10-Q 1 mrus-20230930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2023

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: 001-37773

MERUS N.V.

(Exact name of registrant as specified in its charter)

The Netherlands

Not Applicable

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Uppsalalaan 17

3584 CT Utrecht

The Netherlands

Not Applicable

(Address of principal executive offices)

(Zip code)

 

+31 85 016 2500

(Registrant’s telephone number, including area code)

 

N/A

(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 shares, nominal value €0.09 per share

MRUS

The Nasdaq Stock Market LLC

(Nasdaq Global 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, a 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 October 30, 2023, the registrant had 57,732,814 common shares, nominal value €0.09 per share, outstanding.

 

 


 

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

2

 

Condensed Consolidated Balance Sheets
as of September 30, 2023 and December 31, 2022

2

 

Condensed Consolidated Statements of Operations and Comprehensive Loss
for the three and nine months ended September 30, 2023 and 2022

3

 

Condensed Consolidated Statements of Cash Flows
for the nine months ended September 30, 2023 and 2022

4

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity
for the three and nine months ended September 30, 2023 and 2022

5

 

Notes to Condensed Consolidated Financial Statements

6

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

24

 

Item 4. Controls and Procedures

24

 

PART II — OTHER INFORMATION

 

 

Item 1. Legal Proceedings

26

 

Item 1A. Risk Factors

26

 

Item 5. Other Information

78

 

Item 6. Exhibits

78

 

Signatures

80

 

 


 

Cautionary Note Regarding Forward-looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including without limitation statements regarding our plans to develop and commercialize our product candidates, the timing of our ongoing or planned clinical trials, the timing of and our ability to obtain and maintain regulatory approvals, the anticipated impact of the COVID-19 pandemic on our business and operations, the clinical utility and commercial potential of our product candidates, our commercialization, marketing and manufacturing capabilities and strategy, our expectations surrounding our collaborations and related timelines, our expectations about the willingness of healthcare professionals to use our product candidates, the sufficiency of our cash, cash equivalents and investments, and the plans and objectives of management for future operations and capital expenditures are forward-looking statements.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties, assumptions and other important factors, including those described under the sections in this Quarterly Report on Form 10-Q entitled “Summary Risk Factors,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

 

SUMMARY RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common shares. The principal risks and uncertainties affecting our business include the following:

We have incurred significant net losses since our inception and we expect to continue to incur significant expenses and operating losses for the foreseeable future.
We have a limited operating history, have not completed any registrational clinical trials, and have no products approved for commercial sale, which may make it difficult for you to evaluate our current business and predict our future success and viability.
We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce or eliminate one or more of our research and drug development programs or future commercialization efforts.
The outcome of pre-clinical testing and early clinical trials may not be predictive of the success of later clinical trials, and the results of our clinical trials may not satisfy the requirements of the FDA, EMA or other comparable foreign regulatory authorities.
The clinical trial and regulatory approval processes are lengthy, time consuming and inherently unpredictable, and we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
Our antibody candidates may have serious adverse, undesirable or unacceptable side effects alone or in combinations being tested in clinical development, which may delay or prevent marketing approval. If such side effects are identified during the

 


 

development of our antibody candidates or following approval, if any, we may need to abandon our development of such antibody candidates, the commercial profile of any approved label may be limited, or we may be subject to other significant negative consequences following marketing approval, if any.
We have never commercialized an antibody candidate before and may lack the necessary expertise, personnel and resources to successfully commercialize our products on our own or together with suitable future collaborators or partners.
We rely, and expect to continue to rely, on third parties, including independent clinical investigators and contract research organizations or CROs, to conduct our pre-clinical studies, clinical trials, chemistry, manufacturing and controls and potential development of a companion diagnostic. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or perform at reasonable cost, we may not be able to obtain regulatory approval for or commercialize our antibody candidates or we may be subject to other significant negative consequences following marketing approval, if any, and our business could be substantially harmed.
Due to our limited resources and access to capital, we must, and have in the past decided to, prioritize development of certain antibody candidates over other potential candidates. These decisions may prove to have been wrong and may adversely affect our revenues.
The competition for qualified personnel is particularly intense in our industry. If we are unable to retain or hire key personnel, we may not be able to sustain or grow our business.
We operate in highly competitive and rapidly changing industries, and if our competitors develop and market technologies or products more rapidly than we do or that are more effective, safer or less expensive than the product candidates we develop, our commercial opportunities will be negatively impacted.
Our success depends on our ability to protect our intellectual property and our proprietary technologies. If we are unable to adequately protect our intellectual property and our proprietary technologies or obtain and maintain issued patents which are sufficient to protect our product candidates and proprietary technologies, or if others do not respect our intellectual property rights and exclusivity, others could compete against us more directly, which would negatively impact our business.
Our existing collaboration agreements are important to our business and potential future collaborations and licenses may also be important to us, and if we are unable to maintain any of these collaborations or execute new collaborations or licenses, or if these arrangements are not successful, our business could be adversely affected.
The trading prices for our and other biopharmaceutical companies’ stock have been highly volatile as a result of disruptions and extreme volatility in the global economy, including rising inflation and interest rates, declines in economic growth, global instability, including the ongoing conflicts in Europe and the Middle East and the ongoing impacts of the COVID-19 pandemic, which have and may continue to adversely impact our business, including our pre-clinical studies and clinical trials, financial condition, our ability to raise capital and results of operations.

