Quarterly Report (10-q)
November 04 2021 - 04:49PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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:
001-37539
Global Blood Therapeutics, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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27-4825712
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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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181 Oyster Point Boulevard
South San Francisco,
CA
94080
(Address of principal executive offices)
(650)
741-7700
(Registrant’s telephone number, including area code)
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,
par value $0.001 per share
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GBT
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The NASDAQ Global Select Market
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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.
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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
|
☐
|
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 October 29, 2021, there were
64,445,267
shares of the registrant’s Common Stock, par value $0.001 per
share, outstanding.
TABLE OF CONTENTS
2
PART I. – FINANCIAL
INFORMATION
Item 1. Financial
Statements
GLOBAL BLOOD THERAPEUTICS, INC.
Condensed Consolidated
Balance Sheets
(In thousands, except share and per share amounts)
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September 30, 2021
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December 31, 2020
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(Unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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382,869
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$
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494,766
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Short-term marketable securities
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3,205
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66,126
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Accounts receivable, net
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23,894
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17,500
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Inventories
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51,512
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40,223
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Prepaid expenses and other current assets
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27,384
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13,548
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Total current assets
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488,864
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632,163
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Long-term marketable securities
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30,692
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—
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Property and equipment, net
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35,415
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37,882
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Operating lease right-of-use assets
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48,732
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50,722
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Restricted cash
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2,451
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2,436
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Other assets, noncurrent
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1,524
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799
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Total assets
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$
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607,678
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$
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724,002
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Accounts payable
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$
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8,642
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$
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19,078
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Accrued liabilities
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37,297
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31,133
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Accrued compensation
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22,665
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23,985
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Operating lease liabilities, current
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5,454
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|
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4,836
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Total current liabilities
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74,058
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79,032
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Long-term debt
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149,508
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148,815
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Operating lease liabilities, noncurrent
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74,990
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79,176
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Other liabilities, noncurrent
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822
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822
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Total liabilities
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299,378
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307,845
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Commitments and
contingencies
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Stockholders’ equity:
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Preferred stock, $0.001 par
value,
5,000,000 shares
authorized as of September 30, 2021 (unaudited) and December 31,
2020;
no shares
issued and outstanding
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—
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—
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Common stock, $0.001 par
value,
150,000,000 shares
authorized as of September 30, 2021 (unaudited) and December 31,
2020, respectively;
64,387,670 and
61,898,090 shares
issued and outstanding as of September 30, 2021 (unaudited) and
December 31, 2020, respectively
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64
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62
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Additional paid-in capital
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1,509,994
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1,402,262
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Accumulated other comprehensive loss
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221
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|
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302
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Accumulated deficit
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|
|
(1,201,979
|
)
|
|
|
(986,469
|
)
|
|
Total stockholders’ equity
|
|
|
308,300
|
|
|
|
416,157
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
607,678
|
|
|
$
|
724,002
|
|
See accompanying notes to unaudited condensed consolidated
financial statements.
3
GLOBAL BLOOD THERAPEUTICS, INC.
Condensed Consolidated Statements of
Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
Product sales, net
|
|
$
|
52,052
|
|
|
$
|
36,889
|
|
|
$
|
138,650
|
|
|
$
|
82,508
|
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
830
|
|
|
|
513
|
|
|
|
2,162
|
|
|
|
1,025
|
|
|
Research and development
|
|
|
50,529
|
|
|
|
40,196
|
|
|
|
153,170
|
|
|
|
114,054
|
|
|
Selling, general and administrative
|
|
|
67,987
|
|
|
|
54,491
|
|
|
|
188,046
|
|
|
|
151,227
|
|
|
Total costs and operating expenses
|
|
|
119,346
|
|
|
|
95,200
|
|
|
|
343,378
|
|
|
|
266,306
|
|
|
Loss from operations
|
|
|
(67,294
|
)
|
|
|
(58,311
|
)
|
|
|
(204,728
|
)
|
|
|
(183,798
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
85
|
|
|
|
881
|
|
|
|
578
|
|
|
|
5,251
|
|
|
Interest expense
|
|
|
(3,709
|
)
|
|
|
(2,291
|
)
|
|
|
(11,075
|
)
|
|
|
(6,887
|
)
|
|
Other expenses, net
|
|
|
(70
|
)
|
|
|
(160
|
)
|
|
|
(285
|
)
|
|
|
(313
|
)
|
|
Total other income (expense), net
|
|
|
(3,694
|
)
|
|
|
(1,570
|
)
|
|
|
(10,782
|
)
|
|
|
(1,949
|
)
|
|
Net loss
|
|
|
(70,988
|
)
|
|
|
(59,881
|
)
|
|
|
(215,510
|
)
|
|
|
(185,747
|
)
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain on marketable securities, net of tax
|
|
|
(42
|
)
|
|
|
(507
|
)
|
|
|
(301
|
)
|
|
|
(35
|
)
|
|
Cumulative translation adjustment
|
|
|
(39
|
)
|
|
|
—
|
|
|
|
220
|
|
|
|
—
|
|
|
Comprehensive loss
|
|
$
|
(71,069
|
)
|
|
$
|
(60,388
|
)
|
|
$
|
(215,591
|
)
|
|
$
|
(185,782
|
)
|
|
Basic and diluted net loss per common share
|
|
$
|
(1.13
|
)
|
|
$
|
(0.97
|
)
|
|
$
|
(3.45
|
)
|
|
$
|
(3.04
|
)
|
|
Weighted-average number of shares used in computing basic and
diluted net loss per common share
|
|
|
62,925,081
|
|
|
|
61,573,877
|
|
|
|
62,449,207
|
|
|
|
61,160,984
|
|
See accompanying notes to unaudited condensed consolidated
financial statements.
