x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
82-2082553 | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||
Common Stock, par value $0.001 per share | The Nasdaq Stock Market LLC (Nasdaq Global Select Market) |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | ☒ | ||||||||||||||||||||||
Emerging growth company |
Page No. | ||||||||||||||
| | | Year Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Direct research and development expenses by program: | | | | | | | | | | | | | |
RP1 | | | | $ | 27,517 | | | | | $ | 14,474 | | |
RP2 & RP3 | | | | | 3,004 | | | | | | — | | |
Unallocated research and development expenses: | | | | | | | | | | | | | |
Personnel related (including stock-based compensation) | | | | | 22,939 | | | | | | 14,646 | | |
Other | | | | | 3,294 | | | | | | 9,641 | | |
Total research and development expenses | | | | $ | 56,754 | | | | | $ | 38,761 | | |
| | Year Ended March 31, | | | Change | | | ||||||||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | | | ||||||||||||||||||||||||||||||||||||||
| | (Amounts in thousands) | | | |||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | Operating expenses: | |||||||||||||||||||||||||||
Research and development | | | $ | 56,754 | | | | $ | 38,761 | | | | $ | 17,993 | | | | Research and development | $ | 79,545 | $ | 56,754 | $ | 22,791 | 40 | % | |||||||||||||||||||
General and administrative | | | | 23,201 | | | | | 17,437 | | | | | 5,764 | | | | ||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | 38,769 | 23,201 | 15,568 | 67 | % | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | | | | 79,955 | | | | | 56,198 | | | | | 23,757 | | | | Total operating expenses | 118,314 | 79,955 | 38,359 | 48 | % | ||||||||||||||||||||||
Loss from operations | | | | (79,955) | | | | | (56,198) | | | | | (23,757) | | | | Loss from operations | (118,314) | (79,955) | (38,359) | 48 | % | ||||||||||||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | Other income (expense): | |||||||||||||||||||||||||||
Research and development incentives | | | | 2,807 | | | | | 3,084 | | | | | (277) | | | | Research and development incentives | 3,170 | 2,807 | 363 | 13 | % | ||||||||||||||||||||||
Investment income | | | | 916 | | | | | 2,424 | | | | | (1,508) | | | | Investment income | 390 | 916 | (526) | (57) | % | ||||||||||||||||||||||
Interest expense on finance lease liability | | | | (2,242) | | | | | (1,185) | | | | | (1,057) | | | | Interest expense on finance lease liability | (2,223) | (2,242) | 19 | (1) | % | ||||||||||||||||||||||
Loss on extinguishment of debt | Loss on extinguishment of debt | — | (913) | 913 | (100) | % | |||||||||||||||||||||||||||||||||||||||
Interest expense on debt obligations | | | | (818) | | | | | (734) | | | | | (84) | | | | Interest expense on debt obligations | — | (818) | 818 | (100) | % | ||||||||||||||||||||||
Loss on extinguishment of debt | | | | (913) | | | | | — | | | | | (913) | | | | ||||||||||||||||||||||||||||
Other (expense) income | | | | (665) | | | | | (16) | | | | | (649) | | | | Other (expense) income | (1,059) | (665) | (394) | 59 | % | ||||||||||||||||||||||
Total other (expense) income, net | | | | (915) | | | | | 3,573 | | | | | (4,488) | | | | ||||||||||||||||||||||||||||
Net loss attributable to common stockholders | | | | (80,870) | | | | | (52,625) | | | | | (28,245) | | | | ||||||||||||||||||||||||||||
Total other income (expense), net | Total other income (expense), net | 278 | (915) | 1,193 | (130) | % | |||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (118,036) | (80,870) | (37,166) | 46 | % |
| | | Year Ended March 31, | | | | | | | | |||||||||
| | | 2021 | | | 2020 | | | Change | | |||||||||
Direct research and development expenses by program: | | | | | | | | | | | | | | | | | | | |
RP1 | | | | $ | 27,517 | | | | | $ | 14,474 | | | | | $ | 13,043 | | |
RP2 & RP3 | | | | | 3,004 | | | | | | — | | | | | | 3,004 | | |
Unallocated research and development expenses: | | | | | | | | | | | | | | | | | — | | |
Personnel related (including stock-based compensation) | | | | | 22,939 | | | | | | 14,646 | | | | | | 8,293 | | |
Other | | | | | 3,294 | | | | | | 9,641 | | | | | | (6,347) | | |
Total research and development expenses | | | | $ | 56,754 | | | | | $ | 38,761 | | | | | $ | 17,993 | | |
Year Ended March 31, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Direct research and development expenses by program: | |||||||||||||||||||||||
RP1 | 16,291 | 27,517 | (11,226) | (41) | % | ||||||||||||||||||
RP2 | 13,958 | 3,004 | 10,954 | 365 | % | ||||||||||||||||||
RP3 | 1,227 | — | 1,227 | 100 | % | ||||||||||||||||||
Unallocated research and development expenses: | — | ||||||||||||||||||||||
Personnel related (including stock-based compensation) | 37,528 | 22,939 | 14,589 | 64 | % | ||||||||||||||||||
Other | 10,541 | 3,294 | 7,247 | 220 | % | ||||||||||||||||||
Total research and development expenses | $ | 79,545 | $ | 56,754 | $ | 22,791 | 40 | % |
| | | Year Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
| | | (Amounts in thousands) | | |||||||||
Net cash used in operating activities | | | | $ | (61,389) | | | | | $ | (60,552) | | |
Net cash (used in) provided by investing activities | | | | | (188,776) | | | | | | (5,233) | | |
Net cash provided by financing activities | | | | | 372,462 | | | | | | 100,166 | | |
Effect of exchange rate changes on cash and cash equivalents | ��� | | | | 721 | | | | | | (135) | | |
Net increase (decrease) in cash and cash equivalents | | | | $ | 123,018 | | | | | $ | 34,246 | | |
Year Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(Amounts in thousands) | |||||||||||
Net cash used in operating activities | $ | (82,180) | $ | (61,389) | |||||||
Net cash (used in) provided by investing activities | (1,806) | (188,776) | |||||||||
Net cash provided by financing activities | 6,598 | 372,462 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 818 | 721 | |||||||||
Net (decrease) increase in cash and cash equivalents | $ | (76,570) | $ | 123,018 |
| | | | | | | | | Payments due by period | | |||||||||||||||||||||
| | | Total | | | Less than 1 year | | | 1 to 3 years | | | 4 to 5 years | | | More than 5 years | | |||||||||||||||
| | | (Amounts in thousands) | | |||||||||||||||||||||||||||
Manufacturing commitments(1) | | | | | 1,651 | | | | | | 1,651 | | | | | | — | | | | | | — | | | | | | — | | |
Lease Commitments | | | | | 63,121 | | | | | | 3,457 | | | | | | 7,170 | | | | | | 7,523 | | | | | | 44,971 | | |
Total | | | | | 64,772 | | | | | | 5,108 | | | | | | 7,170 | | | | | | 7,523 | | | | | | 44,971 | | |
| | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | | | Number of Securities Available for Future Issuance Under Equity Compensation Plans | | |||||||||
