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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 June 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: 001-38663

 

Gritstone bio, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

47-4859534

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

5959 Horton Street, Suite 300

Emeryville, California

 

94608

(Address of Principal Executive Offices)

 

(Zip Code)

(510) 871-6100

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

GRTS

 

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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  

As of July 30, 2021, there were 49,447,693 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.



 

Gritstone bio, Inc.

Table of Contents

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

1

Item 1.

 

Financial Statements (unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

 

1

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020

 

2

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020

 

3

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

 

5

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

6

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risks

 

38

Item 4.

 

Controls and Procedures

 

38

 

 

 

 

 

PART II. OTHER INFORMATION

 

39

Item 1.

 

Legal Proceedings

 

39

Item 1A.

 

Risk Factors

 

39

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

96

Item 3.

 

Defaults Upon Senior Securities

 

96

Item 4.

 

Mine Safety Disclosures

 

96

Item 5.

 

Other Information

 

96

Item 6.

 

Exhibits

 

97

 

 

 

 

 

SIGNATURES

 

98

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Gritstone bio, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share

amounts and par value)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,081

 

 

$

170,056

 

Marketable securities

 

 

107,101

 

 

 

1,002

 

Prepaid expenses and other current assets

 

 

5,573

 

 

 

4,332

 

Total current assets

 

 

176,755

 

 

 

175,390

 

Property and equipment, net

 

 

21,792

 

 

 

22,105

 

Operating lease right-of-use assets

 

 

18,700

 

 

 

21,344

 

Long-term marketable securities

 

 

4,001

 

 

 

 

Deposits and other long-term assets

 

 

2,976

 

 

 

2,728

 

Total assets

 

$

224,224

 

 

$

221,567

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,795

 

 

$

9,578

 

Accrued compensation

 

 

4,785

 

 

 

6,331

 

Accrued liabilities

 

 

736

 

 

 

677

 

Accrued research and development expenses

 

 

2,000

 

 

 

1,053

 

Lease liabilities, current portion

 

 

6,171

 

 

 

5,874

 

Deferred revenue, current portion

 

 

2,940

 

 

 

3,475

 

Total current liabilities

 

 

21,427

 

 

 

26,988

 

Other non-current liabilities

 

 

395

 

 

 

395

 

Lease liabilities, net of current portion

 

 

16,176

 

 

 

19,225

 

Deferred revenue, net of current portion

 

 

7,401

 

 

 

8,220

 

Total liabilities

 

 

45,399

 

 

 

54,828

 

Commitments and contingencies (Notes 6 and 8)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized;

   no shares issued and outstanding at June 30, 2021 and

   December 31, 2020

 

 

 

 

 

 

Common stock, $0.0001 par value; 300,000,000 shares authorized

   at June 30, 2021 and December 31, 2020; 49,433,361 and

   47,552,693 shares issued and outstanding at June 30, 2021 and

   December 31, 2020, respectively

 

 

18

 

 

 

18

 

Additional paid-in capital

 

 

522,290

 

 

 

493,023

 

Accumulated other comprehensive loss

 

 

14

 

 

 

 

Accumulated deficit

 

 

(343,497

)

 

 

(326,302

)

Total stockholders’ equity

 

 

178,825

 

 

 

166,739

 

Total liabilities and stockholders’ equity

 

$

224,224

 

 

$

221,567

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

1


Gritstone bio, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration and license revenues

 

$

2,843

 

 

$

488

 

 

$

42,536

 

 

$

1,750

 

Total revenues

 

 

2,843

 

 

 

488

 

 

 

42,536

 

 

 

1,750

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

22,072

 

 

 

21,290

 

 

 

46,928

 

 

 

43,758

 

General and administrative

 

 

5,937

 

 

 

5,255

 

 

 

12,878

 

 

 

10,720

 

Total operating expenses

 

 

28,009

 

 

 

26,545

 

 

 

59,806

 

 

 

54,478

 

Loss from operations

 

 

(25,166

)

 

 

(26,057

)

 

 

(17,270

)

 

 

(52,728

)

Interest income, net

 

 

48

 

 

 

189

 

 

 

75

 

 

 

654

 

Net loss

 

 

(25,118

)

 

 

(25,868

)

 

 

(17,195

)

 

 

(52,074

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities

 

 

17

 

 

 

70

 

 

 

14

 

 

 

26

 

Net and comprehensive loss

 

$

(25,101

)

 

$

(25,798

)

 

$

(17,181

)

 

$

(52,048

)

Net loss per share, basic and diluted

 

$

(0.33

)

 

$

(0.69

)

 

$

(0.23

)

 

$

(1.41

)

Weighted-average number of shares used in computing

   net loss per share, basic and diluted

 

 

76,749,641

 

 

 

37,256,247

 

 

 

76,368,506

 

 

 

37,027,405

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

2


Gritstone bio, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

Three Months Ended June 30, 2021:

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balance at March 31, 2021

 

 

49,197,828

 

 

$

18

 

 

$

517,715

 

 

$

(3

)

 

$

(318,379

)

 

 

199,351

 

Issuance of common stock under at the

   market ("ATM") equity offering

   program, net of issuance costs of $45

 

 

170,103

 

 

 

 

 

 

