10-Q
false--12-31Q200013399700001339970srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-06-300001339970life:ATMOfferingProgramMemberlife:JonesTradingInstitutionalServicesLLCMember2022-01-012022-06-300001339970life:TwoThousandTwentyTwoInducementPlanMember2022-06-300001339970srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-04-012022-06-300001339970us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:CommonStockMemberlife:InducementPoolNonQualifiedOptionMember2022-03-012022-03-310001339970life:ATMOfferingProgramMemberlife:JefferiesLLCMember2022-06-300001339970life:CommonStockOptionsAndRestrictedStockUnitsMember2022-01-012022-06-300001339970us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001339970life:AspireCapitalMember2021-06-300001339970life:ATMOfferingProgramMemberus-gaap:SubsequentEventMember2022-07-012022-08-120001339970us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001339970us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001339970us-gaap:CommonStockMember2021-12-310001339970us-gaap:CommonStockMember2021-04-012021-06-300001339970life:CollaborationRevenueMemberlife:KyorinPharmaceuticalCoLtdMemberlife:ResearchCollaborationAndLicenseAgreementMember2022-04-012022-06-300001339970us-gaap:AdditionalPaidInCapitalMember2020-12-310001339970us-gaap:EmployeeStockOptionMember2021-01-012021-06-3000013399702021-01-012021-03-310001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001339970us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970life:CollaborationRevenueMemberlife:KyorinPharmaceuticalCoLtdMemberlife:ResearchCollaborationAndLicenseAgreementMember2020-06-012020-06-300001339970us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001339970us-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMember2022-06-3000013399702022-05-012022-05-310001339970life:AspireCapitalMember2021-01-012021-06-300001339970us-gaap:CommonStockMemberus-gaap:SubsequentEventMemberlife:InducementPoolNonQualifiedOptionMember2022-08-082022-08-0800013399702022-08-120001339970us-gaap:FairValueInputsLevel2Memberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:RetainedEarningsMember2021-04-012021-06-300001339970us-gaap:AdditionalPaidInCapitalMember2021-12-310001339970us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001339970srt:MaximumMemberus-gaap:EmployeeStockOptionMember2021-04-012021-06-300001339970life:PublicOfferingsMember2021-01-012021-09-300001339970life:PublicOfferingsMemberus-gaap:CommonStockMember2021-01-012021-09-300001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001339970life:AspireCapitalMember2022-01-012022-06-300001339970us-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2021-12-310001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001339970life:CommonStockOptionsAndRestrictedStockUnitsMember2022-06-300001339970us-gaap:RetainedEarningsMember2022-01-012022-03-310001339970us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:AdditionalPaidInCapitalMember2021-06-300001339970us-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMember2022-06-300001339970us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001339970srt:MinimumMemberus-gaap:EmployeeStockOptionMember2022-04-012022-06-300001339970us-gaap:RetainedEarningsMember2022-04-012022-06-300001339970us-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970srt:MinimumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-06-300001339970us-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-3000013399702020-12-310001339970us-gaap:NoncontrollingInterestMember2022-06-300001339970us-gaap:RetainedEarningsMember2021-06-300001339970life:SalesAgreementMemberlife:ATMOfferingProgramMembersrt:MaximumMemberlife:JonesTradingInstitutionalServicesLLCMember2021-03-310001339970us-gaap:AdditionalPaidInCapitalMember2022-03-310001339970life:TwoThousandFifteenStockPlanMember2022-06-300001339970srt:MaximumMember2022-01-012022-06-300001339970life:SalesAgreementMemberlife:ATMOfferingProgramMembersrt:MaximumMemberlife:JefferiesLLCMember2022-04-300001339970us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970us-gaap:RetainedEarningsMember2022-06-3000013399702021-04-012021-06-300001339970us-gaap:AdditionalPaidInCapitalMember2022-06-300001339970life:EmployeeStockPurchasePlanMember2022-06-300001339970us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970us-gaap:NoncontrollingInterestMember2021-12-310001339970life:HongKongUniversityOfScienceAndTechnologyMember2020-03-012020-03-310001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001339970life:AspireCapitalMember2020-09-012020-09-3000013399702022-01-012022-03-310001339970us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001339970us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970life:ATMOfferingProgramMemberlife:JonesTradingInstitutionalServicesLLCMember2022-06-300001339970life:CollaborationRevenueMemberlife:KyorinPharmaceuticalCoLtdMemberlife:ResearchCollaborationAndLicenseAgreementMember2020-01-012020-01-310001339970us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001339970life:WarrantsForCommonStockMember2021-01-012021-06-300001339970srt:MaximumMemberus-gaap:CommonStockMemberlife:InducementPoolNonQualifiedOptionMember2022-03-012022-03-310001339970life:ClassXConvertiblePreferredStockMember2022-06-300001339970us-gaap:FairValueInputsLevel2Memberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-3000013399702021-01-012021-06-300001339970life:EmployeeStockPurchasePlanMember2021-01-012021-06-300001339970life:HongKongUniversityOfScienceAndTechnologyMember2022-04-012022-06-300001339970life:CollaborationRevenueMemberlife:KyorinPharmaceuticalCoLtdMemberlife:ResearchCollaborationAndLicenseAgreementMember2021-04-012021-06-300001339970us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:RestrictedStockUnitsRSUMember