☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 81-0724163 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
100 Technology Square Cambridge, Massachusetts | 02139 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.001 Par Value | MGTA | The Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
PART I | ||||||
Item 1. | 6 | |||||
Item 1A. | ||||||
Item 1B. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
PART II | ||||||
Item 5. | ||||||
Item 6. | ||||||
Item 7. | 122 | |||||
Item 7A. | 131 | |||||
Item 8. | 132 | |||||
Item | ||||||
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | ||||||
Item 9A. | ||||||
Item 9B. | ||||||
Item 9C. | 156 | |||||
PART III | ||||||
Item 10. | ||||||
Item 11. | ||||||
Item 12. | ||||||
Item 13. | ||||||
Item 14. | ||||||
PART IV | ||||||
Item 15. | ||||||
Item 16. | ||||||
ITEM 1. | BUSINESS |
HIV, AIDS, cancer, neurodegenerative disorders, diabetes, auto-immune and other immune dysfunctions and viral diseases. The centralized procedure is optional for products containing a new active substance not yet authorized in the European Union, or for products that constitute a significant therapeutic, scientific or technical innovation or which are in the interest of public health in the European Union. Under the centralized procedure the maximum |
ITEM 1A. | RISK FACTORS |
select future development candidates, and initiation of additional clinical trials for our other product candidates. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number or Approximate Dollar Value of Shares (or Units) that May Yet be Purchased Under the Plans or Programs | ||||||||||||
October 1, 2020 - October 31, 2020 | 305 | $ | 0.03 | N/A | N/A | |||||||||||
November 1, 2020 - November 30, 2020 | — | — | N/A | N/A | ||||||||||||
December 1, 2020 - December 31, 2020 | 647 | $ | 0.03 | N/A | N/A | |||||||||||
Total | 952 | (1) | $ | 0.03 | ||||||||||||
ITEM 6. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 50,615 | $ | 59,208 | $ | (8,593 | ) | $ | 46,766 | $ | 50,615 | $ | (3,849 | ) | ||||||||||
General and administrative | 28,087 | 23,761 | 4,326 | 27,926 | 28,087 | (161 | ) | |||||||||||||||||
Total operating expenses | 78,702 | 82,969 | (4,267 | ) | 74,692 | 78,702 | (4,010 | ) | ||||||||||||||||
Loss from operations | (78,702 | ) | (82,969 | ) | 4,267 | (74,692 | ) | (78,702 | ) | 4,010 | ||||||||||||||
Interest and other income, net | 3,766 | 6,200 | (2,434 | ) | 3,556 | 3,766 | (210 | ) | ||||||||||||||||
Net loss | $ | (74,936 | ) | $ | (76,769 | ) | $ | 1,833 | $ | (71,136 | ) | $ | (74,936 | ) | $ | 3,800 | ||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Direct research and development expenses by program: | ||||||||||||||||||||||||
Conditioning | $ | 16,127 | $ | 18,958 | $ | (2,831 | ) | $ | 9,677 | $ | 16,127 | $ | (6,450 | ) | ||||||||||
Mobilization | 4,066 | 6,702 | (2,636 | ) | 5,203 | 4,066 | 1,137 | |||||||||||||||||
Cell Therapy | 4,398 | 7,167 | (2,769 | ) | ||||||||||||||||||||
Cell therapy | 684 | 4,398 | (3,714 | ) | ||||||||||||||||||||
Unallocated expenses: | ||||||||||||||||||||||||
Personnel related (including stock-based compensation) | 14,848 | 13,784 | 1,064 | 18,418 | 14,848 | 3,570 | ||||||||||||||||||
Consultant (including stock-based compensation) | 1,196 | 2,503 | (1,307 | ) | 1,488 | 1,196 | 292 | |||||||||||||||||
Facility related and other | 9,980 | 10,094 | (114 | ) | 11,296 | 9,980 | 1,316 | |||||||||||||||||
Total research and development expenses | $ | 50,615 | $ | 59,208 | $ | (8,593 | ) | $ | 46,766 | $ | 50,615 | $ | (3,849 | ) | ||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 14,219 | $ | 11,800 | $ | 2,419 | $ | 13,902 | $ | 14,219 | $ | (317 | ) | |||||||||||
