1)% | | | | | | (1.1)% | | |
Foreign earnings includible in US
|
| | | | 0.0% | | | | | | (2.0)% | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | (8.5)% | | |
| | |
At December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Federal net operating loss carryforwards
|
| | | $ | 40,469 | | | | | $ | 24,730 | | |
State net operating loss carryforwards
|
| | | | 10,643 | | | | | | 7,207 | | |
Equity compensation
|
| | | | 5,620 | | | | | | 4,353 | | |
Accruals and reserves
|
| | | | — | | | | | | 26 | | |
Uncollected grants
|
| | | | 998 | | | | | | 712 | | |
Investment in subsidiaries
|
| | | | 3,820 | | | | | | 3,931 | | |
Research credits
|
| | | | 1,578 | | | | | | 1,298 | | |
Other assets
|
| | | | 152 | | | | | | 46 | | |
Deferred income
|
| | | | 239 | | | | | | — | | |
Interest
|
| | | | 257 | | | | | | — | | |
Deferred rent
|
| | | | 547 | | | | | | 600 | | |
Total deferred tax assets
|
| | | | 64,323 | | | | | | 42,903 | | |
Valuation allowance
|
| | | | (59,841) | | | | | | (37,427) | | |
Total deferred tax assets net of valuation allowance
|
| | | | 4,482 | | | | | | 5,476 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets and amortization
|
| | | | (3,932) | | | | | | (4,680) | | |
Right-of-Use asset
|
| | | | (536) | | | | | | (591) | | |
Other liabilities
|
| | | | (14) | | | | | | (204) | | |
Total deferred tax liabilities
|
| | | | (4,482) | | | | | | (5,476) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Unrecognized tax benefits at the beginning of year
|
| | | $ | (281) | | | | | $ | — | | |
Increase for current year positions
|
| | | | (71) | | | | | | (82) | | |
Increase for prior year positions
|
| | | | — | | | | | | (199) | | |
Expiration of statute of limitations
|
| | | | — | | | | | | — | | |
Unrecognized tax benefits at the end of year
|
| | | | (352) | | | | | | (281) | | |
Gross research credit tax assets
|
| | | | 1,930 | | | | | | 1,579 | | |
Net research credit tax assets
|
| | | $ | 1,578 | | | | | $ | 1,298 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (93,347 | | | | | $ | (25,905) | | |
Accretion of redeemable convertible preferred stock to redemption value
|
| | | | (94,134 | | | | | | (11,372) | | |
Accretion of noncontrolling interest put option to redemption value
|
| | | | (376 | | | | | | (567) | | |
Net loss attributable to common stockholders
|
| | | $ | (187,857 | | | | | $ | (37,844) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 2,204,486 | | | | | | 2,149,182 | | |
Net loss per share, basic and diluted
|
| | | $ | (85.22 | | | | | $ | (17.61) | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Convertible preferred stock
|
| | | | 18,736,936 | | | | | | 18,446,525 | | |
Warrants on convertible preferred stock
|
| | | | 708,493 | | | | | | 1,021,466 | | |
Options and RSUs to acquire common stock
|
| | | | 5,203,174 | | | | | | 5,074,547 | | |
Warrants on common stock
|
| | | | 522,009 | | | | | | 522,009 | | |
Total
|
| | | | 25,170,612 | | | | | | 25,064,547 | | |
| | |
At
December 31, 2021 |
| |||
2022
|
| | | $ | 634 | | |
2023
|
| | | | 639 | | |
2024
|
| | | | 555 | | |
2025
|
| | | | 385 | | |
2026
|
| | | | 33 | | |
More than 5 years
|
| | | | 16 | | |
Total undiscounted lease maturities
|
| | | $ | 2,262 | | |
Imputed interest
|
| | | | (202) | | |
Total lease liability
|
| | | $ | 2,060 | | |
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