pstx-10q_20200930.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 2020

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: 001-39376

 

Poseida Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

47-2846548

(State or Other Jurisdiction of

Incorporation or Organization)

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

9390 Towne Centre Drive, Suite 200

San Diego, California

92121

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (858) 779-3100

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

PSTX

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 November 9, 2020, the registrant had 61,820,010 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

Page

 

Item 1. Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

4

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2020 and 2019

5

 

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

6

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

8

 

Notes to Condensed Consolidated Financial Statements

9

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

37

 

Item 4. Controls and Procedures

37

PART II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

39

 

Item 1A. Risk Factors

39

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

94

 

Item 3. Defaults Upon Senior Securities

94

 

Item 4. Mine Safety Disclosures

94

 

Item 5. Other Information

94

 

Item 6. Exhibits

95

 

Signatures

96

 

1


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties.  All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements.  In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions.  These forward-looking statements include, but are not limited to, statements concerning the following:

 

our expectations regarding the timing, scope and results of our development activities, including our ongoing and planned clinical trials;

 

the timing of and plans for regulatory filings;

 

our plans to obtain and maintain regulatory approvals of our product candidates in any of the indications for which we plan to develop them, and any related restrictions, limitations, and/or warnings in the label of an approved product candidate;

 

the potential benefits of our product candidates and technologies;

 

our expectations regarding the use of our platform technologies to generate novel product candidates;

 

the market opportunities for our product candidates and our ability to maximize those opportunities;

 

our business strategies and goals;

 

estimates of our expenses, capital requirements, any future revenue, and need for additional financing;

 

our expectations regarding establishing manufacturing capabilities;

 

the performance of our third-party suppliers and manufacturers;

 

our expectations regarding our ability to obtain and maintain intellectual property protection for our platform technologies and product candidates and our ability to operate our business without infringing on the intellectual property rights of others;

 

our expectations regarding developments and projections relating to our competitors, competing therapies that are or become available, and our industry;

 

our expectations regarding the impact of the COVID-19 pandemic on our business, our industry and the economy;

 

future changes in or impact of law and regulations in the United States and foreign countries; and

 

the sufficiency of our existing cash, cash equivalents and short-term investments to fund our operations.

We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives and financial needs.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.  Moreover, we operate in a very competitive and rapidly changing environment.  New risks emerge from time to time.  It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.  In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

2


You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, advancements, discoveries, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations.

Unless the context otherwise indicates, references in this report to the terms “Poseida”, “the Company,” “we,” “our” and “us” refer to Poseida Therapeutics, Inc. and its subsidiaries.

We may announce material business and financial information to our investors using our investor relations website (investors.poseida.com).  We therefore encourage investors and others interested in Poseida to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission, or the SEC, press releases and conference calls.

3


PART I.  FINANCIAL INFORMATION

Item 1.Financial Statements

Poseida Therapeutics, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share amounts)

 

 

 

September 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

66,271

 

 

$

87,784

 

Short-term investments

 

 

275,186

 

 

 

37,534

 

Prepaid expenses and other current assets

 

 

5,820

 

 

 

1,861

 

Total current assets

 

 

347,277

 

 

 

127,179

 

Property and equipment, net

 

 

23,728

 

 

 

10,858

 

Operating lease right-of-use assets

 

 

25,070

 

 

 

 

Intangible assets

 

 

1,320

 

 

 

1,320

 

Goodwill

 

 

4,228

 

 

 

4,228

 

Other long-term assets

 

 

3,548

 

 

 

3,411

 

Total assets

 

$

405,171

 

 

$

146,996

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND

   STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,256

 

 

$

4,929

 

Accrued and other liabilities

 

 

24,315

 

 

 

13,926

 

Operating lease liabilities, current

 

 

4,199

 

 

 

 

Term debt - short-term

 

 

 

 

 

3,000

 

Total current liabilities

 

 

29,770

 

 

 

21,855

 

Term debt - long-term

 

 

29,059

 

 

 

26,140

 

Deferred CIRM grant liability

 

 

23,755

 

 

 

19,592

 

Warrant liability

 

 

 

 

 

1,271

 

Deferred tax liability

 

 

55

 

 

 

55

 

Operating lease liability, non-current

 

 

25,615

 

 

 

 

Other long-term liabilities

 

 

1,081

 

 

 

5,421

 

Total liabilities

 

 

109,335

 

 

 

74,334

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Convertible preferred stock (Series A, A-1, B, C and D), $0.0001 par value: 0 and 33,085,827 shares authorized at September 30, 2020 and December 31, 2019, respectively; 0 and 32,934,785 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

 

 

 

