19 unchanged sentences
(in thousands, except share and per share data)
−Removed: September 30,
Current assets:
5 unchanged sentences
Operating lease right-of-use asset
+Added: Investment in Angel Pharmaceuticals
Liabilities and Stockholders’ Equity
10 unchanged sentences
$ 0.0001 par value;
−Removed: 10,000,000 shares authorized at September 30, 2020 and December 31, 2019;
−Removed: 0 shares issued and outstanding at September 30, 2020 and December 31, 2019
+Added: 10,000,000 shares authorized at March 31, 2021 and December 31, 2020;
+Added: 0 shares issued and outstanding at March 31, 2021 and December 31, 2020
Common stock:
$ 0.0001 par value;
−Removed: 290,000,000 shares authorized at September 30, 2020 and December 31, 2019;
−Removed: 28,059,900 and 27,953,233 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
+Added: 290,000,000 shares authorized at March 31, 2021 and December 31, 2020;
+Added: 38,309,551 and 28,372,634 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
Additional paid-in capital
8 unchanged sentences
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
Operating expenses:
4 unchanged sentences
Interest income and other expense, net
+Added: Loss from equity method investment
Net loss per share, basic and diluted
7 unchanged sentences
(in thousands, except share data)
−Removed: Nine Months Ended September 30, 2020
+Added: Three Months Ended March 31, 2021
Comprehensive
3 unchanged sentences
Unrealized gain on marketable securities
+Added: Issuance of common stock in connection with at-the-market offering, net
+Added: Issuance of common stock upon follow-on public offering, net
Balance at March 31, 2021
−Removed: Common stock issued on exercise of stock options
−Removed: Stock-based compensation expense
−Removed: Unrealized gain on marketable securities
−Removed: Balance at June 30, 2020
−Removed: Common stock issued on exercise of stock options
−Removed: Vesting of restricted stock for early exercise of stock options
−Removed: Stock-based compensation expense
−Removed: Unrealized loss on marketable securities
−Removed: Balance at September 30, 2020
−Removed: Nine Months Ended September 30, 2019
+Added: Three Months Ended March 31, 2020
Comprehensive
1 unchanged sentence
Balance at December 31, 2019
−Removed: Common stock issued on exercise of stock options
−Removed: Vesting of restricted stock for early exercise of stock options
Stock-based compensation expense
1 unchanged sentence
Balance at March 31, 2020
−Removed: Common stock issued on exercise of stock options
−Removed: Vesting of restricted stock for early exercise of stock options
−Removed: Stock-based compensation expense
−Removed: Unrealized gain on marketable securities
−Removed: Balance at June 30, 2019
−Removed: Common stock issued on exercise of stock options
−Removed: Vesting of restricted stock for early exercise of stock options
−Removed: Stock-based compensation expense
−Removed: Unrealized loss on marketable securities
−Removed: Balance at September 30, 2019
The accompanying notes are an integral part of these condensed consolidated financial statements.
2 unchanged sentences
(in thousands)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
Cash flows from operating activities
3 unchanged sentences
Stock-based compensation
+Added: Loss from equity method investment
Changes in operating assets and liabilities:
9 unchanged sentences
Maturities of marketable securities
−Removed: Purchases of property and equipment
Net cash provided by investing activities
Cash flows from financing activities
−Removed: Proceeds from exercise of common stock options
+Added: Proceeds from issuance of common stock, net (includes $ 4,850 in aggregate gross proceeds from related parties for the three months ended March 31, 2021)
+Added: Proceeds from issuance of common stock in connection with at-the-market offering, net
Net cash provided by financing activities
−Removed: Net increase (decrease) in cash and cash equivalents
+Added: Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
7 unchanged sentences
The Company’s operations are located in Burlingame, California.
−Removed: The Company has three insignificant subsidiaries.
+Added: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Corvus Biopharmaceuticals, Ltd.
+Added: and Corvus Hong Kong Limited.
