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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 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: 001-38722

 

ORCHARD THERAPEUTICS PLC

(Exact Name of Registrant as Specified in its Charter)

 

 

England and Wales

Not Applicable

( State or other jurisdiction of

incorporation or organization)

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

108 Cannon Street

London, United Kingdom

EC4N 6EU

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: +44 (0) 203 808-8286

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

American Depositary Shares, each representing one ordinary share, nominal value £0.10 per share

 

ORTX

 

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  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes  ☒    No  

As of July 31, 2021, the registrant had 125,370,865 voting and non-voting ordinary shares, nominal value £0.10 per share, outstanding.

 

 

 

 

 

 

 

 

 


 

Summary of the Material Risks Associated with Our Business

 

Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. These risks include, but are not limited to, the following:

 

 

We have incurred net losses since inception. We expect to incur net losses for the foreseeable future and may never achieve or maintain profitability.

 

We will need additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate our product development efforts or other operations.

 

Our gene therapy product candidates are based on a novel technology, which makes it difficult to predict the time and cost of product candidate development and of subsequently obtaining regulatory approval.

 

The results from our clinical trials for OTL-200 for metachromatic leukodystrophy, or MLD, OTL-103 for Wiskott Aldrich syndrome, or WAS, and for any of our other product candidates may not be sufficiently robust to support marketing approval or the submission of marketing approval. Before we submit our product candidates for marketing approval, the U.S. Food and Drug Administration, or FDA, and/or the European Medicines Agency, or EMA, may require us to conduct additional clinical trials or evaluate patients for an additional follow-up period.

 

Interim data and ad hoc analyses are preliminary in nature. Success in preclinical studies or early clinical trials may not be indicative of results obtained in later trials.

 

Gene therapies are novel, complex and difficult to manufacture. We have limited manufacturing experience and we rely on third party manufacturers that are often our single source of supply. We could experience manufacturing problems that result in delays in the development or commercialization of our commercial products or our product candidates or otherwise harm our business.

 

Libmeldy™, Strimvelis® and our product candidates and the process for administering Libmeldy, Strimvelis and our product candidates may cause serious or undesirable side effects or adverse events or have other properties that could delay or prevent regulatory approval, limit commercial potential or result in significant negative consequences for our company.

 

We may find it difficult to enroll patients in our clinical trials, which could delay or prevent us from proceeding with clinical trials of our product candidates.

 

If we are unable to establish effective sales and marketing capabilities or enter into agreements with third parties to market, sell and gain reimbursement for Libmeldy and our product candidates that may be approved, we may not be successful in commercializing Libmeldy or our product candidates if and when approved, and we may be unable to generate product revenue.

 

If the size and value of the market opportunities for our commercial products or product candidates are smaller than our estimates, or if we have difficulty in finding patients that meet eligibility requirements for Libmeldy, Strimvelis or any of our product candidates, if approved, our product revenues may be adversely affected and our business may suffer.

 

We face significant competition in our industry and there can be no assurance that our commercial products or our product candidates, if approved, will achieve acceptance in the market over existing established therapies. In addition, our competitors may develop therapies that are more advanced or effective than ours, which may adversely affect our ability to successfully market or commercialize any of our product candidates.

 

Business interruptions resulting from the ongoing COVID-19 pandemic or similar public health crises have caused and may continue to cause a disruption to the development of our product candidates and adversely impact our business.

 

We may not be able to protect our intellectual property rights throughout the world.

 

We may become subject to claims that we are infringing certain third-party patents, for example, patents relating to lentiviral vectors, or other third-party intellectual property rights, any of which may prevent or delay our development and commercialization efforts and have a material adverse effect on our business.

 

We have entered into collaborations with third parties to develop or commercialize product candidates and we may continue to do so in the future. If these collaborations are not successful, our business could be adversely affected.

 

The market price of our ADSs may be highly volatile and may fluctuate due to factors beyond our control.

i


 

The summary risk factors described above should be read together with the text of the full risk factors below, in the section entitled “Risk Factors” in Part I, Item 1.A. and the other information set forth in this Quarterly Report on Form 10-Q for the period ended June 30, 2021, as well as in other documents that we file with the U.S. Securities and Exchange Commission. The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not precisely known to us, or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, results of operations and future growth prospects.

ii


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive (Loss)

2

 

Condensed Consolidated Statements of Cash Flows

3

 

Condensed Consolidated Statements of Shareholders’ Equity

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

5

Item 2.

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

35

PART II.

OTHER INFORMATION

36

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

101

Item 3.

