☒ | QUARTERLY 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 | 94-3103561 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
7575 Gateway Blvd, Suite 110 Newark, CA | 94560 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common stock, $0.0001 par value per share | CBAY | Nasdaq Global Select Market |
Large accelerated filer | ☐ | Accelerated filer | ||||
Non-accelerated filer | Smaller reporting company | ☒ | ||||
Emerging growth company | ☐ |
Page | ||||||
PART I | 3 | |||||
Item 1. | 3 | |||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
22 | ||||||
PART II | ||||||
Item 1. | 23 | |||||
Item 1A. | ||||||
23 | ||||||
Item 6. | 51 | |||||
52 |
Item 1. | Financial Statements |
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 96,051 | $ | 24,869 | ||||
Marketable securities | 72,856 | 166,076 | ||||||
Accrued interest receivable | 209 | 687 | ||||||
Prepaid research and development expenses | 4,012 | 9,910 | ||||||
Other prepaid expenses and current assets | 974 | 1,381 | ||||||
Total current assets | 174,102 | 202,923 | ||||||
Property and equipment, net | 2,075 | 2,409 | ||||||
Operating lease right-of-use | 260 | 235 | ||||||
Other assets | 160 | 160 | ||||||
Total assets | $ | 176,597 | $ | 205,727 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 476 | $ | 2,503 | ||||
Accrued research and development expenses | 5,437 | 9,218 | ||||||
Accrued restructuring | 879 | 3,193 | ||||||
Other accrued liabilities | 2,686 | 2,722 | ||||||
Total current liabilities | 9,478 | 17,636 | ||||||
Long-term portion of operating lease liability | 1,511 | 1,743 | ||||||
Total liabilities | 10,989 | 19,379 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; 0 shares issued and outstanding | — | — | ||||||
Common stock, $0.0001 par value: 200,000,000 shares authorized; 68,887,092 and 68,882,459 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 7 | 7 | ||||||
Additional paid-in capital | 815,101 | 812,133 | ||||||
Accumulated other comprehensive income | 186 | 80 | ||||||
Accumulated deficit | (649,686 | ) | (625,872 | ) | ||||
Total stockholders’ equity | 165,608 | 186,348 | ||||||
Total liabilities and stockholders’ equity | $ | 176,597 | $ | 205,727 | ||||
June 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 32,897 | $ | 28,193 | ||||
Marketable securities | 73,237 | 118,130 | ||||||
Accrued interest receivable | 227 | 277 | ||||||
Prepaid research and development expenses | 6,060 | 2,221 | ||||||
Other prepaid expenses and current assets | 1,392 | 2,764 | ||||||
Total current assets | 113,813 | 151,585 | ||||||
Property and equipment, net | 1,511 | 1,761 | ||||||
Operating lease right-of-use | 270 | 272 | ||||||
Other assets | 1,447 | 207 | ||||||
Total assets | $ | 117,041 | $ | 153,825 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,050 | $ | 231 | ||||
Accrued research and development expenses | 4,126 | 4,698 | ||||||
Other accrued liabilities | 3,783 | 4,928 | ||||||
Total current liabilities | 8,959 | 9,857 | ||||||
Long-term portion of operating lease liability | 988 | 1,262 | ||||||
Total liabilities | 9,947 | 11,119 | ||||||
Commitments and contingencies | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||
Common stock, $0.0001 par value: 200,000,000 shares authorized; 68,997,938 and 68,946,092 shares issued and outstanding as of J une 30 , 2021 and December 31, 2020, respectively | 7 | 7 | ||||||
Additional paid-in capital | 824,717 | 819,549 | ||||||
Accumulated other comprehensive (loss) income | 1 | 8 | ||||||
