10-Q
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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, 2023

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.)

 

 

10240 Sorrento Valley, Suite 300, 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 4, 2023, there were 57,046,172 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, 2023 (unaudited) and December 31, 2022

3

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)

4

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2023 and 2022 (unaudited)

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)

 

6

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (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

22

Item 4. Controls and Procedures

22

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

23

Item 1A. Risk Factors

23

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

59

Item 3. Defaults Upon Senior Securities

59

Item 4. Mine Safety Disclosures

59

Item 5. Other Information

59

Item 6. Exhibits

59

SIGNATURES

62

 

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,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,313

 

 

$

9,981

 

Available-for-sale investments

 

 

96,268

 

 

 

56,165

 

Other receivables

 

 

1,287

 

 

 

11,775

 

Prepaid expenses

 

 

4,563

 

 

 

2,950

 

Total current assets

 

 

114,431

 

 

 

80,871

 

Restricted cash

 

 

3,419

 

 

 

3,165

 

Property and equipment, net

 

 

5,812

 

 

 

3,059

 

Operating lease, right-of-use assets

 

 

7,119

 

 

 

7,250

 

Financing lease, right-of-use assets

 

 

1,894

 

 

 

1,248

 

Other assets

 

 

72

 

 

 

193

 

Total assets

 

$

132,747

 

 

$

95,786

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

516

 

 

$

3,106

 

Accrued expenses

 

 

10,788

 

 

 

9,862

 

Current portion of operating lease liability

 

 

621

 

 

 

630

 

Current portion of financing lease liability

 

 

443

 

 

 

264

 

Total current liabilities

 

 

12,368

 

 

 

13,862

 

Long-term operating lease liability, net of current portion

 

 

12,802

 

 

 

9,633

 

Long-term financing lease liability, net of current portion

 

 

1,525

 

 

 

1,007

 

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, 2023 (unaudited) and December 31, 2022; no shares issued or outstanding as of June 30, 2023 (unaudited) and December 31, 2022

 

 

 

 

 

 

Common stock, $0.001 par value per share; 170,000,000 and 85,000,000 authorized shares as of June 30, 2023 (unaudited) and December 31, 2022, respectively; issued and outstanding shares – 57,046,172 as of June 30, 2023 (unaudited) and 29,498,488 as of December 31, 2022

 

 

57

 

 

 

29

 

Additional paid-in capital

 

 

548,436

 

 

 

489,502

 

Accumulated other comprehensive loss

 

 

(333

)

 

 

(433

)

Accumulated deficit

 

 

(441,923

)

 

 

(417,634

)

Total aTyr Pharma, Inc. stockholders’ equity

 

 

106,237

 

 

 

71,464

 

Noncontrolling interest in Pangu BioPharma Limited

 

 

(185

)

 

 

(180

)

Total stockholders’ equity

 

 

106,052

 

 

 

71,284

 

Total liabilities and stockholders’ equity

 

$

132,747

 

 

$

95,786

 

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

9,840

 

 

$

9,135

 

 

$

19,219

 

 

$

18,031

 

General and administrative

 

 

3,718

 

 

 

3,449

 

 

 

7,126

 

 

 

6,931

 

Total operating expenses

 

 

13,558

 

 

 

12,584

 

 

 

26,345

 

 

 

24,962

 

Loss from operations

 

 

(13,558

)

 

 

(12,584

)

 

 

(26,345

)

 

 

(24,962

)

Total other income (expense), net

 

 

1,216

 

 

 

163

 

 

 

2,051

 

 

 

387

 

Consolidated net loss

 

 

(12,342

)

 

 

(12,421

)

 

 

(24,294

)

 

 

(24,575

)

Net loss attributable to noncontrolling interest in Pangu BioPharma Limited

 

 

4

 

 

 

1

 

 

 

5

 

 

 

2

 

Net loss attributable to aTyr Pharma, Inc.

 

$

(12,338

)

 

$

(12,420

)

 

$

(24,289

)

 

$

(24,573

)

Net loss per share, basic and diluted

 

$

(0.22

)

 

$

(0.44

)

 

$

(0.50

)

 

$

(0.88

)

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

 

 

55,143,805

 

 

 

28,063,387

 

 

 

48,557,347

 

 

 

27,941,560

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

Consolidated net loss

 

$

(12,342

)

 

$

(12,421

)

 

$

(24,294

)

 

$

(24,575

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(85

)

 

 

(51

)

 

 

100

 

 

 

(547

)

Comprehensive loss

 

 

(12,427

)

 

 

(12,472

)

 

$

(24,194

)

 

$

(25,122

)

Comprehensive loss attributable to noncontrolling interest in Pangu BioPharma Limited

 

 

4

 

 

 

1

 

 

 

5

 

 

 

2

 

Comprehensive loss attributable to aTyr Pharma, Inc. common stockholders

 

$

(12,423

)

 

$

(12,471

)

 

$

(24,189

)

 

$

(25,120

)

 

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, 2023 (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, 2022

 

29,498,488

 

 

$

29

 

 

$

489,502

 

 

$

(433

)

 

$

(417,634

)

 

$

(180

)

 

$

71,284

 

Issuance of common stock upon release of restricted stock units

 

22,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

694,012

 

 

 

1

 

 

 

1,488

 

 

 

 

 

 

 

 

 

 

 

 

1,489

 

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

 

23,125,000

 

 

 

23

 

 

 

48,050

 

 

 

 

 

 

 

 

 

 

 

 

48,073

 

Stock-based compensation

 

 

 

 

 

 

 

619

 

 

 

 

 

 

 

 

 

 

 

 

619

 

Net unrealized gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

185

 

 

 

 

 

 

 

 

 

185

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,951

)

 

 

(1

)

 

 

(11,952

)

Balance as of March 31, 2023

 

53,339,611

 

 

 

53

 

 

 

539,659

 

 

 

(248

)

 

 

(429,585

)

 

 

(181

)

 

 

109,698

 

Issuance of common stock pursuant to employee stock purchase plan

 

32,363

 

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

65

 

Issuance of common stock upon release of restricted stock units

 

36,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3,638,198

 

 

 

4

 

 

 

8,054

 

 

 

 

 

 

 

 

 

 

 

 

8,058

 

Stock-based compensation

 

 

 

 

 

 

 

658

 

 

 

 

 

 

 

 

 

 

 

 

658

 

Net unrealized loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

(85

)

 

 

 

 

 

 

 

 

(85

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,338

)

 

 

(4

)

 

 

(12,342

)

Balance as of June 30, 2023

 

57,046,172

 

 

$

57

 

 

$

548,436

 

 

$

(333

)

 

$

(441,923

)

 

$

(185

)

 

$

106,052

 

 

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

 

See accompanying notes.

 

6


 

aTyr Pharma, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

Consolidated net loss

 

$

(24,294

)

 

$

(24,575

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

241

 

 

 

144

 

Stock-based compensation

 

 

1,277

 

 

 

934

 

(Accretion) amortization of (discount) premium of available-for-sale investment securities

 

 

(1,301

)

 

 

434

 

Amortization of right-of-use assets

 

 

1,100

 

 

 

440

 

Gain on disposal of property and equipment

 

 

(13

)

 

 

(89

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Other receivables

 

 

10,554

 

 

 

9

 

Prepaid expenses and other assets

 

 

(1,492

)

 

 

831

 

Accounts payable and accrued expenses

 

 

(1,019

)

 

 

3,108

 

Operating lease liability

 

 

2,347

 

 

 

(472

)

Net cash used in operating activities

 

 

(12,600

)

 

 

(19,236

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(3,641

)

 

 

(96

)

Purchases of available-for-sale investment securities

 

 

(68,702

)

 

 

(11,176

)

Maturities of available-for-sale investment securities

 

 

30,000

 

 

 

35,700

 

Proceeds from sale of property and equipment

 

 

15

 

 

 

169

 

Net cash (used in) provided by investing activities

 

 

(42,328

)

 

 

24,597

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock through option exercises

 

 

 

 

 

1

 

Proceeds from issuance of common stock through employee stock purchase plan

 

 

65

 

 

 

5

 

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

 

 

9,547

 

 

 

1,514

 

Proceeds from issuance of common stock from underwritten follow-on public offering, net of offering costs