1,620

 

 

 

 

 

 

 

 

 

1,620

 

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 

 

 

 

17

 

Issuance of common stock upon exercise of

   stock options

 

 

65,430

 

 

 

 

 

 

222

 

 

 

 

 

 

 

 

 

222

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,733

 

 

 

 

 

 

 

 

 

 

2,733

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,118

)

 

 

(25,118

)

Balance at June 30, 2021

 

 

49,433,361

 

 

$

18

 

 

$

522,290

 

 

$

14

 

 

$

(343,497

)

 

$

178,825

 

Three Months Ended June 30, 2020:

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balance at March 31, 2020

 

 

36,985,739

 

 

$

17

 

 

$

362,586

 

 

$

(20

)

 

$

(247,194

)

 

$

115,389

 

Issuance of common stock under the

   ATM equity offering program, net of

   issuance costs of $97

 

 

592,594

 

 

 

 

 

 

4,093

 

 

 

 

 

 

 

 

 

4,093

 

Issuance of common stock under the employee

   stock purchase plan (“ESPP”)

 

 

96,234

 

 

 

 

 

 

527

 

 

 

 

 

 

 

 

 

527

 

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

70

 

Lapse of repurchase rights related to

   common stock issued pursuant to early

   exercises

 

 

7,142

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Issuance of common stock upon exercise of

   stock options

 

 

31,509

 

 

 

 

 

 

57

 

 

 

 

 

 

 

 

 

57

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,957

 

 

 

 

 

 

 

 

 

1,957

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,868

)

 

 

(25,868

)

Balance at June 30, 2020

 

 

37,713,218

 

 

$

17

 

 

$

369,223

 

 

$

50

 

 

$

(273,062

)

 

$

96,228

 

 

Continued on next page.

 

See accompanying notes to the unaudited condensed consolidated financial statements.

3


Gritstone bio, Inc.

Condensed Consolidated Statements of Stockholders’ Equity - Continued

(Unaudited)

(In thousands, except share amounts)

Six Months Ended June 30, 2021:

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

47,552,693

 

 

$

18

 

 

$

493,023

 

 

$

 

 

$

(326,302

)

 

$

166,739

 

Offering costs related to the sale of

   common stock and pre-funded warrants

 

 

 

 

 

 

 

 

(451

)

 

 

 

 

 

 

 

 

(451

)

Issuance of common stock under Sales

   Purchase Agreement, net of issuance

   costs of $330

 

 

1,169,591

 

 

 

 

 

 

20,839

 

 

 

 

 

 

 

 

 

20,839

 

Issuance of common stock under at the

   ATM equity offering program, net of

   issuance costs of $45

 

 

170,103

 

 

 

 

 

 

1,620

 

 

 

 

 

 

 

 

 

1,620

 

Issuance of common stock under the ESPP

 

 

109,564

 

 

 

 

 

 

279

 

 

 

 

 

 

 

 

 

279

 

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

14

 

Issuance of common stock upon exercise of

   stock options

 

 

431,410

 

 

 

 

 

 

2,046

 

 

 

 

 

 

 

 

 

2,046

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,934

 

 

 

 

 

 

 

 

 

4,934

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,195

)

 

 

(17,195

)

Balance at June 30, 2021

 

 

49,433,361

 

 

$

18

 

 

$

522,290

 

 

$

14

 

 

$

(343,497

)

 

$

178,825

 

Six Months Ended June 30, 2020:

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

36,332,956

 

 

$

17

 

 

$

355,291

 

 

$

24

 

 

$

(220,988

)

 

$

134,344

 

Issuance of common stock under the

   ATM equity offering program, net of

   issuance costs of $101

 

 

1,160,963

 

 

 

 

 

 

9,670

 

 

 

 

 

 

 

 

 

9,670

 

Issuance of common stock under the ESPP

 

 

96,234

 

 

 

 

 

 

527

 

 

 

 

 

 

 

 

 

527

 

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

 

 

 

26

 

Lapse of repurchase rights related to

   common stock issued pursuant to early

   exercises

 

 

30,874

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

11

 

Issuance of common stock upon exercise of

   stock options

 

 

92,191

 

 

 

 

 

 

148

 

 

 

 

 

 

 

 

 

148

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,576

 

 

 

 

 

 

 

 

 

3,576

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52,074

)

 

 

(52,074

)

Balance at June 30, 2020

 

 

37,713,218

 

 

$

17

 

 

$

369,223

 

 

$

50

 

 

$

(273,062

)

 

$

96,228

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

 

 

 

 

4


 

Gritstone bio, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(17,195

)

 

$

(52,074

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,193

 

 

 

3,277

 

Net amortization of premiums and discounts on marketable securities

 

 

342

 

 

 

(113

)

Stock-based compensation

 

 

4,934

 

 

 

3,576

 

Non-cash operating lease expense

 

 

3,822

 

 

 

3,712

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(1,251

)

 

 

897

 

Deposits and other long-term assets

 

 

(247

)

 

 

99

 

Accounts payable

 

 

416

 

 

 

599

 

Accrued compensation

 

 

(1,546

)

 

 

(835

)

Accrued and other non-current liabilities

 

 

(166

)

 

 

256

 

Accrued research and development expenses

 

 

946