| Delaware (State or other jurisdiction of incorporation or organization) | | | ( | | | 86-2191918 (I.R.S. Employer Identification Number) | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
| TITLE OF EACH CLASS OF SECURITY BEING REGISTERED | | | AMOUNT BEING REGISTERED | | | PROPOSED MAXIMUM OFFERING PRICE PER SECURITY(1) | | | PROPOSED MAXIMUM AGGREGATE OFFERING PRICE(1) | | | AMOUNT OF REGISTRATION FEE | | |||||||||
| Units, each consisting of one share of common stock, $0.0001 par value, and one-third of one redeemable warrant(2) | | | 17,250,000 Units | | | | $ | 10.00 | | | | | $ | 172,500,000 | | | | | $ | 18,819.75 | | |
| Shares of common stock included as part of the units(3) | | | 17,250,000 Shares | | | | | — | | | | | | — | | | | | | —(4) | | |
| Redeemable warrants included as part of the units(3) | | | 5,750,000 Warrants | | | | | — | | | | | | — | | | | | | —(4) | | |
| Shares of common stock underlying warrants included as part of the units | | | 5,750,000 Shares | | | | $ | 11.50(5) | | | | | | 66,125,000 | | | | | | 7,214.24 | | |
| Total | | | | | | | | | | | | | $ | 238,625,000 | | | | | $ | 26,033.99 | | |
| | | PER UNIT | | | TOTAL | | ||||||
Public offering price | | | | $ | 10.00 | | | | | $ | 150,000,000 | | |
Underwriting discount(1) | | | | $ | 0.55 | | | | | $ | 8,250,000 | | |
Proceeds, before expenses, to us | | | | $ | 9.45 | | | | | $ | 141,750,000 | | |
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| | | | | F-1 | | |
| | | February 13, 2021 | | |||
Balance Sheet Data: | | | | | | | |
Working capital (deficiency) | | | | $ | — | | |
Total assets | | | | $ | 24,000 | | |
Total liabilities | | | | $ | — | | |
Stockholder’s equity | | | | $ | 24,000 | | |
| | | WITHOUT OVER- ALLOTMENT OPTION | | | OVER-ALLOTMENT OPTION FULLY EXERCISED | | ||||||
Gross proceeds | | | | | | | | | | | | | |
Gross proceeds from units offered to public(1) | | | | $ | 150,000,000 | | | | | $ | 172,500,000 | | |
Gross proceeds from private placement warrants offered in the private placement | | | | | 5,933,334 | | | | | | 6,383,334 | | |
Total gross proceeds | | | | $ | 155,933,334 | | | | | $ | 178,883,334 | | |
Offering expenses(2) | | | | | | | | | | | | | |
Underwriting commissions (2% of gross proceeds from units offered to public, excluding fees payable pursuant to the business combination marketing agreement)(3) | | | | $ | 3,000,000 | | | | | $ | 3,450,000 | | |
Legal fees and expenses | | | | | 150,000 | | | | | | 150,000 | | |
Accounting fees and expenses | | | | | 40,000 | | | | | | 40,000 | | |
SEC/FINRA Expenses | | | | | 62,000 | | | | | | 62,000 | | |
Travel and road show | | | | | 25,000 | | | | | | 25,000 | | |
NYSE listing and filing fees | | | | | 85,000 | | | | | | 85,000 | | |
Director and Officer liability insurance premiums | | | | | 1,666,667 | | | | | | 1,666,667 | | |
Printing and engraving expenses | | | | | 30,000 | | | | | | 30,000 | | |
Miscellaneous | | | | | 208,000 | | | | | | 208,000 | | |
Total offering expenses (excluding underwriting commissions) | | | | $ | 2,266,667 | | | | | $ | 2,266,667 | | |
Proceeds after offering expenses | | | | $ | 150,666,667 | | | | | $ | 173,166,667 | | |
Held in trust account(3) | | | | $ | 150,000,000 | | | | | $ | 172,500,000 | | |
% of public offering size | | | | | 100% | | | | | | 100% | | |
Not held in trust account | | | | $ | 666,667 | | | | | $ | 666,667 | | |
| | | WITHOUT OVER- ALLOTMENT | | | OVER-ALLOTMENT OPTION FULLY EXERCISED | | ||||||||||||||||||
| | | AMOUNT | | | % OF TOTAL | | | AMOUNT | | | % OF TOTAL | | ||||||||||||
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination | | | | $ | 400,000 | | | | | | 60.0% | | | | | $ | 400,000 | | | | | | 60.0% | | |
Legal and accounting fees related to regulatory reporting obligations | | | | | 100,000 | | | | | | 15.0% | | | | | | 100,000 | | | | | | 15.0% | | |
NYSE continued listing fees | | | | | 85,000 | | | | | | 12.7% | | | | | | 85,000 | | | | | | 12.7% | | |
Rent for office space (approximately $1,000 per month for up to 24 months) | | | | | 24,000 | | | | | | 3.6% | | | | | | 24,000 | | | | | | 3.6% | | |
Working capital to cover miscellaneous expenses | | | | | 57,667 | | | | | | 8.7% | | | | | | 57,667 | | | | | | 8.7% | | |
Total | | | | $ | 666,667 | | | | | | 100.0% | | | | | $ | 666,667 | | | | | | 100.0% | | |
| | | Without Over-allotment | | | With Over-allotment | | ||||||
Public offering price | | | | $ | 10.00 | | | | | $ | 10.00 | | |
Net tangible book value before this offering | | | | | — | | | | | | — | | |
Increase attributable to public stockholders | | | | | 1.06 | | | | | | 0.94 | | |
Pro forma net tangible book value after this offering and the sale of the private placement warrants | | | | | 1.06 | | | | | | 0.94 | | |
Dilution to public stockholders | | | | $ | 8.94 | | | | | $ | 9.06 | | |
Percentage of dilution to public stockholders | | | | | 89.4% | | | | | | 90.6% | | |
| | | SHARES PURCHASED | | | TOTAL CONSIDERATION | | | AVERAGE PRICE PER SHARE | | |||||||||||||||||||||
| | | NUMBER | | | PERCENTAGE | | | AMOUNT | | | PERCENTAGE | | ||||||||||||||||||
Initial Stockholders(1) | | | | | 3,750,000 | | | | | | 20.0% | | | | | $ | 25,000 | | | | | | 0.02% | | | | | $ | 0.007 | | |
Public Stockholders | | | | | 15,000,000 | | | | | | 80.0% | | | | | | 150,000,000 | | | | | | 99.98% | | | | | $ | 10.00 | | |
| | | | | 18,750,000 | | | | | | 100.0% | | | | | $ | 150,025,000 | | | | | | 100.00% | | | | | | | | |
| | | Without Over- allotment | | | With Over- allotment | | ||||||
Numerator: | | | | | | | | | | | | | |
Net tangible book value before this offering | | | | $ | — | | | | | $ | — | | |
Net proceeds from this offering and sale of the private placement warrants | | | | | 150,666,667 | | | | | | 173,166,667 | | |
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value before this offering | | | | | 24,000 | | | | | | 24,000 | | |
Less: Deferred underwriting commissions | | | | | (5,250,000) | | | | | | (6,037,500) | | |
Less: Proceeds held in trust subject to redemption | | | | | (140,440,660) | | | | | | (162,153,160) | | |
| | | | $ | 5,000,007 | | | | | $ | 5,000,007 | | |
Denominator: | | | | | | | | | | | | | |
Common stock outstanding prior to this offering | | | | | 4,312,500 | | | | | | 4,312,500 | | |
Common stock forfeited if over-allotment is not exercised | | | | | (562,500) | | | | | | — | | |
Common stock included in the units offered | | | | | 15,000,000 | | | | | | 17,250,000 | | |
Less: Shares subject to redemption | | | | | (14,044,066) | | | | | | (16,215,316) | | |
| | | | | 4,705,934 | | | | | | 5,347,184 | | |
| | | February 13, 2021 | | |||||||||
| | | Actual | | | As Adjusted | | ||||||
Note payable to related party(1) | | | | $ | — | | | | | $ | — | | |
Deferred underwriting commissions | | | | | — | | | | | | 5,250,000 | | |
Common stock subject to possible redemption; -0- and 14,044,066 shares, actual and as adjusted, respectively(2) | | | | | — | | | | | | 140,440,660 | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | | | | | — | | | | | | — | | |
Common stock, $0.0001 par value, 400,000,000 shares authorized, actual and as adjusted; 4,312,500 and 4,705,934 shares issued and outstanding (excluding -0- and 14,044,066 shares subject to possible redemption), actual and as adjusted, respectively(3) | | | | | 431 | | | | | | 470 | | |
Additional paid-in capital | | | | | 24,569 | | | | | | 5,000,537 | | |
Accumulated deficit | | | | | (1,000) | | | | | | (1,000) | | |
Total stockholders’ equity | | | | $ | 24,000 | | | | | $ | 5,000,007 | | |
Total capitalization | | | | $ | 24,000 | | | | | $ | 150,690,667 | | |
| | | Three Months ended September 30, | | | Change | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Revenues | | | | $ | — | | | | | $ | 3 | | | | | $ | (3) | | | | | | * | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues | | | | | — | | | | | | — | | | | | | — | | | | | | * | | |
Research and development | | | | | 3,929 | | | | | | 4,121 | | | | | | (192) | | | | | | (5)% | | |
General and administrative | | | | | 2,974 | | | | | | 1,874 | | | | | | 1,100 | | | | | | 59% | | |
Total expenses | | | | | 6,903 | | | | | | 5,995 | | | | | | 908 | | | | | | 15% | | |
Loss from operations | | | | | (6,903) | | | | | | (5,992) | | | | | | (911) | | | | | | 15% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (211) | | | | | | (636) | | | | | | 425 | | | | | | (67)% | | |
Change in fair value of convertible promissory notes | | | | | 1,741 | | | | | | (73) | | | | | | 1,814 | | | | | | * | | |
Loss on issuance of forward purchase contract | | | | | (24,475) | | | | | | — | | | | | | (24,475) | | | | | | * | | |
Transaction costs expensed | | | | | (3,329) | | | | | | — | | | | | | (3,329) | | | | | | * | | |
Other income, net | | | | | — | | | | | | 8 | | | | | | (8) | | | | | | * | | |
Net loss before provision for income taxes | | | | | (33,177) | | | | | | (6,693) | | | | | | (26,484) | | | | | | 396% | | |
Provision for income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss and comprehensive loss | | | | $ | (33,177) | | | | | $ | (6,693) | | | | | $ | (26,484) | | | | | | 396% | | |
| | | Nine Months ended September 30, | | | Change | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Revenues | | | | $ | — | | | | | $ | 77 | | | | | $ | (77) | | | | | | * | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues | | | | | — | | | | | | 3 | | | | | | (3) | | | | | | * | | |
Research and development | | | | | 11,577 | | | | | | 12,659 | | | | | | (1,082) | | | | | | (9)% | | |
General and administrative | | | | | 8,737 | | | | | | 5,501 | | | | | | 3,236 | | | | | | 59% | | |
Total expenses | | | | | 20,314 | | | | | | 18,163 | | | | | | 2,151 | | | | | | 12% | | |
Loss from operations | | | | | (20,314) | | | | | | (18,086) | | | | | | (2,228) | | | | | | 12% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (307) | | | | | | (1,690) | | | | | | 1,383 | | | | | | (82)% | | |
Change in fair value of convertible promissory notes | | | | | (1,043) | | | | | | (88) | | | | | | (955) | | | | | | * | | |
Loss on issuance of forward purchase contract | | | | | (24,475) | | | | | | — | | | | | | (24,475) | | | | | | * | | |
Transaction costs expensed | | | | | (3,329) | | | | | | — | | | | | | (3,329) | | | | | | * | | |
Other income, net | | | | | 120 | | | | | | 58 | | | | | | 62 | | | | | | 107% | | |
Net loss before provision for income taxes | | | | | (49,348) | | | | | | (19,806) | | | | | | (29,542) | | | | | | 149% | | |
Provision for income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss and comprehensive loss | | | | $ | (49,348) | | | | | $ | (19,806) | | | | | $ | (29,542) | | | | | | 149% | | |
| | | Three Months ended September 30, | | | Change | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Total direct research and development expense | | | | $ | 369 | | | | | $ | 123 | | | | | $ | 246 | | | | | | 200% | | |
Indirect research and development expense by type: | | | | | | | | | | | | | | | | | | | | | | | | | |
Personnel-related costs | | | | | 1,922 | | | | | | 2,230 | | | | | | (308) | | | | | | (14)% | | |
Research and development supplies and services | | | | | 1,280 | | | | | | 1,357 | | | | | | (77) | | | | | | (6)% | | |
Allocated facility, equipment and other expenses | | | | | 358 | | | | | | 411 | | | | | | (53) | | | | | | (13)% | | |
Total indirect research and development expense | | | | | 3,560 | | | | | | 3,998 | | | | | | (438) | | | | | | (11)% | | |
Total research and development expense | | | | $ | 3,929 | | | | | $ | 4,121 | | | | | $ | (192) | | | | | | (5)% | | |
| | | Nine Months ended September 30, | | | Change | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Total direct research and development expense | | | | $ | 1,387 | | | | | $ | 1,126 | | | | | $ | 261 | | | | | | 23% | | |
Indirect research and development expense by type: | | | | | | | | | | | | | | | | | | | | | | | | | |
Personnel-related costs | | | | $ | 6,132 | | | | | $ | 6,601 | | | | | $ | (469) | | | | | | (7)% | | |
Research and development supplies and services | | | | | 3,023 | | | | | | 3,760 | | | | | | (737) | | | | | | (20)% | | |
Allocated facility, equipment and other expenses | | | | | 1,035 | | | | | | 1,172 | | | | | | (137) | | | | | | (12)% | | |
Total indirect research and development expense | | | | | 10,190 | | | | | | 11,533 | | | | | | (1,343) | | | | | | (12)% | | |
Total research and development expense | | | | $ | 11,577 | | | | | $ | 12,659 | | | | | $ | (1,082) | | | | | | (9)% | | |
| | | Fiscal Year Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2021 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Revenues | | | | $ | 426 | | | | | $ | 77 | | | | | $ | (349) | | | | | | (82)% | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 30 | | | | | | 18 | | | | | | (12) | | | | | | (40)% | | |
Research and development | | | | | 14,672 | | | | | | 16,746 | | | | | | 2,074 | | | | | | 14% | | |