Professional and consultant | 7,290 | 6,386 | 904 | 6,555 | 7,290 | (735 | ) | |||||||||||||||||
Facility related and other | 6,578 | 5,575 | 1,003 | 7,469 | 6,578 | 891 | ||||||||||||||||||
Total general and administrative expenses | $ | 28,087 | $ | 23,761 | $ | 4,326 | $ | 27,926 | $ | 28,087 | $ | (161 | ) | |||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Cash used in operating activities | $ | (64,023 | ) | $ | (57,103 | ) | $ | (59,531 | ) | $ | (64,023 | ) | ||||
Cash provided by (used in) investing activities | (10,635 | ) | 1,532 | 43,428 | (10,635 | ) | ||||||||||
Cash provided by financing activities | 67,739 | 62,297 | 89,601 | 67,739 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (6,919 | ) | $ | 6,726 | $ | 73,498 | $ | (6,919 | ) | ||||||
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Page(s) | ||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 58,152 | $ | 65,071 | $ | 131,650 | $ | 58,152 | ||||||||
Marketable securities | 90,683 | 80,658 | 45,276 | 90,683 | ||||||||||||
Prepaid expenses and other current assets | 2,692 | 4,114 | 3,767 | 2,692 | ||||||||||||
Total current assets | 151,527 | 149,843 | 180,693 | 151,527 | ||||||||||||
Restricted cash | 1,780 | 1,780 | 1,780 | 1,780 | ||||||||||||
Property and equipment, net | 8,312 | 9,891 | 7,461 | 8,312 | ||||||||||||
Total assets | $ | 161,619 | $ | 161,514 | $ | 189,934 | $ | 161,619 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 3,760 | $ | 2,812 | $ | 3,040 | $ | 3,760 | ||||||||
Accrued expenses and other current liabilities | 7,670 | 11,303 | 7,823 | 7,670 | ||||||||||||
Total current liabilities | 11,430 | 14,115 | 10,863 | 11,430 | ||||||||||||
Deferred rent | 6,283 | 6,206 | 6,399 | 6,283 | ||||||||||||
Total liabilities | 17,713 | 20,321 | 17,262 | 17,713 | ||||||||||||
Commitments and contingencies (Note 8) | 0 | 0 | 0 | 0 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued or outstanding | 0— | 0— | ||||||||||||||
Common stock, $0.001 par value; 150,000,000 shares authorized; 48,541,601 shares and 39,466,254 shares issued and 48,533,135 shares and 39,260,532 shares outstanding as of December 31, 2020 and 2019, respectively | 49 | 39 | ||||||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0shares issued or outstanding | 0— | 0— | ||||||||||||||
Common stock, $0.001 par value; 150,000,000 shares authorized; 58,799,157 | 59 | 49 | ||||||||||||||
Additional paid-in capital | 398,311 | 320,641 | 498,210 | 398,311 | ||||||||||||
Accumulated other comprehensive income (loss) | (23 | ) | 8 | |||||||||||||
Accumulated other comprehensive loss | (30 | ) | (23 | ) | ||||||||||||
Accumulated deficit | (254,431 | ) | (179,495 | ) | (325,567 | ) | (254,431 | ) | ||||||||
Total stockholders’ equity | 143,906 | 141,193 | 172,672 | 143,906 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 161,619 | $ | 161,514 | $ | 189,934 | $ | 161,619 | ||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 50,615 | $ | 59,208 | $ | 46,766 | $ | 50,615 | ||||||||
General and administrative | 28,087 | 23,761 | 27,926 | 28,087 | ||||||||||||
Total operating expenses | 78,702 | 82,969 | 74,692 | 78,702 | ||||||||||||
Loss from operations | (78,702 | ) | (82,969 | ) | (74,692 | ) | (78,702 | ) | ||||||||
Interest and other income, net | 3,766 | 6,200 | 3,556 | 3,766 | ||||||||||||
Net loss | $ | (74,936 | ) | $ | (76,769 | ) | $ | (71,136 | ) | $ | (74,936 | ) | ||||
