☒ | 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 | 61-1807780 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
29 Hartwell Avenue Lexington, Massachusetts | 02421 | |
(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 | TBIO | The Nasdaq Global Select Market |
Large accelerated filer | Accelerated filer | |||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
Page | |||||||
PART I. | 1 | ||||||
Item 1. | 1 | ||||||
1 | |||||||
2 | |||||||
3 | |||||||
4 | |||||||
6 | |||||||
7 | |||||||
Item 2. | |||||||
Item 3. | |||||||
Item 4. | |||||||
PART II. | |||||||
Item 1. | |||||||
36 | |||||||
Item 1A. | 36 | ||||||
Item 6. | 84 | ||||||
85 |
, or Sanofi S.A., and our anticipated timeframe in which to complete the transaction, and if it is completed at all; |
our ability to establish collaborations or obtain additional funding. |
September 30, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 674,050 | $ | 84,580 | ||||
Short-term investments | — | 104,098 | ||||||
Collaboration receivables | 25,139 | 4,596 | ||||||
Prepaid expenses and other current assets | 10,822 | 9,391 | ||||||
Restricted cash | 950 | 950 | ||||||
Total current assets | 710,961 | 203,615 | ||||||
Property and equipment, net | 15,044 | 12,539 | ||||||
Right-of-use | 75,650 | 10,400 | ||||||
Goodwill | 21,359 | 21,359 | ||||||
Intangible assets, net | 81,280 | 85,536 | ||||||
Other assets | 4,334 | 2,752 | ||||||
Total assets | $ | 908,628 | $ | 336,201 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 6,815 | $ | 15,968 | ||||
Accrued expenses | 11,766 | 7,072 | ||||||
Current portion of deferred revenue | 93,164 | 18,100 | ||||||
Current portion of operating lease liability | 12,279 | 530 | ||||||
Total current liabilities | 124,024 | 41,670 | ||||||
Contingent consideration | 123,740 | 103,655 | ||||||
Deferred revenue, net of current portion | 242,047 | 25,256 | ||||||
Operating lease liability, net of current portion | 53,151 | 12,084 | ||||||
Total liabilities | 542,962 | 182,665 | ||||||
Commitments and contingencies (Notes 3 and 12) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 0 shares issued and outstanding as of September 30, 2020 and December 31, 2019 | — | — | ||||||
Common stock, $0.001 par value; 200,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 74,251,559 shares and 60,022,067 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 74 | 60 | ||||||
Additional paid-in capital | 758,314 | 512,231 | ||||||
Accumulated deficit | (392,722 | ) | (359,496 | ) | ||||
Accumulated other comprehensive income | — | 741 | ||||||
Total stockholders’ equity | 365,666 | 153,536 | ||||||
Total liabilities and stockholders’ equity | $ | 908,628 | $ | 336,201 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 249,471 | $ | 342,027 | ||||
Investments | 417,727 | 312,001 | ||||||
Collaboration receivables | 24,030 | 26,598 | ||||||
Prepaid expenses and other current assets | 20,958 | 11,741 | ||||||
Restricted cash | 4,826 | 4,826 | ||||||
Total current assets | 717,012 | 697,193 | ||||||
Property and equipment, net | 18,249 | 15,372 | ||||||
Right-of-use | 68,123 | 72,957 | ||||||
Goodwill | 21,359 | 21,359 | ||||||
Intangible assets, net | 74,507 | 79,127 | ||||||
Other assets | 5,620 | 3,928 | ||||||
Total assets | $ | 904,870 | $ | 889,936 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 13,736 | $ | 8,839 | ||||
Accrued expenses | 15,079 | 13,202 | ||||||
Current portion of deferred revenue | 41,014 | 67,563 | ||||||
Current portion of operating lease liability | 11,685 | 11,733 | ||||||
Total current liabilities | 81,514 | 101,337 | ||||||
Contingent consideration | 112,493 | 152,230 | ||||||
Deferred revenue, net of current portion | 252,055 | 228,659 | ||||||
Operating lease liability, net of current portion | 46,171 | 50,953 | ||||||
Total liabilities | 492,233 | 533,179 | ||||||
Commitments and contingencies (Notes 3 and 12) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 0 | — | ||||||
Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 75,343,712 shares and 75,029,625 shares June 30, 2021 and December 31, 2020, respectively | 75 | 75 | ||||||
Additional paid-in capital | 782,144 | 769,965 | ||||||
Accumulated deficit | (369,617 | ) | (413,283 | ) | ||||
Accumulated other comprehensive income | 35 | — | ||||||
Total stockholders’ equity | 412,637 | 356,757 | ||||||
Total liabilities and stockholders’ equity | $ | 904,870 | $ | 889,936 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Collaboration revenue | $ | 66,446 | $ | 1,266 | $ | 87,420 | $ | 3,914 | $ | 72,649 | $ | 16,319 | $ | 107,249 | $ | 20,974 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 26,344 | 17,295 | 76,785 | 51,343 | 40,477 | 29,002 | 81,617 | 50,442 | ||||||||||||||||||||||||
