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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 June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from                 to              

Commission File Number: 001-37378

 

ATYR PHARMA, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

20-3435077

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

3545 John Hopkins Court, Suite #250, San Diego, CA

92121

(Address of principal executive offices)

(Zip Code)

(858) 731-8389

(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

LIFE

The Nasdaq Capital 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 August 9, 2021, there were 16,919,872 shares of the registrant’s common stock, par value $0.001 per share, outstanding.

 

 

 

 


 

ATYR PHARMA, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

3

Condensed Consolidated Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020

 

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

4

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)

 

7

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

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

 

15

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

21

Item 4. Controls and Procedures

 

21

PART II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

22

Item 1A. Risk Factors

 

22

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

 

55

Item 3. Defaults Upon Senior Securities

 

55

Item 4. Mine Safety Disclosures

 

55

Item 5. Other Information

 

55

Item 6. Exhibits

 

56

SIGNATURES

 

58

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

aTyr Pharma, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,192

 

 

$

16,952

 

Available-for-sale investments

 

 

41,869

 

 

 

14,737

 

Other receivables

 

 

90

 

 

 

2,039

 

Prepaid expenses

 

 

2,256

 

 

 

1,803

 

Total current assets

 

 

46,407

 

 

 

35,531

 

Property and equipment, net

 

 

751

 

 

 

899

 

Right-of-use assets

 

 

1,685

 

 

 

2,083

 

Other assets

 

 

152

 

 

 

213

 

Total assets

 

$

48,995

 

 

$

38,726

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,224

 

 

$

1,431

 

Accrued expenses

 

 

4,141

 

 

 

3,572

 

Current portion of operating lease liability

 

 

919

 

 

 

861

 

Total current liabilities

 

 

7,284

 

 

 

5,864

 

Long-term operating lease liability, net of current portion

 

 

906

 

 

 

1,378

 

Commitments and contingencies (Note 4)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value per share; 5,000,000 undesignated authorized shares; Class X Convertible Preferred Stock issued and outstanding shares – 0 as of June 30, 2021 (unaudited) and December 31, 2020, respectively

 

 

 

 

 

 

Common stock, $0.001 par value per share; 42,500,000 and 21,425,000 authorized shares as of June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – 16,307,370 (unaudited) and 11,018,954 as of June 30, 2021 and December 31, 2020, respectively

 

 

16

 

 

 

11

 

Additional paid-in capital

 

 

397,091

 

 

 

370,210

 

Accumulated other comprehensive loss

 

 

(61

)

 

 

(43

)

Accumulated deficit

 

 

(356,070

)

 

 

(338,528

)

Total aTyr Pharma stockholders’ equity

 

 

40,976

 

 

 

31,650

 

Noncontrolling interest in Pangu BioPharma Limited

 

 

(171

)

 

 

(166

)

Total stockholders' equity

 

 

40,805

 

 

 

31,484

 

Total liabilities and stockholders’ equity

 

$

48,995

 

 

$

38,726

 

 

See accompanying notes.

 

 

3


 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License and collaboration agreement revenues

 

$

 

 

$

189

 

 

$

 

 

$

8,254

 

Total revenues

 

 

 

 

 

189

 

 

 

 

 

 

8,254

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,655

 

 

 

4,361

 

 

 

12,171

 

 

 

7,977

 

General and administrative

 

 

2,790

 

 

 

2,146

 

 

 

5,476

 

 

 

4,736

 

Total operating expenses

 

 

10,445

 

 

 

6,507

 

 

 

17,647

 

 

 

12,713

 

Loss from operations

 

 

(10,445

)

 

 

(6,318

)

 

 

(17,647

)

 

 

(4,459

)

Total other income (expense), net

 

 

53

 

 

 

(129

)

 

 

100

 

 

 

(236

)

Consolidated net loss

 

$

(10,392

)

 

$

(6,447

)

 

$

(17,547

)

 

$

(4,695

)

Net loss attributable to noncontrolling interest in Pangu BioPharma Limited

 

 

1

 

 

 

1

 

 

 

5

 

 

 

2

 

Net loss attributable to aTyr Pharma, Inc.

 

$

(10,391

)

 

$

(6,446

)

 

$

(17,542

)

 

$

(4,693

)

Net loss per share, basic and diluted

 

$

(0.64

)

 

$

(0.69

)

 

$

(1.16

)

 

$

(0.58

)

Shares used in computing basic net loss per share, basic and diluted

 

 

16,128,473

 

 

 

9,357,432

 

 

 

15,121,721

 

 

 

8,119,612

 

See accompanying notes.

