amti-10q_20210630.htm
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Table of Contents

 

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: 001-39306

 

APPLIED MOLECULAR TRANSPORT INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

81-4481426

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

1 Tower Place, Suite 850

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: 650-392-0420

 

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, par value $0.0001 per share

 

AMTI

 

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, a 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 August 3, 2021, the registrant had 38,424,662 shares of common stock, $0.0001 par value per share, outstanding.

 

 


Table of Contents

 

 

Table of Contents

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Financial Statements (Unaudited)

1

 

Condensed Balance Sheets

1

 

Condensed Statements of Operations and Comprehensive Loss

2

 

Condensed Statements of Stockholders’ Equity

3

 

Condensed Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

4

 

Condensed Statements of Cash Flows

5

 

Notes to Unaudited Condensed Financial Statements

6

Item 2.

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

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

 

 

 

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 3.

Defaults Upon Senior Securities

79

Item 4.

Mine Safety Disclosures

79

Item 5.

Other Information

79

Item 6.

Exhibits

80

Signatures

81

 

 

 


Table of Contents

 

 

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information regarding our expectations on the timing of clinical study initiation and results and the timing and success of future development of our products, our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities, reliance on third parties, financing needs, and impact of the Affordable Care Act and other legislation, among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that 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, including those described in “Risk Factors” and elsewhere in this report. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

Any forward-looking statement made by us in this report speaks only as of the date on which it is made. Except as required by law, we disclaim any obligation to update these forward-looking statements publicly, or to update the reasons. Actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

 

 

 

 


Table of Contents

 

 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Financial Statements (Unaudited)

Applied Molecular Transport Inc.

Condensed Balance Sheets

(unaudited)

 

(in thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

159,455

 

 

$

5,843

 

Short-term investments

 

 

40,065

 

 

 

124,026

 

Prepaid expenses

 

 

5,969

 

 

 

1,311

 

Other current assets

 

 

419

 

 

 

321

 

Total current assets

 

 

205,908

 

 

 

131,501

 

Property and equipment, net

 

 

6,606

 

 

 

8,447

 

Operating lease right-of-use assets, net

 

 

9,853

 

 

 

 

Finance lease right-of-use assets, net

 

 

748

 

 

 

 

Restricted cash

 

 

1,025

 

 

 

108

 

Other assets

 

 

127

 

 

 

127

 

Total assets

 

$

224,267

 

 

$

140,183

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,392

 

 

$

3,174

 

Accrued expenses

 

 

3,910

 

 

 

4,173

 

Operating lease liabilities, current

 

 

2,608

 

 

 

 

Finance lease liabilities, current

 

 

239

 

 

 

 

Deferred rent, current

 

 

 

 

 

83

 

Capital lease obligations, current

 

 

 

 

 

232

 

Total current liabilities

 

 

8,149

 

 

 

7,662

 

Operating lease liabilities

 

 

7,746

 

 

 

 

Finance lease liabilities

 

 

282

 

 

 

 

Deferred rent

 

 

 

 

 

444

 

Capital lease obligations

 

 

 

 

 

404

 

Total liabilities

 

 

16,177

 

 

 

8,510

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value, 450,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 38,350,990 and 35,121,360 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

391,530

 

 

 

271,000

 

Accumulated other comprehensive income

 

 

6

 

 

 

27

 

Accumulated deficit

 

 

(183,450

)

 

 

(139,358

)

Total stockholders’ equity

 

 

208,090

 

 

 

131,673

 

Total liabilities and stockholders’ equity

 

$

224,267

 

 

$

140,183

 

 

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

1


Table of Contents

 

Applied Molecular Transport Inc.

Condensed Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

16,534

 

 

$

12,836

 

 

$

31,415

 

 

$

25,790

 

General and administrative

 

 

7,093

 

 

 

2,487

 

 

 

12,692

 

 

 

4,976

 

Total operating expenses

 

 

23,627

 

 

 

15,323

 

 

 

44,107

 

 

 

30,766

 

Loss from operations

 

 

(23,627

)

 

 

(15,323

)

 

 

(44,107

)

 

 

(30,766

)

Interest income, net

 

 

59

 

 

 

45

 

 

 

99

 

 

 

128

 

Other expense, net

 

 

(62

)

 

 

(101

)

 

 

(84

)

 

 

(52

)

Net loss

 

$

(23,630

)

 

$

(15,379

)

 

$

(44,092

)

 

$

(30,690

)

Net loss per share, basic and diluted

 

$

(0.62

)

 

$

(1.11

)

 

$

(1.20

)

 

$

(2.88

)

Weighted-average shares of common stock outstanding, basic and diluted

 

 

38,128,095

 

 

 

13,869,040

 

 

 

36,680,973

 

 

 

10,643,240

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23,630

)

 

$

(15,379

)

 

$

(44,092

)

 

$

(30,690

)

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on investments

 

 

(19

)

 

 

2

 

 

 

(21

)

 

 

8

 

Amounts recognized for net realized gains included in net loss

 

 

 

 

 

(19

)

 

 

 

 

 

(19

)

Total comprehensive loss

 

$

(23,649

)

 

$

(15,396

)

 

$

(44,113

)

 

$

(30,701

)

 

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

 

2


Table of Contents

 

 

Applied Molecular Transport Inc.