222,173

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value: 250,000,000 and 57,013,463 shares authorized at September 30, 2020 and December 31, 2019, respectively; 61,819,509 and 13,196,419 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

 

6

 

 

 

2

 

Additional paid-in capital

 

 

541,605

 

 

 

2,689

 

Accumulated other comprehensive income (loss)

 

 

(39

)

 

 

19

 

Accumulated deficit

 

 

(245,736

)

 

 

(152,221

)

Total stockholders’ equity (deficit)

 

 

295,836

 

 

 

(149,511

)

Total liabilities, convertible preferred stock and stockholders’

   equity (deficit)

 

$

405,171

 

 

$

146,996

 

 

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

4


Poseida Therapeutics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

27,016

 

 

$

15,696

 

 

$

75,636

 

 

$

41,189

 

General and administrative

 

 

6,458

 

 

 

4,007

 

 

 

15,553

 

 

 

14,449

 

Increase in contingent consideration

   (inclusive of related party amounts

   of zero, $434, zero and $2,739,

   respectively)

 

 

 

 

 

1,060

 

 

 

 

 

 

6,683

 

Total operating expenses

 

 

33,474

 

 

 

20,763

 

 

 

91,189

 

 

 

62,321

 

Loss from operations

 

 

(33,474

)

 

 

(20,763

)

 

 

(91,189

)

 

 

(62,321

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(848

)

 

 

(935

)

 

 

(2,654

)

 

 

(2,633

)

Other income (expense), net

 

 

(92

)

 

 

744

 

 

 

216

 

 

 

2,040

 

Net loss before income tax

 

 

(34,414

)

 

 

(20,954

)

 

 

(93,627

)

 

 

(62,914

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(34,414

)

 

$

(20,954

)

 

$

(93,627

)

 

$

(62,914

)

Other comprehensive income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive expense (net of tax

   expense of zero for each of the periods

   ending September 30, 2020 and 2019)

 

$

(59

)

 

$

(8

)

 

$

(58

)

 

$

(3

)

Total other comprehensive expense

 

$

(59

)

 

$

(8

)

 

$

(58

)

 

$

(3

)

Comprehensive loss

 

$

(34,473

)

 

$

(20,962

)

 

$

(93,685

)

 

$

(62,917

)

Net loss per share attributable to common

   stockholders, basic and diluted

 

$

(0.63

)

 

$

(1.65

)

 

$

(3.43

)

 

$

(5.06

)

Weighted-average shares of common stock,

   basic and diluted

 

 

54,973,788

 

 

 

12,665,834

 

 

 

27,324,297

 

 

 

12,427,367

 

 

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

5


Poseida Therapeutics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

(In thousands, except share amounts)

 

 

 

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Deficit

 

Balance at January 1, 2019

 

 

18,200,011

 

 

$

72,460

 

 

 

 

12,275,579

 

 

$

2

 

 

$

(11,026

)

 

$

 

 

$

(65,694

)

 

$

(76,718

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,334

)

 

 

(13,334

)

Issuance of common stock under

   employee stock compensation

   plans

 

 

 

 

 

 

 

 

 

16,594

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

18

 

Issuance of Series C preferred

   stock for cash net of

   issuance costs $146

 

 

8,457,758

 

 

 

85,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

454

 

 

 

 

 

 

 

 

 

454

 

Balance at March 31, 2019

 

 

26,657,769

 

 

$

158,414

 

 

 

 

12,292,173

 

 

$

2

 

 

$

(10,554

)

 

$

 

 

$

(79,027

)

 

$

(89,580

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,627

)

 

 

(28,627

)

Issuance of common stock under

   employee stock compensation

   plans

 

 

 

 

 

 

 

 

 

34,800

 

 

 

 

 

 

37

 

 

 

 

 

 

 

 

 

37

 

Issuance of Series C preferred

   stock for cash net of issuance

   costs $133

 

 

5,502,950

 

 

 

55,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

607

 

 

 

 

 

 

 

 

 

607

 

Unrealized gain on marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Balance at June 30, 2019

 

 

32,160,719

 

 

$

214,310

 

 

 

 

12,326,973

 

 

$

2

 

 

$

(9,910

)

 

$

5

 

 

$

(107,654

)

 

$

(117,558

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,954

)

 

 

(20,954

)

Issuance of common stock under

   employee stock compensation

   plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for

   acquisition of Vindico

 

 

 

 

 

 

 

 

 

866,149

 

 

 

 

 

 

10,596

 

 

 

 

 

 

 

 

 

10,596

 

Issuance of Series C preferred

   stock for cash net of issuance

   costs $8

 

 

774,066

 

 

 

7,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

676

 

 

 

 

 

 

 

 