General and administrative | 9,163 | 6,881 | 25,223 | 21,284 | 11,921 | 8,601 | 22,738 | 16,060 | ||||||||||||||||||||||||
Change in fair value of contingent consideration | 14,190 | (19,834 | ) | 20,085 | (3,243 | ) | 4,242 | 15,347 | (39,737 | ) | 5,895 | |||||||||||||||||||||
Impairment of intangible asset | — | 18,559 | — | 18,559 | ||||||||||||||||||||||||||||
Total operating expenses | 49,697 | 22,901 | 122,093 | 87,943 | 56,640 | 52,950 | 64,618 | 72,397 | ||||||||||||||||||||||||
Income (loss) from operations | 16,749 | (21,635 | ) | (34,673 | ) | (84,029 | ) | 16,009 | (36,631 | ) | 42,631 | (51,423 | ) | |||||||||||||||||||
Other income, net | 595 | 408 | 1,447 | 1,286 | 154 | 343 | 308 | 853 | ||||||||||||||||||||||||
Income (loss) before benefit from income taxes | 17,344 | (21,227 | ) | (33,226 | ) | (82,743 | ) | |||||||||||||||||||||||||
Benefit from income taxes | — | — | — | 486 | ||||||||||||||||||||||||||||
Income (loss) before income tax es | 16,163 | (36,288 | ) | 42,939 | (50,570 | ) | ||||||||||||||||||||||||||
Income tax benefit | 981 | — | 727 | — | ||||||||||||||||||||||||||||
Net income (loss) | $ | 17,344 | $ | (21,227 | ) | $ | (33,226 | ) | $ | (82,257 | ) | $ | 17,144 | $ | (36,288 | ) | $ | 43,666 | $ | (50,570 | ) | |||||||||||
Net income (loss) per share—basic | $ | 0.24 | $ | (0.41 | ) | $ | (0.51 | ) | $ | (1.69 | ) | $ | 0.23 | $ | (0.58 | ) | $ | 0.58 | $ | (0.83 | ) | |||||||||||
Weighted average common shares outstanding—basic | 73,183,923 | 51,891,157 | 65,187,435 | 48,574,275 | 75,254,186 | 62,282,291 | 75,222,119 | 61,145,254 | ||||||||||||||||||||||||
Net income (loss) per share—diluted | $ | 0.23 | $ | (0.41 | ) | $ | (0.51 | ) | $ | (1.69 | ) | $ | 0.21 | $ | (0.58 | ) | $ | 0.55 | $ | (0.83 | ) | |||||||||||
Weighted average common shares outstanding—diluted | 76,440,293 | 51,891,157 | 65,187,435 | 48,574,275 | 80,026,488 | 62,282,291 | 79,994,422 | 61,145,254 | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net income (loss) | $ | 17,344 | $ | (21,227 | ) | $ | (33,226 | ) | $ | (82,257 | ) | $ | 17,144 | $ | (36,288 | ) | $ | 43,666 | $ | (50,570 | ) | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale | (540 | ) | 109 | (741 | ) | 483 | (42 | ) | (315 | ) | 35 | (201 | ) | |||||||||||||||||||
Comprehensive income (loss) | $ | 16,804 | $ | (21,118 | ) | $ | (33,967 | ) | $ | (81,774 | ) | $ | 17,102 | $ | (36,603 | ) | $ | 43,701 | $ | (50,771 | ) | |||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Balances at December 31, 2019 | 60,022,067 | $ | 60 | $ | 512,231 | $ | (359,496 | ) | $ | 741 | $ | 153,536 | ||||||||||||
Exercise of stock options | 15,596 | — | 132 | — | — | 132 | ||||||||||||||||||
Stock-based compensation expense | — | — | 3,172 | — | — | 3,172 | ||||||||||||||||||
Unrealized gains on available-for-sale | — | — | — | — | 114 | 114 | ||||||||||||||||||
Net loss | — | — | — | (14,282 | ) | — | (14,282 | ) | ||||||||||||||||
Balances at March 31, 2020 | 60,037,663 | 60 | 515,535 | (373,778 | ) | 855 | 142,672 | |||||||||||||||||
Issuance of common stock in connection with public offerings, net of underwriting discounts and commissions and offering costs | 8,544,982 | 9 | 153,602 | — | — | 153,611 | ||||||||||||||||||
Exercise of stock options | 776,864 | — | 5,699 | — | — | 5,699 | ||||||||||||||||||
Stock-based compensation expense | — | — | 6,014 | — | — | 6,014 | ||||||||||||||||||
Unrealized losses on available-for-sale | — | — | — | — | (315 | ) | (315 | ) | ||||||||||||||||
Net loss | — | — | — | (36,288 | ) | — | (36,288 | ) | ||||||||||||||||
Balances at June 30, 2020 | 69,359,509 | 69 | 680,850 | (410,066 | ) | 540 | 271,393 | |||||||||||||||||
Issuance of common stock in connection with Securities Purchase Agreement | 4,884,434 | 5 | 73,749 | — | — | 73,754 | ||||||||||||||||||
Exercise of stock options | 7,616 | — | 60 | — | — | 60 | ||||||||||||||||||
Stock-based compensation expense | — | — | 3,655 | — | — | 3,655 | ||||||||||||||||||
Unrealized losses on available-for-sale | — | — | — | — | (540 | ) | (540 | ) | ||||||||||||||||
Net income | — | — | — | 17,344 | — | 17,344 | ||||||||||||||||||
Balances at September 30, 2020 | 74,251,559 | $ | 74 | $ | 758,314 | $ | (392,722 | ) | $ | — | $ | 365,666 | ||||||||||||
Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Total Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Deficit | Income | Equity | |||||||||||||||||||
Balances at December 31, 2020 | 75,029,625 | $ | 75 | $ | 769,965 | $ | (413,283 | ) | $ | 0 | $ | 356,757 | ||||||||||||
Exercise of stock options | 188,047 | — | 1,550 | — | — | 1,550 | ||||||||||||||||||
