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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: 001-39438

 

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 November 9, 2021, the registrant had 43,112,742 shares of common stock, $0.0001 par value per share, outstanding.

 

 

i


 

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 our ongoing and planned 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 and of anticipated result from these trials,
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 and maintain 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;

i


 

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 candidates (including sourcing our raw materials);
our ability to attract and retain key scientific, medical, commercial or management personnel;
our estimates regarding expenses, costs and benefits associated with the restructuring, 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

34

Item 4.

Controls and Procedures

34

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

38

Signatures

39

 

 

 

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)

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

150,069

 

 

$

4,503

 

Prepaid expenses and other current assets

 

 

4,731

 

 

 

562

 

Total current assets

 

 

154,800

 

 

 

5,065

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

180

 

 

 

294

 

Restricted cash

 

 

323

 

 

 

323

 

Deferred offering costs

 

 

-

 

 

 

2,637

 

Other assets

 

 

232

 

 

 

-

 

Total assets

 

$

155,535

 

 

$

8,319

 

 

 

 

 

 

 

 

Liabilities and stockholders' equity (deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

939

 

 

$

2,377

 

Accrued expenses and other current liabilities

 

 

6,722

 

 

 

5,810

 

Term loan, current portion

 

 

5,000

 

 

 

5,000

 

Convertible notes

 

 

-

 

 

 

11,689

 

Total current liabilities

 

 

12,661

 

 

 

24,876

 

 

 

 

 

 

 

 

Warrant liability

 

 

-

 

 

 

76

 

Other liabilities

 

 

366

 

 

 

277

 

Term loan, net of current portion and discount

 

 

1,647

 

 

 

4,951

 

Total liabilities

 

 

14,674

 

 

 

30,180

 

 

 

 

 

 

 

 

Stockholders' equity (deficit):

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued
   and outstanding as of September 30, 2021 and December 31, 2020

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value; 250,000,000 shares authorized; 43,112,742 and
   
15,565,380 shares issued and outstanding as of September 30, 2021 and December 31,
   2020, respectively

 

 

4

 

 

 

2

 

Additional paid-in capital

 

 

307,724

 

 

 

90,958

 

Accumulated deficit

 

 

(166,867

)

 

 

(112,821

)

Total stockholders' equity (deficit)

 

 

140,861

 

 

 

(21,861

)

 

 

 

 

 

 

 

Total liabilities and stockholders' equity (deficit)

 

$

155,535

 

 

$

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

13,455

 

 

$

6,727

 

 

$

36,083

 

 

$

20,472

 

General and administrative

 

 

4,995

 

 

 

1,222

 

 

 

15,177

 

 

 

3,774

 

Total operating expenses

 

 

18,450

 

 

 

7,949

 

 

 

51,260

 

 

 

24,246

 

Loss from operations

 

 

(18,450

)

 

 

(7,949

)

 

 

(51,260

)

 

 

(24,246

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(104

)

 

 

(2,047

)

 

 

(2,073

)

 

 

(2,307

)

Interest income

 

 

5

 

 

 

1

 

 

 

11

 

 

 

37

 

Loss on conversion of convertible notes

 

 

-

 

 

 

-

 

 

 

(711

)

 

 

-

 

Change in fair value of warrant liability

 

 

-

 

 

 

(8

)

 

 

-

 

 

 

(6

)

Other expense

 

 

(2

)

 

 

-

 

 

 

(13

)

 

 

-

 

Net loss and comprehensive loss

 

$

(18,551

)

 

$

(10,003

)

 

$

(54,046

)

 

$

(26,522

)

Net loss per share, basic and diluted

 

$

(0.43

)

 

$

(0.65

)

 

$

(1.37

)

 

$

(1.77

)

Weighted average common shares outstanding, basic and diluted

 

 

43,091,822

 

 

 

15,282,987

 

 

 

39,427,476

 

 

 

15,016,038

 

 

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

2

 


 

Gemini Therapeutics, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(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

)

Beneficial conversion feature relating to discount on convertible promissory notes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,177

 

 

 

-

 

 

 

8,177

 

Issuance of common stock upon exercise of
   stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

2,180

 

 

 

-

 

 

 

3

 

 

 

-

 

 

 

3

 

Vesting of restricted common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

14,469

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

161

 

 

 

-

 

 

 

161

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,003

)

 

 

(10,003

)

Balance at September 30, 2020, effect of
   Business Combination (Note 3)

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

 

-

 

 

$

-

 

 

 

15,290,990

 

 

$

2

 

 

$

90,226

 

 

$

(98,506

)

 

$

(8,278

)

 

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