Plan Category: | | | | | | | | | | | | | | | | | | | |
Equity compensation plans approved by stockholders | | | | | | | | | | | | | | | | | | | |
2017 Plan | | | | | 1,611,893 | | | | | | 2.94 | | | | | | — | | |
2018 Plan(1) | | | | | 4,864,266 | | | | | | 16.68 | | | | | | 1,282,506 | | |
ESPP | | | | | | | | | | | | | | | | | 1,031,868 | | |
Total | | | | | 6,476,159 | | | | | | | | | | | | 2,314,374 | | |
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Available for Future Issuance Under Equity Compensation Plans | |||||||||||||||
Plan Category: | |||||||||||||||||
Equity compensation plans approved by stockholders | |||||||||||||||||
2017 Plan | 1,224,136 | 3.10 | — | ||||||||||||||
2018 Plan(1) | 5,903,078 | 19.54 | 1,933,300 | ||||||||||||||
ESPP | 1,550,375 | ||||||||||||||||
Total | 7,127,214 | 3,483,675 |
Page | |||||||||||
| | | March 31, 2021 | | | March 31, 2020 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 182,518 | | | | | $ | 59,500 | | |
Short-term investments | | | | | 293,784 | | | | | | 109,055 | | |
Research and development incentives receivable | | | | | 2,953 | | | | | | 2,962 | | |
Prepaid expenses and other current assets | | | | | 4,492 | | | | | | 2,734 | | |
Total current assets | | | | | 483,747 | | | | | | 174,251 | | |
Property, plant and equipment, net | | | | | 7,442 | | | | | | 6,860 | | |
Restricted cash | | | | | 1,636 | | | | | | 1,636 | | |
Right-to-use asset – operating leases | | | | | 5,751 | | | | | | 4,425 | | |
Right-to-use asset – financing leases | | | | | 44,522 | | | | | | 46,925 | | |
Total assets | | | | $ | 543,098 | | | | | $ | 234,097 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 2,355 | | | | | $ | 3,434 | | |
Accrued expenses and other current liabilities | | | | | 8,735 | | | | | | 5,156 | | |
Operating lease liabilities, current | | | | | 970 | | | | | | 873 | | |
Financing lease liabilities, current | | | | | 2,487 | | | | | | 2,411 | | |
Total current liabilities | | | | | 14,547 | | | | | | 11,874 | | |
Long term debt, net of debt discount | | | | | — | | | | | | 9,801 | | |
Operating lease liabilities, non-current | | | | | 5,078 | | | | | | 3,737 | | |
Financing lease liabilities, non-current | | | | | 24,745 | | | | | | 24,967 | | |
Total liabilities | | | | | 44,370 | | | | | | 50,379 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | |
Stockholders’ equity | | | | | | | | | | | | | |
Common stock, $0.001 par value; 150,000,000 shares authorized as of March 31, 2021 and March 31, 2020; 46,566,481 and 36,668,743 shares issued and outstanding as of March 31, 2021 and March 31, 2020, respectively | | | | | 47 | | | | | | 37 | | |
Additional paid-in capital | | | | | 692,243 | | | | | | 296,961 | | |
Accumulated deficit | | | | | (193,168) | | | | | | (112,298) | | |
Accumulated other comprehensive loss | | | | | (394) | | | | | | (982) | | |
Total stockholders’ equity | | | | | 498,728 | | | | | | 183,718 | | |
Total liabilities and stockholders’ equity | | | | $ | 543,098 | | | | | $ | 234,097 | | |
March 31, 2022 | March 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 105,948 | $ | 182,518 | |||||||
Short-term investments | 289,707 | 293,784 | |||||||||
Research and development incentives receivable | 3,055 | 2,953 | |||||||||
Prepaid expenses and other current assets | 5,267 | 4,492 | |||||||||
Total current assets | 403,977 | 483,747 | |||||||||
Property, plant and equipment, net | 7,933 | 7,442 | |||||||||
Restricted cash | 1,636 | 1,636 | |||||||||
Right-to-use asset – operating leases | 5,552 | 5,751 | |||||||||
Right-to-use asset – financing leases | 42,094 | 44,522 | |||||||||
Total assets | $ | 461,192 | $ | 543,098 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 3,732 | $ | 2,355 | |||||||
Accrued expenses and other current liabilities | 13,392 | 8,735 | |||||||||
Operating lease liabilities, current | 1,070 | 970 | |||||||||
Financing lease liabilities, current | 2,562 | 2,487 | |||||||||
Total current liabilities | 20,756 | 14,547 | |||||||||
Operating lease liabilities, non-current | 4,801 | 5,078 | |||||||||
Financing lease liabilities, non-current | 24,406 | 24,745 | |||||||||
Total liabilities | 49,963 | 44,370 | |||||||||
Commitments and contingencies (Note 12) | 0 | 0 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value; 150,000,000 shares authorized as of March 31, 2022 and March 31, 2021; 47,338,660 and 46,566,481 shares issued and outstanding as of March 31, 2022 and March 31, 2021, respectively | 47 | 47 | |||||||||
Additional paid-in capital | 723,359 | 692,243 | |||||||||
Accumulated deficit | (311,204) | (193,168) | |||||||||
Accumulated other comprehensive loss | (973) | (394) | |||||||||
Total stockholders’ equity | 411,229 | 498,728 | |||||||||
Total liabilities and stockholders’ equity | $ | 461,192 | $ | 543,098 |
| | | Year Ended March 31, | | | |||||||||||
| | | 2021 | | | 2020 | | | ||||||||
Operating expenses: | | | | | | | | | | | | | | | | |
Research and development | | | | $ | 56,754 | | | | | $ | 38,761 | | | | ||
General and administrative | | | | | 23,201 | | | | | | 17,437 | | | | ||
Total operating expenses | | | | | 79,955 | | | | | | 56,198 | | | | ||
Loss from operations | | | | | (79,955) | | | | | | (56,198) | | | | ||
Other income (expense): | | | | | | | | | | | | | | | ||
Research and development incentives | | | | | 2,807 | | | | | | 3,084 | | | | ||
Investment income | | | | | 916 | | | | | | 2,424 | | | | ||
Interest expense on finance lease liability | | | | | (2,242) | | | | | | (1,185) | | | | ||
Interest expense on debt obligations | | | | | (818) | | | | | | (734) | | | | ||
Loss on extinguishment of debt | | | | | (913) | | | | | | — | | | | ||
Other (expense) income | | | | | (665) | | | | | | (16) | | | | ||
Total other (expense) income, net | | | | | (915) | | | | | | 3,573 | | | | ||
Net loss attributable to common stockholders | | | | $ | (80,870) | | | | | $ | (52,625) | | | | ||
Net loss per share attributable to common stockholders, basic and diluted | | | | $ | (1.75) | | | | | $ | (1.54) | | | | ||
Weighted average common shares outstanding, basic and diluted | | | | | 46,248,969 | | | | | | 34,261,548 | | | |
Year Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating expenses: | |||||||||||
Research and development | $ | 79,545 | $ | 56,754 | |||||||
Selling, general and administrative | 38,769 | 23,201 | |||||||||
Total operating expenses | 118,314 | 79,955 | |||||||||
Loss from operations | (118,314) | (79,955) | |||||||||
Other income (expense): | |||||||||||
Research and development incentives | 3,170 | 2,807 | |||||||||
Investment income | 390 | 916 | |||||||||
