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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the quarterly period ended
September 30, 2022
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the transition period from ___________________ to
___________________
Commission File Number:
001-40384
TALARIS THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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83-2377352
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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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93 Worcester St.
Wellesley,
MA
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02481
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
(502)
398-9250
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 $0.0001 per share
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TALS
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The Nasdaq Global 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
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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 November 1, 2022, the registrant had
41,722,585
shares of common stock, $0.0001 par value per share,
outstanding.
Table of Contents
i
SUMMARY OF THE MATERIAL RISKS ASSOCIATED WITH OUR
BUSINESS
Our business is subject to numerous risks and uncertainties,
including those described in Part II, Item 1A. "Risk Factors" in
this Quarterly Report on Form 10-Q (this "Quarterly Report"). The
principal risks and uncertainties affecting our business include
the following:
•
Our business substantially depends upon the successful development
and regulatory approval of FCR001, our lead product candidate. If
we are unable to obtain regulatory approval for FCR001, our
business may be materially harmed.
•
We are a late-stage clinical biotechnology company and we have
incurred net losses since our inception. We anticipate that we will
continue to incur significant net losses for the foreseeable
future, and may never achieve or maintain
profitability.
•
We have not yet completed any registrational trials and have no
history of commercializing products, which may make it difficult to
evaluate the success of our business to date and to assess our
future viability.
•
Our product candidates represent a novel therapeutic approach that
could result in heightened regulatory scrutiny. The regulatory
landscape that applies to our Facilitated Allo-HSCT Therapy is
rigorous, complex, uncertain and subject to change.
•
Clinical drug development involves a lengthy and expensive process
with an uncertain outcome, and the inability to successfully and
timely conduct clinical trials and obtain regulatory approval for
our product candidates would substantially harm our
business.
•
If we experience delays or difficulties in the enrollment of
patients in clinical trials, development of our product candidate
may be delayed or prevented, which would have a material adverse
effect on our business.
•
The results of preclinical studies or earlier clinical trials are
not necessarily predictive of future results. Our existing product
candidates in clinical trials, and any other product candidate we
advance into clinical trials, may not have favorable efficacy or
safety in later clinical trials or receive regulatory
approval.
•
Interim, “top line” or preliminary data from our clinical trials
that we may announce or share with regulatory authorities from time
to time may change as more patient data become available and are
subject to audit and verification procedures that could result in
material changes in the final data.
•
Our product candidates, or associated conditioning regimens or
treatment protocols, may cause undesirable side effects, or have
other properties that could delay or prevent their clinical
development and regulatory approval, limit the commercial profile
of an approved label or result in significant negative consequences
following any regulatory approval.
•
We intend to develop FCR001, and potentially future product
candidates, in other indications and in combination with other
therapies, which exposes us to additional risks. Combination
therapies and additional indications involve additional complexity
and risk that could delay or cause our programs to stall or fail;
development of such programs may be more costly, may take longer to
achieve regulatory approval and may be associated with
unanticipated adverse events.
•
Even if our product candidates receive regulatory approval, we will
still face extensive ongoing regulatory requirements and continued
regulatory review, which may result in significant additional
expense, and our products may still face future development and
regulatory difficulties.
•
We currently operate our own manufacturing facility and intend to
scale-up our manufacturing and processing approaches to
appropriately address our anticipated commercial needs for FCR001,
which will require significant resources. We may fail to
successfully operate our facility, which could adversely affect our
clinical trials and the commercial viability of our product
candidates.
•
Our product candidates are uniquely manufactured for each patient
and we may encounter difficulties in production, particularly with
respect to scaling our manufacturing capabilities.
•
If our manufacturing facility is damaged or destroyed or production
at our manufacturing facility is otherwise interrupted, our
business would be negatively affected.
•
We are dependent on a limited number of suppliers and, in some
cases sole suppliers, for some of our components and materials used
in our product candidates.
•
We rely on third parties to conduct our clinical trials and perform
some of our research and preclinical studies. If these third
parties do not satisfactorily carry out their contractual duties or
fail to meet expected deadlines, our development programs may be
delayed or subject to increased costs, each of which may have an
adverse effect on our business and prospects.
ii
•
We depend substantially on intellectual property licensed from the
University of Louisville Research Foundation Inc. (“ULRF”), and
termination of this license could result in the loss of significant
rights, which would materially harm our business.
•
We expect the product candidates we develop will be regulated as
biological products, or biologics, and therefore they may be
subject to competition sooner than anticipated.
•
If we are unable to obtain and maintain sufficient intellectual
property protection for our product candidates and manufacturing
process, or if the scope of the intellectual property protection is
not sufficiently broad, our ability to commercialize our product
candidates successfully and to compete effectively may be adversely
affected.
