What changed in this filing

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Item 1. Financial Statements

2021-08-10 compared with 2021-05-10 · 129 added, 71 removed, 537 unchanged (27% of the section changed)

30 unchanged sentences

Preferred stock, $ 0.0001 par value, 10,000,000 shares authorized as of

March 31,2021 and December 31, 2020;

June 30, 2021 and December 31, 2020;

no shares issued and

outstanding as of March 31, 2021 and December 31, 2020

outstanding as of June 30, 2021 and December 31, 2020

Common stock, $ 0.0001 par value, 300,000,000 shares authorized as of

March 31, 2021 and December 31, 2020;

June 30, 2021 and December 31, 2020;

33,033,793 and 29,537,216

shares issued and outstanding as of March 31, 2021 and

shares issued and outstanding as of June 30, 2021 and

December 31, 2020

10 unchanged sentences

Three Months Ended

Six months ended

Collaboration revenue

4 unchanged sentences

Loss from operations

Interest income and other income (expense), net

Change in unrealized losses on marketable securities

Interest income and other income (expense),

Change in unrealized losses on marketable

Comprehensive loss

Net loss per common share, basic and diluted

Weighted average number of common shares outstanding used in

computing net loss per share, basic and diluted

Weighted average number of common shares

outstanding used in computing net loss per

share, basic and diluted

The accompanying notes are an integral part of these condensed financial statements.

6 unchanged sentences

Income (Loss)

Balances as of March 31, 2021

Issuance of common stock related to at-the-market offering program

Issuance of common stock upon exercise of stock options

Employee stock purchase plan (ESPP) purchase

Vesting of early exercised common stock options

Stock-based compensation

Other comprehensive loss

Balances as of June 30, 2021

Balances as of March 31, 2020

Issuance of common stock upon follow-on public offering, net of

issuance costs

Issuance of common stock upon exercise of stock options

Employee stock purchase plan (ESPP) purchase

Repurchase of early exercised shares

Vesting of early exercised common stock options

Stock-based compensation

Other comprehensive income

Balances as of June 30, 2020

The accompanying notes are an integral part of these condensed financial statements.

IDEAYA Biosciences, Inc.

Condensed Statements of Stockholders’ Equity

( in thousands, except share amounts )

( Unaudited )

Comprehensive

Stockholders'

Income (Loss)

Balances as of December 31, 2020

1 unchanged sentence

Issuance of common stock upon exercise of stock options

Employee stock purchase plan (ESPP) purchase

Vesting of early exercised common stock options and restricted stock

1 unchanged sentence

Other comprehensive loss

Balances as of March 31, 2021

Balances as of June 30, 2021

Balances as of December 31, 2019

Issuance of common stock upon follow-on public offering, net of

issuance costs

Issuance of common stock upon exercise of stock options

Employee stock purchase plan (ESPP) purchase

Repurchase of early exercised shares

Vesting of early exercised common stock options and restricted stock

Vesting of early exercised common stock options

Stock-based compensation

Other comprehensive income

Balances as of March 31, 2020

Balances as of June 30, 2020

The accompanying notes are an integral part of these condensed financial statements.

3 unchanged sentences

( Unaudited )

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities

18 unchanged sentences

Maturities of marketable securities

Net cash provided by investing activities

Sales of marketable securities

Net cash (used in) provided by investing activities

Cash flows from financing activities

Proceeds from issuance of common stock upon public offering, net of issuance costs

Proceeds from issuance of common stock related to at-the-market offering program,

1 unchanged sentence

Proceeds from exercise of common stock options, net of repurchases

Proceeds from ESPP purchase

Net cash provided by financing activities

19 unchanged sentences

IDEAYA Biosciences, Inc.

(the “Company”) is a synthetic lethality precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics.

(the “Company”) is a synthetic lethality focused precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics.

The Company is headquartered in South San Francisco, California and was incorporated in the State of Delaware in June 2015.

4 unchanged sentences

On January 20, 2021, the Company entered into a new open market sale agreement (the “January 2021 Sales Agreement”) with Jefferies, pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $ 90.0 million under an “at the market” offering program.