4
GLOBAL BLOOD THERAPEUTICS, INC.
Condensed Consolidated Statements
of Stockholders’ Equity
(Unaudited)
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
In Capital
|
|
|
Income
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balance at December 31, 2020
|
|
|
61,898,090
|
|
|
$
|
62
|
|
|
$
|
1,402,262
|
|
|
$
|
302
|
|
|
$
|
(986,469
|
)
|
|
$
|
416,157
|
|
|
Issuance of common stock upon exercise of stock options
|
|
|
47,763
|
|
|
|
—
|
|
|
|
1,110
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,110
|
|
|
Issuance of common stock upon vesting of restricted share units,
net of shares withheld for employee taxes
|
|
|
229,087
|
|
|
|
—
|
|
|
|
(1,897
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,897
|
)
|
|
Issuance of common stock pursuant to ESPP purchases
|
|
|
65,110
|
|
|
|
—
|
|
|
|
2,558
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,558
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
20,378
|
|
|
|
—
|
|
|
|
—
|
|
|
|
20,378
|
|
|
Net unrealized gain on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(181
|
)
|
|
|
—
|
|
|
|
(181
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(74,930
|
)
|
|
|
(74,930
|
)
|
|
Balance at March 31, 2021
|
|
|
62,240,050
|
|
|
$
|
62
|
|
|
$
|
1,424,411
|
|
|
$
|
121
|
|
|
$
|
(1,061,399
|
)
|
|
$
|
363,195
|
|
|
Issuance of common stock upon exercise of stock options
|
|
|
28,575
|
|
|
|
—
|
|
|
|
403
|
|
|
|
—
|
|
|
|
—
|
|
|
|
403
|
|
|
Issuance of common stock upon vesting of restricted share units,
net of shares withheld for employee taxes
|
|
|
110,493
|
|
|
|
—
|
|
|
|
(65
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(65
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
21,644
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,644
|
|
|
Net unrealized loss on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(78
|
)
|
|
|
—
|
|
|
|
(78
|
)
|
|
Cumulative translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
259
|
|
|
|
—
|
|
|
|
259
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(69,592
|
)
|
|
|
(69,592
|
)
|
|
Balance at June 30, 2021
|
|
|
62,379,118
|
|
|
$
|
62
|
|
|
$
|
1,446,393
|
|
|
$
|
302
|
|
|
$
|
(1,130,991
|
)
|
|
$
|
315,766
|
|
|
Issuance of common stock upon exercise of stock options
|
|
|
21,553
|
|
|
|
—
|
|
|
|
429
|
|
|
|
—
|
|
|
|
—
|
|
|
|
429
|
|
|
Issuance of common stock upon vesting of restricted share units,
net of shares withheld for employee taxes
|
|
|
315,627
|
|
|
|
—
|
|
|
|
(1,094
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,094
|
)
|
|
Issuance of common stock pursuant to ESPP purchases
|
|
|
69,488
|
|
|
|
—
|
|
|
|
1,695
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,695
|
|
|
Issuance of common stock upon at-the-market financing
|
|
|
1,601,884
|
|
|
|
2
|
|
|
|
44,071
|
|
|
|
—
|
|
|
|
—
|
|
|
|
44,073
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
18,500
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,500
|
|
|
Net unrealized loss on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(42
|
)
|
|
|
—
|
|
|
|
(42
|
)
|
|
Cumulative translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(39
|
)
|
|
|
—
|
|
|
|
(39
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(70,988
|
)
|
|
|
(70,988
|
)
|
|
Balance at September 30, 2021
|
|
|
64,387,670
|
|
|
$
|
64
|
|
|
$
|
1,509,994
|
|
|
$
|
221
|
|
|
$
|
(1,201,979
|
)
|
|
$
|
308,300
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
In Capital
|
|
|
Income
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balance at December 31, 2019
|
|
|
60,644,380
|
|
|
$
|
61
|
|
|
$
|
1,316,795
|
|
|
$
|
754
|
|
|
$
|
(738,916
|
)
|
|
$
|
578,694
|
|
|
Issuance of common stock upon exercise of stock options
|
|
|
33,937
|
|
|
|
—
|
|
|
|
967
|
|
|
|
—
|
|
|
|
—
|
|
|
|
967
|
|
|
Issuance of common stock upon vesting of restricted share units,
net of shares withheld for employee taxes
|
|
|
160,594
|
|
|
|
—
|
|
|
|
(2,099
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,099
|
)
|
|
Issuance of common stock pursuant to ESPP purchases
|
|
|
47,460
|
|
|
|
—
|
|
|
|
1,870
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,870
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
16,705
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,705
|
|
|
Net unrealized gain on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
461
|
|
|
|
—
|
|
|
|
461
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(73,026
|
)
|
|
|
(73,026
|
)
|
|
Balance at March 31, 2020
|
|
|
60,886,371
|
|
|
$
|
61
|
|
|
$
|
1,334,238
|
|
|
$
|
1,215
|
|
|
$
|
(811,942
|
)
|
|
$
|
523,572
|
|
|
Issuance of common stock upon exercise of stock options
|
|
|
334,454
|
|
|
|
—
|
|
|
|
8,018
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,018
|
|
|
Issuance of common stock upon vesting of restricted share units,
net of shares withheld for employee taxes
|
|
|
110,162
|
|
|
|
—
|
|
|
|
(74
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(74
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
17,128
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,128
|
|
|
Net unrealized gain on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
|
—
|
|
|
|
12
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(52,840
|
)
|
|
|
(52,840
|
)
|
|
Balance at June 30, 2020
|
|
|
61,330,987
|
|
|
$
|
61
|
|
|
$
|
1,359,310
|
|
|
$
|
1,227
|
|
|
$
|
(864,782
|
)
|
|
$
|
495,816
|
|
|
Issuance of common stock upon exercise of stock options
|
|
|
121,619
|
|
|
|
—
|
|
|
|
3,312
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,312
|
|
|
Issuance of common stock upon vesting of restricted share units,
net of shares withheld for employee taxes
|
|
|
253,447
|
|
|
|
—
|
|
|
|
(2,990
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,990
|
)
|
|
Issuance of common stock pursuant to ESPP purchases
|
|
|
50,605
|
|
|
|
—
|
|
|
|
2,266
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,266
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
19,639
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19,639
|
|
|
Net unrealized loss on marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(507
|
)
|
|
|
—
|
|
|
|
(507
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(59,881
|
)
|
|
|
(59,881
|
)
|
|
Balance at September 30, 2020
|
|
|
61,756,658
|
|
|
$
|
61
|
|
|
$
|
1,381,537
|
|
|
$
|
720
|
|
|
$
|
(924,663
|
)
|
|
$
|
457,655
|
|
See accompanying notes to unaudited condensed consolidated
financial statements.
6
GLOBAL BLOOD THERAPEUTICS, INC.
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In thousands)
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Nine Months Ended
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September 30,
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2021
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2020
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net loss
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$
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(215,510
|
)
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$
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(185,747
|
)
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|
Adjustments to reconcile net loss to net cash used in operating
activities:
