What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-11-10 compared with 2022-08-11 · 94 added, 71 removed, 323 unchanged (34% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

September 30,

Current assets:

21 unchanged sentences

200,000,000 shares authorized;

46,372,105 and 40,993,768 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

49,161,637 and 40,993,768 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

8 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Operating expenses:

9 unchanged sentences

Total other income (expense), net

Net loss before income taxes

Income tax benefit

Other comprehensive income — unrealized (loss) gain on short-term investments

23 unchanged sentences

Balance at June 30, 2022

Stock-based compensation

Exercise of stock options

Vesting of restricted stock awards including withholding, net

Issuance of common stock in at-the-market offerings, net

Issuance of common stock from Employee Stock Purchase Plan

Other increase

Unrealized loss on short-term investments

Balance at September 30, 2022

The accompanying notes are an integral part of the unaudited consolidated financial statements.

21 unchanged sentences

Balance at June 30, 2021

Stock-based compensation

Exercise of stock options

Vesting of restricted stock awards including withholding, net

Issuance of common stock from Employee Stock Purchase Plan

Unrealized loss on short-term investments

Balance at September 30, 2021

The accompanying notes are an integral part of the unaudited consolidated financial statements.

2 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

7 unchanged sentences

Accounts receivable

Prepaid expenses and other current assets

Prepaid expenses and other assets

Accounts payable

19 unchanged sentences

Common stock issued related to contingent consideration liability

Operating lease liability and right of use asset addition

The accompanying notes are an integral part of the unaudited consolidated financial statements.

5 unchanged sentences

The Company is focused on developing treatments for obesity and liver diseases.

The Company’s pipeline includes next generation peptide therapeutics for obesity and non-alcoholic steatohepatitis (“NASH”) (for both, pemvidutide [proposed INN], formerly known as ALT-801), and for chronic hepatitis B (HepTcell).

The Company’s pipeline includes next generation peptide therapeutics for obesity and non-alcoholic steatohepatitis (“NASH”) (for both, pemvidutide, formerly known as ALT-801), and for chronic hepatitis B (HepTcell).

Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff and raising capital, and has financed its operations through the issuance of common and preferred stock, long-term debt and proceeds from research grants and government contracts.

12 unchanged sentences

Summary of Significant Accounting Policies

During the six months ended June 30, 2022, there have been no significant changes to the Company’s summary of significant accounting policies contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC.

During the nine months ended September 30, 2022, there have been no significant changes to the Company’s summary of significant accounting policies contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC.

Use of Estimates

1 unchanged sentence

GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.

The extent to which the COVID-19 pandemic, including any resurgences or the emergence of new variants, may directly or indirectly

impact the Company’s business, financial condition, and results of operations is highly uncertain and subject to change.

The Company considered the potential impact of the COVID-19 pandemic on the Company’s estimates and assumptions and determined that there was not a material impact to the Company’s unaudited consolidated financial statements as of and for the three and six months ended June 30, 2022.

The extent to which the COVID-19 pandemic, including any resurgences or the emergence of new variants, may directly or indirectly impact the Company’s business, financial condition, and results of operations is highly uncertain and subject to change.

However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods.

Fair Value Measurements

The Company’s assets measured at fair value on a recurring basis as of June 30, 2022 consisted of the following (in thousands):

Fair Value Measurement at June 30, 2022

The Company’s assets measured at fair value on a recurring basis as of September 30, 2022 consisted of the following (in thousands):

Fair Value Measurement at September 30, 2022

Cash equivalents - money market funds

5 unchanged sentences

As described in Note 6 the remaining milestone payment underlying the contingent consideration liability was fully settled in shares of the Company’s common stock.

As of June 30, 2022, the Company had no contingent consideration liability.

As of September 30, 2022, the Company had no contingent consideration liability.

Short-term investments have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data (Level 2).

The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value.

Short-term investments had quoted prices as of June 30, 2022 as shown below:

June 30, 2022

Short-term investments had quoted prices as of September 30, 2022 as shown below (in thousands):

September 30, 2022

Amortized Cost

5 unchanged sentences

Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired.