•
Our business has been adversely affected by the ongoing COVID-19
pandemic, and could be further adversely affected by the effects
this and other of public health epidemics in regions where we, or
third parties on which we rely have significant research,
development or production facilities, concentrations of clinical
trial sites or other business operations.
•
Geopolitical and military conflict such as the ongoing warfare in
Ukraine, could cause a disruption of the development of our product
candidates and adversely impact our business.
iii
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-1 contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
All statements other than statements of historical fact are
“forward-looking statements” for purposes of this Annual Report on
Form 10-K. In some cases, you can identify forward-looking
statements by terminology such as “anticipate,” “believe,” “could,”
“estimate,” “expects,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “will,” “would” or the negative or
plural of those terms, and similar expressions.
Forward-looking statements include, but are not limited to,
statements about:
•
the success, cost and timing of our product development activities
and clinical trials, 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 potential for COVID-19 or other pandemic, epidemic or outbreak
of an infectious disease, to disrupt our business plans, product
development activities, ongoing clinical trials, including the
timing and enrollment of patients, the health of our employees and
the strength of our supply chain;
•
our expectations regarding the safety or efficacy profile of our
product candidates;
•
our ability to advance any product candidate into or successfully
complete any clinical trial;
•
our ability to obtain regulatory approval for any of our
candidates;
•
our ability to successfully manufacture our product candidates for
future clinical trials or for commercial use, if
approved;
•
the ability to license additional intellectual property relating to
any future product candidates and to comply with our existing
license agreement;
•
our ability to commercialize our products in light of the
intellectual property rights of others;
•
the success of competing therapies that are or become
available;
•
our ability to obtain funding for our operations, including funding
necessary to complete further development and commercialization of
our product candidates;
•
the commercialization of our product candidates, if
approved;
•
our plans to research, develop and commercialize our product
candidates;
•
our ability to attract collaborators with development, regulatory
and commercialization expertise;
•
future agreements with third parties in connection with the
development or commercialization of our product candidates and any
other approved product;
•
the size and growth potential of the markets for our product
candidates, and our ability to serve those markets;
•
the rate and degree of market acceptance of our product
candidates;
•
regulatory and political developments in the United States and
foreign countries, including but not limited to the Russia-Ukraine
conflict and associated sanctions;
•
our ability to contract with third-party suppliers and
manufacturers and their ability to perform adequately;
•
our ability to attract and retain key scientific or management
personnel;
•
the accuracy of our estimates regarding expenses, future revenue,
capital requirements and needs for additional
financing;
•
the impact of laws and regulations; and
•
our expectations regarding our ability to obtain and maintain
intellectual property protection for our product
candidates.
iv
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in this Quarterly Report on Form 10-Q. The forward-looking
statements contained in this Quarterly Report on Form 10-Q are made
as of the date of this Quarterly Report on Form 10-Q, and we
undertake no obligations to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. Therefore, you should not rely on
these forward-looking statements as representing our views as of
any date subsequent to the date of this Quarterly Report on Form
10-Q.
v
PART I—FINANCIAL
INFORMATION
Item 1. Financial
Statements.
TALARIS THERAPEUTICS, INC.
BALANCE
SHEETS
(in thousands, except share and per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022
|
|
|
December 31, 2021
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
18,468
|
|
|
$
|
18,614
|
|
|
Marketable securities
|
|
|
175,401
|
|
|
|
225,357
|
|
|
Prepaid and other current assets
|
|
|
4,258
|
|
|
|
2,543
|
|
|
Total current assets
|
|
|
198,127
|
|
|
|
246,514
|
|
|
Property and equipment, net
|
|
|
5,464
|
|
|
|
4,804
|
|
|
Right-of-use assets
|
|
|
2,842
|
|
|
|
—
|
|
|
Other assets
|
|
|
111
|
|
|
|
104
|
|
|
Total assets
|
|
$
|
206,544
|
|
|
$
|
251,422
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,133
|
|
|
$
|
2,556
|
|
|
Accrued expenses
|
|
|
6,130
|
|
|
|
5,431
|
|
|
Lease liability, current
|
|
|
905
|
|
|
|
—
|
|
|
Total current liabilities
|
|
|
9,168
|
|
|
|
7,987
|
|
|
Share repurchase liability
|
|
|
291
|
|
|
|
593
|
|
|
Other liabilities
|
|
|
19
|
|
|
|
33
|
|
|
Lease liability, net of current
|
|
|
2,199
|
|
|
|
—
|
|
|
Total liabilities
|
|
|
11,677
|
|
|
|
8,613
|
|
|
Commitments and
contingencies (Note 8)
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
Common stock, $0.0001 par
value,
140,000,000 shares
authorized and
40,331,913
issued and outstanding and
10,000,000 non-voting
shares authorized and
1,150,000
issued and outstanding as of September 30, 2022
and
140,000,000 shares
authorized
and
39,763,049 issued
and outstanding and
10,000,000 non-voting
shares authorized
and
1,150,000 issued
and outstanding as of December 31, 2021
|
|
|
4
|
|
|
|
4
|
|
|
Additional paid-in-capital
|
|
|
342,298
|
|
|
|
333,730
|
|
|
Accumulated deficit
|
|
|
(146,213
|
)
|
|
|
(90,847
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(1,222
|
)
|
|
|
(78
|
)
|
|
Total stockholders’ equity
|
|
|
194,867
|
|
|
|
242,809
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
206,544
|
|
|
$
|
251,422
|
|
The accompanying notes are an integral part of these financial
statements.
1
TALARIS THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
14,981
|
|
|
$
|
9,183
|
|
|
$
|
42,364
|
|
|
$
|
23,655
|
|
|
General and administrative
|
|
|
4,842
|
|
|
|
3,874
|
|
|
|
14,288
|
|
|
|
9,464
|
|
|
Total operating expenses
|
|
|
19,823
|
|
|
|
13,057
|
|
|
|
56,652
|
|
|
|
33,119
|
|
|
Loss from operations
|
|
|
(19,823
|
)
|
|
|
(13,057
|
)
|
|
|
(56,652
|
)
|
|
|
(33,119
|
)
|
|
Interest and other income (expense), net
|
|
|
812
|
|
|
|
116
|
|
|
|
1,286
|
|
|
|
(473
|
)
|
|
Net loss
|
|
$
|
(19,011
|
)
|
|
$
|
(12,941
|
)
|
|
$
|
(55,366
|
)
|
|
$
|
(33,592
|
)
|
|
Unrealized gain (loss) on marketable securities
|
|
|
(79
|
)
|
|
|
(5
|
)
|
|
|
(1,144
|
)
|
|
|
42
|
|
|
Total comprehensive loss
|
|
$
|
(19,090
|
)
|
|
$
|
(12,946
|
)
|
|
$
|
(56,510
|
)
|
|
$
|
(33,550
|
)
|
|
Net loss
|
|
$
|
(19,011
|
)
|
|
$
|
(12,941
|
)
|
|
$
|
(55,366
|
)
|
|
$
|
(33,592
|
)
|
|
Net loss per common share, basic and diluted
|
|
$
|
(0.46
|
)
|
|
$
|
(0.32
|
)
|
|
$
|
(1.35
|
)
|
|
$
|
(1.33
|
)
|
|
Weighted average number of common shares outstanding used in
computation of net loss per common share, basic and
diluted
|
|
|
41,375,537
|
|
|
|
40,669,412
|
|
|
|
41,149,393
|
|
|
|
25,190,479
|
|
The accompanying notes are an integral part of these financial
statements.
2
TALARIS THERAPEUTICS, INC.
STATEMENTS OF CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A
Convertible
Preferred Stock
|
|
|
Series A-1
Convertible Preferred
Stock
|
|
|
Series B
Convertible
Preferred Stock
|
|
|
|
Common Stock
|
|
|
Additional
|
|
|
|
|
|
Accumulated
Other
|
|
|
Total
|
|
|
|
|
Outstanding
Shares
|
|
|
Amount
|
|
|
Outstanding
Shares
|
|
|
Amount
|
|
|
Outstanding
Shares
|
|
|
Amount
|
|
|
|
Outstanding
Shares
|
|
|
Amount
|
|
|
Paid-in
Capital
|
|
|
Accumulated
Deficit
|
|
|
Comprehensive
Income (Loss)
|
|
|
Stockholders’
Equity (Deficit)
|
|
|
Balance at December 31, 2020
|
|
|
40,000,000
|
|
|
$
|
37,383
|
|
|
|
28,000,000
|
|
|
$
|
34,272
|
|
|
|
62,499,993
|
|
|
$
|
114,496
|
|
|
|
|
7,087,130
|
|
|
$
|
1
|
|
|
$
|
4,879
|
|
|
$
|
(43,014
|
)
|
|
$
|
(13
|
)
|
|
|
(38,147
|
)
|
|
Issuance of common stock upon
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
117,181
|
|
|
|
—
|
|
|
|
123
|
|
|
|
—
|
|
|
|
—
|
|
|
|
123
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
835
|
|
|
|
—
|
|
|
|
—
|
|
|
|
835
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,299
|
)
|
|
|
—
|
|
|
|
(9,299
|
)
|
|
Unrealized gain on marketable
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22
|
|
|
|
22
|
|
|
Balance at March 31, 2021
|
|
|
40,000,000
|
|
|
|
37,383
|
|
|
|
28,000,000
|
|
|
|
34,272
|
|
|
|
62,499,993
|
|
|
|
114,496
|
|
|
|
|
7,204,311
|
|
|
|
1
|
|
|
|
5,837
|
|
|
|
(52,313
|
)
|
|
|
9
|
|
|
|
(46,466
|
)
|
|
Issuance of common stock, net of
underwriting discounts and
issuance costs of $12,858,764
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
8,825,000
|
|
|
|
1
|
|
|
|
137,165
|
|
|
|
—
|
|
|
|
—
|
|
|
|
137,166
|
|
|
Conversion of convertible preferred
stock to common stock
|
|
|
(40,000,000
|
)
|
|
|
(37,383
|
)
|
|
|
(28,000,000
|
)
|
|
|
(34,272
|
)
|
|
|
(62,499,993
|
)
|
|
|
(114,496
|
)
|
|
|
|
24,392,498
|
|
|
|
2
|
|
|
|
186,149
|
|
|
|
—
|
|
|
|
—
|
|
|
|
186,151
|
|
|
Issuance of contingent common
stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
48,889
|
|
|
|
—
|
|
|
|
831
