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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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,
2021
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:
001-39926
Terns Pharmaceuticals, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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98-1448275
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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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1065 East Hillsdale Blvd.,
Suite 100
Foster City,
California
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94404
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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:
(650)
525-5535
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 per share
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TERN
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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
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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 5, 2021, the registrant had
25,267,271
shares of common stock, $0.0001 par value per share,
outstanding.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking
statements concerning our business, operations and financial
performance and condition, as well as our plans, objectives and
expectations for our business, operations and financial performance
and condition. Any statements contained herein that are not
statements of historical facts may be deemed to be forward-looking
statements. These statements involve known and unknown risks,
uncertainties related to the global COVID-19 pandemic and other
important factors that are in some cases beyond our control and 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
terminology such as “aim,” “anticipate,” “assume,” “believe,”
“contemplate,” “continue,” “could,” “due,” “estimate,” “expect,”
“goal,” “intend,” “may,” “objective,” “plan,” “predict,”
“potential,” “positioned,” “seek,” “should,” “target,” “will,”
“would,” and other similar expressions that are predictions of or
indicate future events and future trends, or the negative of these
terms or other comparable terminology. These forward-looking
statements include, but are not limited to, statements
about:
our expectations regarding the potential market size and size of
the potential patient populations for our single-agent and
combination therapy candidates and any future single-agent and
combination therapy candidates if approved for commercial
use;
our clinical and regulatory development plans;
our expectations with regard to the results of our clinical
studies, preclinical studies and research and development programs,
including the timing and availability of data from such
studies;
the timing of commencement of future nonclinical studies and
clinical trials and research and development programs;
our ability to acquire, discover, develop and advance single-agent
and combination therapy candidates into, and successfully complete,
clinical trials;
our intentions and our ability to establish collaborations and/or
partnerships;
the timing or likelihood of regulatory filings and approvals for
our single-agent and combination therapy candidates;
our commercialization, marketing and manufacturing capabilities and
expectations;
our intentions with respect to the commercialization of our
single-agent and combination therapy candidates;
the pricing and reimbursement of our single-agent and combination
therapy candidates, if approved;
the potential effects of COVID-19 on our preclinical and clinical
programs and business;
the implementation of our business model and strategic plans for
our business and single-agent and combination therapy candidates,
including additional indications which we may pursue;
the scope of protection we are able to establish, maintain, protect
and enforce for intellectual property rights covering our
single-agent and combination therapy candidates including the
projected terms of patent protection;
estimates of our expenses, future revenue, capital requirements,
our needs for additional financing and our ability to obtain
additional capital;
our future financial performance; and
developments and projections relating to our competitors and our
industry, including competing products.
i
Table of Contents
ii
PART I—FINANCIAL
INFORMATION
Item 1. Condensed Consolidated Financial
Statements (Unaudited).
Terns Pharmaceuticals, Inc.
Condensed Consolidated
Balance Sheets
(Unaudited; in thousands, except share and per share
data)
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September 30, 2021
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December 31, 2020
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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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64,751
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$
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74,854
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Marketable securities
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112,445
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—
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Notes receivable
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—
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12,718
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Deferred offering costs
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—
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2,137
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Prepaid expenses and other current assets
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1,598
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1,160
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Total current assets
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178,794
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90,869
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Property and equipment, net
|
|
|
927
|
|
|
|
1,175
|
|
|
Other assets
|
|
|
169
|
|
|
|
246
|
|
|
Total assets
|
|
$
|
179,890
|
|
|
$
|
92,290
|
|
|
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
(Deficit)
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,582
|
|
|
$
|
935
|
|
|
Accrued expenses and other current liabilities
|
|
|
5,311
|
|
|
|
9,006
|
|
|
Loans payable
|
|
|
—
|
|
|
|
12,880
|
|
|
Total current liabilities
|
|
|
6,893
|
|
|
|
22,821
|
|
|
Deferred rent, net of current portion
|
|
|
176
|
|
|
|
220
|
|
|
Taxes payable, non-current
|
|
|
665
|
|
|
|
657
|
|
|
Total liabilities
|
|
|
7,734
|
|
|
|
23,698
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Convertible preferred stock, $0.0001 par
value;
10,000,000 and
188,029,084 shares
authorized as of September 30, 2021 and December 31, 2020,
respectively;
no shares
issued or outstanding as of September 30, 2021;
12,958,452 shares
issued and outstanding as of December 31, 2020
|
|
|
—
|
|
|
|
186,033
|
|
|
Stockholders’ equity (deficit):
|
|
|
|
|
|
|
|
Common stock, $0.0001 par
value,
150,000,000 and
299,700,000 shares
authorized at September 30, 2021 and December 31,
2020, respectively;
25,264,845 and
337,508 shares
issued and outstanding as of
September 30, 2021 and December 31, 2020,
respectively
|
|
|
3
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
|
340,145
|
|
|
|
14,598
|
|
|
Accumulated other comprehensive loss
|
|
|
(167
|
)
|
|
|
(124
|
)
|
|
Accumulated deficit
|
|
|
(167,825
|
)
|
|
|
(131,915
|
)
|
|
Total stockholders’ equity (deficit)
|
|
|
172,156
|
|
|
|
(117,441
|
)
|
|
Total liabilities, convertible preferred stock
and stockholders’ equity
|
|
$
|
179,890
|
|
|
$
|
92,290
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
1
Terns Pharmaceuticals, Inc.