+Added: All significant intercompany accounts and transactions have been eliminated from the consolidated financial statements.
Initial Public Offering
6 unchanged sentences
Immediately prior to the consummation of the IPO, all outstanding shares of convertible preferred stock were converted into common stock.
−Removed: Follow-on Public Offering
+Added: Follow-on Public Offerings
In March 2018, the Company completed a follow-on public offering in which the Company sold 8,117,647 shares of common stock at a price of $ 8.50 per share, which included 1,058,823 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock.
The aggregate net proceeds received by the Company from the offering were approximately $ 64.9 million, net of underwriting discounts and commissions and offering expenses payable by the Company.
+Added: In February 2021, the Company completed a follow-on public offering in which the Company sold 9,783,660 shares of common stock at a price of $ 3.50 per share, which included 1,212,231 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock.
+Added: The aggregate net proceeds received by the Company from the offering were approximately $ 32.0 million, net of underwriting discounts and commissions and offering expenses.
The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations, compliance with government regulations and the need to obtain additional financing to fund operations.
−Removed: Since commencing operations in 2014, the majority of the Company’s efforts have been focused on the research and development of ciforadenant, CPI-006 and CPI-818.
−Removed: The Company believes that it will continue to expend substantial resources for the foreseeable future as it continues clinical development of, seek regulatory approval for and, if approved, prepare for the commercialization of ciforadenant, CPI-006, and CPI-818, as well as product candidates under the Company’s other development programs.
−Removed: These expenditures will include costs associated with research and development, conducting preclinical studies and clinical trials, obtaining regulatory approvals, manufacturing and supply, sales and marketing and general operations.
+Added: Since commencing operations in 2014, the majority of the Company’s efforts have been focused on the research and development of CPI-006, CPI-818 and ciforadenant.
+Added: The Company believes that it will continue to expend substantial resources for the foreseeable future as it continues clinical development of, seek regulatory approval for and, if approved, prepare for the commercialization of CPI-006, CPI-818 and ciforadenant, as well as product candidates under the Company’s other development programs.
+Added: These expenditures will include costs associated with research and development, conducting preclinical studies and clinical trials, obtaining regulatory approvals, manufacturing and
+Added: supply, sales and marketing and general operations.
In addition, other unanticipated costs may arise.
−Removed: Because the outcome of any clinical trial and/or regulatory approval process is highly uncertain, the Company may not be able to accurately estimate the actual amounts necessary to successfully complete the development, regulatory approval process and commercialization of ciforadenant, CPI-006, CPI-818 or any other product candidates.
−Removed: The Company does not expect its existing capital resources to be sufficient to enable it to fund the completion of all of its ongoing or planned clinical trials and remaining development program of ciforadenant, CPI-006 or CPI-818 through commercialization.
+Added: Because the outcome of any clinical trial and/or regulatory approval process is highly uncertain, the Company may not be able to accurately estimate the actual amounts necessary to successfully complete the development, regulatory approval process and commercialization of CPI-006, CPI-818, and ciforadenant or any other product candidates.
+Added: The Company does not expect its existing capital resources to be sufficient to enable it to fund the completion of its clinical trials and remaining development program of CPI-006, CPI-818 and ciforadenant through commercialization.
In addition, its operating plan may change as a result of many factors, including those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 25, 2021.
−Removed: The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $ 250.5 million as of September 30, 2020.
+Added: The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $ 234.7 million as of March 31, 2021.
The Company has historically financed its operations primarily through the sale of redeemable convertible preferred stock and common stock.
−Removed: the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all.
+Added: While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all.
Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives.
−Removed: As of September 30, 2020, the Company had cash, cash equivalents and short-term marketable securities of $ 51.4 million.
+Added: As of March 31, 2021, the Company had cash, cash equivalents and short-term marketable securities of $ 68.0 million.
Management believes that the Company’s current cash, cash equivalents and short-term marketable securities will be sufficient to fund its planned operations for at least 12 months from the date of the issuance of these financial statements.
