What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-11-08 compared with 2023-08-09 · 110 added, 99 removed, 378 unchanged (36% of the section changed)

3 unchanged sentences

thousands, except for share data)

June 30, 2023

September 30, 2023

December 31, 2022

26 unchanged sentences

Stockholders’ equity:

Common stock par value $ 0.0001 per share, 500,000,000 shares authorized at June 30, 2023 and December 31, 2022;

217,264,526 issued and outstanding as of June 30, 2023 and December 31, 2022

Common stock par value $ 0.0001 per share, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022;

217,264,526 issued and outstanding as of September 30, 2023 and December 31, 2022

Additional paid-in capital

8 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Contract Revenue

7 unchanged sentences

Net loss per share – basic and diluted

Net loss per share -

Weighted average common shares outstanding:

Basic and diluted

Weighted average common

shares outstanding - basic

Other comprehensive gain/(loss), net of tax

6 unchanged sentences

thousands, except for share data)

(Loss)/Income

Accumulated Other

6 unchanged sentences

Other comprehensive income

Balance, June 30, 2023

Balance, September 30, 2023

$ ( 170,259 )

3 unchanged sentences

(Loss)/Income

Balance, March 31, 2023

Balance, June 30, 2023

$ ( 164,204 )

1 unchanged sentence

Other comprehensive income

Balance, June 30, 2023

Balance, September 30, 2023

$ ( 170,259 )

8 unchanged sentences

Other comprehensive loss

Balance, June 30, 2022

Balance, September 30, 2022

$ ( 148,997 )

2 unchanged sentences

Stockholders’

Balance, March 31, 2022

Balance, June 30, 2022

$ ( 143,535 )

2 unchanged sentences

Other comprehensive loss

Balance, June 30, 2022

Other comprehensive income (loss)

Balance, September 30, 2022

$ ( 148,997 )

3 unchanged sentences

Consolidated Statements of Cash Flow

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

16 unchanged sentences

Purchases of leasehold improvements and equipment

Net cash provided by/(used in) investing activities

Net cash provided by investing activities

Cash flows from financing activities:

2 unchanged sentences

Net cash (used in)/provided by financing activities

Net increase/(decrease) in cash, cash equivalents and restricted cash

Net decrease in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of period

2 unchanged sentences

Unrealized gain/(loss) on marketable debt securities

Right of use asset in exchange from liabilities from operating lease

accompanying notes are an integral part of these condensed consolidated financial statements

15 unchanged sentences

Company has experienced net losses and negative cash flows from operations each period since its inception.

Through June 30, 2023, the

Company had an accumulated deficit of $ 164,204 .

The Company’s net loss was $ 11,573 for the six months ended June 30, 2023.

Through September 30, 2023,

the Company had an accumulated deficit of $ 170,259 .

The Company’s net loss was $ 17,628 for the nine months ended September 30,

Company has been engaged in developing its lipid nanocrystal (“LNC”) platform delivery technology and a pipeline of associated

14 unchanged sentences

future, and that these losses will be increasing.

of June 30, 2023, the Company had cash and cash equivalents of $ 9,743 , marketable debt securities of $ 12,770 and restricted cash of $ 250 .

The Company believes the cash and cash equivalents and marketable debt securities on hand are sufficient to fund planned operations into

the third quarter of 2024, but not beyond.

As a result, substantial doubt exists about the Company’s ability to continue as a going

of September 30, 2023, the Company had cash and cash equivalents of $ 6,407 , marketable debt securities of $ 11,809 and restricted cash

The Company believes the cash and cash equivalents and marketable debt securities on hand are sufficient to fund planned operations

into the third quarter of 2024, but not beyond.

As a result, substantial doubt exists about the Company’s ability to continue as

a going concern.

ability of the Company to continue as a going concern is dependent upon control over its operating expenses, anticipated proceeds from

28 unchanged sentences

Restricted cash

at both June 30, 2023 and December 31, 2022 of $ 250 represents funds the Company is required to set aside as collateral, primarily for

one of the Company’s operating leases and other purposes.

at both September 30, 2023 and December 31, 2022 of $ 250 represents funds the Company is required to set aside as collateral, primarily

for one of the Company’s operating leases and other purposes.

following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance

Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of June 30, 2023, December 31, 2022, June

30, 2022 and December 31, 2021:

Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of September 30, 2023, December 31, 2022,

September 30, 2022 and December 31, 2021:

Schedule of Cash, Cash Equivalents and Restricted Cash

September 30,

Cash and cash equivalents

9 unchanged sentences

Realized gains and losses from our marketable debt securities are recorded in other income, net.

For the three and six months ended June 30, 2023, the Company recorded unrealized gains of $ 81 and $ 310 , respectively.

For the three

and six months ended June 30, 2022, the Company recorded unrealized losses of $ 125 and $ 609 , respectively.

As of June 30, 2023 and December

31, 2022, the Company had net accumulated unrealized losses of $ 514 and $ 824 , respectively.

following tables summarize the Company’s marketable debt securities as of June 30, 2023:

For the three and nine months ended September 30, 2023, the Company recorded unrealized gains of $ 155 and $ 465 , respectively.

three and nine months ended September 30, 2022, the Company recorded unrealized losses of $ 181 and $ 790 , respectively.

As of September

30, 2023 and December 31, 2022, the Company had net accumulated unrealized losses of $ 359 and $ 824 , respectively.

following tables summarize the Company’s marketable debt securities as of September 30, 2023:

Schedule of Marketable Securities

Amortized Cost

Unrealized Gain

Unrealized (Loss)

Treasury Bonds

1 unchanged sentence

Total marketable debt securities

of debt securities classified as available-for-sale were as follows at June 30, 2023:

of debt securities classified as available-for-sale were as follows at September 30, 2023:

Schedule of Maturities of Debt Securities Available-for-sale

Due within one year

Due after one year through five years

following tables summarize the Company’s marketable debt securities as of December 31, 2022:

Amortized Cost

Unrealized Gain

Unrealized (Loss)

Treasury Bonds

Government Notes

Debt Securities

marketable debt securities

Corporate Debt Securities

Total marketable debt securities

of debt securities classified as available-for-sale were as follows at December 31, 2022:

within one year

after one year through five years

Due within one year

Due after one year through five years

5 - Fair Value Measurements

20 unchanged sentences

Fair Value Hierarchy

June 30, 2023

September 30, 2023

Marketable Debt Securities:

14 unchanged sentences

6 – Leasehold Improvements and Equipment

improvements and equipment, summarized by major category, consist of the following as of June 30, 2023 and December 31, 2022:

improvements and equipment, summarized by major category, consist of the following as of September 30, 2023 and December 31, 2022:

Schedule of Leasehold Improvements and Equipment

June 30, 2023

September 30, 2023

December 31, 2022

3 unchanged sentences

Leasehold improvements and equipment, net

and amortization expense for the three and six months ended June 30, 2023 was $ 97 and $ 190 , respectively, and the three and six months

ended June 30, 2022 was $ 86 and $ 155 , respectively.

During the six month periods ended June 30, 2023 and 2022, the Company purchased

equipment of $ 202 and $ 600 , respectively.

and amortization expense for the three and nine months ended September 30, 2023 was $ 98 and $ 288 , respectively, and the three and nine

months ended September 30, 2022 was $ 89 and $ 244 , respectively.

During the nine month period ended September 30, 2023, the Company purchased

equipment of $ 218 , and no leasehold improvements.

During the nine month period ended September 30, 2022, the Company purchased equipment

of $ 629 , and leasehold improvements of $ 221 .

7 – Accrued Expenses and Other Liabilities

Expenses, summarized by major category, as of June 30, 2023 and December 31, 2022 consist of the following:

Expenses, summarized by major category, as of September 30, 2023 and December 31, 2022 consist of the following:

Schedule of Accrued Expenses

June 30, 2023

September 30, 2023

December 31, 2022

22 unchanged sentences

lease obligations

Company incurred lease expense for its operating leases of $ 226 for each for the three month periods ended June 30, 2023 and 2022, respectively,

and $ 452 for each of the six month periods ended June 30, 2023 and 2022, respectively.

Company incurred lease expense for its operating leases of $ 225 and $ 194 for each of the three month periods ended September 30, 2023

and 2022, respectively, and $ 677 and $ 646 for each of the nine month periods ended September 30, 2023 and 2022, respectively.

incurred amortization expense on its operating lease right-of-use assets of $ 139 and $ 406 for the three and nine months ended September

30, 2023, respectively, and $ 138 and $ 413 for the three and nine months ended September 30, 2022, respectively.

Company incurred interest expense on its finance leases of $ 0 and $ 2 for the three and nine months ended September 30, 2023, respectively,

and $ 0 and $ 1 for the three and nine months ended September 30, 2022, respectively.

The Company incurred amortization expense on its

operating lease right-of-use assets of $ 135 and $ 268 for the three and six months ended June 30, 2023, respectively, and $ 139 and $ 275

for the three and six months ended June 30, 2022, respectively.

Company incurred interest expense on its finance leases of $ 1 and $ 2 for the three and six months ended June 30, 2023, respectively,

and $ 0 and $ 1 for the three and six months ended June 30, 2022, respectively.

The Company incurred amortization expense on its finance

lease right-of-use assets of $ 1 and $ 5 for the three and six months ended June 30, 2023, respectively, and $ 6 and $ 12 for the three and

six months ended June 30, 2022, respectively.

finance lease right-of-use assets of $ 2 and $ 7 for the three and nine months ended September 30, 2023, respectively, and $ 3 and $ 15 for

the three and nine months ended September 30, 2022, respectively.

following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and

finance leases as of June 30, 2023:

finance leases as of September 30, 2023:

Schedule of Maturity of Operating and Finance Liabilities

29 unchanged sentences

was earned on a monthly basis during the term of the contract.

the first quarter of 2023, $ 688

of the contract research revenue was recognized from the license fee and $ 375

was earned from the monthly clinical research services performed by the Company.

As of March 31, 2023, the Company had recognized

all of contract research revenue from the BioNTech Agreement.

the first quarter of 2023, $ 688 of the contract research revenue was recognized from the license fee and $ 375 was earned from the monthly

clinical research services performed by the Company.

As of March 31, 2023, the Company had recognized all of contract research revenue

from the BioNTech Agreement.

Fibrosis Foundation Therapeutics Development Award

4 unchanged sentences

of $ 321 , which was received in the fourth quarter of 2021.

of June 30, 2023, the Company has received approximately $ 3.6 million of the $ 4.5 million Award, including the Amendment’s additional

milestone payment, and a related deferred liability balance of $ 0 and $ 88 is included in accrued expenses at June 30, 2023 and December

31, 2022, respectively.

During the fourth quarter of 2022, for financial and technical reasons, the Company determined that it was not

commercially reasonable to continue the development of MAT2501 and instead elected to focus existing resources on other initiatives.

of September 30, 2023, the Company has received approximately $ 3.6 million of the $ 4.5 million Award, including the Amendment’s

additional milestone payment, and a related deferred liability balance of $ 0 and $ 88 is included in accrued expenses at September 30,

2023 and December 31, 2022, respectively.

During the fourth quarter of 2022, for financial and technical reasons, the Company determined

that it was not commercially reasonable to continue the development of MAT2501 and instead elected to focus existing resources on other

As a result, the Company will not receive the balance of the Award and has no further obligations to CFF.

9 unchanged sentences

three molecules.

During the six months ended June 30, 2023, the Company completed its obligations related to the remaining molecule.

During the three months ended March 31, 2023, the Company completed its obligations related to the remaining molecule.

10 – Income Taxes

of net operating losses (NOLs) & tax credits

Company recognized $ 0 and $ 1,734 for the six month periods ended June 30, 2023 and 2022, respectively, in connection with the sale of

certain state net operating losses (“NOLs”) and research and development tax credits to a third party under the New Jersey

Company recognized $ 0 and $ 1,734 for the nine month periods ended September 30, 2023 and 2022, respectively, in connection with the sale

of certain state net operating losses (“NOLs”) and research and development tax credits to a third party under the New Jersey

Technology Business Tax Certificate Transfer Program.

10 unchanged sentences

closing price of the Company’s common stock of $ 0.728 on the date of issuance.

the six months ended June 30, 2023, the Company did not sell any shares of its common stock under its At-The-Market Sales Agreement with

of June 30, 2023, the Company did not have any outstanding warrants to purchase shares of the Company’s common stock.

The following

table summarizes the changes in warrants outstanding during 2022 and for the six months ended June 30, 2023:

the nine months ended September 30, 2023 and 2022, the Company did not sell any shares of its common stock under its At-The-Market Sales

Agreement with BTIG, LLC.

of September 30, 2023, the Company did not have any outstanding warrants to purchase shares of the Company’s common stock.

following table summarizes the changes in warrants outstanding during 2022 and for the nine months ended September 30, 2023:

Summary of Shareholder Equity Warrants Outstanding

1 unchanged sentence

Outstanding at December 31, 2022

Outstanding at June 30, 2023

Outstanding at September 30, 2023

and diluted net loss per common share

the three and six months ended June 30, 2023 and 2022, diluted loss per common share is the same as basic loss per common share because,

as the Company incurred a net loss during each period presented, the potentially dilutive securities from the assumed exercise of all

outstanding stock options and warrants, would have an anti-dilutive effect.

the three and nine months ended September 30, 2023 and 2022, diluted loss per common share is the same as basic loss per common share

because, as the Company incurred a net loss during each period presented, the potentially dilutive securities from the assumed exercise

of all outstanding stock options and warrants, would have an anti-dilutive effect.

The following outstanding shares of potentially dilutive

securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive as of

June 30, 2023 and 2022:

September 30, 2023 and 2022:

Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share

As of June 30,

As of September 30,

Stock options

12 – Accumulated Other Comprehensive Loss

following table summarizes the changes in accumulated other comprehensive loss by component during the three months ended June 30, 2023

following table summarizes the changes in accumulated other comprehensive loss by component during the nine months ended September 30,

2023 and 2022:

Schedule of Components of Accumulated Other Comprehensive (Loss) Income

Net Unrealized

Gain/(Loss) on

1 unchanged sentence

Comprehensive

Balance, December 31, 2022

Net unrealized gain on securities available-for-sale

Balance, June 30, 2023

Balance, December 31, 2021

Net unrealized loss on securities available-for-sale

Balance, June 30, 2022

December 31, 2022

unrealized gain on securities available-for-sale

September 30, 2023

December 31, 2021

unrealized loss on securities available-for-sale

September 30, 2022

components of accumulated other comprehensive income are net of tax.

3 unchanged sentences

There were no significant

modifications to the Plan during the six month periods ended June 30, 2023 and 2022.

following table contains information about the Company’s stock plan at June 30, 2023:

modifications to the Plan during the nine month periods ended September 30, 2023 and 2022.

The term of the Plan is for 10 years and will

expire on May 7, 2024, if not amended before then.

following table contains information about the Company’s stock plan at September 30, 2023:

Schedule of Equtiy Compensation Plan by Arrangements

6 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Research and Development

General and Administrative

of June 30, 2023, total compensation costs related to unvested awards not yet recognized was $ 7,437 and the weighted-average periods

of September 30, 2023, total compensation costs related to unvested awards not yet recognized was $ 6,204 and the weighted-average periods

over which the awards are expected to be recognized was 2.2 years.

following table summarizes the activity for Company’ stock options for the six months ended June 30, 2023:

following table summarizes the activity for Company’ stock options for the nine months ended September 30, 2023:

Schedule of Stock Option Activity

1 unchanged sentence

Outstanding at December 31, 2022

Outstanding at June 30, 2023

Outstanding at September 30, 2023

14 – Subsequent Events

November 1, 2023, at a Special Meeting of the Company’s stockholders, a proposal for an amendment to the Company’s Certificate

of Incorporation to effect a reverse stock split of its common stock at a ratio in the range of 1-for-2 to 1-for-50, with such reverse

stock split to be effected at a ratio, time and date, if at all, as determined by the Company’s Board of Directors in its sole

The Board may choose to exercise its discretion at any time prior to November 1, 2024, which is the first anniversary of

its approval by stockholders.

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