For the three months ended March 31, 2021, the Company sold an aggregate of 2,712,654 shares for net proceeds of $41.9 million after deducting sales commission and other expenses under the August 2020 Sales Agreement and January 2021 Sales Agreement.

From April 1, 2021 through May 9, 2021, the Company additionally sold an aggregate of 633,304 shares for gross proceeds of $14.6 million under the January 2021 Sales Agreement.

The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $136.0 million as of March 31, 2021.

For the six months ended June 30, 2021, the Company sold an aggregate of 3,407,872 shares for net proceeds of $ 57.3 million after deducting sales commission and other expenses under the August 2020 Sales Agreement and January 2021 Sales Agreement.

The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $ 147.0 million as of June 30, 2021.

The Company has historically financed its operations primarily through the sale of convertible notes, redeemable convertible preferred stock and common stock, and payments received from its collaboration arrangement.

4 unchanged sentences

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.

As of March 31, 2021, the Company had cash, cash equivalents and marketable securities of $310.4 million.

As of June 30, 2021, the Company had cash, cash equivalents and marketable securities of $ 312.4 million.

Management believes that the Company’s current cash, cash equivalents and 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.

3 unchanged sentences

Certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements.

The accompanying balance sheet as of March 31, 2021, the statements of operations and comprehensive loss for the three months ended March 31, 2021 and March 31, 2020, the statements of stockholders’ equity for the three months ended March 31, 2021 and March 31, 2020, and the statements of cash flows for the three months ended March 31, 2021 and

March 31, 2020 are unaudited.

In the opinion of management, the unaudited data reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2021 , the results of its operations and comprehensive loss for the three months ended March 31, 2021 and March 31, 2020 and its cash flows for the three months ended March 31, 2021 and March 31, 2020 .

The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and March 31, 2020 are also unaudited.

The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021 , any other interim periods or any future year or period .

The accompanying balance sheet as of June 30, 2021, the statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and June 30, 2020, the statements of stockholders’ equity for the three and six months ended June 30, 2021 and June 30, 2020, and the statements of cash flows for the six months ended June 30, 2021 and June 30, 2020

are unaudited.

In the opinion of management, the unaudited data reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2021 , the results of its operations and comprehensive loss for the three and six months ended June 30, 2021 and June 30, 2020 and its cash flows for the six months ended June 30, 2021 and June 30, 2020 .

The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and June 30, 2020 are also unaudited.

The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021 , any other interim periods or any future year or period .

The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 23, 2021 (the “Form 10-K”).

6 unchanged sentences

Risks and Uncertainties

The Company operates in a dynamic and highly competitive industry and 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, contract research organizations and collaboration partners, compliance with government regulations and the need to obtain additional financing to fund operations.

The Company operates in a dynamic and highly competitive industry and 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 manufacturers, contract research organizations and collaboration partners, compliance with government regulations and the need to obtain additional financing to fund operations.

Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies and clinical trials and regulatory approval, prior to commercialization.

26 unchanged sentences

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable.

Substantially all the Company’s cash is held by two financial institutions that management believes is of high credit quality.

Substantially all the Company’s cash is held by two financial institutions that management believes are of high credit quality.

Such deposits may, at times, exceed federally insured limits.

8 unchanged sentences

There have been no material changes in the accounting policies from those disclosed in the financial statements and the related notes included in the Form 10-K.

Cloud Computing Arrangements

The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract.

Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid expenses and other current assets, and other non-current assets on the accompanying balance sheets.

Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use.

Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

Revenue Recognition

8 unchanged sentences

The Company applies the five-step model to contracts when (1) parties have approved the contract and are committed to performing respective obligations, (2) the Company can identify each party’s rights regarding the goods or services to be transferred, (3) the Company can identify the payment terms for the goods or services to be transferred, (4) the contract has commercial substance, and (5) it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

At contract inception, the Company assesses the goods or services promised within each contract and determines the performance obligations by assessing whether each promised good or service is distinct.

At contract inception, the Company assesses the goods or services promised within each contract and determines the performance obligations by assess ing whether each promised good or service is distinct.

Goods or services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created.

3 unchanged sentences

If a license to the Company’s intellectual property is determined to be distinct from the other promised goods or services identified in an arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license at the point in time when the license is transferred to the customer and the customer is able to use and benefit from the license.

