SECURITIES AND EXCHANGE COMMISSION
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Item 7.01 Regulation FD Disclosure.
Unity Biotechnology, Inc. (“Unity”) is aware of media reports indicating that Silicon Valley Bank (“SVB”) has been closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. Unity considers its exposure to any liquidity concern at SVB to be limited, given that cash held at SVB is approximately $2.8 million as of March 10, 2023. Unity also maintains a deposit account at SVB under a standby letter of credit issued pursuant to its office lease for approximately $0.9 million. Outside institutions serve as custodians for third-party investments held in Unity’s name, which we believe are not directly exposed to any consequences of a liquidity concern at SVB.
The information in this Item 7.01 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|UNITY BIOTECHNOLOGY, INC.|
|Date: March 10, 2023||By:|| |
/s/ Lynne Sullivan
|Chief Financial Officer|