Condensed Consolidated Statements
of Operations and Comprehensive Loss
(Unaudited; in thousands, except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
7,153
|
|
|
$
|
5,404
|
|
|
$
|
21,849
|
|
|
$
|
20,259
|
|
|
General and administrative
|
|
|
4,715
|
|
|
|
3,333
|
|
|
|
14,133
|
|
|
|
7,998
|
|
|
Total operating expenses
|
|
|
11,868
|
|
|
|
8,737
|
|
|
|
35,982
|
|
|
|
28,257
|
|
|
Loss from operations
|
|
|
(11,868
|
)
|
|
|
(8,737
|
)
|
|
|
(35,982
|
)
|
|
|
(28,257
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
49
|
|
|
|
1
|
|
|
|
115
|
|
|
|
53
|
|
|
Change in fair value of loans payable
|
|
|
—
|
|
|
|
(2,366
|
)
|
|
|
—
|
|
|
|
(2,366
|
)
|
|
Other income (expense), net
|
|
|
4
|
|
|
|
(387
|
)
|
|
|
30
|
|
|
|
30
|
|
|
Total other income (expense), net
|
|
|
53
|
|
|
|
(2,752
|
)
|
|
|
145
|
|
|
|
(2,283
|
)
|
|
Loss before income tax expense
|
|
|
(11,815
|
)
|
|
|
(11,489
|
)
|
|
|
(35,837
|
)
|
|
|
(30,540
|
)
|
|
Income tax expense
|
|
|
(20
|
)
|
|
|
(102
|
)
|
|
|
(73
|
)
|
|
|
(102
|
)
|
|
Net loss
|
|
|
(11,835
|
)
|
|
|
(11,591
|
)
|
|
|
(35,910
|
)
|
|
|
(30,642
|
)
|
|
Net loss attributable to non-controlling interest
|
|
|
—
|
|
|
|
(156
|
)
|
|
|
—
|
|
|
|
(518
|
)
|
|
Net loss attributable to common stockholders
|
|
$
|
(11,835
|
)
|
|
$
|
(11,435
|
)
|
|
$
|
(35,910
|
)
|
|
$
|
(30,124
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders, basic and
diluted
|
|
$
|
(0.47
|
)
|
|
$
|
(37.82
|
)
|
|
$
|
(1.64
|
)
|
|
$
|
(111.38
|
)
|
|
Weighted average common stock outstanding, basic and
diluted
|
|
|
25,148,336
|
|
|
|
302,336
|
|
|
|
21,842,706
|
|
|
|
270,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(11,835
|
)
|
|
$
|
(11,591
|
)
|
|
$
|
(35,910
|
)
|
|
$
|
(30,642
|
)
|
|
Unrealized gain (loss) on available-for-sale securities, net of
tax
|
|
|
2
|
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
—
|
|
|
Foreign exchange translation adjustment, net of tax
|
|
|
5
|
|
|
|
356
|
|
|
|
(38
|
)
|
|
|
196
|
|
|
Comprehensive loss
|
|
|
(11,828
|
)
|
|
|
(11,235
|
)
|
|
|
(35,953
|
)
|
|
|
(30,446
|
)
|
|
Less: Comprehensive loss attributable to non-controlling
interest
|
|
|
—
|
|
|
|
(128
|
)
|
|
|
—
|
|
|
|
(490
|
)
|
|
Comprehensive loss attributable to common stockholders
|
|
$
|
(11,828
|
)
|
|
$
|
(11,107
|
)
|
|
$
|
(35,953
|
)
|
|
$
|
(29,956
|
)
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
2
Terns Pharmaceuticals, Inc.