2022-06-300001339970life:HongKongUniversityOfScienceAndTechnologyMember2022-01-012022-06-3000013399702021-03-310001339970life:CollaborationRevenueMemberlife:KyorinPharmaceuticalCoLtdMemberlife:ResearchCollaborationAndLicenseAgreementMember2021-01-012021-06-3000013399702022-04-012022-06-300001339970us-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970life:EmployeeStockPurchasePlanMember2022-01-012022-06-300001339970us-gaap:CommonStockMember2022-04-012022-06-300001339970us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-3000013399702021-12-310001339970life:ATMOfferingProgramMemberus-gaap:CommonStockMemberlife:JonesTradingInstitutionalServicesLLCMember2021-01-012021-12-310001339970us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001339970us-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMember2021-12-310001339970us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001339970us-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970us-gaap:CommonStockMember2020-12-310001339970us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001339970us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001339970us-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:NoncontrollingInterestMember2021-03-310001339970us-gaap:CorporateDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2022-06-3000013399702021-06-300001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001339970us-gaap:CommonStockMember2022-01-012022-03-310001339970us-gaap:CommonStockMember2021-06-300001339970us-gaap:RetainedEarningsMember2021-03-3100013399702022-04-300001339970us-gaap:CommonStockMember2022-06-300001339970life:CollaborationRevenueMemberlife:KyorinPharmaceuticalCoLtdMemberlife:ResearchCollaborationAndLicenseAgreementMember2022-01-012022-06-300001339970us-gaap:RetainedEarningsMember2021-01-012021-03-310001339970life:ClassXConvertiblePreferredStockMember2021-12-310001339970us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001339970srt:MinimumMemberus-gaap:EmployeeStockOptionMember2021-04-012021-06-3000013399702022-06-300001339970life:CommonStockOptionsAndRestrictedStockUnitsMember2021-01-012021-06-300001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001339970us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001339970us-gaap:NoncontrollingInterestMember2020-12-310001339970us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001339970life:WarrantsForCommonStockMember2022-06-300001339970us-gaap:CommonStockMemberlife:InducementPoolNonQualifiedOptionMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-03-012022-03-3100013399702021-01-012021-01-310001339970life:ATMOfferingProgramMemberlife:JefferiesLLCMember2022-01-012022-06-300001339970us-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970life:HongKongUniversityOfScienceAndTechnologyMember2021-01-012021-06-300001339970life:KyorinPharmaceuticalCoLtdMemberlife:DevelopmentRegulatoryAndSalesMilestoneMember2020-01-012020-01-310001339970us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:AdditionalPaidInCapitalMember2021-03-310001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001339970us-gaap:CommonStockMemberlife:InducementPoolNonQualifiedOptionMember2022-03-012022-03-310001339970srt:MinimumMemberus-gaap:EmployeeStockOptionMember2021-01-012021-06-300001339970us-gaap:CommonStockMemberlife:InducementPoolNonQualifiedOptionMember2022-05-012022-05-310001339970us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-3000013399702022-01-012022-06-300001339970us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-3000013399702020-01-012020-01-310001339970us-gaap:CommonStockMember2022-03-310001339970us-gaap:CommonStockMember2021-03-310001339970us-gaap:NoncontrollingInterestMember2022-03-310001339970us-gaap:CommonStockMember2021-01-012021-03-310001339970life:ATMOfferingProgramMemberus-gaap:CommonStockMemberlife:JonesTradingInstitutionalServicesLLCMember2022-01-012022-06-300001339970life:PublicOfferingsMemberus-gaap:CommonStockMember2021-09-300001339970life:ATMOfferingProgramMemberus-gaap:SubsequentEventMember2022-08-120001339970us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001339970country:HKlife:PanguBioPharmaLimitedMember2022-06-300001339970us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970life:WarrantsForCommonStockMember2022-01-012022-06-300001339970us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100013399702022-05-310001339970us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970life:InducementPoolNonQualifiedOptionMember2022-03-310001339970life:ATMOfferingProgramMemberus-gaap:CommonStockMemberlife:JefferiesLLCMember2022-01-012022-06-300001339970us-gaap:RetainedEarningsMember2022-03-310001339970us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001339970life:ATMOfferingProgramMemberlife:JonesTradingInstitutionalServicesLLCMember2021-01-012021-12-310001339970us-gaap:RetainedEarningsMember2020-12-310001339970us-gaap:RetainedEarningsMember2021-12-310001339970life:ATMOfferingProgramMemberlife:JonesTradingInstitutionalServicesLLCMember2021-12-3100013399702022-03-310001339970us-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970life:ATMOfferingProgramMemberus-gaap:SubsequentEventMemberus-gaap:CommonStockMember2022-07-012022-08-120001339970us-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001339970us-gaap:RestrictedStockUnitsRSUMember2021-12-310001339970us-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMember2021-12-310001339970us-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001339970srt:MaximumMemberus-gaap:EmployeeStockOptionMember2021-01-012021-06-300001339970life:HongKongUniversityOfScienceAndTechnologyMember2021-04-012021-06-300001339970us-gaap:NoncontrollingInterestMember2021-06-30xbrli:pureutr:sqftxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

 

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, 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: 001-37378

 

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 12, 2022, there were 28,625,046 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, 2022 (unaudited) and December 31, 2021

 

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)

 

4

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2022 and 2021 (unaudited)

 

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)

 

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)

 

7

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

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

 

16

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

24

Item 4. Controls and Procedures

 

24

PART II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

24

Item 1A. Risk Factors

 

24

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

 

60

Item 3. Defaults Upon Senior Securities

 

60

Item 4. Mine Safety Disclosures

 

60

Item 5. Other Information

 

60

Item 6. Exhibits

 

60

SIGNATURES

 

63

 

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,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,484

 

 

$

2,336

 

Available-for-sale investments

 

 

80,070

 

 

 

105,575

 

Other receivables

 

 

426

 

 

 

435

 

Prepaid expenses

 

 

4,375

 

 

 

5,223

 

Total current assets

 

 

93,355

 

 

 

113,569

 

Restricted cash

 

 

733

 

 

 

 

Property and equipment, net

 

 

558

 

 

 

543

 

Operating lease, right-of-use assets

 

 

827

 

 

 

1,267

 

Financing lease, right-of-use assets

 

 

368

 

 

 

 

Other assets

 

 

175

 

 

 

158

 

Total assets

 

$

96,016

 

 

$

115,537

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,674

 

 

$

1,031

 

Accrued expenses

 

 

6,610

 

 

 

4,002

 

Current portion of operating lease liability

 

 

906

 

 

 

980

 

Current portion of financing lease liability

 

 

70

 

 

 

 

Total current liabilities

 

 

9,260

 

 

 

6,013

 

Long-term operating lease liability, net of current portion

 

 

 

 

 

398

 

Long-term financing lease liability, net of current portion

 

 

298

 

 

 

 

Commitments and contingencies (Note 4)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value per share; 5,000,000 undesignated authorized shares as of June 30, 2022 (unaudited) and December 31, 2021; Class X Convertible Preferred Stock, issued and outstanding shares – 0 as of June 30, 2022 (unaudited) and December 31, 2021

 

 

 

 

 

 

Common stock, $0.001 par value per share; 85,000,000 and 42,500,000 authorized shares as of June 30, 2022 (unaudited) and December 31, 2021, respectively; issued and outstanding shares – 28,127,458 and 27,793,035 as of June 30, 2022 (unaudited) and December 31, 2021, respectively

 

 

28

 

 

 

28

 

Additional paid-in capital

 

 

484,286

 

 

 

481,832

 

Accumulated other comprehensive loss

 

 

(810

)

 

 

(263

)

Accumulated deficit

 

 

(396,869

)

 

 

(372,296

)

Total aTyr Pharma, Inc. stockholders’ equity

 

 

86,635

 

 

 

109,301

 

Noncontrolling interest in Pangu BioPharma Limited

 

 

(177

)

 

 

(175

)

Total stockholders’ equity

 

 

86,458

 

 

 

109,126

 

Total liabilities and stockholders’ equity

 

$

96,016

 

 

$

115,537

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

9,135

 

 

$

7,655

 

 

$

18,031

 

 

$

12,171

 

General and administrative

 

 

3,449

 

 

 

2,790

 

 

 

6,931

 

 

 

5,476

 

Total operating expenses

 

 

12,584

 

 

 

10,445

 

 

 

24,962

 

 

 

17,647

 

Loss from operations

 

 

(12,584

)

 

 

(10,445

)

 

 

(24,962

)

 

 

(17,647

)

Total other income (expense), net

 

 

163

 

 

 

53

 

 

 

387

 

 

 

100

 

Consolidated net loss

 

 

(12,421

)

 

 

(10,392

)

 

 

(24,575

)

 

 

(17,547

)

Net loss attributable to noncontrolling interest in Pangu BioPharma Limited

 

 

1

 

 

 

1

 

 

 

2

 

 

 

5

 

Net loss attributable to aTyr Pharma, Inc.

