10-Q
--12-31Q30001661460false10P10D0001661460us-gaap:AdditionalPaidInCapitalMemberus-gaap:PrivatePlacementMember2023-07-012023-09-300001661460us-gaap:AdditionalPaidInCapitalMember2022-03-310001661460pstx:RocheCollaborationAgreementMemberpstx:CollaborationProgramsMember2022-07-012022-07-310001661460pstx:AstellasUSLLCMemberpstx:AstellasStrategicRightsLetterMember2023-08-0400016614602023-03-310001661460us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001661460pstx:CollaborationRevenueMember2022-01-012022-09-300001661460pstx:LoanPrepaymentMemberpstx:TwoThousandAndTwentyTwoLoanAgreementMemberpstx:TermLoanMember2022-02-012022-02-280001661460us-gaap:RetainedEarningsMember2023-09-300001661460us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001661460us-gaap:IPOMember2020-07-310001661460pstx:FurnitureFixturesAndOtherMember2022-12-310001661460us-gaap:EquipmentMember2023-09-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001661460us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001661460pstx:TakedaCollaborationAgreementMember2022-12-310001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001661460us-gaap:AdditionalPaidInCapitalMemberpstx:PublicOfferingMember2022-07-012022-09-300001661460pstx:TwoThousandAndTwentyTwoLoanAgreementMember2023-07-012023-07-010001661460us-gaap:CommonStockMember2022-08-310001661460pstx:RocheLtdAndTakedaPharmaceuticalsUSAIncMember2023-01-012023-09-300001661460pstx:RocheCollaborationAgreementMemberpstx:Tier2ProgramsMember2022-07-012022-07-310001661460us-gaap:EquipmentMember2022-12-310001661460us-gaap:RetainedEarningsMember2022-03-310001661460pstx:InducementPlanMembersrt:MaximumMember2022-02-280001661460us-gaap:AdditionalPaidInCapitalMember2023-06-300001661460pstx:TermBLoanMemberpstx:AmendedLoanAgreementMember2017-12-310001661460us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001661460us-gaap:RetainedEarningsMember2023-01-012023-03-310001661460pstx:TakedaCollaborationAgreementMember2022-01-012022-12-310001661460us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001661460pstx:TwoThousandAndTwentyTwoLoanAgreementMemberpstx:OxfordMember2022-02-012022-02-280001661460us-gaap:USTreasuryAndGovernmentMember2023-09-300001661460us-gaap:CommonStockMember2022-12-310001661460pstx:OriginalTermALoanAndNewTermALoanMemberpstx:AmendedLoanAgreementMember2017-12-310001661460us-gaap:CommonStockMember2022-01-012022-03-310001661460pstx:TwoThousandTwentyEmployeeStockPurchasePlanMember2023-01-012023-09-300001661460us-gaap:RestrictedStockUnitsRSUMember2022-12-310001661460pstx:TwoThousandTwentyEmployeeStockPurchasePlanMember2020-07-310001661460pstx:ComputerEquipmentAndSoftwareMember2023-09-300001661460us-gaap:RetainedEarningsMember2022-01-012022-03-310001661460us-gaap:CommonStockMember2023-01-012023-03-310001661460pstx:AstellasStrategicRightsLetterMember2023-01-012023-09-300001661460us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001661460us-gaap:CommonStockMember2021-12-310001661460pstx:AstellasUSLLCMember2023-09-3000016614602023-09-300001661460us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001661460pstx:AstellasStrategicRightsLetterMember2023-09-300001661460us-gaap:RetainedEarningsMember2023-07-012023-09-3000016614602022-01-012022-09-300001661460pstx:TakedaPharmaceuticalsUSAIncMemberus-gaap:CollaborativeArrangementMember2021-10-012021-10-310001661460us-gaap:AdditionalPaidInCapitalMember2021-12-310001661460us-gaap:CommonStockMember2023-09-300001661460us-gaap:RetainedEarningsMember2022-12-3100016614602022-04-012022-06-300001661460us-gaap:EmployeeStockOptionMember2023-01-012023-09-3000016614602023-08-042023-08-040001661460pstx:TakedaCollaborationAgreementMember2023-01-012023-09-300001661460pstx:RocheCollaborationAgreementMember2023-01-012023-09-300001661460pstx:LiborMemberpstx:CaliforniaInstituteOfRegenerativeMedicineMember2023-01-012023-09-300001661460srt:MaximumMemberpstx:TwoThousandTwentyEmployeeStockPurchasePlanMember2020-07-012020-07-310001661460pstx:TwoThousandTwentyEmployeeStockPurchasePlanMember2020-07-012020-07-310001661460pstx:TwoThousandTwentyEquityIncentivePlanMember2020-07-310001661460us-gaap:AdministrativeServiceMember2021-10-310001661460us-gaap:FairValueInputsLevel1Memberpstx:MoneyMarketFundsAndUSGovernmentAgencyTreasuriesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001661460pstx:CaliforniaInstituteOfRegenerativeMedicineMember2023-01-012023-09-300001661460pstx:TwoThousandAndTwentyTwoLoanAgreementMemberpstx:OxfordMember2022-02-2800016614602021-12-310001661460us-gaap:CommonStockMember2022-06-300001661460us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001661460us-gaap:CommonStockMemberpstx:PublicOfferingMember2022-07-012022-09-300001661460us-gaap:CommonStockMember2022-09-300001661460us-gaap:EmployeeStockOptionMember2023-01-012023-09-3000016614602023-01-012023-03-310001661460us-gaap:AdditionalPaidInCapitalMember2022-12-310001661460pstx:TermLoanMember2023-01-012023-09-300001661460us-gaap:RetainedEarningsMember2023-04-012023-06-3000016614602022-01-012022-03-310001661460pstx:RocheCollaborationAgreementMember2023-09-300001661460pstx:ATMOfferingMember2023-01-012023-03-310001661460us-gaap:RestrictedStockUnitsRSUMember2023-09-300001661460us-gaap:CommonStockMember2023-07-012023-09-300001661460pstx:TwoThousandTwentyEquityIncentivePlanMember2020-07-012020-07-310001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001661460pstx:SalesAgreementMemberpstx:CantorFitzgeraldAndCompanyMemberus-gaap:CommonStockMemberpstx:MarketFacilityMember2023-09-3000016614602023-01-012023-09-300001661460us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001661460pstx:RocheCollaborationAgreementMemberpstx:Tier1ProgramsMember2022-07-012022-07-310001661460pstx:AstellasUSLLCMember2023-01-012023-09-300001661460pstx:CollaborationRevenueMember2023-07-012023-09-300001661460us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001661460us-gaap:LeaseholdImprovementsMember2023-09-300001661460us-gaap:MoneyMarketFundsMember2022-01-012022-12-310001661460us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001661460us-gaap:CommonStockMember2022-08-012022-08-310001661460pstx:RocheCollaborationAgreementMemberpstx:Tier1ProgramsMemberpstx:RocheLtdMember2022-07-310001661460us-gaap:MoneyMarketFundsMember2023-09-300001661460pstx:RocheCollaborationAgreementMember2022-01-012022-12-310001661460us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001661460us-gaap:CommonStockMember2023-03-310001661460us-gaap:CommonStockMember2023-04-012023-06-300001661460pstx:AstellasUSLLCMemberpstx:AstellasStrategicRightsLetterMember2023-08-042023-08-040001661460pstx:TermLoanMemberpstx:TwoThousandAndTwentyTwoLoanAgreementMember2022-02-012022-02-280001661460us-gaap:RetainedEarningsMember2023-03-310001661460us-gaap:PrivatePlacementMemberus-gaap:CommonStockMember2023-07-012023-09-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001661460us-gaap:AdditionalPaidInCapitalMemberpstx:ATMOfferingMember2023-01-012023-03-310001661460us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001661460us-gaap:CommonStockMember2022-04-012022-06-300001661460pstx:AstellasUSLLCMemberus-gaap:CommonStockMemberpstx:PurchaseAgreementMember2023-08-040001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-3000016614602022-06-300001661460us-gaap:USTreasuryAndGovernmentMember2022-12-310001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100016614602023-11-030001661460us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001661460us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001661460pstx:RocheCollaborationAgreementMemberpstx:RocheLtdMember2022-07-012022-07-310001661460us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001661460us-gaap:CommonStockMember2022-03-310001661460pstx:CollaborationRevenueMember2023-01-012023-09-300001661460us-gaap:AdditionalPaidInCapitalMember2022-06-3000016614602022-03-310001661460us-gaap:RetainedEarningsMember2022-09-300001661460us-gaap:PrivatePlacementMember2023-07-012023-09-300001661460pstx:AmendedLoanAgreementMember2023-09-300001661460us-gaap:RetainedEarningsMember2022-06-3000016614602023-06-300001661460us-gaap:RetainedEarningsMember2023-06-300001661460pstx:TwoThousandTwentyEmployeeStockPurchasePlanMember2022-01-012022-09-300001661460pstx:CollaborationRevenueMember2022-07-012022-09-3000016614602023-07-012023-09-300001661460us-gaap:EmployeeStockMember2022-01-012022-09-300001661460pstx:LeaseExpirationDateMember2023-09-300001661460pstx:ATMOfferingMemberus-gaap:CommonStockMember2023-01-012023-03-310001661460us-gaap:WarrantMember2022-01-012022-09-300001661460pstx:SalesAgreementMemberpstx:CantorFitzgeraldAndCompanyMemberus-gaap:CommonStockMemberpstx:MarketFacilityMember2021-08-012021-08-310001661460us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001661460pstx:AmendedLoanAgreementMember2022-02-280001661460us-gaap:MoneyMarketFundsMember2023-01-012023-09-300001661460pstx:PublicOfferingMember2022-07-012022-09-300001661460us-gaap:EmployeeStockMember2022-07-012022-09-300001661460us-gaap:AdditionalPaidInCapitalMember2022-09-300001661460us-gaap:RetainedEarningsMember2021-12-310001661460pstx:ComputerEquipmentAndSoftwareMember2022-12-310001661460pstx:PPSMA101ProgramMemberpstx:CaliforniaInstituteOfRegenerativeMedicineMember2018-09-012018-09-3000016614602022-02-280001661460pstx:RocheCollaborationAgreementMember2022-07-012022-07-310001661460us-gaap:AdditionalPaidInCapitalMember2023-09-300001661460us-gaap:CommonStockMember2023-06-300001661460us-gaap:FairValueInputsLevel1Memberpstx:MoneyMarketFundsAndUSGovernmentAgencyTreasuriesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-3000016614602022-07-012022-09-300001661460us-gaap:EmployeeStockMember2023-01-012023-09-300001661460pstx:RocheCollaborationAgreementMemberpstx:LicensedProductsMember2022-07-012022-07-310001661460pstx:TermLoanMemberpstx:TwoThousandAndTwentyTwoLoanAgreementMember2023-07-012023-07-010001661460pstx:AstellasUSLLCMemberus-gaap:PrivatePlacementMemberus-gaap:CommonStockMemberpstx:PurchaseAgreementMember2023-08-042023-08-040001661460pstx:RocheCollaborationAgreementMember2022-12-310001661460us-gaap:RetainedEarningsMember2022-07-012022-09-300001661460us-gaap:LeaseholdImprovementsMember2022-12-310001661460us-gaap:CommonStockMemberpstx:TwoThousandEighteenAndTwoThousandNineteenWarrantsMember2023-09-300001661460us-gaap:USTreasuryAndGovernmentMember2022-01-012022-12-310001661460us-gaap:AdditionalPaidInCapitalMember2023-03-310001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001661460us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001661460us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001661460pstx:AstellasUSLLCMemberus-gaap:PrivatePlacementMemberus-gaap:CommonStockMemberpstx:PurchaseAgreementMember2023-08-040001661460us-gaap:USTreasuryAndGovernmentMember2023-01-012023-09-300001661460us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000016614602022-09-300001661460pstx:AmendedLoanAgreementMember2022-02-012022-02-280001661460pstx:LaboratoryAndOfficeSpaceFacilityMember2023-09-3000016614602023-04-012023-06-300001661460us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001661460pstx:RocheCollaborationAgreementMemberpstx:Tier1ProgramsMemberpstx:RocheLtdMember2022-07-012022-07-3100016614602022-12-310001661460pstx:SalesAgreementMemberpstx:CantorFitzgeraldAndCompanyMemberus-gaap:CommonStockMemberpstx:MarketFacilityMember2023-01-012023-09-300001661460pstx:TermLoanMember2023-09-300001661460pstx:TakedaCollaborationAgreementMember2021-12-310001661460us-gaap:RetainedEarningsMember2022-04-012022-06-300001661460us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001661460us-gaap:WarrantMember2023-01-012023-09-300001661460pstx:FurnitureFixturesAndOtherMember2023-09-300001661460us-gaap:MoneyMarketFundsMember2022-12-310001661460pstx:TwoThousandAndTwentyTwoLoanAgreementMember2022-02-012022-02-280001661460us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300001661460us-gaap:CommonStockMember2022-07-012022-09-3000016614602022-01-012022-12-31pstx:Segmentpstx:Programxbrli:purepstx:Timeutr:sqftxbrli:sharespstx:Optionpstx:Customerpstx:Monthspstx:PerformanceObligationiso4217:USDxbrli:sharesiso4217:USD
Table of Contents

