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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, 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 November 4, 2022, the registrant had 14,192,305 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 September 30, 2022 (unaudited) and December 31, 2021

2

 

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

3

 

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

4

 

Condensed Statements of Cash Flows for the Nine Months Ended September 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

80

Item 3

Default Upon Senior Securities

80

Item 4

Mine Safety Disclosures

80

Item 5

Other Information

80

Item 6

Exhibits

81

Signatures

82

 

 

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, 2022

 

 

December 31, 2021(1)

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

22,576

 

 

$

32,905

 

Short-term marketable securities

 

 

76,364

 

 

 

55,170

 

Prepaid expenses and other current assets

 

 

3,234

 

 

 

1,879

 

Restricted cash

 

 

550

 

 

 

550

 

Total current assets

 

 

102,724

 

 

 

90,504

 

Property and equipment, net

 

 

8,202

 

 

 

9,942

 

Operating lease right-of-use assets

 

 

19,515

 

 

 

21,286

 

Long-term marketable securities

 

 

4,980

 

 

 

1,993

 

Long-term restricted cash

 

 

896

 

 

 

896

 

Other long-term assets

 

 

76

 

 

 

91

 

Total assets

 

$

136,393

 

 

$

124,712

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,444

 

 

$

1,985

 

Accrued compensation

 

 

2,961

 

 

 

4,028

 

Accrued and other current liabilities

 

 

4,593

 

 

 

6,370

 

Deferred revenue

 

 

 

 

 

216

 

Derivative liability related to debt

 

 

 

 

 

963

 

Current portion of long-term debt

 

 

6,776

 

 

 

3,055

 

Total current liabilities

 

 

16,774

 

 

 

16,617

 

Operating lease liability, net of current portion

 

 

27,792

 

 

 

30,094

 

Long-term debt, net

 

 

13,262

 

 

 

18,409

 

Other long-term liabilities

 

 

 

 

 

23

 

Total liabilities

 

 

57,828

 

 

 

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 September 30, 2022 and December 31, 2021;
 
14,036,249 and 6,299,191 shares issued and outstanding
  as of September 30, 2022 and December 31, 2021, respectively
(2)

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

524,623

 

 

 

459,636

 

Accumulated other comprehensive loss

 

 

(275

)

 

 

(44

)

Accumulated deficit

 

 

(445,784

)

 

 

(400,024

)

Total stockholders’ equity

 

 

78,565

 

 

 

59,569

 

Total liabilities and stockholders’ equity

 

$

136,393

 

 

$

124,712

 

 

(1) The balance sheet as of December 31, 2021 (as adjusted for the Reverse Split, as defined in Note 2) is derived from the audited financial statements as of that date.

(2) The Company effected a reverse stock split of its outstanding shares of common stock where every ten shares of its common stock issued and outstanding was converted into one share of common stock. All share amounts and per share amounts disclosed in this Quarterly Report on Form 10-Q have been restated to reflect the reverse stock split on a retroactive basis in all periods presented.

 

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,

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Licensing revenue - related party

 

$

 

 

$

 

 

$

236

 

 

$

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

8,208

 

 

 

9,081

 

 

 

28,222

 

 

 

28,815

 

 

General and administrative

 

 

4,922

 

 

 

5,747

 

 

 

15,669

 

 

 

17,952

 

 

Total operating expenses

 

 

13,130

 

 

 

14,828

 

 

 

43,891

 

 

 

46,767

 

 

Loss from operations

 

 

(13,130

)

 

 

(14,828

)

 

 

(43,655

)

 

 

(46,767

)

 

Interest income

 

 

329

 

 

 

20

 

 

 

416

 

 

 

82

 

 

Interest expense

 

 

(866

)

 

 

(792

)

 

 

(2,568

)

 

 

(2,351

)

 

Other income (expense), net

 

 

(41

)

 

 

(850

)

 

 

49

 

 

 

(996

)

 

Net loss

 

 

(13,708

)

 

 

(16,450

)

 

 

(45,758

)

 

 

(50,032

)

 

Other comprehensive (loss) gain

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable debt securities

 

 

(88

)

 

 

 

 

 

(231

)

 

 

 

 

Comprehensive loss

 

$

(13,796

)

 

$

(16,450

)

 

$

(45,989

)

 

$

(50,032

)

 

Net loss per share, basic and diluted

 

$

(1.36

)

 

$

(2.97

)

 

$

(5.77

)

 

$

(9.13

)

 

Weighted-average number of shares used
in computing net loss per share, basic and
diluted
(1)

 

 

10,072,077

 

 

 

5,543,644

 

 

 

7,928,729

 

 

 

5,482,648

 

 

 

(1) The Company effected a reverse stock split of its outstanding shares of common stock where every ten shares of its common stock issued and outstanding was converted into one share of common stock. All share amounts and per share amounts disclosed in this Quarterly Report on Form 10-Q have been restated to reflect the reverse stock split on a retroactive basis in all periods presented.

 

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(1)

 

 

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

 

 

6,299,191

 

 

$

1

 

 

$

459,636

 

 

$

 

 

$

 

 

$

(44

)

 

$

(400,024

)

 

$

59,569

 

Issuance of common stock, net of issuance costs,
   under at-the-market (“ATM”) offering program

 

 

232,500

 

 

 

 

 

 

3,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,420

 

Issuance of common stock to Lincoln Park Capital Fund

 

 

90,000

 

 

 

 

 

 

910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

910

 

Issuance of common stock to Hercules Capital

 

 

262,761

 

 

 

 

 

 

3,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,179

 

Vesting of restricted stock units

 

 

30,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

6,914,811

 

 

$

1

 

 

$

469,805

 

 

$

 

 

$

 

 

$

(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

 

 

18,202

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125

 

Issuance of common stock from restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

 

25,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

6,958,494

 

 

$

1

 

 

$

472,193

 

 

$

 

 

$

 

 

$

(187

)

 

$

(432,076

)

 

$

39,931

 

Issuance of common stock, net of issuance costs,
   under ATM equity offering program

 

 

633,464

 

 

 

 

 

 

8,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,570

 

Sale of common stock and warrants to purchase common shares under follow-on offering, net of issuance costs

 

 

6,428,571

 

 

 

 

 

 

41,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,650

 

Vesting of restricted stock units

 

 

15,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,210

 

Unrealized loss on available-for-sale marketable
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88

)

 

 

 

 

 

(88

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,708

)

 

 

(13,708

)

Balances at September 30, 2022

 

 

14,036,249

 

 

$

1

 

 

$

524,623

 

 

$

 

 

$

 

 

$

(275

)

 

$

(445,784

)

 

$

78,565

 

 

(1) The Company effected a reverse stock split of its outstanding shares of common stock where every ten shares of its common stock issued and outstanding was converted into one share of common stock. All share amounts and per share amounts disclosed in this Quarterly Report on Form 10-Q have been restated to reflect the reverse stock split on a retroactive basis in all periods presented.

 

4


 

 

 

 

Common Stock(1)

 

 

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