9 unchanged sentences
The Exchange Warrants are classified as equity in accordance with Accounting Standards Codification Topic 480, Distinguishing Liabilities from Equity, and Accounting Standards Codification Topic 815, Derivatives and Hedging, and the fair value of the Exchange Warrants was recorded as a credit to additional paid-in capital and is not subject to remeasurement.
−Removed: The Company determined that the fair value of the Exchange Warrants is substantially similar to the fair value of the retired shares on the issuance date due to the negligible exercise price for the Exchange Warrants.
−Removed: As of September 30, 2020, none of the Exchange Warrants have been exercised.
+Added: The Company determined that
+Added: the fair value of the Exchange Warrants is substantially similar to the fair value of the retired shares on the issuance date due to the negligible exercise price for the Exchange Warrants.
+Added: As of March 31, 2021, none of the Exchange Warrants have been exercised.
Summary of Significant Accounting Policies
2 unchanged sentences
The Company’s functional and reporting currency is the U.S.
−Removed: The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and discharge of liabilities in the normal
−Removed: course of business.
+Added: dollar, except for its investment in its equity method investee which is the Chinese yuan.
+Added: The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and discharge of liabilities in the normal course of business.
Since its inception, the Company has incurred significant losses and negative cash flows from operations.
−Removed: As of September 30, 2020, the Company had an accumulated deficit of $ 250.5 million and cash, cash equivalents and marketable securities of $ 51.4 million.
+Added: As of March 31, 2021, the Company had an accumulated deficit of $ 234.7 million and cash, cash equivalents and marketable securities of $ 68.0 million.
The Company has financed its operations primarily with the proceeds from the sale of stock.
4 unchanged sentences
The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
−Removed: The condensed consolidated results of operations for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period.
+Added: The condensed consolidated results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period.
The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2021.
8 unchanged sentences
The Company’s marketable securities consist of investments in U.S.
−Removed: Treasury securities, U.S.
−Removed: government agency securities and corporate debt obligations, which can be subject to certain credit risks.
+Added: Treasury securities and U.S.
+Added: government agency securities, which can be subject to certain credit risks.
However, the Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers.
The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.
−Removed: The Company is subject to a number of risks similar to other early stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, and protection of proprietary technology.
+Added: The Company is subject to a number of risks similar to other early stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain marketing approval for its
+Added: product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, and protection of proprietary technology.
If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.
3 unchanged sentences
The Company’s significant accounting policies are described in Note 2 to its consolidated financial statements for the year ended December 31, 2020, included in its Annual Report on Form 10-K.
−Removed: There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2020.
+Added: There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2021.
Recent Accounting Pronouncements
−Removed: In February 2016, the Financial Accounting Standards Board issued ASU No.
−Removed: 2016-02, Leases (Topic 842), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements.
−Removed: Topic 842 was subsequently amended by ASU No.
−Removed: 2018-01, Land Easement Practical Expedient for Transition to Topic 842;
−Removed: 2018-10, Codification Improvements to Topic 842, Leases;
−Removed: 2018-11, Targeted Improvements.
−Removed: The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize an ROU asset and lease liability on the balance sheet.
−Removed: Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations.
−Removed: The Company adopted the new standard on January 1, 2019 and has elected the ‘package of practical expedients’, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs.
−Removed: The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements;
−Removed: the latter is not applicable to the Company.
−Removed: Upon adoption of ASU 2016-02, the Company recognized an operating lease, right-of-use asset of $ 2.8 million and a corresponding liability of $ 3.8 million and eliminated $ 1.0 million of deferred rent in the Company’s condensed balance sheet.
−Removed: The adoption of ASU 2016-02 did not have any impact on the Company’s condensed statements of operations and comprehensive loss.
−Removed: See also Note 11.
+Added: In December 2019, the FASB issued ASU No.