 

2

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, 2023

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)

(858) 779-3100

(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, 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 3, 2023, the registrant had 95,624,439 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


Table of Contents

 

POSEIDA THERAPEUTICS, INC.

Index

 

PART I. FINANCIAL INFORMATION

 

Page

 

 

 

Item 1. Financial Statements (Unaudited)

 

4

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

 

4

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022

 

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022

 

6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

 

7

Notes to Condensed Consolidated Financial Statements

 

8

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

 

23

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

36

Item 4. Controls and Procedures

 

36

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

38

Item 1A. Risk Factors

 

38

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

 

86

Item 3. Defaults Upon Senior Securities

 

86

Item 4. Mine Safety Disclosures

 

86

Item 5. Other Information

 

86

Item 6. Exhibits

 

87

Signatures

 

88

 

1


Table of Contents

 

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, 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 manufacturing capabilities and plans, including the operation of our clinical manufacturing facility;
the performance of our third-party suppliers and manufacturers;
our ability to attract and/or retain new and existing collaborators with development, regulatory, manufacturing and commercialization expertise and our expectations regarding the potential benefits to be derived from such collaborations;
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;
acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict, and the potential impact they may have on supply chains, the availability, and prices, of commodities, inflationary pressure and the overall U.S. and global financial markets;
current financial conditions within the banking industry, including the effects of recent failures of other financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues;
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

2


Table of Contents

 

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.

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 Quarterly Report on Form 10-Q to the terms “Poseida”, “the Company,” “we,” “our” and “us” refer to Poseida Therapeutics, Inc. and its subsidiary.

We regularly make material business and financial information available to our investors using our investor relations website (https://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


Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

 

POSEIDA THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

September 30,
2023

 

 

December 31,
2022

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

25,503

 

 

$

81,378

 

Short-term investments

 

 

213,334

 

 

 

201,115

 

Accounts receivable

 

 

8,672

 

 

 

9,088

 

Prepaid expenses and other current assets

 

 

5,155

 

 

 

6,982

 

Total current assets

 

 

252,664

 

 

 

298,563

 

Property and equipment, net

 

 

20,382

 

 

 

21,586

 

Operating lease right-of-use assets

 

 

22,571

 

 

 

25,085

 

Intangible assets

 

 

1,320

 

 

 

1,320

 

Goodwill

 

 

4,228

 

 

 

4,228

 

Other long-term assets

 

 

1,087

 

 

 

1,055

 

Total assets

 

$

302,252

 

 

$

351,837

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,542

 

 

$

2,228

 

Accrued expenses and other liabilities

 

 

23,715

 

 

 

26,068

 

Operating lease liabilities, current

 

 

5,906

 

 

 

5,866

 

Deferred revenue, current

 

 

44,810

 

 

 

19,723

 

Total current liabilities

 

 

76,973

 

 

 

53,885

 

Term debt

 

 

58,491

 

 

 

58,250

 

Operating lease liabilities, non-current

 

 

21,863

 

 

 

24,636

 

Deferred CIRM grant liability

 

 

 

 

 

3,992

 

Deferred revenue, noncurrent

 

 

18,787

 

 

 

21,333

 

Other long-term liabilities

 

 

2,478

 

 

 

2,146

 

Total liabilities

 

 

178,592

 

 

 

164,242

 

Commitments and Contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.0001 par value: 250,000,000 shares authorized at September 30, 2023 and December 31, 2022; 95,573,526 and 85,964,161 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively

 

 

10

 

 

 

9

 

Additional paid-in capital

 

 

692,792

 

 

 

658,596

 