 

 

4


 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

Consolidated net loss

 

$

(10,392

)

 

$

(6,447

)

 

$

(17,547

)

 

$

(4,695

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain (loss) on available-for-sale investments, net of tax

 

 

(4

)

 

 

9

 

 

 

(18

)

 

 

(4

)

Comprehensive loss

 

$

(10,396

)

 

$

(6,438

)

 

$

(17,565

)

 

$

(4,699

)

Comprehensive loss attributable to noncontrolling interest Pangu BioPharma Limited

 

 

1

 

 

 

1

 

 

 

5

 

 

 

2

 

Comprehensive loss attributable to aTyr Pharma, Inc. common stockholders

 

$

(10,395

)

 

$

(6,437

)

 

$

(17,560

)

 

$

(4,697

)

 

See accompanying notes.

 

 

 

5


 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

 

 

Six Months Ended June 30, 2021 (unaudited)

 

 

 

Convertible

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Other

Comprehensive

 

 

Accumulated

 

 

Noncontrolling

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain/(Loss)

 

 

Deficit

 

 

Interest

 

 

Equity

 

Balance as of December 31, 2020

 

 

 

 

$

 

 

 

11,018,954

 

 

$

11

 

 

$

370,210

 

 

$

(43

)

 

$

(338,528

)

 

$

(166

)

 

$

31,484

 

Issuance of common stock upon release of restricted stock units

 

 

 

 

 

 

 

 

4,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from at the market offerings, net of offering costs

 

 

 

 

 

 

 

 

1,988,254

 

 

 

2

 

 

 

9,619

 

 

 

 

 

 

 

 

 

 

 

 

9,621

 

Issuance of common stock from committed purchase agreement, net of offering costs

 

 

 

 

 

 

 

 

3,000,000

 

 

 

3

 

 

 

15,233

 

 

 

 

 

 

 

 

 

 

 

 

15,236

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

360

 

 

 

 

 

 

 

 

 

 

 

 

360

 

Net unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

 

 

 

(14

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,151

)

 

 

(4

)

 

 

(7,155

)

Balance as of March 31, 2021

 

 

 

 

 

 

 

 

16,011,385

 

 

 

16

 

 

 

395,422

 

 

 

(57

)

 

 

(345,679

)

 

 

(170

)

 

 

49,532

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

553

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Issuance of common stock pursuant to employee stock purchase plan

 

 

 

 

 

 

 

 

1,602

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

5

 

Issuance of common stock from at the market offerings, net of offering costs

 

 

 

 

 

 

 

 

293,830

 

 

 

 

 

 

1,265

 

 

 

 

 

 

 

 

 

 

 

 

1,265

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

398

 

 

 

 

 

 

 

 

 

 

 

 

398

 

Net unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

 

 

(4

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,391

)

 

 

(1

)

 

 

(10,392

)

Balance as of June 30, 2021

 

 

 

 

$

 

 

 

16,307,370

 

 

$

16

 

 

$

397,091

 

 

$

(61

)

 

$

(356,070

)

 

$

(171

)

 

$

40,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2020 (unaudited)

 

 

 

Convertible

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Other

Comprehensive

 

 

Accumulated

 

 

Noncontrolling

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain/(Loss)

 

 

Deficit

 

 

Interest

 

 

Equity

 

Balance as of December 31, 2019

 

 

1,643,961

 

 

$

2

 

 

 

3,891,787

 

 

$

4

 

 

$

343,524

 

 

$

(40

)

 

$

(322,304

)

 

$

(160

)

 

$

21,026

 

Conversion of preferred stock to common stock

 

 

(1,643,961

)

 

 

(2

)

 

 

587,444

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon release of restricted stock units

 

 

 

 

 

 

 

 

2,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from underwritten follow-on offering, net of offering costs

 

 

 

 

 

 

 

 

4,870,588

 

 

 

4

 

 

 

18,775

 

 

 

 

 

 

 

 

 

 

 

 

18,779

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

423

 

 

 

 

 

 

 

 

 

 

 

 

423

 

Net unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

 

 

 

(13

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,753

 

 

 

(1

)

 

 

1,752

 

Balance as of March 31, 2020

 

 

 

 

 

 

 

 

9,352,498

 

 

 

9

 

 

 

362,723

 

 

 

(53

)

 

 

(320,551

)

 

 

(161

)

 

 

41,967

 

Issuance of common stock upon release of restricted stock units

 

 

 

 

 

 

 

 

5,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to employee stock purchase plan

 

 

 

 

 

 

 

 

1,780

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Issuance of common stock from at the market offerings, net of offering costs

 

 

 

 

 

 

 

 

23,148

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

25

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

378

 

 

 

 

 

 

 

 

 

 

 

 

378

 

Net unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

9

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,446

)

 

 

(1

)

 

 

(6,447

)

Balance as of June 30, 2020

 

 

 

 

$

 

 

 

9,383,425

 

 

$

9

 

 

$

363,132

 

 

$

(44

)

 

$

(326,997

)

 

$

(162

)

 

$

35,938

 

See accompanying notes.

6


 

 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

Consolidated net loss

 

$

(17,547

)

 

$

(4,695

)

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

244

 

 

 

313

 

Stock-based compensation

 

 

758

 

 

 

801