General and administrative | | | | | 7,585 | | | | | | 7,659 | | | | | | 74 | | | | | | 1% | | |
Total expenses | | | | | 22,287 | | | | | | 24,423 | | | | | | 2,136 | | | | | | 10% | | |
Loss from operations | | | | | (21,861) | | | | | | (24,346) | | | | | | (2,485) | | | | | | 11% | | |
Other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (1,315) | | | | | | (2,306) | | | | | | (991) | | | | | | 75% | | |
Other expenses, net | | | | | (84) | | | | | | (95) | | | | | | (11) | | | | | | 13% | | |
Net loss before provision for income taxes | | | | | (23,260) | | | | | | (26,747) | | | | | | (3,487) | | | | | | 15% | | |
Provision for income taxes | | | | | (5) | | | | | | (7) | | | | | | (2) | | | | | | (40)% | | |
Net loss and comprehensive loss | | | | $ | (23,265) | | | | | $ | (26,754) | | | | | $ | (3,489) | | | | | | 15% | | |
| | | Years Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2021 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Total direct research and development expense | | | | $ | 2,247 | | | | | $ | 1,394 | | | | | $ | (853) | | | | | | (38)% | | |
Indirect research and development expense by type: | | | | | | | | | | | | | | | | | | | | | | | | | |
Personnel-related costs | | | | $ | 7,038 | | | | | $ | 8,912 | | | | | $ | 1,874 | | | | | | 27% | | |
Research and development supplies and services | | | | | 3,934 | | | | | | 4,892 | | | | | | 958 | | | | | | 24% | | |
| | | Years Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2021 | | | 2022 | | | $ Change | | | % Change | | ||||||||||||
Allocated facility, equipment and other expenses | | | | | 1,453 | | | | | | 1,548 | | | | | | 95 | | | | | | 7% | | |
Total indirect research and development expense | | | | | 12,425 | | | | | | 15,352 | | | | | | 2,927 | | | | | | 24% | | |
Total research and development expense | | | | $ | 14,672 | | | | | $ | 16,746 | | | | | $ | 2,074 | | | | | | 14% | | |
|
| | | Nine Months ended September 30, | | | Fiscal Year ended December 31, | | ||||||||||||||||||
| | | 2022 | | | 2023 | | | 2021 | | | 2022 | | ||||||||||||
Net cash used in operating activities | | | | $ | (17,091) | | | | | $ | (15,009) | | | | | $ | (19,548) | | | | | $ | (22,557) | | |
Net cash used in investing activities | | | | $ | (158) | | | | | $ | (30) | | | | | $ | (459) | | | | | $ | (163) | | |
Net cash provided by financing activities | | | | $ | 16,985 | | | | | $ | 23,958 | | | | | $ | 20,159 | | | | | $ | 22,486 | | |
| | | | | |||
Executive Officers and Directors | | | | | | | |
Sangwoo Park | | | 54 | | | Director, Chairperson of the NKGen Board | |
Paul Song, M.D. | | | 58 | | | Chief Executive Officer, Director | |
Yong Man Kim, Ph.D. | | | 57 | | | Chief Scientific Officer | |
Pierre Gagnon | | | 51 | | | Chief Operating Officer | |
James A. Graf | | | | | Interim Chief | | |
Non-Employee Directors | | | | | | | |
Michael Klowden(1)(2)(3) | | | 78 | | | Director | |
| | | | | |||
Alana McNulty(1)(2)(3) | | | 60 | | | Director | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Total ($) | | ||||||||||||
Sangwoo Park(1) | | | | | 2022 | | | | | | 480,000 | | | | | | 96,000 | | | | | | 576,000 | | |
Paul Y. Song, M.D.(2) | | | | | 2022 | | | | | | 365,769(3) | | | | | | — | | | | | | 365,769 | | |
Jill M. Jene, Ph.D.(4) | | | | | 2022 | | | | | | 163,077 | | | | | | — | | | | | | 163,077 | | |
Pierre Gagnon | | | | | 2022 | | | | | | 300,000 | | | | | | 16,000 | | | | | | 316,000 | | |
| | | | | | | | | Option Awards(1) | | | | | | | | | Stock Awards | | ||||||||||||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares or units of stock that have not vested ($) | | |||||||||||||||||||||
Sangwoo Park | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul Y. Song, M.D. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jill M. Jene, Ph.D. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pierre Gagnon | | | | | 10/23/2019(2) | | | | | | 27,800 | | | | | | — | | | | | | 0.13 | | | | | | 10/23/2029 | | | | | | — | | | | | | — | | |
| | | | | | | | | Option Awards(1) | | | | | | | | |||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | |||||||||||||||
Sangwoo Park | | | | | 2/3/2023 | | | | | | — | | | | | | 1,800,830(2) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Paul Y. Song, M.D. | | | | | 1/17/2023 | | | | | | — | | | | | | 205,000(3) | | | | | | 2.72 | | | | | | 1/17/2033 | | |
Paul Y. Song, M.D. | | | | | 2/3/2023 | | | | | | — | | | | | | 963,046(4) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Pierre Gagnon | | | | | 2/3/2023 | | | | ��� | | — | | | | | | 368,461(5) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Yong Man Kim | | | | | 2/3/2023 | | | | | | — | | | | | | 326,761(6) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
| | | BEFORE OFFERING | | | AFTER OFFERING | | ||||||||||||||||||
NAME AND ADDRESS OF BENEFICIAL OWNER(1) | | | NUMBER OF SHARES BENEFICIALLY OWNED(2) | | | APPROXIMATE PERCENTAGE OF OUTSTANDING COMMON STOCK | | | NUMBER OF SHARES BENEFICIALLY OWNED(2) | | | APPROXIMATE PERCENTAGE OF OUTSTANDING COMMON STOCK | | ||||||||||||
Graf Acquisition Partners LLC(3) | | | | | 4,312,500 | | | | | | 100.0% | | | | | | 3,750,000 | | | | | | 20.0% | | |
James A. Graf(3) | | | | | 4,312,500 | | | | | | 100.0% | | | | | | 3,750,000 | | | | | | 20.0% | | |
Anthony A Kuznik | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
[•] | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | |
[•] | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | |
[•] | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | |
All executive officers, directors and director nominees as a group ([•] individuals) | | | | | 4,312,500 | | | | | | 100.0% | | | | | | 3,750,000 | | | | | | 20.0% | | |
| | | | | | | | | Option Awards(1) | | | | | | | | |||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | |||||||||||||||
Sangwoo Park | | | | | 2/3/2023 | | | | | | — | | | | | | 1,800,830(2) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Paul Y. Song, M.D. | | | | | 1/17/2023 | | | | | | — | | | | | | 205,000(3) | | | | | | 2.72 | | | | | | 1/17/2033 | | |
Paul Y. Song, M.D. | | | | | 2/3/2023 | | | | | | — | | | | | | 963,046(4) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Pierre Gagnon | | | | | 2/3/2023 | | | | ��� | | — | | | | | | 368,461(5) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Yong Man Kim | | | | | 2/3/2023 | | | | | | — | | | | | | 326,761(6) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
| | | | | | | | | Option Awards(1) | | | | | | | | |||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | |||||||||||||||
Sangwoo Park | | | | | 2/3/2023 | | | | | | — | | | | | | 1,800,830(2) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Paul Y. Song, M.D. | | | | | 1/17/2023 | | | | | | — | | | | | | 205,000(3) | | | | | | 2.72 | | | | | | 1/17/2033 | | |
Paul Y. Song, M.D. | | | | | 2/3/2023 | | | | | | — | | | | | | 963,046(4) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Pierre Gagnon | | | | | 2/3/2023 | | | | ��� | | — | | | | | | 368,461(5) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Yong Man Kim | | | | | 2/3/2023 | | | | | | — | | | | | | 326,761(6) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Name of Beneficial Owner(1) | | | Number of Shares of NKGen common stock Beneficially Owned | | | Percentage of Outstanding NKGen Common Stock | | ||||||
Directors and Executive Officers | | | | | | | | | | | | | |
Sangwoo Park(2) | | | | | 12,869,756 | | | | | | 53.09% | | |
Paul Y. Song, M.D.(3) | | | | | 342,286 | | | | | | 1.55% | | |
Kathleen Scott | | | | | — | | | | | | * | | |
Alana McNulty | | | | | — | | | | | | * | | |
Michael Klowden | | | | | — | | | | | | * | | |
James A. Graf(4) | | | | | 7,689,577 | | | | | | 28.33% | | |
Yong Man Kim, Ph.D.(5) | | | | | 28,384 | | | | | | * | | |
Pierre Gagnon(6) | | | | | 86,593 | | | | | | * | | |
All executive officers and directors after the business combination as a group (8 individuals) | | | ��� | | 21,486,611 | | | | | | 79.13% | | |
Five Percent Holders | | | | | | | | | | | | | |
NKMAX Co., Ltd.(7) | | | | | 12,150,612 | | | | | | 50.80% | | |
Graf Acquisition Partners IV LLC(8) | | | | | 7,681,417 | | | | | | 28.31% | | |
Meteora Entities(9) | | | | | 2,192,780 | | | | | | 9.99% | | |
Polar Multi-Strategy Master Fund(10) | | | | | 2,309,541 | | | | | | 9.99% | | |
Sandia Entities(11) | | | | | 1,470,999 | | | | | | 6.43% | | |
| | | Shares of Common Stock | | | Warrants | | ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder | | | Number Beneficially Owned Prior to Offering | | | Number Registered for Sale Hereby | | | Number Beneficially Owned After Offering | | | Percent Owned After Offering | | | Number Beneficially Owned Prior to Offering | | | Number Registered for Sale Hereby | | | Number Beneficially Owned After Offering | | | Percent Owned After Offering | | ||||||||||||||||||||||||
Alexandra Lebenthal(1) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alzheimer’s Drug Discovery Foundation(2) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alzheimer’s Research and Prevention Foundation(3) | | | | | 150,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
American Brain Foundation(4) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Anatolio B. Cruz III(5) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Edwin J. Rigaud(6) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Funicular Funds, LP(7) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Graf Acquisition Partners IV LLC(8) | | | | | 7,681,417 | | | | | | 7,681,417 | | | | | | — | | | | | | — | | | | | | 5,244,673 | | | | | | 5,244,673 | | | | | | — | | | | | | — | | |
Jeanne L. Manischewitz(9) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
James A. Graf(10) | | | | | 7,689,577 | | | | | | 8,160 | | | | | | 7,681,417 | | | | | | 28.3% | | | | | | 5,246,033 | | | | | | 1,360 | | | | | | 5,244,673 | | | | | | — | | |
Kepos Alpha Master Fund L.P.(11) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korea AI Blockchain Convergence(12) | | | | | 150,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korea Brain Research Institute(13) | | | | | 175,000 | | | | | | 175,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korean Institute of Economic and Social Studies(14) | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Meteora Entities(15) | | | | | 2,192,780 | | | | | | 60,770 | | | | | | 2,132,010 | | | | | | 9.7% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nautilus Master Fund, L.P.(16) | | | | | 360,000 | | | | | | 360,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
NKMAX Co., Ltd.(17) | | | | | 12,150,612 | | | | | | 2,320,000 | | | | | | 9,650,612 | | | | | | 39.9% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul Y. Song(18) | | | | | 350,181 | | | | | | 477,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pierre Gagnon(19) | | | | | 89,533 | | | | | | 161,834 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | ��� |
Polar Multi-Strategy Master Fund(20) | | | | | 2,330,000 | | | | | | 2,330,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sandia Entities(21) | | | | | 1,470,999 | | | | | | 999,999 | | | | | | 471,000 | | | | | | 2.1% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sangwoo Park(22) | | | | | 15,372,123 | | | | | | 735,467 | | | | | | 12,148,879 | | | | | | 49.4% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sea Otter Trading, LLC(23) | | | | | 600,000 | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shaolin Funds(24) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The Earthshine Charity Ltd(25) | | | | | 275,000 | | | | | | 275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The University of Chicago(26) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Walleye Entities(27) | | | | | 2,004,500 | | | | | | 2,000,000 | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yong Man Kim(28) | | | | | 28,384 | | | | | | 133,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| NKGen Biotech, Inc. | | | |||||
| Audited Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| Unaudited Condensed Financial Statements | | | | | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 351 | | | | | $ | 117 | | |
Accounts receivable | | | | | — | | | | | | 29 | | |
Prepaid expenses and other current assets | | | | | 261 | | | | | | 204 | | |
Total current assets | | | | | 612 | | | | | | 350 | | |
Property and equipment, net | | | | | 16,567 | | | | | | 15,521 | | |
Operating lease right-of-use assets, net | | | | | 802 | | | | | | 362 | | |
Capitalized software, net | | | | | 89 | | | | | | 97 | | |
Total assets | | | | $ | 18,070 | | | | | $ | 16,330 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued expenses (including related party amounts of $0 and $81 as of December 31, 2021 and 2022, respectively) | | | | $ | 2,202 | | | | | $ | 2,652 | | |
Convertible promissory notes, current | | | | | 11,219 | | | | | | 11,392 | | |
Convertible promissory notes, due to related parties, current | | | | | 259 | | | | | | 263 | | |