Accumulated deficit | (717,631 | ) | (676,858 | ) | ||||
Total stockholders’ equity | 107,094 | 142,706 | ||||||
Total liabilities and stockholders’ equity | $ | 117,041 | $ | 153,825 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 7,942 | $ | 21,119 | $ | 17,451 | $ | 39,707 | ||||||||
General and administrative | 3,398 | 4,529 | 7,745 | 10,192 | ||||||||||||
Restructuring charges | (188 | ) | — | (117 | ) | — | ||||||||||
Total operating expenses | 11,152 | 25,648 | 25,079 | 49,899 | ||||||||||||
Loss from operations | (11,152 | ) | (25,648 | ) | (25,079 | ) | (49,899 | ) | ||||||||
Other income: | ||||||||||||||||
Interest income | 426 | 1,610 | 1,265 | 2,786 | ||||||||||||
Total other income | 426 | 1,610 | 1,265 | 2,786 | ||||||||||||
Net loss | $ | (10,726 | ) | $ | (24,038 | ) | $ | (23,814 | ) | $ | (47,113 | ) | ||||
Other comprehensive income: | ||||||||||||||||
Unrealized gain on marketable securities | 316 | 183 | 106 | 286 | ||||||||||||
Total other comprehensive income | $ | 316 | 183 | 106 | 286 | |||||||||||
Comprehensive loss | $ | (10,410 | ) | $ | (23,855 | ) | $ | (23,708 | ) | $ | (46,827 | ) | ||||
Basic net loss per common share | $ | (0.16 | ) | $ | (0.35 | ) | $ | (0.35 | ) | $ | (0.72 | ) | ||||
Diluted net loss per common share | $ | (0.16 | ) | $ | (0.35 | ) | $ | (0.35 | ) | $ | (0.72 | ) | ||||
Weighted average common shares outstanding used to calculate basic net loss per common share | 68,885,108 | 68,697,735 | 68,883,783 | 65,312,988 | ||||||||||||
Weighted average common shares outstanding used to calculate diluted net loss per common share | 68,885,108 | 68,697,735 | 68,883,783 | 65,312,988 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | $ | 16,745 | $ | 7,942 | $ | 29,127 | $ | 17,451 | ||||||||
General and administrative | 6,521 | 3,210 | 11,757 | 7,628 | ||||||||||||
Total operating expenses | 23,266 | 11,152 | 40,884 | 25,079 | ||||||||||||
Loss from operations | (23,266 | ) | (11,152 | ) | (40,884 | ) | (25,079 | ) | ||||||||
Interest income | 44 | 426 | 111 | 1,265 | ||||||||||||
Net loss | $ | (23,222 | ) | $ | (10,726 | ) | $ | (40,773 | ) | $ | (23,814 | ) | ||||
Other comprehensive (loss) income: | ||||||||||||||||
Unrealized (loss) gain on marketable securities | 7 | 316 | (7 | ) | 106 | |||||||||||
Total other comprehensive (loss) income | 7 | 316 | (7 | ) | 106 | |||||||||||
Comprehensive loss | $ | (23,215 | ) | $ | (10,410 | ) | $ | (40,780 | ) | $ | (23,708 | ) | ||||
Basic and diluted net loss per common share | $ | (0.34 | ) | $ | (0.16 | ) | $ | (0.59 | ) | $ | (0.35 | ) | ||||
Weighted average common shares outstanding used to calculate basic and diluted net loss per common share | 68,985,461 | 68,885,108 | 68,965,885 | 68,883,783 | ||||||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2020 | 2019 | |||||||
Operating activities | ||||||||
Net loss | $ | (23,814 | ) | $ | (47,113 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 309 | 278 | ||||||
Stock-based compensation expense | 2,961 | 4,618 | ||||||
Net accretion and amortization of investments in marketable securities | (306 | ) | (1,324 | ) | ||||
Changes in assets and liabilities: | ||||||||
Interest receivable and other current assets | 478 | (421 | ) | |||||
Prepaid expenses | 6,510 | (5,287 | ) | |||||
Other assets | — | 1,550 | ||||||
Accounts payable | (2,027 | ) | 909 | |||||
Accrued restructuring charges | (2,314 | ) | — | |||||
Accrued liabilities | (4,254 | ) | 142 | |||||
Net cash used in operating activities | (22,457 | ) | (46,648 | ) | ||||
Investing activities | ||||||||