Interest expense on finance lease liability | (2,223) | (2,242) | |||||||||
Interest expense on debt obligations | — | (818) | |||||||||
Loss on extinguishment of debt | — | (913) | |||||||||
Other (expense) income | (1,059) | (665) | |||||||||
Total other income (expense), net | 278 | (915) | |||||||||
Net loss | $ | (118,036) | $ | (80,870) | |||||||
Net loss per common share, basic and diluted | $ | (2.26) | $ | (1.75) | |||||||
Weighted average common shares outstanding, basic and diluted | 52,212,269 | 46,248,969 |
| | | Year Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Net Loss | | | | $ | (80,870) | | | | | $ | (52,625) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Foreign currency translation gain (loss) | | | | | 866 | | | | | | (236) | | |
Net unrealized (loss) gain on short-term investments, net of tax of $0 | | | | | (278) | | | | | | 309 | | |
Comprehensive loss | | | | $ | (80,282) | | | | | $ | (52,552) | | |
Year Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | (118,036) | $ | (80,870) | |||||||
Other comprehensive loss: | |||||||||||
Foreign currency translation gain | 748 | 866 | |||||||||
Net unrealized loss on short-term investments, net of tax of $0 | (1,327) | (278) | |||||||||
Comprehensive loss | $ | (118,615) | $ | (80,282) |
| | | Common stock | | | Additional paid-in capital | | | Accumulated deficit | | | Accumulated other comprehensive loss | | | Total stockholders’ equity | | |||||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balances as of March 31, 2019 | | | | | 31,656,950 | | | | | | 32 | | | | | | 198,645 | | | | | | (59,766) | | | | | | (1,055) | | | | | | 137,856 | | |
Issuance of common stock through at-the-market sales, net of offering costs of $137 | | | | | 287,559 | | | | | | — | | | | | | 4,431 | | | | | | — | | | | | | — | | | | | | 4,431 | | |
Issuance of common shares upon closing of follow-on public offering, net of issuance costs and underwriter fees of $4,017 | | | | | 4,516,561 | | | | | | 5 | | | | | | 57,448 | | | | | | — | | | | | | — | | | | | | 57,453 | | |
Issuance of prefunded warrants to purchase common stock, net of issuance costs and underwriter fees of $1,797 | | | | | — | | | | | | — | | | | | | 28,145 | | | | | | — | | | | | | — | | | | | | 28,145 | | |
Foreign currency translation adjustment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (236) | | | | | | (236) | | |
Unrealized gain on short-term investments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 309 | | | | | | 309 | | |
Exercise of stock options | | | | | 207,673 | | | | | | — | | | | | | 551 | | | | | | — | | | | | | — | | | | | | 551 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 7,741 | | | | | | — | | | | | | — | | | | | | 7,741 | | |
Impact of adoption of ASC 842 | | | | | | | | | | | | | | | | | | | | | | | 93 | | | | | | | | | | | | 93 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (52,625) | | | | | | — | | | | | | (52,625) | | |
Balances as of March 31, 2020 | | | | | 36,668,743 | | | | | $ | 37 | | | | | $ | 296,961 | | | | | $ | (112,298) | | | | | $ | (982) | | | | | $ | 183,718 | | |
Issuance of prefunded warrants to purchase common stock, net of $5,850 issuance costs | | | | | — | | | | | | — | | | | | | 91,650 | | | | | | — | | | | | | — | | | | | | 91,650 | | |
Issuance of common stock, net of issuance costs and underwriter fees of $18,892 | | | | | 9,103,261 | | | | | | 8 | | | | | | 286,099 | | | | | | | | | | | | | | | | | | 286,107 | | |
Foreign currency translation adjustment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 866 | | | | | | 866 | | |
Unrealized loss on short-term investments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (278) | | | | | | (278) | | |
Exercise of stock options | | | | | 794,477 | | | | | | 2 | | | | | | 5,743 | | | | | | — | | | | | | — | | | | | | 5,745 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 11,790 | | | | | | — | | | | | | — | | | | | | 11,790 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (80,870) | | | | | | — | | | | | | (80,870) | | |
Balances as of March 31, 2021 | | | | | 46,566,481 | | | | | | 47 | | | | | | 692,243 | | | | | | (193,168) | | | | | | (394) | | | | | | 498,728 | | |
Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total stockholders’ equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of March 31, 2020 | 36,668,743 | $ | 37 | $ | 296,961 | $ | (112,298) | $ | (982) | $ | 183,718 | ||||||||||||||||||||||||
Issuance of prefunded warrants to purchase common stock, net of $5,850 issuance costs | — | 91,650 | — | — | 91,650 | ||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs and underwriter fees of $18,892 | 9,103,261 | 8 | 286,099 | — | — | 286,107 | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 866 | 866 | |||||||||||||||||||||||||||||
Unrealized loss on short-term investments | — | — | — | — | (278) | (278) | |||||||||||||||||||||||||||||
Exercise of stock options | 794,477 | 2 | 5,743 | — | — | 5,745 | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 11,790 | — | — | 11,790 | |||||||||||||||||||||||||||||
Net loss | — | — | — | (80,870) | — | (80,870) | |||||||||||||||||||||||||||||
Balances as of March 31, 2021 | 46,566,481 | $ | 47 | $ | 692,243 | $ | (193,168) | $ | (394) | $ | 498,728 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 748 | 748 | |||||||||||||||||||||||||||||
Unrealized loss on short-term investments | — | — | — | — | (1,327) | (1,327) | |||||||||||||||||||||||||||||
Exercise of stock options | 768,186 | — | 6,862 | — | — | 6,862 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 3,993 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 24,254 | — | — | 24,254 | |||||||||||||||||||||||||||||
Net loss | — | — | — | (118,036) | — | (118,036) | |||||||||||||||||||||||||||||
Balances as of March 31, 2022 | 47,338,660 | $ | 47 | $ | 723,359 | $ | (311,204) | $ | (973) | $ | 411,229 |
| | | Year Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (80,870) | | | | | $ | (52,625) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Stock-based compensation expense | | | | | 11,790 | | | | | | 7,741 | | |
Depreciation and amortization | | | | | 1,711 | | | | | | 533 | | |
Net amortization of premiums and discounts on short-term investments | | | | | 1,376 | | | | | | (945) | | |
Noncash interest expense | | | | | 181 | | | | | | 156 | | |
Loss on extinguishment of debt | | | | | 913 | | | | | | | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Research and development incentives receivable | | | | | 325 | | | | | | (628) | | |
Prepaid expenses and other current assets | | | | | (1,707) | | | | | | 933 | | |
Operating lease, right-of-use-asset | | | | | 447 | | | | | | 588 | | |
Finance lease, right-of-use-asset | | | | | 2,403 | | | | | | 1,274 | | |