Related party loans | | | | | 39,000 | | | | | | — | | |
Operating lease liability, current | | | | | 458 | | | | | | 379 | | |
Other current liabilities (including related party amounts of $1,867 and $0, as of December 31, 2021 and 2022, respectively) | | | | | 1,930 | | | | | | 55 | | |
Payroll protection program loan, current | | | | | 675 | | | | | | — | | |
Total current liabilities | | | | | 55,743 | | | | | | 14,741 | | |
Operating lease and other non-current liabilities | | | | | 360 | | | | | | — | | |
Deferred tax liability | | | | | 19 | | | | | | 26 | | |
Total liabilities | | | | | 56,122 | | | | | | 14,767 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 500,000,000 authorized shares as of December 31, 2021 and 2022, respectively; 5,873,711 and 13,303,795 shares issued and outstanding as of December 31, 2021 and 2022, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 14,369 | | | | | | 80,738 | | |
Accumulated deficit | | | | | (52,422) | | | | | | (79,176) | | |
Total stockholders’ equity (deficit) | | | | | (38,052) | | | | | | 1,563 | | |
Total liabilities and stockholders’ equity (deficit) | | | | $ | 18,070 | | | | | $ | 16,330 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Revenues | | | | $ | 426 | | | | | $ | 77 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenues | | | | | 30 | | | | | | 18 | | |
Research and development (including related party amounts of $209 and $439 for the year ended December 31, 2021 and 2022, respectively) | | | | | 14,672 | | | | | | 16,746 | | |
General and administrative | | | | | 7,585 | | | | | | 7,659 | | |
Total expenses | | | | | 22,287 | | | | | | 24,423 | | |
Loss from operations | | | | | (21,861) | | | | | | (24,346) | | |
Other expenses: | | | | | | | | | | | | | |
Interest expense (including related party amounts of $1,305 and $2,271 for the year ended December 31, 2021 and 2022, respectively) | | | | | (1,315) | | | | | | (2,306) | | |
Other expenses, net | | | | | (84) | | | | | | (95) | | |
Net loss before provision for income taxes | | | | | (23,260) | | | | | | (26,747) | | |
Provision for income taxes | | | | | (5) | | | | | | (7) | | |
Net loss and comprehensive loss | | | | $ | (23,265) | | | | | $ | (26,754) | | |
Weighted-average common shares outstanding, basic, and diluted | | | | | 5,819,883 | | | | | | 6,356,348 | | |
Net loss per share, basic and diluted | | | | $ | (4.00) | | | | | $ | (4.21) | | |
| | | Legacy Common Stock | | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | | | | | 13,914,370 | | | | | $ | 14 | | | | | | — | | | | | $ | — | | | | | $ | 14,200 | | | | | $ | (29,157) | | | | | $ | (14,943) | | |
Retroactive application of recapitalization (Note 2) | | | | | (13,914,370) | | | | | | (14) | | | | | | 5,682,691 | | | | | | 1 | | | | | | 13 | | | | | | — | | | | | | — | | |
Balance as of December 31, 2020, adjusted | | | | | — | | | | | | — | | | | | | 5,682,691 | | | | | | 1 | | | | | | 14,213 | | | | | | (29,157) | | | | | | (14,943) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | | | | | — | | | | | | 93,000 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 191,020 | | | | | | — | | | | | | 63 | | | | | | — | | | | | | 63,000 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,265) | | | | | | (23,265) | | |
Balance as of December 31, 2021 | | | | | — | | | | | $ | — | | | | | | 5,873,711 | | | | | $ | 1 | | | | | $ | 14,369 | | | | | $ | (52,422) | | | | | $ | (38,052) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | 69 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 486,296 | | | | | | — | | | | | | 161 | | | | | | — | | | | | | 161 | | |
Issuance of common stock upon conversion of related party loans (Note 7) | | | | | — | | | | | | — | | | | | | 6,943,789 | | | | | | — | | | | | | 66,139 | | | | | | — | | | | | | 66,139 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,754) | | | | | | (26,754) | | |
Balance as of December 31, 2022 | | | | | — | | | | | $ | — | | | | | | 13,303,795 | | | | | $ | 1 | | | | | $ | 80,738 | | | | | $ | (79,176) | | | | | $ | 1,563 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (23,265) | | | | | $ | (26,754) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 1,128 | | | | | | 1,210 | | |
Stock-based compensation | | | | | 93 | | | | | | 69 | | |
Amortization of operating lease right-of use assets | | | | | 116 | | | | | | 440 | | |
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties | | | | | 143 | | | ��� | | | 177 | | |
Related party noncash interest expense | | | | | 1,305 | | | | | | 2,271 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | 111 | | | | | | (29) | | |
Prepaid expenses and other current assets | | | | | (48) | | | | | | 57 | | |
Accounts payable and accrued expenses | | | | | 959 | | | | | | 443 | | |
Operating lease liabilities | | | | | (116) | | | | | | (437) | | |
Other, net | | | | | 26 | | | | | | (4) | | |
Net cash used in operating activities | | | | | (19,548) | | | | | | (22,557) | | |
Investing activities | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (403) | | | | | | (101) | | |
Purchase of capitalized software | | | | | (56) | | | | | | (62) | | |
Net cash used in investing activities | | | | | (459) | | | | | | (163) | | |
Financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options | | | | | 63 | | | | | | 161 | | |
Proceeds from related party loans | | | | | 20,500 | | | | �� | | 23,000 | | |
Repayments on payroll protection program loan | | | | | (404) | | | | | | (675) | | |
Net cash provided by financing activities | | | | | 20,159 | | | | | | 22,486 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 152 | | | | | | (234) | | |
Cash and cash equivalents at the beginning of year | | | | | 199 | | | | | | 351 | | |
Cash and cash equivalents at the end of year | | | | $ | 351 | | | | | $ | 117 | | |
Supplemental disclosure of noncash investing and financing activities | | | | | | | | | | | | | |
Related party loans and interest payable converted into common stock | | | | $ | — | | | | | $ | 66,139 | | |
Operating lease right-of use asset obtained in exchange for lease liability | | | | $ | 738 | | | | | $ | — | | |
Property and equipment included in Accounts payable and accrued expenses | | | | $ | 98 | | | | | $ | 8 | | |
| | | December 31, | | ||||||||||||
| | | Useful Life | | | 2021 | | | 2022 | | ||||||
Land | | | — | | | | $ | 5,025 | | | | | $ | 5,025 | | |
Buildings | | | 40 years | | | | | 8,311 | | | | | | 8,325 | | |
Furniture and fixtures | | | 7 years | | | | | 677 | | | | | | 677 | | |
Lab equipment | | | 5 years | | | | | 3,907 | | | | | | 4,003 | | |
Leasehold improvements | | | Lesser of estimated useful life or related lease term | | | | | 52 | | | | | | 52 | | |
Office equipment | | | 5 years | | | | | 17 | | | | | | 17 | | |
Vehicles | | | 5 years | | | | | 112 | | | | | | 112 | | |
| | | | | | | | 18,101 | | | | | | 18,211 | | |
Less: Accumulated depreciation | | | | | | | | (1,534) | | | | | | (2,690) | | |
| | | | | | | $ | 16,567 | | | | | $ | 15,521 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Prepaid expenses | | | | $ | 172 | | | | | $ | 133 | | |
Other receivables | | | | | 67 | | | | | | 67 | | |
Other current assets | | | | | 22 | | | | | | 4 | | |
Prepaid expenses and other current assets | | | | $ | 261 | | | | | $ | 204 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Accounts payable | | | | $ | 1,687 | | | | | $ | 975 | | |
Accrued liabilities | | | | | 248 | | | | | | 1,359 | | |
Employee compensation | | | | | 240 | | | | | | 291 | | |
Other | | | | | 27 | | | | | | 27 | | |
Accounts payable and accrued expenses | | | | $ | 2,202 | | | | | $ | 2,652 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2021 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,219 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,219 | | |
Related Party Convertible Notes | | | | | 259 | | | | | | — | | | | | | — | | | | | | 259 | | |
Total | | | | $ | 11,478 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,478 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2022 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,392 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,392 | | |
Related Party Convertible Notes | | | | | 263 | | | | | | — | | | | | | — | | | | | | 263 | | |
Total | | | | $ | 11,655 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,655 | | |
| | | 2019 Convertible Notes | | | Related Party Convertible Notes | | | Total | | |||||||||
Balance as of December 31, 2020 | | | | $ | 10,807 | | | | | $ | 528 | | | | | $ | 11,335 | | |
Transfer from related party to unrelated party | | | | | 270 | | | | | | (270) | | | | | | — | | |
Change in fair value | | | | | 142 | | | | | | 1 | | | | | | 143 | | |
Balance as of December 31, 2021 | | | | | 11,219 | | | | | | 259 | | | | | | 11,478 | | |
Change in fair value | | | | | 173 | | | | | | 4 | | | | | | 177 | | |
Balance as of December 31, 2022 | | | | $ | 11,392 | | | | | $ | 263 | | | | | $ | 11,655 | | |
| | | As of December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Probability of conversion | | | | | 90% | | | | | | — | | |
Probability of holding until maturity without conversion | | | | | 10% | | | | | | — | | |
Remaining term until potential conversion trigger date (years) | | | | | 0.75 | | | | | | — | | |
Discount yield(1) | | | | | 17% | | | | | | 20% | | |
| | | Minimum lease payments | | |||
2023 | | | | $ | 412 | | |
Total undiscounted lease payments | | | | | 412 | | |
Less: imputed interest | | | | | (33) | | |
Total operating lease liability | | | | $ | 379 | | |
| | | | | | | | | Option Awards(1) | | | | | | | | |||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | |||||||||||||||
Sangwoo Park | | | | | 2/3/2023 | | | | | | — | | | | | | 1,800,830(2) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Paul Y. Song, M.D. | | | | | 1/17/2023 | | | | | | — | | | | | | 205,000(3) | | | | | | 2.72 | | | | | | 1/17/2033 | | |
Paul Y. Song, M.D. | | | | | 2/3/2023 | | | | | | — | | | | | | 963,046(4) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Pierre Gagnon | | | | | 2/3/2023 | | | | ��� | | — | | | | | | 368,461(5) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Yong Man Kim | | | | | 2/3/2023 | | | | | | — | | | | | | 326,761(6) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Name of Beneficial Owner(1) | | | Number of Shares of NKGen common stock Beneficially Owned | | | Percentage of Outstanding NKGen Common Stock | | ||||||
Directors and Executive Officers | | | | | | | | | | | | | |
Sangwoo Park(2) | | | | | 12,869,756 | | | | | | 53.09% | | |
Paul Y. Song, M.D.(3) | | | | | 342,286 | | | | | | 1.55% | | |
Kathleen Scott | | | | | — | | | | | | * | | |
Alana McNulty | | | | | — | | | | | | * | | |
Michael Klowden | | | | | — | | | | | | * | | |
James A. Graf(4) | | | | | 7,689,577 | | | | | | 28.33% | | |
Yong Man Kim, Ph.D.(5) | | | | | 28,384 | | | | | | * | | |
Pierre Gagnon(6) | | | | | 86,593 | | | | | | * | | |
All executive officers and directors after the business combination as a group (8 individuals) | | | ��� | | 21,486,611 | | | | | | 79.13% | | |
Five Percent Holders | | | | | | | | | | | | | |
NKMAX Co., Ltd.(7) | | | | | 12,150,612 | | | | | | 50.80% | | |
Graf Acquisition Partners IV LLC(8) | | | | | 7,681,417 | | | | | | 28.31% | | |
Meteora Entities(9) | | | | | 2,192,780 | | | | | | 9.99% | | |
Polar Multi-Strategy Master Fund(10) | | | | | 2,309,541 | | | | | | 9.99% | | |
Sandia Entities(11) | | | | | 1,470,999 | | | | | | 6.43% | | |
| | | Shares of Common Stock | | | Warrants | | ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder | | | Number Beneficially Owned Prior to Offering | | | Number Registered for Sale Hereby | | | Number Beneficially Owned After Offering | | | Percent Owned After Offering | | | Number Beneficially Owned Prior to Offering | | | Number Registered for Sale Hereby | | | Number Beneficially Owned After Offering | | | Percent Owned After Offering | | ||||||||||||||||||||||||
Alexandra Lebenthal(1) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alzheimer’s Drug Discovery Foundation(2) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alzheimer’s Research and Prevention Foundation(3) | | | | | 150,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
American Brain Foundation(4) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Anatolio B. Cruz III(5) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Edwin J. Rigaud(6) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Funicular Funds, LP(7) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Graf Acquisition Partners IV LLC(8) | | | | | 7,681,417 | | | | | | 7,681,417 | | | | | | — | | | | | | — | | | | | | 5,244,673 | | | | | | 5,244,673 | | | | | | — | | | | | | — | | |
Jeanne L. Manischewitz(9) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
James A. Graf(10) | | | | | 7,689,577 | | | | | | 8,160 | | | | | | 7,681,417 | | | | | | 28.3% | | | | | | 5,246,033 | | | | | | 1,360 | | | | | | 5,244,673 | | | | | | — | | |