During the six months ended June 30, 2022, the Company had no significant assets or liabilities that were measured at fair value on a non-recurring

During the nine months ended September 30, 2022, the Company had no significant assets or liabilities that were measured at fair value on a non-recurring basis.

During the year ended December 31, 2021, the Company recorded non-cash impairment charges to property and equipment, net on a non-recurring basis (see below).

3 unchanged sentences

Under the expanded agreement, the Company had committed approximately $ 23.0 million to Lonza to procure long-lead equipment and construct a dedicated manufacturing suite for clinical and commercial production of adenovirus-based vaccines.

In June 2021, the Company announced the discontinuation of further development of AdCOVID following the Company’s review of findings from its Phase 1 clinical trial.

Construction continued at Lonza, and the Company assessed its strategic options with respect to the suite.

This work was completed during the fourth quarter of 2021.

The Company capitalized a total of $ 11.4 million as construction-in-progress (“CIP”) during the six months ended June 30, 2021 under this expanded agreement.

In connection with the discontinuation of further development of AdCOVID, the Company recorded a non-cash impairment charge of $ 8.1 million in the unaudited consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 to write-down the CIP associated with the construction of the Lonza facility to its fair value of $ 3.3 million as of June 30, 2021.

As of June 30, 2021, the fair value of the CIP related assets was primarily determined utilizing the cost approach, which reflects the current replacement cost of the asset being appraised, adjusted for contractual restrictions on the assets, the probability of satisfying the contractual restrictions, physical deterioration, functional obsolescence and economic obsolescence.

The Company capitalized a total of $ 11.4 million as construction-in-progress (“CIP”) during the nine months ended September 30, 2021 under this expanded agreement.

In connection with the discontinuation of further development of AdCOVID, the Company recorded a non-cash impairment charge of $ 8.1 million in the unaudited consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2021 to write-down the CIP associated with the construction of the Lonza facility to its fair value of $ 3.3 million as of September 30, 2021.

As of September 30, 2021, the fair value of the CIP related assets was primarily determined utilizing the cost approach, which reflected the replacement cost of the asset being appraised, adjusted for contractual restrictions on the assets, the probability of satisfying the contractual restrictions, physical deterioration, functional obsolescence and economic obsolescence.

The fair value measurement was considered a Level 3 measurement within the valuation hierarchy.

1 unchanged sentence

Operating Leases

The Company rents office and laboratory space in the United States.

The Company also leases office equipment under non-cancellable equipment leases through June 2026 .

Rent expense during the three and six months ended June 30, 2022 under all of the Company’s operating leases was $ 0.1 million and $ 0.2 million, respectively.

Rent expense during the three and six months ended June 30, 2021 under all of the Company’s operating leases was $ 0.1 million and $ 0.3 million, respectively.

The Company rents office and laboratory space in the United States which expires in April 2025.

Rent expense under the Company’s operating leases was $ 0.1 million and $ 0.4 million during each of the three and nine months ended September 30, 2022 and 2021, respectively.

Rent expense includes short-term leases and variable lease costs that are not included in the lease obligation.

1 unchanged sentence

The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases.

The office space leases provide for increases in future minimum annual rental payments as defined in the lease agreements.

The office space lease provides for increases in future minimum annual rental payments as defined in the lease agreement.

The office space lease also includes an option to renew the lease as of the end of the term.

The Company has determined that the lease renewal option is not reasonably certain of being exercised.

The cash paid for operating lease liabilities for the six months ended June 30, 2022 and 2021 was $ 0.3 million and $ 0.2 million, respectively.

The cash paid for operating lease liabilities for each of the nine months ended September 30, 2022 and 2021 was $ 0.4 million.

Supplemental other information related to the operating leases balance sheet information is as follows (in thousands):

June 30, 2022

September 30, 2022

December 31, 2021

6 unchanged sentences

Accrued expenses and other current liabilities consist of the following (in thousands):

June 30, 2022

September 30, 2022

December 31, 2021

3 unchanged sentences

Lease obligation, current portion (see Note 4)

Income tax payable

Accrued interest and other

4 unchanged sentences

(“Spitfire”).