Condensed Statements of Stockholders’ Equity

(unaudited)

(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

As of December 31, 2020

 

 

35,121,360

 

 

$

4

 

 

$

271,000

 

 

$

27

 

 

$

(139,358

)

 

$

131,673

 

Exercise of common stock options

 

 

129,290

 

 

 

 

 

 

397

 

 

 

 

 

 

 

 

 

397

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,951

 

 

 

 

 

 

 

 

 

1,951

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,462

)

 

 

(20,462

)

As of March 31, 2021

 

 

35,250,650

 

 

$

4

 

 

$

273,348

 

 

$

25

 

 

$

(159,820

)

 

$

113,557

 

Issuance of common stock upon follow-on offering, net of underwriters' commission and issuance costs of $7,947

 

 

2,875,000

 

 

 

 

 

 

112,801

 

 

 

 

 

 

 

 

 

112,801

 

Issuance of common stock from employee stock purchase plan

 

 

10,549

 

 

 

 

 

 

276

 

 

 

 

 

 

 

 

 

276

 

Exercise of common stock options

 

 

214,791

 

 

 

 

 

 

772

 

 

 

 

 

 

 

 

 

772

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,333

 

 

 

 

 

 

 

 

 

4,333

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

 

 

 

(19

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,630

)

 

 

(23,630

)

As of June 30, 2021

 

 

38,350,990

 

 

$

4

 

 

$

391,530

 

 

$

6

 

 

$

(183,450

)

 

$

208,090

 

 

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

3


Table of Contents

 

Applied Molecular Transport Inc.

Condensed Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(unaudited)

(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Convertible Preferred Stock

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Series A

 

 

Series B

 

 

Series C

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity (Deficit)

 

As of December 31, 2019

 

 

5,157,213

 

 

$

32,826

 

 

 

3,992,919

 

 

$

30,921

 

 

 

4,816,160

 

 

$

41,868

 

 

 

7,360,738

 

 

$

1

 

 

$

1,078

 

 

$

13

 

 

$

(72,794

)

 

$

(71,702

)

Exercise of common stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,594

 

 

 

 

 

 

58

 

 

 

 

 

 

 

 

 

58

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

557

 

 

 

 

 

 

 

 

 

557

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,311

)

 

 

(15,311

)

As of March 31, 2020

 

 

5,157,213

 

 

$

32,826

 

 

 

3,992,919

 

 

$

30,921

 

 

 

4,816,160

 

 

$

41,868

 

 

 

7,434,332

 

 

$

1

 

 

$

1,693

 

 

$

19

 

 

$

(88,105

)

 

$

(86,392

)

Conversion of convertible preferred stock into common stock

 

 

(5,157,213

)

 

 

(32,826

)

 

 

(3,992,919

)

 

 

(30,921

)

 

 

(4,816,160

)

 

 

(41,868

)

 

 

13,966,292

 

 

 

1

 

 

 

105,614

 

 

 

 

 

 

 

 

 

105,615

 

Issuance of common stock upon initial public offering, net of underwriters' commission and issuance costs of $16,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,650,000

 

 

 

1

 

 

 

160,622

 

 

 

 

 

 

 

 

 

160,623

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

659

 

 

 

 

 

 

 

 

 

659

 

Net unrealized gains on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

(17

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,379

)

 

 

(15,379

)

As of June 30, 2020

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

34,050,624

 

 

$

3

 

 

$

268,588

 

 

$

2

 

 

$

(103,484

)

 

$

165,109

 

 

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

 

4


Table of Contents

 

 

Applied Molecular Transport Inc.

Condensed Statements of Cash Flows

(unaudited)

(in thousands)

 

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(44,092

)

 

$

(30,690

)

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

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

6,284

 

 

 

1,216

 

Depreciation and amortization

 

 

1,587

 

 

 

576

 

Non-cash operating lease expense

 

 

1,253

 

 

 

 

Loss on disposal of property and equipment

 

 

37

 

 

 

2

 

Net accretion of discounts on investments

 

 

(60

)

 

 

(6

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

(4,658

)

 

 

(1,232

)

Other current assets

 

 

(98

)

 

 

(459

)

Other assets

 

 

 

 

 

504

 

Accounts payable

 

 

(1,799

)

 

 

553

 

Accrued expenses

 

 

(263

)

 

 

973

 

Operating lease liabilities

 

 

(1,280

)

 

 

 

Deferred rent

 

 

 

 

 

5

 

Capital lease obligations

 

 

 

 

 

(50

)

Net cash used in operating activities

 

 

(43,089

)

 

 

(28,608

)

Investing activities

 

 

 

 

 

 

 

 

Proceeds from sales and maturities of investments

 

 

84,000

 

 

 

28,236

 

Purchases of property and equipment

 

 

(514

)

 

 

(2,394

)

Purchases of investments

 

 

 

 

 

(148,178

)

Net cash provided by (used in) investing activities

 

 

83,486

 

 

 

(122,336

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from follow-on offering, net of underwriters' commission

 

 

113,505

 

 

 

 

Proceeds from exercise of common stock options

 

 

1,169

 

 

 

58

 

Proceeds from issuance of common stock from employee stock purchase plan

 

 

276

 

 

 

 

 

Payments of issuance costs for follow-on offering

 

 

(704

)

 

 

 

Principal payments on finance lease liabilities

 

 

(114

)

 

 

 

Proceeds from initial public offering, net of underwriters' commission

 

 

 

 

 

164,703

 

Payments of issuance costs for initial public offering

 

 

 

 

 

(3,114

)

Principal payments on capital lease obligations

 

 

 

 

 

(29

)

Net cash provided by financing activities