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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, 2021

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: 001-38470

 

Unity Biotechnology, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

26-4726035

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

285 East Grand Ave.

South San Francisco, CA

94080

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 416-1192

 

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

UBX

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 5, 2021, the registrant had 57,724,179 shares of common stock outstanding.

 


 

UNITY BIOTECHNOLOGY, INC.

QUARTERLY REPORT ON FORM 10-Q

Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Item 1

Condensed Financial Statements

 

 

Condensed Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020

2

 

Condensed Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

3

 

Condensed Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

4

 

Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited)

6

 

Notes to Condensed Financial Statements (unaudited)

7

Item 2

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

27

Item 3

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4

Controls and Procedures

37

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1

Legal Proceedings

38

Item 1A

Risk Factors

38

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

84

Item 3

Default Upon Senior Securities

84

Item 4

Mine Safety Disclosures

84

Item 5

Other Information

84

Item 6

Exhibits

85

Signatures

86

 

 

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)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21,994

 

 

$

17,807

 

Short-term marketable securities

 

 

58,973

 

 

 

79,892

 

Prepaid expenses and other current assets

 

 

3,209

 

 

 

3,167

 

Restricted cash

 

 

550

 

 

 

 

Total current assets

 

 

84,726

 

 

 

100,866

 

Property and equipment, net

 

 

10,608

 

 

 

12,627

 

Operating lease right-of-use assets

 

 

21,856

 

 

 

23,509

 

Long-term marketable securities

 

 

7,500

 

 

 

17,871

 

Long-term restricted cash

 

 

896

 

 

 

1,446

 

Other long-term assets

 

 

105

 

 

 

 

Total assets

 

$

125,691

 

 

$

156,319

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,773

 

 

$

2,558

 

Accrued compensation

 

 

3,398

 

 

 

5,355

 

Accrued and other current liabilities

 

 

6,861

 

 

 

6,550

 

Current portion of long-term debt

 

 

945

 

 

 

 

Total current liabilities

 

 

12,977

 

 

 

14,463

 

Operating lease liability, net of current portion

 

 

30,812

 

 

 

34,468

 

Long-term debt, net

 

 

24,142

 

 

 

24,508

 

Other long-term liabilities

 

 

23

 

 

 

 

Total liabilities

 

 

67,954

 

 

 

73,439

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.0001 par value; 10,000,000 shares

   authorized; no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value; 300,000,000 shares

  authorized as of September 30, 2021 and December 31, 2020;

  57,469,879 and 53,253,213 shares issued and outstanding

  as of September 30, 2021 and December 31, 2020, respectively

 

 

5

 

 

 

5

 

Additional paid-in capital

 

 

447,057

 

 

 

422,379

 

Related party promissory notes for purchase of common stock

 

 

 

 

 

(210

)

Accumulated other comprehensive gain

 

 

6

 

 

 

5

 

Accumulated deficit

 

 

(389,331

)

 

 

(339,299

)

Total stockholders’ equity

 

 

57,737

 

 

 

82,880

 

Total liabilities and stockholders’ equity

 

$

125,691

 

 

$

156,319

 

 

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)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

9,081

 

 

$

18,830

 

 

$

28,815

 

 

$

54,218

 

General and administrative

 

 

5,747

 

 

 

6,530

 

 

 

17,952

 

 

 

18,803

 

Change in fair value of contingent consideration

 

 

 

 

 

(718

)

 

 

 

 

 

(33

)

Impairment of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

2,159

 

Total operating expenses

 

 

14,828

 

 

 

24,642

 

 

 

46,767

 

 

 

75,147

 

Loss from operations

 

 

(14,828

)

 

 

(24,642

)

 

 

(46,767

)

 

 

(75,147

)

Interest income

 

 

20

 

 

 

226

 

 

 

82

 

 

 

1,093

 

Interest expense

 

 

(792

)

 

 

(499

)

 

 

(2,351

)

 

 

(499

)

Other income (expense), net

 

 

(850

)

 

 

(2,637

)

 

 

(996

)

 

 

296

 

Net loss

 

 

(16,450

)

 

