Filed Pursuant to Rule 424(b)(3)

Registration Statement No. 333-253175

 

PROSPECTUS SUPPLEMENT NO. 3

 (To prospectus dated May 12, 2021)

 

Up to 29,368,920 Shares of Common Stock

 

 

This prospectus supplement no. 3 amends and supplements the prospectus dated May 12, 2021, relating to the offering and resale by the selling stockholders identified in the prospectus of up to 29,368,920 shares of our common stock, par value $0.0001 per share (as supplemented or amended from time to time, the “Prospectus”).

This prospectus supplement incorporates into the Prospectus the information contained in our attached quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission on August 12, 2021.

You should read this prospectus supplement in conjunction with the Prospectus, including any supplements and amendments thereto. This prospectus supplement is qualified by reference to the Prospectus except to the extent that the information in the prospectus supplement supersedes the information contained in the Prospectus.

This prospectus supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any supplements and amendments thereto.

Our common stock is listed on the NASDAQ Global Market under the symbol “GMTX.” On August 11, 2021, the last reported sale price of our common stock on the NASDAQ Global Market was $4.06.

 

 

Investment in our common stock involves risks. See “Risk Factors” beginning on page 10 of the Prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement. Any representation to the contrary is a criminal offense.

 

 

The date of this prospectus supplement is August 12, 2021.

 

 

 

 

 

 


 

 

 

 

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, 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: 001-39438

 

GEMINI THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

85-1612845

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

300 One Kendall Square, 3rd Floor

Cambridge, MA

02139

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (617) 401-4400

 

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 per share

 

GMTX

 

The Nasdaq Global 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 10, 2021, the registrant had 43,109,472 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 

 


 

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.  In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” or the negative of these terms or similar expressions, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors referenced in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.  

 

These forward-looking statements are made only as of the date of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur.  Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations.

 

Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

the ability of our clinical trials to demonstrate acceptable safety and efficacy of our product candidates, including GEM103, our lead product candidate, and other positive results;

 

 

the timing, progress and results of clinical trials for GEM103 and our other product candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work,

 

 

the period during which the results of the trials will become available, and our research and development programs;

 

 

the timing, scope and likelihood of regulatory filings;

 

 

our ability to obtain marketing approvals of our product candidates and to meet existing or future regulatory standards or comply with post-approval requirements;

 

 

our expectations regarding the potential market size and the size of the patient populations for our product candidates, if approved for commercial use;

 

 

our commercialization, marketing and manufacturing capabilities and strategy;

 

 

our intellectual property position and expectations regarding our ability to obtain and maintain intellectual property protection;

 

 

our ability to identify additional products, product candidates or technologies with significant commercial potential that are consistent with our commercial objectives;

 

 

the impact of government laws and regulations;

 

 

our competitive position and expectations regarding developments and projections relating to our competitors and any competing therapies that are or become available;

 

 

developments and expectations regarding developments and projections relating to our competitors and industry;

 

 

the possibility that we may be adversely impacted by other economic, business, and/or competitive factors;

 

 

future exchange and interest rates;

 

 

our ability to contract with and rely on third parties to assist in conducting our clinical trials and manufacturing our product candidate;

 

 

our ability to attract and retain key scientific, medical, commercial or management personnel;

i


 

 

 

 

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

 

 

our financial performance;

 

 

our expectations regarding our cash runway;

 

 

the ability to recognize the anticipated benefits of the Business Combination (as defined herein); and

 

 

the potential impact of the COVID-19 pandemic on the foregoing.


ii


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2.

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

35

PART II.

OTHER INFORMATION

36

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3.

Defaults Upon Senior Securities

36

Item 4.

Mine Safety Disclosures

36

Item 5.

Other Information

36

Item 6.

Exhibits

37

Signatures

38

 

 

 

iii


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Gemini Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

June 30,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

167,477

 

 

$

4,503

 

Prepaid expenses and other current assets

 

 

3,834

 

 

 

562

 

Total current assets

 

 

171,311

 

 

 

5,065

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

229

 

 

 

294

 

Restricted cash

 

 

323

 

 

 

323

 

Deferred offering costs

 

 

-

 

 

 

2,637

 

Other assets

 

 

559

 

 

 

-

 

Total assets

 

$

172,422

 

 

$

8,319

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,492

 

 

$

2,377

 

Accrued expenses and other current liabilities

 

 

5,013

 

 

 

5,810

 