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

MERUS N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(Amounts in thousands, except share and per share data)

 

 

 

September 30,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

241,868

 

 

$

147,749

 

Marketable securities

 

 

146,702

 

 

 

142,480

 

Accounts receivable

 

 

3,434

 

 

 

4,051

 

Prepaid expenses and other current assets

 

 

12,828

 

 

 

12,163

 

Total current assets

 

 

404,832

 

 

 

306,443

 

Marketable securities

 

 

57,259

 

 

 

36,457

 

Property and equipment, net

 

 

12,176

 

 

 

12,222

 

Operating lease right-of-use assets

 

 

11,323

 

 

 

12,618

 

Intangible assets, net

 

 

1,771

 

 

 

1,950

 

Deferred tax assets

 

 

702

 

 

 

2,041

 

Other assets

 

 

4,123

 

 

 

4,811

 

Total assets

 

$

492,186

 

 

$

376,542

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,843

 

 

$

9,834

 

Accrued expenses and other liabilities

 

 

35,712

 

 

 

35,590

 

Income taxes payable

 

 

137

 

 

 

2,400

 

Current portion of lease obligation

 

 

1,607

 

 

 

1,684

 

Current portion of deferred revenue

 

 

23,019

 

 

 

29,418

 

Total current liabilities

 

 

64,318

 

 

 

78,926

 

Lease obligation

 

 

10,506

 

 

 

11,790

 

Deferred revenue, net of current portion

 

 

23,974

 

 

 

38,771

 

Total liabilities

 

 

98,798

 

 

 

129,487

 

Commitments and contingencies - Note 6

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common shares, €0.09 par value; 67,500,000 shares authorized at September 30, 2023 and December 31, 2022;
57,729,180 and 46,310,589 shares issued and outstanding as at
September 30, 2023 and December 31, 2022, respectively

 

 

5,874

 

 

 

4,751

 

Additional paid-in capital

 

 

1,117,855

 

 

 

870,874

 

Accumulated other comprehensive income

 

 

(37,433

)

 

 

(30,448

)

Accumulated deficit

 

 

(692,908

)

 

 

(598,122

)

Total stockholders’ equity

 

 

393,388

 

 

 

247,055

 

Total liabilities and stockholders’ equity

 

$

492,186

 

 

$

376,542

 

 

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements.

2


 

MERUS N.V.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

(Amounts in thousands, except share and per share data)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Collaboration revenue

 

$

11,033

 

 

$

6,581

 

 

$

35,008

 

 

$

30,920

 

Total revenue

 

 

11,033

 

 

 

6,581

 

 

 

35,008

 

 

 

30,920

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

36,810

 

 

 

42,307

 

 

 

99,973

 

 

 

100,378

 

General and administrative

 

 

12,591

 

 

 

12,469

 

 

 

44,040

 

 

 

36,917

 

Total operating expenses

 

 

49,401

 

 

 

54,776

 

 

 

144,013

 

 

 

137,295

 

Operating loss

 

 

(38,368

)

 

 

(48,195

)

 

 

(109,005

)

 

 

(106,375

)

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

4,522

 

 

 

866

 

 

 

9,312

 

 

 

1,288

 

Foreign exchange gains (loss)

 

 