Kepos Alpha Master Fund L.P.(11) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korea AI Blockchain Convergence(12) | | | | | 150,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korea Brain Research Institute(13) | | | | | 175,000 | | | | | | 175,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korean Institute of Economic and Social Studies(14) | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Meteora Entities(15) | | | | | 2,192,780 | | | | | | 60,770 | | | | | | 2,132,010 | | | | | | 9.7% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nautilus Master Fund, L.P.(16) | | | | | 360,000 | | | | | | 360,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
NKMAX Co., Ltd.(17) | | | | | 12,150,612 | | | | | | 2,320,000 | | | | | | 9,650,612 | | | | | | 39.9% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul Y. Song(18) | | | | | 350,181 | | | | | | 477,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pierre Gagnon(19) | | | | | 89,533 | | | | | | 161,834 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | ��� |
Polar Multi-Strategy Master Fund(20) | | | | | 2,330,000 | | | | | | 2,330,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sandia Entities(21) | | | | | 1,470,999 | | | | | | 999,999 | | | | | | 471,000 | | | | | | 2.1% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sangwoo Park(22) | | | | | 15,372,123 | | | | | | 735,467 | | | | | | 12,148,879 | | | | | | 49.4% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sea Otter Trading, LLC(23) | | | | | 600,000 | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shaolin Funds(24) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The Earthshine Charity Ltd(25) | | | | | 275,000 | | | | | | 275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The University of Chicago(26) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Walleye Entities(27) | | | | | 2,004,500 | | | | | | 2,000,000 | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yong Man Kim(28) | | | | | 28,384 | | | | | | 133,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| NKGen Biotech, Inc. | | | |||||
| Audited Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| Unaudited Condensed Financial Statements | | | | | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 351 | | | | | $ | 117 | | |
Accounts receivable | | | | | — | | | | | | 29 | | |
Prepaid expenses and other current assets | | | | | 261 | | | | | | 204 | | |
Total current assets | | | | | 612 | | | | | | 350 | | |
Property and equipment, net | | | | | 16,567 | | | | | | 15,521 | | |
Operating lease right-of-use assets, net | | | | | 802 | | | | | | 362 | | |
Capitalized software, net | | | | | 89 | | | | | | 97 | | |
Total assets | | | | $ | 18,070 | | | | | $ | 16,330 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued expenses (including related party amounts of $0 and $81 as of December 31, 2021 and 2022, respectively) | | | | $ | 2,202 | | | | | $ | 2,652 | | |
Convertible promissory notes, current | | | | | 11,219 | | | | | | 11,392 | | |
Convertible promissory notes, due to related parties, current | | | | | 259 | | | | | | 263 | | |
Related party loans | | | | | 39,000 | | | | | | — | | |
Operating lease liability, current | | | | | 458 | | | | | | 379 | | |
Other current liabilities (including related party amounts of $1,867 and $0, as of December 31, 2021 and 2022, respectively) | | | | | 1,930 | | | | | | 55 | | |
Payroll protection program loan, current | | | | | 675 | | | | | | — | | |
Total current liabilities | | | | | 55,743 | | | | | | 14,741 | | |
Operating lease and other non-current liabilities | | | | | 360 | | | | | | — | | |
Deferred tax liability | | | | | 19 | | | | | | 26 | | |
Total liabilities | | | | | 56,122 | | | | | | 14,767 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 500,000,000 authorized shares as of December 31, 2021 and 2022, respectively; 5,873,711 and 13,303,795 shares issued and outstanding as of December 31, 2021 and 2022, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 14,369 | | | | | | 80,738 | | |
Accumulated deficit | | | | | (52,422) | | | | | | (79,176) | | |
Total stockholders’ equity (deficit) | | | | | (38,052) | | | | | | 1,563 | | |
Total liabilities and stockholders’ equity (deficit) | | | | $ | 18,070 | | | | | $ | 16,330 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Revenues | | | | $ | 426 | | | | | $ | 77 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenues | | | | | 30 | | | | | | 18 | | |
Research and development (including related party amounts of $209 and $439 for the year ended December 31, 2021 and 2022, respectively) | | | | | 14,672 | | | | | | 16,746 | | |
General and administrative | | | | | 7,585 | | | | | | 7,659 | | |
Total expenses | | | | | 22,287 | | | | | | 24,423 | | |
Loss from operations | | | | | (21,861) | | | | | | (24,346) | | |
Other expenses: | | | | | | | | | | | | | |
Interest expense (including related party amounts of $1,305 and $2,271 for the year ended December 31, 2021 and 2022, respectively) | | | | | (1,315) | | | | | | (2,306) | | |
Other expenses, net | | | | | (84) | | | | | | (95) | | |
Net loss before provision for income taxes | | | | | (23,260) | | | | | | (26,747) | | |
Provision for income taxes | | | | | (5) | | | | | | (7) | | |
Net loss and comprehensive loss | | | | $ | (23,265) | | | | | $ | (26,754) | | |
Weighted-average common shares outstanding, basic, and diluted | | | | | 5,819,883 | | | | | | 6,356,348 | | |
Net loss per share, basic and diluted | | | | $ | (4.00) | | | | | $ | (4.21) | | |
| | | Legacy Common Stock | | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | | | | | 13,914,370 | | | | | $ | 14 | | | | | | — | | | | | $ | — | | | | | $ | 14,200 | | | | | $ | (29,157) | | | | | $ | (14,943) | | |
Retroactive application of recapitalization (Note 2) | | | | | (13,914,370) | | | | | | (14) | | | | | | 5,682,691 | | | | | | 1 | | | | | | 13 | | | | | | — | | | | | | — | | |
Balance as of December 31, 2020, adjusted | | | | | — | | | | | | — | | | | | | 5,682,691 | | | | | | 1 | | | | | | 14,213 | | | | | | (29,157) | | | | | | (14,943) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | | | | | — | | | | | | 93,000 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 191,020 | | | | | | — | | | | | | 63 | | | | | | — | | | | | | 63,000 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,265) | | | | | | (23,265) | | |
Balance as of December 31, 2021 | | | | | — | | | | | $ | — | | | | | | 5,873,711 | | | | | $ | 1 | | | | | $ | 14,369 | | | | | $ | (52,422) | | | | | $ | (38,052) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | 69 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 486,296 | | | | | | — | | | | | | 161 | | | | | | — | | | | | | 161 | | |
Issuance of common stock upon conversion of related party loans (Note 7) | | | | | — | | | | | | — | | | | | | 6,943,789 | | | | | | — | | | | | | 66,139 | | | | | | — | | | | | | 66,139 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,754) | | | | | | (26,754) | | |
Balance as of December 31, 2022 | | | | | — | | | | | $ | — | | | | | | 13,303,795 | | | | | $ | 1 | | | | | $ | 80,738 | | | | | $ | (79,176) | | | | | $ | 1,563 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (23,265) | | | | | $ | (26,754) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 1,128 | | | | | | 1,210 | | |
Stock-based compensation | | | | | 93 | | | | | | 69 | | |
Amortization of operating lease right-of use assets | | | | | 116 | | | | | | 440 | | |
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties | | | | | 143 | | | ��� | | | 177 | | |
Related party noncash interest expense | | | | | 1,305 | | | | | | 2,271 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | 111 | | | | | | (29) | | |
Prepaid expenses and other current assets | | | | | (48) | | | | | | 57 | | |
Accounts payable and accrued expenses | | | | | 959 | | | | | | 443 | | |
Operating lease liabilities | | | | | (116) | | | | | | (437) | | |
Other, net | | | | | 26 | | | | | | (4) | | |
Net cash used in operating activities | | | | | (19,548) | | | | | | (22,557) | | |
Investing activities | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (403) | | | | | | (101) | | |
Purchase of capitalized software | | | | | (56) | | | | | | (62) | | |
Net cash used in investing activities | | | | | (459) | | | | | | (163) | | |
Financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options | | | | | 63 | | | | | | 161 | | |
Proceeds from related party loans | | | | | 20,500 | | | | �� | | 23,000 | | |
Repayments on payroll protection program loan | | | | | (404) | | | | | | (675) | | |
Net cash provided by financing activities | | | | | 20,159 | | | | | | 22,486 | | |
Net increase (decrease) in cash and cash equivalents | | | | | 152 | | | | | | (234) | | |
Cash and cash equivalents at the beginning of year | | | | | 199 | | | | | | 351 | | |
Cash and cash equivalents at the end of year | | | | $ | 351 | | | | | $ | 117 | | |
Supplemental disclosure of noncash investing and financing activities | | | | | | | | | | | | | |
Related party loans and interest payable converted into common stock | | | | $ | — | | | | | $ | 66,139 | | |
Operating lease right-of use asset obtained in exchange for lease liability | | | | $ | 738 | | | | | $ | — | | |
Property and equipment included in Accounts payable and accrued expenses | | | | $ | 98 | | | | | $ | 8 | | |
| | | December 31, | | ||||||||||||
| | | Useful Life | | | 2021 | | | 2022 | | ||||||
Land | | | — | | | | $ | 5,025 | | | | | $ | 5,025 | | |
Buildings | | | 40 years | | | | | 8,311 | | | | | | 8,325 | | |
Furniture and fixtures | | | 7 years | | | | | 677 | | | | | | 677 | | |
Lab equipment | | | 5 years | | | | | 3,907 | | | | | | 4,003 | | |
Leasehold improvements | | | Lesser of estimated useful life or related lease term | | | | | 52 | | | | | | 52 | | |
Office equipment | | | 5 years | | | | | 17 | | | | | | 17 | | |
Vehicles | | | 5 years | | | | | 112 | | | | | | 112 | | |
| | | | | | | | 18,101 | | | | | | 18,211 | | |
Less: Accumulated depreciation | | | | | | | | (1,534) | | | | | | (2,690) | | |
| | | | | | | $ | 16,567 | | | | | $ | 15,521 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Prepaid expenses | | | | $ | 172 | | | | | $ | 133 | | |
Other receivables | | | | | 67 | | | | | | 67 | | |
Other current assets | | | | | 22 | | | | | | 4 | | |
Prepaid expenses and other current assets | | | | $ | 261 | | | | | $ | 204 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Accounts payable | | | | $ | 1,687 | | | | | $ | 975 | | |
Accrued liabilities | | | | | 248 | | | | | | 1,359 | | |
Employee compensation | | | | | 240 | | | | | | 291 | | |
Other | | | | | 27 | | | | | | 27 | | |
Accounts payable and accrued expenses | | | | $ | 2,202 | | | | | $ | 2,652 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2021 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,219 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,219 | | |
Related Party Convertible Notes | | | | | 259 | | | | | | — | | | | | | — | | | | | | 259 | | |
Total | | | | $ | 11,478 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,478 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2022 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,392 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,392 | | |
Related Party Convertible Notes | | | | | 263 | | | | | | — | | | | | | — | | | | | | 263 | | |
Total | | | | $ | 11,655 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,655 | | |
| | | 2019 Convertible Notes | | | Related Party Convertible Notes | | | Total | | |||||||||
Balance as of December 31, 2020 | | | | $ | 10,807 | | | | | $ | 528 | | | | | $ | 11,335 | | |
Transfer from related party to unrelated party | | | | | 270 | | | | | | (270) | | | | | | — | | |
Change in fair value | | | | | 142 | | | | | | 1 | | | | | | 143 | | |
Balance as of December 31, 2021 | | | | | 11,219 | | | | | | 259 | | | | | | 11,478 | | |
Change in fair value | | | | | 173 | | | | | | 4 | | | | | | 177 | | |
Balance as of December 31, 2022 | | | | $ | 11,392 | | | | | $ | 263 | | | | | $ | 11,655 | | |
| | | As of December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Probability of conversion | | | | | 90% | | | | | | — | | |
Probability of holding until maturity without conversion | | | | | 10% | | | | | | — | | |
Remaining term until potential conversion trigger date (years) | | | | | 0.75 | | | | | | — | | |
Discount yield(1) | | | | | 17% | | | | | | 20% | | |
| | | Minimum lease payments | | |||
2023 | | | | $ | 412 | | |
Total undiscounted lease payments | | | | | 412 | | |
Less: imputed interest | | | | | (33) | | |
Total operating lease liability | | | | $ | 379 | | |
| | | | | | | | | Option Awards(1) | | | | | | | | |||||||||||||||
Name | | | Grant date | | | Number of securities underlying unexercised options (#) exercisable | | | Number of securities underlying unexercised options (#) unexercisable | | | Option exercise price ($) | | | Option expiration date | | |||||||||||||||
Sangwoo Park | | | | | 2/3/2023 | | | | | | — | | | | | | 1,800,830(2) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Paul Y. Song, M.D. | | | | | 1/17/2023 | | | | | | — | | | | | | 205,000(3) | | | | | | 2.72 | | | | | | 1/17/2033 | | |
Paul Y. Song, M.D. | | | | | 2/3/2023 | | | | | | — | | | | | | 963,046(4) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Pierre Gagnon | | | | | 2/3/2023 | | | | ��� | | — | | | | | | 368,461(5) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Yong Man Kim | | | | | 2/3/2023 | | | | | | — | | | | | | 326,761(6) | | | | | | 2.72 | | | | | | 2/3/2033 | | |
Name of Beneficial Owner(1) | | | Number of Shares of NKGen common stock Beneficially Owned | | | Percentage of Outstanding NKGen Common Stock | | ||||||
Directors and Executive Officers | | | | | | | | | | | | | |
Sangwoo Park(2) | | | | | 12,869,756 | | | | | | 53.09% | | |
Paul Y. Song, M.D.(3) | | | | | 342,286 | | | | | | 1.55% | | |
Kathleen Scott | | | | | — | | | | | | * | | |
Alana McNulty | | | | | — | | | | | | * | | |
Michael Klowden | | | | | — | | | | | | * | | |
James A. Graf(4) | | | | | 7,689,577 | | | | | | 28.33% | | |
Yong Man Kim, Ph.D.(5) | | | | | 28,384 | | | | | | * | | |
Pierre Gagnon(6) | | | | | 86,593 | | | | | | * | | |
All executive officers and directors after the business combination as a group (8 individuals) | | | ��� | | 21,486,611 | | | | | | 79.13% | | |
Five Percent Holders | | | | | | | | | | | | | |
NKMAX Co., Ltd.(7) | | | | | 12,150,612 | | | | | | 50.80% | | |
Graf Acquisition Partners IV LLC(8) | | | | | 7,681,417 | | | | | | 28.31% | | |
Meteora Entities(9) | | | | | 2,192,780 | | | | | | 9.99% | | |
Polar Multi-Strategy Master Fund(10) | | | | | 2,309,541 | | | | | | 9.99% | | |
Sandia Entities(11) | | | | | 1,470,999 | | | | | | 6.43% | | |
| | | Shares of Common Stock | | | Warrants | | ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder | | | Number Beneficially Owned Prior to Offering | | | Number Registered for Sale Hereby | | | Number Beneficially Owned After Offering | | | Percent Owned After Offering | | | Number Beneficially Owned Prior to Offering | | | Number Registered for Sale Hereby | | | Number Beneficially Owned After Offering | | | Percent Owned After Offering | | ||||||||||||||||||||||||
Alexandra Lebenthal(1) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alzheimer’s Drug Discovery Foundation(2) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alzheimer’s Research and Prevention Foundation(3) | | | | | 150,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
American Brain Foundation(4) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Anatolio B. Cruz III(5) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Edwin J. Rigaud(6) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Funicular Funds, LP(7) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Graf Acquisition Partners IV LLC(8) | | | | | 7,681,417 | | | | | | 7,681,417 | | | | | | — | | | | | | — | | | | | | 5,244,673 | | | | | | 5,244,673 | | | | | | — | | | | | | — | | |
Jeanne L. Manischewitz(9) | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
James A. Graf(10) | | | | | 7,689,577 | | | | | | 8,160 | | | | | | 7,681,417 | | | | | | 28.3% | | | | | | 5,246,033 | | | | | | 1,360 | | | | | | 5,244,673 | | | | | | — | | |
Kepos Alpha Master Fund L.P.(11) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korea AI Blockchain Convergence(12) | | | | | 150,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korea Brain Research Institute(13) | | | | | 175,000 | | | | | | 175,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Korean Institute of Economic and Social Studies(14) | | | | | 100,000 | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Meteora Entities(15) | | | | | 2,192,780 | | | | | | 60,770 | | | | | | 2,132,010 | | | | | | 9.7% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nautilus Master Fund, L.P.(16) | | | | | 360,000 | | | | | | 360,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
NKMAX Co., Ltd.(17) | | | | | 12,150,612 | | | | | | 2,320,000 | | | | | | 9,650,612 | | | | | | 39.9% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paul Y. Song(18) | | | | | 350,181 | | | | | | 477,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pierre Gagnon(19) | | | | | 89,533 | | | | | | 161,834 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | ��� |
Polar Multi-Strategy Master Fund(20) | | | | | 2,330,000 | | | | | | 2,330,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sandia Entities(21) | | | | | 1,470,999 | | | | | | 999,999 | | | | | | 471,000 | | | | | | 2.1% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sangwoo Park(22) | | | | | 15,372,123 | | | | | | 735,467 | | | | | | 12,148,879 | | | | | | 49.4% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sea Otter Trading, LLC(23) | | | | | 600,000 | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shaolin Funds(24) | | | | | 999,999 | | | | | | 999,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The Earthshine Charity Ltd(25) | | | | | 275,000 | | | | | | 275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The University of Chicago(26) | | | | | 550,000 | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Walleye Entities(27) | | | | | 2,004,500 | | | | | | 2,000,000 | | | | | | 4,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yong Man Kim(28) | | | | | 28,384 | | | | | | 133,450 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | NO EXERCISE | | | FULL EXERCISE | | ||||||
Per Unit(1) | | | | $ | 0.20 | | | | | $ | 0.20 | | |
Total(1) | | | | $ | 3,000,000 | | | | | $ | 3,450,000 | | |
| | | ||||||||||
| Audited Financial Statements | | | | | | | | ||||
| | | | | F-2 | | | |||||
| | | | | F-3 | | | |||||
| | | | | F-4 | | | |||||
| | | | | F-5 | | | |||||
| | | | | F-6 | | | |||||
| | | | | F-7 | | | |||||
| Unaudited Condensed Financial Statements | | | | | | | | ||||
| | | | | F-26 | | | |||||
| | | | | F-27 | | | |||||
| | | | | F-28 | | | |||||
| | | | | F-29 | | | |||||
| | | | | F-30 | | |
| Assets: | | | | | | | |
| Deferred offering costs associated with proposed public offering | | | | $ | 24,000 | | |
| Total assets | | | | $ | 24,000 | | |
| Commitments and Contingencies (Note 6) | | | | | | | |
| Stockholder’s Equity: | | | | | | | |
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | | | | $ | — | | |
| Common stock, $0.0001 par value; 400,000,000 shares authorized; 4,312,500 shares issued and outstanding(1) | | | | | 431 | | |
| Additional paid-in capital | | | | | 24,569 | | |
| Accumulated deficit | | | | | (1,000) | | |
| Total stockholder’s equity | | | | | 24,000 | | |
| Total Liabilities and Stockholder’s Equity | | | | $ | 24,000 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 351 | | | | | $ | 117 | | |
Accounts receivable | | | | | — | | | | | | 29 | | |
Prepaid expenses and other current assets | | | | | 261 | | | | | | 204 | | |
Total current assets | | | | | 612 | | | | | | 350 | | |
Property and equipment, net | | | | | 16,567 | | | | | | 15,521 | | |
Operating lease right-of-use assets, net | | | | | 802 | | | | | | 362 | | |
Capitalized software, net | | | | | 89 | | | | | | 97 | | |
Total assets | | | | $ | 18,070 | | | | | $ | 16,330 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued expenses (including related party amounts of $0 and $81 as of December 31, 2021 and 2022, respectively) | | | | $ | 2,202 | | | | | $ | 2,652 | | |
Convertible promissory notes, current | | | | | 11,219 | | | | | | 11,392 | | |
Convertible promissory notes, due to related parties, current | | | | | 259 | | | | | | 263 | | |
Related party loans | | | | | 39,000 | | | | | | — | | |
Operating lease liability, current | | | | | 458 | | | | | | 379 | | |
Other current liabilities (including related party amounts of $1,867 and $0, as of December 31, 2021 and 2022, respectively) | | | | | 1,930 | | | | | | 55 | | |
Payroll protection program loan, current | | | | | 675 | | | | | | — | | |
Total current liabilities | | | | | 55,743 | | | | | | 14,741 | | |
Operating lease and other non-current liabilities | | | | | 360 | | | | | | — | | |
Deferred tax liability | | | | | 19 | | | | | | 26 | | |
Total liabilities | | | | | 56,122 | | | | | | 14,767 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 500,000,000 authorized shares as of December 31, 2021 and 2022, respectively; 5,873,711 and 13,303,795 shares issued and outstanding as of December 31, 2021 and 2022, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 14,369 | | | | | | 80,738 | | |
Accumulated deficit | | | | | (52,422) | | | | | | (79,176) | | |
Total stockholders’ equity (deficit) | | | | | (38,052) | | | | | | 1,563 | | |
Total liabilities and stockholders’ equity (deficit) | | | | $ | 18,070 | | | | | $ | 16,330 | | |
| General and administrative expenses | | | | $ | 1,000 | | |
| Net loss | | | | $ | (1,000) | | |
| Weighted average shares outstanding, basic and diluted(1) | | | | | 3,750,000 | | |
| Basic and diluted net loss per share | | | | $ | (0.00) | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Revenues | | | | $ | 426 | | | | | $ | 77 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenues | | | | | 30 | | | | | | 18 | | |
Research and development (including related party amounts of $209 and $439 for the year ended December 31, 2021 and 2022, respectively) | | | | | 14,672 | | | | | | 16,746 | | |
General and administrative | | | | | 7,585 | | | | | | 7,659 | | |
Total expenses | | | | | 22,287 | | | | | | 24,423 | | |
Loss from operations | | | | | (21,861) | | | | | | (24,346) | | |
Other expenses: | | | | | | | | | | | | | |
Interest expense (including related party amounts of $1,305 and $2,271 for the year ended December 31, 2021 and 2022, respectively) | | | | | (1,315) | | | | | | (2,306) | | |
Other expenses, net | | | | | (84) | | | | | | (95) | | |
Net loss before provision for income taxes | | | | | (23,260) | | | | | | (26,747) | | |
Provision for income taxes | | | | | (5) | | | | | | (7) | | |
Net loss and comprehensive loss | | | | $ | (23,265) | | | | | $ | (26,754) | | |
Weighted-average common shares outstanding, basic, and diluted | | | | | 5,819,883 | | | | | | 6,356,348 | | |
Net loss per share, basic and diluted | | | | $ | (4.00) | | | | | $ | (4.21) | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Deficit | | | Total Stockholder’s Equity | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – January 28, 2021 (inception) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of common stock to Sponsor(1) | | | | | 4,312,500 | | | | | | 431 | | | | | | 24,569 | | | | | | — | | | | | | 25,000 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (1,000) | | | | | | (1,000) | | |
Balance – February 13, 2021 | | | | | 4,312,500 | | | | | $ | 431 | | | | | $ | 24,569 | | | | | $ | (1,000) | | | | | $ | 24,000 | | |
| | | Legacy Common Stock | | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | | | | | 13,914,370 | | | | | $ | 14 | | | | | | — | | | | | $ | — | | | | | $ | 14,200 | | | | | $ | (29,157) | | | | | $ | (14,943) | | |
Retroactive application of recapitalization (Note 2) | | | | | (13,914,370) | | | | | | (14) | | | | | | 5,682,691 | | | | | | 1 | | | | | | 13 | | | | | | — | | | | | | — | | |
Balance as of December 31, 2020, adjusted | | | | | — | | | | | | — | | | | | | 5,682,691 | | | | | | 1 | | | | | | 14,213 | | | | | | (29,157) | | | | | | (14,943) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | | | | | — | | | | | | 93,000 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 191,020 | | | | | | — | | | | | | 63 | | | | | | — | | | | | | 63,000 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,265) | | | | | | (23,265) | | |
Balance as of December 31, 2021 | | | | | — | | | | | $ | — | | | | | | 5,873,711 | | | | | $ | 1 | | | | | $ | 14,369 | | | | | $ | (52,422) | | | | | $ | (38,052) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | 69 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 486,296 | | | | | | — | | | | | | 161 | | | | | | — | | | | | | 161 | | |
Issuance of common stock upon conversion of related party loans (Note 7) | | | | | — | | | | | | — | | | | | | 6,943,789 | | | | | | — | | | | | | 66,139 | | | | | | — | | | | | | 66,139 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,754) | | | | | | (26,754) | | |
Balance as of December 31, 2022 | | | | | — | | | | | $ | — | | | | | | 13,303,795 | | | | | $ | 1 | | | | | $ | 80,738 | | | | | $ | (79,176) | | | | | $ | 1,563 | | |
| Cash Flows from Operating Activities: | | | | | | | | Years Ended December 31, | | |||||||||||
| Net loss | | | $ | (1,000) | | | | 2021 | | 2022 | | |||||||||
| Formation costs paid by Sponsor in exchange for issuance of common stock | | | | 1,000 | | | ||||||||||||||
| Net cash used in operating activities | | | | — | | | ||||||||||||||
| Net change in cash | | | | — | | | ||||||||||||||