|
|
|
|
—
|
|
|
|
—
|
|
|
|
831
|
|
|
Issuance of common stock upon
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
100,436
|
|
|
|
—
|
|
|
|
102
|
|
|
|
—
|
|
|
|
—
|
|
|
|
102
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
896
|
|
|
|
—
|
|
|
|
—
|
|
|
|
896
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,352
|
)
|
|
|
—
|
|
|
|
(11,352
|
)
|
|
Unrealized gain on marketable
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
25
|
|
|
|
25
|
|
|
Balance at June 30, 2021
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
40,571,134
|
|
|
|
4
|
|
|
|
330,980
|
|
|
|
(63,665
|
)
|
|
|
34
|
|
|
|
267,353
|
|
|
Issuance of common stock upon
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
141,589
|
|
|
|
—
|
|
|
|
188
|
|
|
|
—
|
|
|
|
—
|
|
|
|
188
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,054
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,054
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12,941
|
)
|
|
|
—
|
|
|
|
(12,941
|
)
|
|
Unrealized gain on marketable
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
Balance at September 30, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
40,712,723
|
|
|
$
|
4
|
|
|
$
|
332,222
|
|
|
$
|
(76,606
|
)
|
|
$
|
29
|
|
|
$
|
255,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
40,913,049
|
|
|
$
|
4
|
|
|
$
|
333,730
|
|
|
$
|
(90,847
|
)
|
|
$
|
(78
|
)
|
|
$
|
242,809
|
|
|
Issuance of common stock upon
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
110,819
|
|
|
|
—
|
|
|
|
131
|
|
|
|
—
|
|
|
|
—
|
|
|
|
131
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,197
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,197
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,259
|
)
|
|
|
—
|
|
|
|
(18,259
|
)
|
|
Unrealized loss on marketable
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(848
|
)
|
|
|
(848
|
)
|
|
Balance at March 31, 2022
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
41,023,868
|
|
|
|
4
|
|
|
|
336,058
|
|
|
|
(109,106
|
)
|
|
|
(926
|
)
|
|
|
226,030
|
|
|
Issuance of common stock upon
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
101,851
|
|
|
|
—
|
|
|
|
102
|
|
|
|
—
|
|
|
|
—
|
|
|
|
102
|
|
|
Issuance of common stock under
2021 employee stock purchase
plan
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
20,162
|
|
|
|
—
|
|
|
|
77
|
|
|
|
—
|
|
|
|
—
|
|
|
|
77
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,846
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,846
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,096
|
)
|
|
|
—
|
|
|
|
(18,096
|
)
|
|
Unrealized loss on marketable
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(217
|
)
|
|
|
(217
|
)
|
|
Balance at June 30, 2022
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
41,145,881
|
|
|
|
4
|
|
|
|
339,083
|
|
|
|
(127,202
|
)
|
|
|
(1,143
|
)
|
|
|
210,742
|
|
|
Issuance of common stock upon
exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
181,644
|
|
|
|
—
|
|
|
|
174
|
|
|
|
—
|
|
|
|
—
|
|
|
|
174
|
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
154,388
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,041
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,041
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(19,011
|
)
|
|
|
—
|
|
|
|
(19,011
|
)
|
|
Unrealized loss on marketable
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|