Stock-based compensation expense | — | — | 3,984 | — | — | 3,984 | ||||||||||||||||||
Unrealized gains on available-for-sale | — | — | — | — | 77 | 77 | ||||||||||||||||||
Net income | — | — | — | 26,522 | — | 26,522 | ||||||||||||||||||
Balances at March 31, 2021 | 75,217,672 | 75 | 775,499 | (386,761 | ) | 77 | 388,890 | |||||||||||||||||
Exercise of stock options | 98,852 | — | 819 | — | — | 819 | ||||||||||||||||||
Issuance of common stock under employee stock purchase plan | 27,188 | — | 490 | — | — | 490 | ||||||||||||||||||
Stock-based compensation expense | — | — | 5,336 | — | — | 5,336 | ||||||||||||||||||
Unrealized losses on available-for-sale | — | — | — | — | (42 | ) | (42 | ) | ||||||||||||||||
Net income | — | — | — | 17,144 | — | 17,144 | ||||||||||||||||||
Balances at June 30, 2021 | 75,343,712 | $ | 75 | $ | 782,144 | $ | (369,617 | ) | $ | 35 | $ | 412,637 | ||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Balances at December 31, 2018 | 45,139,955 | $ | 45 | $ | 371,257 | $ | (246,203 | ) | $ | 196 | $ | 125,295 | ||||||||||||
Exercise of stock options | 154,484 | — | 897 | — | — | 897 | ||||||||||||||||||
Stock-based compensation expense | — | — | 1,959 | — | — | 1,959 | ||||||||||||||||||
Unrealized gains on available-for-sale | — | — | — | — | 155 | 155 | ||||||||||||||||||
Net loss | — | — | — | (33,198 | ) | — | (33,198 | ) | ||||||||||||||||
Balances at March 31, 2019 | 45,294,439 | 45 | 374,113 | (279,401 | ) | 351 | 95,108 | |||||||||||||||||
Issuance of common stock in connection with private placement, net of placement agent fees and offering costs | 5,582,940 | 6 | 44,128 | — | — | 44,134 | ||||||||||||||||||
Issuance of common stock in connection with a former employee letter agreement | 67,406 | — | 847 | — | — | 847 | ||||||||||||||||||
Forfeited restricted common stock | (1,334 | ) | — | (1 | ) | — | — | (1 | ) | |||||||||||||||
Exercise of stock options | 66,917 | — | 519 | — | — | 519 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,703 | — | — | 2,703 | ||||||||||||||||||
Unrealized gains on available-for-sale | — | — | — | — | 219 | 219 | ||||||||||||||||||
Net loss | — | — | — | (27,832 | ) | — | (27,832 | ) | ||||||||||||||||
Balances at June 30, 2019 | 51,010,368 | 51 | 422,309 | (307,233 | ) | 570 | 115,697 | |||||||||||||||||
Issuance of common stock in connection with public offering, net of underwriting discounts and commissions and offering costs | 9,000,000 | 9 | 84,002 | — | — | 84,011 | ||||||||||||||||||
Forfeited restricted common stock | (449 | ) | — | — | — | — | — | |||||||||||||||||
Exercise of stock options | 10,806 | — | 84 | — | — | 84 | ||||||||||||||||||
Stock-based compensation expense | — | — | 2,899 | — | — | 2,899 | ||||||||||||||||||
Unrealized gains on available-for-sale | — | — | — | — | 109 | 109 | ||||||||||||||||||
Net loss | — | — | — | (21,227 | ) | — | (21,227 | ) | ||||||||||||||||
Balances at September 30, 2019 | 60,020,725 | $ | 60 | $ | 509,294 | $ | (328,460 | ) | $ | 679 | $ | 181,573 | ||||||||||||
Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Total Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Deficit | Income | Equity | |||||||||||||||||||
Balances at December 31, 2019 | 60,022,067 | $ | 60 | $ | 512,231 | $ | (359,496 | ) | $ | 741 | $ | 153,536 | ||||||||||||
Exercise of stock options | 15,596 | — | 132 | — | — | 132 | ||||||||||||||||||
Stock-based compensation expense | — | — | 3,172 | — | — | 3,172 | ||||||||||||||||||
Unrealized gains on available-for-sale | — | — | — | — | 114 | 114 | ||||||||||||||||||
Net loss | — | — | — | (14,282 | ) | — | (14,282 | ) | ||||||||||||||||
Balances at March 31, 2020 | 60,037,663 | 60 | 515,535 | (373,778 | ) | 855 | 142,672 | |||||||||||||||||
Issuance of common stock in connection with public offerings, net of underwriting discounts and commissions and offering costs | 8,544,982 | 9 | 153,602 | — | — | 153,611 | ||||||||||||||||||
Exercise of stock options | 776,864 | — | 5,699 | — | — | 5,699 | ||||||||||||||||||
Stock-based compensation expense | — | — | 6,014 | — | — | 6,014 | ||||||||||||||||||
Unrealized losses onavailable-for-sale | — | — | — | — | (315 | ) | (315 | ) | ||||||||||||||||
Net loss | — | — | — | (36,288 | ) | — | (36,288 | ) | ||||||||||||||||
Balances at June 30, 2020 | 69,359,509 | $ | 69 | $ | 680,850 | $ | (410,066 | ) | $ | 540 | $ | 271,393 | ||||||||||||
Nine Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (33,226 | ) | $ | (82,257 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization expense | 6,374 | 2,951 | ||||||
Stock-based compensation expense | 12,841 | 8,408 | ||||||
Impairment of intangible asset | — | 18,559 | ||||||
Change in fair value of contingent consideration | 20,085 | (3,243 | ) | |||||