| Cash – beginning of the period | | | | — | | | ||||||||||||||
| Cash – end of the period | | | $ | — | | | ||||||||||||||
| Supplemental disclosure of noncash activities: | | | | | | | ||||||||||||||
| Deferred offering costs paid by Sponsor in exchange for issuance of common stock | | | $ | 24,000 | | | ||||||||||||||
Operating activities | | | | | | | | | | | | ||||||||||
Net loss | | | $ | (23,265) | | | | $ | (26,754) | | | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | ||||||||||
Depreciation and amortization | | | | 1,128 | | | | | 1,210 | | | ||||||||||
Stock-based compensation | | | | 93 | | | | | 69 | | | ||||||||||
Amortization of operating lease right-of use assets | | | | 116 | | | | | 440 | | | ||||||||||
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties | | | | 143 | | | ��� | | | 177 | | | |||||||||
Related party noncash interest expense | | | | 1,305 | | | | | 2,271 | | | ||||||||||
Changes in operating assets and liabilities: | | | | | | | | | | | | ||||||||||
Accounts receivable | | | | 111 | | | | | (29) | | | ||||||||||
Prepaid expenses and other current assets | | | | (48) | | | | | 57 | | | ||||||||||
Accounts payable and accrued expenses | | | | 959 | | | | | 443 | | | ||||||||||
Operating lease liabilities | | | | (116) | | | | | (437) | | | ||||||||||
Other, net | | | | 26 | | | | | (4) | | | ||||||||||
Net cash used in operating activities | | | | (19,548) | | | | | (22,557) | | | ||||||||||
Investing activities | | | | | | | | | | | | ||||||||||
Purchases of property and equipment | | | | (403) | | | | | (101) | | | ||||||||||
Purchase of capitalized software | | | | (56) | | | | | (62) | | | ||||||||||
Net cash used in investing activities | | | | (459) | | | | | (163) | | | ||||||||||
Financing activities | | | | | | | | | | | | ||||||||||
Proceeds from exercise of common stock options | | | | 63 | | | | | 161 | | | ||||||||||
Proceeds from related party loans | | | | 20,500 | | | �� | | 23,000 | | | ||||||||||
Repayments on payroll protection program loan | | | | (404) | | | | | (675) | | | ||||||||||
Net cash provided by financing activities | | | | 20,159 | | | | | 22,486 | | | ||||||||||
Net increase (decrease) in cash and cash equivalents | | | | 152 | | | | | (234) | | | ||||||||||
Cash and cash equivalents at the beginning of year | | | | 199 | | | | | 351 | | | ||||||||||
Cash and cash equivalents at the end of year | | | $ | 351 | | | | $ | 117 | | | ||||||||||
Supplemental disclosure of noncash investing and financing activities | | | | | | | | | | | | ||||||||||
Related party loans and interest payable converted into common stock | | | $ | — | | | | $ | 66,139 | | | ||||||||||
Operating lease right-of use asset obtained in exchange for lease liability | | | $ | 738 | | | | $ | — | | | ||||||||||
Property and equipment included in Accounts payable and accrued expenses | | | $ | 98 | | | | $ | 8 | | |
| | | December 31, | | ||||||||||||
| | | Useful Life | | | 2021 | | | 2022 | | ||||||
Land | | | — | | | | $ | 5,025 | | | | | $ | 5,025 | | |
Buildings | | | 40 years | | | | | 8,311 | | | | | | 8,325 | | |
Furniture and fixtures | | | 7 years | | | | | 677 | | | | | | 677 | | |
Lab equipment | | | 5 years | | | | | 3,907 | | | | | | 4,003 | | |
Leasehold improvements | | | Lesser of estimated useful life or related lease term | | | | | 52 | | | | | | 52 | | |
Office equipment | | | 5 years | | | | | 17 | | | | | | 17 | | |
Vehicles | | | 5 years | | | | | 112 | | | | | | 112 | | |
| | | | | | | | 18,101 | | | | | | 18,211 | | |
Less: Accumulated depreciation | | | | | | | | (1,534) | | | | | | (2,690) | | |
| | | | | | | $ | 16,567 | | | | | $ | 15,521 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Prepaid expenses | | | | $ | 172 | | | | | $ | 133 | | |
Other receivables | | | | | 67 | | | | | | 67 | | |
Other current assets | | | | | 22 | | | | | | 4 | | |
Prepaid expenses and other current assets | | | | $ | 261 | | | | | $ | 204 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Accounts payable | | | | $ | 1,687 | | | | | $ | 975 | | |
Accrued liabilities | | | | | 248 | | | | | | 1,359 | | |
Employee compensation | | | | | 240 | | | | | | 291 | | |
Other | | | | | 27 | | | | | | 27 | | |
Accounts payable and accrued expenses | | | | $ | 2,202 | | | | | $ | 2,652 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2021 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,219 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,219 | | |
Related Party Convertible Notes | | | | | 259 | | | | | | — | | | | | | — | | | | | | 259 | | |
Total | | | | $ | 11,478 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,478 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2022 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,392 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,392 | | |
Related Party Convertible Notes | | | | | 263 | | | | | | — | | | | | | — | | | | | | 263 | | |
Total | | | | $ | 11,655 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,655 | | |
| | | 2019 Convertible Notes | | | Related Party Convertible Notes | | | Total | | |||||||||
Balance as of December 31, 2020 | | | | $ | 10,807 | | | | | $ | 528 | | | | | $ | 11,335 | | |
Transfer from related party to unrelated party | | | | | 270 | | | | | | (270) | | | | | | — | | |
Change in fair value | | | | | 142 | | | | | | 1 | | | | | | 143 | | |
Balance as of December 31, 2021 | | | | | 11,219 | | | | | | 259 | | | | | | 11,478 | | |
Change in fair value | | | | | 173 | | | | | | 4 | | | | | | 177 | | |
Balance as of December 31, 2022 | | | | $ | 11,392 | | | | | $ | 263 | | | | | $ | 11,655 | | |
| | | As of December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Probability of conversion | | | | | 90% | | | | | | — | | |
Probability of holding until maturity without conversion | | | | | 10% | | | | | | — | | |
Remaining term until potential conversion trigger date (years) | | | | | 0.75 | | | | | | — | | |
Discount yield(1) | | | | | 17% | | | | | | 20% | | |
| | | Minimum lease payments | | |||
2023 | | | | $ | 412 | | |
Total undiscounted lease payments | | | | | 412 | | |
Less: imputed interest | | | | | (33) | | |
Total operating lease liability | | | | $ | 379 | | |
| | | Stock Options Outstanding | | | Weighted Average Exercise Price | | ||||||
Outstanding as of December 31, 2020 | | | | | 1,034,074 | | | | | $ | 1.00 | | |
Exercised | | | | | (191,020) | | | | | | 0.34 | | |
Forfeited | | | | | (119,939) | | | | | | 3.28 | | |
Outstanding as of December 31, 2021 | | | | | 723,115 | | | | | $ | 0.81 | | |
Exercised | | | | | (486,296) | | | | | | 0.34 | | |
Forfeited | | | | | (51,588) | | | | | | 2.11 | | |
Outstanding as of December 31, 2022 | | | | | 185,231 | | | | | $ | 1.37 | | |
| | | Number of Stock Options | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted- Average Exercise Price | | | Total Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Outstanding as of December 31, 2021 | | | | | 723,115 | | | | | | 7.79 | | | | | $ | 0.81 | | | | | $ | 3,674 | | |
Outstanding as of December 31, 2022 | | | | | 185,231 | | | | | | 6.98 | | | | | $ | 1.37 | | | | | $ | 980 | | |
Vested and expected to vest as of December 31, 2022 | | | | | 185,231 | | | | | | 6.98 | | | | | $ | 1.37 | | | | | $ | 980 | | |
Exercisable as of December 31, 2022 | | | | | 146,053 | | | | | | 6.94 | | | | | $ | 1.13 | | | | | $ | 807 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Research and development | | | | $ | 44 | | | | | $ | 45 | | |
General and administrative | | | | | 49 | | | | | | 24 | | |
Total stock-based compensation expense | | | | $ | 93 | | | | | $ | 69 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Current: | | | | | | | | | | | | | |
Federal | | | | $ | — | | | | | $ | — | | |
State | | | | | — | | | | | | — | ��� | |
Deferred: | | | | | | | | | | | | | |
Federal | | | | | 5 | | | | | | 7 | | |
State | | | | | — | | | | | | — | | |
Provision for income taxes | | | | $ | 5 | | | | | $ | 7 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Tax benefit at statutory federal rate | | | | $ | (4,885) | | | | | $ | (5,618) | | |
State tax, net of federal tax benefit | | | | | (1,500) | | | | | | (1,694) | | |
Interest expense | | | | | 274 | | | | | | 477 | | |
Increase in valuation allowance | | | | | 6,993 | | | | | | 7,908 | | |
Permanent items | | | | | 30 | | | | | | 37 | | |
General business tax credit | | | | | (923) | | | | | | (1,098) | | |
Other | | | | | 16 | | | | | | (5) | | |
Provision for income taxes | | | | $ | 5 | | | | | $ | 7 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating losses | | | | $ | 14,380 | | | | | $ | 17,890 | | |
Tax credit carryforwards, net | | | | | 2,191 | | | | | | 3,285 | | |
Accrued expenses | | | | | 52 | | | | | | 347 | | |
Section 174 R&E capitalization | | | | | — | | | | | | 2,847 | | |
Lease liability | | | | | 229 | | | | | | 106 | | |
Stock-based compensation | | | | | 15 | | | | | | 20 | | |
Total deferred tax assets | | | | | 16,867 | | | | | | 24,495 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Operating lease right-of-use asset | | | | | (224) | | | | | | (101) | | |
Property and equipment | | | | | (745) | | | | | | (595) | | |
Total deferred tax liabilities | | | | | (969) | | | | | | (696) | | |
Net deferred tax assets | | | | | 15,898 | | | | | | 23,799 | | |
Less: Valuation allowance | | | | | (15,917) | | | | | | (23,825) | | |
Net deferred tax liability | | | | $ | (19) | | | | | $ | (26) | | |
| | | Years Ended December 31, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Beginning balance | | | | $ | 156 | | | | | $ | 269 | | |
Additions for tax positions related to the current year | | | | | 113 | | | | | | 131 | | |
Reductions for tax positions related to prior years | | | | | — | | | | | | 3 | | |
Ending balance | | | | $ | 269 | | | | | $ | 403 | | |
| | | September 30, 2023 | | | December 31, 2022 | | ||||||
| | | (Unaudited) | | | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 8,786 | | | | | $ | 117 | | |
Accounts receivable | | | | | — | | | | | | 29 | | |
Restricted cash | | | | | 250 | | | | | | — | | |
Prepaid expenses and other current assets | | | | | 1,313 | | | | | | 204 | | |
Total current assets | | | | | 10,349 | | | | | | 350 | | |
Property and equipment, net | | | | | 14,670 | | | | | | 15,521 | | |
Operating lease right-of-use assets, net | | | | | 89 | | | | | | 362 | | |
Capitalized software, net | | | | | 90 | | | | | | 97 | | |
Total assets | | | | $ | 25,198 | | | | | $ | 16,330 | | |
Liabilities and Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued expenses (including related party amounts of $401 and $81 as of September 30, 2023 and December 31, 2022, respectively) | | | | $ | 12,965 | | | | | $ | 2,652 | | |
Convertible promissory notes, current | | | | | — | | | | | | 11,392 | | |
Convertible promissory notes, due to related parties | | | | | — | | | | | | 263 | | |
Revolving line of credit | | | | | 4,931 | | | | | | — | | |
Related party loan, current | | | | | 300 | | | | | | — | | |
Operating lease liability | | | | | 96 | | | | | | 379 | | |
Other current liabilities (including related party amounts of $160 and zero, as of September 30, 2023 and December 31, 2022, respectively) | | | | | 355 | | | | | | 55 | | |
Forward purchase derivative liability | | | | | 20,201 | | | | | | — | | |
Total current liabilities | | | | | 38,848 | | | | | | 14,741 | | |
Related party loans | | | | | 5,000 | | | | | | — | | |
Deferred tax liability | | | | | 26 | | | | | | 26 | | |
Derivative warrant liabilities | | | | | 12,255 | | | | | | — | | |
Senior convertible promissory notes, noncurrent, due to related parties | | | | | 9,707 | | | | | | — | | |
Total liabilities | | | | | 65,836 | | | | | | 14,767 | | |
Commitments and contingencies (Note 14) | | | | | | | | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 500,000,000 authorized shares as of each of September 30, 2023 and December 31, 2022; 21,888,976 and 13,303,795 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | | | | | 2 | | | | | | 1 | | |
Additional paid – in capital | | | | | 120,799 | | | | | | 80,738 | | |
Subscription receivable | | | | | (32,915) | | | | | | — | | |
Accumulated deficit | | | | | (128,524) | | | | | | (79,176) | | |
Total stockholders’ equity (deficit) | | | | | (40,638) | | | | | | 1,563 | | |
Total liabilities and stockholders’ equity (deficit) | | | | $ | 25,198 | | | | | $ | 16,330 | | |
| | | For the Three Months Ended September 30, | | | For the Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | ||||||||||||
Revenues | | | | $ | — | | | | | $ | 3 | | | | | $ | — | | | | | $ | 77 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | |
Research and development (including related party amounts of $401, $140, $401 and $337 for the three months ended September 30, 2023 and 2022 and nine months ended September 30, 2023 and 2022, respectively) | | | | | 3,929 | | | | | | 4,121 | | | | | | 11,577 | | | | | | 12,659 | | |
