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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 September 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: 001-39385

 

RELAY THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

47-3923475

(State or other jurisdiction of
incorporation or organization)

 

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

 

399 Binney Street, 2nd Floor

Cambridge, MA

 

02139

(Address of principal executive offices)

 

(Zip Code)

 

(617370-8837

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 $0.001 per share

 

RLAY

 

Nasdaq Global 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 November 8, 2021, the registrant had 108,044,143 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 

 


 

Table of Contents

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements (Unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

 

1

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020

 

2

 

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2021 and 2020

 

3

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

 

5

 

 

Notes to Condensed Consolidated Financial Statements

 

6

Item 2.

 

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

 

16

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

26

Item 4.

 

Controls and Procedures

 

26

PART II.

 

OTHER INFORMATION

 

27

Item 1.

 

Legal Proceedings

 

27

Item 1A.

 

Risk Factors

 

27

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

66

Item 5.

 

Other Information

 

66

Item 6.

 

Exhibits

 

67

Signatures

 

68

 

 

i


 

SUMMARY OF THE MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS

We have never successfully completed any clinical trials and we may be unable to do so for any product candidates we develop. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.

If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.

Positive data from preclinical or early clinical studies of our product candidates are not necessarily predictive of the results of later clinical studies and any future clinical trials of our product candidates. If we cannot replicate the positive data from our preclinical or early clinical studies of our product candidates in our future clinical trials, we will be unable to successfully develop, obtain regulatory approval for and commercialize our product candidates.

Our current or future clinical trials may reveal significant adverse events not seen in our preclinical or nonclinical studies or early clinical data and may result in a safety profile that would inhibit regulatory approval or market acceptance of any of our product candidates.

Although we intend to explore other therapeutic opportunities in addition to the product candidates that we are currently developing, we may fail to identify viable new product candidates for clinical development for a number of reasons. If we fail to identify additional potential product candidates, our business could be materially harmed.

The incidence and prevalence for target patient populations of our product candidates have not been established with precision. If the market opportunities for our product candidates are smaller than we estimate or if any approval that we obtain is based on a narrower definition of the patient population, our revenue and ability to achieve profitability will be adversely affected, possibly materially.

We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.

If we are not able to obtain, or if delays occur in obtaining, required regulatory approvals for our product candidates, we will not be able to commercialize, or will be delayed in commercializing, our product candidates and our ability to generate revenue will be materially impaired.

Under our Amended and Restated Collaboration and License Agreement, or the DESRES Agreement, with D. E. Shaw Research, LLC, or D. E. Shaw Research, we collaborate with D. E. Shaw Research to rapidly develop various protein models, a process that depends on D. E. Shaw Research’s use of their proprietary supercomputer, Anton 2. A termination of the DESRES Agreement could have a material adverse effect on our business, financial condition, results of operations and prospects.

We rely on third parties to conduct our ongoing clinical trials of RLY-1971 and RLY-4008 and expect to rely on third parties to conduct future clinical trials, as well as investigator-sponsored clinical trials of our product candidates. If these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.

We have and may enter into other collaborations with third parties for the research, development, manufacture and commercialization of one or more of our programs or product candidates. If these collaborations are not successful, our business could be adversely affected.

We are a biopharmaceutical company with a limited operating history. We have incurred significant operating losses since our inception and anticipate that we will incur continued losses for the foreseeable future. We have no products approved for commercial sale and have not generated any revenue from product sales.

We will need to raise substantial additional funding. If we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate some of our product development programs or commercialization efforts.

A pandemic, epidemic or outbreak of an infectious disease, such as COVID-19, may materially and adversely affect our business and our financial results and could cause a disruption to the development of our product candidates.

If we are unable to adequately protect our proprietary technology or obtain and maintain patent protection for our technology and products or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours and our ability to successfully commercialize our technology and products will be impaired.

Even if we receive regulatory approval for any of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to post-market study requirements, marketing and labeling restrictions and even recall or market withdrawal if unanticipated safety issues are discovered following approval. In addition, we may be subject to penalties or other enforcement action if we fail to comply with regulatory requirements.

ii


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains express or implied forward-looking statements that are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

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

the identification of research priorities and application of a risk-mitigated strategy to efficiently discover and develop product candidates, including by applying learnings from one program to other programs and from one modality to our other modalities;

the potential safety and efficacy of our product candidates and the therapeutic implications of clinical and preclinical data;

the manufacture of our drug substances, delivery vehicles and product candidates for preclinical use, for clinical trials and on a larger scale for commercial use, if approved;

our relationships with our third-party strategic collaborators and their ability to continue research and development activities relating to our development candidates and product candidates;

the funding for our operations necessary to complete further development and commercialization of our product candidates;

our plans to seek regulatory approval of our product candidates;

the pricing and reimbursement of our product candidates, if approved;