Net loss per share, basic and diluted | $ | (1.71 | ) | $ | (2.07 | ) | $ | (1.29 | ) | $ | (1.71 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 43,920,121 | 37,014,875 | 54,948,808 | 43,920,121 | ||||||||||||
Comprehensive loss: | ||||||||||||||||
Net loss | $ | (74,936 | ) | $ | (76,769 | ) | $ | (71,136 | ) | $ | (74,936 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gains (losses) on marketable securities | (31 | ) | 16 | |||||||||||||
Other comprehensive loss: | ||||||||||||||||
Unrealized losses on marketable securities | (7 | ) | (31 | ) | ||||||||||||
Total other comprehensive income (loss) | (31 | ) | 16 | |||||||||||||
Total other comprehensive loss | (7 | ) | (31 | ) | ||||||||||||
Total comprehensive loss | $ | (74,967 | ) | $ | (76,753 | ) | $ | (71,143 | ) | $ | (74,967 | ) | ||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | Common Stock | Additional Paid-in | Accumulated Other Comprehensive | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 33,305,033 | $ | 33 | $ | 248,349 | $ | (8 | ) | $ | (102,726 | ) | $ | 145,648 | |||||||||||||||||||||||||||||||||||
Issuance of common stock upon public offering net of underwriting discounts, commissions and offering costs | 4,887,500 | 5 | 60,271 | — | — | 60,276 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | 773,689 | 1 | (1 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 294,310 | — | 2,021 | — | — | 2,021 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 10,001 | — | — | 10,001 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gains on marketable securities | — | — | — | 16 | — | 16 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (76,769 | ) | (76,769 | ) | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 39,260,532 | 39 | 320,641 | 8 | (179,495 | ) | 141,193 | 39,260,532 | $ | 39 | $ | 320,641 | $ | 8 | $ | (179,495 | ) | $ | 141,193 | |||||||||||||||||||||||||||||
Issuance of common stock upon public offering net of underwriting discounts, commissions and offering costs | 8,625,000 | 9 | 64,554 | — | — | 64,563 | 8,625,000 | 9 | 64,554 | — | — | 64,563 | ||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | 184,500 | — | — | — | — | — | 184,500 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 447,402 | 1 | 3,071 | — | — | 3,072 | 447,402 | 1 | 3,071 | — | — | 3,072 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock under Employee Stock Purchase Plan | 15,701 | — | 104 | — | — | 104 | 15,701 | — | 104 | — | — | 104 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 9,941 | — | — | 9,941 | — | — | 9,941 | — | — | 9,941 | ||||||||||||||||||||||||||||||||||||
Unrealized losses on marketable securities | — | — | — | (31 | ) | — | (31 | ) | — | — | — | (31 | ) | — | (31 | ) | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (74,936 | ) | (74,936 | ) | — | — | — | — | (74,936 | ) | (74,936 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 48,533,135 | $ | 49 | $ | 398,311 | $ | (23 | ) | $ | (254,431 | ) | $ | 143,906 | 48,533,135 | 49 | 398,311 | (23 | ) | (254,431 | ) | 143,906 | |||||||||||||||||||||||||||
Issuance of common stock upon private investment, net of offering costs | 9,599,998 | 10 | 86,087 | — | — | 86,097 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | 218,464 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 421,997 | — | 3,363 | — | — | 3,363 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under Employee Stock Purchase Plan | 25,563 | — | 141 | — | — | 141 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 10,308 | — | — | 10,308 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized losses on marketable securities | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (71,136 | ) | (71,136 | ) | ||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 58,799,157 | $ | 59 | $ | 498,210 | $ | (30 | ) | $ | (325,567 | ) | $ | 172,672 | |||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (74,936 | ) | $ | (76,769 | ) | $ | (71,136 | ) | $ | (74,936 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Stock-based compensation expense | 9,941 | 10,001 | 10,308 | 9,941 | ||||||||||||