Deferred income tax benefit | — | (486 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Collaboration receivables | (20,543 | ) | 125 | |||||
Prepaid expenses and other assets | (5,766 | ) | (2,293 | ) | ||||
Right-of-use | 1,338 | 357 | ||||||
Long-term prepaid rent | (10,057 | ) | (2,492 | ) | ||||
Accounts payable | (8,560 | ) | (1,740 | ) | ||||
Accrued expenses | 4,913 | 2,244 | ||||||
Lease liability | (962 | ) | (270 | ) | ||||
Deferred revenue | 291,855 | (1,763 | ) | |||||
Net cash provided by (used in) operating activities | 258,292 | (61,900 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of investments | (27,409 | ) | (138,156 | ) | ||||
Sales and maturities of investments | 130,765 | 116,311 | ||||||
Purchases of property and equipment | (5,434 | ) | (2,241 | ) | ||||
Net cash provided by (used in) investing activities | 97,922 | (24,086 | ) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from public offerings, net of underwriting discounts and commissions | 154,292 | 84,600 | ||||||
Payments of public offering costs | (681 | ) | (589 | ) | ||||
Proceeds from Securities Purchase Agreement | 73,754 | — | ||||||
Proceeds from private placement, net of placement agent fees | — | 44,608 | ||||||
Payments of private placement offering costs | — | (477 | ) | |||||
Proceeds from option exercises | 5,891 | 1,500 | ||||||
Net cash provided by financing activities | 233,256 | 129,642 | ||||||
Net increase in cash, cash equivalents and restricted cash: | 589,470 | 43,656 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 85,530 | 56,224 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 675,000 | $ | 99,880 | ||||
Cash, cash equivalents and restricted cash at end of period: | ||||||||
Cash and cash equivalents | $ | 674,050 | $ | 98,930 | ||||
Restricted cash | 950 | 950 | ||||||
Total cash, cash equivalents and restricted cash at end of period | $ | 675,000 | $ | 99,880 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Purchases of property and equipment included in accounts payable and accrued expenses | $ | 377 | $ | 2 | ||||
Issuance of common stock in connection with a former employee letter agreement | $ | — | $ | 847 |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 43,666 | $ | (50,570 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization expense | 6,471 | 5,617 | ||||||
Stock-based compensation expense | 9,320 | 9,186 | ||||||
Change in fair value of contingent consideration | (39,737 | ) | 5,895 | |||||
Changes in operating assets and liabilities: | ||||||||
Collaboration receivables | 2,568 | (10,535 | ) | |||||
Prepaid expenses and other assets | (8,521 | ) | 1,472 | |||||
Right-of-use | 6,210 | 270 | ||||||
Long-term prepaid rent | (2,395 | ) | (7,381 | ) | ||||
Accounts payable | 3,900 | (2,783 | ) | |||||
Accrued expenses | 1,571 | 4,013 | ||||||
Lease liability | (6,206 | ) | (244 | ) | ||||
Deferred revenue | (3,153 | ) | (6,429 | ) | ||||
Net cash provided by (used in) operating activities | 13,694 | (51,489 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of investments | (185,690 | ) | (27,409 | ) | ||||
Sales and maturities of investments | 80,000 | 111,277 | ||||||
Purchases of property and equipment | (3,419 | ) | (4,446 | ) | ||||
Net cash provided by (used in) investing activities | (109,109 | ) | 79,422 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from public offerings, net of underwriting discounts and commissions | — | 154,292 | ||||||
Payments of public offering costs | — | (443 | ) | |||||
Proceeds from option exercises | 2,369 | 5,831 | �� | |||||
Proceeds from issuance of common stock under employee stock purchase plan | 490 | — | ||||||
Net cash provided by financing activities | 2,859 | 159,680 | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash: | (92,556 | ) | 187,613 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 346,853 | 85,530 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 254,297 | $ | 273,143 | ||||
Cash, cash equivalents and restricted cash at end of period: | ||||||||
Cash and cash equivalents | $ | 249,471 | $ | 272,193 | ||||
Restricted cash | 4,826 | 950 | ||||||
Total cash, cash equivalents and restricted cash at end of period | $ | 254,297 | $ | 273,143 | ||||
Purchases of property and equipment included in accounts payable and accrued expenses | $ | 1,707 | $ | 718 | ||||
Offering costs included in accrued expenses | $ | — | $ | 238 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Collaboration revenue | $ | 66,446 | $ | 1,266 | $ | 87,420 | $ | 3,914 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Collaboration revenue | $ | 72,649 | $ | 16,319 | $ | 107,249 | $ | 20,974 |