Long term prepaid rent | | | | | — | | | | | | (15,787) | | |
Accounts payable | | | | | (1,031) | | | | | | (3,821) | | |
Accrued expenses and other current liabilities | | | | | 3,413 | | | | | | 2,479 | | |
Operating lease liabilities | | | | | (340) | | | | | | (450) | | |
Net cash used in operating activities | | | | | (61,389) | | | | | | (60,552) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | | | | (2,392) | | | | | | (6,540) | | |
Purchase of short-term investments | | | | | (392,434) | | | | | | (149,682) | | |
Proceeds from sales and maturities of short-term investments | | | | | 206,050 | | | | | | 150,989 | | |
Net cash (used in) investing activities | | | | | (188,776) | | | | | | (5,233) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from issuance of common stock in follow-on public offering, net of underwriting fees and discounts | | | | | 286,107 | | | | | | 57,453 | | |
Proceeds from issuance of prefunded warrants to purchase common stock, net of underwriting fees and discounts | | | | | 91,650 | | | | | | 28,145 | | |
Proceeds from issuance of common stock through ATM sales | | | | | — | | | | | | 4,431 | | |
Proceeds from long-term debt | | | | | | | | | | | 10,000 | | |
Exercise of stock options | | | | | 5,745 | | | | | | 551 | | |
Payment of debt issuance costs | | | | | (100) | | | | | | (355) | | |
Principal payment of finance lease obligation | | | | | (145) | | | | | | (59) | | |
Principal payment of long-term debt | | | | | (10,000) | | | | | | — | | |
Payment of long-term debt extinguishment costs | | | | | (795) | | | | | | — | | |
Net cash provided by financing activities | | | | | 372,462 | | | | | | 100,166 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | | | | | 721 | | | | | | (135) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash | | | | | 123,018 | | | | | | 34,246 | | |
Cash, cash equivalents and restricted cash at beginning of period | | | | | 61,136 | | | | | | 26,890 | | |
Cash, cash equivalents and restricted cash at end of period | | | | $ | 184,154 | | | | | $ | 61,136 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Cash paid during the period for interest | | | | $ | 636 | | | | | $ | 578 | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | | |
Net unrealized (loss) gain on short-term investments | | | | $ | (278) | | | | | $ | 309 | | |
Purchases of property and equipment included in accounts payable | | | | $ | 98 | | | | | $ | 209 | | |
Lease assets obtained in exchange for new financing lease liabilities | | | | $ | — | | | | | $ | 48,224 | | |
Lease assets obtained in exchange for new operating lease liabilities | | | | $ | 1,580 | | | | | $ | 5,152 | | |
Adjustments for non-cash lease termination | | | | $ | — | | | | | $ | 177 | | |
Year Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (118,036) | $ | (80,870) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Stock-based compensation expense | 24,254 | 11,790 | |||||||||
Depreciation and amortization | 2,147 | 1,711 | |||||||||
Net amortization of premiums and discounts on short-term investments | 2,220 | 1,376 | |||||||||
Noncash interest expense | — | 181 | |||||||||
Loss on extinguishment of debt | — | 913 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Research and development incentives receivable | (247) | 325 | |||||||||
Prepaid expenses and other current assets | (815) | (1,707) | |||||||||
Operating lease, right-of-use-asset | 99 | 447 | |||||||||
Finance lease, right-of-use-asset | 2,428 | 2,403 | |||||||||
Accounts payable | 1,118 | (1,031) | |||||||||
Accrued expenses and other current liabilities | 4,725 | 3,413 | |||||||||
Operating lease liabilities | (73) | (340) | |||||||||
Net cash used in operating activities | (82,180) | (61,389) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment | (2,336) | (2,392) | |||||||||
Purchase of short-term investments | (255,720) | (392,434) | |||||||||
Proceeds from sales and maturities of short-term investments | 256,250 | 206,050 | |||||||||
Net cash (used in) investing activities | (1,806) | (188,776) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock in follow-on public offering, net of underwriting fees and discounts | — | 286,107 | |||||||||
Proceeds from issuance of prefunded warrants to purchase common stock, net of underwriting fees and discounts | — | 91,650 | |||||||||
Proceeds from exercise of stock options | 6,862 | 5,745 | |||||||||
Payment of debt issuance costs | — | (100) | |||||||||
Principal payment of finance lease obligation | (264) | (145) | |||||||||
Principal payment of long-term debt | — | (10,000) | |||||||||
Payment of long-term debt extinguishment costs | — | (795) | |||||||||
Net cash provided by financing activities | 6,598 | 372,462 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 818 | 721 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (76,570) | 123,018 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 184,154 | 61,136 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 107,584 | $ | 184,154 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid during the period for interest | — | $ | 636 | ||||||||
Cash paid for income taxes, net | 55 | — | |||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Purchases of property and equipment included in accounts payable | $ | 415 | $ | 98 | |||||||
Lease assets obtained in exchange for new operating lease liabilities | $ | 363 | $ | 1,580 |
Estimated Useful life | ||||||||
Office equipment | 5 years | |||||||
Computer equipment and software | 3 years | |||||||
Plant, | 5 years | |||||||
Leasehold improvements | Lesser of lease term or 10 years |
| | | Fair Value Measurements as of March 31, 2021 Using: | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | — | | | | | $ | 150,734 | | | | | $ | — | | | | | $ | 150,734 | | |
US Government Agency bonds | | | | | — | | | | | | 67,012 | | | | | | — | | | | | | 67,012 | | |
US Treasury bonds | | | | | — | | | | | | 226,772 | | | | | | — | | | | | | 226,772 | | |
| | | | $ | — | | | | | $ | 444,518 | | | | | $ | — | | | | | $ | 444,518 | | |
| | | Fair Value Measurements as of March 31, 2020 Using: | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | — | | | | | $ | 36,712 | | | | | $ | — | | | | | $ | 36,712 | | |
Commercial paper | | | | | — | | | | | | 21,884 | | | | | | — | | | | | | 21,884 | | |
US Treasury bonds | | | | | — | | | | | | 35,810 | | | | | | — | | | | | | 35,810 | | |
US Government Agency bonds | | | | | — | | | | | | 15,295 | | | | | | — | | | | | | 15,295 | | |
Corporate debt securities | | | | | — | | | | | | 36,066 | | | | | | — | | | | | | 36,066 | | |
| | | | $ | — | | | | | $ | 145,767 | | | | | $ | — | | | | | $ | 145,767 | | |