Depreciation and amortization expense | 1,978 | 1,843 | 2,020 | 1,978 | ||||||||||||
Loss on disposal of property and equipment | 1 | — | 95 | 1 | ||||||||||||
Net amortization (accretion) of premiums (discounts) on marketable securities | 179 | (1,009 | ) | |||||||||||||
Net amortization of premiums on marketable securities | 708 | 179 | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses and other current assets | 1,422 | (1,363 | ) | (1,075 | ) | 1,422 | ||||||||||
Accounts payable | 948 | 145 | (720 | ) | 948 | |||||||||||
Accrued expenses and other current liabilities | (3,633 | ) | 5,089 | 153 | (3,633 | ) | ||||||||||
Deferred rent | 77 | 4,960 | 116 | 77 | ||||||||||||
Net cash used in operating activities | (64,023 | ) | (57,103 | ) | (59,531 | ) | (64,023 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property and equipment | (400 | ) | (3,060 | ) | (1,264 | ) | (400 | ) | ||||||||
Purchases of marketable securities | (95,735 | ) | (144,371 | ) | (45,308 | ) | (95,735 | ) | ||||||||
Maturities of marketable securities | 85,500 | 148,963 | 90,000 | 85,500 | ||||||||||||
Net cash provided by (used in) investing activities | (10,635 | ) | 1,532 | 43,428 | (10,635 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from private investment | 86,400 | — | ||||||||||||||
Proceeds from public offerings, net of underwriting discounts and commissions | 64,860 | 60,874 | — | 64,860 | ||||||||||||
Payments of public offering costs | (297 | ) | (598 | ) | ||||||||||||
Payments of offering costs | (303 | ) | (297 | ) | ||||||||||||
Proceeds from exercise of common stock options | 3,072 | 2,021 | 3,363 | 3,072 | ||||||||||||
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 104 | — | 141 | 104 | ||||||||||||
Net cash provided by financing activities | 67,739 | 62,297 | 89,601 | 67,739 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (6,919 | ) | 6,726 | 73,498 | (6,919 | ) | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 66,851 | 60,125 | 59,932 | 66,851 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 59,932 | $ | 66,851 | $ | 133,430 | $ | 59,932 | ||||||||
Estimated Useful Life | ||
Lab equipment | 5 years | |
Computer equipment | 3 years | |
Furniture and fixtures | 5 years | |
Leasehold improvements | Shorter of life of lease or estimated useful life |
As of December 31, | As of December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Stock options to purchase common stock | 5,622,868 | 4,688,133 | 6,248,675 | 5,622,868 | ||||||||||||
Unvested restricted common stock and units | 373,466 | 205,722 | 479,918 | 373,466 | ||||||||||||
Shares of common stock issuable under Employee Stock Purchase Plan | 15,443 | 4,213 | 42,634 | 15,443 | ||||||||||||
6,011,777 | 4,898,068 | 6,771,227 | 6,011,777 | |||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
U.S. treasury notes (due within one year) | $ | 30,213 | $ | 0— | $ | (20 | ) | $ | 30,193 | |||||||
U.S. treasury Notes (due after one year through two years) | 15,093 | 0— | (10 | ) | 15,083 | |||||||||||
Total | $ | 45,306 | $ | 0— | $ | (30 | ) | $ | 45,276 | |||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