September 30, 2020 | December 31, 2019 | |||||||
Contract liabilities | ||||||||
Deferred revenue | $ | 335,211 | $ | 43,356 |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Contract liabilities | ||||||||
Deferred revenue | $ | 293,069 | $ | 296,222 |
September 30, 2020 | ||||||||||||||||||||
Estimated Life | Gross Carrying Amount | Accumulated Amortization | Impairment Charge | Net Carrying Amount | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||
MRT | 6 years | $ | 45,992 | $ | (7,003 | ) | $ | 0 | $ | 38,989 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
IPR&D - CF | Indefinite | 42,291 | 0 | 0 | 42,291 | |||||||||||||||
Total intangible assets, net | $ | 88,283 | $ | (7,003 | ) | $ | 0 | $ | 81,280 | |||||||||||
December 31, 2019 | ||||||||||||||||||||
Estimated Life | Gross Carrying Amount | Accumulated Amortization | Impairment Charge | Net Carrying Amount | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||
MRT | 8 years | $ | 45,992 | $ | (2,747 | ) | $ | 0 | $ | 43,245 | ||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||
IPR&D - CF | Indefinite | 42,291 | — | — | 42,291 | |||||||||||||||
IPR&D - OTC | Indefinite | 18,559 | — | (18,559 | ) | — | ||||||||||||||
Total intangible assets, net | $ | 106,842 | $ | (2,747 | ) | $ | (18,559 | ) | $ | 85,536 |
June 30, 2021 | ||||||||||||||||
Estimated Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||
(In thousands) | ||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||
MRT | 6 years | $ | 45,992 | $ | (13,776 | ) | $ | 32,216 | ||||||||
Indefinite-lived intangible assets: | ||||||||||||||||
IPR&D—CF | Indefinite | 42,291 | — | 42,291 | ||||||||||||
Total intangible assets, net | $ | 88,283 | $ | (13,776 | ) | $ | 74,507 | |||||||||
December 31, 2020 | ||||||||||||||||
Estimated Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||
(In thousands) | ||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||
MRT | 6 years | $ | 45,992 | $ | (9,156 | ) | $ | 36,836 | ||||||||
Indefinite-lived intangible assets: | ||||||||||||||||
IPR&D—CF | Indefinite | 42,291 | — | 42,291 | ||||||||||||
Total intangible assets, net | $ | 88,283 | $ | (9,156 | ) | $ | 79,127 | |||||||||
Fair Value Measurements as of September 30, 2020 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 0 | $ | 636,615 | $ | 0 | $ | 636,615 | ||||||||
U.S. government agency bonds | 0 | 0 | 0 | 0 | ||||||||||||
$ | 0 | $ | 636,615 | $ | 0 | $ | 636,615 | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | 0 | $ | 0 | $ | 123,740 | $ | 123,740 | ||||||||
$ | 0 | $ | 0 | $ | 123,740 | $ | 123,740 | |||||||||
Fair Value Measurements as of December 31, 2019 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | — | $ | 56,591 | $ | — | $ | 56,591 | ||||||||
U.S. government agency bonds | — | 104,098 | — | 104,098 | ||||||||||||
$ | — | $ | 160,689 | $ | — | $ | 160,689 | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 103,655 | $ | 103,655 | ||||||||
$ | — | $ | — | $ | 103,655 | $ | 103,655 | |||||||||
Fair Value Measurements as of June 30, 2021 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 0 | $ | 167,938 | $ | 0 | $ | 167,938 | ||||||||
U.S. treasuries | 0 | 359,871 | 0 | 359,871 | ||||||||||||
U.S. government agency bonds | 0 | 57,856 | 0 | 57,856 | ||||||||||||
$ | 0 | $ | 585,665 | $ | 0 | $ | 585,665 | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | 0 | $ | 0 | $ | 112,493 | $ | 112,493 | ||||||||
$ | 0 | $ | 0 | $ | 112,493 | $ | 112,493 | |||||||||
Fair Value Measurements as of December 31, 2020 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | — | $ | 273,827 | $ | — | $ | 273,827 | ||||||||
U.S. treasuries | 0 | 292,001 | — | 292,001 | ||||||||||||
U.S. government agency bonds | — | 20,000 | — | 20,000 | ||||||||||||
$ | — | $ | 585,828 | $ | — | $ | 585,828 | |||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 152,230 | $ | 152,230 | ||||||||
$ | — | $ | — | $ | 152,230 | $ | 152,230 | |||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Due within one year | $ | 305,053 | $ | 305,095 | $ | 201,606 | $ | 201,596 | ||||||||
Due after one year through two years | 112,639 | 112,632 | 110,395 | 110,405 | ||||||||||||
Total available-for-sale | $ | 417,692 | $ | 417,727 | $ | 312,001 | $ | 312,001 | ||||||||
Unobservable | Fair Value at | |||||||||
Projected Year of Payment | September 30, 2020 | December 31, 2019 | ||||||||
Earnout payments | 2026 - 2039 | 115,079 | $ | 96,097 | ||||||
Milestone payments | 2026 - 2032 | 8,661 | 7,558 | |||||||
$ | 123,740 | $ | 103,655 | |||||||
Unobservable Inputs | Fair Value at | |||||||||||
Projected Year of Payment | June 30, | December 31, | ||||||||||
2021 | 2020 | |||||||||||
Earnout payments | 2027 - 2039 | $ | 103,093 | $ | 142,250 | |||||||