Spitfire was a privately held, preclinical pharmaceutical company developing a novel dual GLP-1/glucagon receptor agonist for the treatment of non-alcoholic steatohepatitis.

Spitfire was a privately held, preclinical pharmaceutical company developing a novel GLP-1/glucagon receptor dual agonist for the treatment of NASH.

The transaction closed on July 12, 2019.

The Company issued 1,887,250 unregistered shares of its common stock as upfront consideration to certain former securityholders of Spitfire (collectively, the “Spitfire Equityholders”), representing an amount equal to $ 5.0 million less working capital and transaction expense adjustment amounts as defined in the agreement.

The Company issued 1,887,250 unregistered shares of its common stock as upfront consideration to certain former securityholders of Spitfire, representing an amount equal to $ 5.0 million less working capital and transaction expense adjustment amounts as defined in the agreement.

The acquisition of Spitfire was accounted for as an asset acquisition instead of a business combination because substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset or group of similar identifiable assets, and therefore, the asset was not considered a business.

The Company expensed the acquired intellectual property as of the acquisition date as in-process research and development with no alternative future uses.

The Spitfire Merger Agreement also includes future contingent payments up to $ 88.0 million in cash and shares of the Company’s common stock as follows (each, a “Milestone Event”):

● a one-time payment of $ 5.0 million (the “IND Milestone Consideration Amount”) within sixty days of the submission of an Investigational New Drug Application (“IND”) to the United States Food and Drug Administration (the “FDA”) or other applicable governmental authority in a foreign jurisdiction, which IND has not been rejected or placed on clinical hold by the FDA or such applicable foreign governmental authority within time specified in the Merger Agreement;

● a one-time payment of $ 3.0 million (the “Phase 2 Milestone Consideration Amount” and together with the IND Milestone Consideration Amount, the “Regulatory Milestones”) within sixty days of the initiation (first patient, first dosing) of a Phase 2 clinical trial of a product candidate anywhere in the world;

● payments of up to $ 80.0 million upon the achievement of specified worldwide net sales (the “Sales Milestones”) of all products developed using the technology acquired in the License Agreement within ten years following the approval of a new drug application filed with the FDA.

The Spitfire Merger Agreement also includes future contingent payments up to $ 88.0 million in cash and shares of the Company’s common stock as follows:

● payments of up to $ 80.0 million upon the achievement of specified worldwide net sales (the “Sales Milestones”) of all products developed using the technology acquired in the Amended and Restated License Agreement, dated July 12, 2019, by and between Mederis Diabetes, LLC and Spitfire, within ten years following the approval of a new drug application filed with the FDA.

The Regulatory Milestones were payable in shares of the Company’s common stock, with the number of shares of the Company’s common stock issued in connection with each milestone amount, if any, dependent on the share price at the time of achievement.

The number of shares issued in consideration for the IND Milestone Consideration Amount was determined based on the lower of (A) the average of the closing prices of the Company’s common stock as reported on the Nasdaq Global Market for the twenty (20) consecutive trading days prior to the IND Reference Date or (B) $ 2.95 .

Global Market for the twenty (20) consecutive trading days immediately preceding the date of the occurrence of the Phase 2 Milestone Event or (B) $ 3.54 .

The number of shares issued in consideration for the Phase 2 Milestone Consideration Amount was determined based on the lower of (A) the average of the closing trading prices of the Company’s common stock as reported on the Nasdaq Global Market for the twenty (20) consecutive trading days immediately preceding the date of the occurrence of the Phase 2 Milestone Event or (B) $ 3.54 .

The contingent payments related to the Regulatory Milestones were stock-based payments accounted for under FASB Accounting Standards Codification Topic 480, Distinguishing Liabilities From Equity (“ASC 480”).

9 unchanged sentences

From the last valuation date on March 31, 2022 through June 10, 2022, the date of issuance, the Company recognized an increase in the fair value of the Phase 2 Milestone Consideration Amount of $ 1.9 million to research and development expense and reclassified the balance in the contingent consideration liability to equity in the Company’s consolidated balance sheet.

As of June 30, 2022, the Company had no contingent consideration liability.

