What changed in this filing

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Item 2. Management’s Discussion and Analysis

2023-11-08 compared with 2023-08-09 · 67 added, 67 removed, 242 unchanged (36% of the section changed)

86 unchanged sentences

Resilience to provide delivery solutions for their complex nucleic acid drug products.

the six month periods ended June 30, 2023 and 2022, our net loss was $11,573 and $11,901, respectively.

We have incurred losses for each

period from our inception and expect to incur additional losses for the foreseeable future.

We believe the cash, cash equivalents and

marketable debt securities on hand are sufficient to fund planned operations into the third quarter of 2024, but not beyond.

the nine month periods ended September 30, 2023 and 2022, our net loss was $17,628 and $17,363, respectively.

We have incurred losses

for each period from our inception and expect to incur additional losses for the foreseeable future.

We believe the cash, cash equivalents

and marketable debt securities on hand are sufficient to fund planned operations into the third quarter of 2024, but not beyond.

seek to fund our operations through public or private equity offerings, debt financing, government or other third-party funding, collaborations

4 unchanged sentences

Operations Overview

the three and six months ended June 30, 2023, we generated $0 and $1,096, respectively, in contract research revenue resulting from the

research collaborations with BioNTech SE and Genentech Inc., and $1,063 during the three and six months ended June 30, 2022, respectively,

from the research collaboration with BioNTech SE.

Our ability to generate product revenue, which we do not expect to occur for many years,

if ever, will depend heavily on the successful development and eventual commercialization of our early-stage product candidates.

the three and nine months ended September 30, 2023, we generated $0 and $1,096, respectively, in contract research revenue resulting

from the research collaborations with BioNTech SE and Genentech Inc., and $1,063 and $2,125 during the three and nine months ended September

30, 2022, respectively, from the research collaboration with BioNTech SE.

Our ability to generate product revenue, which we do not expect

to occur for many years, if ever, will depend heavily on the successful development and eventual commercialization of our early-stage

product candidates.

and Development Expenses

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table below summarizes our direct research and development expenses for our product candidates and development platform for the three

and six months ended June 30, 2023 and 2022.

Our direct research and development expenses consist principally of external costs, such

as fees paid to contractors, consultants, analytical laboratories and CROs and/or the NIH, in connection with our development work.

typically use our employee and infrastructure resources for manufacturing clinical trial materials, conducting product analysis, study

and nine months ended September 30, 2023 and 2022.

Our direct research and development expenses consist principally of external costs,

such as fees paid to contractors, consultants, analytical laboratories and CROs and/or the NIH, in connection with our development work.

We typically use our employee and infrastructure resources for manufacturing clinical trial materials, conducting product analysis, study

protocol development and overseeing outside vendors.

1 unchanged sentence

of laboratory space, supplies, research and development (R&D) employee costs (including stock-based compensation), travel and medical

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

Direct research and development expenses:

10 unchanged sentences

development expenses during 2023 will be lower than expenses incurred in 2022 as we pause the development of MAT2501 to focus our existing

resources on MAT2203 and advancement of our LNC platform delivery technology into the field of nucleic acids.

resources on MAT2203 and advancement of our LNC platform delivery technology.

and Administrative Expenses

and administrative expenses consist principally of salaries and related costs for personnel in executive and finance functions.

general and administrative expenses include facility costs, insurance, investor relations expenses, professional fees for legal, patent

review, consulting and accounting/audit services.

We anticipate that our general and administrative expenses during 2023 will remain

relatively consistent with expenses incurred during 2022.

and administrative expense for the three and nine months ended September 30, 2023 were $2,839 and $8,151, respectively, and for the three

and nine months ended September 30, 2022 were $2,818 and $8,424, respectively.

General and administrative expenses consist principally

of salaries and related costs for personnel in executive and finance functions.

Other general and administrative expenses include facility

costs, insurance, investor relations expenses, professional fees for legal, patent review, consulting and accounting/audit services.

We anticipate that our general and administrative expenses during 2023 will remain relatively consistent with expenses incurred during

of Net Operating Losses (NOLs) & Tax Credits

obtained from selling unused net operating losses (NOLs) and research and development tax credits under the New Jersey Technology Business

Tax Certificate Transfer Program was $0 and $1,734 for the six month periods ended June 30, 2023 and 2022, respectively.

Tax Certificate Transfer Program was $0 and $1,734 for the nine month periods ended September 30, 2023 and 2022, respectively.

income, net is largely comprised of interest income/(expense) and dividends.

8 unchanged sentences

(i) Stock-based compensation,

(ii) Fair value measurements, (iii) Research and development costs, (iv) Goodwill and other intangible assets, (v) Basic and diluted

net loss per common share, and (vi) Revenue recognition.

(ii) Fair value measurements, (iii) Research and development costs, and (iv) Goodwill and other intangible assets.

Accounting Pronouncements

37 unchanged sentences

of Operations

of the three months ended June 30, 2023 to the three months ended June 30, 2022

of the three months ended September 30, 2023 to the three months ended September 30, 2022

following tables summarize our revenues and operating expenses for the periods presented:

Three Months Ended June 30,

Three Months Ended September 30,

Research and development

1 unchanged sentence

Operating Expenses

During the three months ended June 30, 2023 and 2022, we generated revenue of $0 and $1,063.

The amount earned during the prior

year resulted from the exclusive research collaborations with BioNTech SE.

During the three months ended September 30, 2023 and 2022, we generated revenue of $0 and $1,063.

The amount earned during the

prior year resulted from the exclusive research collaborations with BioNTech SE.

and Development expenses.

Research and Development (R&D) expense for the three months ended June 30, 2023 and 2022 was $3,559

Research and Development (R&D) expense for the three months ended September 30, 2023 and 2022 was

$3,295 and $3,707, respectively.

The decrease in R&D expense was primarily attributable to a decrease in manufacturing costs of clinical

trial materials and a decrease in clinical trial consulting costs, partially offset by higher compensation expense due to increased head

count from 2022.

The decrease in R&D expense was primarily attributable to the decrease in manufacturing costs of

clinical trial materials, in clinical trial consulting costs and in headcount costs.

and Administrative expenses.

General and administrative expense for the three months ended June 30, 2023 and 2022 was $2,600

and $2,861, respectively.

The decrease in general and administrative expense was primarily due to a decrease in consulting fees between

of the six months ended June 30, 2023 to the six months ended June 30, 2022

General and administrative expense for the three months ended September 30, 2023 and 2022 was relatively

consistent at $2,839 and $2,818, respectively, as higher legal fees were offset by lower stock based compensation, insurance premiums

and consulting costs.

of the nine months ended September 30, 2023 to the nine months ended September 30, 2022

following tables summarize our revenues and operating expenses for the periods presented:

Six Months Ended June 30,

Nine Months Ended September 30,

Research and development

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Sale of New Jersey net operating losses (NOLs) and tax credits

During the six month periods ended June 30, 2023 and 2022, we generated revenue of $1,096 and $1,063.

The amount earned during

the current year consists of contract research revenue resulting from the research collaboration with BioNTech SE and Genentech Inc.,

while the amount earned during the prior year resulted from the research collaboration with BioNTech SE.

During the nine month periods ended September 30, 2023 and 2022, we generated revenue of $1,096 and $2,125.

The amount earned

during the current year consists of contract research revenue resulting from the research collaboration with BioNTech SE and Genentech

Inc., while the amount earned during the prior year resulted from the research collaboration with BioNTech SE.

and Development expenses.

Research and Development (R&D) expense for the six month periods ended June 30, 2023 and 2022 was

$7,530 and $9,105, respectively.

The decrease in R&D expense was primarily attributable to a decrease in manufacturing costs of clinical

trial materials and a decrease in clinical trial consulting costs.

Research and Development (R&D) expense for the nine month periods ended September 30, 2023 and

2022 was $10,824 and $12,811, respectively.

The decrease in R&D expense was primarily attributable to decreases in manufacturing

costs of clinical trial materials and in clinical trial consulting costs, partially offset by an increase in headcount costs.

and Administrative expenses.

General and administrative expense for the six month periods ended June 30, 2023 and 2022 was $5,443

and $5,605, respectively.

The decrease in general and administrative expense was primarily due to a decrease in consulting fees between

General and administrative expense for the nine month periods ended September 30, 2023 and 2022

was $8,151 and $8,424, respectively.

The decrease in general and administrative expense between periods was primarily due to decreases

in consulting fees, insurance premiums and stock based compensation expense, partially offset by increases in legal fees and headcount

of New Jersey net operating losses (NOLs) & tax credits.

The Company recognized $0 and $1,734 for the six month periods ended

June 30, 2023 and 2022, respectively, in connection with the sale of state net operating losses and research and development tax credits

to third parties under the New Jersey Technology Business Tax Certificate Transfer Program.

The Company recognized $0 and $1,734 for the nine month periods

ended September 30, 2023 and 2022, respectively, in connection with the sale of state net operating losses and research and development

tax credits to third parties under the New Jersey Technology Business Tax Certificate Transfer Program.

and capital resources

have funded our operations since inception through private placements and public offerings of our equity securities.

As of June 30, 2023,

As of September

30, 2023, we have raised a total of $156.7 million in gross proceeds and $143.9 million, net, from sales of our equity securities.

of June 30, 2023, we had cash, cash equivalents and marketable debt securities totaling $22,513.

of September 30, 2023, we had cash, cash equivalents and marketable debt securities totaling $18,216.

following table sets forth the primary sources and uses of cash, cash equivalents and restricted cash for each of the periods set forth

Six Months Ended June 30,

Nine Months Ended September 30,

Cash used in operating activities

Cash provided by/(used in) investing activities

Cash provided by investing activities

Cash (used in)/provided by financing activities

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

cash used in operating activities was $6,280 and $9,887 for the six month periods ended June 30, 2023 and 2022, respectively.

of $11,573 and $11,901 for the six month periods ended June 30, 2023 and 2022, respectively, were partially offset by working capital

adjustments due to the timing of receipts and payments in the ordinary course of business.

We expect that there will be a decrease in

cash used in operations during the remainder of 2023 due to lower research and development expenses.

cash provided by/(used in) investing activities was $9,198 and ($831) for the six month periods ended June 30, 2023 and 2022, respectively.

The increase of cash provided by investing activities of $10,029 was primarily due to the $9,481 decrease in purchases of marketable

debt securities, the $398 decrease in purchases of leasehold improvements and equipment, and the $150 increase in maturities of marketable

Net decrease in cash and cash equivalents and restricted cash

cash used in operating activities was $10,699 and $14,857 for the nine month periods ended September 30, 2023 and 2022, respectively.

Net losses of $17,628 and $17,363 for the nine month periods ended September 30, 2023 and 2022, respectively, were partially offset by

working capital adjustments due to the timing of receipts and payments in the ordinary course of business.

cash provided by investing activities was $10,282 and 4,919 for the nine month periods ended September 30, 2023 and 2022, respectively.

The increase of cash provided by investing activities of $5,363 was primarily due to the $9,481 decrease in purchases of marketable debt

securities, the $632 decrease in purchases of leasehold improvements and equipment, offset by the $4,750 decrease in maturities of marketable

debt securities.

cash (used in)/provided by financing activities was ($5) and $87 for the six month periods ended June 30, 2023 and 2022, respectively.

cash (used in)/provided by financing activities was ($6) and $84 for the nine month periods ended September 30, 2023 and 2022, respectively.

The decrease of $90 is primarily due to the decrease in the receipt of proceeds of $99 from the exercise of stock options.

47 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 2. Management’s Discussion and Analysis