General and administrative | | | | | 2,974 | | | | | | 1,874 | | | | | | 8,737 | | | | | | 5,501 | | |
Total expenses | | | | | 6,903 | | | | | | 5,995 | | | | | | 20,314 | | | | | | 18,163 | | |
Loss from operations | | | | | (6,903) | | | | | | (5,992) | | | | | | (20,314) | | | | | | (18,086) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense (including related party amounts of $63, $628, $160 and $1,663 for the three months ended September 30, 2023 and 2022 and the nine months ended September 30, 2023 and 2022, respectively) | | | | | (211) | | | | | | (636) | | | | | | (307) | | | | | | (1,690) | | |
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties (including related party amounts of $42, $1, $12 and $3 for the three months ended September 30, 2023 and 2022 and the nine months ended September 30, 2023 and 2022, respectively) | | | | | 1,741 | | | | | | (73) | | | | | | (1,043) | | | | | | (88) | | |
Loss on issuance of forward purchase contract | | | | | (24,475) | | | | | | — | | | | | | (24,475) | | | | | | — | | |
Transaction costs expensed | | | | | (3,329) | | | | | | — | | | | | | (3,329) | | | | | | — | | |
Other income, net | | | | | — | | | | | | 8 | | | | | | 120 | | | | | | 58 | | |
Net loss before provision for income taxes | | | | | (33,177) | | | | | | (6,693) | | | | | | (49,348) | | | | | | (19,806) | | |
Provision for income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss and comprehensive loss | | | | $ | (33,177) | | | | | $ | (6,693) | | | | | $ | (49,348) | | | | | $ | (19,806) | | |
Weighted-average common shares outstanding, basic, and diluted | | | | | 13,397,968 | | | | | | 6,088,729 | | | | | | 13,342,568 | | | | | | 5,962,841 | | |
Net loss per share, basic and diluted | | | | $ | (2.48) | | | | | $ | (1.10) | | | | | $ | (3.70) | | | | | $ | (3.32) | | |
| | | Legacy Common Stock | | | Common Stock | | | Additional Paid-in Capital | | | Subscription Receivable | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | | | | | 32,606,548 | | | | | $ | 33 | | | | | | — | | | | | $ | — | | | | | $ | 82,958 | | | | | $ | — | | | | | $ | (95,347) | | | | | $ | (12,356) | | |
Retroactive application of recapitalization | | | | | (32,606,548) | | | | | | (33) | | | | | | 13,316,662 | | | | | | 1 | | | | | | 32 | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of June 30, 2023, adjusted | | | | | — | | | | | | — | | | | | | 13,316,662 | | | | | | 1 | | | | | | 82,990 | | | | | | — | | | | | | (95,347) | | | | | | (12,356) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 967 | | | | | | — | | | | | | — | | | | | | 967 | | |
Reverse recapitalization transactions, net | | | | | — | | | | | | — | | | | | | 8,572,314 | | | | | | 1 | | | | | | 36,842 | | | | | | (32,915) | | | | | | — | | | | | | 3,928 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33,177) | | | | | | (33,177) | | |
Balance as of September 30, 2023 | | | | | — | | | | | $ | — | | | | | | 21,888,976 | | | | | $ | 2 | | | | | $ | 120,799 | | | | | $ | (32,915) | | | | | $ | (128,524) | | | | | $ | (40,638) | | |
Balance as of June 30, 2022 | | | | | 14,474,484 | | | | | $ | 14 | | | | | | — | | | | | $ | — | | | | | $ | 14,405 | | | | | $ | — | | | | | $ | (65,535) | | | | | $ | (51,116) | | |
Retroactive application of recapitalization | | | | | (14,474,484) | | | | | | (14) | | | | | | 5,911,444 | | | | | | 1 | | | | | | 13 | | | | | | | | | | | | — | | | | | | — | | |
Balance as of June 30, 2022, adjusted | | | | | — | | | | | | — | | | | | | 5,911,444 | | | | | | 1 | | | | | | 14,418 | | | | | | — | | | | | | (65,535) | | | | | | (51,116) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | — | | | | | | — | | | | | | 16 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 448,206 | | | | | | — | | | | | | 149 | | | | | | — | | | | | | — | | | | | | 149 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,693) | | | | | | (6,693) | | |
Balance as of September 30, 2022 | | | | | — | | | | | $ | — | | | | | | 6,359,650 | | | | | $ | 1 | | | | | $ | 14,583 | | | | | $ | — | | | | | $ | (72,228) | | | | | $ | (57,644) | | |
| | | Legacy Common Stock | | | Common Stock | | | Additional Paid-in Capital | | | Subscription Receivable | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | | | | | 32,575,043 | | | | | $ | 33 | | | | | | — | | | | | $ | — | | | | | $ | 80,706 | | | | | $ | — | | | | | $ | (79,176) | | | | | $ | 1,563 | | |
Retroactive application of recapitalization | | | | | (32,575,043) | | | | | | (33) | | | | | | 13,303,795 | | | | | | 1 | | | | | | 32 | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of December 31, 2022, adjusted | | | | | — | | | | | | — | | | | | | 13,303,795 | | | | | | 1 | | | | | | 80,738 | | | | | | — | | | | | | (79,176) | | | | | | 1,563 | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,208 | | | | | | — | | | | | | — | | | | | | 3,208 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 12,867 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | |
Reverse recapitalization transactions, net | | | | | — | | | | | | — | | | | | | 8,572,314 | | | | | | 1 | | | | | | 36,842 | | | | | | (32,915) | | | | | | — | | | | | | 3,928 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (49,348) | | | | | | (49,348) | | |
Balance as of September 30, 2023 | | | | | — | | | | | $ | — | | | | | | 21,888,976 | | | | | $ | 2 | | | | | $ | 120,799 | | | | | $ | (32,915) | | | | | $ | (128,524) | | | | | $ | (40,638) | | |
Balance as of December 31, 2021 | | | | | 14,382,093 | | | | | $ | 14 | | | | | | — | | | | | $ | — | | | | | $ | 14,356 | | | | | $ | — | | | | | $ | (52,422) | | | | | $ | (38,052) | | |
Retroactive application of recapitalization | | | | | (14,382,093) | | | | | | (14) | | | | | | 5,873,711 | | | | | | 1 | | | | | | 13 | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of December 31, 2021, adjusted | | | | | — | | | | | | — | | | | | | 5,873,711 | | | | | | 1 | | | | | | 14,369 | | | | | | — | | | | | | (52,422) | | | | | | (38,052) | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | — | | | | | | — | | | | | | 54 | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | 485,939 | | | | | | — | | | | | | 160 | | | | | | — | | | | | | — | | | | | | 160 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,806) | | | | | | (19,806) | | |
Balance as of September 30, 2022 | | | | | — | | | | | | — | | | | | | 6,359,650 | | | | | $ | 1 | | | | | $ | 14,583 | | | | | $ | — | | | | | $ | (72,228) | | | | | $ | (57,644) | | |
| | | For the Nine Months Ended September 30, | | |||||||||
| | | 2023 | | | 2022 | | ||||||
Operating Activities | | | | | | | | | | | | | |
Net loss | | | | $ | (49,348) | | | | | $ | (19,806) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 903 | | | | | | 904 | | |
Stock-based compensation | | | | | 3,207 | | | | | | 54 | | |
Noncash lease expense | | | | | 273 | | | | | | 331 | | |
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties | | | | | 1,043 | | | | | | 88 | | |
Noncash interest expense (including related party amounts of $160 and $1,663 for the nine months ended September 30, 2023 and 2022, respectively) | | | | | 300 | | | | | | 1,663 | | |
Transaction costs expensed | | | | | 3,329 | | | | | | — | | |
Loss on issuance of forward purchase contract | | | | | 24,475 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | 29 | | | | | | (45) | | |
Prepaid expenses and other current assets | | | | | (1,037) | | | | | | (47) | | |
Accounts payable and accrued expenses | | | | | 2,100 | | | | | | 91 | | |
Operating lease liabilities | | | | | (283) | | | | | | (327) | | |
Other, net | | | | | — | | | | | | 3 | | |
Net cash used in operating activities | | | | | (15,009) | | | | | | (17,091) | | |
Investing activities | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | — | | | | | | (109) | | |
Purchases of capitalized software | | | | | (30) | | | | | | (49) | | |
Net cash used in investing activities | | | | | (30) | | | | | | (158) | | |
Financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options | | | | | 12 | | | | | | 160 | | |
Proceeds from related party loans | | | | | 5,300 | | | | | | 17,500 | | |
Proceeds from issuance of convertible promissory notes and convertible promissory notes due to related parties | | | | | 6,215 | | | | | | — | | |
Proceeds from draws on revolving line of credit | | | | | 4,931 | | | | | | — | | |
Proceeds from issuance of common stock | | | | | 1,667 | | | | | | — | | |
Proceeds from issuance of senior convertible promissory notes due to related parties and warrants | | | | | 10,000 | | | | | | — | | |
Proceeds from issuance of PIPE warrants | | | | | 10,210 | | | | | | — | | |
Payment of debt issuance costs on revolving line of credit | | | | | (72) | | | | | | — | | |
Repayments on paycheck protection loan | | | | | — | | | | | | (675) | | |
Payment of deferred underwriting fee | | | | | (1,250) | | | | | | — | | |
Payment of transaction costs | | | | | (13,055) | | | | | | — | | |
Net cash provided by financing activities | | | | | 23,958 | | | | | | 16,985 | | |
Net increase in cash, cash equivalents, and restricted cash | | | | | 8,919 | | | | | | (264) | | |
Cash, cash equivalents, and restricted cash at the beginning of period | | | | | 117 | | | | | | 351 | | |
Cash, cash equivalents, and restricted cash at the end of period | | | | $ | 9,036 | | | | | $ | 87 | | |
Cash and cash equivalents | | | | | 8,786 | | | | | | 87 | | |
Restricted cash | | | | | 250 | | | | | | — | | |
Total cash, cash equivalents, and restricted cash | | | | $ | 9,036 | | | | | $ | 87 | | |
Supplemental disclosure of noncash investing and financing activities | | | | | | | | | | | | | |
Issuance of subscription receivable | | | | $ | 32,915 | | | | | $ | — | | |
Conversion of legacy convertible promissory notes | | | | $ | 18,913 | | | | | $ | — | | |
Unpaid transaction costs included in accounts payable and accrued expenses | | | | $ | 7,338 | | | | | $ | — | | |
Assumption of derivative warrant liabilities | | | | $ | 2,045 | | | | | $ | — | | |
Capitalized software costs included in accounts payable and accrued expenses | | | | $ | 15 | | | | | $ | — | | |
| Private warrants | | | | | 4,721,533 | | |
| Working capital warrants | | | | | 523,140 | | |
| Public warrants | | | | | 3,432,286 | | |
| PIPE warrants | | | | | 10,209,994 | | |
| Stock options | | | | | 2,101,760 | | |
| SPA warrants | | | | | 1,000,000 | | |
| Senior convertible notes’ shares | | | | | 1,000,000 | | |
| Deferred founder shares(1) | | | | | 1,173,631 | | |
| | | Shares | | |||
Graf public shares, net of redemptions | | | | | 93,962 | | |
Private placement investors’ shares | | | | | 3,683,010 | | |
Graf founder shares | | | | | 2,516,744 | | |
Total Graf shares outstanding immediately prior to the Business Combination | | | | | 6,293,716 | | |
Conversion of Legacy NKGen convertible promissory notes (after the application of the Exchange Ratio) | | | | | 2,278,598 | | |
Legacy NKGen rollover shares (after the application of the Exchange Ratio) | | | | | 13,316,662 | | |
Total Legacy NKGen shares | | | | | 15,595,260 | | |
Total Company common stock outstanding immediately following the Business Combination | | | | | 21,888,976 | | |
| | | Recapitalization | | |||
Closing proceeds | | | | | | | |
Proceeds from issuance of common stock | | | | $ | 1,667 | | |
Proceeds from issuance of PIPE warrants | | | | | 10,210 | | |
Proceeds from issuance of senior convertible promissory notes with warrants | | | | | 10,000 | | |
Closing disbursements | | | | | | | |
Less: Payment of Graf deferred underwriter fees | | | | | (1,250) | | |
Less: Payment of Graf transaction costs at Closing(1) | | | | | (7,456) | | |
Less: Payment of Legacy NKGen transaction costs at Closing | | | | | (3,510) | | |
Net cash proceeds from the Business Combination at Closing | | | | $ | 9,661 | | |
Less: Payment of Legacy NKGen transaction costs prior to Closing | | | | | (2,089) | | |
Net cash proceeds from the Business Combination | | | | $ | 7,572 | | |
Noncash activity | | | | | | | |
Conversion of legacy NKGen convertible promissory notes | | | | | 18,913 | | |
Less: Operating liabilities assumed from Graf | | | | | (860) | | |
Less: Unpaid transaction costs – assumed from Graf(1) | | | | | (5,400) | | |
Less: Unpaid transaction costs – Legacy NKGen | | | | | (1,938) | | |
Liability-classified instruments | | | | | | | |
Less: Fair value of PIPE warrants | | | | | (10,210) | | |
Less: Fair value of forward purchase derivative liability | | | | | (20,201) | | |
Less: Fair value of senior convertible promissory notes(2) | | | | | (9,707) | | |
Less: Fair value of private warrants | | | | | (1,841) | | |
Less: Fair value of working capital warrants | | | | | (204) | | |
Net equity impact of the Business Combination | | | | $ | (23,876) | | |
| Net equity impact of the Business Combination | | | | $ | (23,876) | | |
| Loss on issuance of forward purchase contract | | | | | 24,475 | | |
| Transaction costs expensed | | | | | 3,329 | | |