As of September 30, 2022, the Company had no contingent consideration liability.

Below is a summary of the contingent consideration activity (in thousands):

Six Months Ended June 30,

Nine Months Ended September 30,

Beginning balance

3 unchanged sentences

Other Long-Term Liabilities

During the nine months ended September 30, 2022, the Company received a total of $ 3.4 million in cash for research and development (“R&D”) incentive credit that the Company earned during the fiscal years 2021 and 2020 through the participation in the Australian research and development incentive credit program administered through the Australian Tax Office.

The Company recorded the receipt as long-term liability until there is reasonable assurance that the Company will comply with the conditions attached to the incentive credit.

Summary of Significant Accounting Policies in the Company’s 2021 Annual Report on Form 10-K for accounting policies related to research and development incentive credits.

The Company’s other long-term liabilities are summarized as follows (in thousands):

June 30, 2022

September 30, 2022

December 31, 2021

Research and development incentive credit

Lease obligation, long-term portion (see Note 4)

9 unchanged sentences

Accordingly, the Pre-Funded Warrants are classified as equity and are accounted for as a component of additional paid-in capital at the time of issuance.

As of June 30, 2022, 760,870 of the Pre-Funded Warrants were exercised, leaving 869,566 remaining Pre-Funded Warrants unexercised.

As of September 30, 2022, 760,870 of the Pre-Funded Warrants were exercised, leaving 869,566 remaining Pre-Funded Warrants unexercised.

At-the-Market Offerings

On February 25, 2021, the Company entered into an Equity Distribution Agreement (the “2021 Agreement”) with Piper Sandler & Co., Evercore Group L.L.C.

Riley Securities, Inc., serving as sales agents (the “Sales Agents”) with respect to an at-the-market offerings program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $ 0.0001 per share (the “Common Stock”), having an aggregate offering price of up to $ 125.0 million (the “Shares”) through the Sales Agents (the “2021 Offering”).

Any Shares offered and sold in the 2021 Offering will be issued pursuant to the Company’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on December 31, 2020, which was declared effective on January 11, 2021 (“2021 Shelf”), the prospectus supplement relating to the 2021 Offering filed with the SEC on February 25, 2021 and any applicable additional prospectus supplements related to the 2021 Offering that form a part of the Registration Statement.

During the six months ended June 30, 2022, the Company sold 2,493,202 shares of Common Stock under the 2021 Agreement resulting in approximately $ 24.3 million in net proceeds.

As of June 30, 2022, the Company has sold in aggregate 7,293,656 shares of Common Stock under the 2021 Agreement resulting in approximately $ 89.2 million in net proceeds, with $ 32.9 million remaining available to be sold under the 2021 Agreement.

As of June 30, 2022, the Company recorded approximately $ 0.2 million of offering costs which offset the proceeds received from the shares sold through June 30, 2022.

The Company capitalized approximately $ 0.1 million of deferred offering costs which will offset future proceeds received under the 2021 Agreement.

Riley Securities, Inc., serving as sales agents (the “Sales Agents”) with respect to an at-the-market offerings program under which the Company offered and sold shares of its common stock, par value $ 0.0001 per share (the “Common Stock”), having an aggregate offering price of up to $ 125.0 million (the “Shares”) through the Sales Agents (the “2021 Offering”).

All the Shares offered and sold in the 2021 Offering were issued pursuant to the Company’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on December 31, 2020, which was declared effective on January 11, 2021 (“2021 Shelf”), the prospectus supplement relating to the 2021 Offering filed with the SEC on February 25, 2021 and any applicable additional prospectus supplements related to the 2021 Offering that form a part of the Registration Statement.

During the nine months ended September 30, 2022, the Company sold 5,204,415 shares of Common Stock under the 2021 Agreement resulting in approximately $ 56.2 million in proceeds, net of $ 1.9 million commission and other offering costs.

As of September 30, 2022, the Company has sold 10,004,869 shares of Common Stock under the 2021 Agreement resulting in approximately $ 121.0 million in proceeds, net of $ 4.0 million commission and other offering costs, As of September 30, 2022, there were no remaining shares available for issuance under the 2021 Agreement.

recorded approximately $ 0.3 million of other offering costs which offset the proceeds received from the shares sold through September 30, 2022.

