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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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: 001-39376

 

Poseida Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-2846548

(State or Other Jurisdiction of

Incorporation or Organization)

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

9390 Towne Centre Drive, Suite 200, San Diego, California

92121

(Address of Principal Executive Offices)

(Zip Code)

(858) 779-3100

(Registrant’s telephone number, including area code)

 

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, par value $0.0001 per share

PSTX

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, 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 November 8, 2022, the registrant had 85,949,385 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

 

POSEIDA THERAPEUTICS, INC.

Index

 

PART I. FINANCIAL INFORMATION

 

Page

 

 

 

Item 1. Financial Statements (Unaudited)

 

4

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

4

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021

 

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021

 

6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

 

7

Notes to Condensed Consolidated Financial Statements

 

8

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

 

23

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

36

Item 4. Controls and Procedures

 

36

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

37

Item 1A. Risk Factors

 

37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

85

Item 3. Defaults Upon Senior Securities

 

85

Item 4. Mine Safety Disclosures

 

85

Item 5. Other Information

 

85

Item 6. Exhibits

 

86

Signatures

 

87

 

1


 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q including statements regarding our future results of operations or financial condition, business strategy, plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

 

our expectations regarding the timing, scope and results of our development activities, including our ongoing and planned clinical trials;

 

the timing of and plans for regulatory filings;

 

our plans to obtain and maintain regulatory approvals of our product candidates in any of the indications for which we plan to develop them, and any related restrictions, limitations, and/or warnings in the label of an approved product candidate;

 

the potential benefits of our product candidates and technologies;

 

our expectations regarding the use of our platform technologies to generate novel product candidates;

 

the market opportunities for our product candidates and our ability to maximize those opportunities;

 

our business strategies and goals;

 

estimates of our expenses, capital requirements, any future revenue, and need for additional financing;

 

our expectations regarding manufacturing capabilities and plans;

 

the performance of our third-party suppliers and manufacturers;

 

our ability to attract and/or retain new and existing collaborators with development, regulatory, manufacturing and commercialization expertise and our expectations regarding the potential benefits to be derived from such collaborations;

 

our expectations regarding our ability to obtain and maintain intellectual property protection for our platform technologies and product candidates and our ability to operate our business without infringing on the intellectual property rights of others;

 

our expectations regarding developments and projections relating to our competitors, competing therapies that are or become available, and our industry;

 

our expectations regarding the impact of the COVID-19 pandemic and the Russia-Ukraine conflict on our business and operations, anticipated timelines, our industry and the economy;

 

future changes in or impact of law and regulations in the United States and foreign countries; and

 

the sufficiency of our existing cash, cash equivalents and short-term investments to fund our operations.

We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives and financial needs.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, advancements, discoveries, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the

2


 

forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations.

Unless the context otherwise indicates, references in this Quarterly Report on Form 10-Q to the terms “Poseida”, “the Company,” “we,” “our” and “us” refer to Poseida Therapeutics, Inc. and its subsidiaries.

We regularly make material business and financial information available to our investors using our investor relations website (https://investors.poseida.com). We therefore encourage investors and others interested in Poseida to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission, or the SEC, press releases and conference calls.

3


 

PART I.  FINANCIAL INFORMATION

Item 1.Financial Statements  

 

POSEIDA THERAPEUTICS, INC.

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

 

$

164,807

 

 

$

206,325

 

Short-term investments

 

 

114,178

 

 

 

 

Accounts receivable

 

 

38,467

 

 

 

 

Prepaid expenses and other current assets

 

 

7,677

 

 

 

7,548

 

Total current assets

 

 

325,129

 

 

 

213,873

 

Property and equipment, net

 

 

21,748

 

 

 

22,050

 

Operating lease right-of-use assets

 

 

27,000

 

 

 

26,177

 

Intangible assets

 

 

1,320

 

 

 

1,320

 

Goodwill

 

 

4,228

 

 

 

4,228

 

Other long-term assets

 

 

1,056

 

 

 

1,661

 

Total assets

 

$

380,481

 

 

$

269,309

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,426

 

 

$

8,961

 

Accrued expenses and other liabilities

 

 

22,073

 

 