Fair Value Measurements as of March 31, 2022 Using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | — | $ | 75,117 | $ | — | $ | 75,117 | |||||||||||||||
US Government Agency bonds | — | 26,688 | — | 26,688 | |||||||||||||||||||
US Treasury bonds | — | 263,019 | — | 263,019 | |||||||||||||||||||
$ | — | $ | 364,824 | $ | — | $ | 364,824 |
Fair Value Measurements as of March 31, 2021 Using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $ | — | $ | 150,734 | $ | — | $ | 150,734 | |||||||||||||||
US Government Agency bonds | — | 67,012 | — | 67,012 | |||||||||||||||||||
US Treasury bonds | — | 226,772 | — | 226,772 | |||||||||||||||||||
$ | — | $ | 444,518 | $ | — | $ | 444,518 |
| | | March 31, 2021 | | |||||||||||||||||||||
| | | Amortized cost | | | Gross unrealized gains | | | Gross unrealized losses | | | Fair value | | ||||||||||||
US Government agency bonds | | | | $ | 67,017 | | | | | $ | 12 | | | | | $ | (17) | | | | | $ | 67,012 | | |
US Treasury bonds | | | | | 226,722 | | | | | | 55 | | | | | | (5) | | | | | | 226,772 | | |
| | | | $ | 293,739 | | | | | $ | 67 | | | | | $ | (22) | | | | | $ | 293,784 | | |
March 31, 2022 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||
US Government agency bonds | $ | 26,827 | $ | — | $ | (139) | $ | 26,688 | |||||||||||||||
US Treasury bonds | 264,162 | — | (1,143) | 263,019 | |||||||||||||||||||
$ | 290,989 | $ | — | $ | (1,282) | $ | 289,707 |
March 31, 2021 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||
US Government agency bonds | $ | 67,017 | $ | 12 | $ | (17) | $ | 67,012 | |||||||||||||||
US Treasury bonds | 226,722 | 55 | (5) | 226,772 | |||||||||||||||||||
$ | 293,739 | $ | 67 | $ | (22) | $ | 293,784 |
| | | March 31, 2020 | | |||||||||||||||||||||
| | | Amortized cost | | | Gross unrealized gains | | | Gross unrealized losses | | | Fair value | | ||||||||||||
Commercial paper | | | | $ | 21,818 | | | | | $ | 66 | | | | | $ | — | | | | | $ | 21,884 | | |
US Government agency bonds | | | | | 15,217 | | | | | | 78 | | | | | | — | | | | | | 15,295 | | |
US Treasury bonds | | | | | 35,590 | | | | | | 220 | | | | | | — | | | | | | 35,810 | | |
Corporate debt securities | | | | | 36,107 | | | | | | 24 | | | | | | (65) | | | | | | 36,066 | | |
| | | | $ | 108,732 | | | | | $ | 388 | | | | | $ | (65) | | | | | $ | 109,055 | | |
| | March 31, 2021 | | March 31, 2020 | | |||||||||||||||||||
| | | ||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||
Office equipment | | | $ | 830 | | | | $ | 721 | | | Office equipment | $ | 937 | $ | 830 | ||||||||
Computer equipment | | | | 1,695 | | | | | 1,658 | | | Computer equipment | 1,667 | 1,695 | ||||||||||
Plant and laboratory equipment | | | | 6,369 | | | | | 3,669 | | | Plant and laboratory equipment | 7,720 | 6,369 | ||||||||||
Leasehold improvements | | | | 784 | | | | | 532 | | | Leasehold improvements | 785 | 784 | ||||||||||
Construction in progress | | | | 412 | | | | | 1,217 | | | Construction in progress | 1,619 | 412 | ||||||||||
| | | | 10,090 | | | | | 7,797 | | | |||||||||||||
12,728 | 10,090 | |||||||||||||||||||||||
Less: Accumulated depreciation and amortization | | | | (2,648) | | | | | (937) | | | Less: Accumulated depreciation and amortization | (4,795) | (2,648) | ||||||||||
| | | $ | 7,442 | | | | $ | 6,860 | | | |||||||||||||
$ | 7,933 | $ | 7,442 |
| | March 31, 2021 | | March 31, 2020 | | |||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||
Accrued research and development costs | | | $ | 3,862 | | | | $ | 2,009 | | | Accrued research and development costs | $ | 5,882 | $ | 3,862 | ||||||||
Accrued compensation and benefits costs | | | | 3,952 | | | | | 2,065 | | | Accrued compensation and benefits costs | 5,569 | 3,952 | ||||||||||
Accrued professional fees | | | | 407 | | | | | 779 | | | Accrued professional fees | 621 | 407 | ||||||||||
Other | | | | 514 | | | | | 303 | | | Other | 1,320 | 514 | ||||||||||
| | | $ | 8,735 | | | | $ | 5,156 | | | |||||||||||||
$ | 13,392 | $ | 8,735 |
| | | March 31, 2021 | | | March 31, 2020 | | ||||||
Principal amount of long-term debt | | | | $ | — | | | | | $ | 10,000 | | |
Unamortized debt discount | | | | | — | | | | | | (199) | | |
Long-term debt, net of discount | | | | $ | — | | | | | $ | 9,801 | | |
| | | Twelve Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Research and development | | | | $ | 5,749 | | | | | $ | 3,689 | | |
General and administrative | | | | | 6,041 | | | | | | 4,052 | | |
| | | | $ | 11,790 | | | | | $ | 7,741 | | |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Research and development | $ | 8,568 | $ | 5,749 | |||||||
Selling, general and administrative | 15,686 | 6,041 | |||||||||
$ | 24,254 | $ | 11,790 |
| | | Twelve Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Stock options | | | | $ | 11,778 | | | | | $ | 7,741 | | |
Restricted stock units | | | | | 12 | | | | | | — | | |
| | | | $ | 11,790 | | | | | $ | 7,741 | | |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Stock options | $ | 19,160 | $ | 11,778 | |||||||
Restricted stock units | 5,094 | 12 | |||||||||
$ | 24,254 | $ | 11,790 |
| | | Twelve Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Risk-free interest rate | | | | | 0.93% | | | | | | 2.12% | | |
Expected term (in years) | | | | | 6.3 | | | | | | 6.0 | | |
Expected volatility | | | | | 75.4% | | | | | | 71.4% | | |
Expected dividend yield | | | | | 0% | | | | | | 0% | | |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Risk-free interest rate | 1.18 | % | 0.93 | % | |||||||
Expected term (in years) | 6.0 | 6.3 | |||||||||
Expected volatility | 79.8 | % | 75.4 | % | |||||||
Expected dividend yield | 0 | % | 0 | % |
| | Number of Shares | | Weighted Average Exercise Price | | Weighted Average Contractual Term (Years) | | Aggregate Intrinsic Value | | |||||||||||||||||||||||||||||||||||||||
Outstanding as of March 31, 2020 | | | | 4,964,381 | | | | $ | 9.78 | | | | | 8.03 | | | | $ | 15,345 | | | |||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding as of March 31, 2021 | Outstanding as of March 31, 2021 | 6,460,184 | $ | 13.26 | 7.95 | $ | 116,193 | |||||||||||||||||||||||||||||||||||||||||
Granted | | | | 2,622,519 | | | | | 18.10 | | | | | 9.22 | | | | | | | | Granted | 1,573,862 | 31.29 | ||||||||||||||||||||||||
Exercised | | | | (794,477) | | | | | 7.23 | | | | | 6.41 | | | | $ | 24,859 | | | Exercised | (768,186) | 8.93 | ||||||||||||||||||||||||
Cancelled | | | | (332,239) | | | | | 14.00 | | | | | | | | | | | | | Cancelled | (751,526) | 24.93 | ||||||||||||||||||||||||
Outstanding as of March 31, 2021 | | | | 6,460,184 | | | | | 13.26 | | | | | 7.95 | | | | $ | 116,193 | | | |||||||||||||||||||||||||||
