10-Q 1 avir-20220930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 001-39661

 

ATEA PHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

46-0574869

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

225 Franklin Street, Suite 2100

Boston, MA

02110

(Address of principal executive offices)

(Zip Code)

 

(857) 284-8891

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

AVIR

 

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 4, 2022, the registrant had 83,287,639 shares of common stock, $0.001 par value per share, outstanding.

 

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions. The words “aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” "on track," “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

 

These forward-looking statements include, among other things, statements about:

 

our expectations relating to clinical trials for our product candidates, including projected costs, study designs or the timing for initiation, recruitment, completion, or reporting top-line data;
the potential therapeutic benefits of our product candidates and the potential indications and market opportunities therefor;
the potential of bemnifosbuvir to retain antiviral activity against circulating COVID-19 variants of concern and to treat COVID-19;
the safety profile and related adverse events of our product candidates;
our plans to research, develop and commercialize our current and future product candidates;
the potential benefits of any future collaboration we may enter into;
the timing of and our ability to obtain and maintain regulatory approvals for our product candidates;
the rate and degree of market acceptance and clinical utility of any products for which we may receive marketing approval;
our commercialization, marketing and manufacturing capabilities and strategy;
our estimates regarding future revenue, expenses and results of operations;
the progress of, timing of and amount of expenses associated with our research, development and commercialization activities;
our future financial position, capital requirements, needs for additional financing and the availability of such financing;
our business strategy;
developments relating to our competitors, competing treatments and vaccines and our industry;
our expectations regarding federal, state and foreign laws and regulations;
our ability to attract, motivate, and retain key personnel; and
the impact of COVID-19 on our business, including in particular the impact on our preclinical studies and clinical trials.

 

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to differ materially from current expectations include the initiation, execution and completion of clinical trials, uncertainties surrounding the timing of availability of data from our clinical trials, ongoing discussions with and actions by regulatory authorities, our development activities and those other factors we discuss in Part II, Item 1A. “Risk Factors.” You should read these Risk Factors and the other cautionary statements made in this report as being applicable to all related forward-looking statements wherever they appear in this report. The Risk Factors are not exhaustive and other sections of this report may include additional factors which could adversely impact our business and financial performance. Given these uncertainties, you should not rely on these forward-looking statements as predictions of future events. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

 

As used in this Quarterly Report on Form 10-Q, unless otherwise specified or the context otherwise requires, the terms “we,” “our,” “us,” and the “Company” refer to Atea Pharmaceuticals, Inc. and its subsidiary. All brand names or trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners.

i


 

SUMMARY RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. The principal risks and uncertainties affecting our business include the following:

There is significant uncertainty around our development of bemnifosbuvir as a potential treatment for COVID-19.
We are highly dependent on our management, directors and other key personnel.
We may expend resources in anticipation of potential clinical trials and commercialization of bemnifosbuvir, which we may not be able to recover if bemnifosbuvir is not approved for the treatment of COVID-19, we are not successful at commercializing bemnifosbuvir or bemnifosbuvir is rendered inferior or obsolete due to rapid changes in COVID -19 epidemiology as a result of the emergence of new SARS-CoV-2 variants or subvariants.
The market for new therapeutics for the treatment of COVID-19 may be reduced, perhaps significantly, if vaccines and current therapeutics remain effective in minimizing serious consequences of the disease.
Bemnifosbuvir will face significant competition from other treatments for COVID-19 that are currently marketed or are in development.
The COVID-19 pandemic and future variant fueled pandemic surges may materially and adversely affect our business opportunities, clinical trials and financial results.
We have a limited operating history and no organizational history of successfully developing or commercializing any approved antiviral products, which may make it difficult to evaluate the success of our business to date and to assess the prospects for our future viability.
We have incurred significant operating expenses since inception. We expect our expenditures will increase for the foreseeable future. We have no products that have generated any commercial revenue and we may never achieve or maintain profitability.
We will require substantial additional financing, which may not be available on acceptable terms, or at all. A failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development or commercialization efforts.
Our ability to use our net operating loss carryforwards and other tax attributes to offset taxable income may be subject to certain limitations.
Our business is highly dependent on the success of our most advanced product candidates, including bemnifosbuvir. If we fail to successfully develop bemnifosbuvir for the treatment of COVID-19 or if our other product candidates for the treatment of hepatitis C ("HCV") or dengue fail in nonclinical or clinical development, or we are unable to obtain regulatory approval or successfully commercialize any of our product candidates, or are significantly delayed in doing so, our business will be harmed.
The regulatory approval processes of the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory authorities are lengthy, expensive, time-consuming, and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our product candidates, we will be unable to generate product revenue and our business will be seriously harmed. Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us, or any future collaboration partners from obtaining approvals for and/or commercializing any product candidate we develop.
Clinical development, including enrollment of patients in clinical trials, is an expensive, lengthy and uncertain process. We may encounter substantial delays and costs in our clinical trials, or may not be able to conduct or complete our clinical trials on the timelines we expect, if at all.
We intend to develop certain of our product candidates in combination with other therapies, which exposes us to additional risks.
Our product candidates may be associated with serious adverse events, undesirable side effects or have other properties that could halt their clinical development, prevent their regulatory approval, limit their commercial potential or result in significant negative consequences.

ii


 

We currently conduct clinical trials, and may in the future choose to conduct additional clinical trials, of our product candidates in sites outside the United States, and the FDA may not accept data from trials conducted in foreign locations.
Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more data become available and are subject to audit and verification procedures that could result in material changes in the final data.
We may not be successful in our efforts to identify and successfully develop additional product candidates.
Risks related to healthcare laws and other legal compliance matters may materially and adversely affect our business and financial results.
Risks related to commercialization may materially and adversely affect our business and financial results.
Risks related to manufacturing and our dependence on third parties may materially and adversely affect our business and financial results.
Risks related to intellectual property may materially and adversely affect our business and financial results, including if we are unable to obtain, maintain, enforce and adequately protect our intellectual property rights with respect to our technology and product candidates, or if the scope of the patent or other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and product candidates may be adversely affected.
We have only a limited number of employees which may be inadequate to manage and operate our business.
Our business and operations may suffer in the event of system failures, deficiencies or intrusions which could materially affect our results.
We will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
We may engage in acquisitions or strategic partnerships that could disrupt our business, cause dilution to our stockholders, reduce our financial resources, cause us to incur debt or assume contingent liabilities, and subject us to other risks.
We or the third parties upon whom we depend may be adversely affected by natural disasters or other unforeseen events resulting in business interruptions and our business continuity and disaster recovery plans may not adequately protect us from such business interruptions.
Litigation against us could be costly and time-consuming to defend and could result in additional liabilities.
Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and share price.
Risks related to our common stock may materially and adversely affect our stock price.
If we fail to maintain effective internal control over financial reporting and effective disclosure controls and procedures, we may not be able to accurately report our financial results in a timely manner or prevent fraud, which may adversely affect investor confidence in our company.
If our information systems, or those maintained on our behalf, fail or suffer security breaches, such events could result in, without limitation, the following: a significant disruption of our product development programs; an inability to operate our business effectively; unauthorized access to or disclosure of the personal information we process; and other adverse effects on our business, financial condition, results of operations and prospects.
We could be subject to securities class action litigation.

 

iii


 

Table of Contents

 

 

 

Page

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

i

SUMMARY RISK FACTORS

ii

 

 

 

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

2

 

Condensed Consolidated Statements of Stockholders’ Equity

3

 

Condensed Consolidated Statements of Cash Flows

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

24

Item 4.

Controls and Procedures

24

 

 

 

PART II.

OTHER INFORMATION

25

Item 1.

Legal Proceedings

25

Item 1A.

Risk Factors

25

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

88

Item 5.

Other Information

88

Item 6.

Exhibits

89

SIGNATURES

90

 

iv


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

ATEA PHARMACEUTICALS, INC. and Subsidiary

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

176,410

 

 

$

764,375

 

Marketable securities

 

 

488,565

 

 

 

 

Accounts receivable

 

 

4,514

 

 

 

 

Prepaid expenses and other current assets

 

 

12,446

 

 

 

8,028

 

Total current assets

 

 

681,935

 

 

 

772,403

 

Property and equipment, net

 

 

1,810

 

 

 

23

 

Restricted cash

 

 

305

 

 

 

305

 

Operating lease right-of-use assets, net

 

 

2,526

 

 

 

161

 

Total assets

 

$

686,576

 

 

$

772,892

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

1,118

 

 

$

4,534

 

Accrued expenses and other current liabilities

 

 

13,805

 

 

 

52,152

 

Current portion of operating lease liabilities

 

 

711

 

 

 

197

 

Total current liabilities

 

 

15,634

 

 

 

56,883

 

Operating lease liabilities

 

 

2,585

 

 

 

 

Income taxes payable

 

 

5,170

 

 

 

5,932

 

Total liabilities

 

 

23,389

 

 

 

62,815

 

Commitments and contingencies (see Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value per share; 10,000,000 shares
   authorized;
no shares issued and outstanding as of September 30, 2022, and December 31, 2021

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000,000 shares authorized
   as of September 30, 2022 and December 31, 2021;
   
83,287,639 and 83,102,730 shares issued and outstanding
   as of September 30, 2022 and December 31, 2021, respectively

 

 

83

 

 

 

83

 

Additional paid-in capital

 

 

689,407

 

 

 

653,964

 

Accumulated other comprehensive loss

 

 

(855

)

 

 

 

Retained earnings (accumulated deficit)

 

 

(25,448

)

 

 

56,030

 

Total stockholders’ equity

 

 

663,187

 

 

 

710,077

 

Total liabilities and stockholders’ equity

 

$

686,576

 

 

$

772,892

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1


 

ATEA PHARMACEUTICALS, INC. and Subsidiary

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Collaboration revenue

 

$

 

 

$

32,811

 

 

$

 

 

$

159,187

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,905

 

 

 

43,019

 

 

 

54,396

 

 

 

109,394

 

General and administrative

 

 

11,376

 

 

 

11,939

 

 

 

36,355

 

 

 

32,597

 

Total operating expenses

 

 

16,281

 

 

 

54,958

 

 

 

90,751

 

 

 

141,991

 

Income (loss) from operations

 

 

(16,281

)

 

 

(22,147

)

 

 

(90,751

)

 

 

17,196

 

Interest income and other, net

 

 

4,382

 

 

 

53

 

 

 

5,560

 

 

 

162

 

Income (loss) before income taxes

 

 

(11,899

)

 

 

(22,094

)

 

 

(85,191

)

 

 

17,358

 

Income tax benefit (expense)

 

 

3,833

 

 

 

(6,100

)

 

 

3,713

 

 

 

(13,300

)

Net income (loss)

 

$

(8,066

)

 

$

(28,194

)

 

$

(81,478

)

 

$

4,058

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on available-for-sale investments

 

$

(855

)

 

$

 

 

$

(855

)

 

$

 

Comprehensive income (loss)

 

$

(8,921

)

 

$

(28,194

)

 

$

(82,333

)

 

$

4,058

 

Net income (loss) per share attributable to common
   stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

(0.34

)

 

$

(0.98

)

 

$

0.05

 

Diluted

 

$

(0.10

)

 

$

(0.34

)

 

$

(0.98

)

 

$

0.05

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

83,258,537

 

 

 

82,815,636

 

 

 

83,231,146

 

 

 

82,727,268

 

Diluted

 

 

83,258,537

 

 

 

82,815,636

 

 

 

83,231,146

 

 

 

88,462,074

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2


 

ATEA PHARMACEUTICALS, INC. and Subsidiary

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share amounts)

(Unaudited)

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Other

 

 

Retained Earnings

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Comprehensive Loss

 

 

(Accumulated Deficit)

 

 

Equity

 

Balance—December 31, 2021

 

 

83,102,730

 

 

$

83

 

 

$

653,964

 

 

$

 

 

$

56,030

 

 

$

710,077

 

Issuance of common stock upon exercise of
   stock options

 

 

154,861

 

 

 

 

 

 

223

 

 

 

 

 

 

 

 

 

223

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,661

 

 

 

 

 

 

 

 

 

11,661

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,077

)

 

 

(42,077

)

Balance—March 31, 2022

 

 

83,257,591

 

 

 

83

 

 

 

665,848

 

 

 

 

 

 

13,953

 

 

 

679,884

 

Issuance of common stock upon exercise of
   stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,908

 

 

 

 

 

 

 

 

 

11,908

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,335

)

 

 

(31,335

)

Balance—June 30, 2022

 

 

83,257,591

 

 

 

83

 

 

 

677,756

 

 

 

 

 

 

(17,382

)

 

 

660,457

 

Issuance of common stock upon exercise of
   stock options

 

 

1,012

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

Issuance of common stock under ESPP

 

 

29,036

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

140

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,504

 

 

 

 

 

 

 

 

 

11,504

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(855

)

 

 

 

 

 

(855

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,066

)

 

 

(8,066

)

Balance—September 30, 2022

 

 

83,287,639

 

 

$

83

 

 

$

689,407

 

 

$

(855

)

 

$

(25,448

)

 

$

663,187

 

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Other

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Comprehensive Loss

 

 

Deficit

 

 

Equity

 

Balance—December 31, 2020

 

 

82,436,937

 

 

$

82

 

 

$

612,879

 

 

$

 

 

$

(65,160

)

 

$

547,801

 

Issuance of common stock upon exercise of
   stock options

 

 

300,000

 

 

 

1

 

 

 

470

 

 

 

 

 

 

 

 

 

471

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,273

 

 

 

 

 

 

 

 

 

7,273

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,713

 

 

 

30,713

 

Balance—March 31, 2021

 

 

82,736,937

 

 

 

83

 

 

 

620,622

 

 

 

 

 

 

(34,447

)

 

 

586,258

 

Issuance of common stock upon exercise of
   stock options

 

 

40,000

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

10,007

 

 

 

 

 

 

 

 

 

10,007

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,539

 

 

 

1,539

 

Balance—June 30, 2021

 

 

82,776,937

 

 

 

83

 

 

 

630,686

 

 

 

 

 

 

(32,908

)

 

 

597,861

 

Issuance of common stock upon exercise of
   stock options

 

 

270,142

 

 

 

 

 

 

795

 

 

 

 

 

 

 

 

 

795

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

10,990

 

 

 

 

 

 

 

 

 

10,990

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,194

)

 

 

(28,194

)

Balance—September 30, 2021

 

 

83,047,079

 

 

$

83

 

 

$

642,471

 

 

$

 

 

$

(61,102

)

 

$

581,452

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


 

ATEA PHARMACEUTICALS, INC. and Subsidiary

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net income (loss)

 

$

(81,478

)

 

$

4,058

 

Adjustments to reconcile net income (loss) to net cash used in
   operating activities:

 

 

 

 

 

 

Stock-based compensation expense

 

 

35,073

 

 

 

28,270

 

Depreciation and amortization expense

 

 

156

 

 

 

22

 

Accretion of premium and discounts on marketable securities

 

 

(2,465

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(4,514

)

 

 

 

Prepaid expenses and other current assets

 

 

(4,484

)

 

 

4,259

 

Other assets

 

 

 

 

 

(227

)

Accounts payable

 

 

(3,416

)

 

 

27,945

 

Accrued expenses and other liabilities

 

 

(39,109

)

 

 

33,278

 

Deferred revenue

 

 

 

 

 

(109,187

)

Operating lease liabilities

 

 

800

 

 

 

 

Net cash used in operating activities

 

 

(99,437

)

 

 

(11,582

)

Cash flows from investing activities

 

 

 

 

 

 

Additions to property and equipment

 

 

(1,943

)

 

 

 

Purchases of marketable securities

 

 

(486,955

)

 

 

 

Net cash used in investing activities

 

 

(488,898

)

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of common stock for exercise of stock options

 

 

230

 

 

 

1,323

 

Proceeds from issuance of common stock under ESPP

 

 

140

 

 

 

 

Net cash provided by financing activities

 

 

370

 

 

 

1,323

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(587,965

)

 

 

(10,259

)

Cash, cash equivalents and restricted cash at the beginning of period

 

 

764,680

 

 

 

850,224

 

Cash, cash equivalents and restricted cash at the end of period

 

$

176,715

 

 

$

839,965

 

Cash, cash equivalents and restricted cash at the end of period:

 

 

 

 

 

 

Cash and cash equivalents

 

$

176,410

 

 

$

839,660

 

Restricted cash

 

 

305

 

 

 

305

 

Total cash, cash equivalents and restricted cash

 

$

176,715

 

 

$

839,965

 

 

 

 

 

 

 

 

Supplemental cash flow information: