UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
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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:
(Exact Name of Registrant as Specified in its Charter)
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
(Zip Code) |
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 |
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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.
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).
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 |
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Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
As of August 6, 2021, the registrant had
UNITY BIOTECHNOLOGY, INC.
QUARTERLY REPORT ON FORM 10-Q
Table of Contents
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Item 1 |
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Condensed Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020 |
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3 |
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4 |
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Condensed Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited) |
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Item 2 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
25 |
Item 3 |
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Item 4 |
35 |
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Item 1 |
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Item 1A |
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Item 2 |
81 |
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Item 3 |
82 |
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Item 4 |
82 |
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Item 5 |
82 |
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Item 6 |
83 |
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84 |
1
PART I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
Unity Biotechnology, Inc.
Condensed Balance Sheets
(In thousands, except for share amounts and par value)
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June 30, 2021 |
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December 31, 2020 |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term marketable securities |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Operating lease right-of-use assets |
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Long-term marketable securities |
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Restricted cash |
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Total assets |
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$ |
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$ |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Accrued compensation |
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Accrued and other current liabilities |
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Total current liabilities |
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Operating lease liability, net of current portion |
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Long-term debt, net |
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Other long-term liabilities |
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Total liabilities |
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Commitments and contingencies (Note 6) |
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Stockholders’ equity: |
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Convertible preferred stock, $ authorized; |
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Common stock, $ authorized as of June 30, 2021 and December 31, 2020; as of June 30, 2021 and December 31, 2020, respectively |
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Additional paid-in capital |
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Related party promissory notes for purchase of common stock |
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( |
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Accumulated other comprehensive gain |
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Accumulated deficit |
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( |
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( |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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See accompanying notes to the condensed financial statements.
2
Unity Biotechnology, Inc.
Condensed Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Operating expenses: |
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Research and development |
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$ |
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$ |
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$ |
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$ |
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General and administrative |
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Change in fair value of contingent consideration |
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Impairment of long-lived assets |
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Total operating expenses |
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Loss from operations |
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( |
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( |
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( |
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Interest income |
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Interest expense |
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( |
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( |
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Other income (expense), net |
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( |
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( |
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Net loss |
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( |
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( |
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( |
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( |
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Other comprehensive gain (loss) |
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Unrealized gain (loss) on marketable debt securities |
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( |
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( |
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Comprehensive loss |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
( |
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Net loss per share, basic and diluted |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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Weighted-average number of shares used in computing net loss per share, basic and diluted |
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See accompanying notes to the condensed financial statements.
3
Unity Biotechnology, Inc.
Condensed Statements of Stockholders’ Equity
(In thousands, except share amounts)
(Unaudited)
For the Six Months Ended June 30, 2021
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Common Stock |
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Additional Paid-In |
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Related Party Promissory Notes for Purchase of |
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Promissory Notes for Purchase of |
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Accumulated Other Comprehensive |
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Accumulated |
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Total Stockholders’ |
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Shares |
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Amount |
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Capital |
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Common Stock |
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Common Stock |
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Gain (Loss) |
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Deficit |
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Equity |
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Balances at December 31, 2020 |
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$ |
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$ |
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$ |
( |
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$ |
— |
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$ |
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$ |
( |
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$ |
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Issuance of common stock, net of issuance costs, under at-the-market equity ("ATM") offering program |
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— |
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— |
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— |
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— |
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— |
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Issuance of common stock upon exercise of stock options |
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— |
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— |
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— |
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— |
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— |
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Repurchase of early exercised shares |
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( |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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Vesting of restricted stock units |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Reclass of promissory notes for purchase of common stock |
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— |
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— |
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— |
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( |
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— |
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— |
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— |
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Unrealized gain on available-for-sale marketable securities |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
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Balances at March 31, 2021 |
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$ |
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$ |
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$ |
— |
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$ |
( |
) |
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$ |
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$ |
( |
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$ |
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Issuance of common stock upon exercise of stock options |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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Issuance of common stock under 2018 ESPP |
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— |
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— |
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— |
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— |
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— |
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Vesting of restricted stock units |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Repayment of promissory note for purchase of common stock |
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— |
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— |
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— |
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— |
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— |
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— |
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Unrealized loss on available-for-sale marketable securities |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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— |
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( |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
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Balances at June 30, 2021 |
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$ |
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$ |
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$ |
— |
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$ |
— |
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$ |
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$ |
( |
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$ |
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4
For the Six Months Ended June 30, 2020
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Common Stock |
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Additional Paid-In |
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Related Party Promissory Notes for Purchase of |
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Employee Promissory Notes for Purchase of |
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Accumulated Other Comprehensive |
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Accumulated |
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Total Stockholders’ |
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Shares |
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Amount |
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Capital |
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Common Stock |
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Common Stock |
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Gain (Loss) |
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Deficit |
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Equity |
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Balances at December 31, 2019 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Issuance of common stock, net of issuance costs, under ATM offering program |
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— |
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— |
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— |
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— |
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— |
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Issuance of common stock upon exercise of stock options |
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— |
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— |
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— |
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— |
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— |
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Vesting of early exercised stock options |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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Common stock issued for services |
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— |
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— |
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— |
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— |
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— |
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Unrealized gain on available-for-sale marketable securities |
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
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Balances at March 31, 2020 |
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$ |
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$ |
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$ |
( |
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$ |
( |
) |
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$ |
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$ |
( |
) |
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$ |
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Issuance of common stock, net of issuance costs, under ATM offering program |
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— |
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— |
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— |
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— |
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— |
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Issuance of common stock upon exercise of stock options |
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— |
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— |
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— |
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— |
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— |
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Issuance of common stock from restricted stock units |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Vesting of early exercised stock options |
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— |
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— |
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— |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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— |
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— |
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— |
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Issuance of common stock under 2018 ESPP |
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— |
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— |
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— |
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— |
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— |
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Repayment of promissory note for purchase of common stock |
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— |
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— |
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— |
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— |
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— |
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— |
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Unrealized loss on available-for-sale marketable securities |
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— |
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— |
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— |
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— |
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— |
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( |
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— |
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