U . S. treasury notes (due within one year) | $ | 90,706 | $ | 0 | $ | (23 | ) | $ | 90,683 | |||||||
Total | $ | 90,706 | $ | 0 | $ | (23 | ) | $ | 90,683 | |||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
U.S. treasury notes (due within one year) | $ | 90,706 | $ | 0— | $ | (23 | ) | $ | 90,683 | |||||||
Total | $ | 90,706 | $ | 0— | $ | (23 | ) | $ | 90,683 | |||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
U . treasury notes (due within one year)S . | $ | 78,656 | $ | 25 | $ | (21 | ) | $ | 78,660 | |||||||
Agency bonds (due within one year) | 1,994 | 4 | 0 | 1,998 | ||||||||||||
Total | $ | 80,650 | $ | 29 | $ | (21 | ) | $ | 80,658 | |||||||
Fair Value Measurements at December 31, 2020 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 43,182 | $ | — | $ | — | $ | 43,182 | ||||||||
U.S. treasury notes | — | 14,999 | — | 14,999 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. treasury notes | — | 90,683 | — | 90,683 | ||||||||||||
Total | $ | 43,182 | $ | 105,682 | $ | — | $ | 148,864 | ||||||||
Fair Value Measurements at December 31, 2021 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 131,542 | $ | — | $ | — | $ | 131,542 | ||||||||
Marketable securities: | ||||||||||||||||
U.S. treasury notes | — | 45,276 | — | 45,276 | ||||||||||||
Total | $ | 131,542 | $ | 45,276 | $ | — | $ | 176,818 | ||||||||
Fair Value Measurements at December 31, 2020 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 43,182 | $ | — | $ | — | $ | 43,182 | ||||||||
U.S. treasury notes | — | 14,999 | — | 14,999 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. treasury notes | — | 90,683 | — | 90,683 | ||||||||||||
Total | $ | 43,182 | $ | 105,682 | $ | — | $ | 148,864 | ||||||||
Fair Value Measurements at December 31, 2019 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 64,796 | $ | — | $ | — | $ | 64,796 | ||||||||
Marketable securities: | ||||||||||||||||
U .S. treasury notes | — | 78,660 | — | 78,660 | ||||||||||||
Agency bonds | — | 1,998 | — | 1,998 | ||||||||||||
Total | $ | 64,796 | $ | 80,658 | $ | — | $ | 145,454 | ||||||||
December 31, | ||||||||
2020 | 2019 | |||||||
Laboratory and computer equipment | $ | 5,477 | $ | 5,114 | ||||
Furniture and fixtures | 837 | 805 | ||||||
Leasehold improvements | 6,905 | 6,905 | ||||||
13,219 | 12,824 | |||||||
Less: Accumulated depreciation and amortization | (4,907 | ) | (2,933 | ) | ||||
$ | 8,312 | $ | 9,891 | |||||
December 31, | ||||||||
2021 | 2020 | |||||||
Laboratory and computer equipment | $ | 6,397 | $ | 5,477 | ||||
Furniture and fixtures | 826 | 837 | ||||||
Leasehold improvements | 6,905 | 6,905 | ||||||
14,128 | 13,219 | |||||||
Less: Accumulated depreciation and amortization | (6,667 | ) | (4,907 | ) | ||||
$ | 7,461 | $ | 8,312 | |||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Accrued payroll and related expenses | $ | 3,107 | $ | 3,247 | $ | 3,346 | $ | 3,107 | ||||||||
Accrued external research and development expenses | 2,662 | 6,516 | 2,813 | 2,662 | ||||||||||||
Deferred rent, current portion | 555 | 601 | 555 | 555 | ||||||||||||
Accrued professional fees | 693 | 660 | 477 | 693 | ||||||||||||
Accrued other | 653 | 279 | 632 | 653 | ||||||||||||
$ | 7,670 | $ | 11,303 | $ | 7,823 | $ | 7,670 | |||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Risk-free interest rate | 1.0 | % | 2.3 | % | 0.9 | % | 1.0 | % | ||||||||
Expected term (in years) | 6.0 | 6.0 | 6.0 | 6.0 | ||||||||||||
Expected volatility | 80.4 | % | 78.5 | % | 80.5 | % | 80.4 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||||
(in years) | (in thousands) | (in years) | (in thousands) | |||||||||||||||||||||||||||||
