Quarterly Report (10-q)
August 16 2022 - 06:11AM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
10-Q
☒
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:
001-36644
CALITHERA BIOSCIENCES, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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27-2366329
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. Employer
Identification No.)
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343 Oyster Point Blvd.,
Suite 200
South San Francisco,
CA
94080
(Address of principal executive offices including zip
code)
Registrant’s telephone number, including area code:
(650)
870-1000
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, 0.0001 par value
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CALA
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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, a
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.
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☒
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Smaller reporting company
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☒
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Emerging growth company
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☐
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|
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
4,865,134
shares of common stock, $0.0001 par value per share,
outstanding.
Calithera Biosciences, Inc.
Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2022
INDEX
2
PART I. - FINANCIAL
INFORMATION
Item 1. Financial
Statements
Calithera Biosciences, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands, except per share amounts)
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June 30, 2022
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December 31, 2021
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Assets
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Current assets:
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Cash and cash equivalents
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$
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41,789
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$
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59,537
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Prepaid expenses and other current assets
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1,035
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1,915
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Total current assets
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42,824
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61,452
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Restricted cash
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270
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270
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Property and equipment, net
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538
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556
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Operating lease right-of-use asset
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1,926
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2,478
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Total assets
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$
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45,558
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$
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64,756
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Liabilities, Convertible Preferred Stock and Stockholders’
Equity
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Current liabilities:
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Accounts payable
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$
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990
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$
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3,650
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Accrued and other liabilities
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7,904
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10,356
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Total current liabilities
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8,894
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|
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14,006
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Noncurrent operating lease liability
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917
|
|
|
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1,666
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Warrant liabilities
|
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496
|
|
|
|
—
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Total liabilities
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10,307
|
|
|
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15,672
|
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Commitments and contingencies
|
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Convertible preferred stock; $0.0001 par
value;
10,000 shares
authorized as of
June 30, 2022 and December 31, 2021;
0 and
1,000 shares
issued
and outstanding as of June 30, 2022 and December
31, 2021, respectively;
$35,000 liquidation
preference as of June 30, 2022 and December 31, 2021 (Note
7)
|
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—
|
|
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40,702
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Convertible preferred stock; $0.0001 par
value;
10,000 shares
authorized as of
June 30, 2022 and December 31, 2021;
1,000 and
0 shares
issued
and outstanding as of June 30, 2022 and December
31, 2021, respectively;
$35,000 liquidation
preference as of June 30, 2022 and December 31, 2021 (Note
7)
|
|
22,342
|
|
|
|
—
|
|
|
Common stock, $0.0001 par
value,
200,000 shares
authorized
as of June 30, 2022 and December 31, 2021;
4,865 and
3,857 shares
issued and outstanding as
of June 30, 2022 and December 31, 2021,
respectively
|
|
—
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
508,787
|
|
|
|
499,708
|
|
|
Accumulated deficit
|
|
(495,878
|
)
|
|
|
(491,326
|
)
|
|
Total stockholders’ equity
|
|
35,251
|
|
|
|
8,382
|
|
|
Total liabilities, convertible preferred stock and stockholders’
equity
|
$
|
45,558
|
|
|
$
|
64,756
|
|
|
|
|
|
|
|
|
See accompanying notes.
3
Calithera Biosciences, Inc.