 

$

(12,420

)

 

$

(10,391

)

 

$

(24,573

)

 

$

(17,542

)

Net loss per share, basic and diluted

 

$

(0.44

)

 

$

(0.64

)

 

$

(0.88

)

 

$

(1.16

)

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

 

 

28,063,387

 

 

 

16,128,473

 

 

 

27,941,560

 

 

 

15,121,721

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

Consolidated net loss

 

$

(12,421

)

 

$

(10,392

)

 

$

(24,575

)

 

$

(17,547

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(51

)

 

 

(4

)

 

 

(547

)

 

 

(18

)

Comprehensive loss

 

 

(12,472

)

 

 

(10,396

)

 

$

(25,122

)

 

$

(17,565

)

Comprehensive loss attributable to noncontrolling interest in Pangu BioPharma Limited

 

 

1

 

 

 

1

 

 

 

2

 

 

 

5

 

Comprehensive loss attributable to aTyr Pharma, Inc. common stockholders

 

$

(12,471

)

 

$

(10,395

)

 

$

(25,120

)

 

$

(17,560

)

 

See accompanying notes.

 

5


 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

 

 

Three and Six Months Ended June 30, 2022 (unaudited)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Other
Comprehensive

 

 

Accumulated

 

 

Noncontrolling

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Gain/(Loss)

 

 

Deficit

 

 

Interest

 

 

Equity

 

Balance as of December 31, 2021

 

 

27,793,035

 

 

$

28

 

 

$

481,832

 

 

$

(263

)

 

$

(372,296

)

 

$

(175

)

 

$

109,126

 

Issuance of common stock upon release of restricted stock units

 

 

2,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

259

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

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

 

 

260,455

 

 

 

 

 

 

1,480

 

 

 

 

 

 

 

 

 

 

 

 

1,480

 

Stock-based compensation

 

 

 

 

 

 

 

 

417

 

 

 

 

 

 

 

 

 

 

 

 

417

 

Net unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(496

)

 

 

 

 

 

 

 

 

(496

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,153

)

 

 

(1

)

 

 

(12,154

)

Balance as of March 31, 2022

 

 

28,056,249

 

 

$

28

 

 

$

483,730

 

 

$

(759

)

 

$

(384,449

)

 

$

(176

)

 

$

98,374

 

Issuance of common stock pursuant to employee stock purchase plan

 

 

1,958

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

5

 

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

 

 

69,251

 

 

 

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

34

 

Stock-based compensation

 

 

 

 

 

 

 

 

517

 

 

 

 

 

 

 

 

 

 

 

 

517

 

Net unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(51

)

 

 

 

 

 

 

 

 

(51

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,420

)

 

 

(1

)

 

 

(12,421

)

Balance as of June 30, 2022

 

 

28,127,458

 

 

$

28

 

 

$

484,286

 

 

$

(810

)

 

$

(396,869

)

 

$

(177

)

 

$

86,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three and Six Months Ended June 30, 2021 (unaudited)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Other
Comprehensive

 

 

Accumulated

 

 

Noncontrolling

 

 

Total
Stockholders’

 

 

 

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

 

See accompanying notes.

 

6


 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

Consolidated net loss

 

$

(24,575

)

 

$

(17,547

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

144

 

 

 

244

 

Stock-based compensation

 

 

934

 

 

 

758

 

Amortization of premium of available-for-sale investment securities

 

 

434

 

 

 

106

 

Amortization of right-of-use assets

 

 

440

 

 

 

411

 

Gain on disposal of property and equipment

 

 

(89

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Other receivables

 

 

9

 

 

 

1,949

 

Prepaid expenses and other assets

 

 

831

 

 

 

(405

)

Accounts payable and accrued expenses

 

 

3,108

 

 

 

1,379

 

Operating lease liability

 

 

(472

)

 

 

(414

)

Net cash used in operating activities

 

 

(19,236

)

 

 

(13,519

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(96

)

 

 

(113

)

Purchases of available-for-sale investment securities

 

 

(11,176

)

 

 

(40,024

)

Maturities of available-for-sale investment securities

 

 

35,700

 

 

 

12,768

 

Proceeds from sale of property and equipment

 

 

169