Options exercisable as of March 31, 2020 | | | | 2,117,721 | | | | $ | 5.67 | | | | | 7.20 | | | | $ | 11,733 | | | |||||||||||||||||||||||||||
Outstanding as of March 31, 2022 | Outstanding as of March 31, 2022 | 6,514,334 | 16.78 | 7.26 | $ | 30,358 | ||||||||||||||||||||||||||||||||||||||||||
Options exercisable as of March 31, 2021 | | | | 2,698,708 | | | | $ | 8.38 | | | | | 6.79 | | | | $ | 59,717 | | | Options exercisable as of March 31, 2021 | 2,698,708 | $ | 8.38 | 6.79 | $ | 59,717 | ||||||||||||||||||||
Options exercisable as of March 31, 2022 | Options exercisable as of March 31, 2022 | 3,645,749 | $ | 10.85 | 6.31 | $ | 24,875 |
| | Number of Restricted Shares | | Weighted Average Grant Date Fair Value | | |||||||||||||||||||
Outstanding as of March 31, 2020 | | | | — | | | | $ | — | | | |||||||||||||
Number of Restricted Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Outstanding as of March 31, 2021 | Outstanding as of March 31, 2021 | 15,975 | $ | 34.15 | ||||||||||||||||||||
Granted | | | | 15,975 | | | | | 34.15 | | | Granted | 868,016 | 31.37 | ||||||||||
Vested | | | | — | | | | | — | | | Vested | (3,993) | 34.15 | ||||||||||
Cancelled | | | | — | | | | | — | | | Cancelled | (53,785) | 31.95 | ||||||||||
Outstanding as of March 31, 2021 | | | | 15,975 | | | | | 34.15 | | | |||||||||||||
Outstanding as of March 31, 2022 | Outstanding as of March 31, 2022 | 826,213 | $ | 31.38 |
| | | Twelve Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to common stockholders | | | | $ | (80,870) | | | | | $ | (52,625) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted | | | | | 46,248,969 | | | | | | 34,261,548 | | |
Net loss per share attributable to common stockholders, basic and diluted | | | | $ | (1.75) | | | | | $ | (1.54) | | |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Numerator: | |||||||||||
Net loss | $ | (118,036) | $ | (80,870) | |||||||
Denominator: | |||||||||||
Weighted average common shares outstanding, basic and diluted | 52,212,269 | 46,248,969 | |||||||||
Net loss per share, basic and diluted | $ | (2.26) | $ | (1.75) |
| | | Twelve Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Options to purchase common stock | | | | | 6,476,159 | | | | | | 4,964,381 | | |
Warrants to purchase convertible preferred stock (as converted to common stock) | | | | | 497,344 | | | | | | 497,344 | | |
| | | | | 6,973,503 | | | | | | 5,461,725 | | |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Options to purchase common stock | 6,514,334 | 6,476,159 | |||||||||
Warrants to purchase common stock | 497,344 | 497,344 | |||||||||
7,011,678 | 6,973,503 |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Lease cost | |||||||||||
Finance lease costs: | |||||||||||
Amortization of right-to-use asset | $ | 2,428 | $ | 2,428 | |||||||
Interest on lease liabilities | 2,223 | 2,242 | |||||||||
Operating lease costs | 1,003 | 948 | |||||||||
Total lease cost | $ | 5,654 | $ | 5,618 |
| | | Twelve Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Lease cost | | | | | | | | | | | | | |
Finance lease costs: | | | | | | | | | | | | | |
Amortization of right-to-use asset | | | | $ | 2,428 | | | | | $ | 1,274 | | |
Interest on lease liabilities | | | | | 2,242 | | | | | | 1,185 | | |
Operating lease costs | | | | | 948 | | | | | | 885 | | |
Total lease cost | | | | $ | 5,618 | | | | | $ | 3,344 | | |
Twelve Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Finance Lease Costs | |||||||||||
Research and development | $ | 2,070 | $ | 2,070 | |||||||
Selling, general and administrative | 358 | 358 | |||||||||
Other income (expense) | 2,223 | 2,242 | |||||||||
Operating Lease Costs | |||||||||||
Research and development | 407 | 352 | |||||||||
Selling, general and administrative | 596 | 596 | |||||||||
Total lease cost | $ | 5,654 | $ | 5,618 |
| | March 31, 2021 | | |||||||||||||||||||||||||||||||||
| | Operating leases | | Financing lease | | Total | | |||||||||||||||||||||||||||||
2022 | | | $ | 970 | | | | $ | 2,487 | | | | $ | 3,457 | | | ||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||||||
Operating leases | Financing lease | Total | ||||||||||||||||||||||||||||||||||
2023 | | | | 980 | | | | | 2,562 | | | | | 3,542 | | | 2023 | $ | 1,070 | $ | 2,562 | $ | 3,632 | |||||||||||||
2024 | | | | 989 | | | | | 2,639 | | | | | 3,628 | | | 2024 | 1,079 | 2,639 | 3,718 | ||||||||||||||||
2025 | | | | 998 | | | | | 2,718 | | | | | 3,716 | | | 2025 | 1,088 | 2,718 | 3,806 | ||||||||||||||||
2026 | | | | 1,008 | | | | | 2,799 | | | | | 3,807 | | | 2026 | 1,098 | 2,799 | 3,897 | ||||||||||||||||
2027 | 2027 | 1,062 | 2,883 | 3,945 | ||||||||||||||||||||||||||||||||
Thereafter | | | | 4,066 | | | | | 40,905 | | | | | 44,971 | | | Thereafter | 2,978 | 38,022 | 41,000 | ||||||||||||||||
Total lease payments | | | | 9,011 | | | | | 54,110 | | | | | 63,121 | | | Total lease payments | 8,375 | 51,623 | 59,998 | ||||||||||||||||
Less: interest | | | | 2,963 | | | | | 26,878 | | | | | 29,841 | | | Less: interest | 2,504 | 24,655 | 27,159 | ||||||||||||||||
Total lease liabilities | | | $ | 6,048 | | | | $ | 27,232 | | | | $ | 33,280 | | | Total lease liabilities | $ | 5,871 | $ | 26,968 | $ | 32,839 |
| | March 31, 2021 | | March 31, 2020 | | |||||||||||||||||||
March 31, 2022 | March 31, 2021 | |||||||||||||||||||||||
Leases | | | | | | | | | | | | Leases | ||||||||||||
Right-to-use operating lease asset | | | $ | 5,751 | | | | $ | 4,425 | | | Right-to-use operating lease asset | $ | 5,552 | $ | 5,751 | ||||||||
Right-to-use finance lease asset | | | | 44,522 | | | | | 46,925 | | | Right-to-use finance lease asset | 42,094 | 44,522 | ||||||||||
Total lease assets | | | $ | 50,273 | | | | $ | 51,350 | | | Total lease assets | $ | 47,646 | $ | 50,273 | ||||||||
Operating lease liabilities, current | | | $ | 970 | | | | $ | 873 | | | Operating lease liabilities, current | $ | 1,070 | $ | 970 | ||||||||
Finance lease liabilities, current | | | | 2,487 | | | | | 2,411 | | | Finance lease liabilities, current | 2,562 | 2,487 | ||||||||||
Operating lease liabilities, non-current | | | | 5,078 | | | | | 3,737 | | | Operating lease liabilities, non-current | 4,801 | 5,078 | ||||||||||
Finance lease liabilities, non-current | | | | 24,745 | | | | | 24,967 | | | Finance lease liabilities, non-current | 24,406 | 24,745 | ||||||||||
Total lease liabilities | | | $ | 33,280 | | | | $ | 31,988 | | | Total lease liabilities | $ | 32,839 | $ | 33,280 | ||||||||
Other information | | | | | | | | | | | | Other information | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||
Operating cash flows from operating leases | | | $ | 823 | | | | $ | 747 | | | Operating cash flows from operating leases | $ | 968 | $ | 823 | ||||||||