Condensed Consolidated Statements
of Operations
(Unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
License revenue
|
$
|
—
|
|
|
$
|
3,000
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
|
Total revenue
|
|
—
|
|
|
|
3,000
|
|
|
|
—
|
|
|
|
3,000
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
7,758
|
|
|
|
12,820
|
|
|
|
17,324
|
|
|
|
28,159
|
|
|
General and administrative
|
|
3,618
|
|
|
|
4,487
|
|
|
|
7,878
|
|
|
|
9,915
|
|
|
Total operating expenses
|
|
11,376
|
|
|
|
17,307
|
|
|
|
25,202
|
|
|
|
38,074
|
|
|
Loss from operations
|
|
(11,376
|
)
|
|
|
(14,307
|
)
|
|
|
(25,202
|
)
|
|
|
(35,074
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction costs allocable to warrant liabilities
|
|
(475
|
)
|
|
|
—
|
|
|
|
(475
|
)
|
|
|
—
|
|
|
Change in fair value of warrant liabilities
|
|
2,706
|
|
|
|
—
|
|
|
|
2,706
|
|
|
|
—
|
|
|
Interest and other income (expense), net
|
|
68
|
|
|
|
(4
|
)
|
|
|
59
|
|
|
|
368
|
|
|
Other income (expense), net
|
|
2,299
|
|
|
|
(4
|
)
|
|
|
2,290
|
|
|
|
368
|
|
|
Net loss
|
|
(9,077
|
)
|
|
|
(14,311
|
)
|
|
|
(22,912
|
)
|
|
|
(34,706
|
)
|
|
Deemed contribution from Series A preferred
stock extinguishment
|
|
18,360
|
|
|
|
—
|
|
|
|
18,360
|
|
|
|
—
|
|
|
Adjustment to allocate undistributed earnings to
participating security
|
|
(1,362
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net income (loss) attributable to common stockholders
|
$
|
7,921
|
|
|
$
|
(14,311
|
)
|
|
$
|
(4,552
|
)
|
|
$
|
(34,706
|
)
|
|
Net income (loss) per share attributable to
common stockholders - basic
|
$
|
1.63
|
|
|
$
|
(3.86
|
)
|
|
$
|
(1.04
|
)
|
|
$
|
(9.49
|
)
|
|
Net loss per share attributable to
common stockholders - diluted
|
$
|
(1.59
|
)
|
|
$
|
(3.86
|
)
|
|
$
|
(4.48
|
)
|
|
$
|
(9.49
|
)
|
|
Weighted average common shares used to
compute net income (loss) per share attributable
to
common stockholders - basic
|
|
4,863
|
|
|
|
3,703
|
|
|
|
4,396
|
|
|
|
3,658
|
|
|
Weighted average common shares used to
compute net loss per share attributable to
common stockholders - diluted
|
|
5,699
|
|
|
|
3,703
|
|
|
|
5,120
|
|
|
|
3,658
|
|
See accompanying notes.
4
Calithera Biosciences, Inc.
Condensed Consolidated Statements of
Comprehensive Loss
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Net loss
|
$
|
(9,077
|
)
|
|
$
|
(14,311
|
)
|
|
$
|
(22,912
|
)
|
|
$
|
(34,706
|
)
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on
available-for-sale securities
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
Total comprehensive loss
|
$
|
(9,077
|
)
|
|
$
|
(14,311
|
)
|
|
$
|
(22,912
|
)
|
|
$
|
(34,709
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
5
Calithera Biosciences, Inc.
Condensed Consolidated Statements
of Stockholders’ (Deficit) Equity
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2022
|
|
|
|
|
Convertible Preferred Stock
|
|
|
|
Convertible Preferred Stock
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Deficit
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
Total
Stockholders'
(Deficit) Equity
|
|
|
Balance at March 31, 2022
|
|
|
1,000
|
|
|
$
|
40,702
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
3,936
|
|
|
$
|
—
|
|
|
$
|
502,025
|
|
|
$
|
(505,161
|
)
|
|
$
|
—
|
|
|
$
|
(3,136
|
)
|
|
Reclassification of convertible
preferred stock to shareholders'
equity (Note 7)
|
|
|
(1,000
|
)
|
|
|
(40,702
|
)
|
|
|
|
1,000
|
|
|
|
40,702
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
40,702
|
|
|
Deemed contribution from Series
A preferred stock extinguishment
(Note 7)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(18,360
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,360
|
|
|
|
—
|
|
|
|
—
|
|
|
Issuance of common stock in
connection with public
offering, net of underwriting
commissions and issuance
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
926
|
|
|
|
—
|
|
|
|
5,775
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,775
|
|
|
Issuance of common stock
pursuant to equity incentive
plans
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
12
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
Stock-based compensation
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
975
|
|
|
|
—
|
|
|
|
—
|
|
|
|
975
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,077
|
)
|
|
|
—
|
|
|
|
(9,077
|
)
|
|
Balance at June 30, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
1,000
|
|
|
$
|
22,342
|
|
|
|
4,865
|
|
|
$
|
—
|
|
|
$
|
508,787
|
|
|
$
|
(495,878
|
)
|
|
$
|
—
|
|
|
$
|
35,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2021
|
|
|
|
|
Convertible Preferred Stock
|
|
|
|
Convertible Preferred Stock