11,952

 

 

 

23,041

 

 

 

7,062

 

 

 

55,378

 

Other gains, net

 

 

 

 

 

 

 

 

 

 

 

1,059

 

Total other income (loss), net

 

 

16,474

 

 

 

23,907

 

 

 

16,374

 

 

 

57,725

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss before income taxes

 

 

(21,894

)

 

 

(24,288

)

 

 

(92,631

)

 

 

(48,650

)

Income tax expense

 

 

1,118

 

 

 

327

 

 

 

2,155

 

 

 

572

 

Net loss

 

$

(23,012

)

 

$

(24,615

)

 

$

(94,786

)

 

$

(49,222

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustment

 

 

(10,722

)

 

 

(19,475

)

 

 

(6,985

)

 

 

(45,444

)

Comprehensive loss

 

$

(33,734

)

 

$

(44,090

)

 

$

(101,771

)

 

$

(94,666

)

Net loss per share attributable to common stockholders:
      Basic and diluted

 

$

(0.43

)

 

$

(0.53

)

 

$

(1.91

)

 

$

(1.11

)

Weighted-average common shares outstanding:
      Basic and diluted

 

 

53,869,762

 

 

 

46,056,719

 

 

 

49,532,722

 

 

 

44,451,997

 

 

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements.

3


 

MERUS N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Amounts in thousands)

 

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(94,786

)

 

$

(49,222

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization of property and equipment

 

 

1,752

 

 

 

778

 

Amortization of intangible assets

 

 

170

 

 

 

195

 

Foreign exchange gain

 

 

(3,548

)

 

 

(68,654

)

Stock-based compensation expense

 

 

19,518

 

 

 

18,521

 

Amortization (accretion) of discount on investments

 

 

(3,899

)

 

 

243

 

Deferred tax expense (benefit)

 

 

1,340

 

 

 

(19

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

602

 

 

 

3,031

 

Operating lease right-of-use assets and lease obligations

 

 

(62

)

 

 

846

 

Prepaid expenses and other current assets

 

 

(14

)

 

 

(8,987

)

Accounts payable

 

 

(4,482

)

 

 

(9,067

)

Accrued expenses and other liabilities

 

 

(1,273

)

 

 

12,514

 

Deferred revenue

 

 

(21,177

)

 

 

(19,566

)

Net cash used in operating activities

 

 

(105,859

)

 

 

(119,387

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of marketable securities

 

 

(204,087

)

 

 

(170,692

)

Proceeds from maturities of marketable securities

 

 

183,192

 

 

 

178,169

 

Purchases of property and equipment

 

 

(4,008

)

 

 

(5,531

)

Net cash provided by (used in) investing activities

 

 

(24,903

)

 

 

1,946

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from issuance of common stock, net

 

 

225,945

 

 

 

57,972

 

Payments of offering costs

 

 

(443

)

 

 

(231

)

Proceeds from stock options exercised

 

 

3,084

 

 

 

1,213

 

Net cash provided by financing activities

 

 

228,586

 

 

 

58,954

 

Foreign exchange impact on cash, cash equivalents and restricted cash

 

 

(3,648

)

 

 

8,866

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

94,176

 

 

 

(49,621

)

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

 

 

148,439

 

 

 

241,749

 

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

 

$

242,615

 

 

$

192,128

 

SUPPLEMENTAL DISCLOSURES:

 

 

 

 

 

 

Lease liabilities arising from obtaining right-of-use assets

 

$

 

 

$

11,493

 

Income taxes paid

 

$

3,103

 

 

$

 

Non-cash purchases of property, equipment and intangibles

 

$

 

 

$

2

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

 

 

 

 

Cash and cash equivalents

 

$

241,868

 

 

$

190,980

 

Restricted cash included in non-current other assets

 

 

747

 

 

 

1,148

 

 

 

$

242,615

 

 

$

192,128

 

 

See accompanying notes to the Unaudited Condensed Consolidated Financial Statements.