Purchases of property and equipment | — | (269 | ) | |||||
Purchases of marketable securities | (65,504 | ) | (221,278 | ) | ||||
Proceeds from maturities of marketable securities | 159,136 | 135,451 | ||||||
Proceeds from sale of marketable securities | — | 3,980 | ||||||
Net cash provided by (used in) investing activities | 93,632 | (82,116 | ) | |||||
Financing activities | ||||||||
Proceeds from issuance of common stock, net of issuance costs | — | 107,746 | ||||||
Proceeds from issuance of common stock pursuant to equity award plans | 7 | 104 | ||||||
Net cash provided by financing activities | 7 | 107,850 | ||||||
Net increase (decrease) in cash and cash equivalents | 71,182 | (20,914 | ) | |||||
Cash and cash equivalents at beginning of period | 24,869 | 48,995 | ||||||
Cash and cash equivalents at end of period | $ | 96,051 | $ | 28,081 | ||||
Supplemental disclosure | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 323 | $ | 313 | ||||
Supplemental non-cash investing and financing activities | ||||||||
Accrued financing costs | $ | 205 | $ | — |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Operating activities | ||||||||
Net loss | $ | (40,773) | $ | (23,814 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 339 | 309 | ||||||
Stock-based compensation expense | 5,062 | 2,961 | ||||||
Write-off of deferred financing costs | 312 | — | ||||||
Net accretion and amortization of investments in marketable securities | 426 | (306 | ) | |||||
Changes in assets and liabilities: | ||||||||
Interest receivable and other current assets | 178 | 478 | ||||||
Prepaid research and development expenses and other prepaid assets | (2,793 | ) | 6,510 | |||||
Other assets | (1,240 | ) | 0 | |||||
Accounts payable | 798 | (2,027 | ) | |||||
Accrued liabilities | (2,084 | ) | (6,568 | ) | ||||
Net cash used in operating activities | (39,775 | ) | (22,457 | ) | ||||
Investing activities | ||||||||
Purchases of property and equipment | (87 | ) | 0 | |||||
Purchases of marketable securities | (33,820 | ) | (65,504 | ) | ||||
Proceeds from maturities of marketable securities | 78,280 | 159,136 | ||||||
Net cash provided by investing activities | 44,373 | 93,632 | ||||||
Financing activities | ||||||||
Proceeds from issuance of common stock pursuant to equity award plans | 106 | 7 | ||||||
Cash provided by financing activities | 106 | 7 | ||||||
Net increase in cash and cash equivalents | 4,704 | 71,182 | ||||||
Cash and cash equivalents at beginning of period | 28,193 | 24,869 | ||||||
Cash and cash equivalents at end of period | $ | 32,897 | $ | 96,051 | ||||
Supplemental disclosure | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 332 | $ | 323 | ||||
Supplemental non-cash investing and financing activities | ||||||||
Accrued financing costs | $ | 93 | $ | 205 | ||||
Accrued financing costs in accounts payable | $ | 21 | $ | — |
Three and Six Months Ended June 30, 2020 | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2019 | 68,882,459 | $ | 7 | $ | 812,133 | $ | 80 | $ | (625,872 | ) | $ | 186,348 | ||||||||||||
Stock-based compensation expense | — | — | 1,998 | — | — | 1,998 | ||||||||||||||||||
Net loss | — | — | — | — | (13,088 | ) | (13,088 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||
Balances as of March 31, 2020 | 68,882,459 | $ | 7 | $ | 814,131 | $ | (130 | ) | $ | (638,960 | ) | $ | 175,048 | |||||||||||
Issuance of common stock upon exercise of stock options | 4,633 | — | 7 | — | — | 7 | ||||||||||||||||||