Milestone payments | 2027 - 2031 | 9,400 | 9,980 | |||||||||
$ | 112,493 | $ | 152,230 | |||||||||
Fair Value | ||||
Balance as of December 31, 2019 | $ | 103,655 | ||
Increase in fair value of contingent consideration | 20,085 | |||
Balance as of September 30, 2020 | $ | 123,740 | ||
Fair Value | ||||
Balance as of December 31, 2020 | $ | 152,230 | ||
Decrease in fair value of contingent consideration | (39,737 | ) | ||
Balance as of June 30, 2021 | $ | 112,493 | ||
September 30, 2020 | December 31, 2019 | |||||||
Laboratory equipment | $ | 11,763 | $ | 9,044 | ||||
Computer equipment | 892 | 779 | ||||||
Office equipment | 942 | 883 | ||||||
Leasehold improvements | 5,730 | 5,635 | ||||||
Construction in progress | 5,094 | 3,460 | ||||||
24,421 | 19,801 | |||||||
Less: Accumulated depreciation and amortization | (9,377 | ) | (7,262 | ) | ||||
$ | 15,044 | $ | 12,539 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Laboratory equipment | $ | 18,949 | $ | 12,710 | ||||
Computer equipment | 932 | 922 | ||||||
Office equipment | 941 | 941 | ||||||
Leasehold improvements | 5,557 | 5,730 | ||||||
Construction in progress | 2,882 | 5,189 | ||||||
29,261 | 25,492 | |||||||
Less: Accumulated depreciation and amortization | (11,012 | ) | (10,120 | ) | ||||
$ | 18,249 | $ | 15,372 | |||||
September 30, 2020 | December 31, 2019 | |||||||
Accrued employee compensation and benefits | $ | 4,918 | $ | 3,547 | ||||
Accrued external research and development expenses | 2,058 | 1,763 | ||||||
Accrued consultant and professional fees | 1,358 | 1,390 | ||||||
Other | 3,432 | 372 | ||||||
$ | 11,766 | $ | 7,072 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Accrued employee compensation and benefits | $ | 5,326 | $ | 5,600 | ||||
Accrued external research and development expenses | 4,420 | 2,805 | ||||||
Accrued consultant and professional fees | 2,468 | 1,489 | ||||||
Other | 2,865 | 3,308 | ||||||
$ | 15,079 | $ | 13,202 | |||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Intrinsic Value | |||||||||||||
(in years) | ||||||||||||||||
Outstanding as of December 31, 2019 | 8,646,378 | $ | 8.06 | 8.42 | $ | 3,687 | ||||||||||
Granted | 2,992,734 | $ | 9.22 | |||||||||||||
Exercised | (800,076 | ) | $ | 7.36 | ||||||||||||
Forfeited | (529,492 | ) | $ | 8.59 | ||||||||||||
Outstanding as of September 30, 2020 | 10,309,544 | $ | 8.42 | 8.04 | $ | 55,026 | ||||||||||
Exercisable as of September 30, 2020 | 4,915,617 | $ | 7.96 | 7.23 | $ | 27,795 | ||||||||||
Vested and expected to vest as of September 30, 2020 | 10,309,544 | $ | 8.42 | 8.04 | $ | 55,026 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Intrinsic Value | |||||||||||||
(in years) | ||||||||||||||||
Outstanding as of December 31, 2020 | 9,557,391 | $ | 8.79 | 7.92 | $ | 93,256 | ||||||||||
Granted | 3,126,560 | $ | 21.81 | |||||||||||||
Exercised | (286,899 | ) | $ | 8.25 | ||||||||||||
Forfeited | (154,303 | ) | $ | 14.68 | ||||||||||||
Outstanding as of June 30, 2021 | 12,242,749 | $ | 12.06 | 8.07 | $ | 189,483 | ||||||||||
Exercisable as of June 30, 2021 | 5,953,908 | $ | 8.14 | 7.07 | $ | 115,421 | ||||||||||
Vested and expected to vest as of June 30, 2021 | 12,242,749 | $ | 12.06 | 8.07 | $ | 189,483 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Risk-free interest rate | 0.77 | % | 2.39 | % | 1.03 | % | 0.79 | % | ||||||||
Expected term (in years) | 6.1 | 6.0 | 6.1 | 6.1 | ||||||||||||
Expected volatility | 68.7 | % | 73.1 | % | 69.7 | % | 68.6 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % |
Number of Shares | Weighted Average Grant-Date Fair Value | |||||||
Unvested restricted common stock outstanding as of December 31, 2019 | 34,168 | $ | 1.28 | |||||
Forfeited restricted common stock | 0 | $ | 0 | |||||
Vested restricted common stock | (34,168 | ) | $ | 1.28 | ||||
Unvested restricted common stock outstanding as of September 30, 2020 | 0 | $ | 0 | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Research and development expenses | $ | 1,578 | $ | 1,301 | $ | 7,123 | $ | 3,454 | ||||||||
General and administrative expenses | 2,077 | 1,598 | 5,718 | 4,954 | ||||||||||||
$ | 3,655 | $ | 2,899 | $ | 12,841 | $ | 8,408 | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Research and development expenses | $ | 2,841 | $ | 4,091 | $ | 4,921 | $ | 5,545 | ||||||||
General and administrative expenses | 2,495 | 1,923 | 4,399 | 3,641 | ||||||||||||
$ | 5,336 | $ | 6,014 | $ | 9,320 | $ | 9,186 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Basic net income (loss) per common share: | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 17,344 | $ | (21,227 | ) | $ | (33,226 | ) | $ | (82,257 | ) | $ | 17,144 | $ | (36,288 | ) | $ | 43,666 | $ | (50,570 | ) | |||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Weighted average common shares | 73,183,923 | 51,891,157 | 65,187,435 | 48,574,275 | 75,254,186 | 62,282,291 | 75,222,119 | 61,145,254 | ||||||||||||||||||||||||