Exchange Agreement

to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Exchange Warrants), with an exercise price of $ 0.0001 per share.

On February 25, 2021, the Company entered into an exchange agreement (the “Exchange Agreement”) with an investor and its affiliates (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 1,000,000 shares of the Company’s common stock, par value $ 0.0001 per share, owned by the Exchanging Stockholders for pre-funded warrants (the “Exchange Warrants”) to purchase an aggregate of 1,000,000 shares of common stock (subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Exchange Warrants), with an exercise price of $ 0.0001 per share.

The Exchange Warrants did not have an expiration date and were exercisable at any time except that the Exchange Warrants could not be exercised by the Exchanging Stockholders if, after giving effect thereto, the Exchanging Stockholders would beneficially own more than 9.99 % of the Company’s common stock, subject to certain exceptions.

3 unchanged sentences

On January 24, 2022, the Exchange Warrants to purchase 1,000,000 shares were net exercised, resulting in the issuance of 999,984 shares of common stock, and no Exchange Warrants remain outstanding.

A summary of warrant activity during the six months ended June 30, 2022 is as follows:

A summary of warrant activity during the nine months ended September 30, 2022 is as follows:

Weighted-Average

4 unchanged sentences

( 1,760,870 )

Warrants outstanding, June 30, 2022

The warrants outstanding as of June 30, 2022 included 869,566 Pre-Funded Warrants with an exercise price of $ 0.0001 per-share and no expiration date.

Warrants outstanding, September 30, 2022

The warrants outstanding as of September 30, 2022 included 869,566 Pre-Funded Warrants with an exercise price of $ 0.0001 per-share and no expiration date.

Stock-Based Compensation

1 unchanged sentence

The Company’s stock option awards generally vest over four years and typically have a contractual life of ten years .

As of June 30, 2022, there was $ 12.6 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.8 years.

During the six months ended June 30, 2022, the Company granted 1,158,927 stock options with a weighted average exercise price of $ 7.13 and per share weighted average grant date fair value of $ 5.93 .

Information related to stock options outstanding as of June 30, 2022 is as follows (in thousands, except share and per share data):

As of September 30, 2022, there was $ 13.7 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.6 years.

During the nine months ended September 30, 2022, the Company granted 1,433,427 stock options with a weighted average exercise price of $ 8.39 and per share weighted average grant date fair value of $ 6.97 .

Information related to stock options outstanding as of September 30, 2022 is as follows (in thousands, except share and per share data):

Weighted-Average

4 unchanged sentences

Restricted Stock

As of June 30, 2022, the Company had unvested restricted stock of 33,636 shares with total unrecognized compensation expense of $ 0.1 million, which the Company expects to recognize over a weighted average period of approximately 0.4 years.

During the six months ended June 30, 2022, the Company issued 22,972 of unrestricted common

stock as a result of the vesting of 40,364 restricted stock net of 17,392 shares of common stock withheld to satisfy tax withholding obligations.

As of September 30, 2022, the Company had unvested restricted stock of 13,454 shares with total unrecognized compensation expense of $ 47,000 , which the Company expects to recognize over a weighted average period of approximately 0.2 years.

During the nine months ended September 30, 2022, the Company issued 34,132 of unrestricted common stock as a result of the vesting of 60,546 restricted stock net of 26,414 shares of common stock withheld to satisfy tax withholding obligations.

Restricted Stock Units (RSUs)

During the six months ended June 30, 2022, the Company granted 285,000 shares of RSUs with a weighted average grant date fair value of $ 7.11 which vest over four years .

As of June 30, 2022, the Company had unvested RSUs of 472,150 shares with total unrecognized compensation expense of $ 3.7 million, which the Company expects to recognize over a weighted average period of approximately 3.3 years.

During the six months ended June 30, 2022, the Company issued 29,095 shares of unrestricted common stock as a result of the vesting of 44,778 RSUs net of 15,683 shares of common stock withheld to satisfy tax withholding obligations.