Stock-based compensation expense | — | — | 963 | — | — | 963 | ||||||||||||||||||
Net loss | — | — | — | — | (10,726 | ) | (10,726 | ) | ||||||||||||||||
Net unrealized gain on marketable securities | — | — | — | 316 | — | 316 | ||||||||||||||||||
Balances as of June 30, 2020 | 68,887,092 | $ | 7 | $ | 815,101 | $ | 186 | $ | (649,686 | ) | $ | 165,608 | ||||||||||||
Three and Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2018 | 59,456,493 | $ | 6 | $ | 693,534 | $ | (58 | ) | $ | (523,064 | ) | $ | 170,418 | |||||||||||
Issuance of common stock upon exercise of stock options and incentive awards | 37,550 | — | 97 | — | — | 97 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,342 | — | — | 2,342 | ||||||||||||||||||
Issuance of common stock, net of $7,254 issuance costs | 9,200,000 | 1 | 107,745 | — | �� | 107,746 | ||||||||||||||||||
Net loss | — | — | — | — | (23,075 | ) | (23,075 | ) | ||||||||||||||||
Net unrealized gain on marketable | — | — | — | 103 | — | 103 | ||||||||||||||||||
Balances as of March 31, 2019 | 68,694,043 | $ | 7 | $ | 803,718 | $ | 45 | $ | (546,139 | ) | $ | 257,631 | ||||||||||||
Issuance of common stock upon exercise of stock options and incentive awards | 7,000 | — | 7 | — | — | 7 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,276 | — | — | 2,276 | ||||||||||||||||||
Net loss | — | — | — | — | (24,038 | ) | (24,038 | ) | ||||||||||||||||
Net unrealized gain on marketable | — | — | — | 183 | — | 183 | ||||||||||||||||||
Balances as of June 30, 2019 | 68,701,043 | $ | 7 | $ | 806,001 | $ | 228 | $ | (570,177 | ) | $ | 236,059 | ||||||||||||
Three and Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2020 | 68,946,092 | $ | 7 | $ | 819,549 | $ | 8 | $ | (676,858) | $ | 142,706 | |||||||||||||
Stock-based compensation expense | — | — | 2,505 | — | — | 2,505 | ||||||||||||||||||
Net loss | — | — | — | — | (17,551 | ) | (17,551 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (14 | ) | — | (14 | ) | ||||||||||||||||
Balances as of March 31, 2021 | 68,946,092 | $ | 7 | $ | 822,054 | $ | (6 | ) | $ | (694,409 | ) | $ | 127,646 | |||||||||||
Issuance of common stock upon exercise of stock options | 51,846 | — | 106 | — | — | 106 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,557 | — | — | 2,557 | ||||||||||||||||||
Net loss | — | — | — | — | (23,222 | ) | (23,222 | ) | ||||||||||||||||
Net unrealized gain on marketable securities | — | — | — | 7 | — | 7 | ||||||||||||||||||
Balances as of June 30, 2021 | 68,997,938 | $ | 7 | $ | 824,717 | $ | 1 | $ | (717,631 | ) | $ | 107,094 | ||||||||||||
Three and Six Months Ended June 30, 2020 | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balances as of December 31, 2019 | 68,882,459 | $ | 7 | $ | 812,133 | $ | 80 | $ | (625,872 | ) | $ | 186,348 | ||||||||||||
Stock-based compensation expense | — | — | 1,998 | — | — | 1,998 | ||||||||||||||||||
Net loss | — | — | — | — | (13,088 | ) | (13,088 | ) | ||||||||||||||||
Net unrealized loss on marketable securities | — | — | — | (210 | ) | — | (210 | ) | ||||||||||||||||
Balances as of March 31, 2020 | 68,882,459 | $ | 7 | $ | 814,131 | $ | (130 | ) | $ | (638,960 | ) | $ | 175,048 | |||||||||||
Issuance of common stock upon exercise of stock options | 4,633 | — | 7 | — | — | 7 | ||||||||||||||||||
Stock-based compensation expense | — | — | 963 | — | — | 963 | ||||||||||||||||||
Net loss | — | — | — | — | (10,726 | ) | (10,726 | ) | ||||||||||||||||
Net unrealized gain on marketable securities | — | — | — | 316 | — | 316 | ||||||||||||||||||
