| Cayman Islands | | | 2834 | | | 98-1480821 | |
| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) | |
| Charles S. Kim Patrick Loofbourrow Andrew Harline Su Lian Lu Cooley LLP 10265 Science Center Drive San Diego, CA 92121 (858) 550-6000 | | | Cheston Larson Matthew T. Bush Latham & Watkins LLP 12670 High Bluff Drive San Diego, CA 92130 (858) 523-5400 | |
| Large accelerated filer ☐ | | | | | | | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | | | | | | | Smaller reporting company ☒ Emerging growth company ☒ | |
| | | | PER ADS | | | TOTAL | | ||||||
| Initial public offering price | | | | $ | | | | | $ | | | ||
| Underwriting discounts and commissions(1) | | | | $ | | | | | $ | | | ||
| Proceeds to Structure Therapeutics Inc., before expenses | | | | $ | | | | | $ | | | |
| Jefferies | | | SVB Securities | | | Guggenheim Securities | | | BMO Capital Markets | |
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| | | | | F-1 | | |
| | YEAR ENDED DECEMBER 31, | | NINE MONTHS ENDED SEPTEMBER 30, | | | YEAR ENDED DECEMBER 31, | | NINE MONTHS ENDED SEPTEMBER 30, | | ||||||||||||||||||||||||||||||||||||||||
| | 2020 | | 2021 | | 2021 | | 2022 | | | 2020 | | 2021 | | 2021 | | 2022 | | ||||||||||||||||||||||||||||||||
| | (in thousands, except per share amounts) | | | (in thousands, except per share amounts) | | ||||||||||||||||||||||||||||||||||||||||||||
Statements of Operations and Comprehensive Loss Data: | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
Research and development | | | $ | 12,364 | | | | $ | 29,111 | | | | $ | 19,204 | | | | $ | 27,833 | | | | | $ | 12,364 | | | | $ | 29,111 | | | | $ | 19,204 | | | | $ | 27,833 | | |||||||||
General and administrative | | | | 3,542 | | | | | 8,585 | | | | | 5,218 | | | | | 11,772 | | | | | | 3,542 | | | | | 8,585 | | | | | 5,218 | | | | | 11,772 | | | ||||||||
Total operating expenses | | | | 15,906 | | | | | 37,696 | | | | | 24,422 | | | | | 39,605 | | | | | | 15,906 | | | | | 37,696 | | | | | 24,422 | | | | | 39,605 | | | ||||||||
Loss from operations | | | | (15,906) | | | | | (37,696) | | | | | (24,422) | | | | | (39,605) | | | | | | (15,906) | | | | | (37,696) | | | | | (24,422) | | | | | (39,605) | | |||||||||
Interest and other income (expense), net | | | | 168 | | | | | (122) | | | | | (121) | | | | | 356 | | | | | | 168 | | | | | (122) | | | | | (121) | | | | | 356 | | | ||||||||
Loss before income tax expense | | | | (15,738) | | | | | (37,818) | | | | | (24,543) | | | | | (39,249) | | | | | | (15,738) | | | | | (37,818) | | | | | (24,543) | | | | | (39,249) | | |||||||||
Provision for income taxes | | | | 138 | | | | | 231 | | | | | 150 | | | | | 197 | | | | | | 138 | | | | | 231 | | | | | 150 | | | | | 197 | | | ||||||||
Net loss | | | $ | (15,876) | | | | $ | (38,049) | | | | $ | (24,693) | | | | $ | (39,446) | | | | | $ | (15,876) | | | | $ | (38,049) | | | | $ | (24,693) | | | | $ | (39,446) | | |||||||||
Net loss per share attributable to ordinary shareholders, basic and diluted | | | $ | (2.56) | | | | $ | (5.38) | | | | $ | (3.56) | | | | $ | (4.34) | | | | | $ | (2.56) | | | | $ | (5.38) | | | | $ | (3.56) | | | | $ | (4.34) | | |||||||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | | | | 6,262 | | | | | 8,141 | | | | | 7,955 | | | | | 9,428 | | | | | | 6,262 | | | | | 8,141 | | | | | 7,955 | | | | | 9,428 | | |||||||||
Pro forma net loss per share attributable to ordinary shareholders, basic and diluted (1) | | | | | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | (0.53) | | | | | | | | | $ | (0.52) | | ||||||||||
Pro forma weighted-average shares used in computing pro forma net loss per share attributable to ordinary shareholders, basic and diluted (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 75,159,304 | | | | | | | | | | 76,446,495 | | |
| | AS OF SEPTEMBER 30, 2022 | | | AS OF SEPTEMBER 30, 2022 | | ||||||||||||||||||||||||||||||||
| | ACTUAL | | PRO FORMA(1) | | PRO FORMA AS ADJUSTED(2)(3) | | | ACTUAL | | PRO FORMA(1) | | PRO FORMA AS ADJUSTED(2)(3) | | ||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash, cash equivalents and short-term investments | | | $ | 102,751 | | | | $ | | | | $ | | | | | $ | 102,751 | | | | $ | 102,751 | | | | $ | 216,463 | | | ||||||||
Working capital(4) | | | | 92,538 | | | | | | | | | | | | | | | | 92,538 | | | | | 92,538 | | | | | 206,286 | | | ||||||
Total assets | | | | 108,406 | | | | | | | | | | | | | | | | 108,406 | | | | | 108,406 | | | | | 219,849 | | | ||||||
Total liabilities | | | | 12,344 | | | | | | | | | | | | | | | | 12,344 | | | | | 12,344 | | | | | 12,308 | | | ||||||
Redeemable convertible preferred shares | | | | 199,975 | | | | | | | | | | | | | | | | 199,975 | | | | | — | | | | | — | | | ||||||
Accumulated deficit | | | | (105,077) | | | | | | | | | | | | | | | | (105,077) | | | | | (105,719) | | | | | (105,719) | | | ||||||
Total shareholders’ (deficit) equity | | | | (103,913) | | | | | | | | | | | | | | | | (103,913) | | | | | 96,062 | | | | | 207,541 | | |
| | AS OF SEPTEMBER 30, 2022 | | | AS OF SEPTEMBER 30, 2022 | | ||||||||||||||||||||||||||||||||
| | ACTUAL | | PRO FORMA | | PRO FORMA AS ADJUSTED(1)(2) | | | ACTUAL | | PRO FORMA | | PRO FORMA AS ADJUSTED(1)(2) | | ||||||||||||||||||||||||
| | (in thousands, except share and per share amounts) | | | (in thousands, except share and per share amounts) | | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | | | $ | 102,751 | | | | $ | | | | $ | | | | | $ | 102,751 | | | | $ | 102,751 | | | | $ | 216,463 | | | ||||||||
Redeemable noncontrolling interests: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Series A preferred shares, $0.0001 par value; 19,200,000 shares authorized, 19,200,000 shares issued and outstanding, actual, and no shares authorized or outstanding, pro forma and pro forma as adjusted | | | $ | 32,001 | | | | $ | | | | $ | | | | | $ | 32,001 | | | | $ | — | | | | $ | — | | | ||||||||
Series A+ preferred shares, $0.0001 par value; 12,799,681 shares authorized, 12,799,681 shares issued and outstanding, actual, and no shares authorized or outstanding, pro forma and pro forma as adjusted | | | | 26,000 | | | | | | | | | | | | | | | | 26,000 | | | | | — | | | | | — | | | ||||||
Series B preferred shares, $0.0001 par value; 32,857,004 shares authorized, 32,857,004 shares issued and outstanding, actual, and no shares authorized or outstanding, pro forma and pro forma as adjusted | | | | 133,015 | | | | | | | | | | | | | | | | 133,015 | | | | | — | | | | | — | | | ||||||
Series B-1 preferred shares, $0.0001 par value; 2,161,402 shares authorized, 2,161,402 shares issued and outstanding, actual, and no shares authorized or outstanding, pro forma and pro forma as adjusted | | | | 8,959 | | | | | | | | | | | | | | | | 8,959 | | | | | — | | | | | — | | | ||||||
Shareholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Ordinary shares, $0.0001 par value; 432,981,913 shares authorized, 10,526,654 shares issued and outstanding, actual; shares authorized, shares issued and outstanding, pro forma; and shares authorized, shares issued and outstanding, pro forma as adjusted | | | | 1 | | | | | | | | | | | | | ||||||||||||||||||||||
Undesignated shares, $0.0001 par value; no shares authorized, issued or outstanding, actual; 100,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted | | | | | | | | | — | | | | | — | | |
| | AS OF SEPTEMBER 30, 2022 | | | AS OF SEPTEMBER 30, 2022 | | ||||||||||||||||||||||||||||||||
| | ACTUAL | | PRO FORMA | | PRO FORMA AS ADJUSTED(1)(2) | | | ACTUAL | | PRO FORMA | | PRO FORMA AS ADJUSTED(1)(2) | | ||||||||||||||||||||||||
| | (in thousands, except share and per share amounts) | | | (in thousands, except share and per share amounts) | | ||||||||||||||||||||||||||||||||
Ordinary shares, $0.0001 par value; 432,981,913 shares authorized, 10,526,654 shares issued and outstanding, actual; 500,000,000 shares authorized, 77,544,741 shares issued and outstanding, pro forma; and 500,000,000 shares authorized, 104,394,741 shares issued and outstanding, pro forma as adjusted | | | | 1 | | | | | 8 | | | | | 10 | | | ||||||||||||||||||||||
Additional paid-in capital | | | | 1,298 | | | | | | | | | | | | | | | | 1,298 | | | | | 201,908 | | | | | 313,385 | | | ||||||
Accumulated other comprehensive income | | | | (135) | | | | | | | | | | | | | | | | (135) | | | | | (135) | | | | | (135) | | | ||||||
Accumulated deficit | | | | (105,077) | | | | | | | | | | | | | | | | (105,077) | | | | | (105,719) | | | | | (105,719) | | | ||||||
Total shareholders’ deficit | | | | (103,913) | | | | | | | | | | | | | | | | (103,913) | | | | | 96,062 | | | | | 207,541 | | | ||||||
Total capitalization | | | $ | 96,062 | | | | $ | | | | $ | | | | | $ | 96,062 | | | | $ | 96,062 | | | | $ | 207,541 | | | |
| Assumed initial public offering price per ADS | | | | | | | | | | $ | 14.00 | | |
| Historical net tangible book value (deficit) per ADS as of September 30, 2022 | | | | $ | (30.26) | | | | | | | | |
| Pro forma increase per ADS attributable to the pro forma effects described above | | | | | 33.89 | | | | | | | | |
| Pro forma net tangible book value per ADS as of September 30, 2022 | | | | | 3.63 | | | | | | | | |
| Increase in pro forma as adjusted net tangible book value per ADS attributable to new investors purchasing ADSs in this offering | | | | | 2.34 | | | | | | | | |