 

676

 

Unrealized gain (loss) on marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

(8

)

Balance at September 30, 2019

 

 

32,934,785

 

 

$

222,173

 

 

 

 

13,193,122

 

 

$

2

 

 

$

1,362

 

 

$

(3

)

 

$

(128,608

)

 

$

(127,248

)

 

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

6


Poseida Therapeutics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

(In thousands, except share amounts)

 

 

 

Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at January 1, 2020

 

 

32,934,785

 

 

$

222,173

 

 

 

 

13,196,419

 

 

$

2

 

 

$

2,689

 

 

$

19

 

 

$

(152,221

)

 

$

(149,511

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,784

)

 

 

(28,784

)

Transition adjustment from

   adoption of ASC 842 (Note 2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111

 

 

 

111

 

Issuance of common stock under

   employee stock compensation

   plans

 

 

 

 

 

 

 

 

 

174,359

 

 

 

 

 

 

183

 

 

 

 

 

 

 

 

 

183

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,509

 

 

 

 

 

 

 

 

 

1,509

 

Unrealized gain on marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111

 

 

 

 

 

 

111

 

Balance at March 31, 2020

 

 

32,934,785

 

 

$

222,173

 

 

 

 

13,370,778

 

 

$

2

 

 

$

4,381

 

 

$

130

 

 

$

(180,894

)

 

$

(176,381

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,428

)

 

 

(30,428

)

Issuance of Series D preferred

   stock for cash, net of issuance

   costs of $5,359

 

 

10,018,300

 

 

 

104,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,616

 

 

 

 

 

 

 

 

 

1,616

 

Change in unrealized gain on

   marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

(110

)

Balance at June 30, 2020

 

 

42,953,085

 

 

$

326,313

 

 

 

 

13,370,778

 

 

$

2

 

 

$

5,997

 

 

$

20

 

 

$

(211,322

)

 

$

(205,303

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,414

)

 

 

(34,414

)

Issuance of common stock under

   employee stock compensation

   plans

 

 

 

 

 

 

 

 

 

3,623

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Issuance of common stock for

   conversion of preferred stock

   in closing of IPO

 

 

(42,953,085

)

 

 

(326,313

)

 

 

 

34,445,108

 

 

 

3

 

 

 

326,310

 

 

 

 

 

 

 

 

 

326,313

 

Issuance of common stock

   from initial public offering,

   net of issuance costs $18,257

 

 

 

 

 

 

 

 

 

14,000,000

 

 

 

1

 

 

 

205,742

 

 

 

 

 

 

 

 

 

205,743

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,895

 

 

 

 

 

 

 

 

 

1,895

 

Reclassification of Series A-1 and

   Series B warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,658

 

 

 

 

 

 

 

 

 

1,658

 

Change in unrealized gain (loss)

   on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(59

)

 

 

 

 

 

(59

)

Balance at September 30, 2020

 

 

 

 

$

0

 

 

 

 

61,819,509

 

 

$

6

 

 

$

541,605

 

 

$

(39

)

 

$

(245,736

)

 

$

295,836

 

 

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

7


Poseida Therapeutics, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net loss

 

$

(93,627

)

 

$

(62,914

)

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

 

 

 

 

 

 

 

 

Depreciation & amortization expense

 

 

1,546

 

 

 

807

 

Loss on disposal of assets

 

 

 

 

 

450

 

Stock-based compensation

 

 

5,020

 

 

 

1,737

 

Change in fair value of contingent liabilities

 

 

 

 

 

6,679

 

Change in preferred stock warrant liability

 

 

387

 

 

 

(492

)

Accretion of discount on issued term debt

 

 

638

 

 

 

615

 

Imputed rent expense

 

 

 

 

 

44

 

Write-off of deferred financing costs

 

 

 

 

 

855

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(2,277

)

 

 

134

 

Operating lease right-of-use assets

 

 

3,117

 

 

 

 

Other long-term assets

 

 

(137

)

 

 

(1,534

)

Accounts payable

 

 

(3,979

)

 

 

(1,043

)

Accrued liabilities

 

 

8,980

 

 

 

5,653

 

Operating lease liabilities

 

 

(2,681

)

 

 

 

Other long-term liabilities

 

 

 

 

 

1,055

 

Net cash used in operating activities

 

 

(83,013

)

 

 

(47,954

)

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(14,756

)

 

 

(3,769

)

Purchases of short-term investments

 

 

(295,147

)

 

 

(66,496

)

Proceeds from maturities of short-term investments

 

 

57,500

 

 

 

17,500

 

Net cash used in investing activities

 

 

(252,403

)

 

 

(52,765

)

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Net proceeds from stock option exercises