Outstanding as of December 31, 2019 | 4,688,133 | $ | 8.88 | 8.6 | $ | 29,634 | ||||||||||||||||||||||||||
Outstanding as of December 31, 2020 | 5,622,868 | $ | 9.54 | 8.3 | $ | 2,136 | ||||||||||||||||||||||||||
Granted | 2,730,023 | 10.09 | 3,095,759 | $ | 9.24 | |||||||||||||||||||||||||||
Exercised | (447,402 | ) | 6.87 | (421,997 | ) | $ | 7.97 | |||||||||||||||||||||||||
Forfeited | (1,347,886 | ) | 9.28 | (2,047,955 | ) | $ | 10.58 | |||||||||||||||||||||||||
Outstanding as of December 31, 2020 | 5,622,868 | $ | 9.54 | 8.3 | $ | 2,136 | ||||||||||||||||||||||||||
Outstanding as of December 31, 2021 | 6,248,675 | $ | 9.15 | 8.2 | $ | — | ||||||||||||||||||||||||||
Options vested and expected to vest as of December 31, 2020 | 5,622,868 | $ | 9.54 | 8.3 | $ | 2,136 | ||||||||||||||||||||||||||
Options vested and expected to vest as of December 31, 2021 | 6,248,675 | $ | 9.15 | 8.2 | $ | — | ||||||||||||||||||||||||||
Options exercisable as of December 31, 2020 | 2,277,399 | $ | 9.52 | 7.7 | $ | 908 | ||||||||||||||||||||||||||
Options exercisable as of December 31, 2021 | 2,693,874 | $ | 9.34 | 7.1 | $ | — | ||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding as of December 31, 2019 | 205,722 | $ | 1.76 | |||||
Vested | (184,500 | ) | 1.66 | |||||
Forfeited | (12,756 | ) | 1.13 | |||||
Outstanding as of December 31, 2020 | 8,466 | $ | 4.84 | |||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding as of December 31, 2020 | 8,466 | $ | 4.84 | |||||
Vested | (8,466 | ) | $ | 4.84 | ||||
Forfeited | — | |||||||
Outstanding as of December 31, 2021 | — | |||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding as of December 31, 2019 | — | $ | — | |||||
Granted | 220,000 | $ | 6.80 | |||||
Vested | — | — | ||||||
Forfeited | (15,000 | ) | $ | 6.80 | ||||
Outstanding as of December 31, 2020 | 205,000 | $ | 6.80 | |||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding as of December 31, 2020 | 205,000 | $ | 6.80 | |||||
Granted | 275,625 | $ | 8.07 | |||||
Vested | (39,998 | ) | $ | 6.80 | ||||
Forfeite d | (150,709 | ) | $ | 7.22 | ||||
Outstanding as of December 31, 2021 | 289,918 | $ | 7.79 | |||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding as of December 31, 2019 | — | $ | — | |||||||||||||
Outstanding as of December 31, 2020 | 160,000 | $ | 6.75 | |||||||||||||
Granted | 160,000 | $ | 6.75 | 320,000 | $ | 10.45 | ||||||||||
Vested | — | — | (170,000 | ) | $ | 10.19 | ||||||||||
Forfeited | — | — | (120,000 | ) | $ | 6.75 | ||||||||||
Outstanding as of December 31, 2020 | 160,000 | $ | 6.75 | |||||||||||||
Outstanding as of December 31, 2021 | 190,000 | $ | 9.91 | |||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Research and development expenses | $ | 3,542 | $ | 4,518 | $ | 3,836 | $ | 3,542 | ||||||||
General and administrative expenses | 6,399 | 5,483 | 6,472 | 6,399 | ||||||||||||
$ | 9,941 | $ | 10,001 | $ | 10,308 | $ | 9,941 | |||||||||
2021 | $ | 6,072 | ||||||
2022 | 6,375 | $ | 6,375 | |||||
2023 | 6,734 | 6,734 | ||||||
2024 | 7,100 | 7,100 | ||||||
2025 | 7,455 | 7,455 | ||||||
2026 | 7,828 | |||||||
Thereafter | 17,444 | 9,617 | ||||||
$ | 51,180 | $ | 45,109 | |||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | ||||
State taxes, net of federal benefit | 5.8 | 6.1 | ||||||
Research and orphan drug tax credits | 3.4 | 4.1 | ||||||
Other | (1.7 | ) | (1.2 | ) | ||||
Increase in deferred tax asset valuation allowance | (28.5 | ) | (30.0 | ) | ||||
Effective income tax rate | 0 | % | 0 | % | ||||
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | ||||
State taxes, net of federal benefit | 5.8 | 5.8 | ||||||