During the nine months ended September 30, 2022, the Company granted 285,000 shares of RSUs with a weighted average grant date fair value of $ 7.11 which vest over four years .

As of September 30, 2022, the Company had unvested RSUs of 470,275 shares with total unrecognized compensation expense of $ 3.4 million, which the Company expects to recognize over a weighted average period of approximately 3.1 years.

During the nine months ended September 30, 2022, the Company issued 30,373 shares of unrestricted common stock as a result of the vesting of 46,653 RSUs net of 16,280 shares of common stock withheld to satisfy tax withholding obligations.

2019 Employee Stock Purchase Plan (ESPP)

Under the ESPP, employees purchased 16,450 shares for $ 0.1 million during the six months ended June 30, 2022.

During the three and six months ended June 30, 2022, the Company recognized compensation expense of $ 47,000 and $ 0.1 million respectively.

During the three and six months ended June 30, 2021, the Company recognized compensation expense of $ 0.1 million and $ 0.2 million, respectively.

Under the ESPP, employees purchased 26,395 shares for $ 0.2 million during the nine months ended September 30, 2022.

During the three and nine months ended September 30, 2022, the Company recognized compensation expense of $ 0.1 million and $ 0.2 million respectively.

During the three and nine months ended September 30, 2021, the Company recognized compensation expense of $ 29,000 and $ 0.3 million, respectively.

Stock-based Compensation Expense

Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021 as follows (in thousands):

Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021 as follows (in thousands):

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

September 30,

Research and development

4 unchanged sentences

The competitive award was granted by USAMRDC in collaboration with the Medical Technology Enterprise Consortium (“MTEC”), a 501(c)(3) biomedical technology consortium working in partnership with the Department of Defense (“DoD”).

Under the contract, MTEC paid the Company a firm fixed fee based upon the achievement of certain milestones for conduct and completion of a Phase 1/2 study and research and development work on the replication-deficient adenovirus 5 (“RD-Ad5”) vector vaccine platform.

For the six months ended June 30, 2021, the Company recognized approximately $ 0.5 million of grant revenue under the contract, which completed the full recognition of this award.

No revenue was recognized for this contract for the three and six months ended June 30, 2022.

For the nine months ended September 30, 2021, the Company recognized approximately $ 0.5 million of grant revenue under the contract, which completed the full recognition of this award.

No revenue was recognized for this contract for the three and nine months ended September 30, 2022.

In July 2016, the Company signed a five-year contract with Biomedical Advanced Research and Development Authority (“BARDA”).

4 unchanged sentences

Each option, if exercised by BARDA, would have provided additional funding ranging from approximately $ 1.1 million to $ 34.4 million for a three-year period beginning in 2021.

For the three and six months ended June 30, 2021, the Company recognized approximately $ 0.1 million and $ 0.3 million, respectively, of grant revenue under the BARDA contract.

For the three and six months ended

June 30, 2022, the Company has recognized de minimis grant revenue related to the close-out of the BARDA contract.

For the three and nine months ended September 30, 2021, the Company recognized approximately $ 0.1 million and $ 0.4 million, respectively, of grant revenue under the BARDA contract.

For the three and nine months ended September 30, 2022, the Company has recognized de minimis grant revenue related to the close-out of the BARDA contract.

BARDA did not extend the contract beyond the end of December 2021.

Due to a full valuation allowance, the Company did no t record an income tax benefit in either the six months ended June 30, 2022 or 2021.

During the three and nine months ended September 30, 2022, the Company recorded a total of $ 0.2 million income tax benefit related to interest received and receivable on income tax refunds.

Other than the tax benefit related to interest, the Company did no t record an income tax benefit in the three and nine months ended September 30, 2022 and 2021 due to a full valuation allowance.

Net Loss Per Share

5 unchanged sentences

Potential common shares issuable upon conversion, vesting or exercise of unvested restricted stock, restricted stock units, common stock warrants and stock options that are excluded from the computation of diluted weighted-average shares outstanding, as they are anti-dilutive, are as follows:

For the Three and Six Months Ended

For the Three and Nine Months Ended

September 30,

Common stock warrants

34 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements