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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: 000-51173

 

Catalyst Biosciences, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

56-2020050

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

611 Gateway Blvd., Suite 710

South San Francisco, California

94080

(Address of Principal Executive Offices)

(Zip Code)

(650) 871-0761

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered or to be 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

 

CBIO

 

NASDAQ

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, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “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 November 8, 2021, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 31,409,707.

 

 

 

 


 

CATALYST BIOSCIENCES, INC.

TABLE OF CONTENTS

 

 

 

 

 

Page No.

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1.

 

Financial Statements:

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020 (unaudited)

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)

 

7

 

 

 

 

 

 

 

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

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

 

17

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

27

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

27

 

 

 

 

 

PART II. OTHER INFORMATION

 

28

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

28

 

 

 

 

 

Item 1A.

 

Risk Factors

 

28

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

40

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

41

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

41

 

 

 

 

 

Item 5.

 

Other Information

 

41

 

 

 

 

 

Item 6.

 

Exhibits

 

41

 

 

 

 

 

Exhibit Index

 

42

 

 

 

 

 

Signatures

 

43

 

 

 

 


 

 

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Catalyst Biosciences, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,157

 

 

$

30,360

 

Short-term investments

 

 

5,371

 

 

 

48,994

 

Accounts receivable

 

 

1,114

 

 

 

3,313

 

Prepaid and other current assets

 

 

8,322

 

 

 

6,843

 

Total current assets

 

 

73,964

 

 

 

89,510

 

Long-term investments

 

 

 

 

 

2,543

 

Other assets, noncurrent

 

 

869

 

 

 

528

 

Right-of-use assets

 

 

2,613

 

 

 

1,832

 

Property and equipment, net

 

 

1,091

 

 

 

433

 

Total assets

 

$

78,537

 

 

$

94,846

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,862

 

 

$

5,931

 

Accrued compensation

 

 

2,548

 

 

 

2,476

 

Deferred revenue

 

 

853

 

 

 

1,983

 

Other accrued liabilities

 

 

8,144

 

 

 

6,743

 

Operating lease liability

 

 

1,844

 

 

 

663

 

Total current liabilities

 

 

17,251

 

 

 

17,796

 

Operating lease liability, noncurrent

 

 

550

 

 

 

981

 

Total liabilities

 

 

17,801

 

 

 

18,777

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares issued

   and outstanding

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 31,392,618 and

   22,097,820 shares issued and outstanding at September 30, 2021 and

   December 31, 2020, respectively

 

 

31

 

 

 

22

 

Additional paid-in capital

 

 

443,069

 

 

 

390,803

 

Accumulated other comprehensive income

 

 

1

 

 

 

5

 

Accumulated deficit

 

 

(382,365

)

 

 

(314,761

)

Total stockholders’ equity

 

 

60,736

 

 

 

76,069

 

Total liabilities and stockholders’ equity

 

$

78,537

 

 

$

94,846

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

3


 

 

Catalyst Biosciences, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License

 

$

 

 

$

32

 

 

$

 

 

$

15,100

 

Collaboration

 

 

2,299

 

 

 

861

 

 

 

4,898

 

 

 

3,817

 

License and collaboration revenue

 

 

2,299

 

 

 

893

 

 

 

4,898

 

 

 

18,917

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license

 

 

 

 

 

32

 

 

 

 

 

 

3,102

 

Cost of collaboration

 

 

2,307

 

 

 

879

 

 

 

4,926

 

 

 

4,030

 

Research and development

 

 

20,352

 

 

 

12,249

 

 

 

52,754

 

 

 

38,419

 

General and administrative

 

 

4,869

 

 

 

3,833

 

 

 

14,799

 

 

 

11,895

 

Total operating expenses

 

 

27,528

 

 

 

16,993

 

 

 

72,479

 

 

 

57,446

 

Loss from operations

 

 

(25,229

)

 

 

(16,100

)

 

 

(67,581

)

 

 

(38,529

)

Interest and other income (expense), net

 

 

(9

)

 

 

67

 

 

 

(23

)

 

 

1,195

 

Net loss

 

$

(25,238

)

 

$

(16,033

)

 

$

(67,604

)

 

$

(37,334

)

Net loss per share attributable to common

   stockholders, basic and diluted

 

$

(0.80

)

 

$

(0.73

)

 

$

(2.23

)

 

$

(2.05

)

Shares used to compute net loss per share attributable to

   common stockholders, basic and diluted

 

 

31,379,755

 

 

 

22,072,243

 

 

 

30,382,231

 

 

 

18,199,575

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

4


 

 

Catalyst Biosciences, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(25,238

)

 

$

(16,033

)

 