| Pro forma as adjusted net tangible book value ADS after this offering | | | | | | | | | | | 5.96 | | |
| Dilution per ADS to new investors purchasing shares in this offering | | | | | | | | | | $ | 8.04 | | |
|
| | Ordinary Shares Purchased(1) | | Total Consideration | | Weighted- Average Price Per ADS | | | Ordinary Shares Purchased(1) | | Total Consideration | | Weighted- Average Price Per ADS | | |||||||||||||||||||||||||||||||||||||||||||||
| | Number | | Percent | | Amount | | Percent | | | | | | | | Number | | Percent | | Amount | | Percent | | | | | | | |||||||||||||||||||||||||||||||
Existing shareholders before this offering | | | | | | | | | $ | | | | | % | | | | $ | | | | | | 77,544,741 | | | | | 74.3% | | | | $ | 198,154,601 | | | | | 61.3% | | | | $ | 7.67 | | | |||||||||||||
Investors purchasing ADSs in this offering | | | | | | | | | | | | | | | | | | | | $ | | | | | | 26,850,000 | | | | | 25.7 | | | | | 125,300,000 | | | | | 38.7 | | | | $ | 14.00 | | | |||||||||||
Total | | | | | | 100.0% | | | | $ | | | | | 100.0% | | | | | | | | | | | 104,394,741 | | | | | 100.0% | | | | $ | 323,454,601 | | | | | 100.0% | | | | | | | | |
| | | NINE MONTHS ENDED SEPTEMBER 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | $ | 19,204 | | | | | $ | 27,833 | | |
General and administrative | | | | | 5,218 | | | | | | 11,772 | | |
Total operating expenses | | | | | 24,422 | | | | | | 39,605 | | |
Loss from operations | | | | | (24,422) | | | | | | (39,605) | | |
Interest and other income (expense), net | | | | | (121) | | | | | | 356 | | |
Loss before income tax expense | | | | | (24,543) | | | | | | (39,249) | | |
Provision for income taxes | | | | | 150 | | | | | | 197 | | |
Net loss | | | | $ | (24,693) | | | | | $ | (39,446) | | |
|
| | | NINE MONTHS ENDED SEPTEMBER 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Product candidate: | | | | | | | | | | | | | |
ANPA-0073 | | | | $ | 4,924 | | | | | $ | 3,402 | | |
GSBR-1290 | | | | | 8,414 | | | | | | 14,278 | | |
LTSE-2578 | | | | | 3,395 | | | | | | 3,838 | | |
Other | | | | | 2,471 | | | | | | 6,315 | | |
Total research and development expenses | | | | $ | 19,204 | | | | | $ | 27,833 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | $ | 12,364 | | | | | $ | 29,111 | | |
General and administrative | | | | | 3,542 | | | | | | 8,585 | | |
Total operating expenses | | | | | 15,906 | | | | | | 37,696 | | |
Loss from operations | | | | | (15,906) | | | | | | (37,696) | | |
Interest and other income (expense), net | | | | | 168 | | | | | | (122) | | |
Loss before income tax expense | | | | | (15,738) | | | | | | (37,818) | | |
Provision for income taxes | | | | | 138 | | | | | | 231 | | |
Net loss | | | | $ | (15,876) | | | | | $ | (38,049) | | |
|
| | | Year Ended December 31, | | ||||||||||||||||||||||
| 2020 | | 2021 | | | | Year Ended December 31, | | ||||||||||||||||||
| | (in thousands) | | | 2020 | | 2021 | | ||||||||||||||||||
Product candidate: | | | | | | | | | | | | | | | | | | | | | | | ||||
ANPA-0073 | | | $ | 2,899 | | | | $ | 7,251 | | | | | $ | 2,899 | | | | $ | 7,251 | | | ||||
GSBR-1290 | | | | 6,884 | | | | | 11,697 | | | | | | 6,884 | | | | | 11,697 | | | ||||
LTSE-2578 | | | | 1,767 | | | | | 4,585 | | | | | | 1,767 | | | | | 4,585 | | | ||||
Other | | | | 814 | | | | | 5,578 | | | | | | 814 | | | | | 5,578 | | | ||||
Total research and development expenses | | | $ | 12,364 | | | | $ | 29,111 | | | | | $ | 12,364 | | | | $ | 29,111 | | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2020 | | | 2021 | | | 2021 | | | 2022 | | ||||||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities | | | | $ | (14,283) | | | | | $ | (32,160) | | | | | $ | (21,401) | | | | | $ | (34,094) | | |
Investing activities | | | | | (21,147) | | | | | | 17,859 | | | | | | 16,779 | | | | | | (72,449) | | |
Financing activities | | | | | 25,837 | | | | | | 103,254 | | | | | | 103,369 | | | | | | 29,330 | | |
Net (decrease) increase in cash and cash equivalents | | | | $ | (9,593) | | | | | $ | 88,953 | | | | | $ | 98,747 | | | | | $ | (77,213) | | |
|
| Challenges | | | Opportunities | |
| ▪ Limited cellular and tissue permeability | | | ▪ Customizable pharmaceutic properties | |
| ▪ Generally not orally available | | | ▪ Orally available, better patient compliance | |
| ▪ Limited stability, cold supply chain requirements | | | ▪ No cold-chain requirements | |
| ▪ Higher costs | | | ▪ Lower costs | |
| | BIASED SELECTIVITY | | | BIASED SELECTIVITY | | ||||||||||||||||||||
COMPOUND ID | | β-ARRESTIN SIGNALING/cAMP | | INTERNALIZATION/cAMP | | | β-ARRESTIN SIGNALING/cAMP | | INTERNALIZATION/cAMP | | ||||||||||||||||
Apelin Peptide | | | | 1.33 | | | | | 1.47 | | | | | | 1.33 | | | | | 1.47 | | | ||||
AMG-986 | | | | 0.86 | | | | | 1 | | | | | | 0.86 | | | | | 1.00 | | | ||||
BMS-986224 | | | | 4.48 | | | | | 1.94 | | | | | | 4.48 | | | | | 1.94 | | | ||||
ANPA-0073 | | | | 18.02 | | | | | 3074 | | | | | | 18.02 | | | | | 3074 | | | ||||
ANPA-137 | | | | 28.2 | | | | | 1411 | | | | | | 28.20 | | | | | 1411 | | | |
| 1 | | | Pulmonary arterial hypertension | |
| 2 | | | Pulmonary hypertension secondary to left heart disease | |
| 3 | | | Pulmonary hypertension from chronic lung diseases and/or hypoxia | |
| 4 | | | Pulmonary hypertension due to pulmonary artery obstruction | |
| 5 | | | Pulmonary hypertension from unexplained or multifactorial mechanisms | |
WHO Class | | | Description | |
Class I | | | Patients with pulmonary hypertension but without resulting limitation of physical activity. Ordinary physical activity does not cause undue dyspnea or fatigue, chest pain or near syncope. | |
Class II | | | Patients with pulmonary hypertension resulting in a slight limitation of physical activity. They are comfortable at rest. Ordinary physical activity causes undue dyspnea or fatigue, chest pain or near syncope. | |
Class III | | | Patients with pulmonary hypertension but without resulting limitation of physical activity. Ordinary physical activity does not cause undue dyspnea or fatigue, chest pain or near syncope. | |
Class IV | | | Patients with pulmonary hypertension with inability to carry out any physical activity without symptoms. These patients manifest signs of right heart failure. Dyspnea and/or fatigue may even be present at rest. Discomfort is increased by any physical activity. | |
Name | | | Age | | | Position(s) | | |||
Executive Officers: | | | | | | | | | | |
Raymond Stevens, Ph.D. | | | | | 59 | | | | Director, Chief Executive Officer | |
Jun Yoon(4) | | | | | 45 | | | | Director, Chief Financial Officer | |
Xichen Lin, Ph.D. | | | | | 49 | | | | Chief Scientific Officer | |
Mark Bach, M.D., Ph.D. | | | | | 66 | | | | Chief Medical Officer | |
Melita Sun Jung | | | | | | | | Chief Business Officer | | |
Yingli Ma, Ph.D. | | | | | 49 | | | | Chief Technology Officer | |
Non-Employee Directors: | | | | | | | | | | |
Daniel G. Welch(1)(2)(3) | | | | | 65 | | | | Chairman of the Board | |
Ramy Farid, Ph.D.(2) | | | | | 58 | | | | Director | |
Jessica Lifton(2)(5)(7) | | | | | 35 | | | | Director | |
Sharon Tetlow(1)(3) | | | | | 63 | | | | Director | |
Chen Yu, M.D.(6) | | | | | 48 | | | | Director | |
Eric Dobmeier(1)(7) | | | | | 54 | | | | Director | |
Joanne Waldstreicher, M.D.(3) | | | | | 62 | | | | Director | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Bonus ($) | | | Option Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($) | | | Total ($) | | |||||||||||||||||||||
Raymond Stevens, Ph.D. Chief Executive Officer | | | | | 2022 | | | | | | 487,333 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 487,333 | | |
| | | | | 2021 | | | | | | 420,000 | | | | | | — | | | | | | 377,596 | | | | | | 283,200 | | | | | | — | | | | | | 1,080,796 | | |
Mark Bach, M.D., Ph.D. Chief Medical Officer | | | | | 2022 | | | | | | 466,375 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 466,375 | | |
| | | | | 2021 | | | | | | 241,288 | | | | | | 66,000 | | | | | | 704,928 | | | | | | 84,206 | | | | | | — | | | | | | 1,096,422 | | |
Yingli Ma, Ph.D. Chief Technology Officer | | | | | 2022 | | | | | | 374,421(3) | | | | | | — | | | | | | 744,738 | | | | | | — | | | | | | 3,047(4) | | | | | | 1,122,206 | | |
Name and Principal Position | | | Fiscal Year | | | Salary ($) | | | Bonus ($) | | | Option Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($) | | | Total ($) | | |||||||||||||||||||||
Raymond Stevens, Ph.D. | | | | | 2022 | | | | | | 487,333 | | | | | | — | | | | | | — | | | | | | 247,500 | | | | | | — | | | | | | 734,833 | | |
Chief Executive Officer | | | | | 2021 | | | | | | 420,000 | | | | | | — | | | | | | 377,596 | | | | | | 283,200 | | | | | | — | | | | | | 1,080,796 | | |
Mark Bach, M.D., Ph.D. | | | | | 2022 | | | | | | 466,375 | | | | | | — | | | | | | — | | | | | | 149,499 | | | | | | — | | | | | | 615,874 | | |
Chief Medical Officer | | | | | 2021 | | | | | | 241,288 | | | | | | 66,000 | | | | | | 704,928 | | | | | | 84,206 | | | | | | — | | | | | | 1,096,422 | | |
Yingli Ma, Ph.D. | | | | | 2022 | | | | | | 374,421(3) | | | | | | — | | | | | | 744,738 | | | | | | 120,117(4) | | | | | | 3,047(5) | | | | | | 1,242,323 | | |
Chief Technology Officer | | | | | | | | |
Name | | | 2022 Base Salary RATE | | |||
Raymond Stevens, Ph.D.(1) | | | | $ | 500,000 | | |
Mark Bach, M.D., Ph.D.(2) | | | | $ | 468,650 | | |
Yingli Ma, Ph.D.(3) | | | | $ | 376,544 | | |