Accumulated other comprehensive loss

 

 

(200

)

 

 

(149

)

Accumulated deficit

 

 

(568,942

)

 

 

(470,861

)

Total stockholders’ equity

 

 

123,660

 

 

 

187,595

 

Total liabilities and stockholders’ equity

 

$

302,252

 

 

$

351,837

 

 

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

4


Table of Contents

 

POSEIDA THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

9,352

 

 

$

116,306

 

 

$

39,708

 

 

$

120,441

 

Total revenue

 

 

9,352

 

 

 

116,306

 

 

 

39,708

 

 

 

120,441

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

37,482

 

 

 

35,137

 

 

 

114,727

 

 

 

118,995

 

General and administrative

 

 

8,092

 

 

 

9,389

 

 

 

28,576

 

 

 

28,171

 

Total operating expenses

 

 

45,574

 

 

 

44,526

 

 

 

143,303

 

 

 

147,166

 

Income (loss) from operations

 

 

(36,222

)

 

 

71,780

 

 

 

(103,595

)

 

 

(26,725

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(2,236

)

 

 

(1,775

)

 

 

(6,404

)

 

 

(4,395

)

Other income, net

 

 

6,787

 

 

 

656

 

 

 

12,025

 

 

 

688

 

Net income (loss) before income tax

 

 

(31,671

)

 

 

70,661

 

 

 

(97,974

)

 

 

(30,432

)

Income tax expense

 

 

(107

)

 

 

(252

)

 

 

(107

)

 

 

(252

)

Net income (loss)

 

$

(31,778

)

 

$

70,409

 

 

$

(98,081

)

 

$

(30,684

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive expense:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on short-term investments

 

 

80

 

 

 

(12

)

 

 

(51

)

 

 

(144

)

Comprehensive income (loss)

 

$

(31,698

)

 

$

70,397

 

 

$

(98,132

)

 

$

(30,828

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share, basic and diluted

 

$

(0.35

)

 

$

0.92

 

 

$

(1.11

)

 

$

(0.46

)

Weighted-average number of shares outstanding, basic

 

 

91,898,347

 

 

 

76,287,421

 

 

 

88,321,943

 

 

 

67,235,865

 

Weighted-average number of shares outstanding, diluted

 

 

91,898,347

 

 

 

76,688,382

 

 

 

88,321,943

 

 

 

67,235,865

 

 

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

5


Table of Contents

 

POSEIDA THERAPEUTICS, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2023

 

 

85,964,161

 

 

$

9

 

 

$

658,596

 

 

$

(149

)

 

 

$

(470,861

)

 

$

187,595

 

Issuance of common stock under employee stock compensation plans

 

 

675,726

 

 

 

 

 

 

258

 

 

 

 

 

 

 

 

 

 

258

 

Issuance of common stock through ATM offering, net of issuance cost

 

 

119,000

 

 

 

 

 

 

928

 

 

 

 

 

 

 

 

 

 

928

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,480

 

 

 

 

 

 

 

 

 

 

7,480

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

151

 

 

 

 

 

 

 

151

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,847

)

 

 

(38,847

)

Balance at March 31, 2023

 

 

86,758,887

 

 

$

9

 

 

$

667,262

 

 

$

2

 

 

 

$

(509,708

)

 

$

157,565

 

Issuance of common stock under employee stock compensation plans

 

 

119,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,474

 

 

 

 

 

 

 

 

 

 

5,474

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

(282

)

 

 

 

 

 

 

(282

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,456

)

 

 

(27,456

)

Balance at June 30, 2023

 

 

86,878,341

 

 

$

9

 

 

$

672,736

 

 

$

(280

)

 

 

$

(537,164

)

 

$

135,301

 

Issuance of common stock under employee stock compensation plans

 

 

361,852

 

 

 

 

 

 

523

 

 

 

 

 

 

 

 

 

 

523

 

Issuance of common stock through private placement

 

 

8,333,333

 

 

 

1

 

 

 

14,416

 

 

 

 

 

 

 

 

 

 

14,417

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,117

 

 

 

 

 

 

 

 

 

 

5,117

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

 

80

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,778

)

 

 

(31,778

)

Balance at September 30, 2023

 

 

95,573,526

 

 

$

10

 

 

$

692,792

 

 

$

(200

)

 

 