Defaults Upon Senior Securities

101

Item 4.

Mine Safety Disclosures

101

Item 5.

Other Information

101

Item 6.

Exhibits

102

Signatures

103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


iii


 

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or 10-Q, contains express or implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. In some cases, forward-looking statements may be identified by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this 10-Q are based upon information available to our management as of the date of this 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements contained in this 10-Q include, but are not limited to, statements about:

 

the timing, progress and results of clinical trials and preclinical studies for our programs and product candidates, including statements regarding the timing of initiation and completion of trials or studies and related preparatory work, the period during which the results of the trials will become available and our research and development programs;

 

the timing, scope or likelihood of regulatory submissions, filings, and approvals;

 

our ability to develop and advance product candidates into, and successfully complete, clinical trials;

 

our expectations regarding the market opportunity for and size of the patient populations for Libmeldy (OTL-200) and our product candidates, if approved for commercial use;

 

the implementation of our business model and our strategic plans for our business, commercial products, product candidates and technology;

 

our plans and ability to build out our commercial infrastructure and successfully identify eligible patients, launch, market, and sell Libmeldy in Europe and any current and future product candidates for which we receive marketing approval;

 

our commercialization, marketing and manufacturing capabilities and strategy;

 

the pricing and reimbursement of Libmeldy, Strimvelis, and any of our product candidates, if approved, including reimbursement for patients treated in a country where they are not resident;

 

the adequacy, scalability and commercial viability of our manufacturing capacity, methods and processes, including those of our manufacturing partners, and plans for future development;

 

the rate and degree of market acceptance and clinical utility of our commercial products and product candidates, in particular, and gene therapy, in general;

 

our ability to establish or maintain collaborations or strategic relationships or obtain additional funding;

 

the impact of the COVID-19 global pandemic on our business operations, including clinical trials, regulatory strategy, and the operations of our third-party manufacturers, suppliers, and partners;

 

our competitive position;

 

the scope of protection we and/or our licensors are able to establish and maintain for intellectual property rights covering our commercial products and product candidates;

 

developments and projections relating to our competitors and our industry;

 

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

 

the impact of laws and regulations;

 

our ability to attract and retain qualified employees and key personnel;

 

our ability to contract with third party suppliers, clinical sites and manufacturers and their ability to perform adequately;

 

our projected financial condition, including the sufficiency of our cash, cash equivalents and investments to fund operations in future periods and future liquidity, working capital and capital requirements; and

 

other risks and uncertainties, including those listed under the caption “Item 1A. Risk Factors” in this 10-Q.  

iv


 

You should refer to the section titled “Item 1A. Risk Factors” in this 10-Q for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot be assured that the forward-looking statements in this 10-Q will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, these statements should not be regarded as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should read this 10-Q and the documents that we reference in this 10-Q and have filed as exhibits to this 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

 

v


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

ORCHARD THERAPEUTICS PLC

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

99,929

 

 

$

55,135

 

Marketable securities

 

 

169,385

 

 

 

136,813

 

Trade receivables

 

 

 

 

 

878

 

Prepaid expenses and other current assets

 

 

17,286

 

 

 

13,365

 

Research and development tax credit receivable, current

 

 

17,589

 

 

 

17,344

 

Total current assets

 

 

304,189

 

 

 

223,535

 

Non-current assets:

 

 

 

 

 

 

 

 

Operating lease right-of-use-assets

 

 

27,874

 

 

 

29,815

 

Property and equipment, net

 

 

4,588

 

 

 

4,781

 

Research and development tax credit receivable

 

 

7,782

 

 

 

 

Restricted cash

 

 

4,266

 

 

 

4,266

 

Other assets

 

 

16,059

 

 

 

18,540

 

Total assets

 

$

364,758

 

 

$

280,937

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,520

 

 

$

8,823

 

Accrued expenses and other current liabilities

 

 

26,186

 

 

 

28,943

 

Operating lease liabilities

 

 

8,245

 

 

 

8,934

 

Notes payable, current

 

 

 

 

 

4,861

 

Total current liabilities

 

 

40,951

 

 

 

51,561

 

Notes payable, long-term

 

 

32,699

 

 

 

20,204

 

Operating lease liabilities, net of current portion

 

 

20,581

 

 

 

24,168

 

Other long-term liabilities

 

 

6,153

 

 

 

6,570

 

Total liabilities

 

 

100,384

 

 

 

102,503

 

Commitments and contingencies (see Note 13)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares, £0.10 nominal value; 120,667,663 and 98,283,603 ordinary shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively; 3,215,434 and nil non-voting ordinary shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