 

(27,552

)

 

 

(50,032

)

 

 

(74,257

)

Other comprehensive gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable debt securities

 

 

 

 

 

(166

)

 

 

 

 

 

(24

)

Comprehensive loss

 

$

(16,450

)

 

$

(27,718

)

 

$

(50,032

)

 

$

(74,281

)

Net loss per share, basic and diluted

 

$

(0.30

)

 

$

(0.52

)

 

$

(0.91

)

 

$

(1.49

)

Weighted-average number of shares used in

  computing net loss per share, basic and diluted

 

 

55,436,444

 

 

 

52,482,200

 

 

 

54,826,481

 

 

 

49,926,396

 

 

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 Nine Months Ended September 30, 2021

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Related Party

Promissory Notes

for Purchase of

 

 

Promissory Notes

for Purchase of

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Common Stock

 

 

Common Stock

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2020

 

 

53,253,213

 

 

$

5

 

 

$

422,379

 

 

$

(210

)

 

$

 

 

$

5

 

 

$

(339,299

)

 

$

82,880

 

Issuance of common stock, net of issuance costs,

   under at-the-market equity ("ATM") offering program

 

 

1,220,629

 

 

 

 

 

 

8,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,892

 

Issuance of common stock upon exercise of stock

   options

 

 

259,019

 

 

 

 

 

 

1,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,183

 

Repurchase of early exercised shares

 

 

(33,370

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,744

 

Vesting of restricted stock units

 

 

88,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclass of promissory notes for purchase of

   common stock

 

 

 

 

 

 

 

 

 

 

 

210

 

 

 

(210

)

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

10

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,756

)

 

 

(15,756

)

Balances at March 31, 2021

 

 

54,787,709

 

 

$

5

 

 

$

435,198

 

 

$

 

 

$

(210

)

 

$

15

 

 

$

(355,055

)

 

$

79,953

 

Issuance of common stock upon exercise of

   stock options

 

 

238,519

 

 

 

 

 

 

612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

612

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,782

 

Issuance of common stock under 2018 ESPP

 

 

54,943

 

 

 

 

 

 

196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

196

 

Vesting of restricted stock units

 

 

23,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of promissory note for purchase of

   common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

210

 

 

 

 

 

 

 

 

 

210

 

Unrealized loss on available-for-sale marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10

)

 

 

 

 

 

(10

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,826

)

 

 

(17,826

)

Balances at June 30, 2021

 

 

55,104,250

 

 

$

5

 

 

$

438,788

 

 

$

 

 

$

 

 

$

5

 

 

$

(372,881

)

 

$

65,917

 

Issuance of common stock to Lincoln Park

   Capital Fund, net of issuance costs

 

 

1,272,855

 

 

 

 

 

 

3,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,726

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,086

 

Common stock granted to third party

 

 

400,052

 

 

 

 

 

 

1,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,457

 

Vesting of restricted stock units

 

 

692,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,450

)

 

 

(16,450

)

Balances at September 30, 2021

 

 

57,469,879

 

 

$

5

 

 

$

447,057

 

 

$

 

 

$

 

 

$

6

 

 

$

(389,331

)

 

$

57,737

 

4


 

For the Nine Months Ended September 30, 2020

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Related Party

Promissory Notes

for Purchase of

 

 

Employee Promissory Notes for Purchase of

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Common Stock

 

 

Common Stock

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2019

 

 

47,227,065

 

 

$

5

 

 

$

366,695

 

 

$

(210

)

 

$

(418

)

 

$

90

 

 

$

(245,455

)

 

$

120,707

 

Issuance of common stock, net of issuance costs,

   under ATM offering program

 

 

1,513,840

 

 

 

 

 

 

8,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,763

 

Issuance of common stock upon exercise of

   stock options

 

 

73,049

 

 

 

 

 

 

249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

249

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,225

 

Common stock issued for services

 

 

43,550

 

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100

 

Unrealized gain on available-for-sale marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

283

 

 

 

 

 

 

283

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,038

)

 

 

(28,038

)

Balances at March 31, 2020

 

 

48,857,504