10-Q
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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, 2022

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

As of July 29, 2022, the registrant had 126,458,312 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, 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 the European Medicines Agency 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 any product candidates that may be approved, our product revenue may be adversely affected and our business may suffer.
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 or any of our product candidates, if approved, our product revenue may be adversely affected and our business may suffer.
We face significant competition in our industry and there can be no assurance that Libmeldy 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 products or product candidates.
Business interruptions resulting from the ongoing COVID-19 pandemic 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 effect on our business.
We have entered into collaborations with third parties to develop or commercialize product candidates and we may enter into additional collaborations 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.
We are not currently in compliance with the minimum bid price rule of the Nasdaq Global Select Market, and a delisting could limit the liquidity of our ADSs, increase their volatility and hinder our ability to raise capital.

 

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 II, Item 1.A. and the other information set forth in this Quarterly Report on Form 10-Q, 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.

i


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

6

Item 2.

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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

PART II.

OTHER INFORMATION

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

100

Item 3.

Defaults Upon Senior Securities

100

Item 4.

Mine Safety Disclosures

100

Item 5.

Other Information

100

Item 6.

Exhibits

101

Signatures

102

 

 

ii


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 initiation, timing, progress and results of our preclinical studies and clinical trials, 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;
our plans and ability to build out our commercial infrastructure, including our ability to successfully identify patients and market and sell Libmeldy in Europe and any of our product candidates for which we receive marketing approval;
our commercialization, marketing and manufacturing capabilities and strategy;
the pricing and reimbursement of Libmeldy 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;
our ability to obtain additional funding for our operations;
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;
the scope of protection we and 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;
our ability to comply with the listing requirements of The Nasdaq Stock Market;
the impact of inflation on our business, results of operations or financial condition;
the impact of geopolitical events, including the ongoing conflict between Russia and Ukraine; and

iii


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

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.

 

 

iv


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,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

53,470

 

 

$

55,912

 

Marketable securities

 

 

117,421

 

 

 

164,195

 

Accounts receivable

 

 

4,129

 

 

 

1,480

 

Prepaid expenses and other current assets

 

 

19,077

 

 

 

23,011

 

Research and development tax credit receivable

 

 

11,226

 

 

 

30,723

 

Total current assets

 

 

205,323

 

 

 

275,321

 

Operating lease right-of-use-assets

 

 

25,455

 

 

 

24,316

 

Property and equipment, net

 

 

5,733

 

 

 

4,767

 

Restricted cash

 

 

4,266

 

 

 

4,266

 

Intangible assets, net

 

 

3,736

 

 

 

4,149

 

Research and development tax credit receivable

 

 

3,950

 

 

 

 

Other assets

 

 

10,696

 

 

 

9,590

 

Total assets

 

$

259,159

 

 

$

322,409

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,802

 

 

$

10,008

 

Accrued expenses and other current liabilities

 

 

26,286

 

 

 

24,318

 

Deferred revenue, current

 

 

1,147

 

 

 

346

 

Operating lease liabilities

 

 

6,670

 

 

 

7,335

 

Notes payable, current

 

 

5,500

 

 

 

786

 

Total current liabilities

 

 

48,405

 

 

 

42,793

 

Notes payable, long-term

 

 

27,539

 

 

 

32,086

 

Deferred revenue, net of current portion

 

 

10,291

 

 

 

12,519

 

Operating lease liabilities, net of current portion

 

 

20,183

 

 

 

19,278

 

Other long-term liabilities

 

 

6,469

 

 

 

5,783

 

Total liabilities

 

 

112,887

 

 

 

112,459

 

Commitments and contingencies (see Note 13)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Ordinary shares, £0.10 par value, authority to allot up to a maximum nominal
   value of £
13,023,851.50 of shares at June 30, 2022 and December 31, 2021,
   respectively;
126,436,213 and 125,674,095 shares issued and outstanding
   at June 30, 2022 and December 31, 2021, respectively.

 

 

16,353

 

 

 

16,253

 

Additional paid-in capital

 

 

949,325

 

 

 

940,675

 

Accumulated other comprehensive income

 

 

26,030

 

 

 

3,246

 

Accumulated deficit

 

 

(845,436

)

 

 

(750,224

)

Total shareholders’ equity

 

 

146,272

 

 

 

209,950

 

Total liabilities and shareholders’ equity

 

$

259,159

 

 

$

322,409

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Product revenue, net

 

$

3,781

 

 

$

 

 

$

8,840

 

 

$

 

Collaboration revenue

 

 

587

 

 

 

 

 

 

1,052

 

 

 

 

Total revenue

 

 

4,368

 

 

 

 

 

 

9,892

 

 

 

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

 

1,122

 

 

 

 

 

 

2,693

 

 

 

 

Research and development

 

 

21,965

 

 

 

21,750

 

 

 

50,199

 

 

 

42,785

 

Selling, general and administrative

 

 

13,730

 

 

 

14,263

 

 

 

27,029

 

 

 

28,314

 

Total costs and operating expenses

 

 

36,817

 

 

 

36,013

 

 

 

79,921

 

 

 

71,099

 

Loss from operations

 

 

(32,449

)

 

 

(36,013

)

 

 

(70,029

)

 

 

(71,099

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

213

 

 

 

113

 

 

 

282

 

 

 

284

 

Interest expense

 

 

(672

)

 

 

(593

)

 

 

(1,347

)

 

 

(1,131

)

Other income (expense), net

 

 

(18,227

)

 

 

634

 

 

 

(24,279

)

 

 

1,992

 

Total other income (expense), net

 

 

(18,686

)

 

 

154

 

 

 

(25,344

)

 

 

1,145

 

Loss before income taxes

 

 

(51,135

)

 

 

(35,859

)

 

 

(95,373

)

 

 

(69,954

)

Income tax (expense) benefit

 

 

219

 

 

 

(750

)

 

 

161

 

 

 

(1,837

)

Net loss attributable to ordinary shareholders

 

$

(50,916

)

 

$

(36,609

)

 

$

(95,212

)

 

$

(71,791

)

Net loss per share attributable to ordinary shareholders,
   basic and diluted

 

$

(0.40

)

 

$

(0.29

)

 

$

(0.75

)

 

$

(0.60

)

Weighted average ordinary shares outstanding,
   basic and diluted

 

 

127,854,596

 

 

 

125,952,834

 

 

 

127,775,132

 

 

 

120,421,781

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

17,450

 

 

 

(374

)

 

 

23,045

 

 

 

(438

)

Unrealized loss on marketable securities

 

 

(1

)

 

 

(8

)

 

 

(261

)

 

 

(121

)

Total other comprehensive income (loss):

 

 

17,449

 

 

 

(382

)

 

 

22,784

 

 

 

(559

)

Total comprehensive loss

 

$

(33,467

)

 

$

(36,991

)

 

$

(72,428

)

 

$

(72,350

)

 

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,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss attributable to ordinary shareholders

 

$

(95,212

)

 

$

(71,791

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

1,366

 

 

 

1,003

 

Share-based compensation

 

 

8,616

 

 

 

11,809

 

Non-cash interest expense

 

 

186

 

 

 

200

 

Amortization of provision on loss contract

 

 

(276

)

 

 

(814

)

Amortization of premium on marketable securities

 

 

189

 

 

 

761

 

Unrealized foreign currency and other non-cash adjustments

 

 

25,092

 

 

 

7,657

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(2,997

)

 

 

893

 

Research and development tax credit receivable

 

 

13,289

 

 

 

(7,800

)

Prepaid expenses, other current assets and other assets

 

 

769

 

 

 

(543

)

Operating leases, right-of-use assets

 

 

2,777

 

 

 

2,518

 

Accounts payable, accrued expenses and other current liabilities

 

 

4,251

 

 

 

(14,341

)

Deferred revenue

 

 

(138

)

 

 

 

Operating lease liabilities

 

 

(3,887

)

 

 

(4,846

)

Net cash used in operating activities

 

 

(45,975

)

 

 

(75,294

)

Cash flows from investing activities:

 

 

 

 

 

 

Proceeds from sales and maturities of marketable securities

 

 

97,214

 

 

 

133,511

 

Purchases of marketable securities

 

 

(50,891

)

 

 

(166,966

)

Purchases of property and equipment

 

 

(1,572

)

 

 

(935

)

Receipt of funds from construction deposit

 

 

 

 

 

199

 

Net cash provided by (used in) investing activities

 

 

44,751

 

 

 

(34,191

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from employee equity plans, net of taxes withheld

 

 

137

 

 

 

2,836

 

Proceeds from the issuance of ordinary shares in private placement

 

 

 

 

 

150,000

 

Payment of placement agent fees and offering costs

 

 

 

 

 

(6,355

)

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

 

 

 

 

 

7,375

 

Net cash provided by financing activities

 

 

137

 

 

 

153,856

 

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

 

 

(1,355

)

 

 

423

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

(2,442

)

 

 

44,794

 

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

 

 

60,178

 

 

 

59,401

 

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

 

$

57,736

 

 

$

104,195

 

Supplemental disclosure of non-cash activities

 

 

 

 

 

 

Property and equipment and intangible assets included in
    accounts payable and accrued expenses

 

$

1,046

 

 

$

2,860

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Lease assets obtained in exchange for new operating lease liabilities, net

 

 

4,912

 

 

 

386

 

Non-cash adjustments to operating lease right-of-use assets and liabilities

 

 

530

 

 

 

 

Cash paid for interest

 

 

1,153

 

 

 

931

 

 

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

3


ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements of Shareholders’ Equity

(In thousands, except share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Total

 

Balance at December 31, 2021

 

125,674,095

 

 

$

16,253

 

 

$

940,675

 

 

$

3,246

 

 

$

(750,224

)

 

$

209,950

 

Share-based compensation expense

 

 

 

 

 

 

 

4,660

 

 

 

 

 

 

 

 

 

4,660

 

Exercise of share options

 

222,381

 

 

 

28

 

 

 

(29

)

 

 

 

 

 

 

 

 

(1

)

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

 

3,217

 

 

 

1

 

 

 

(4

)

 

 

 

 

 

 

 

 

(3

)

Ordinary shares issued as part of a
   consulting agreement

 

5,252

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

5,595

 

 

 

 

 

 

5,595

 

Unrealized loss on available for sale debt
   securities

 

 

 

 

 

 

 

 

 

 

(260

)

 

 

 

 

 

(260

)

Net loss attributable to ordinary shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

(44,296

)

 

 

(44,296

)

Balance at March 31, 2022

 

125,904,945

 

 

 

16,283

 

 

 

945,302

 

 

 

8,581

 

 

 

(794,520

)

 

 

175,646

 

Share-based compensation expense

 

 

 

 

 

 

 

3,956

 

 

 

 

 

 

 

 

 

3,956

 

Exercise of share options

 

175,153

 

 

 

24

 

 

 

(23

)

 

 

 

 

 

 

 

 

1

 

Issuance of ESPP shares

 

356,115

 

 

 

46

 

 

 

90

 

 

 

 

 

 

 

 

 

136

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

17,450

 

 

 

 

 

 

17,450

 

Unrealized loss on available for sale debt
   securities

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Net loss attributable to ordinary shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,916

)

 

 

(50,916

)

Balance at June 30, 2022

 

126,436,213

 

 

$

16,353

 

 

$

949,325

 

 

$

26,030

 

 

$

(845,436

)

 

$

146,272

 

 

4


 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

Ordinary Shares

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Total

 

Balance at December 31, 2020

 

98,283,603

 

 

$

12,507

 

 

$

771,194

 

 

$