Exhibit 99.1
STEALTH BIOTHERAPEUTICS CORP
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
|
| Three months ending March 31, |
| |||||
|
| 2022 |
|
| 2021 |
| ||
Operating expenses: |
|
|
|
|
|
| ||
Research and development |
| $ | 7,776 |
|
| $ | 6,099 |
|
General and administrative |
|
| 5,298 |
|
|
| 4,979 |
|
Total operating expenses |
|
| 13,074 |
|
|
| 11,078 |
|
Loss from operations |
|
| (13,074 | ) |
|
| (11,078 | ) |
Other income (expense): |
|
|
|
|
|
| ||
Gain from remeasurement of derivative liability |
|
| 5,476 |
|
|
| 3,688 |
|
Interest income |
|
| 3 |
|
|
| 1 |
|
Interest expense and other |
|
| (541 | ) |
|
| (300 | ) |
Total other income |
|
| 4,938 |
|
|
| 3,389 |
|
Net loss attributable to ordinary shareholders |
| $ | (8,136 | ) |
| $ | (7,689 | ) |
Net loss per share attributable to ordinary shareholders — basic and diluted |
| $ | (0.01 | ) |
| $ | (0.01 | ) |
Weighted average ordinary shares used in net loss per share attributable to ordinary shareholders — basic and diluted |
|
| 715,444,473 |
|
|
| 652,807,323 |
|
STEALTH BIOTHERAPEUTICS CORP
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
|
| March 31, |
|
| December 31, |
| ||
|
| 2022 |
|
| 2021 |
| ||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 33,834 |
|
| $ | 47,135 |
|
Prepaid expenses and other current assets |
|
| 2,566 |
|
|
| 2,467 |
|
Total current assets |
|
| 36,400 |
|
|
| 49,602 |
|
Property and equipment, net |
|
| 88 |
|
|
| 97 |
|
Deferred financing costs and other non-current assets |
|
| 427 |
|
|
| 527 |
|
Total assets |
| $ | 36,915 |
|
| $ | 50,226 |
|
Liabilities and shareholders’ deficit |
|
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
|
| ||
Accounts payable |
| $ | 4,122 |
|
| $ | 3,467 |
|
Accrued expenses and other current liabilities |
|
| 5,613 |
|
|
| 7,283 |
|
Accrued interest payable |
|
| 154 |
|
|
| 78 |
|
Total current liabilities |
|
| 9,889 |
|
|
| 10,828 |
|
Long-term portion of debt |
|
| 13,782 |
|
|
| 13,656 |
|
Development derivative liability - related party |
|
| 65,561 |
|
|
| 71,037 |
|
Total liabilities |
|
| 89,232 |
|
|
| 95,521 |
|
Total shareholders’ deficit |
|
| (52,317 | ) |
|
| (45,295 | ) |
Total liabilities and shareholders’ deficit |
| $ | 36,915 |
|
| $ | 50,226 |
|