 

23,540

 

Operating lease liabilities, current

 

 

6,737

 

 

 

6,337

 

Deferred revenue, current

 

 

16,732

 

 

 

4,497

 

Total current liabilities

 

 

48,968

 

 

 

43,335

 

Operating lease liabilities, non-current

 

 

25,734

 

 

 

25,504

 

Term debt

 

 

58,162

 

 

 

29,357

 

Deferred CIRM grant liability

 

 

3,992

 

 

 

3,992

 

Deferred revenue, noncurrent

 

 

25,287

 

 

 

9,265

 

Deferred tax liability

 

 

55

 

 

 

55

 

Other long-term liabilities

 

 

1,970

 

 

 

1,590

 

Total liabilities

 

 

164,168

 

 

 

113,098

 

Commitments and Contingencies (Note 11)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value: 250,000,000 shares authorized at September 30, 2022 and December 31, 2021; 85,946,414 and 62,523,596 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

9

 

 

 

6

 

Additional paid-in capital

 

 

653,991

 

 

 

563,064

 

Accumulated other comprehensive loss

 

 

(144

)

 

 

 

Accumulated deficit

 

 

(437,543

)

 

 

(406,859

)

Total stockholders’ equity

 

 

216,313

 

 

 

156,211

 

Total liabilities and stockholders’ equity

 

$

380,481

 

 

$

269,309

 

 

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

 

4


 

 

POSEIDA THERAPEUTICS, INC.

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

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

116,306

 

 

$

 

 

$

120,441

 

 

$

 

Total revenue

 

 

116,306

 

 

 

 

 

 

120,441

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

35,137

 

 

 

32,524

 

 

 

118,995

 

 

 

97,627

 

General and administrative

 

 

9,389

 

 

 

9,066

 

 

 

28,171

 

 

 

26,306

 

Total operating expenses

 

 

44,526

 

 

 

41,590

 

 

 

147,166

 

 

 

123,933

 

Income (loss) from operations

 

 

71,780

 

 

 

(41,590

)

 

 

(26,725

)

 

 

(123,933

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,775

)

 

 

(837

)

 

 

(4,395

)

 

 

(2,518

)

Other income, net

 

 

656

 

 

 

3

 

 

 

688

 

 

 

8

 

Net income (loss) before income tax

 

 

70,661

 

 

 

(42,424

)

 

 

(30,432

)

 

 

(126,443

)

Income tax expense

 

 

(252

)

 

 

 

 

 

(252

)

 

 

 

Net income (loss)

 

$

70,409

 

 

$

(42,424

)

 

$

(30,684

)

 

$

(126,443

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on short-term investments

 

 

(12

)

 

 

(1

)

 

 

(144

)

 

 

(5

)

Comprehensive income (loss)

 

$

70,397

 

 

$

(42,425

)

 

$

(30,828

)

 

$

(126,448

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share, basic

 

$

0.92

 

 

$

(0.68

)

 

$

(0.46

)

 

$

(2.03

)

Net income (loss) per share, diluted

 

$

0.92

 

 

$

(0.68

)

 

$

(0.46

)

 

$

(2.03

)

Weighted-average number of shares outstanding, basic

 

 

76,287,421

 

 

 

62,298,243

 

 

 

67,235,865

 

 

 

62,144,595

 

Weighted-average number of shares outstanding, diluted

 

 

76,688,382

 

 

 

62,298,243

 

 

 

67,235,865

 

 

 

62,144,595

 

 

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

5


 

 

POSEIDA THERAPEUTICS, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2022

 

 

 

62,523,596

 

 

$

6

 

 

$

563,064

 

 

$

 

 

$

(406,859

)

 

$

156,211

 

Issuance of common stock under employee stock compensation plans

 

 

 

181,130

 

 

 

 

 

 

681

 

 

 

 

 

 

 

 

 

681

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

4,867

 

 

 

 

 

 

 

 

 

4,867

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(58,057

)

 

 

(58,057

)

Balance at March 31, 2022

 

 

 

62,704,726

 

 

$

6

 

 

$

568,612

 

 

$

 

 

$

(464,916

)

 

$

103,702

 

Issuance of common stock under employee stock compensation plans

 