| | | Option Awards(1) | | | Share Awards(1) | | ||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price Per Share ($)(2) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | | |||||||||||||||||||||
Raymond Stevens, Ph.D. | | | | | 4/29/2019(4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 163,641 | | | | | | — | | |
| | | | | 1/22/2020(5) | | | | | | 100,000 | | | | | | — | | | | | | 0.39 | | | | | | 1/21/2030 | | | | | | — | | | | | | — | | |
| | | | | 1/22/2021(6) | | | | | | 258,159 | | | | | | 280,608 | | | | | | 0.48 | | | | | | 1/21/2031 | | | | | | — | | | | | | — | | |
Mark Bach, M.D., Ph.D. | | | | | 9/23/2021(7) | | | | | | 218,103 | | | | | | 363,507 | | | | | | 1.21 | | | | | | 9/22/2031 | | | | | | — | | | | | | — | | |
Yingli Ma, Ph.D. | | | | | 1/20/2022(8) | | | | | | 158,333 | | | | | | 241,667 | | | | | | 2.60 | | | | | | 1/19/2032 | | | | | | — | | | | | | — | | |
NAME | | FEES EARNED OR PAID IN CASH ($) | | OPTION AWARDS ($)(2)(3) | | TOTAL ($) | | | FEES EARNED OR PAID IN CASH ($) | | OPTION AWARDS ($)(2)(3) | | TOTAL ($) | | ||||||||||||||||||||||||
Daniel G. Welch(1) | | | | 224,000 | | | | | 2,200,215 | | | | | 2,424,215 | | | | | | 224,000 | | | | | 2,200,215 | | | | | 2,424,215 | | | ||||||
Ramy Farid, Ph.D. | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Jessica Lifton | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Sharon Tetlow(1) | | | | 48,000 | | | | | 165,841 | | | | | 213,841 | | | | | | 48,000 | | | | | 165,841 | | | | | 213,841 | | | ||||||
Chen Yu, M.D. | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Eric Dobmeier(1) | | | | 1,467 | | | | | 217,209 | | | | | 218,676 | | | | | | 1,467 | | | | | 217,353 | | | | | 218,820 | | | ||||||
Joanne Waldstreicher, M.D.(1) | | | | 1,467 | | | | | 217,209 | | | | | 218,676 | | | | | | 1,467 | | | | | 217,353 | | | | | 218,820 | | | |
Name | | | ShouTi LLC Interests (#) | | | Ordinary Shares (#) | | ||||||
Executive Officers and Directors: | | | | | | | | | | | | | |
Raymond Stevens, Ph.D. | | | | | 980 | | | | | | 979,999 | | |
Jun Yoon | | | | | 980 | | | | | | 980,000 | | |
Name | | | Annapurna Bio., Inc. Common Stock (#) | | | Ordinary Shares (#) | | ||||||
Executive Officers and Directors: | | | | | | | | | | | | | |
Raymond Stevens Ph.D. | | | | | 637,000 | | | | | | 1,274,000 | | |
Jun Yoon | | | | | 637,000 | | | | | | 1,274,000 | | |
Name | | | Gasherbrum Bio., Inc. Common Stock (#) | | | Ordinary Shares (#) | | ||||||
Executive Officers and Directors: | | | | | | | | | | | | | |
Raymond Stevens Ph.D. | | | | | 637,000 | | | | | | 637,000 | | |
Jun Yoon | | | | | 637,000 | | | | | | 637,000 | | |
Name | | Basecamp BIO Series Seed Share (#) | | Series B-1 Convertible Preferred Share (#) | | | Basecamp BIO Series Seed Share (#) | | Series B-1 Convertible Preferred Share (#) | | ||||||||||||||||
Greater than 5% shareholders: | | | | | | | | | | | | | | | | | | | | | | | ||||
ERVC Healthcare V, L.P. | | | | 1,600,000 | | | | | 494,035 | | | | | | 1,600,000 | | | | | 494,035 | | | ||||
F-Prime Capital Partners Life Sciences Fund VI, LP | | | | 1,500,000 | | | | | 463,157 | | | |||||||||||||||
F-Prime Capital Partners Life Sciences Fund VI LP | | | | 1,500,000 | | | | | 463,157 | | | |||||||||||||||
SCC Seed II Holdco, Ltd. | | | | 1,100,000 | | | | | 339,649 | | | | | | 1,100,000 | | | | | 339,649 | | | ||||
BSCP Holdings Limited | | | | 1,100,000 | | | | | 339,649 | | | | | | 1,100,000 | | | | | 339,649 | | |
Name | | Series A Convertible Preferred Share (#) | | Aggregate Purchase Price ($) | | | Series A Convertible Preferred Share (#) | | Aggregate Purchase Price ($) | | ||||||||||||||||
Greater than 5% shareholders: | | | | | | | | | | | | | | | | | | | | | | | ||||
ERVC Healthcare IV, L.P. | | | | 5,400,000 | | | | | 9,000,180 | | | | | | 5,400,000 | | | | | 9,000,180 | | | ||||
F-Prime Capital Partners Life Sciences Fund VI, LP | | | | 4,800,000 | | | | | 8,000,160 | | | |||||||||||||||
F-Prime Capital Partners Life Sciences Fund VI LP | | | | 4,800,000 | | | | | 8,000,160 | | | |||||||||||||||
SCC Venture VII Holdco I, Ltd. | | | | 4,200,000 | | | | | 7,000,140 | | | | | | 4,200,000 | | | | | 7,000,140 | | | ||||
Entities affiliated with Qiming | | | | 3,000,000 | | | | | 5,000,100 | | | | | | 3,000,000 | | | | | 5,000,100 | | |
Name | | Series A+ Convertible Preferred Share (#) | | Aggregate Purchase Price ($) | | | Series A+ Convertible Preferred Share (#) | | Aggregate Purchase Price ($) | | ||||||||||||||||
Greater than 5% shareholders: | | | | | | | | | | | | | | | | | | | | | | | ||||
ERVC Healthcare IV, L.P. | | | | 676,906 | | | | | 1,374,999 | | | | | | 676,906 | | | | | 1,374,999 | | | ||||
F-Prime Capital Partners Life Sciences Fund VI, LP | | | | 676,906 | | | | | 1,374,999 | | | |||||||||||||||
F-Prime Capital Partners Life Sciences Fund VI LP | | | | 676,906 | | | | | 1,374,999 | | | |||||||||||||||
SCC Venture VII Holdco I, Ltd. | | | | 2,461,477 | | | | | 4,999,998 | | | | | | 2,461,477 | | | | | 4,999,998 | | | ||||
Entities affiliated with Qiming | | | | 1,199,970 | | | | | 2,437,499 | | | | | | 1,199,970 | | | | | 2,437,499 | | | ||||
XX-I SHT Holdings Limited | | | | 4,922,955 | | | | | 9,999,999 | | | | | | 4,922,955 | | | | | 9,999,999 | | |
Name | | Series B Convertible Preferred Share (#) | | Aggregate Purchase Price ($) | | | Series B Convertible Preferred Share (#) | | Aggregate Purchase Price ($) | | ||||||||||||||||
Greater than 5% shareholders: | | | | | | | | | | | | | | | | | | | | | | | ||||
ERVC Healthcare IV, L.P. | | | | 494,035 | | | | | 2,000,002 | | | | | | 494,035 | | | | | 2,000,002 | | | ||||
F-Prime Capital Partners Life Sciences Fund VI, LP | | | | 494,035 | | | | | 2,000,002 | | | |||||||||||||||
F-Prime Capital Partners Life Sciences Fund VI LP | | | | 494,035 | | | | | 2,000,002 | | | |||||||||||||||
SCC Venture VII Holdco I, Ltd. | | | | 988,070 | | | | | 4,000,004 | | | | | | 988,070 | | | | | 4,000,004 | | | ||||
Entities affiliated with Qiming. | | | | 494,035 | | | | | 2,000,002 | | | | | | 494,035 | | | | | 2,000,002 | | | ||||
XX-I SHT Holdings Limited | | | | 988,070 | | | | | 4,000,004 | | | | | | 988,070 | | | | | 4,000,004 | | | ||||
Deep Track Biotechnology Master Fund, Ltd. | | | | 4,940,345 | | | | | 19,999,999 | | | |||||||||||||||
Deep Track Biotechnology Master Fund, Ltd. | | | | 4,940,345 | | | | | 19,999,999 | | | |||||||||||||||
Entities affiliated with BVF Partners L.P.(1) | | | | 7,410,518 | | | | | 30,000,000 | | | | | | 7,410,518 | | | | | 30,000,000 | | |
Name of Beneficial Owner | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | |||||||||||||||||||||||
| Before Offering | | After Offering | | | Before Offering | | After Offering | | ||||||||||||||||||||||||||
Greater than 5% Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Entities affiliated with ERVC Healthcare IV, L.P.(1) | | | | 6,473,761 | | | | | 8.35% | | | % | | | | | 6,473,761 | | | | | 8.35% | | | | | 6.20% | | | ||||||
Entities affiliated with F-Prime Capital Partners Life Sciences Fund VI LP (2) | | | | 5,816,554 | | | | | 7.50% | | | % | | | | | 5,816,554 | | | | | 7.50% | | | | | 5.57% | | | ||||||
Entities affiliated with Qiming(3) | | | | 4,941,022 | | | | | 6.37% | | | % | | | | | 4,941,022 | | | | | 6.37% | | | | | 4.73% | | | ||||||
Entities affiliated with XX-I SHT Holdings Limited(4) | | | | 6,250,674 | | | | | 8.06% | | | % | | | | | 6,250,674 | | | | | 8.06% | | | | | 5.99% | | | ||||||
Entities affiliated with Biotechnology Value Fund(5) | | | | 7,410,518 | | | | | 9.56% | | | % | | | | | 7,410,518 | | | | | 9.56% | | | | | 7.10% | | | ||||||
Entities affiliated with Sequoia Capital China(6) | | | | 7,989,196 | | | | | 10.30% | | | % | | | | | 7,989,196 | | | | | 10.30% | | | | | 7.65% | | | ||||||
Deep Track Biotechnology Master Fund, Ltd.(7) | | | | 4,940,345 | | | | | 6.37% | | | % | | | | | 4,940,345 | | | | | 6.37% | | | | | 4.73% | | | ||||||
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Raymond Stevens, Ph.D.(8). | | | | 2,998,857 | | | | | 3.85% | | | % | | | | | 2,998,857 | | | | | 3.85% | | | | | 2.86% | | | ||||||
Jun Yoon(9) | | | | 2,753,666 | | | | | 3.54% | | | | | ||||||||||||||||||||||
Mark Bach, M.D., Ph.D.(10) | | | | 242,337 | | | | | * | | | % | | ||||||||||||||||||||||
Yingli Ma, Ph.D.(11) | | | | 175,000 | | | | | * | | | % | | ||||||||||||||||||||||
Daniel G. Welch(12) | | | | 1,302,630 | | | | | 1.65% | | | % | | ||||||||||||||||||||||
Jun Yoon(9) | | | | 2,753,666 | | | | | 3.54% | | | | | 2.63% | | | |||||||||||||||||||
Mark Bach, M.D., Ph.D.(10) | | | | 242,337 | | | | | * | | | | | * | | | |||||||||||||||||||
Yingli Ma, Ph.D.(11) | | | | 175,000 | | | | | * | | | | | * | | | |||||||||||||||||||
Daniel G. Welch(12) | | | | 1,302,630 | | | | | 1.65% | | | | | 1.23% | | | |||||||||||||||||||
Sharon Tetlow(13) | | | | 80,000 | | | | | * | | | % | | | | | 80,000 | | | | | * | | | | | * | | | ||||||
Ramy Farid, Ph.D.(14) | | | | 3,260,496 | | | | | 4.20% | | | % | | ||||||||||||||||||||||
Ramy Farid, Ph.D.(14) | | | | 3,260,495 | | | | | 4.20% | | | | | 3.12% | | | |||||||||||||||||||
Jessica Lifton | | | | — | | | | | — | | | % | | | | | — | | | | | — | | | | | — | | | ||||||
Chen Yu, M.D.(15) | | | | 3,458,242 | | | | | 4.46% | | | % | | ||||||||||||||||||||||
Chen Yu, M.D.(15) | | | | 3,458,242 | | | | | 4.46% | | | | | 3.31% | | | |||||||||||||||||||