Balances as of June 30, 2020 | 68,887,092 | $ | 7 | $ | 815,101 | $ | 186 | $ | (649,686 | ) | $ | 165,608 | ||||||||||||
As of June 30, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 90,621 | $ | — | $ | — | 90,621 | |||||||||
Total cash equivalents | 90,621 | — | — | 90,621 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. and foreign commercial paper | — | 30,453 | — | 30,453 | ||||||||||||
U.S. and foreign corporate debt securities | — | 19,173 | — | 19,173 | ||||||||||||
Asset-backed securities | — | 15,184 | — | 15,184 | ||||||||||||
U.S. treasury securities | — | 8,046 | — | 8,046 | ||||||||||||
Total marketable securities | — | 72,856 | — | 72,856 | ||||||||||||
Total assets measured at fair value | $ | 90,621 | $ | 72,856 | $ | — | 163,477 | |||||||||
As of December 31, 2019 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 18,597 | $ | — | $ | — | 18,597 | |||||||||
Total cash equivalents | 18,597 | — | — | 18,597 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. and foreign commercial paper | — | 51,102 | — | 51,102 | ||||||||||||
U.S. and foreign corporate debt securities | — | 56,729 | — | 56,729 | ||||||||||||
Asset-backed securities | — | 39,788 | — | 39,788 | ||||||||||||
U.S. treasury securities | — | 18,457 | — | 18,457 | ||||||||||||
Total marketable securities | — | 166,076 | — | 166,076 | ||||||||||||
Total assets measured at fair value | $ | 18,597 | $ | 166,076 | $ | — | 184,673 | |||||||||
As of June 30, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 29,429 | $ | — | $ | — | $ | 29,429 | ||||||||
Total cash equivalents | 29,429 | — | — | 29,429 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. treasury securities | — | 8,000 | — | 8,000 | ||||||||||||
U.S. and foreign commercial paper | — | 31,972 | — | 31,972 | ||||||||||||
U.S. and foreign corporate debt securities | — | 17,119 | — | 17,119 | ||||||||||||
Asset-backed securities | — | 13,146 | — | 13,146 | ||||||||||||
Supranational debt securities | — | 3,000 | — | 3,000 | ||||||||||||
Total marketable securities | — | 73,237 | — | 73,237 | ||||||||||||
Total assets measured at fair value | $ | 29,429 | $ | 73,237 | $ | — | $ | 102,666 | ||||||||
As of December 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 22,415 | $ | — | $ | — | $ | 22,415 | ||||||||
U.S. commercial paper | — | — | — | — | ||||||||||||
Total cash equivalents | 22,415 | — | — | 22,415 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. treasury securities | — | 15,499 | — | 15,499 | ||||||||||||
U.S. and foreign commercial paper | — | 38,561 | — | 38,561 | ||||||||||||
U.S. and foreign corporate debt securities | — | 29,189 | — | 29,189 | ||||||||||||
U.S. agency securities | — | 23,994 | — | 23,994 | ||||||||||||
Asset-backed securities | — | 7,885 | — | 7,885 | ||||||||||||
Supranational debt securities | — | 3,002 | — | 3,002 | ||||||||||||
Total marketable securities | — | 118,130 | — | 118,130 | ||||||||||||
Total assets measured at fair value | $ | 22,415 | $ | 118,130 | $ | — | $ | 140,545 | ||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of June 30, 2020: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 90,621 | �� | $ | — | $ | — | $ | 90,621 | |||||||
Total cash equivalents | 90,621 | — | — | 90,621 | ||||||||||||
Short-term investments: | ||||||||||||||||
U.S. and foreign commercial paper | 30,453 | — | — | 30,453 | ||||||||||||
U.S. and foreign corporate debt securities | 19,062 | 111 | — | 19,173 | ||||||||||||
Asset-backed securities | 15,151 | 33 | — | 15,184 | ||||||||||||
U.S. treasury securities | 8,004 | 42 | — | 8,046 | ||||||||||||