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Deficit
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
Total
Stockholders'
Equity
|
|
|
Balance at March 31, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
3,694
|
|
|
$
|
—
|
|
|
$
|
490,791
|
|
|
$
|
(396,633
|
)
|
|
$
|
—
|
|
|
$
|
94,158
|
|
|
Issuance of common stock in
connection with at-the-market
offering, net of underwriting
commissions and issuance
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
400
|
|
|
|
—
|
|
|
|
—
|
|
|
|
400
|
|
|
Issuance of common stock
pursuant to equity incentive
plans
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
122
|
|
|
|
—
|
|
|
|
—
|
|
|
|
122
|
|
|
Stock-based compensation
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,644
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,644
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(14,311
|
)
|
|
|
—
|
|
|
|
(14,311
|
)
|
|
Balance at June 30, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
3,705
|
|
|
$
|
—
|
|
|
$
|
493,957
|
|
|
$
|
(410,944
|
)
|
|
$
|
—
|
|
|
$
|
83,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
6
Calithera Biosciences, Inc.
Condensed Consolidated Statements of Stockholders’ (Deficit)
Equity
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2022
|
|
|
|
|
Convertible Preferred Stock
|
|
|
|
Convertible Preferred Stock
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Deficit
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
Total
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021
|
|
|
1,000
|
|
|
$
|
40,702
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
3,857
|
|
|
$
|
—
|
|
|
$
|
499,708
|
|
|
$
|
(491,326
|
)
|
|
$
|
—
|
|
|
$
|
8,382
|
|
|
Reclassification of convertible
preferred stock to shareholders'
equity (Note 7)
|
|
|
(1,000
|
)
|
|
|
(40,702
|
)
|
|
|
|
1,000
|
|
|
|
40,702
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
40,702
|
|
|
Deemed contribution from Series
A preferred stock extinguishment
(Note 7)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(18,360
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,360
|
|
|
|
—
|
|
|
|
—
|
|
|
Issuance of common stock in
connection with public
offering, net of underwriting
commissions and issuance
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
926
|
|
|
|
—
|
|
|
|
5,775
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,775
|
|
|
Issuance of common stock in
connection with at-the-market
offering, net of underwriting
commissions and issuance
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
62
|
|
|
|
—
|
|
|
|
1,137
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,137
|
|
|
Issuance of common stock
pursuant to equity incentive
plans
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
|
|
12
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
Stock-based compensation
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,155
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,155
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(22,912
|
)
|
|
|
—
|
|
|
|
(22,912
|
)
|
|
Balance at June 30, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
1,000
|
|
|
$
|
22,342
|
|
|
|
4,865
|
|
|
$
|
—
|
|
|
$
|
508,787
|
|
|
$
|
(495,878
|
)
|
|
$
|
—
|
|
|
$
|
35,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2021
|
|
|
|
|
Convertible Preferred Stock
|
|
|
|
Convertible Preferred Stock
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional
Paid-In
Capital
|
|
|
Accumulated
Deficit
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
Total
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
3,534
|
|
|
$
|
—
|
|
|
$
|
478,606
|
|
|
$
|
(376,238
|
)
|
|
$
|
3
|
|
|
$
|
102,371
|
|
|
Issuance of common stock in
connection with at-the-market
offering, net of underwriting
commissions and issuance
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
168
|
|
|
|
—
|
|
|
|
9,888
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,888
|
|
|
Issuance of common stock
pursuant to equity incentive
plans
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
124
|
|
|
|
—
|
|
|
|
—
|
|
|
|
124
|
|
|
Stock-based compensation
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,339
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,339
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(34,706
|
)
|
|
|
—
|
|
|
|
(34,706
|
)
|
|
Unrealized loss on
available-for-sale securities
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
Balance at June 30, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
3,705
|
|
|
$
|
—
|
|
|
$
|
493,957
|
|
|
$
|
(410,944
|
)
|
|
$
|
—
|
|
|
$
|
83,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|