16,010

 

 

 

12,507

 

Additional paid-in capital

 

 

925,981

 

 

 

771,194

 

Accumulated other comprehensive (loss) income

 

 

(186

)

 

 

373

 

Accumulated deficit

 

 

(677,431

)

 

 

(605,640

)

Total shareholders’ equity

 

 

264,374

 

 

 

178,434

 

Total liabilities and shareholders’ equity

 

$

364,758

 

 

$

280,937

 

 

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

1


ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Product sales, net

 

$

 

 

$

597

 

 

$

 

 

$

597

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sales

 

 

 

 

 

191

 

 

 

 

 

 

191

 

Research and development

 

 

21,750

 

 

 

31,568

 

 

 

42,785

 

 

$

56,404

 

Selling, general and administrative

 

 

14,263

 

 

 

15,659

 

 

 

28,314

 

 

 

35,804

 

Total costs and operating expenses

 

 

36,013

 

 

 

47,418

 

 

 

71,099

 

 

 

92,399

 

Loss from operations

 

 

(36,013

)

 

 

(46,821

)

 

 

(71,099

)

 

 

(91,802

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

113

 

 

 

892

 

 

 

284

 

 

 

2,372

 

Interest expense

 

 

(593

)

 

 

(568

)

 

 

(1,131

)

 

 

(1,181

)

Other income (expense), net

 

 

634

 

 

 

(943

)

 

 

1,992

 

 

 

(7,733

)

Total other income (expense), net

 

 

154

 

 

 

(619

)

 

 

1,145

 

 

 

(6,542

)

Net loss before income tax

 

 

(35,859

)

 

 

(47,440

)

 

 

(69,954

)

 

 

(98,344

)

Income tax (expense) benefit

 

 

(750

)

 

 

(60

)

 

 

(1,837

)

 

 

275

 

Net loss

 

 

(36,609

)

 

 

(47,500

)

 

 

(71,791

)

 

 

(98,069

)

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(374

)

 

 

610

 

 

 

(438

)

 

 

6,643

 

Unrealized (loss) gain on marketable securities

 

 

(8

)

 

 

1,385

 

 

 

(121

)

 

 

364

 

Total other comprehensive (loss) gain

 

 

(382

)

 

 

1,995

 

 

 

(559

)

 

 

7,007

 

Total comprehensive loss

 

$

(36,991

)

 

$

(45,505

)

 

$

(72,350

)

 

$

(91,062

)

Net loss per share, basic and diluted

 

$

(0.29

)

 

$

(0.48

)

 

$

(0.60

)

 

$

(0.99

)

Weighted average number of ordinary shares outstanding, basic

   and diluted

 

 

125,952,834

 

 

 

99,251,314

 

 

 

120,421,781

 

 

 

99,048,498

 

 

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

2


ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(71,791

)

 

$

(98,069

)

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

 

 

 

 

 

 

 

 

Depreciation

 

 

1,003

 

 

 

1,081

 

Non-cash share-based compensation

 

 

11,809

 

 

 

15,558

 

Impairment of long-lived assets

 

 

 

 

 

5,650

 

Non-cash interest expense

 

 

200

 

 

 

254

 

Non-cash consideration for licenses

 

 

 

 

 

791

 

Amortization of Strimvelis loss provision

 

 

(814

)

 

 

(2,018

)

Amortization of premium on marketable securities

 

 

761

 

 

 

169

 

Other non-cash adjustments

 

 

7,657

 

 

 

6,984

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade receivables

 

 

893

 

 

 

642

 

Research and development tax credit receivable

 

 

(7,800

)

 

 

(5,989

)

Prepaid expenses, other current assets and other assets

 

 

(543

)

 

 

(3,313

)

Operating leases, right-of-use assets

 

 

2,518

 

 

 

1,525

 

Accounts payable, accrued expenses and other current liabilities

 

 

(14,341

)

 

 

(9,644

)

Operating lease liabilities

 

 

(4,846

)

 

 

(1,633

)

Net cash used in operating activities

 

 

(75,294

)

 

 

(88,012

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales and maturities of marketable securities

 

 

133,511

 

 

 

168,140

 

Purchases of marketable securities

 

 

(166,966

)

 

 

(49,494

)

Payment of construction deposit

 

 

 

 

 

(10,000

)

Receipt of funds from construction deposit

 

 

199

 

 

 

1,876

 

Purchases of property and equipment

 

 

(935

)

 

 

(2,484

)

Net cash (used in) provided by investing activities

 

 

(34,191

)

 

 

108,038

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from modification of credit facility, net of debt issuance costs paid

 

 

7,375

 

 

 

 

Proceeds from employee equity plans

 

 

2,836

 

 

 

2,582

 

Proceeds from the issuance of ordinary shares in private placement

 

 

150,000

 

 

 

 

Payment of placement agent fees and offering costs

 

 

(6,355

)

 

 

 

Net cash provided by financing activities

 

 

153,856

 

 

 

2,582

 

Effect of exchange rate changes on cash, cash equivalents, and

   restricted cash

 

 

423

 

 

 

(485

)

Net increase in cash, cash equivalents and restricted cash

 

 

44,794

 

 

 

22,123

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

59,401

 

 

 

23,317

 

Cash, cash equivalents, and restricted cash, end of period

 

$

104,195

 

 

$

45,440

 

Supplemental disclosure of non-cash operating, investing and financing activities

 

 

 

 

 

 

 

 

Property and equipment and intangibles included in accounts payable and accrued expenses

 

 

2,860

 

 

 

125

 

Lease assets obtained in exchange for new operating lease liabilities

 

 

386

 

 

 

3,752

 

Shares issued as part of license agreement

 

 

 

 

 

791

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for taxes

 

 

1,651

 

 

 

1,321

 

Cash paid for interest

 

 

931

 

 

 

927

 

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

 

3


 

ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements Shareholders’ Equity

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

Ordinary Shares

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Total

 

Balance at December 31, 2019

 

 

96,923,729

 

 

$

12,331

 

 

$

738,481

 

 

$

2,042

 

 

$

(453,661

)

 

$

299,193

 

Share-based compensation expense

 

 

 

 

 

 

 

 

9,479

 

 

 

 

 

 

 

 

 

9,479

 

Exercise of share options

 

 

230,836

 

 

 

30

 

 

 

1,408

 

 

 

 

 

 

 

 

 

1,438

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

6,034

 

 

 

 

 

 

6,034

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(1,021

)

 

 

 

 

 

(1,021

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,569

)

 

 

(50,569

)

Balance at March 31, 2020

 

 

97,154,565

 

 

$

12,361

 

 

$

749,368

 

 

$

7,055

 

 

$

(504,230

)

 

$

264,554

 

Share-based compensation expense

 

 

 

 

 

 

 

 

6,079

 

 

 

 

 

 

 

 

 

6,079

 

Exercise of share options

 

 

214,299

 

 

 

27

 

 

 

643

 

 

 

 

 

 

 

 

 

670

 

Issuance of ESPP shares

 

 

53,462

 

 

 

7

 

 

 

425

 

 

 

 

 

 

 

 

 

432

 

Ordinary shares issued as part of license agreements

 

 

75,413

 

 

 

10

 

 

 

781

 

 

 

 

 

 

 

 

 

791

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

610

 

 

 

 

 

 

610

 

Unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

1,385

 

 

 

 

 

 

1,385

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,500

)

 

 

(47,500

)

Balance at June 30, 2020

 

 

97,497,739

 

 

$

12,405

 

 

$

757,296

 

 

$

9,050

 

 

$

(551,730

)

 

$

227,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

98,283,603

 

 

$

12,507

 

 

$

771,194

 

 

$

373

 

 

$

(605,640

)

 

$

178,434

 

Share-based compensation expense

 

 

 

 

 

 

 

 

6,268

 

 

 

 

 

 

 

 

 

6,268

 

Exercise of share options

 

 

1,319,493

 

 

 

172

 

 

 

2,650

 

 

 

 

 

 

 

 

 

2,822

 

Vesting of restricted share units, net of shares withheld for taxes

 

 

45,746

 

 

 

6

 

 

 

(302

)

 

 

 

 

 

 

 

 

(296

)

Sale of voting and non-voting ordinary shares, net of issuance costs of $6,289

 

 

24,115,755

 

 

 

3,310

 

 

 

140,401

 

 

 

 

 

 

 

 

 

143,711

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

(64

)

 

 

 

 

 

(64

)

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(113

)

 

 

 

 

 

(113

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,182

)

 

 

(35,182

)

Balance at March 31, 2021

 

 

123,764,597

 

 

$

15,995

 

 

$

920,211

 

 

$

196

 

 

$

(640,822

)

 

$

295,580

 

Share-based compensation expense

 

 

 

 

 

 

 

 

5,541

 

 

 

 

 

 

 

 

 

5,541

 

Exercise of share options

 

 

15,725

 

 

 

2