Operating cash flows from finance leases | | | $ | 2,240 | | | | $ | 1,185 | | | Operating cash flows from finance leases | $ | 2,223 | $ | 2,240 | ||||||||
Financing cash flows from finance leases | | | $ | 145 | | | | $ | 59 | | | Financing cash flows from finance leases | $ | 264 | $ | 145 | ||||||||
Right-to-use asset obtained in exchange for new operating lease liabilities | | | | | | | | $ | 5,152 | | | Right-to-use asset obtained in exchange for new operating lease liabilities | $ | 363 | $ | 1,580 | ||||||||
Right-to-use asset obtained in exchange for new financing lease liabilities | | | $ | — | | | | $ | 48,224 | | | Right-to-use asset obtained in exchange for new financing lease liabilities | $ | — | $ | — | ||||||||
Weighted-average remaining lease term – operating leases | | 8.9 years | | 8.7 years | | Weighted-average remaining lease term – operating leases | 7.7 years | 8.9 years | ||||||||||||||||
Weighted-average remaining lease term – financing leases | | 18.3 years | | 19.3 years | | Weighted-average remaining lease term – financing leases | 17.3 years | 18.3 years | ||||||||||||||||
Weighted-average discount rate – operating leases | | | | 9.8% | | | | | 7% | | | Weighted-average discount rate – operating leases | 10.1 | % | 9.8 | % | ||||||||
Weighted-average discount rate – financing leases | | | | 8.3% | | | | | 8% | | | Weighted-average discount rate – financing leases | 8.3 | % | 8.3 | % |
| | | Year Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
United States | | | | | (22,775) | | | | | | (12,963) | | |
Foreign (United Kingdom) | | | | | (58,095) | | | | | | (39,662) | | |
Total | | | | | (80,870) | | | | | | (52,625) | | |
Year Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
United States | (28,985) | (22,775) | |||||||||
Foreign (United Kingdom) | (89,051) | (58,095) | |||||||||
Total | (118,036) | (80,870) |
| | Year Ended March 31, | | |||||||||||||||||||||
| | 2021 | | 2020 | | |||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
U.S. Federal statutory income tax rate | | | | -21.0% | | | | | -21.0% | | | U.S. Federal statutory income tax rate | -21.0 | % | -21.0 | % | ||||||||
State taxes, net of federal benefit | | | | -2.4% | | | | | -1.6% | | | State taxes, net of federal benefit | -0.3 | % | -2.4 | % | ||||||||
Research and development credits | | | | -0.8% | | | | | 0% | | | Research and development credits | 0.0 | % | -0.8 | % | ||||||||
Research and development expenses | | | | 1.9% | | | | | 2.2% | | | Research and development expenses | 1.0 | % | 1.9 | % | ||||||||
Return to provision | | | | 0% | | | | | 1.9% | | | Return to provision | -0.2 | % | 0.0 | % | ||||||||
Stock compensation | | | | -3.9% | | | | | 0% | | | Stock compensation | -2.1 | % | -3.9 | % | ||||||||
Foreign tax rate differential | | | | 0.0% | | | | | 2.8% | | | Foreign tax rate differential | 1.5 | % | 0.0 | % | ||||||||
Change in tax rates | Change in tax rates | -10.6 | % | 0.0 | % | |||||||||||||||||||
Change in valuation allowance | | | | 25.9% | | | | | 16.0% | | | Change in valuation allowance | 31.1 | % | 25.9 | % | ||||||||
Other | | | | 0.3% | | | | | -0.3% | | | Other | 0.6 | % | 0.3 | % | ||||||||
| | | | 0.0% | | | | | 0.00% | | | |||||||||||||
0.0 | % | 0.0 | % |
| | Year Ended March 31, | | |||||||||||||||||||||
| | 2021 | | 2020 | | |||||||||||||||||||
Deferred tax assets | | | | | | | | | | | | |||||||||||||
Year Ended March 31, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Deferred tax assets: | Deferred tax assets: | |||||||||||||||||||||||
Federal net operating loss carryforwards | | | | 7.083 | | | | | 2,450 | | | Federal net operating loss carryforwards | $ | 9,827 | $ | 7,083 | ||||||||
Foreign net operating loss carryforwards | | | | 22,195 | | | | | 9,092 | | | Foreign net operating loss carryforwards | 48,588 | 22,195 | ||||||||||
State net operating loss carryforwards | | | | 2,358 | | | | | 1,054 | | | State net operating loss carryforwards | 2,697 | 2,358 | ||||||||||
Research & development credits | | | | 787 | | | | | — | | | Research & development credits | 1,000 | 787 | ||||||||||
Property, plant and equipment | | | | 5,068 | | | | | 5,499 | | | Property, plant and equipment | 4,367 | 5,068 | ||||||||||
Capitalized start-up costs | | | | 1,597 | | | | | 1,748 | | | Capitalized start-up costs | 1,286 | 1,597 | ||||||||||
Stock compensation | | | | 4,838 | | | | | 2,526 | | | Stock compensation | 8,922 | 4,838 | ||||||||||
Accrued expense | | | | 739 | | | | | 341 | | | Accrued expense | 1,452 | 739 | ||||||||||
Lease liability | | | | 8,462 | | | | | 8,705 | | | Lease liability | 7,309 | 8,462 | ||||||||||
Other | Other | 310 | — | |||||||||||||||||||||
Total deferred tax assets | | | | 53,127 | | | | | 31,415 | | | Total deferred tax assets | 85,758 | 53,127 | ||||||||||
Deferred tax liabilities | | | | | | | | | | | | |||||||||||||
Valuation allowance | Valuation allowance | (74,892) | (40,028) | |||||||||||||||||||||
Net deferred tax assets | Net deferred tax assets | 10,866 | 13,099 | |||||||||||||||||||||
Deferred tax liabilities: | Deferred tax liabilities: | |||||||||||||||||||||||
Right of Use Asset | | | | (13,090) | | | | | (13,998) | | | Right of Use Asset | (10,866) | (13,090) | ||||||||||
Other | | | | (9) | | | | | (88) | | | Other | — | (9) | ||||||||||
Total deferred tax liabilities | | | | (13,099) | | | | | (14,086) | | | Total deferred tax liabilities | (10,866) | (13,099) | ||||||||||
Valuation Allowance | | | | (40,028) | | | | | (17,329) | | | |||||||||||||
Net deferred tax assets | | | | — | | | | | — | | | |||||||||||||
Net deferred tax assets (liabilities) | Net deferred tax assets (liabilities) | $ | — | $ | — |
| | | Year Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Valuation allowance as of beginning of year | | | | $ | 17,329 | | | | | $ | 9,396 | | |
Increases recorded to income tax provision | | | | | 22,624 | | | | | $ | 8,047 | | |
Increases recorded to income tax provision for equity | | | | $ | 76 | | | | | $ | — | | |
Decreases recorded to income tax provision for equity | | | | $ | — | | | | | $ | (114) | | |
Valuation allowance as of end of year | | | | | 40,028 | | | | | $ | 17,329 | | |
| | | | | 0 | | | | | | 0 | | |
Year Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Valuation allowance as of beginning of year | $ | 40,028 | $ | 17,329 | |||||||
Increases recorded to income tax provision | 36,679 | 22,624 | |||||||||
(Decreases) increases recorded to income tax provision for equity | $ | (1,815) | $ | 76 | |||||||
Valuation allowance as of end of year | $ | 74,892 | $ | 40,028 |
March 31, 2022 | March 31, 2021 | ||||||||||
United States | $ | 6,318 | $ | 6,866 | |||||||
United Kingdom | 1,615 | 576 | |||||||||