Term loan, current portion

 

 

5,000

 

 

 

5,000

 

Convertible notes

 

 

-

 

 

 

11,689

 

Total current liabilities

 

 

11,505

 

 

 

24,876

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

 

-

 

 

 

76

 

Other liabilities

 

 

346

 

 

 

277

 

Term loan, net of current portion and discount

 

 

2,889

 

 

 

4,951

 

Total liabilities

 

 

14,740

 

 

 

30,180

 

 

 

 

 

 

 

 

 

 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued

   and outstanding as of June 30, 2021 and December 31, 2020

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value; 250,000,000 shares authorized; 43,055,112 and

   15,565,380 shares issued and outstanding as of June 30, 2021 and December 31,

   2020, respectively

 

 

4

 

 

 

2

 

Additional paid-in capital

 

 

305,994

 

 

 

90,958

 

Accumulated deficit

 

 

(148,316

)

 

 

(112,821

)

Total stockholders' equity (deficit)

 

 

157,682

 

 

 

(21,861

)

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity (deficit)

 

$

172,422

 

 

$

8,319

 

 

The accompanying notes are an integral part of the financial statements.

1


 

Gemini Therapeutics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

10,842

 

 

$

5,528

 

 

$

22,628

 

 

$

13,745

 

General and administrative

 

 

5,478

 

 

 

1,138

 

 

 

10,182

 

 

 

2,552

 

Total operating expenses

 

 

16,320

 

 

 

6,666

 

 

 

32,810

 

 

 

16,297

 

Loss from operations

 

 

(16,320

)

 

 

(6,666

)

 

 

(32,810

)

 

 

(16,297

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(121

)

 

 

(107

)

 

 

(1,969

)

 

 

(260

)

Interest income

 

 

5

 

 

 

-

 

 

 

6

 

 

 

36

 

Loss on conversion of convertible notes

 

 

-

 

 

 

-

 

 

 

(711

)

 

 

-

 

Change in fair value of warrant liability

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

Other expense

 

 

(11

)

 

 

-

 

 

 

(11

)

 

 

-

 

Net loss and comprehensive loss

 

$

(16,447

)

 

$

(6,773

)

 

$

(35,495

)

 

$

(16,519

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(16,447

)

 

$

(6,773

)

 

$

(35,495

)

 

$

(16,519

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.38

)

 

$

(0.44

)

 

$

(0.94

)

 

$

(1.11

)

Weighted average common shares outstanding, basic and diluted

 

 

43,041,856

 

 

 

15,266,222

 

 

 

37,564,936

 

 

 

14,881,097

 

 

The accompanying notes are an integral part of the financial statements.

 

 

2

 


 

 

Gemini Therapeutics, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

Series A

Convertible Preferred Stock

 

 

Series B

Convertible Preferred Stock

 

 

 

Old Gemini

Common Stock

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Total

stockholders'

equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

(deficit)

 

Balance at December 31, 2019

   (as previously reported)

 

 

39,722,088

 

 

$

47,113

 

 

 

9,916,375

 

 

$

13,252

 

 

 

 

5,313,766

 

 

$

5

 

 

 

-

 

 

$

-

 

 

$

1,182

 

 

$

(71,984

)

 

$

(70,797

)

Retroactive application of the

   recapitalization due to the Business

   Combination (Note 3)

 

 

(39,722,088

)

 

 

(47,113

)

 

 

(9,916,375

)

 

 

(13,252

)

 

 

 

(5,313,766

)

 

 

(5

)

 

 

11,979,586

 

 

 

1

 

 

 

60,369

 

 

 

-

 

 

 

60,365

 

Balance at December 31, 2019, effect of

   Business Combination (Note 3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

11,979,586

 

 

 

1

 

 

 

61,551

 

 

 

(71,984

)

 

 

(10,432

)

Issuance of Series B convertible preferred

   stock, net of issuance costs of $148

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

3,242,655

 

 

 

1

 

 

 

20,083

 

 

 

-

 

 

 

20,084

 

Issuance of common stock upon exercise of

   stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

17,932

 

 

 

-

 

 

 

10

 

 

 

-

 

 

 

10

 

Vesting of restricted common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

14,470

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

94

 

 

 

-

 

 

 

94

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,746

)

 

 

(9,746

)

Balance at March 31, 2020, effect of

   Business Combination (Note 3)

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

 

-

 

 

$

-

 

 

 

15,254,643

 

 