$

(67,604

)

 

$

(37,334

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on available-for-sale debt securities

 

 

(1

)

 

 

(33

)

 

 

(4

)

 

 

(26

)

Total comprehensive loss

 

$

(25,239

)

 

$

(16,066

)

 

$

(67,608

)

 

$

(37,360

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

5


 

 

Catalyst Biosciences, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

 

 

 

Convertible

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

 

 

$

 

 

 

22,097,820

 

 

$

22

 

 

$

390,803

 

 

$

5

 

 

$

(314,761

)

 

$

76,069

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

10,149

 

 

 

 

 

 

1,026

 

 

 

 

 

 

 

 

 

1,026

 

Issuance of common stock from stock

   grants and option exercises

 

 

 

 

 

 

 

 

38,058

 

 

 

 

 

 

182

 

 

 

 

 

 

 

 

 

182

 

Issuance of common stock for public offering, net

   of issuance costs of $3,563

 

 

 

 

 

 

 

 

9,185,000

 

 

 

9

 

 

 

49,241

 

 

 

 

 

 

 

 

 

49,250

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,438

)

 

 

(22,438

)

Balance at March 31, 2021

 

 

 

 

 

 

 

 

31,331,027

 

 

 

31

 

 

 

441,252

 

 

 

5

 

 

 

(337,199

)

 

 

104,089

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

13,713

 

 

 

 

 

 

983

 

 

 

 

 

 

 

 

 

983

 

Issuance of common stock from stock

   grants and option exercises

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

23

 

Unrealized loss on available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

(3

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,928

)

 

 

(19,928

)

Balance at June 30, 2021

 

 

 

 

 

 

 

 

31,349,740

 

 

 

31

 

 

 

442,258

 

 

 

2

 

 

 

(357,127

)

 

 

85,164

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

15,961

 

 

 

 

 

 

713

 

 

 

 

 

 

 

 

 

713

 

Issuance of common stock from stock

   grants and option exercises

 

 

 

 

 

 

 

 

26,917

 

 

 

 

 

 

98

 

 

 

 

 

 

 

 

 

98

 

Unrealized loss on available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,238

)

 

 

(25,238

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

31,392,618

 

 

$

31

 

 

$

443,069

 

 

$

1

 

 

$

(382,365

)

 

$

60,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

 

 

$

 

 

 

12,040,835

 

 

$

12

 

 

$

326,810

 

 

$

34

 

 

$

(258,520

)

 

$

68,336

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,817

 

 

 

 

 

 

805

 

 

 

 

 

 

 

 

 

805

 

Issuance of common stock from stock

   grants and option exercises

 

 

 

 

 

 

 

 

62,969

 

 

 

 

 

 

339

 

 

 

 

 

 

 

 

 

339

 

Issuance of common stock for public offering, net

   of issuance costs of $2,514

 

 

 

 

 

 

 

 

5,307,692

 

 

 

5

 

 

 

31,981

 

 

 

 

 

 

 

 

 

31,986

 

Unrealized gain on available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

106

 

 

 

 

 

 

 

106

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,053

)

 

 

(4,053

)

Balance at March 31, 2020

 

 

 

 

 

 

 

 

17,419,313

 

 

 

17

 

 

 

359,935

 

 

 

140

 

 

 

(262,573

)

 

 

97,519

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

16,048

 

 

 

 

 

 

834

 

 

 

 

 

 

 

 

 

834

 

Issuance of common stock for public offering, net

   of issuance costs of $2,045

 

 

 

 

 

 

 

 

4,615,384

 

 

 

5

 

 

 

27,950

 

 

 

 

 

 

 

 

 

27,955

 

Unrealized loss on available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(99

)

 

 

 

 

 

(99

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,248

)

 

 

(17,248

)

Balance at June 30, 2020

 

 

 

 

 

 

 

 

22,050,745

 

 

 

22

 

 

 

388,719

 

 

 

41

 

 

 

(279,821

)

 

 

108,961

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,295

 

 

 

 

 

 

1,068

 

 

 

 

 

 

 

 

 

1,068

 

Issuance of common stock from stock grants

 

 

 

 

 

 

 

 

19,884

 

 

 

 

 

 

96

 

 

 

 

 

 

 

 

 

96

 

Unrealized loss on available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33

)

 

 

 

 

 

(33

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,033

)

 

 

(16,033

)

Balance at September 30, 2020

 

 

 

 

$

 

 

 

22,082,924

 

 

$

22

 

 

$

389,883

 

 

$

8

 

 

$

(295,854

)

 

$

94,059

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6


 

 

Catalyst Biosciences, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net loss

 

$

(67,604

)

 

$

(37,334

)

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