$

(568,942

)

 

$

123,660

 

 

 

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

 

Deficit

 

 

Equity

 

Balance at January 1, 2022

 

 

62,523,596

 

 

$

6

 

 

$

563,064

 

 

$

 

 

 

$

(406,859

)

 

$

156,211

 

Issuance of common stock under employee stock compensation plans

 

 

181,130

 

 

 

 

 

 

681

 

 

 

 

 

 

 

 

 

 

681

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,867

 

 

 

 

 

 

 

 

 

 

4,867

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(58,057

)

 

 

(58,057

)

Balance at March 31, 2022

 

 

62,704,726

 

 

$

6

 

 

$

568,612

 

 

$

 

 

 

$

(464,916

)

 

$

103,702

 

Issuance of common stock under employee stock compensation plans

 

 

24,000

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

 

 

32

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,234

 

 

 

 

 

 

 

 

 

 

5,234

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

(132

)

 

 

 

 

 

 

(132

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,036

)

 

 

(43,036

)

Balance at June 30, 2022

 

 

62,728,726

 

 

$

6

 

 

$

573,878

 

 

$

(132

)

 

 

$

(507,952

)

 

$

65,800

 

Issuance of common stock under employee stock compensation plans

 

 

217,688

 

 

 

 

 

 

540

 

 

 

 

 

 

 

 

 

 

540

 

Issuance of common stock from public offering, net of issuance costs of $5,223

 

 

23,000,000

 

 

 

3

 

 

 

75,296

 

 

 

 

 

 

 

 

 

 

75,299

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,277

 

 

 

 

 

 

 

 

 

 

4,277

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

(12

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,409

 

 

 

70,409

 

Balance at September 30, 2022

 

 

85,946,414

 

 

$

9

 

 

$

653,991

 

 

$

(144

)

 

 

$

(437,543

)

 

$

216,313

 

 

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

6


Table of Contents

 

POSEIDA THERAPEUTICS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

Operating Activities:

 

 

 

 

 

 

Net loss

 

$

(98,081

)

 

$

(30,684

)

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

 

 

 

 

 

 

Depreciation and amortization expense

 

 

4,176

 

 

 

3,817

 

Loss on disposal of property and equipment

 

 

3

 

 

 

205

 

Stock-based compensation

 

 

18,071

 

 

 

14,378

 

Write off of deferred CIRM grant liability

 

 

(3,992

)

 

 

 

Accretion of discount on issued term debt

 

 

575

 

 

 

637

 

Accretion on investment securities, net

 

 

(6,218

)

 

 

(474

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

415

 

 

 

(38,467

)

Prepaid expenses and other current assets

 

 

1,596

 

 

 

(184

)

Operating lease right-of-use assets

 

 

2,514

 

 

 

3,602

 

Other long-term assets

 

 

(30

)

 

 

606

 

Accounts payable

 

 

302

 

 

 

(5,536

)

Accrued expenses and other liabilities

 

 

(2,563

)

 

 

(1,536

)

Operating lease liabilities

 

 

(2,732

)

 

 

(3,796

)

Deferred revenue

 

 

22,541

 

 

 

28,257

 

Net cash used in operating activities

 

 

(63,423

)

 

 

(29,175

)

Investing Activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(2,757

)

 

 

(3,664

)

Proceeds from sale of property and equipment

 

 

 

 

 

12

 

Purchases of short-term investments

 

 

(215,822

)

 

 

(143,792

)

Proceeds from maturities of short-term investments

 

 

210,000

 

 

 

30,000

 

Net cash used in investing activities

 

 

(8,579

)

 

 

(117,444

)

Financing Activities:

 

 

 

 

 

 

Proceeds from issuance of common stock under employee stock compensation plans

 

 

1,276

 

 

 

1,252

 

Payment of taxes related to net share settlement of equity awards

 

 

(494

)

 

 

 

Proceeds from issuance of common stock through ATM offering, net of issuance costs

 

 

928

 

 

 

 

Proceeds from private placement of common stock

 

 

14,417

 

 

 

 

Proceeds from public offering of common stock, net of issuance costs

 

 

 

 

 

75,299

 

Payment of debt issuance costs

 

 

 

 

 

(1,450

)

Proceeds from term debt

 

 

 

 

 

30,000

 

Net cash provided by financing activities