 

 

24,000

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

 

32

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

5,234

 

 

 

 

 

 

 

 

 

5,234

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

(132

)

 

 

 

 

 

(132

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,036

)

 

 

(43,036

)

Balance at June 30, 2022

 

 

 

 

 

 

 

62,728,726

 

 

$

6

 

 

$

573,878

 

 

$

(132

)

 

$

(507,952

)

 

$

65,800

 

Issuance of common stock under employee stock compensation plans

 

 

 

217,688

 

 

 

 

 

 

540

 

 

 

 

 

 

 

 

 

540

 

Issuance of common stock from public offering, net of issuance costs of $5,223

 

 

 

23,000,000

 

 

 

3

 

 

 

75,296

 

 

 

 

 

 

 

 

 

75,299

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

4,277

 

 

 

 

 

 

 

 

 

4,277

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

(12

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,409

 

 

 

70,409

 

Balance at September 30, 2022

 

 

 

 

 

 

 

85,946,414

 

 

$

9

 

 

$

653,991

 

 

$

(144

)

 

$

(437,543

)

 

$

216,313

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2021

 

 

 

 

 

 

 

61,860,897

 

 

$

6

 

 

$

543,842

 

 

$

5

 

 

$

(281,885

)

 

$

261,968

 

Issuance of common stock under employee stock compensation plans

 

 

 

265,839

 

 

 

 

 

 

360

 

 

 

 

 

 

 

 

 

360

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

3,462

 

 

 

 

 

 

 

 

 

3,462

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

10

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,314

)

 

 

(38,314

)

Balance at March 31, 2021

 

 

 

62,126,736

 

 

$

6

 

 

$

547,664

 

 

$

15

 

 

$

(320,199

)

 

$

227,486

 

Issuance of common stock under employee stock compensation plans

 

 

 

39,431

 

 

 

 

 

 

67

 

 

 

 

 

 

 

 

 

67

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

4,742

 

 

 

 

 

 

 

 

 

4,742

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

(14

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,705

)

 

 

(45,705

)

Balance at June 30, 2021

 

 

 

 

 

 

 

62,166,167

 

 

$

6

 

 

$

552,473

 

 

$

1

 

 

$

(365,904

)

 

$

186,576

 

Issuance of common stock under employee stock compensation plans

 

 

 

303,652

 

 

 

 

 

 

1,855

 

 

 

 

 

 

 

 

 

1,855

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

4,151

 

 

 

 

 

 

 

 

 

4,151

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,424

)

 

 

(42,424

)

Balance at September 30, 2021

 

 

 

 

 

 

 

62,469,819

 

 

$

6

 

 

$

558,479

 

 

$

 

 

$

(408,328

)

 

$

150,157

 

 

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

 

6


 

 

POSEIDA THERAPEUTICS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Operating Activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(30,684

)

 

$

(126,443

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

3,817

 

 

 

3,369

 

Loss on disposal of property and equipment

 

 

205

 

 

 

3

 

Stock-based compensation

 

 

14,378

 

 

 

12,355

 

Accretion of discount on issued term debt

 

 

637

 

 

 

484

 

Amortization (accretion) on investment securities, net

 

 

(474

)

 

 

133

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(38,467

)

 

 

 

Prepaid expenses and other current assets

 

 

(184

)

 

 

(2,096

)

Operating lease right-of-use assets

 

 

3,602

 

 

 

2,699

 

Other long-term assets

 

 

606

 

 

 

(228

)

Accounts payable

 

 

(5,536

)

 

 

2,882

 

Accrued expenses and other liabilities

 

 

(1,536

)

 

 

(1,906

)

Operating lease liabilities

 

 

(3,796

)

 

 

(2,268

)

Deferred revenue

 

 

28,257

 

 

 

 

Net cash used in operating activities

 

 

(29,175

)

 

 

(111,016

)

Investing Activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(3,664

)

 

 

(2,421

)

Proceeds from sale of property and equipment

 

 

12

 

 

 

 

Purchases of short-term investments

 

 

(143,792

)

 

 

 

Proceeds from maturities of short-term investments

 

 

30,000

 

 

 

225,000