Total short-term investments | 72,670 | 186 | — | 72,856 | ||||||||||||
Total marketable securities | $ | 163,291 | $ | 186 | $ | — | $ | 163,477 | ||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair | |||||||||||||
As of December 31, 2019: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 18,597 | $ | — | $ | — | $ | 18,597 | ||||||||
Total cash equivalents | 18,597 | — | 18,597 | |||||||||||||
Short-term investments: | ||||||||||||||||
U.S. and foreign commercial paper | 51,102 | — | — | 51,102 | ||||||||||||
U.S. and foreign corporate debt securities | 56,691 | 38 | — | 56,729 | ||||||||||||
Asset-backed securities | 39,756 | 33 | — | 39,789 | ||||||||||||
U.S. treasury securities | 18,447 | 9 | — | 18,456 | ||||||||||||
Total short-term investments | 165,996 | 80 | 166,076 | |||||||||||||
Total marketable securities | $ | 184,593 | $ | 80 | $ | — | $ | 184,673 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Numerator: | ||||||||||||||||
Net loss allocated to common stock—basic | $ | (10,726 | ) | $ | (24,038 | ) | $ | (23,814 | ) | $ | (47,113 | ) | ||||
Net loss allocated to common stock—diluted | $ | (10,726 | ) | $ | (24,038 | ) | $ | (23,814 | ) | $ | (47,113 | ) | ||||
Denominator: | ||||||||||||||||
Weighted average number of common stock shares outstanding—basic | 68,885,108 | 68,697,735 | 68,883,783 | 65,312,988 | ||||||||||||
Dilutive securities: | ||||||||||||||||
Weighted average number of common stock shares outstanding—diluted | 68,885,108 | 68,697,735 | 68,883,783 | 65,312,988 | ||||||||||||
Net loss per share—basic: | $ | (0.16 | ) | $ | (0.35 | ) | $ | (0.35 | ) | $ | (0.72 | ) | ||||
Net loss per share—diluted: | $ | (0.16 | ) | $ | (0.35 | ) | $ | (0.35 | ) | $ | (0.72 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||||
Net loss | $ | (23,222 | ) | $ | (10,726 | ) | $ | (40,773 | ) | $ | (23,814 | ) | ||||
Denominator: | ||||||||||||||||
Weighted average number of common stock shares outstanding | 68,985,461 | 68,885,108 | 68,965,885 | 68,883,783 | ||||||||||||
Net loss per share | $ | (0.34 | ) | $ | (0.16 | ) | $ | (0.59 | ) | $ | (0.35 | ) | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Common stock options | 7,654 | 7,530 | 7,654 | 7,530 | ||||||||||||
Incentive awards | 101 | 127 | 101 | 127 | ||||||||||||
Total | 7,755 | 7,657 | 7,755 | 7,657 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Common stock options | 10,869 | 7,654 | 10,869 | 7,654 | ||||||||||||
Incentive awards | 101 | 101 | 101 | 101 | ||||||||||||
Total | 10,970 | 7,755 | 10,970 | 7,755 | ||||||||||||
June 30, 2020 | December 31, 2019 | |||||||
Accrued compensation | $ | 1,574 | $ | 2,013 | ||||
Accrued professional fees and other | 669 | 302 | ||||||
Operating lease liability | 443 | 407 | ||||||
Total other accrued liabilities | $ | 2,686 | $ | 2,722 | ||||
June 30, 2021 | December 31, 2020 | |||||||
Accrued compensation | $ | 2,271 | $ | 3,769 | ||||
Accrued professional fees and other | 989 | 677 | ||||||
Current portion of operating lease liability | 523 | 482 | ||||||
Total other accrued liabilities | $ | 3,783 | $ | 4,928 | ||||
Termination Benefits | Contract Termination Costs | Total | ||||||||||
Balances as of December 31, 2019 | $ | 2,780 | $ | 413 | $ | 3,193 | ||||||
Restructuring charges | 23 | — | 23 | |||||||||
Reductions for cash payments | (1,499 | ) | — | (1,499 | ) | |||||||
Balances as of March 31, 2020 | 1,304 | 413 | 1,717 | |||||||||
Restructuring charges | (377 | ) | — | (377 | ) | |||||||
Reductions for cash payments | (461 | ) | — | (461 | ) | |||||||
Balances as of June 30, 2020 | $ | 466 | $ | 413 | $ | 879 | ||||||
Lease Payments | ||||
Year ending December 31, | ||||
2020 (July through December) | $ | 324 | ||
2021 | 667 | |||
2022 | 686 | |||
2023 | 707 | |||
2024 | 30 | |||
Total undiscounted future minimum lease payments | $ | 2,414 | ||
Less: imputed interest | 460 | |||
Total operating lease liability | $ | 1,954 | ||
Less: current portion of operating lease liability (included in other accrued liabilities) | 443 | |||
Long-term portion of lease liability | $ | 1,511 | ||
Three Months Ended June 30, | Six Months June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Research and development | $ | 664 | $ | 986 | $ | 1,108 | $ | 2,098 | ||||||||
General and administrative | 110 | 1,290 | 1,664 | 2,520 | ||||||||||||
Restructuring charges | 189 | — | 189 | — | ||||||||||||
Total stock-based compensation expense | $ | 963 | $ | 2,276 | $ | 2,961 | $ | 4,618 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Research and development | $ | 1,151 | $ | 664 | $ | 2,228 | $ | 1,108 | ||||||||
General and administrative | 1,406 | 299 | 2,834 | 1,853 | ||||||||||||
Total stock-based compensation expense | $ | 2,557 | $ | 963 | $ | 5,062 | $ | 2,961 | ||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended June 30, | Change Q2 2020 vs 2019 | Six Months Ended June 30, | Change Q2 YTD 2020 vs 2019 | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 7,942 | $ | 21,119 | $ | (13,177 | ) | $ | 17,451 | $ | 39,707 | $ | (22,256 | ) | ||||||||||
General and administrative | 3,398 | 4,529 | (1,131 | ) | 7,745 | 10,192 | (2,447 | ) | ||||||||||||||||
Restructuring charges | (188 | ) | — | (188 | ) | (117 | ) | — | (117 | ) | ||||||||||||||
Total operating expenses | 11,152 | 25,648 | (14,496 | ) | 25,079 | 49,899 | (24,820 | ) | ||||||||||||||||
Loss from operations | (11,152 | ) | (25,648 | ) | 14,496 | (25,079 | ) | (49,899 | ) | 24,820 | ||||||||||||||
Other income: | ||||||||||||||||||||||||
Interest income | 426 | 1,610 | (1,184 | ) | 1,265 | 2,786 | (1,521 | ) | ||||||||||||||||
Total other income | 426 | 1,610 | (1,184 | ) | 1,265 | 2,786 | (1,521 | ) | ||||||||||||||||
Net loss | $ | (10,726 | ) | $ | (24,038 | ) | $ | 13,312 | $ | (23,814 | ) | $ | (47,113 | ) | $ | 23,299 | ||||||||
Three Months Ended June 30, | Change Q2 2020 vs 2019 | Six Months Ended June 30, | Change Q2 YTD 2020 vs 2019 | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 7,942 | $ | 21,119 | $ | (13,177 | ) | $ | 17,451 | $ | 39,707 | $ | (22,256 | ) | ||||||||||
General and administrative | 3,398 | 4,529 | (1,131 | ) | 7,745 | 10,192 | (2,447 | ) | ||||||||||||||||
Restructuring charges | (188 | ) | — | (188 | ) | (117 | ) | — | (117 | ) | ||||||||||||||
Total operating expenses | $ | 11,152 | $ | 25,648 | $ | (14,496 | ) | $ | 25,079 | $ | 49,899 | $ | (24,820 | ) | ||||||||||
Three Months Ended June 30, | Change Q2 | Six Months Ended June 30, | Change Q2 YTD | |||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 16,745 | $ | 7,942 | $ | 8,803 | $ | 29,127 | $ | 17,451 | $ | 11,676 | ||||||||||||
General and administrative | 6,521 | 3,210 | 3,311 | 11,757 | 7,628 | 4,129 | ||||||||||||||||||
Total operating expenses | 23,266 | 11,152 | 12,114 | 40,884 | 25,079 | 15,805 | ||||||||||||||||||
Loss from operations | (23,266 | ) | (11,152 | ) | (12,114 | ) | (40,884 | ) | (25,079 | ) | (15,805 | ) | ||||||||||||
Interest income | 44 | 426 | (382 | ) | 111 | 1,265 | (1,154 | ) | ||||||||||||||||
Net loss | $ | (23,222 | ) | $ | (10,726 | ) | $ | (12,496 | ) | $ | (40,773 | ) | $ | (23,814 | ) | $ | (16,959 | ) | ||||||
Three Months Ended June 30, | Change Q2 2020 vs 2019 | Six Months Ended June 30, | Change Q2 YTD 2020 vs 2019 | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Project costs: | ||||||||||||||||||||||||
Seladelpar PBC clinical studies | $ | 3,142 | $ | 9,954 | $ | (6,812 | ) | $ | 8,726 | $ | 18,798 | $ | (10,072 | ) | ||||||||||
Seladelpar NASH clinical studies | 572 | 2,315 | (1,743 | ) | 1,469 | 5,358 | (3,889 | ) | ||||||||||||||||
Seladelpar PSC clinical studies | 2 | 976 | (974 | ) | 254 | 976 | (722 | ) | ||||||||||||||||
Seladelpar drug manufacturing & development | — | 2,079 | (2,079 | ) | — | 3,407 | (3,407 | ) | ||||||||||||||||
Seladelpar other studies | 225 | 922 | (697 | ) | 350 | 1,542 | (1,192 | ) | ||||||||||||||||
Non-seladelpar studies | 726 | 154 | 572 | 1,193 | 270 | 923 | ||||||||||||||||||
Total project costs | 4,667 | 16,400 | (11,733 | ) | 11,992 | 30,351 | (18,359 | ) | ||||||||||||||||
Internal research and development costs | 3,275 | 4,719 | (1,444 | ) | 5,459 | 9,356 | (3,897 | ) | ||||||||||||||||
Total research and development | $ | 7,942 | $ | 21,119 | $ | (13,177 | ) | $ | 17,451 | $ | 39,707 | $ | (22,256 | ) | ||||||||||
Three Months Ended June 30, | Change Q2 | Six Months Ended June 30, | Change Q2 YTD | |||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | 2021 | 2020 | 2021 vs 2020 | |||||||||||||||||||
Project costs: | ||||||||||||||||||||||||
Seladelpar PBC clinical studies | $ | 8,967 | $ | 3,142 | $ | 5,825 | $ | 14,870 | $ | 8,726 | $ | 6,144 | ||||||||||||
Seladelpar NASH clinical studies | (9 | ) | 572 | (581 | ) | (19 | ) | 1,469 | (1,488 | ) | ||||||||||||||
Seladelpar PSC clinical studies | — | 2 | (2 | ) | — | 254 | (254 | ) | ||||||||||||||||
Seladelpar drug manufacturing & development | 1,391 | — | 1,391 | 2,145 | — | 2,145 | ||||||||||||||||||
Seladelpar other studies | 36 | 225 | (189 | ) | 159 | 350 | (191 | ) | ||||||||||||||||
Non-seladelpar studies | 1,286 | 726 | 560 | 2,268 | 1,193 | 1,075 | ||||||||||||||||||
Total project costs | 11,671 | 4,667 | 7,004 | 19,423 | 11,992 | 7,431 | ||||||||||||||||||
Internal research and development costs | 5,074 | 3,275 | 1,799 | 9,704 | 5,459 | 4,245 | ||||||||||||||||||
Total research and development | $ | 16,745 | $ | 7,942 | $ | 8,803 | $ | 29,127 | $ | 17,451 | $ | 11,676 | ||||||||||||
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Net cash used in operating activities | $ | (22,457 | ) | $ | (46,648 | ) | ||
Net cash provided by (used in) investing activities | 93,632 | (82,116 | ) | |||||
Cash provided by financing activities | 7 | 107,850 | ||||||
Net increase (decrease) in cash and cash equivalents | $ | 71,182 | $ | (20,914 | ) | |||
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Net cash used in operating activities | $ | (39,775 | ) | $ | (22,457 | ) | ||
Net cash provided by investing activities | 44,373 | 93,632 | ||||||
Cash provided by financing activities | 106 | 7 | ||||||
Net increase in cash and cash equivalents | $ | 4,704 | $ | 71,182 | ||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 6. | Exhibits |
CYMABAY THERAPEUTICS, INC. | ||||
By: | /s/ Sujal Shah | |||
Sujal Shah | ||||
President and Chief Executive Officer | ||||
(Principal Executive Officer) | ||||
Date: | August | |||
By: | /s/ Daniel Menold | |||
Daniel Menold | ||||
Vice President, Finance | ||||
(Principal Financial and Accounting Officer) | ||||
Date: | August |