$

2

 

 

$

81,738

 

 

$

(81,730

)

 

$

10

 

Issuance of common stock upon exercise of

   stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

5,228

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

9

 

Vesting of restricted common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

14,470

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

138

 

 

 

-

 

 

 

138

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,773

)

 

 

(6,773

)

Balance at June 30, 2020, effect of

   Business Combination (Note 3)

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

 

-

 

 

$

-

 

 

 

15,274,341

 

 

$

2

 

 

$

81,885

 

 

$

(88,503

)

 

$

(6,616

)

3


 

 

 

 

 

Series A

Convertible Preferred Stock

 

 

Series B

Convertible Preferred Stock

 

 

 

Old Gemini

Common Stock

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Total

stockholders'

equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

(deficit)

 

Balance at December 31, 2020

   (as previously reported)

 

 

39,722,088

 

 

$

47,113

 

 

 

24,790,938

 

 

$

33,336

 

 

 

 

6,900,493

 

 

$

7

 

 

 

-

 

 

$

-

 

 

$

10,504

 

 

$

(112,821

)

 

$

(102,310

)

Retroactive application of the

   recapitalization due to the Business

   Combination (Note 3)

 

 

(39,722,088

)

 

 

(47,113

)

 

 

(24,790,938

)

 

 

(33,336

)

 

 

 

(6,900,493

)

 

 

(7

)

 

 

15,565,380

 

 

 

2

 

 

 

80,454

 

 

 

-

 

 

 

80,449

 

Balance at December 31, 2020, effect of

   Business Combination (Note 3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

15,565,380

 

 

 

2

 

 

 

90,958

 

 

 

(112,821

)

 

 

(21,861

)

Issuance of common stock upon Business

   Combination, net of issuance costs

   (Note 3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

25,041,150

 

 

 

2

 

 

 

195,880

 

 

 

-

 

 

 

195,882

 

Conversion of promissory notes (Note 3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

2,341,316

 

 

 

-

 

 

 

14,515

 

 

 

-

 

 

 

14,515

 

Issuance of common stock upon exercise of

   warrants (Note 3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

15,257

 

 

 

-

 

 

 

76

 

 

 

-

 

 

 

76

 

Vesting of restricted common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

35,561

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock upon exercise of

   stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

3,480

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

4

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,593

 

 

 

-

 

 

 

1,593

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,048

)

 

 

(19,048

)

Balance at March 31, 2021

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

 

-

 

 

$

-

 

 

 

43,002,144

 

 

$

4

 

 

$

303,026

 

 

$

(131,869

)

 

$

171,161

 

Issuance of common stock upon exercise of

   stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

52,968

 

 

 

-

 

 

 

106

 

 

 

-

 

 

 

106

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,862

 

 

 

-

 

 

 

2,862

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16,447

)

 

 

(16,447

)

Balance at June 30, 2021

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

 

-

 

 

$

-

 

 

 

43,055,112

 

 

$

4

 

 

$

305,994

 

 

$

(148,316

)

 

$

157,682

 

 

The accompanying notes are an integral part of the financial statements.

 

4

 


 

 

Gemini Therapeutics, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(35,495

)

 

$

(16,519

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation expense

 

 

127

 

 

 

155

 

Stock-based compensation expense

 

 

4,455

 

 

 

232

 

Non-cash interest expense

 

 

225

 

 

 

106

 

Change in fair value of warrant liability

 

 

-

 

 

 

(2

)

Loss on conversion of convertible notes

 

 

711

 

 

 

-

 

Accretion of discount on convertible notes

 

 

1,600

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(3,272

)

 

 

616

 

Deferred offering costs

 

 

1,341

 

 

 

-

 

Other assets

 

 

(559

)

 

 

-

 

Accounts payable

 

 

42

 

 

 

(945

)

Accrued expenses and other current liabilities

 

 

(110

)

 

 

(557

)

Net cash used in operating activities

 

 

(30,935

)

 

 

(16,914

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from Business Combination, net

 

 

195,882

 

 

 

-

 

Proceeds from sale of Series B convertible preferred stock, net

 

 

-

 

 

 

20,084

 

Proceeds from exercise of stock options

 

 

110

 

 

 

19

 

Principal payments on term loan

 

 

(2,083

)

 

 

-

 

Net cash provided by financing activities

 

 

193,909

 

 

 

20,103

 

Increase in cash, cash equivalents and restricted cash

 

 

162,974