$ | 7,933 | $ | 7,442 |
Exhibit Number | Exhibit Description | Incorporated by Reference | ||||||||||||||||||||||||
Form | Date | Number | ||||||||||||||||||||||||
3.1 | 10-K | June 3, 2020 | 3.1 | |||||||||||||||||||||||
3.2 | 8-K | July 24, 2018 | 3.2 | |||||||||||||||||||||||
4.1 | S-1/A | July 10, 2018 | 4.1 | |||||||||||||||||||||||
4.2 | S-1 | June 22, 2018 | 4.2 | |||||||||||||||||||||||
4.3* | ||||||||||||||||||||||||||
4.4 | 8-K | November 18, 2019 | 4.1 | |||||||||||||||||||||||
4.5 | 8-K | June 10, 2020 | 4.1 | |||||||||||||||||||||||
4.6 | S-3 | August 8, 2019 | 4.4 | |||||||||||||||||||||||
10.1† | S-1/A | July 10, 2018 | 10.1 | |||||||||||||||||||||||
10.2† | S-1/A | June 26, 2018 | 10.2 | |||||||||||||||||||||||
10.3* | ||||||||||||||||||||||||||
10.4† | S-1/A | July 10, 2018 | 10.4 | |||||||||||||||||||||||
10.5† | 10-Q | November 4, 2021 | 10.2 | |||||||||||||||||||||||
10.6† | 10-Q | November 4, 2021 | 10.1 | |||||||||||||||||||||||
10.7† | S-1 | June 22, 2018 | 10.7 | |||||||||||||||||||||||
10.8† | S-1/A | July 10, 2018 | 10.9 | |||||||||||||||||||||||
10.9† | 8-K | December 9, 2019 | 10.1 | |||||||||||||||||||||||
10.10† | 10-Q | August 7, 2020 | 10.1 | |||||||||||||||||||||||
10.11†* | 10-K | May 20, 2021 | 10.11 | |||||||||||||||||||||||
10.12†* | 10-K | May 20, 2021 | 10.12 | |||||||||||||||||||||||
10.13†* | 10-K | May 20, 2021 | 10.13 | |||||||||||||||||||||||
10.14†* | 10-K | May 20, 2021 | 10.14 |
| | | March 31, 2021 | | | March 31, 2020 | | ||||||
United States | | | | $ | 6,866 | | | | | $ | 6,357 | | |
United Kingdom | | | | | 576 | | | | | | 503 | | |
| | | | $ | 7,442 | | | | | $ | 6,860 | | |
| | | Three Months Ended | | |||||||||||||||||||||
| | | March 31, 2021 | | | December 31, 2020 | | | September 30, 2020 | | | June 30, 2020 | | ||||||||||||
Operating Expenses | | | | | 22,184 | | | | | | 20,275 | | | | | | 19,663 | | | | | | 17,833 | | |
Net loss attributable to common stockholders | | | | | (21,499) | | | | | | (21,783) | | | | | | (20,095) | | | | | | (17,493) | | |
Net loss per share attributable to common stockholders, basic and diluted | | | | | (0.42) | | | | | | (0.44) | | | | | | (0.46) | | | | | | (0.44) | | |
| | | Three Months Ended | | |||||||||||||||||||||
| | | March 31, 2020 | | | December 31, 2019 | | | September 30, 2019 | | | June 30, 2019 | | ||||||||||||
Operating Expenses | | | | | 16,385 | | | | | | 16,664 | | | | | | 12,242 | | | | | | 10,907 | | |
Net loss attributable to common stockholders | | | | | (15,789) | | | | | | (16,189) | | | | | | (11,139) | | | | | | (9,508) | | |
Net loss per share attributable to common stockholders, basic and diluted | | | | | (0.41) | | | | | | (0.46) | | | | | | (0.35) | | | | | | (0.30) | | |
Exhibit Number | Exhibit Description | Incorporated by Reference | ||||||||||||||||||||||||
Form | Date | Number | ||||||||||||||||||||||||
10.15† | 10-Q | February 13, 2020 | 10.2 | |||||||||||||||||||||||
10.16† | 10-K | June 3, 2020 | 10.13 | |||||||||||||||||||||||
10.17 | S-1 | June 22, 2018 | 10.8 | |||||||||||||||||||||||
10.18 | S-1 | June 22, 2018 | 10.9 | |||||||||||||||||||||||
10.19 | 10-Q | August 7, 2020 | 10.3 | |||||||||||||||||||||||
10.20‡ | S-1/A | July 10, 2018 | 10.12 | |||||||||||||||||||||||
10.21‡ | S-1/A | July 17, 2018 | 10.13 | |||||||||||||||||||||||
10.22 | S-1 | June 22, 2018 | 10.12 | |||||||||||||||||||||||
10.23 | 8-K | June 13, 2019 | 10.1 | |||||||||||||||||||||||
10.24 | 10-Q | February 4, 2021 | 10.1 | |||||||||||||||||||||||
10.25 | 10-K | June 3, 2020 | 10.22 | |||||||||||||||||||||||
10.26 | 10-Q | February 3, 2022 | 10.3 | |||||||||||||||||||||||
10.27†* | ||||||||||||||||||||||||||
21.1* | ||||||||||||||||||||||||||
23.1* | ||||||||||||||||||||||||||
31.1* | ||||||||||||||||||||||||||
31.2* | ||||||||||||||||||||||||||
32.1** |
| Exhibit Number | | | Exhibit Description | | | Incorporated by Reference | | ||||||
| Form | | | Date | | | Number | | ||||||
| 3.1 | | | | | 10-K | | | June 3, 2020 | | | 3.1 | | |
| 3.2 | | | | | 8-K | | | July 24, 2018 | | | 3.2 | | |
| 4.1 | | | | | S-1/A | | | July 10, 2018 | | | 4.1 | | |
| 4.2 | | | | | S-1 | | | June 22, 2018 | | | 4.2 | | |
| 4.3* | | | Description of the Registrant’s Securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. | | | | | | | | | | |
| 4.4 | | | | | 8-K | | | November 18, 2019 | | | 4.1 | | |
| 4.5 | | | | | 8-K | | | June 10, 2020 | | | 4.1 | | |
| 4.6 | | | | | S-3 | | | August 8, 2019 | | | 4.4 | | |
| 10.1† | | | | | S-1/A | | | July 10, 2018 | | | 10.1 | | |
| 10.2† | | | | | S-1/A | | | June 26, 2018 | | | 10.2 | | |
| 10.3† | | | | | S-1/A | | | July 10, 2018 | | | 10.3 | | |
| 10.4† | | | | | S-1/A | | | July 10, 2018 | | | 10.4 | | |
| 10.5† | | | | | S-1 | | | June 22, 2018 | | | 10.5 | | |
| 10.6† | | | | | S-1 | | | June 22, 2018 | | | 10.6 | | |
| 10.7† | | | | | S-1 | | | June 22, 2018 | | | 10.7 | | |
| 10.8† | | | | | S-1/A | | | July 10, 2018 | | | 10.9 | | |
| 10.9† | | | | | 8-K | | | December 9, 2019 | | | 10.1 | | |
| 10.10† | | | | | 10-Q | | | August 7, 2020 | | | 10.1 | |
Exhibit Number | Exhibit Description | Incorporated by Reference | ||||||||||||||||||||||||||||||||
Date | Number | |||||||||||||||||||||||||||||||||
Certification of the Chief | ||||||||||||||||||||||||||||||||
Inline XBRL Instance Document. | ||||||||||||||||||||||||||||||||
Inline XBRL Taxonomy Extension Schema Document. | ||||||||||||||||||||||||||||||||
Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||||||||||||||||||||||||||||||
Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||||||||||||||||||||||||||||||
Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||||||||||||||||||||||||||||||
Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
REPLIMUNE GROUP, INC. | |||||||||||||
Date: May | /s/ PHILIP ASTLEY-SPARKE | ||||||||||||
Philip Astley-Sparke Chief Executive Officer and Director |
Title | Date | ||||||||||||||||
/s/ PHILIP ASTLEY-SPARKE | Chief Executive Officer and Director (Principal Executive Officer) | May | |||||||||||||||
/s/ JEAN FRANCHI | Chief Financial Officer and Treasurer, (Principal Financial and Accounting Officer) | May | |||||||||||||||
/s/ ROBERT COFFIN | President and Chief Research & Development Officer and Director | May | |||||||||||||||
/s/ KAPIL DHINGRA | May | ||||||||||||||||
/s/ HYAM LEVITSKY | May | ||||||||||||||||
/s/ CHRISTY OLIGER | Director | May 19, 2022 | |||||||||||||||
Christy Oliger | |||||||||||||||||
/s/ PAOLO PUCCI | May | ||||||||||||||||
/s/ JASON RHODES | May | ||||||||||||||||
/s/ JOSEPH SLATTERY | May | ||||||||||||||||
/s/ SANDER SLOOTWEG | May | ||||||||||||||||
/s/ DIETER WEINAND | Director | May 19, 2022 | |||||||||||||||
Dieter Weinand |