Condensed Consolidated Statements of
Noncontrolling Interest, Convertible Preferred Stock and
Stockholders’ Equity (Deficit)
(Unaudited; in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three and Nine Months Ended September 30, 2021
|
|
|
|
|
Non-
Controlling
|
|
|
Series A
Convertible
Preferred Stock
|
|
|
Series B
Convertible
Preferred Stock
|
|
|
Series C
Convertible
Preferred Stock
|
|
|
|
Common Stock
|
|
|
Additional
Paid-in
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Accumulated
|
|
|
Total
Stockholders’
(Deficit)
|
|
|
|
|
Interest
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Loss
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balances at December 31, 2020
|
|
$
|
—
|
|
|
|
2,857,142
|
|
|
$
|
30,000
|
|
|
|
2,600,645
|
|
|
$
|
68,995
|
|
|
|
7,500,665
|
|
|
$
|
87,038
|
|
|
|
|
337,508
|
|
|
$
|
—
|
|
|
$
|
14,598
|
|
|
$
|
(124
|
)
|
|
$
|
(131,915
|
)
|
|
$
|
(117,441
|
)
|
|
Conversion of preferred stock to common stock upon closing of the
initial public offering
|
|
|
—
|
|
|
|
(2,857,142
|
)
|
|
|
(30,000
|
)
|
|
|
(2,600,645
|
)
|
|
|
(68,995
|
)
|
|
|
(7,500,665
|
)
|
|
|
(87,038
|
)
|
|
|
|
16,079,230
|
|
|
|
2
|
|
|
|
186,031
|
|
|
|
—
|
|
|
|
—
|
|
|
|
186,033
|
|
|
Sale of common stock in initial public offering, net of issuance
costs of $3,339
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
8,625,000
|
|
|
|
1
|
|
|
|
133,022
|
|
|
|
—
|
|
|
|
—
|
|
|
|
133,023
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,832
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,832
|
|
|
Unrealized loss on available-for-sale securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(43
|
)
|
|
|
—
|
|
|
|
(43
|
)
|
|
Foreign exchange translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(65
|
)
|
|
|
—
|
|
|
|
(65
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,337
|
)
|
|
|
(13,337
|
)
|
|
Balances at March 31, 2021
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
25,041,738
|
|
|
$
|
3
|
|
|
$
|
335,483
|
|
|
$
|
(232
|
)
|
|
$
|
(145,252
|
)
|
|
$
|
190,002
|
|
|
Exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
17,446
|
|
|
|
—
|
|
|
|
101
|
|
|
|
—
|
|
|
|
—
|
|
|
|
101
|
|
|
Vesting of restricted stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
71,429
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,909
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,909
|
|
|
Unrealized gain on available-for-sale securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
36
|
|
|
|
—
|
|
|
|
36
|
|
|
Foreign exchange translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22
|
|
|
|
—
|
|
|
|
22
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(10,738
|
)
|
|
|
(10,738
|
)
|
|
Balances at June 30, 2021
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
25,130,613
|
|
|
$
|
3
|
|
|
$
|
337,493
|
|
|
$
|
(174
|
)
|
|
$
|
(155,990
|
)
|
|
$
|
181,332
|
|
|
Exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
134,232
|
|
|
|
—
|
|
|
|
797
|
|
|
|
—
|
|
|
|
—
|
|
|
|
797
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,855
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,855
|
|
|
Unrealized gain on available-for-sale securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|
Foreign exchange translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(11,835
|
)
|
|
|
(11,835
|
)
|
|
Balances at September 30, 2021
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
25,264,845
|
|
|
$
|
3
|
|
|
$
|
340,145
|
|
|
$
|
(167
|
)
|
|
$
|
(167,825
|
)
|
|
$
|
172,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three and Nine Months Ended September 30, 2020
|
|
|
|
|
Non-
Controlling
|
|
|
Series A
Convertible
Preferred Stock
|
|
|
Series B
Convertible
Preferred Stock
|
|
|
Series C
Convertible
Preferred Stock
|
|
|
|
Common Stock
|
|
|
Additional
Paid-in
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Accumulated
|
|
|
Total
Stockholders’
|
|
|
|
|
Interest
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
(Loss) Income
|
|
|
Deficit
|
|
|
Deficit
|
|
|
Balances at December 31, 2019
|
|
$
|
14,117
|
|
|
|
2,089,285
|
|
|
$
|
21,938
|
|
|
|
2,384,195
|
|
|
$
|
73,029
|
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
215,890
|
|
|
$
|
—
|
|
|
$
|
1,208
|
|
|
$
|
(106
|
)
|
|
$
|
(91,862
|
)
|
|
$
|
(90,760
|
)
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
202
|
|
|
|
—
|
|
|
|
—
|
|
|
|
202
|
|
|
Foreign exchange translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(176
|
)
|
|
|
—
|
|
|
|
(176
|
)
|
|
Net loss
|
|
|
(205
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,001
|
)
|
|
|
(9,001
|
)
|
|
Balances at March 31, 2020
|
|
$
|
13,912
|