Net income (loss) per share—basic | $ | 0.24 | $ | (0.41 | ) | $ | (0.51 | ) | $ | (1.69 | ) | $ | 0.23 | $ | (0.58 | ) | $ | 0.58 | $ | (0.83 | ) | |||||||||||
Diluted net income (loss) per common share: | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 17,344 | $ | (21,227 | ) | $ | (33,226 | ) | $ | (82,257 | ) | $ | 17,144 | $ | (36,288 | ) | $ | 43,666 | $ | (50,570 | ) | |||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Weighted average common shares | 76,440,293 | 51,891,157 | 65,187,435 | 48,574,275 | 80,026,488 | 62,282,291 | 79,994,422 | 61,145,254 | ||||||||||||||||||||||||
Net income (loss) per share—diluted | $ | 0.23 | $ | (0.41 | ) | $ | (0.51 | ) | $ | (1.69 | ) | $ | 0.21 | $ | (0.58 | ) | $ | 0.55 | $ | (0.83 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Options to purchase common stock | 0 | 8,568,506 | 10,309,544 | 8,568,506 | ||||||||||||
Unvested restricted common stock | 0 | 72,677 | 0 | 72,677 | ||||||||||||
0 | 8,641,183 | 10,309,544 | 8,641,183 | |||||||||||||
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Options to purchase common stock | 3,608,932 | 10,494,989 | ||||||
Unvested restricted common stock | 0 | 1,691 | ||||||
3,608,932 | 10,496,680 | |||||||
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Lease cost | ||||||||||||||||
Operating lease cost | $ | 3,397 | $ | 2,019 | $ | 9,597 | $ | 1,346 | ||||||||
Total lease cost | $ | 3,397 | $ | 2,019 | $ | 9,597 | $ | 1,346 | ||||||||
Other information | ||||||||||||||||
Operating cash flows from operating leases | $ | 3,022 | $ | 1,933 | $ | 9,593 | $ | 1,320 | ||||||||
Operating lease liabilities arising from obtaining right-of-use | $ | 53,778 | — | 1,376 | — | |||||||||||
Weighted-average remaining lease term | 5 years | 8 years | 5 years | 8 years | ||||||||||||
Weighted-average discount rate | 11.9 | % | 17.5 | % | 12.0 | % | 17.5 | % |
September 30, | ||||
2020 | $ | 7,784 | ||
2021 | 14,737 | |||
2022 | 15,178 | |||
2023 | 15,591 | |||
2024 | 16,050 | |||
2025 and thereafter | 19,164 | |||
Total future minimum lease payments | 88,504 | |||
Less: imputed interest | (23,074 | ) | ||
Present value of lease liabilities | $ | 65,430 | ||
June 30, 2021 | December 31, 2020 | |||||||
2021 | $ | 9,971 | $ | 18,067 | ||||
2022 | 15,178 | 15,178 | ||||||
2023 | 15,591 | 15,591 | ||||||
2024 | 16,050 | 16,050 | ||||||
2025 | 12,029 | 12,029 | ||||||
2026 and thereafter | 7,134 | 7,134 | ||||||
Total future minimum lease payments | 75,953 | 84,049 | ||||||
Less: imputed interest | (18,097 | ) | (21,363 | ) | ||||
Present value of lease liabilities | $ | 57,856 | $ | 62,686 | ||||
December 31, | ||||
2020 | $ | 2,659 | ||
2021 | 2,737 | |||
2022 | 2,818 | |||
2023 | 2,860 | |||
2024 | 2,937 | |||
2025 and thereafter | 10,160 | |||
Total future minimum lease payments | 24,171 | |||
Less: imputed interest | (11,557 | ) | ||
Present value of lease liabilities | $ | 12,614 | ||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(in thousands) | ||||||||||||||||
Vaccine program | $ | 8,437 | $ | 243 | $ | 20,412 | $ | 788 | ||||||||
MRT5005 program | 2,643 | 5,458 | 12,087 | 17,343 | ||||||||||||
Discovery program | 2,923 | 1,873 | 8,730 | 5,416 | ||||||||||||
MRT5201 program | — | 2,155 | — | 6,241 | ||||||||||||
Oligonucleotide program | — | 107 | — | 202 | ||||||||||||
Unallocated research and development expenses | 12,341 | 7,459 | 35,556 | 21,353 | ||||||||||||
Total research and development expenses | $ | 26,344 | $ | 17,295 | $ | 76,785 | $ | 51,343 | ||||||||
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Collaboration revenue | $ | 66,446 | $ | 1,266 | $ | 65,180 | $ | 72,649 | $ | 16,319 | $ | 56,330 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 26,344 | 17,295 | 9,049 | 40,477 | 29,002 | 11,475 | ||||||||||||||||||
General and administrative | 9,163 | 6,881 | 2,282 | 11,921 | 8,601 | 3,320 | ||||||||||||||||||
Change in fair value of contingent consideration | 14,190 | (19,834 | ) | 34,024 | 4,242 | 15,347 | (11,105 | ) | ||||||||||||||||
Impairment of intangible asset | — | 18,559 | (18,559 | ) | ||||||||||||||||||||
Total operating expenses | 49,697 | 22,901 | 26,796 | 56,640 | 52,950 | 3,690 | ||||||||||||||||||
Income (loss) from operations | 16,749 | (21,635 | ) | 38,384 | 16,009 | (36,631 | ) | 52,640 | ||||||||||||||||
Other income, net | 595 | 408 | 187 | 154 | 343 | (189 | ) | |||||||||||||||||
Income (loss) before benefit from income taxes | 17,344 | (21,227 | ) | 38,571 | ||||||||||||||||||||