Eric Dobmeier | | | | — | | | | | — | | | % | | | | | — | | | | | — | | | | | — | | | ||||||
Joanne Waldstreicher, M.D. | | | | — | | | | | — | | | % | | | | | — | | | | | — | | | | | — | | | ||||||
All current executive officers and directors as a group (13 persons)(16 ) | | | | 14,892,457 | | | | | 18.53% | | | % | | ||||||||||||||||||||||
All current executive officers and directors as a group (13 persons) (16) | | | | 14,892,457 | | | | | 18.53% | | | | | 13.89% | | |
Underwriter | | | Number of ADSs | | |||
Jefferies LLC | | | | | | | |
SVB Securities LLC | | | | | | | |
Guggenheim Securities, LLC | | | | | | | |
BMO Capital | | | | | | | |
Total | | | | | | | |
|
| | | | | | | | | | | | | | | Total | | |||||||||
| | | Per ADS Without Option to Purchase Additional ADSs | | | With Option to Purchase Additional ADSs | | | Without Option to Purchase Additional ADSs | | | With Option to Purchase Additional ADSs | | ||||||||||||
Public offering price | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Underwriting discounts and commissions paid by us | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Proceeds to us, before expenses | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |
| | | PAGE | | ||||
| | | | F-2 | | | ||
Consolidated Financial Statements | | | | | | | | |
| | | | F-3 | | | ||
| | | | F-4 | | | ||
| | | | F-5 | | | ||
| | | | F-7 | | | ||
| | | | F-8 | | |
| | | PAGE | | ||||
Condensed Consolidated Financial Statements | | | | | | | | |
| | | | F-32 | | | ||
| | | | F-33 | | | ||
| | | | F-34 | | | ||
| | | | F-35 | | | ||
| | | | F-36 | | |
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 16,352 | | | | | $ | 105,305 | | |
Short-term investments | | | | | 21,093 | | | | | | 2,002 | | |
Prepaid expenses and other current assets | | | | | 974 | | | | | | 1,943 | | |
Total current assets | | | | | 38,419 | | | | | | 109,250 | | |
Property and equipment, net | | | | | 19 | | | | | | 1,185 | | |
Operating right-of-use assets | | | | | 258 | | | | | | 609 | | |
Other non-current assets | | | | | 8 | | | | | | 111 | | |
Total assets | | | | $ | 38,704 | | | | | $ | 111,155 | | |
Liabilities, redeemable convertible preferred shares and shareholders’ deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 1,527 | | | | | $ | 3,484 | | |
Accrued expenses and other current liabilities | | | | | 1,365 | | | | | | 4,825 | | |
Operating lease liabilities, current portion | | | | | 147 | | | | | | 349 | | |
Total current liabilities | | | | | 3,039 | | | | | | 8,658 | | |
Operating lease liabilities, net of current portion | | | | | 133 | | | | | | 272 | | |
Total liabilities | | | | | 3,172 | | | | | | 8,930 | | |
Commitments and contingencies (Note 6) | | | | | | | | | | | | | |
Series A redeemable convertible preferred shares – $0.0001 par value, 19,200 shares authorized, issued and outstanding as of December 31, 2020 and 2021 (liquidation preference of $32,001 as of December 31, 2020 and 2021) | | | | | 32,001 | | | | | | 32,001 | | |
Series A+ redeemable convertible preferred shares – $0.0001 par value, 12,800 shares authorized, issued and outstanding as of December 31, 2020 and 2021 (liquidation preference of $26,000 as of December 31, 2020 and 2021) | | | | | 26,000 | | | | | | 26,000 | | |
Series B redeemable convertible preferred stock – $0.0001 par value, 0 and 24,702 shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively (liquidation preference of $0 and $100,000 as of December 31, 2020 and 2021, respectively) | | | | | — | | | | | | 100,000 | | |
Series B-1 redeemable convertible preferred stock – $0.0001 par value, 0 and 2,161 shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively (liquidation preference of $0 and $7,000 as of December 31, 2020 and 2021, respectively) | | | | | — | | | | | | 8,959 | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Ordinary shares – $0.0001 par value; 468,000 and 441,137 shares authorized as of December 31, 2020 and 2021, respectively; 10,865 and 10,894 shares issued and outstanding as of December 31, 2020 and 2021, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 477 | | | | | | — | | |
Accumulated other comprehensive loss | | | | | (1) | | | | | | — | | |
Accumulated deficit | | | | | (22,946) | | | | | | (64,736) | | |
Total shareholders’ deficit | | | | | (22,469) | | | | | | (64,735) | | |
Total liabilities, redeemable convertible preferred shares and shareholders’ deficit | | | | $ | 38,704 | | | | | $ | 111,155 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | $ | 12,364 | | | | | $ | 29,111 | | |
General and administrative | | | | | 3,542 | | | | | | 8,585 | | |
Total operating expenses | | | | | 15,906 | | | | | | 37,696 | | |
Loss from operations | | | | | (15,906) | | | | | | (37,696) | | |
Interest and other income (expense), net | | | | | 168 | | | | | | (122) | | |
Loss before income tax expense | | | | | (15,738) | | | | | | (37,818) | | |
Provision for income taxes | | | | | 138 | | | | | | 231 | | |
Net loss | | | | | (15,876) | | | | | | (38,049) | | |
Less: Accretion of redeemable convertible preferred shares to their redemption value | | | | | (163) | | | | | | (3,757) | | |
Less: Excess of the fair value of the consideration paid over the carrying value of redeemable noncontrolling interest | | | | | — | | | | | | (1,959) | | |
Net loss attributable to ordinary shareholders | | | | $ | (16,039) | | | | | $ | (43,765) | | |
Net loss per share attributable to ordinary shareholders, basic and diluted | | | | $ | (2.56) | | | | | $ | (5.38) | | |
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | | | | | 6,262 | | | | | | 8,141 | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Unrealized (loss) gain on investments, net | | | | | (1) | | | | | | 1 | | |
Total other comprehensive (loss) gain | | | | | (1) | | | | | | 1 | | |
Comprehensive loss | | | | $ | (15,877) | | | | | $ | (38,048) | | |
|
| | | Redeemable CONVERTIBLE PREFERRED SHARES | | | Redeemable NONCONTROLLING INTEREST | | | | Ordinary Shares | | | Additional Paid-In Capital | | | Accumulated Other Comprehensive Loss | | | Accumulated Deficit | | | Total Shareholders’ Deficit | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series A+ | | | Series B | | | Series B-1 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | | 10,865 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | (7,070) | | | | | $ | (7,069) | | |
Issuance of Series A+ redeemable convertible preferred shares, net of issuance costs of $163 | | | | | — | | | | | | — | | | | | | 12,800 | | | | | | 25,837 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | 163 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (163) | | | | | | — | | | | | | — | | | | | | (163) | | |
Issuance of ordinary share warrants | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 70 | | | | | | — | | | | | | — | | | | | | 70 | | |
Share-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 570 | | | | | | — | | | | | | — | | | | | | 570 | | |
Unrealized loss on investments, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1) | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,876) | | | | | | (15,876) | | |
Balance at December 31, 2020 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | 12,800 | | | | | $ | 26,000 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | | 10,865 | | | | | $ | 1 | | | | | $ | 477 | | | | | $ | (1) | | | | | $ | (22,946) | | | | | $ | (22,469) | | |
Issuance of Series B redeemable convertible preferred shares, net of issuance costs of $3,551 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,702 | | | | | | 96,449 | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of Series B redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,551 | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,038) | | | | | | — | | | | | | (2,513) | | | | | | (3,551) | | |
Issuance of Series Seed redeemable convertible preferred shares of Basecamp to noncontrolling interest holders, net of issuance costs of $91 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,909 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Redeemable CONVERTIBLE PREFERRED SHARES | | | Redeemable NONCONTROLLING INTEREST | | | | Ordinary Shares | | | Additional Paid-In Capital | | | Accumulated Other Comprehensive Loss | | | Accumulated Deficit | | | Total Shareholders’ Deficit | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series A+ | | | Series B | | | Series B-1 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series Seed redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 91 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (91) | | | | | | (91) | | |
Issuance of Series B-1 redeemable convertible preferred shares in exchange of redeemable noncontrolling interest, net of issuance costs of $115 (including $1,959 representing the excess of the fair value of Series B-1 redeemable convertible preferred shares over the carrying amount of redeemable noncontrolling interest) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,161 | | | | | | 8,844 | | | | | | (7,000) | | | | | | | — | | | | | | — | | | | | | (937) | | | | | | — | | | | | | (1,022) | | | | | | (1,959) | | |
Accretion of Series B-1 redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 115 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (115) | | | | | | (115) | | |