+Added: 2019-12, Income Taxes (Topic 740):
+Added: Simplifying the Accounting for Income Taxes.
+Added: ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating incomes taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences.
+Added: ASU 2019-12 is effective in 2021 and interim periods within that year and permits for an early adoption.
+Added: The Company adopted ASU 2019-12 effective January 1, 2021.
+Added: The adoption of the guidance did not have a material impact on its financial statements and related disclosures.
Net Loss per Share
1 unchanged sentence
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
Net loss - basic and diluted
−Removed: Weighted average common shares outstanding
−Removed: weighted average common shares subject to repurchase
Weighted average common shares outstanding used to compute basic and diluted net loss per share
Net loss per share, basic and diluted
−Removed: Weighted average common shares outstanding for the three and nine months ended September 30, 2020 include 1,458,000 shares of common stock issuable on the conversion of pre-funded warrants described in Note 1.
+Added: Weighted average common shares outstanding for the three months ended March 31, 2021 and 2020 include 1,458,000 shares of common stock issuable on the conversion of pre-funded warrants described in Note 1.
The amounts in the table below were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
Outstanding options
13 unchanged sentences
These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs.
−Removed: The following tables present information as of September 30, 2020 and December 31, 2019 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):
−Removed: September 30, 2020
+Added: The following tables present information as of March 31, 2021 and December 31, 2020 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):
+Added: March 31, 2021
Fair Value Measured Using
5 unchanged sentences
Marketable securities
−Removed: As of September 30, 2020, marketable securities had a maximum remaining maturity of eleven months .
−Removed: As of September 30, 2020 and December 31, 2019, the fair value of available for sale marketable securities by type of security were as follows (in thousands):
−Removed: September 30, 2020
+Added: As of March 31, 2021, marketable securities had a maximum remaining maturity of eight months .
+Added: As of March 31, 2021 and December 31, 2020, the fair value of available for sale marketable securities by type of security were as follows (in thousands):
+Added: March 31, 2021
Treasury securities
Government agency securities
−Removed: Corporate debt obligations
December 31, 2020
1 unchanged sentence
Government agency securities
−Removed: Corporate debt obligations
+Added: Equity Method Investment
+Added: As of March 31, 2021 and December 31, 2020, the Company’s ownership interest in Angel was approximately 49.7 %, excluding 7 % of Angel’s equity reserved for issuance under the Angel ESOP.
+Added: The Company recognized its share of losses in Angel for the total amount of $ 0.1 million as loss from equity method investment on the consolidated statement of operations for the three months ended March 31, 2021.
+Added: The Company’s maximum exposure to losses from its investment in Angel is to the extent of the carrying value of its investment since the Company is not obligated to provide additional financial support.
+Added: At March 31, 2021 the Company reviewed its investment in Angel for impairment by determining whether events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.
+Added: In making this judgment, the Company considered available quantitative and qualitative evidence in evaluating potential impairment of these investments.
+Added: The Company determined that the carrying value of the investment did not exceed its fair value and, therefore, there are no indicators that its investment in Angel is impaired.
+Added: Summary Financial Information
+Added: Summary financial information for Angel Pharmaceuticals is as follows:
+Added: Balance Sheet Data (unaudited)
+Added: March 31, 2021
+Added: December 31, 2020
+Added: (In thousands)
+Added: Current assets
+Added: Non-current assets
+Added: Current liabilities
+Added: Stockholders' equity
+Added: Three Months Ended
+Added: Statement of Operations Data (unaudited)
+Added: March 31, 2021
+Added: March 31, 2020
+Added: (In thousands)
+Added: Share of loss from investments accounted for using the equity method
License and Collaboration Agreements
7 unchanged sentences
The Company is also required to make performance-based cash payments upon successful completion of clinical and sales milestones.
+Added: As of March 31, 2021, the Company recorded a liability of $ 0.1 million for a clinical milestone associated with the initiation of the Company’s COVID-19 Phase 3 clinical trial.