| Total Impact of Business Combination on total stockholders’ deficit (1) | | | | $ | 3,928 | | |
| Issuance of subscription receivable | | | | | 32,915 | | |
| Par value of common stock issued | | | | | (1) | | |
| Total Impact of Business Combination on additional paid-in capital | | | | $ | 36,842 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of September 30, 2023 | | | Level 1(1) | | | Level 2 | | | Level 3 | | ||||||||||||
Private Warrants | | | | $ | 1,841 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,841 | | |
Working Capital Warrants | | | | | 204 | | | | | | — | | | | | | — | | | | | | 204 | | |
Forward Purchase Derivative Liability | | | | | 20,201 | | | | | | — | | | | | | — | | | | | | 20,201 | | |
PIPE Warrants(1) | | | | | 10,210 | | | | | | — | | | | | | — | | | | | | 10,210 | | |
Total | | | | $ | 32,456 | | | | | $ | — | | | | | $ | — | | | | | $ | 32,456 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
| | | Balance as of December 31, 2022 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
2019 Convertible Notes | | | | $ | 11,392 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,392 | | |
2019 Related Party Convertible Notes | | | | | 263 | | | | | | — | | | | | | — | | | | | | 263 | | |
Total | | | | $ | 11,655 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,655 | | |
| | | 2019 Convertible Notes | | | 2019 Related Party Convertible Notes | | | 2023 Convertible Notes | | | 2023 Related Party Convertible Notes | | | Total | | |||||||||||||||
Balance as of December 31, 2022 | | | | $ | 11,392 | | | | | $ | 263 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,655 | | |
Issuance | | | | | — | | | | | | — | | | | | | 4,700 | | | | | | 125 | | | | | | 4,825 | | |
Change in fair value | | | | | 2,359 | | | | | | 44 | | | | | | 371 | | | | | | 10 | | | | | | 2,784 | | |
Balance as of June 30, 2023 | | | | $ | 13,751 | | | | | $ | 307 | | | | | $ | 5,071 | | | | | $ | 135 | | | | | $ | 19,264 | | |
Issuance | | | | | — | | | | | | — | | | | | | 1,390 | | | | | | — | | | | | | 1,390 | | |
Change in fair value | | | | | (1,276) | | | | | | (31) | | | | | | (423) | | | | | | (11) | | | | | | (1,741) | | |
Conversion and settlement | | | | | (12,475) | | | | | | (276) | | | | | | (6,038) | | | | | | (124) | | | | | | (18,913) | | |
Balance as of September 30, 2023 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Probability of conversion | | | | | — | | |
| Probability of holding until maturity without conversion | | | | | — | | |
| Remaining term until potential conversion trigger date (years) | | | | | — | | |
| Discount yield(1) | | | | | 20.0% | | |
| Credit spread(1) | | | | | 12.1% | | |
| Equity volatility | | | | | 45.0% | | |
| Private Warrants’ volatility | | | | | 9.6% | | |
| Dividend yield (per share) | | | | | — | | |
| Dividend yield | | | | | 0.0% | | |
| Equity volatility | | | | | 105.0% | | |
| | | Stock Options Outstanding | | | Weighted Average Exercise Price | | ||||||
Outstanding as of December 31, 2022 | | | | | 185,231 | | | | | $ | 1.37 | | |
Granted | | | | | 2,173,693 | | | | | | 6.67 | | |
Forfeited | | | | | (244,298) | | | | | | 6.61 | | |
Exercised | | | | | (12,866) | | | | | | 1.73 | | |
Outstanding as of September 30, 2023 | | | | | 2,101,760 | | | | | $ | 6.25 | | |
| Common stock fair value | | | | $ | 9.18 | | |
| Risk-free interest rate | | | | | 3.53% | | |
| Expected volatility | | | | | 111.00% | | |
| Expected term (in years) | | | | | 6.08 | | |
| Expected dividend yield | | | | | 0.00% | | |
| | | Number of Stock Options | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted- Average Exercise Price | | | Total Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Outstanding as of December 31, 2022 | | | | | 185,231 | | | | | | 6.98 | | | | | $ | 1.37 | | | | | $ | 980 | | |
Outstanding as of September 30, 2023 | | | | | 2,101,760 | | | | | | 9.10 | | | | | $ | 6.25 | | | | | $ | 4,318 | | |
Vested and expected to vest as of September 30, 2023 | | | | | 2,101,760 | | | | | | 9.10 | | | | | $ | 6.25 | | | | | $ | 4,318 | | |
Exercisable as of September 30, 2023 | | | | | 268,236 | | | | | | 7.48 | | | | | $ | 3.40 | | | | | $ | 1,315 | | |
| | | Three Months Ended September 30 | | | Nine Months Ended September 30 | | ||||||||||||||||||
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | ||||||||||||
Research and development | | | | $ | 197 | | | | | $ | 11 | | | | | $ | 735 | | | | | $ | 34 | | |
General and administrative | | | | | 770 | | | | | | 5 | | | | | | 2,472 | | | | | | 20 | | |
Total stock-based compensation expense | | | | $ | 967 | | | | | $ | 16 | | | | | $ | 3,207 | | | | | $ | 54 | | |
| | | Useful Life | | | September 30, 2023 | | | December 31, 2022 | | ||||||
Land | | | — | | | | $ | 5,025 | | | | | $ | 5,025 | | |
Buildings | | | 40 years | | | | | 8,325 | | | | | | 8,325 | | |
Furniture and fixtures | | | 7 years | | | | | 677 | | | | | | 677 | | |
Lab equipment | | | 5 years | | | | | 4,003 | | | | | | 4,003 | | |
Leasehold improvements | | | Lesser of estimated useful life or related lease term | | | | | 52 | | | | | | 52 | | |
Office equipment | | | 5 years | | | | | 17 | | | | | | 17 | | |
Vehicles | | | 5 years | | | | | 112 | | | | | | 112 | | |
| | | | | | | | 18,211 | | | | | | 18,211 | | |
Less: Accumulated depreciation | | | | | | | | (3,541) | | | | | | (2,690) | | |
| | | | | | | $ | 14,670 | | | | | $ | 15,521 | | |
| | | September 30, 2023 | | | December 31, 2022 | | ||||||
Prepaid expenses | | | | $ | 1,200 | | | | | $ | 133 | | |
Other receivables | | | | | 41 | | | | | | 67 | | |
Revolving line of credit issuance fees | | | | | 72 | | | | | | — | | |
Other | | | | | — | | | | | | 4 | | |
Prepaid expenses and other current assets | | | | $ | 1,313 | | | | | $ | 204 | | |
| | | September 30, 2023 | | | December 31, 2022 | | ||||||
Accounts payable | | | | $ | 7,938 | | | | | $ | 975 | | |
Accrued liabilities | | | | | 4,239 | | | | | | 1,359 | | |
Employee compensation | | | | | 730 | | | | | | 291 | | |
Other | | | | | 58 | | | | | | 27 | | |
Accounts payable and accrued expenses | | | | $ | 12,965 | | | | | $ | 2,652 | | |
| | | Amount | | |||
SEC registration fee | | | | $ | 17,273 | | |
Accountants’ fees and expenses | | | | $ | 165,000 | | |
Legal fees and expenses | | | | $ | 250,000 | | |
Miscellaneous fees and expenses | | | | $ | 40,000 | | |
Total expenses | | | | $ | 472,273 | | |
| SEC expenses | | | | $ | 26,000 | | |
| FINRA expenses | | | | | 36,000 | | |
| Accounting fees and expenses | | | | | 40,000 | | |
| Printing and engraving expenses | | | | | 30,000 | | |
| Travel and road show expenses | | | | | 25,000 | | |
| Directors & officers liability insurance premiums(1) | | | | | 1,666,667 | | |
| Legal fees and expenses | | | | | 150,000 | | |
| NYSE listing and filing fees | | | | | 85,000 | | |
| Miscellaneous | | | | | 208,000 | | |
| Total | | | | $ | 2,266,667 | | |
| | | | | | | Incorporated by Reference | | |||||||||
| Exhibit Number | | | Description | | | Schedule/ Form | | | File No. | | | Exhibit | | | Filing Date | |
| 2.1 | | | | | 8-K | | | 001-40427 | | | 2.1 | | | April 17, 2023 | | |
| 3.1 | | | | | 8-K | | | 001-40427 | | | 3.1 | | | October 5, 2023 | | |
| 3.2 | | | | | 8-K | | | 001-40427 | | | 3.2 | | | October 5, 2023 | | |
| 4.1 | | | | | 8-K | | | 001-40427 | | | 4.1 | | | October 5, 2023 | |
| | | | | | | Incorporated by Reference | | | | | | |||||||||||||||||
| Exhibit Number | | | Description | | | Schedule/ Form | | | File No. | | | Exhibit | | | Filing Date | | | | | | ||||||||
| 4.2 | | | | | 8-K | | | 001-40427 | | | 4.2 | | | October 5, 2023 | | | | | | |||||||||
| 4.3 | | | | | 8-K | | | 001-40427 | | | 4.4 | | | May 25, 2021 | | | | | | |||||||||
| 5.1 | | | | | S-1 | | | 333-275094 | | | 5.1 | | | November 29, 2023 | | | | | | | | | | | | | | |
| 10.1 | | | | | 8-K | | | 001-40427 | | | 10.1 | | | September 22, 2023 | | | | | | |||||||||
| 10.2 | | | | | S-4 | | | 001-40427 | | | 10.2 | | | September 22, 2023 | | | | | | |||||||||
| 10.3 | | | | | 8-K | | | 001-40427 | | | 10.3 | | | October 5, 2023 | | | | | | |||||||||
| 10.4 | | | | | S-4 | | | 001-40427 | | | 10.3 | | | September 29, 2023 | | | | | | |||||||||
| 10.5 | | | | | 8-K | | | 001-40427 | | | 10.4 | | | September 29, 2023 | | | | | | |||||||||
| 10.6# | | | | | 8-K | | | 001-40427 | | | 10.5 | | | September 29, 2023 | | | | | | |||||||||
| 10.7# | | | | | 8-K | | | 001-40427 | | | 10.1 | | | September 19, 2023 | | | | | | |||||||||
| 10.8# | | | | | 8-K | | | 001-40427 | | | 10.2 | | | September 29, 2023 | | | | | |
| | | | | | | Incorporated by Reference | | |||||||||
| Exhibit Number | | | Description | | | Schedule/ Form | | | File No. | | | Exhibit | | | Filing Date | |
| 10.15 | | | Third Amended and Restated Sponsor Support and Lockup Agreement, dated September 29, 2023, by and among Graf Acquisition Corp. IV, NKGen Biotech, Inc., Graf Acquisition Partners IV LLC and certain officers and directors of Graf Acquisition Corp. IV named as parties thereto. | | | 8-K | | | 001-40427 | | | 10.7.3 | | | October 5, 2023 | |
| 10.16 | | | | | S-1 | | | 333-275094 | | | 10.16 | | | October 19, 2023 | | |
| 10.17 | | | | | S-1 | | | 333-275094 | | | 10.17 | | | October 19, 2023 | | |
| 10.18† | | | | | 8-K | | | 001-40427 | | | 10.10 | | | October 5, 2023 | | |
| 10.19 | | | | | S-4/A | | | 333-271929 | | | 10.15.1 | | | August 4, 2023 | | |
| 10.20 | | | | | S-4/A | | | 333-271929 | | | 10.15.2 | | | August 4, 2023 | | |
| 10.21 | | | | | S-4/A | | | 333-271929 | | | 10.13 | | | June 26, 2023 | | |
| 10.22 | | | | | S-4/A | | | 333-271929 | | | 10.14.1 | | | June 26, 2023 | | |
| 10.23 | | | | | S-4/A | | | 333-271929 | | | 10.14.2 | | | June 26, 2023 | | |
| 10.24† | | | | | S-4/A | | | 333-271929 | | | 10.16 | | | August 4, 2023 | | |
| 10.25† | | | | | 8-K | | | 001-40427 | | | 10.13.2 | | | October 5, 2023 | |
| | | | | | | Incorporated by Reference | | | | | | |||||||||||||||||
| Exhibit Number | | | Description | | | Schedule/ Form | | | File No. | | | Exhibit | | | Filing Date | | | | | | ||||||||
| 10.26 | | | | | 8-K | | | 333-271929 | | | 10.17.1 | | | August 4, 2023 | | | | | | |||||||||
| 10.27 | | | | | 8-K | | | 333-271929 | | | 10.17.2 | | | August 4, 2023 | | | | | | |||||||||
| 10.28 | | | | | 8-K | | | 333-271929 | | | 10.17.3 | | | August 4, 2023 | | | | | | |||||||||
| 10.29 | | | | | 8-K | | | 333-271929 | | | 10.17.4 | | | August 4, 2023 | | | | | | |||||||||
| 10.30 | | | | | S-4/A | | | 333-271929 | | | 10.17.5 | | | August 4, 2023 | | | | | | |||||||||
| 10.31# | | | | | 8-K | | | 001-40427 | | | 10.24.1 | | | October 5, 2023 | | | | | | |||||||||
| 10.32# | | | | | 8-K | | | 001-40427 | | | 10.24.2 | | | October 5, 2023 | | | | | | |||||||||
| 10.33# | | | | | 8-K | | | 001-40427 | | | 10.24.4 | | | October 5, 2023 | | | | | | |||||||||
| 10.34# | | | | | 8-K | | | 001-40427 | | | 10.25 | | | October 5, 2023 | | | | | | |||||||||
| 10.35 | | | | | 8-K | | | 001-40427 | | | 10.26 | | | October 5, 2023 | | | | | | |||||||||
| 16.1 | | | | | 8-K | | | 001-40427 | | | 16.1 | | | October 5, 2023 | | | | | | |||||||||
| 21.1 | | | | | 8-K | | | 001-40427 | | | 21.1 | | | October 5, 2023 | | | | | | |||||||||
| 23.1* | | | Consent of Ernst & Young LLP, independent registered public accounting firm. | | | | | | | | | | | | | | | | | | ||||||||
| 23.2 | | | | | S-1 | | | 333-275094 | | | 5.1 | | | November 29, 2023 | | | | | | | | | | | | | | |
| 24.1 | | | | | S-1 | | | 333-275094 | | | 24.2 | | | October 19, 2023 | | | | | | |||||||||
| 101.INS | | | Inline XBRL Instance Document 1 | | | | | | | | | | | | | | | | | | ||||||||
| 101.SCH | | | Inline XBRL Taxonomy Extension Schema Document | | | | | | | | | | | | | | | | | | ||||||||
| 101.CAL | | | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | | | | | | | | | | | | |
| | | | | | | Incorporated by Reference | | |||||||||
| Exhibit Number | | | Description | | | Schedule/ Form | | | File No. | | | Exhibit | | | Filing Date | |
| 101.DEF | | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | | | | | | |
| 101.LAB | | | Inline XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | | | | | | |
| 101.PRE | | | Inline XBRL Taxonomy Extension Presentation Linkbase | | | | | | | | | | | | | |
| 104 | | | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | | | | | | | | | | | | | |
| 107 | | | | | S-1 | | | 333-275094 | | | 107 | | | October 19, 2023 | |
| | | | | Date | | ||
| /s/ Paul Y. Song Paul Y. Song | | | Chief Executive Officer and Director (Principal Executive Officer) | | | December 15, 2023 | |
| /s/ James James A. Graf | | | Interim Chief | | | | |
| * Sangwoo Park | | | Chairperson of the Board of Directors | | | December 15, 2023 | |
| * Alana McNulty | | | Director | | | December 15, 2023 | |
| * Michael Klowden | | | Director | | | December 15, 2023 | |
| * Kathleen Scott | | | Director | | | December 15, 2023 | |
| *By: /s/ Paul Y. Song Paul Y. Song Attorney-in-Fact | | | | |