Research and orphan drug tax credits | 3.3 | 3.4 | ||||||
Other | 0.5 | (1.7 | ) | |||||
Increase in deferred tax asset valuation allowance | (30.6 | ) | (28.5 | ) | ||||
Effective income tax rate | 0 | % | 0 | % | ||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss carryforwards | $ | 49,958 | $ | 20,836 | $ | 67,236 | $ | 49,958 | ||||||||
Capitalized research and development expenses | 9,506 | 20,723 | 8,665 | 9,506 | ||||||||||||
Research and orphan drug tax credit carryforwards | 9,988 | 7,416 | 12,370 | 9,988 | ||||||||||||
Stock compensation expense | 2,832 | 2,121 | 5,430 | 2,832 | ||||||||||||
Accrued expense | 828 | 865 | 936 | 828 | ||||||||||||
Other | 1,867 | 1,860 | 1,891 | 1,867 | ||||||||||||
Total deferred tax assets | 74,979 | 53,821 | 96,528 | 74,979 | ||||||||||||
Valuation allowance | (73,600 | ) | (52,248 | ) | (95,367 | ) | (73,600 | ) | ||||||||
Net deferred tax assets | 1,379 | 1,573 | 1,161 | 1,379 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Depreciation and amortization | (1,379 | ) | (1,573 | ) | (1,161 | ) | (1,379 | ) | ||||||||
Total deferred tax liabilities | (1,379 | ) | (1,573 | ) | (1,161 | ) | (1,379 | ) | ||||||||
Net deferred tax assets and liabilities | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Year Ended | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Valuation allowance as of beginning of year | $ | 52,248 | $ | 29,243 | $ | 73,600 | $ | 52,248 | ||||||||
Net increases recorded to income tax provision | 21,352 | 23,005 | 21,767 | 21,352 | ||||||||||||
Valuation allowance as of end of year | $ | 73,600 | $ | 52,248 | $ | 95,367 | $ | 73,600 | ||||||||
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
ITEM 16. | FORM 10-K SUMMARY |
Exhibit Number | Description | |
101SCH* | Inline XBRL Taxonomy Extension Schema Document. | |
101CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document. | |
101PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
101DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
* | Filed herewith. |
** | Furnished herewith. |
# | Represents management compensation plan, contract or arrangement. |
† | Application has been made to the Securities and Exchange Commission for confidential treatment of certain provisions. Omitted material for which confidential treatment has been requested has been filed separately with the Securities and Exchange Commission. |
^ | Portions of this exhibit have been omitted in accordance with the rules of the Securities and Exchange Commission. |
MAGENTA THERAPEUTICS, INC. | ||||||
Date: March | By: | /s/ Stephen Mahoney | ||||
Stephen Mahoney | ||||||
Chief Financial and Operating Officer (Principal Financial and Accounting Officer) |
Signature | Title | Date | ||
/s/ Jason Gardner, D.Phil. | President, Chief Executive Officer and Director (Principal Executive Officer) | March | ||
Jason Gardner, D.Phil. | ||||
/s/ Stephen Mahoney | Chief Financial and Operating Officer (Principal Financial and Accounting Officer) | March | ||
Stephen Mahoney | ||||
/s/ Jeffrey Albers | Director | March | ||
Jeffrey Albers | ||||
/s/ Bruce Booth, D.Phil. | Director | March | ||
Bruce Booth, D.Phil. | ||||
/s/ Alexis A. Borisy | Director | March | ||
Alexis A. Borisy | ||||
/s/ Thomas O. Daniel, M.D. | Director | March | ||
Thomas O. Daniel, M.D. | ||||
/s/ Alison F. Lawton | Director | March | ||
Alison F. Lawton | ||||
/s/ Anne M. McGeorge | Director | March | ||
Anne M. McGeorge | ||||
/s/ Amy L. Ronneberg | Director | March | ||
Amy L. Ronneberg | ||||
/s/ David T. Scadden, M.D. | Director | March | ||
David T. Scadden, M.D. |