The aggregate potential milestone payments are $ 2.5 million.
1 unchanged sentence
In addition, should the Company sublicense the rights licensed under the agreement, it has agreed to pay a percentage of sublicense revenue received at specified rates that start at double digit percentages and decrease to single digit percentages based on the elapsed time from the effective date of the agreement and the time of entry into such sublicense.
−Removed: To date, no milestone payments have been made.
The Company’s license agreement with Scripps will terminate upon expiration of its obligation to pay royalties to Scripps under the license agreement.
8 unchanged sentences
The aggregate potential milestone payments are approximately $ 220 million for all indications.
−Removed: The Company has also agreed to pay Vernalis tiered incremental royalties based on the annual net sales of licensed products containing ciforadenant on a product-by-product and country-by-country basis, subject to certain offsets and reductions.
+Added: The Company has also agreed to pay Vernalis tiered incremental royalties based on the annual net sales of licensed products containing ciforadenant on a product-by-product and country-by-country basis, subject to certain
+Added: offsets and reductions.
The tiered royalty rates for products containing ciforadenant range from the mid-single digits up to the low-double digits on a country-by-country net sales basis.
26 unchanged sentences
Upon execution of the agreement, the Company made a one-time cash payment to Monash of $ 275,000 and reimbursed Monash for certain patent prosecution costs incurred prior to execution of the agreement.
−Removed: The Company us also obligated to pay an annual license maintenance fee to Monash of $ 25,000 until a certain development milestone is met with respect to the licensed product, after which no further maintenance fee will be due.
+Added: The Company is also obligated to pay an annual license maintenance fee to Monash of $ 25,000 until a certain development milestone is met with respect to the licensed product, after which no further maintenance fee will be due.
The Company is also required to make development and sales milestone payments to Monash with respect to the licensed products in the aggregate of up to $ 45.1 million.
5 unchanged sentences
Balance Sheet Components (in thousands)
−Removed: September 30,
Prepaid and Other Current Assets
12 unchanged sentences
Personnel related
−Removed: As of September 30, 2020, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.
+Added: Accrued legal and accounting
+Added: As of March 31, 2021, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.
Each share of common stock is entitled to one vote.
Common stockholders are entitled to dividends if and when declared by the board of directors.
−Removed: As of September 30, 2020, no dividends on common stock had been declared.
−Removed: In March 2020, the Company entered into an open market sale agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, from time to time, with aggregate gross sales proceeds of up to $ 50,000,000 , through an at-the-market equity offering program under which Jefferies will act as its sales agent.
+Added: As of March 31, 2021, no dividends on common stock had been declared.
+Added: In March 2020, the Company entered into an open market sales agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, from time to time, with aggregate gross sales proceeds of up to $ 50,000,000 , through an at-the-market equity offering program under which Jefferies will act as its sales agent.
The issuance and sale of shares of common stock by the Company pursuant to the Sales Agreement are deemed an “at-the-market” offering under the Securities Act of 1933, as amended.
Jefferies is entitled to compensation for its services equal to up to 3.0 % of the gross proceeds of any shares of common stock sold through Jefferies under the Sales Agreement.
−Removed: As of September 30, 2020, the Company had received no proceeds from the sale of shares of common stock pursuant to the Sales Agreement.
+Added: During the three months ended March 31, 2021, the Company sold 153,257 shares under its at-the-market offering program resulting in net proceeds of $ 0.6 million.
+Added: As of March 31, 2021, $ 48.1 million remained for sale under the Sale Agreement.
The Company has reserved shares of common stock for issuance as follows:
−Removed: September 30,
Exchange warrants
19 unchanged sentences
Options granted
−Removed: Options exercised
Options forfeited
−Removed: Balance at September 30, 2020
+Added: Balance at March 31, 2021
Stock-Based Compensation
1 unchanged sentence
Three Months Ended
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: September 30,
Research and development
General and administrative
−Removed: During the three and nine months ended September 30, 2020 and 2019, the Company recorded no income tax benefits for the net operating losses (NOLs) incurred due to the uncertainty of realizing a benefit from those items.