For licenses that are bundled with other goods or services , the Company applie s judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress toward satisfying the performance obligation for purposes of recognizing revenue from non-refundable, upfront fees.

For licenses that are bundled with other goods or services, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress toward satisfying the performance obligation for purposes of recognizing revenue from non-refundable, upfront fees.

The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of progress and related revenue recognition.

79 unchanged sentences

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

As of March 31, 2021, financial assets measured and recognized at fair value are as follows (in thousands):

March 31, 2021

As of June 30, 2021, financial assets measured and recognized at fair value are as follows (in thousands):

June 30, 2021

government securities

14 unchanged sentences

Included in cash and cash equivalents on the balance sheet

As of March 31, 2021, all marketable securities had a remaining maturity of one year or less, except for corporate bonds with a fair value of $8.1 million that had maturities of one to two years.

As of June 30, 2021, all marketable securities had a remaining maturity of one year or less, except for U.S.

government securities and corporate bonds with a fair value of $ 38.3 million that had maturities of one to two years .

As of December 31, 2020, all marketable securities had a remaining maturity of one year or less.

There were no financial liabilities measured and recognized at fair value as of March 31, 2021 and December 31, 2020.

There were no financial liabilities measured and recognized at fair value as of June 30, 2021 and December 31, 2020.

Balance Sheet Components

9 unchanged sentences

Property and equipment, net

Depreciation and amortization expense was $0.4 million and $0.3 million for the three months ended March 31, 2021 and March 31, 2020, respectively

Depreciation and amortization expense was $ 0.4 million and $ 0.4 million for the three months ended June 30, 2021 and June 30, 2020, respectively, and $ 0.8 million and $ 0.7 million for the six months ended June 30, 2021 and June 30, 2020, respectively

Accrued Liabilities

8 unchanged sentences

The Company accrues for these matters when it is probable that future expenditures will be made and these expenditures can be reasonably estimated.

As of March 31, 2021, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

As of June 30, 2021, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Indemnification

5 unchanged sentences

As a result, the Company believes the fair value of these agreements is not material.

The Company did not record a federal or state income tax provision or benefit for the three months ended March 31, 2021 and March 31, 2020 as it has incurred net losses since inception.

The Company did no t record a federal or state income tax provision or benefit for the three and six months ended June 30, 2021 and June 30, 2020 as it has incurred net losses since inception.

In addition, the net deferred tax assets generated from net operating losses are fully offset by a valuation allowance as the Company believes it is not more likely than not that the benefit will be realized.

As of March 31, 2021 and December 31, 2020, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock at a par value of $0.0001 per share.

As of June 30, 2021 and December 31, 2020, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock at a par value of $ 0.0001 per share.

Each share of common stock is entitled to one vote.

The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Company’s board of directors.

As of March 31, 2021 and December 31, 2020, no dividends have been declared to date.

As of June 30, 2021 and December 31, 2020, no dividends have been declared to date.

The Company had reserved common stock for future issuance as follows:

23 unchanged sentences

The ESPP is intended to constitute an “employee stock purchase plan” under Section 423(b) of the Internal Revenue Code of 1986, as amended.

As of March 31, 2021, a total of 652,972 shares of common stock were reserved for issuance under the ESPP, subject to an annual increase on January 1 of each year.

For the three months ended March 31, 2021, the Company recorded $0.1 million of compensation expense related to participation in the ESPP.

As of June 30, 2021, a total of 624,227 shares of common stock were reserved for issuance under the ESPP, subject to an annual increase on January 1 of each year.

For the six months ended June 30, 2021, the Company recorded $ 0.2 million of compensation expense related to participation in the ESPP.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded related to awards granted to employees and non-employees was as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Research and development

10 unchanged sentences

Options canceled

Balance, March 31, 2021

Exercisable as of March 31, 2021

Balance, June 30, 2021

Exercisable as of June 30, 2021

Vested and expected to vest as of

March 31, 2021

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2021 and March 31, 2020 was $15.59 and $5.03 per share, respectively.

The aggregate intrinsic value of options exercised for the three months ended March 31, 2021 and March 31, 2020 was $0.3 million and less than $0.1 million, respectively.