4


 

MERUS N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

(Amounts in thousands, except share data)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Equity

 

Balance at January 1, 2022

 

 

43,467,052

 

 

$

4,481

 

 

$

787,869

 

 

$

(466,928

)

 

$

(9,221

)

 

$

316,201

 

Exercise of stock options and vesting of restricted stock units

 

 

82,273

 

 

 

8

 

 

 

871

 

 

 

 

 

 

 

 

 

879

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,334

 

 

 

 

 

 

 

 

 

5,334

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,048

)

 

 

(6,048

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(18,893

)

 

 

 

 

 

(18,893

)

Balance at March 31, 2022

 

 

43,549,325

 

 

$

4,489

 

 

$

794,074

 

 

$

(485,821

)

 

$

(15,269

)

 

$

297,473

 

Issuance of common stock in connection with public offerings, net of underwriting discounts and commissions and offering costs

 

 

2,298,906

 

 

$

220

 

 

$

47,705

 

 

$

 

 

$

 

 

 

47,925

 

Exercise of stock options and vesting of restricted stock units

 

 

18,589

 

 

 

2

 

 

 

182

 

 

 

 

 

 

 

 

 

184

 

Stock-based compensation

 

 

 

 

 

 

 

 

6,662

 

 

 

 

 

 

 

 

 

6,662

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,921

)

 

 

(19,921

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(5,714

)

 

 

 

 

 

(5,714

)

Balance at June 30, 2022

 

 

45,866,820

 

 

$

4,711

 

 

$

848,623

 

 

$

(491,535

)

 

$

(35,190

)

 

$

326,609

 

Issuance of common stock in connection with public offerings, net of underwriting discounts and commissions and offering costs

 

 

421,940

 

 

$

38

 

 

$

9,545

 

 

$

 

 

$

 

 

 

9,583

 

Exercise of stock options and vesting of restricted stock units

 

 

14,117

 

 

 

1

 

 

 

149

 

 

 

 

 

 

 

 

 

150

 

Stock-based compensation

 

 

 

 

 

 

 

 

6,525

 

 

 

 

 

 

 

 

 

6,525

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,475

)

 

 

(19,475

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(24,615

)

 

 

 

 

 

(24,615

)

Balance at September 30, 2022

 

 

46,302,877

 

 

$

4,750

 

 

$

864,842

 

 

$

(516,150

)

 

$

(54,665

)

 

$

298,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2023

 

 

46,310,589

 

 

$

4,751

 

 

$

870,874

 

 

$

(598,122

)

 

$

(30,448

)

 

$

247,055

 

Exercise of stock options and vesting of restricted stock units

 

 

30,592

 

 

 

3

 

 

 

214

 

 

 

 

 

 

 

 

 

217

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,750

 

 

 

 

 

 

 

 

 

5,750

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,242

 

 

 

4,242

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(39,741

)

 

 

 

 

 

(39,741

)

Balance at March 31, 2023

 

 

46,341,181

 

 

$

4,754

 

 

$

876,838

 

 

$

(637,863

)

 

$

(26,206

)

 

$

217,523

 

Issuance of common stock in connection with public offerings, net of underwriting discounts and commissions and offering costs

 

 

3,272,280

 

 

 

322

 

 

 

63,397

 

 

 

 

 

 

 

 

 

63,719

 

Exercise of stock options and vesting of restricted stock units

 

 

240,198

 

 

 

23

 

 

 

2,225

 

 

 

 

 

 

 

 

 

2,248

 

Stock-based compensation

 

 

 

 

 

 

 

 

6,453

 

 

 

 

 

 

 

 

 

6,453

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(505

)

 

 

(505

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(32,033

)

 

 

 

 

 

(32,033

)

Balance at June 30, 2023

 

 

49,853,659

 

 

$

5,099

 

 

$

948,913

 

 

$

(669,896

)

 

$

(26,711

)

 

$

257,405

 

Issuance of common stock in connection with public offerings, net of underwriting discounts and commissions and offering costs

 

 

7,840,909

 

 

 

771

 

 

 

161,012

 

 

 

 

 

 

 

 

 

161,783

 

Exercise of stock options and vesting of restricted stock units

 

 

34,612

 

 

 

4

 

 

 

615

 

 

 

 

 

 

 

 

 

619

 

Stock-based compensation

 

 

 

 

 

 

 

 

7,315

 

 

 

 

 

 

 

 

 

7,315

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,722

)

 

 

(10,722

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(23,012

)

 

 

 

 

 

(23,012

)

Balance at September 30, 2023

 

 

57,729,180

 

 

$

5,874

 

 

$

1,117,855

 

 

$

(692,908

)

 

$

(37,433

)

 

$

393,388