+Added: During the three months ended March 31, 2021 and 2020, the Company recorded no income tax benefits for the net operating losses (NOLs) incurred due to the uncertainty of realizing a benefit from those items.
The Company continues to maintain a full valuation allowance against its net deferred tax assets.
9 unchanged sentences
Therefore, the non-lease components were not included in the right-of-use asset and liability and are reflected as an expense in the period incurred.
−Removed: As of September 30, 2020 and December 31, 2019, the right-of-use asset under operating lease was $ 1.8 million and $ 2.3 million, respectively.
−Removed: The elements of lease expense for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
+Added: As of March 31, 2021 and December 31, 2020, the right-of-use asset under operating lease was $ 1.5 million and $ 1.6 million, respectively.
+Added: The elements of lease expense for the three months ended March 31, 2021 and 2020 were as follows (in thousands):
Three Months Ended
−Removed: Nine Months Ended
Statements of operations and
−Removed: September 30,
−Removed: September 30,
comprehensive loss location
11 unchanged sentences
Discount rate
−Removed: As of September 30, 2020, minimum rental commitments under this lease were as follows (in thousands):
+Added: As of March 31, 2021, minimum rental commitments under this lease were as follows (in thousands):
Year Ended December 31 (in thousands)
15 unchanged sentences
In the ordinary course of business, the Company enters into agreements that may include indemnification provisions.
−Removed: Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party.
+Added: Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party
+Added: for losses suffered or incurred by the indemnified party.
Some of the provisions will limit losses to those arising from third-party actions.
6 unchanged sentences
The Company is not a party to any material legal proceedings.
−Removed: Subsequent Events
−Removed: In October 2020, the Company announced the formation and launch of Angel Pharmaceuticals Co., Ltd.
−Removed: (“Angel Pharmaceuticals”), a new China based biopharmaceutical.
−Removed: The Company formed Angel Pharmaceuticals as a wholly-owned subsidiary and it launched with a post-money valuation of approximately $ 106.0 million, based on an approximate $ 41.0 million cash investment from a Chinese investor group that includes funds associated with Tigermed and Betta Pharmaceuticals, Hisun Pharmaceuticals and Zhejiang Puissance Capital, $ 6.6 million of such investments are subject to the satisfaction of certain customary conditions.
−Removed: Such cash is not available for Corvus’ use.
−Removed: Contemporaneously with the financing, Angel Pharmaceuticals obtained the rights to develop and commercialize the Company’s three clinical-stage candidates – ciforadenant, CPI-006 and CPI-818 – in greater China and obtained global rights to the Company’s BTK inhibitor preclinical programs.
−Removed: Under the collaboration, the Company will initially retain a 49.7 % equity stake in Angel Pharmaceuticals and will be entitled to designate three individuals on Angel’s five -person Board of Directors.
−Removed: The Company is currently in the process of finalizing the related accounting treatment of this transaction.
+Added: Related Party Transaction
+Added: In February 2021, the Company completed a follow-on public offering in which the Company sold 9,783,660 shares of common stock at a price of $ 3.50 per share, which included 1,212,231 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock.
+Added: The aggregate net proceeds received by the Company from the offering were approximately $ 32.0 million, net of underwriting discounts and commissions and offering expenses.
+Added: The following aggregate number of shares of common stock were sold to our owners of more than 5% of our common stock, directors, or executive officers during the February 2021 underwritten public offering:
+Added: Owners of More Than 5% of Our Common Stock
+Added: OrbiMed Advisors LLC (1)
+Added: Board of Directors
+Added: (1) Peter Thompson, M.D., a member of our Board of Directors since November 2014, is a Private Equity Partner at OrbiMed Advisors, LLC.
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.