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

the scope of protection for intellectual property rights covering our product candidates and technology;

estimates of our future expenses, revenues and capital requirements and our needs for additional financing;

the potential benefits of strategic collaboration agreements with collaborators with development, regulatory and commercialization expertise;

future agreements with third parties in connection with the commercialization of product candidates and any other approved product;

the size and growth potential of the markets for our product candidates and our ability to serve those markets;

our financial performance;

the rate and degree of market acceptance of our product candidates;

regulatory developments in the United States and foreign countries;

our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;

our ability to produce our products or product candidates with advantages in turnaround times or manufacturing cost;

the success of competing therapies that are or may become available;

our ability to attract and retain key scientific or management personnel;

the impact of laws and regulations on our business and programs;

developments relating to our competitors and our industry;

the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business operations, including but not limited to our preclinical studies and future clinical trials; and

other risks and uncertainties, including those listed under the caption “Risk Factors.”

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed above under “Summary of the Material Risks Associated with Our Business”, those listed below under the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Quarterly Report on Form 10-Q and the documents that we

iii


reference in this Quarterly Report on Form 10-Q and have filed with the Securities and Exchange Commission as exhibits hereto completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.

The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business and the markets for our product candidates. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from our own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. While we are not aware of any misstatements regarding any third-party information presented in this Quarterly Report on Form 10-Q, their estimates, in particular as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties and are subject to change based on various factors, including those discussed under the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

 

 

iv


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Relay Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

228,559

 

 

$

447,646

 

Investments

 

 

387,949

 

 

 

230,415

 

Accounts receivable

 

 

804

 

 

 

75,000

 

Contract asset

 

 

4,251

 

 

 

7,654

 

Prepaid expenses and other current assets

 

 

17,696

 

 

 

9,385

 

Total current assets

 

 

639,259

 

 

 

770,100

 

Property and equipment, net

 

 

6,239

 

 

 

6,250

 

Operating lease assets

 

 

21,239

 

 

 

22,579

 

Restricted cash

 

 

2,578

 

 

 

878

 

Intangible asset

 

 

2,300

 

 

 

 

Other assets

 

 

 

 

 

22

 

Total assets

 

$

671,615

 

 

$

799,829

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,316

 

 

$

6,351

 

Accrued expenses and other current liabilities

 

 

20,102

 

 

 

5,760

 

Operating lease liabilities

 

 

1,768

 

 

 

1,521

 

Deferred revenue

 

 

331

 

 

 

 

Total current liabilities

 

 

28,517

 

 

 

13,632

 

Operating lease liabilities, net of current portion

 

 

21,545

 

 

 

22,901

 

Restricted stock liability

 

 

 

 

 

3

 

Contingent consideration liability

 

 

50,465

 

 

 

 

Total liabilities

 

 

100,527

 

 

 

36,536

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Undesignated preferred stock, $0.001 par value, 10,000,000 shares authorized as of

   September 30, 2021 and December 31, 2020; no shares issued and outstanding at

   September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.001 par value; 150,000,000 shares authorized at

   September 30, 2021 and December 31, 2020; 92,800,072 and 89,991,324 shares

   issued at September 30, 2021 and December 31, 2020, respectively; 92,800,072

   and 89,906,835 shares outstanding at September 30, 2021 and December 31, 2020,

   respectively

 

 

92

 

 

 

90

 

Additional paid-in capital

 

 

1,271,630

 

 

 

1,167,367

 

Accumulated other comprehensive income

 

 

10

 

 

 

64

 

Accumulated deficit

 

 

(700,644

)

 

 

(404,228

)

Total stockholders’ equity

 

 

571,088

 

 

 

763,293

 

Total liabilities and stockholders’ equity

 

$

671,615

 

 

$

799,829

 

 

See accompanying notes.

1


Relay Therapeutics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

666

 

 

$

 

 

$

2,462

 

 

$

 

Total revenue

 

 

666

 

 

 

 

 

 

2,462

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

44,974

 

 

$

24,376

 

 

$

120,743

 

 

$

67,739

 

In-process research and development expenses

 

 

 

 

 

 

 

 

123,000

 

 

 

 

Loss on initial consolidation of variable interest entity

 

 

 

 

 

 

 

 

11,855

 

 

 

 

Change in fair value of contingent consideration liability

 

 

2,000

 

 

 

 

 

 

2,000

 

 

 

 

General and administrative expenses

 

 

14,682

 

 

 

12,231

 

 

 

41,839

 

 

 

23,045

 

Total operating expenses

 

 

61,656

 

 

 

36,607

 

 

 

299,437

 

 

 

90,784

 

Loss from operations

 

 

(60,990

)

 

 

(36,607

)

 

 

(296,975

)

 

 

(90,784

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

157

 

 

 

534

 

 

 

563

 

 

 

3,104

 

Other income (expense)

 

 

 

 

 

(5

)

 

 

(4

)

 

 

(8

)

Total other income (expense), net

 

 

157

 

 

 

529

 

 

 

559

 

 

 

3,096

 

Net loss

 

$

(60,833

)

 

$

(36,078

)

 

$

(296,416

)

 

$

(87,688

)

Deemed dividend resulting from extinguishment upon modification

   of Series C preferred stock

 

 

 

 

 

(177,789

)

 

 

 

 

 

(177,789

)

Net loss attributable to common stockholders

 

$

(60,833

)

 

$

(213,867

)

 

$

(296,416

)

 

$

(265,477

)

Net loss per share, basic and diluted

 

$

(0.66

)

 

$

(3.00

)

 

$

(3.20

)

 

$

(9.92

)

Weighted average shares of common stock, basic and diluted

 

 

92,692,515

 

 

 

71,248,846

 

 

 

92,599,781

 

 

 

26,766,687

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (loss) gain

 

 

74

 

 

 

(455

)

 

 

(54

)

 

 

(149

)

Total other comprehensive (loss) income

 

 

74

 

 

 

(455

)

 

 

(54

)

 

 

(149

)

Total comprehensive loss

 

$

(60,759

)

 

$

(36,533

)

 

$

(296,470

)

 

$

(87,837

)

 

See accompanying notes.

 

2


 

Relay Therapeutics, Inc.

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

(In thousands, except share and per share data)

(Unaudited)

 

 

Convertible Preferred

Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Par value

 

 

Capital

 

 

Income

 

 

Deficit

 

 

 

 

 

Balances at December 31, 2020

 

 

 

 

$

 

 

 

89,906,835

 

 

$

90

 

 

$

1,167,367

 

 

$

64

 

 

$

(404,228

)

 

$

763,293

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

437,230

 

 

 

 

 

 

2,055

 

 

 

 

 

 

 

 

 

2,055

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

84,489

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,671

 

 

 

 

 

 

 

 

 

9,671

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52

)

 

 

 

 

 

(52

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,184

)

 

 

(42,184

)

Balances at March 31, 2021

 

 

 

 

$

 

 

 

90,428,554

 

 

$

90

 

 

$

1,179,096

 

 

$

12

 

 

$

(446,412

)

 

$

732,786

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

218,365

 

 

 

 

 

 

1,123

 

 

 

 

 

 

 

 

$

1,123

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

22,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,147

 

 

 

 

 

 

 

 

 

16,147

 

Shares issued in connection with acquisition of ZebiAI

 

 

 

 

 

 

 

 

1,883,487

 

 

 

2

 

 

 

61,946

 

 

 

 

 

 

 

 

 

61,948

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(76

)

 

 

 

 

 

(76

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(193,399

)

 

 

(193,399

)

Balances at June 30, 2021

 

 

 

 

$

 

 

 

92,552,645

 

 

$

92

 

 

$

1,258,312

 

 

$

(64

)

 

$

(639,811

)

 

$

618,529

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

196,076

 

 

 

 

 

 

900

 

 

 

 

 

 

 

 

 

900

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

51,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,418

 

 

 

 

 

 

 

 

 

12,418

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

74

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,833

)

 

 

(60,833

)

Balances at September 30, 2021

 

 

 

 

$

 

 

 

92,800,072

 

 

$

92

 

 

$

1,271,630

 

 

$

10

 

 

$

(700,644

)

 

$

571,088

 

3


 

 

 

 

Convertible Preferred

Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Par value

 

 

Capital

 

 

Income

 

 

Deficit

 

 

(Deficit)

 

Balances at December 31, 2019

 

 

212,642,857

 

 

$

537,781

 

 

 

4,037,476

 

 

$

4

 

 

$

8,715

 

 

$

325

 

 

$

(189,482

)

 

$

(180,438

)

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

85,845

 

 

 

 

 

351

 

 

 

 

 

 

 

 

351

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

210,516

 

 

 

 

 

 

98

 

 

 

 

 

 

 

 

 

98

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,455

 

 

 

 

 

 

 

 

 

1,455

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,069

 

 

 

 

 

 

1,069

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,886

)

 

 

(24,886

)

Balances at March 31, 2020

 

 

212,642,857

 

 

$

537,781

 

 

 

4,333,837

 

 

$

4

 

 

$

10,619

 

 

$

1,394

 

 

$

(214,368

)

 

$

(202,351

)

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

95,573

 

 

 

 

 

 

367

 

 

 

 

 

 

 

 

 

367

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

163,321

 

 

 

1