June 30, 2021

The weighted-average grant-date fair value of options granted during the six months ended June 30, 2021 and June 30, 2020 was $ 15.71 and $ 5.38 per share, respectively.

The aggregate intrinsic value of options exercised for the six months ended June 30, 2021 and June 30, 2020 was $ 0.9 million and $ 1.0 million, respectively.

Intrinsic values are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock on the date of exercise.

As of March 31, 2021 and December 31, 2020, total unrecognized stock-based compensation expense for stock options was $21.8 million and $8.5 million, respectively, which is expected to be recognized over a weighted-average period of 2.85 years and 2.51 years, respectively.

As of June 30, 2021 and December 31, 2020, total unrecognized stock-based compensation expense for stock options was $ 21.4 million and $ 8.5 million, respectively, which is expected to be recognized over a weighted-average period of 2.70 years and 2.51 years, respectively.

Early Exercise of Stock Options

2 unchanged sentences

The proceeds are initially recorded in other liabilities from the early exercise of stock options and are reclassified to additional paid-in capital as the Company’s repurchase right lapses.

During the three months ended March 31, 2021 and March 31, 2020, the Company repurchased zero and 2,811 shares of common stock, respectively.

As of March 31, 2021 and December 31, 2020, shares that were subject to repurchase were 2,473 and 14,460, respectively.

The aggregate exercise price of early exercised shares as of March 31, 2021 and December 31, 2020 was less than $0.1 million in each period, which were recorded in other current liabilities and other non-current liabilities.

During the six months ended June 30, 2021 and June 30, 2020, the Company repurchased zero and 5,169 shares of common stock, respectively.

As of June 30, 2021 and December 31, 2020, shares that were subject to repurchase were 1,255 and 14,460 , respectively.

The aggregate exercise price of early exercised shares as of June 30, 2021 and December 31, 2020 was less than $ 0.1 million in each period, which were recorded in other current liabilities and other non-current liabilities.

Black-Scholes Assumptions

1 unchanged sentence

Three Months Ended

March 31, 2021

June 30, 2021

Three Months Ended

March 31, 2020

June 30, 2020

Six Months Ended

June 30, 2021

Six Months Ended

June 30, 2020

Expected term

5.5 - 6.1 years

5.4 - 6.1 years

Expected volatility

1 unchanged sentence

86.7% - 91.7%

96.0% - 103.6%

84.9% - 91.7%

Risk-free interest rate

3 unchanged sentences

Expected Volatility .

The Company uses an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company does not have sufficient trading history for its common stock.

For purposes of identifying these peer companies, the Company considers the industry, stage of development, size and financial leverage of potential comparable companies.

The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have sufficient trading history for its common stock.

For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies.

Starting the quarter ended June 30, 2021, the Company uses an average historical stock price volatility of its own common stock, as it has accumulated sufficient trading history in accordance with ASC 718-10-S99.

For each grant, the Company measures historical volatility over a period equivalent to the expected term.

The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Risk-Free Interest Rate .

10 unchanged sentences

Unvested, December 31, 2020

Unvested, March 31, 2021

As of March 31, 2021 and December 31, 2020, 7,313 and 14,625 shares of restricted stock, respectively, were outstanding with an aggregate purchase price of less than $0.1 million, which is recorded in other non-current liabilities on the balance sheets.

Unvested, June 30, 2021

As of June 30, 2021 and December 31, 2020, 7,313 and 14,625 shares of restricted stock, respectively, were outstanding with an aggregate purchase price of less than $ 0.1 million in each period, which is recorded in other non-current liabilities on the balance sheets.

The restricted stock vests upon the achievement of pre-defined research milestones.

2 unchanged sentences

As the restricted stock was purchased by an employee at a price equal to its fair value at the time of issuance, there was no stock-based compensation expense related to these awards.

The total fair value of restricted stock vested during the three months ended March 31, 2021 and March 31, 2020 was $0.1 million and zero, respectively.

The total fair value of restricted stock vested during the six months ended June 30, 2021 and June 30, 2020 was $ 0.1 million and zero , respectively.

Significant Agreements

7 unchanged sentences

For the MAT2A program, the Company will lead research and development through early clinical development.

GSK has an exclusive option to obtain an exclusive license to continue development of and commercialize MAT2A products arising out of the MAT2A program, or the Option, exercisable within a specified time period after the Company delivers to GSK a data package resulting from its conduct of a MAT2A Phase 1 monotherapy clinical trial.

At such time of exercise, GSK has agreed to pay the Company an option exercise payment of $ 50.0 million.

2 unchanged sentences

GSK will be solely responsible for costs of the conduct of the MAT2A Combination Trial, except for supply of the MAT2A product therefor, to be provided by the Company at its own cost.

As of June 30, 2021, GSK has not initiated nor requested the Company to initiate the MAT2A Combination Trial.

Subject to GSK’s exercise of the Option, GSK will lead later stage global clinical development for the MAT2A program, with IDEAYA responsible for 20 % and GSK responsible for 80 % of further development costs.

47 unchanged sentences

Under the license agreement, the Company is liable to make contingent development and sales milestone payments of up to $ 29.0 million and mid to high single digit royalty payments of the net sales of licensed products.

As of March 31, 2021, the Company has not achieved any of the development and sales milestones.

As of June 30, 2021, the Company has not achieved any of the development and sales milestones.

Revenue Recognition

4 unchanged sentences

Three Months Ended

March 31, 2021

June 30, 2021

Six Months Ended

June 30, 2021

Total collaboration revenue

Contract balances

The following table presents the significant changes in the balance of contract liabilities during the year ended December 31, 2020 (in thousands):

The following table presents the significant changes in the balance of contract liabilities during the six months ended June 30, 2021 (in thousands):

Contract liabilities

1 unchanged sentence

Reclassification to revenue, as the result of performance obligations satisfied

Cash received for costs reimbursements

Increase in accounts receivable

Balance as of March 31, 2021

Balance as of June 30, 2021

The timing of revenue recognition, billings, and cash collections results in accounts receivable, contract assets, and contract liabilities on the balance sheets.

33 unchanged sentences

During the year ended December 31, 2020, GSK exercised the Preclinical MAT2A License, and the Company has made the underlying MAT2A technology available to GSK, which is immediately able to use and benefit from its right to use the intellectual property.

The Company recognized less than $0.1 million of revenue from the Preclinical MAT2A License in the three months ended March 31, 2021.

During the three and six months ended June 30, 2021, the Company recognized less than $ 0.1 million of revenue from the Preclinical MAT2A License in each period.

If GSK elects to conduct the MAT2A Combination Trial, the Company will supply MAT2A product to be used for the MAT2A Combination Trial at its own cost.

1 unchanged sentence

The Company will recognize revenue, as it transfers the control of the MAT2A product to GSK.

The Company has not supplied MAT2A product as of March 31, 2021.

The Company has not supplied MAT2A product as of June 30, 2021.

Transaction price allocated to the remaining performance obligations

The following table presents the transaction price allocated to the remaining performance obligations as of March 31, 2021 (in thousands):

The following table presents the transaction price allocated to the remaining performance obligations as of June 30, 2021 (in thousands):

Performance Obligations

10 unchanged sentences

Three Months Ended

Six Months Ended

Net loss attributable to common stockholders

Weighted-average shares outstanding

weighted-average unvested restricted shares and shares

subject to repurchase

Weighted-average shares used in computing net loss per share

attributable to common stock, basic and diluted

Net loss per share attributable to common stockholders, basic and diluted

weighted-average unvested restricted shares and

shares subject to repurchase

Weighted-average shares used in computing net loss

per share attributable to common stock,

basic and diluted

Net loss per share attributable to common stockholders,

basic and diluted

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:

As of March 31,

As of June 30,

Options to purchase common stock

2 unchanged sentences

Subsequent Event

From April 1, 2021 through May 9, 2021, the Company additionally sold an aggregate of 633,304 shares for gross proceeds of $14.6 million under the January 2021 Sales Agreement..

On July 12, 2021, the Company completed an underwritten public offering and sold and issued 5,333,333 shares of common stock at a price to the public of $ 17.25 per share for net proceeds of $ 86.5 million, after deducting underwriting discounts and commissions but before deducting other offering expenses, which included shares issued upon the underwriters’ exercise in full of their overallotment option to purchase 695,652 additional shares.

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