Issuance of ordinary share upon exercise of vested share options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 29 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | |
Share-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,487 | | | | | | — | | | | | | — | | | | | | 1,487 | | |
Unrealized gain on investments, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (38,049) | | | | | | (38,049) | | |
Balance at December 31, 2021 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | 12,800 | | | | | $ | 26,000 | | | | | | 24,702 | | | | | $ | 100,000 | | | | | | 2,161 | | | | | $ | 8,959 | | | | | $ | — | | | | | | | 10,894 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | (64,736) | | | | | $ | (64,735) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (15,876) | | | | | $ | (38,049) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Share-based compensation expense | | | | | 570 | | | | | | 1,487 | | |
Depreciation | | | | | — | | | | | | 72 | | |
Non-cash lease expense | | | | | 20 | | | | | | 194 | | |
Amortization of net investment premium | | | | | 34 | | | | | | 27 | | |
Amortization of debt discount and issuance costs | | | | | 23 | | | | | | 47 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets | | | | | (919) | | | | | | (1,008) | | |
Other non-current assets | | | | | 39 | | | | | | (36) | | |
Accounts payable | | | | | 1,020 | | | | | | 1,897 | | |
Accrued expenses and other current liabilities | | | | | 804 | | | | | | 3,413 | | |
Operating lease liabilities | | | | | 2 | | | | | | (204) | | |
Net cash used in operating activities | | | | | (14,283) | | | | | | (32,160) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of short-term investments | | | | | (21,128) | | | | | | (4,212) | | |
Maturities of short-term investments | | | | | — | | | | | | 23,277 | | |
Purchases of property and equipment | | | | | (19) | | | | | | (1,206) | | |
Net cash (used in) provided by investing activities | | | | | (21,147) | | | | | | 17,859 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from issuance of Series A+ redeemable convertible preferred shares, net of issuance costs | | | | | 25,837 | | | | | | — | | |
Proceeds from issuance of Series B redeemable convertible preferred shares, net of issuance costs | | | | | — | | | | | | 96,449 | | |
Proceeds from issuance of Series Seed redeemable convertible preferred shares of Basecamp to noncontrolling interest holders | | | | | — | | | | | | 6,909 | | |
Proceeds from exercise of share options | | | | | — | | | | | | 11 | | |
Payment of Series B-1 redeemable convertible preferred shares issuance costs | | | | | — | | | | | | (115) | | |
Net cash provided by financing activities | | | | | 25,837 | | | | | | 103,254 | | |
Net change in cash and cash equivalents | | | | | (9,593) | | | | | | 88,953 | | |
Cash and cash equivalents | | | | | | | | | | | | | |
Beginning of the period | | | | | 25,945 | | | | | | 16,352 | | |
End of the period | | | | $ | 16,352 | | | | | $ | 105,305 | | |
Supplemental disclosures of noncash investing and financing activities | | | | | | | | | | | | | |
Issuance of ordinary share warrants | | | | $ | 70 | | | | | $ | — | | |
Accretion of redeemable convertible preferred shares to their redemption value | | | | $ | 163 | | | | | $ | 3,757 | | |
Issuance of Series B-1 redeemable convertible preferred stock to noncontrolling interest holders in exchange of Series Seed redeemable convertible preferred stock of Basecamp | | | | $ | — | | | | | $ | 8,959 | | |
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | | | | $ | — | | | | | $ | 32 | | |
Operating lease right-of-use assets obtained in exchange for new lease liabilities, net | | | | $ | 278 | | | | | $ | 545 | | |
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities | | | | $ | — | | | | | $ | 75 | | |
|
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Laboratory equipment | | | | $ | — | | | | | $ | 1,015 | | |
Furniture and fixtures | | | | | 19 | | | | | | 90 | | |
Computer equipment | | | | | — | | | | | | 42 | | |
Leasehold improvements | | | | | — | | | | | | 110 | | |
| | | | $ | 19 | | | | | $ | 1,257 | | |
Less: Accumulated depreciation | | | | | — | | | | | | (72) | | |
Property and equipment, net | | | | $ | 19 | | | | | $ | 1,185 | | |
|
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Accrued compensation | | | | $ | 819 | | | | | $ | 1,943 | | |
Accrued research and development expenses | | | | | 280 | | | | | | 2,421 | | |
Income tax payable | | | | | 138 | | | | | | 231 | | |
Accrued other liabilities | | | | | 128 | | | | | | 230 | | |
Total accrued expenses and other current liabilities | | | | $ | 1,365 | | | | | $ | 4,825 | | |
|
| | | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2021 | | ||||||||||||||||||||||||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||||||||||||||
Money market funds | | | | $ | 15,213 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,213 | | | | | $ | 89,795 | | | | | $ | — | | | | | $ | — | | | | | $ | 89,795 | | |
Cash equivalents | | | | | 15,213 | | | | | | — | | | | | | — | | | | | | 15,213 | | | | | | 89,795 | | | | | | — | | | | | | — | | | | | | 89,795 | | |
Corporate debt securities | | | | | — | | | | | | 21,093 | | | | | | — | | | | | | 21,093 | | | | | | — | | | | | | 2,002 | | | | | | — | | | | | | 2,002 | | |
Short-term investments | | | | | — | | | | | | 21,093 | | | | | | — | | | | | | 21,093 | | | | | | — | | | | | | 2,002 | | | | | | — | | | | | | 2,002 | | |
Total fair value of financial assets | | | | $ | 15,213 | | | | | $ | 21,093 | | | | | $ | — | | | | | $ | 36,306 | | | | | $ | 89,795 | | | | | $ | 2,002 | | | | | $ | — | | | | | $ | 91,797 | | |
|
| | | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2021 | | ||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Unrealized | | | Fair Value | | | Amortized Cost | | | Unrealized | | | Fair Value | | ||||||||||||||||||||||||||||||
| | | Losses | | | Gains | | | Losses | | | Gains | | ||||||||||||||||||||||||||||||||||||
Money market funds | | | | $ | 15,213 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,213 | | | | | $ | 89,795 | | | | | $ | — | | | | | $ | — | | | | | $ | 89,795 | | |
Cash equivalents | | | | | 15,213 | | | | | | — | | | | | | — | | | | | | 15,213 | | | | | | 89,795 | | | | | | — | | | | | | — | | | | | | 89,795 | | |
Corporate debt securities | | | | | 21,094 | | | | | | (1) | | | | | | — | | | | | | 21,093 | | | | | | 2,002 | | | | | | — | | | | | | — | | | | | | 2,002 | | |
Short-term investments | | | | | 21,094 | | | | | | (1) | | | | | | — | | | | | | 21,093 | | | | | | 2,002 | | | | | | — | | | | | | — | | | | | | 2,002 | | |
Total fair value of financial assets | | | | $ | 36,307 | | | | | $ | (1) | | | | | $ | — | | | | | $ | 36,306 | | | | | $ | 91,797 | | | | | $ | — | | | | | $ | — | | | | | $ | 91,797 | | |
|
| | | December 31, 2021 | | |||
2022 | | | | $ | 384 | | |
2023 | | | | | 278 | | |
Total undiscounted lease payments | | | | | 662 | | |
Less: imputed interest | | | | | 41 | | |
Total operating lease liability | | | | | 621 | | |
Less: current portion | | | | | 349 | | |
Operating lease liability, net of current portion | | | | $ | 272 | | |
|
| | | December 31, 2020 | | |||||||||||||||||||||||||||
Series | | | Shares Authorized | | | Original Issue Price | | | Shares Issued and Outstanding | | | Carrying Value | | | Liquidation Value | | |||||||||||||||
A | | | | | 19,200,000 | | | | | $ | 1.6667 | | | | | | 19,200,000 | | | | | $ | 32,001 | | | | | $ | 32,001 | | |
A+ | | | | | 12,799,681 | | | | | | 2.0313 | | | | | | 12,799,681 | | | | | | 26,000 | | | | | | 26,000 | | |
| | | | | 31,999,681 | | | | | | | | | | | | 31,999,681 | | | | | $ | 58,001 | | | | | $ | 58,001 | | |
|
| | | December 31, 2021 | | |||||||||||||||||||||||||||
Series | | | Shares Authorized | | | Original Issue Price | | | Shares Issued and Outstanding | | | Carrying Value | | | Liquidation Value | | |||||||||||||||
A | | | | | 19,200,000 | | | | | $ | 1.6667 | | | | | | 19,200,000 | | | | | $ | 32,001 | | | | | $ | 32,001 | | |
A+ | | | | | 12,799,681 | | | | | | 2.0313 | | | | | | 12,799,681 | | | | | | 26,000 | | | | | | 26,000 | | |
B | | | | | 24,701,732 | | | | | | 4.0483 | | | | | | 24,701,732 | | | | | | 100,000 | | | | | | 100,000 | | |
B-1 | | | | | 2,161,402 | | | | | | 3.2386 | | | | | | 2,161,402 | | | | | | 8,959 | | | | | | 7,000 | | |
| | | | | 58,862,815 | | | | | | | | | | | | 58,862,815 | | | | | $ | 166,960 | | | | | $ | 165,001 | | |
|
| | | August 4, 2020 (Issuance Date) | | |||
Share price | | | | $ | 0.48 | | |
Expected term (years) | | | | | 10.00 | | |
Expected volatility | | | | | 83.3% | | |
Risk-free interest rate | | | | | 0.52% | | |
Dividend yield | | | | | 0% | | |
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Conversion of redeemable convertible preferred shares | | | | | 32,000 | | | | | | 58,863 | | |
Share options available for future grant | | | | | 1,961 | | | | | | 4,026 | | |
Share options issued and outstanding | | | | | 1,524 | | | | | | 4,646 | | |
Ordinary share warrants | | | | | 179 | | | | | | 135 | | |
Total ordinary shares reserved | | | | | 35,664 | | | | | | 67,670 | | |
|
| | | | | | | | | Outstanding Awards | | |||||||||||||||||||||
| | | Number of Shares Available for Grant | | | Number of Shares Underlying Outstanding Options | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term (in years) | | | Aggregate Intrinsic Value | | |||||||||||||||
As of December 31, 2019 | | | | | 1,134 | | | | | | 801 | | | | | $ | 0.34 | | | | | | 9.69 | | | | | $ | 40 | | |
Additional authorized | | | | | 1,550 | | | | | | — | | | | | | |||||||||||||||
Granted | | | | | (723) | | | | | | 723 | | | | | | 0.42 | | | | | ||||||||||
As of December 31, 2020 | | | | | 1,961 | | | | | | 1,524 | | | | | | 0.38 | | | | | | 8.93 | | | | | | 157 | | |
Additional authorized | | | | | 5,216 | | | | | | — | | | | | | |||||||||||||||
Granted | | | | | (3,357) | | | | | | 3,357 | | | | | | 1.00 | | | | | ||||||||||
Exercised | | | | | — | | | | | | (29) | | | | | | 0.39 | | | | | ||||||||||
Forfeited | | | | | 206 | | | | | | (206) | | | | | | 0.38 | | | | | ||||||||||
As of December 31, 2021 | | | | | 4,026 | | | | | | 4,646 | | | | | | 0.83 | | | | | | 8.96 | | | | | | 7,911 | | |
Exercisable at December 31, 2021 | | | | | | | | | | | 1,042 | | | | | | 0.42 | | | | | | 7.74 | | | | | | 2,201 | | |
Vested and expected to vest at December 31, 2021 | | | | | | | | | | | 4,646 | | | | | | 0.83 | | | | | | 8.96 | | | | | | 7,911 | | |
| | | Number of Shares Underlying Outstanding Restricted Shares | | | Weighted-Average Grant Date Fair Value | | ||||||
Unvested, December 31, 2019 | | | | | 5,891 | | | | | $ | 0.33 | | |
Vested | | | | | (2,455) | | | | | | 0.33 | | |
Unvested, December 31, 2020 | | | | | 3,436 | | | | | | 0.33 | | |
Vested | | | | | (1,473) | | | | | | 0.33 | | |
Cancelled | | | | | (450) | | | | | | 0.33 | | |
Unvested, December 31, 2021 | | | | | 1,513 | | | | | | 0.33 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Research and development | | | | $ | 355 | | | | | $ | 946 | | |
General and administrative | | | | | 215 | | | | | | 541 | | |
Total share-based compensation | | | | $ | 570 | | | | | $ | 1,487 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Expected term (in years) | | | | | 5.9 | | | | | | 5.9 | | |
Expected volatility | | | | | 81.1% | | | | | | 85.2% | | |
Risk-free interest rate | | | | | 1.2% | | | | | | 0.9% | | |
Expected dividend yield | | | | | 0.0% | | | | | | 0.0% | | |
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Loss before income expense: | | | | ||||||||||
Domestic loss | | | | $ | (16,831) | | | | | $ | (35,051) | | |
Foreign income (loss) | | | | | 1,093 | | | | | | (2,767) | | |
Loss before income tax expense | | | | $ | (15,738) | | | | | $ | (37,818) | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Current tax provision (benefit): | | | | | | | | | |||||
Federal | | | | $ | — | | | | | $ | — | | |
State | | | | | — | | | | | | — | | |
Foreign | | | | | 138 | | | | | | 219 | | |
| | | | | 138 | | | | | | 219 | | |
Deferred tax provision (benefit): | | | | | | | | | | | | | |
Federal | | | | | — | | | | | | — | | |
State | | | | | — | | | | | | — | | |
Foreign | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | |
Total provision (benefit) for income taxes: | | | | $ | 138 | | | | | $ | 219 | | |
|
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Expected tax at 0% | | | | | —% | | | | | | —% | | |
State income tax, net of federal tax | | | | | 7.4 | | | | | | 4.9 | | |
Share-based compensation | | | | | — | | | | | | (0.3) | | |
Non-deductible expenses | | | | | (0.2) | | | | | | (0.2) | | |
U.S. income tax differential | | | | | 22.3 | | | | | | 19.5 | | |
Other foreign income tax differential | | | | | (0.9) | | | | | | 2.2 | | |
Research credits | | | | | 0.2 | | | | | | 0.9 | | |
Other | | | | | — | | | | | | (0.2) | | |
Change in valuation allowance | | | | | (29.7) | | | | | | (27.3) | | |
Effective tax rate | | | | | (0.9)% | | | | | | (0.5)% | | |
|
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Net operating loss | | | | $ | 5,805 | | | | | $ | 14,501 | | |
Compensation | | | | | 239 | | | | | | 779 | | |
Operating lease liability | | | | | — | | | | | | 146 | | |
Related party accrued expenses | | | | | 752 | | | | | | 1,128 | | |
Other | | | | | 9 | | | | | | 66 | | |
Research credits | | | | | 44 | | | | | | 320 | | |
Total deferred tax assets | | | | | 6,849 | | | | | | 16,940 | | |
Valuation allowance | | | | | (6,849) | | | | | | (16,797) | | |
Net deferred tax assets | | | | | — | | | | | | 143 | | |
Right-of-use assets | | | | | — | | | | | | (143) | | |
Total deferred tax liabilities | | | | | — | | | | | | (143) | | |
Net deferred tax assets | | | | $ | — | | | | | $ | — | | |
|
| | | December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Beginning of year | | | | $ | — | | | | | $ | — | | |
Additions for tax positions related to: | | | | ||||||||||
Current year | | | | | — | | | | | | 96 | | |
Prior years | | | | | — | | | | | | 11 | | |
End of year | | | | $ | — | | | | | $ | 107 | | |
|
| | | Year ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Numerator: | | | | ||||||||||
Net loss attributable to ordinary shareholders | | | | $ | (15,876) | | | | | $ | (38,049) | | |
Accretion of redeemable convertible preferred shares to their redemption value | | | | | (163) | | | | | | (3,757) | | |
Excess of the fair value of the consideration paid over the carrying value of NCI | | | | | — | | | | | | (1,959) | | |
Net loss attributable to ordinary shareholders | | | | $ | (16,039) | | | | | $ | (43,765) | | |
Denominator: | | | | ||||||||||
Weighted-average ordinary shares outstanding | | | | | 10,865 | | | | | | 10,889 | | |
Less: weighted-average unvested restricted ordinary shares subject to repurchase | | | | | (4,603) | | | | | | (2,748) | | |
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | | | | | 6,262 | | | | | | 8,141 | | |
Net loss per share attributable to ordinary shareholders, basic and diluted | | | | $ | (2.56) | | | | | $ | (5.38) | | |
|
| | | Year ended December 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Redeemable convertible preferred shares | | | | | 32,000 | | | | | | 58,863 | | |
Options to purchase ordinary shares | | | | | 1,524 | | | | | | 4,646 | | |
Ordinary share warrants | | | | | 179 | | | | | | 135 | | |
Unvested restricted ordinary share awards | | | | | 3,436 | | | | | | 1,513 | | |
Total | | | | | 37,139 | | | | | | 65,157 | | |
|
| | | December 31, 2021 | | | September 30, 2022 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 105,305 | | | | | $ | 28,092 | | |
Short-term investments | | | | | 2,002 | | | | | | 74,659 | | |
Prepaid expenses and other current assets | | | | | 1,943 | | | | | | 2,016 | | |
Total current assets | | | | | 109,250 | | | | | | 104,767 | | |
Property and equipment, net | | | | | 1,185 | | | | | | 1,032 | | |
Operating right-of-use assets | | | | | 609 | | | | | | 338 | | |
Other non-current assets | | | | | 111 | | | | | | 2,269 | | |
Total assets | | | | $ | 111,155 | | | | | $ | 108,406 | | |
Liabilities, redeemable convertible preferred shares and shareholders’ deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 3,484 | | | | | $ | 5,703 | | |
Accrued expenses and other current liabilities | | | | | 4,825 | | | | | | 6,196 | | |
Operating lease liabilities, current portion | | | | | 349 | | | | | | 330 | | |
Total current liabilities | | | | | 8,658 | | | | | | 12,229 | | |
Other non-current liabilities | | | | | 272 | | | | | | 115 | | |
Total liabilities | | | | | 8,930 | | | | | | 12,344 | | |
Commitments and contingencies (Note 6) | | | | | | | | | | | | | |
Series A redeemable convertible preferred shares – $0.0001 par value, 19,200 shares authorized, issued and outstanding as of December 31, 2021 and September 30, 2022 (liquidation preference of $32,001 as of December 31, 2021 and September 30, 2022) | | | | | 32,001 | | | | | | 32,001 | | |
Series A+ redeemable convertible preferred shares – $0.0001 par value, 12,800 shares authorized, issued and outstanding as of December 31, 2021 and September 30, 2022 (liquidation preference of $26,000 as of December 31, 2021 and September 30, 2022) | | | | | 26,000 | | | | | | 26,000 | | |
Series B redeemable convertible preferred stock – $0.0001 par value, 24,702 and 32,857 shares authorized, issued and outstanding as of December 31, 2021 and September 30, 2022, respectively, (liquidation preference of $100,000 and $133,015 as of December 31, 2021 and September 30, 2022, respectively) | | | | | 100,000 | | | | | | 133,015 | | |
Series B-1 redeemable convertible preferred stock – $0.0001 par value, 2,161 shares authorized, issued and outstanding as of December 31, 2021 and September 30, 2022 (liquidation preference of $7,000 as of December 31, 2021 and September 30, 2022) | | | | | 8,959 | | | | | | 8,959 | | |
Shareholders’ deficit: | | | | | | | | | | | | | |
Ordinary shares – $0.0001 par value; 441,137 and 432,982 shares authorized as of December 31, 2021 and September 30, 2022, respectively; 10,894 and 10,527 shares issued and outstanding as of December 31, 2021 and September 30, 2022, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | — | | | | | | 1,298 | | |
Accumulated other comprehensive loss | | | | | — | | | | | | (135) | | |
Accumulated deficit | | | | | (64,736) | | | | | | (105,077) | | |
Total shareholders’ deficit | | | | | (64,735) | | | | | | (103,913) | | |
Total liabilities, redeemable convertible preferred shares and shareholders’ deficit | | | | $ | 111,155 | | | | | $ | 108,406 | | |
|
| | | NINE MONTHS ENDED SEPTEMBER 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | $ | 19,204 | | | | | $ | 27,833 | | |
General and administrative | | | | | 5,218 | | | | | | 11,772 | | |
Total operating expenses | | | | | 24,422 | | | | | | 39,605 | | |
Loss from operations | | | | | (24,422) | | | | | | (39,605) | | |
Interest and other income (expense), net | | | | | (121) | | | | | | 356 | | |
Loss before income taxes | | | | | (24,543) | | | | | | (39,249) | | |
Provision for income taxes | | | | | 150 | | | | | | 197 | | |
Net loss | | | | | (24,693) | | | | | | (39,446) | | |
Less: Accretion of redeemable convertible preferred shares to their redemption value | | | | | (3,642) | | | | | | (1,515) | | |
Net loss attributable to ordinary shareholders | | | | $ | (28,335) | | | | | $ | (40,961) | | |
Net loss per share attributable to ordinary shareholders, basic and diluted | | | | $ | (3.56) | | | | | $ | (4.34) | | |
Weighted-average ordinary shares used in computing net loss per share | | | | | | | | | | | | | |
attributable to ordinary shareholders, basic and diluted | | | | | 7,955 | | | | | | 9,428 | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Unrealized gain (loss) on investments, net | | | | | 1 | | | | | | (135) | | |
Total other comprehensive (loss) gain | | | | | 1 | | | | | | (135) | | |
Comprehensive loss | | | | $ | (24,692) | | | | | $ | (39,581) | | |
|
| | | Redeemable Convertible Preferred Shares | | | Redeemable Noncontrolling Interest | | | | | | | | | | | | | | | | Additional Paid-In Capital | | | Accumulated Other Comprehensive Loss | | | Accumulated Deficit | | | Total Shareholders’ Deficit | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series A+ | | | Series B | | | Series B-1 | | | Ordinary Shares | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | 12,800 | | | | | $ | 26,000 | | | | | | 24,702 | | | | | $ | 100,000 | | | | | | 2,161 | | | | | $ | 8,959 | | | | | $ | — | | | | | | | 10,894 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | (64,736) | | | | | $ | (64,735) | | |
Issuance of Series B redeemable convertible preferred shares, net of issuance costs of $1,515 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,155 | | | | | | 31,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of Series B redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,515 | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (620) | | | | | | — | | | | | | (895) | | | | | | (1,515) | | |
Repurchase of unvested restricted share awards | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (450) | | | | | | — | | | | | | (6) | | | | | | — | | | | | | — | | | | | | (6) | | |
Issuance of ordinary share upon exercise of vested share options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 83 | | | | | | — | | | | | | 33 | | | | | | — | | | | | | — | | | | | | 33 | | |
Share-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,891 | | | | | | — | | | | | | — | | | | | | 1,891 | | |
Unrealized loss on investments, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (135) | | | | | | — | | | | | | (135) | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,446) | | | | | | (39,446) | | |
Balance at September 30, 2022 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | 12,800 | | | | | $ | 26,000 | | | | | | 32,857 | | | | | $ | 133,015 | | | | | | 2,161 | | | | | $ | 8,959 | | | | | $ | — | | | | | | | 10,527 | | | | | $ | 1 | | | | | $ | 1,298 | | | | | $ | (135) | | | | | $ | (105,077) | | | | | $ | (103,913) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Redeemable Convertible Preferred Shares | | | Redeemable Noncontrolling Interest | | | | | | | | | | | | | | | | Additional Paid-In Capital | | | Accumulated Other Comprehensive Loss | | | Accumulated Deficit | | | Total Shareholders’ Deficit | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series A+ | | | Series B | | | Series B-1 | | | Ordinary Shares | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | 12,800 | | | | | $ | 26,000 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | | 10,865 | | | | | $ | 1 | | | | | $ | 477 | | | | | $ | (1) | | | | | $ | (22,946) | | | | | $ | (22,469) | | |
Issuance of Series Seed redeemable convertible preferred shares of Basecamp to noncontrolling interest holders, net of issuance costs of $91 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,909 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of Series Seed redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 91 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (91) | | | | | | (91) | | |
Issuance of Series B redeemable convertible preferred shares, net of issuance costs of $3,551 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,702 | | | | | | 96,449 | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of Series B redeemable convertible preferred shares to their redemption value | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,551 | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,038) | | | | | | — | | | | | | (2,513) | | | | | | (3,551) | | |
Issuance of ordinary share upon exercise of vested share options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 29 | | | | | | — | | | | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | |
Share-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 550 | | | | | | — | | | | | | — | | | | | | 550 | | |
Unrealized gain on investments, net | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,693) | | | | | | (24,693) | | |
Balance at September 30, 2021 | | | | | 19,200 | | | | | $ | 32,001 | | | | | | 12,800 | | | | | $ | 26,000 | | | | | | 24,702 | | | | | $ | 100,000 | | | | | | — | | | | | $ | — | | | | | $ | 7,000 | | | | | | | 10,894 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | (50,243) | | | | | $ | (50,242) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (24,693) | | | | | $ | (39,446) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Share-based compensation expense | | | | | 550 | | | | | | 1,891 | | |
Depreciation | | | | | 6 | | | | | | 205 | | |
Non-cash lease expense | | | | | 129 | | | | | | 271 | | |
Amortization (accretion) of net investment premium (discount) | | | | | 23 | | | | | | (427) | | |
Amortization of debt discount and issuance costs | | | | | 47 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets | | | | | (917) | | | | | | (73) | | |
Accounts payable | | | | | 811 | | | | | | 2,277 | | |
Accrued expenses and other liabilities | | | | | 2,784 | | | | | | 1,485 | | |
Operating lease liabilities | | | | | (141) | | | | | | (277) | | |
Net cash used in operating activities | | | | | (21,401) | | | | | | (34,094) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of short-term investments | | | | | (4,212) | | | | | | (114,265) | | |
Maturities of short-term investments | | | | | 22,077 | | | | | | 41,900 | | |
Purchases of property and equipment | | | | | (1,086) | | | | | | (84) | | |
Net cash provided by (used in) investing activities | | | | | 16,779 | | | | | | (72,449) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from issuance of Series B redeemable convertible preferred shares, net of issuance costs | | | | | 96,449 | | | | | | 31,500 | | |
Proceeds from issuance of Series Seed redeemable convertible preferred shares of Basecamp to noncontrolling interest holders | | | | | 6,909 | | | | | | — | | |
Payments of deferred offering costs | | | | | — | | | | | | (2,197) | | |
Repurchases of unvested restricted share awards | | | | | — | | | | | | (6) | | |
Proceeds from exercise of share options | | | | | 11 | | | | | | 33 | | |
Net cash provided by financing activities | | | | | 103,369 | | | | | | 29,330 | | |
Net change in cash and cash equivalents | | | | | 98,747 | | | | | | (77,213) | | |
Cash and cash equivalents | | | | | | | | | | | | | |
Beginning of the period | | | | | 16,352 | | | | | | 105,305 | | |
End of the period | | | | $ | 115,099 | | | | | $ | 28,092 | | |
Supplemental disclosures of noncash investing and financing activities | | | | | | | | | | | | | |
Accretion of redeemable convertible preferred shares to their redemption value | | | | $ | 3,642 | | | | | $ | 1,515 | | |
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | | | | $ | 88 | | | | | $ | — | | |
Operating lease right-of-use assets obtained in exchange for new lease liabilities | | | | $ | 423 | | | | | $ | — | | |
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities | | | | $ | — | | | | | $ | 36 | | |
|
| | | December 31, 2021 | | | September 30, 2022 | | ||||||
Laboratory equipment | | | | $ | 1,015 | | | | | $ | 1,027 | | |
Furniture and fixtures | | | | | 90 | | | | | | 115 | | |
Computer equipment and software | | | | | 42 | | | | | | 58 | | |
Leasehold improvements | | | | | 110 | | | | | | 109 | | |
| | | | $ | 1,257 | | | | | $ | 1,309 | | |
Less: Accumulated depreciation | | | | | (72) | | | | | | (277) | | |
Property and equipment, net | | | | $ | 1,185 | | | | | $ | 1,032 | | |
|
| | | December 31, 2021 | | | September 30, 2022 | | ||||||
Accrued compensation | | | | $ | 1,943 | | | | | $ | 2,757 | | |
Accrued research and development expenses | | | | | 2,421 | | | | | | 2,655 | | |
Accrued professional services | | | | | 159 | | | | | | 492 | | |
Income tax payable | | | | | 231 | | | | | | 147 | | |
Accrued other liabilities | | | | | 71 | | | | | | 145 | | |
Total accrued expenses and other current liabilities | | | | $ | 4,825 | | | | | $ | 6,196 | | |
|
| | | December 31, 2021 | | | September 30, 2022 | | ||||||||||||||||||||||||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||||||||||||||
Money market funds | | | | $ | 89,795 | | | | | $ | — | | | | | $ | — | | | | | $ | 89,795 | | | | | $ | 21,629 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,629 | | |
Cash equivalents | | | | | 89,795 | | | | | | — | | | | | | — | | | | | | 89,795 | | | | | | 21,629 | | | | | | — | | | | | | — | | | | | | 21,629 | | |
U.S. government bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,228 | | | | | | — | | | | | | — | | | | | | 20,228 | | |
Corporate debt securities | | | | | — | | | | | | 2,002 | | | | | | — | | | | | | 2,002 | | | | | | — | | | | | | 52,647 | | | | | | — | | | | | | 52,647 | | |
U.S. government agency bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,784 | | | | | | — | | | | | | 1,784 | | |
Short-term investments | | | | | — | | | | | | 2,002 | | | | | | — | | | | | | 2,002 | | | | | | 20,228 | | | | | | 54,431 | | | | | | — | | | | | | 74,659 | | |
Total fair value of financial assets | | | | $ | 89,795 | | | | | $ | 2,002 | | | | | $ | — | | | | | $ | 91,797 | | | | | $ | 41,857 | | | | | $ | 54,431 | | | | | $ | — | | | | | $ | 96,288 | | |
|
| | | December 31, 2021 | | | September 30, 2022 | | ||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Unrealized | | | Fair Value | | | Amortized Cost | | | Unrealized | | | Fair Value | | ||||||||||||||||||||||||||||||
| | | Losses | | | Gains | | | Losses | | | Gains | | ||||||||||||||||||||||||||||||||||||
Money market funds | | | | $ | 89,795 | | | | | $ | — | | | | | $ | — | | | | | $ | 89,795 | | | | | $ | 21,629 | | | | | $ | — | | | | | $ | — | | | | | $ | 21,629 | | |
Cash equivalents | | | | | 89,795 | | | | | | — | | | | | | — | | | | | | 89,795 | | | | | | 21,629 | | | | | | — | | | | | | — | | | | | | 21,629 | | |
U.S. government bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,288 | | | | | | (61) | | | | | | 1 | | | | | | 20,228 | | |
Corporate debt securities | | | | | 2,002 | | | | | | — | | | | | | — | | | | | | 2,002 | | | | | | 52,704 | | | | | | (57) | | | | | | — | | | | | | 52,647 | | |
U.S. government agency bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,802 | | | | | | (18) | | | | | | — | | | | | | 1,784 | | |
Short-term investments | | | | | 2,002 | | | | | | — | | | | | | — | | | | | | 2,002 | | | | | | 74,794 | | | | | | (136) | | | | | | 1 | | | | | | 74,659 | | |
Total fair value of financial assets | | | | $ | 91,797 | | | | | $ | — | | | | | $ | — | | | | | $ | 91,797 | | | | | $ | 96,423 | | | | | $ | (136) | | | | | $ | 1 | | | | | $ | 96,288 | | |
|
| | | September 30, 2022 | | |||
2022 (remaining) | | | | $ | 93 | | |
2023 | | | | | 263 | | |
Total undiscounted lease payments | | | | | 356 | | |
Less: imputed interest | | | | | 12 | | |
Total operating lease liability | | | | | 344 | | |
Less: current portion | | | | | 330 | | |
Operating lease liability, net of current portion | | | | $ | 14 | | |
|
| | | December 31, 2021 | | |||||||||||||||||||||||||||
Series | | | Shares Authorized | | | Original Issue Price | | | Shares Issued and Outstanding | | | Carrying Value | | | Liquidation Value | | |||||||||||||||
A | | | | | 19,200,000 | | | | | $ | 1.6667 | | | | | | 19,200,000 | | | | | $ | 32,001 | | | | | $ | 32,001 | | |
A+ | | | | | 12,799,681 | | | | | | 2.0313 | | | | | | 12,799,681 | | | | | | 26,000 | | | | | | 26,000 | | |
B | | | | | 24,701,732 | | | | | | 4.0483 | | | | | | 24,701,732 | | | | | | 100,000 | | | | | | 100,000 | | |
B-1 | | | | | 2,161,402 | | | | | | 3.2386 | | | | | | 2,161,402 | | | | | | 8,959 | | | | | | 7,000 | | |
| | | | | 58,862,815 | | | | | | | | | | | | 58,862,815 | | | | | $ | 166,960 | | | | | $ | 165,001 | | |
|
| | | September 30, 2022 | | |||||||||||||||||||||||||||
Series | | | Shares Authorized | | | Original Issue Price | | | Shares Issued and Outstanding | | | Carrying Value | | | Liquidation Value | | |||||||||||||||
A | | | | | 19,200,000 | | | | | $ | 1.6667 | | | | | | 19,200,000 | | | | | $ | 32,001 | | | | | $ | 32,001 | | |
A+ | | | | | 12,799,681 | | | | | | 2.0313 | | | | | | 12,799,681 | | | | | | 26,000 | | | | | | 26,000 | | |
B | | | | | 32,857,004 | | | | | | 4.0483 | | | | | | 32,857,004 | | | | | | 133,015 | | | | | | 133,015 | | |
B-1 | | | | | 2,161,402 | | | | | | 3.2386 | | | | | | 2,161,402 | | | | | | 8,959 | | | | | | 7,000 | | |
| | | | | 67,018,087 | | | | | | | | | | | | 67,018,087 | | | | | $ | 199,975 | | | | | $ | 198,016 | | |
|
| | | December 31, 2021 | | | September 30, 2022 | | ||||||
Conversion of redeemable convertible preferred shares | | | | | 58,863 | | | | | | 67,018 | | |
Share options available for future grant | | | | | 4,026 | | | | | | 1,260 | | |
Share options issued and outstanding | | | | | 4,646 | | | | | | 7,329 | | |
Ordinary share warrants | | | | | 135 | | | | | | 112 | | |
Total ordinary shares reserved | | | | | 67,670 | | | | | | 75,719 | | |
|
| | | | | | | | | Outstanding Awards | | | | | | | | | | | | | | |||||||||
| | | Number of Shares Available for Grant | | | Number of Shares Underlying Outstanding Options | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term (in years) | | | Aggregate Intrinsic Value | | |||||||||||||||
As of December 31, 2021 | | | | | 4,026 | | | | | | 4,646 | | | | | $ | 0.83 | | | | | | 8.96 | | | | | $ | 7,911 | | |
Granted | | | | | (3,821) | | | | | | 3,821 | | | | | | 2.62 | | | | | | | | | | | | | | |
Exercised | | | | | — | | | | | | (83) | | | | | | 0.40 | | | | | | | | | | | | | | |
Forfeited | | | | | 1,055 | | | | | | (1,055) | | | | | | 2.36 | | | | | | | | | | | | | | |
As of September 30, 2022 | | | | | 1,260 | | | | | | 7,329 | | | | | | 1.55 | | | | | | 8.76 | | | | | | 9,551 | | |
Exercisable at September 30, 2022 | | | | | | | | | | | 2,328 | | | | | | 0.96 | | | | | | 8.22 | | | | | | 4,402 | | |
Vested and expected to vest at September 30, 2022 | | | | | | | | | | | 7,329 | | | | | | 1.55 | | | | | | 8.76 | | | | | | 9,551 | | |
| | | Number of Shares Underlying Outstanding Restricted Shares | | | Weighted-Average Grant Date Fair Value | | ||||||
Unvested, December 31, 2021 | | | | | 1,513 | | | | | $ | 0.33 | | |
Vested | | | | | (940) | | | | | | 0.33 | | |
Unvested, September 30, 2022 | | | | | 573 | | | | | | 0.33 | | |
|
| | | Nine Months Ended September 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Research and development | | | | $ | 194 | | | | | $ | 692 | | |
General and administrative | | | | | 356 | | | | | | 1,199 | | |
Total share-based compensation | | | | $ | 550 | | | | | $ | 1,891 | | |
|
| | | Nine Months Ended September 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to ordinary shareholders | | | | $ | (24,693) | | | | | $ | (39,446) | | |
Accretion of redeemable convertible preferred shares to their redemption value | | | | | (3,642) | | | | | | (1,515) | | |
Net loss attributable to ordinary shareholders | | | | $ | (28,335) | | | | | $ | (40,961) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average ordinary shares outstanding | | | | | 10,888 | | | | | | 10,918 | | |
Less: weighted-average unvested restricted ordinary shares subject to repurchase | | | | | (2,933) | | | | | | (1,490) | | |
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | | | | | 7,955 | | | | | | 9,428 | | |
Net loss per share attributable to ordinary shareholders, basic and diluted | | | | $ | (3.56) | | | | | $ | (4.34) | | |
|
| | | September 30, | | |||||||||
| | | 2021 | | | 2022 | | ||||||
Redeemable convertible preferred shares | | | | | 56,702 | | | | | | 67,018 | | |
Options to purchase ordinary shares | | | | | 4,693 | | | | | | 7,329 | | |
Ordinary share warrants | | | | | 135 | | | | | | 112 | | |
Unvested restricted ordinary share awards | | | | | 2,332 | | | | | | 573 | | |
Total | | | | | 63,862 | | | | | | 75,032 | | |
|
Item | | | Amount Paid or to Be Paid | | |||
SEC registration fee | | | | $ | 11,020 | | |
FINRA filing fee | | | | | 15,500 | | |
Nasdaq listing fee | | | | | 25,000 | | |
Printing expenses | | | | | * | | |
Legal fees and expenses | | | | | * | | |
Accounting fees and expenses | | | | | * | | |
Depositary fees and expenses | | | | | * | | |
Miscellaneous expenses | | | | | * | | |
Total | | | | $ | * | | |
|
Item | | | Amount Paid or to Be Paid | | |||
SEC registration fee | | | | $ | 17,014 | | |
FINRA filing fee | | | | | 23,659 | | |
Nasdaq listing fee | | | | | 25,000 | | |
Printing expenses | | | | | 295,000 | | |
Legal fees and expenses | | | | | 3,300,000 | | |
Accounting fees and expenses | | | | | 1,200,000 | | |
Depositary fees and expenses | | | | | 75,000 | | |
Miscellaneous expenses | | | | | 114,327 | | |
Total | | | | $ | 5,050,000 | | |
|
| Signature | | | Title | | | Date | |
| /s/ Raymond Stevens, Ph.D. Raymond Stevens, Ph.D. | | | Chief Executive Officer and Director (Principal Executive Officer) | | | January | |
| /s/ Jun Yoon Jun Yoon | | | Chief Financial Officer and Director (Principal Financial and Accounting Officer) | | | January | |
| Daniel Welch | | | Chairman | | | January | |
| Eric Dobmeier | | | Director | | | January | |
| Ramy Farid, Ph.D. | | | Director | | | January | |
| Jessica Lifton | | | Director | | | January |
| ||||||||
| Sharon Tetlow | | | Director | | | January | |
| Joanne Waldstreicher, M.D. | | | Director | | | January | |
| Chen Yu, M.D. | | | Director | | | January | |