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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 June 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: 001-38470

 

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 August 11, 2022, the registrant had 69,651,035 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

2

 

Condensed Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021

2

 

Condensed Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

3

 

Condensed Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021(unaudited)

4

 

Condensed Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)

6

 

Notes to Condensed Financial Statements (unaudited)

7

Item 2

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

24

Item 3

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4

Controls and Procedures

34

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1

Legal Proceedings

35

Item 1A

Risk Factors

35

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3

Default Upon Senior Securities

78

Item 4

Mine Safety Disclosures

78

Item 5

Other Information

78

Item 6

Exhibits

79

Signatures

80

 

 

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)

 

 

 

June 30, 2022

 

 

December 31, 2021(1)

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

19,442

 

 

$

32,905

 

Short-term marketable securities

 

 

45,065

 

 

 

55,170

 

Prepaid expenses and other current assets

 

 

2,765

 

 

 

1,879

 

Restricted cash

 

 

550

 

 

 

550

 

Total current assets

 

 

67,822

 

 

 

90,504

 

Property and equipment, net

 

 

8,697

 

 

 

9,942

 

Operating lease right-of-use assets

 

 

20,116

 

 

 

21,286

 

Long-term marketable securities

 

 

 

 

 

1,993

 

Long-term restricted cash

 

 

896

 

 

 

896

 

Other long-term assets

 

 

62

 

 

 

91

 

Total assets

 

$

97,593

 

 

$

124,712

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,437

 

 

$

1,985

 

Accrued compensation

 

 

3,291

 

 

 

4,028

 

Accrued and other current liabilities

 

 

4,604

 

 

 

6,370

 

Deferred revenue

 

 

 

 

 

216

 

Derivative liability related to debt

 

 

 

 

 

963

 

Current portion of long-term debt

 

 

7,087

 

 

 

3,055

 

Total current liabilities

 

 

16,419

 

 

 

16,617

 

Operating lease liability, net of current portion

 

 

28,573

 

 

 

30,094

 

Long-term debt, net

 

 

12,670

 

 

 

18,409

 

Other long-term liabilities

 

 

 

 

 

23

 

Total liabilities

 

 

57,662

 

 

 

65,143

 

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 June 30, 2022 and December 31, 2021;

  69,584,933 and 62,991,906 shares issued and outstanding

  as of June 30, 2022 and December 31, 2021, respectively

 

 

7

 

 

 

6

 

Additional paid-in capital

 

 

472,187

 

 

 

459,631

 

Accumulated other comprehensive loss

 

 

(187

)

 

 

(44

)

Accumulated deficit

 

 

(432,076

)

 

 

(400,024

)

Total stockholders’ equity

 

 

39,931

 

 

 

59,569

 

Total liabilities and stockholders’ equity

 

$

97,593

 

 

$

124,712

 

 

(1) The balance sheet as of December 31, 2021 is derived from the audited financial statements as of that date.

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Licensing revenue - related party

 

$

236

 

 

$

 

 

$

236

 

 

$

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,553

 

 

 

11,016

 

 

 

20,014

 

 

 

19,733

 

General and administrative

 

 

4,941

 

 

 

5,980

 

 

 

10,747

 

 

 

12,206

 

Total operating expenses

 

 

12,494

 

 

 

16,996

 

 

 

30,761

 

 

 

31,939

 

Loss from operations

 

 

(12,258

)

 

 

(16,996

)

 

 

(30,525

)

 

 

(31,939

)

Interest income

 

 

58

 

 

 

26

 

 

 

87

 

 

 

62

 

Interest expense

 

 

(894

)

 

 

(784

)

 

 

(1,702

)

 

 

(1,559

)

Other income (expense), net

 

 

(43

)

 

 

(72

)

 

 

88

 

 

 

(146

)

Net loss

 

 

(13,137

)

 

 

(17,826

)

 

 

(32,052

)

 

 

(33,582

)

Other comprehensive (loss) gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable debt securities

 

 

(11

)

 

 

(10

)

 

 

(143

)

 

 

 

Comprehensive loss

 

$

(13,148

)

 

$

(17,836

)

 

$

(32,195

)

 

$

(33,582

)

Net loss per share, basic and diluted

 

$

(0.19

)

 

$

(0.32

)

 

$

(0.47

)

 

$

(0.62

)

Weighted-average number of shares used in

  computing net loss per share, basic and diluted

 

 

69,247,818

 

 

 

54,859,727

 

 

 

68,392,934

 

 

 

54,516,445

 

 

See accompanying notes to the condensed financial statements.


 

3


 

Unity Biotechnology, Inc.

Condensed Statements of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

 

 

 

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, 2021

 

 

62,991,906

 

 

$

6

 

 

$

459,631

 

 

$

 

 

$

 

 

$

(44

)

 

$

(400,024

)

 

$

59,569

 

Issuance of common stock, net of issuance costs,

   under at-the-market (“ATM”) offering program

 

 

2,325,000

 

 

 

 

 

 

3,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,420

 

Issuance of common stock to Lincoln Park Capital Fund

 

 

900,000

 

 

 

 

 

 

910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

910

 

Issuance of common stock to Hercules Capital

 

 

2,627,612

 

 

 

1

 

 

 

3,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,179

 

Vesting of restricted stock units

 

 

303,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,660

 

Unrealized loss on available-for-sale marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(132

)

 

 

 

 

 

(132

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,915

)

 

 

(18,915

)

Balances at March 31, 2022

 

 

69,148,106

 

 

$

7

 

 

$

469,799

 

 

$

 

 

$

 

 

$

(176

)

 

$

(418,939

)

 

$

50,691

 

Issuance of common stock, net of issuance costs,

   under ATM offering program

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

Issuance of common stock under 2018 ESPP

 

 

182,018

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125

 

Issuance of common stock from restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

 

254,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,250

 

Unrealized loss on available-for-sale marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

 

 

 

(11

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,137

)

 

 

(13,137

)

Balances at June 30, 2022

 

 

69,584,933

 

 

$

7

 

 

$

472,187

 

 

$

 

 

$

 

 

$

(187

)

 

$

(432,076

)

 

$

39,931

 

 

4


 

 

 

 

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 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