Benefit from income taxes | — | — | — | |||||||||||||||||||||
Income (loss) before income taxes | 16,163 | (36,288 | ) | 52,451 | ||||||||||||||||||||
Income tax benefit | 981 | — | 981 | |||||||||||||||||||||
Net income (loss) | $ | 17,344 | $ | (21,227 | ) | $ | 38,571 | $ | 17,144 | $ | (36,288 | ) | $ | 53,432 | ||||||||||
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Direct external research and development expenses by program: | Direct external research and development expenses by program: | Direct external research and development expenses by program: | ||||||||||||||||||||||
Discovery program | $ | 8,234 | $ | 2,033 | $ | 6,201 | ||||||||||||||||||
Vaccine program | $ | 8,437 | $ | 243 | $ | 8,194 | 8,348 | 9,387 | (1,039 | ) | ||||||||||||||
MRT5005 program | 2,643 | 5,458 | (2,815 | ) | 3,314 | 3,350 | (36 | ) | ||||||||||||||||
Discovery program | 2,923 | 1,873 | 1,050 | |||||||||||||||||||||
MRT5201 program | — | 2,155 | (2,155 | ) | ||||||||||||||||||||
Oligonucleotide program | — | 107 | (107 | ) | ||||||||||||||||||||
Unallocated research and development expenses: | ||||||||||||||||||||||||
Personnel related (including stock-based compensation) | 6,014 | 4,629 | 1,385 | 10,300 | 8,791 | 1,509 | ||||||||||||||||||
Other | 6,327 | 2,830 | 3,497 | 10,281 | 5,441 | 4,840 | ||||||||||||||||||
Total research and development expenses | $ | 26,344 | $ | 17,295 | $ | 9,049 | $ | 40,477 | $ | 29,002 | $ | 11,475 | ||||||||||||
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Collaboration revenue | $ | 87,420 | $ | 3,914 | $ | 83,506 | $ | 107,249 | $ | 20,974 | $ | 86,275 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 76,785 | 51,343 | 25,442 | 81,617 | 50,442 | 31,175 | ||||||||||||||||||
General and administrative | 25,223 | 21,284 | 3,939 | 22,738 | 16,060 | 6,678 | ||||||||||||||||||
Change in fair value of contingent consideration | 20,085 | (3,243 | ) | 23,328 | (39,737 | ) | 5,895 | (45,632 | ) | |||||||||||||||
Impairment of intangible asset | — | 18,559 | (18,559 | ) | ||||||||||||||||||||
Total operating expenses | 122,093 | 87,943 | 34,150 | 64,618 | 72,397 | (7,779 | ) | |||||||||||||||||
Income (loss) from operations | (34,673 | ) | (84,029 | ) | 49,356 | 42,631 | (51,423 | ) | 94,054 | |||||||||||||||
Other income, net | 1,447 | 1,286 | 161 | 308 | 853 | (545 | ) | |||||||||||||||||
Income (loss) before benefit from income taxes | (33,226 | ) | (82,743 | ) | 49,517 | |||||||||||||||||||
Benefit from income taxes | — | 486 | (486 | ) | ||||||||||||||||||||
Income (loss) before income taxes | 42,939 | (50,570 | ) | 93,509 | ||||||||||||||||||||
Income tax benefit | 727 | — | 727 | |||||||||||||||||||||
Net loss | $ | (33,226 | ) | $ | (82,257 | ) | $ | 49,031 | ||||||||||||||||
Net income (loss) | $ | 43,666 | $ | (50,570 | ) | $ | 94,236 | |||||||||||||||||
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | Change | 2021 | 2020 | Change | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||
Direct external research and development expenses by program: | ||||||||||||||||||||||||
Discovery program | $ | 16,850 | $ | 5,807 | $ | 11,043 | ||||||||||||||||||
Vaccine program | $ | 20,412 | $ | 788 | $ | 19,624 | 15,917 | 11,976 | 3,941 | |||||||||||||||
MRT5005 program | 12,087 | 17,343 | (5,256 | ) | 9,528 | 9,444 | 84 | |||||||||||||||||
Discovery program | 8,730 | 5,416 | 3,314 | |||||||||||||||||||||
MRT5201 program | — | 6,241 | (6,241 | ) | ||||||||||||||||||||
Oligonucleotide program | — | 202 | (202 | ) | ||||||||||||||||||||
Unallocated research and development expenses: | ||||||||||||||||||||||||
Personnel related (including stock-based compensation) | 20,792 | 13,615 | 7,177 | 19,058 | 14,777 | 4,281 | ||||||||||||||||||
Other | 14,764 | 7,738 | 7,026 | 20,264 | 8,438 | 11,826 | ||||||||||||||||||
Total research and development expenses | $ | 76,785 | $ | 51,343 | $ | 25,442 | $ | 81,617 | $ | 50,442 | $ | 31,175 | ||||||||||||
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 258,292 | $ | (61,900 | ) | $ | 13,694 | $ | (51,489 | ) | ||||||
Net cash provided by (used in) investing activities | 97,922 | (24,086 | ) | (109,109 | ) | 79,422 | ||||||||||
Net cash provided by financing activities | 233,256 | 129,642 | 2,859 | 159,680 | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 589,470 | $ | 43,656 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (92,556 | ) | $ | 187,613 | |||||||||||
* | Filed herewith. |
** | Furnished herewith. |
+ |
† | Submitted electronically herewith. |
Translate Bio, Inc. | ||||||
Date: | By: | /s/ Ronald C. Renaud, Jr. | ||||
Ronald C. Renaud, Jr. | ||||||
Date: | By: | /s/ | ||||
Chief Financial Officer and Treasurer |