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Depreciation and amortization
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4,408
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6,925
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Amortization (accretion) of premium (discount) on marketable
securities
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|
127
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37
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Non-cash interest expense
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|
716
|
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1,243
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Amortization of operating lease right-of-use assets
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1,990
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|
901
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Stock-based compensation
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59,264
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|
52,100
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Changes in operating assets and liabilities:
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Accounts receivable
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(6,394
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)
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|
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(11,493
|
)
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Inventories
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|
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(9,903
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)
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(30,853
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)
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Prepaid expenses and other assets
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(14,570
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)
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(1,764
|
)
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Accounts payable
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(10,291
|
)
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|
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(2,821
|
)
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Accrued liabilities
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6,164
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|
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|
2,299
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Accrued compensation
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(1,320
|
)
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|
|
375
|
|
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Other liabilities, current
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|
—
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(651
|
)
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Operating lease liabilities
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(3,568
|
)
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|
1,309
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Other liabilities, noncurrent
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—
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1,344
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|
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Net cash used in operating activities
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(188,887
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)
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(166,796
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)
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property and equipment
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(2,180
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)
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(4,190
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)
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Purchase of marketable securities
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(30,695
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)
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(57,936
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)
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Maturities of marketable securities
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62,496
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|
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333,828
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Net cash provided by investing activities
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29,621
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271,702
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from issuance of common stock upon at-the-market
financing, net of issuance cost
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44,073
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-
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Proceeds from issuance of common stock in settlement of employee
stock purchase plan and exercise of stock options
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6,194
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16,574
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Payments of debt issuance costs
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(49
|
)
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(130
|
)
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Tax paid related to net share settlement of equity
awards
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|
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(3,054
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)
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|
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(5,163
|
)
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Net cash provided by financing activities
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|
47,164
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|
|
|
11,281
|
|
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Effect of exchange rate changes on cash and cash
equivalents
|
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|
220
|
|
|
|
—
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Net (decrease) increase in cash, cash equivalents and restricted
cash
|
|
|
(111,882
|
)
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|
116,187
|
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Cash, cash equivalents and restricted cash at beginning of
period
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497,202
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|
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304,632
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Cash, cash equivalents and restricted cash at end of
period
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$
|
385,320
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$
|
420,819
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
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Cash paid for interest
|