What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-08-14 compared with 2024-05-09 · 66 added, 48 removed, 231 unchanged (33% of the section changed)

82 unchanged sentences

for their complex small molecules and small oligonucleotides, including ASOs and siRNAs.

the three month periods ended March 31, 2024 and 2023, our net loss was $5,824 and $5,513, respectively.

We have incurred losses for

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

the six month periods ended June 30, 2024 and 2023, our net loss was $11,543 and $11,573, respectively.

We have incurred losses for each

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

We do not believe the cash, cash equivalents

7 unchanged sentences

Operations Overview

the three months ended March 31, 2024 and 2023, we generated $0 and $1,096, respectively, in contract research revenue resulting from

the research collaborations with BioNTech SE and Genentech Inc.

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

the three and six months ended June 30, 2024, we did not generate any revenue.

During 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

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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expenses, including salaries and stock-based compensation expense for those employees involved in the research and development process.

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

months ended March 31, 2024 and 2023.

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.

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

development and overseeing outside vendors.

Included in “Internal staffing, overhead and other” below is the cost of laboratory

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

Three Months Ended March 31,

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, 2024 and 2023.

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.

Included in “Internal staffing, overhead and

other” below is the cost of laboratory space, supplies, research and development (R&D) employee costs (including

stock-based compensation), travel and medical education.

Three months ended June 30,

Six months ended June 30,

Direct research and development expenses:

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and Administrative Expenses

and administrative expense for the three months ended March 31, 2024 and 2023 were $2,456 and $2,712, 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

We anticipate that our general and administrative expenses during 2024 will decrease slightly compared to expenses incurred

and administrative expense for the three and six months ended June 30, 2024 were $2,468 and $4,925, respectively, and the three and six

months ended June 30, 2023 were $2,600 and $5,311, 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 2024 will decrease slightly compared to expenses incurred during 2023.

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

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of Operations

of the three months ended March 31, 2024 to the three months ended March 31, 2023

of the three months ended June 30, 2024 to the three months ended June 30, 2023

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

Three Months Ended March 31,

Three Months Ended June 30,

Research and development

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Operating Expenses

During the three months ended March 31, 2024 and 2023, we generated revenue of $0 and $1,096.

The amount earned during the prior

year resulted from the exclusive research collaborations with BioNTech SE and Genentech Inc.

During the three months ended June 30, 2024 and 2023, we did not generate any revenue.

and Development expenses.

Research and Development (R&D) expense for the three months ended March 31, 2024 and 2023 was $3,446

Research and Development (R&D) expense for the three months ended June 30, 2024 and 2023 was $3,371

and $3,559, respectively.

The decrease in R&D expense was primarily attributable to the decrease in clinical trial consulting costs

and in headcount costs.

The decrease in R&D expense was primarily attributable to lower stock based compensation expense.

and Administrative expenses.

General and Administrative (G&A) expense for the three months ended March 31, 2024 and 2023

was $2,456 and $2,712, respectively.

General and Administrative (G&A) expense for the three months ended June 30, 2024 and 2023 was

$2,468 and $2,600, respectively.

The decrease in G&A expense was primarily attributable to lower stock based compensation expense

and decreased insurance premiums.

of the six months ended June 30, 2024 to the six months ended June 30, 2023

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

Six Months Ended June 30,

Research and development

General and administrative

Operating Expenses

During the six month periods ended June 30, 2024 and 2023, we generated revenue of $0 and $1,096.

The amount earned during the

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

and Development expenses.

R&D expense for the six month periods ended June 30, 2024 and 2023 was $6,817 and $7,530, respectively.

The decrease in R&D expense was primarily attributable to lower stock based compensation expense, a decrease in other payroll related

costs due to decreased headcount and the decrease in clinical trial costs.

and Administrative expenses.

G&A for the six month periods ended June 30, 2024 and 2023 was $4,925 and $5,311, respectively.

The decrease in G&A expense was primarily attributable to lower stock based compensation expense and decreased insurance premiums.

and capital resources

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

March 31, 2024, we have raised a total of $156,907 in gross proceeds and $144,195, net, from sales of our equity securities.

of March 31, 2024, we had cash, cash equivalents and marketable debt securities totaling $8,110.

June 30, 2024, we have raised a total of $166,907 in gross proceeds and $153,445, net, from sales of our equity securities.

of June 30, 2024, we had unrestricted cash, cash equivalents and marketable debt securities totaling $14,313.

Registered Direct Offering

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

Three Months Ended March 31,

Six Months Ended June 30,

Cash used in operating activities

Cash provided by investing activities

Cash (used in)/provided by investing activities

Cash provided by/(used in) financing activities

Net decrease in cash and cash equivalents and restricted cash

cash used in operating activities was $5,769 and $4,087 for the three month periods ended March 31, 2024 and 2023, respectively.

losses of $5,824 and $5,513 for the three month periods ended March 31, 2024 and 2023, respectively, were partially offset by working

capital adjustments due to the timing of receipts and payments in the ordinary course of business and adjustments for non-cash stock

based compensation expense.

cash provided by investing activities was $2,000 and $3,000 for the three month periods ended March 31, 2024 and 2023, respectively.

The decrease of cash provided by investing activities was due to a $1,000 decrease in maturities of marketable debt securities.

cash provided by/(used in) financing activities was $53 and ($4) for the three month periods ended March 31, 2024 and 2023, respectively.

The increase in cash provided by financing activities is primarily due to the proceeds from the sale of our common stock under the ATM

with BTIG, LLC.

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

cash used in operating activities was $8,875 and $6,280 for the six month periods ended June 30, 2024 and 2023, respectively.

of $11,543 and $11,573 for the six month periods ended June 30, 2024 and 2023, respectively, were partially offset by working capital

adjustments due to the timing of receipts and payments in the ordinary course of business and adjustments for non-cash stock based compensation

cash (used in)/provided by investing activities was ($938) and $9,198 for the six month periods ended June 30, 2024 and 2023, respectively.

The increase of cash used in investing activities was primarily due to a $7,938 purchase of marketable securities and a $2,400 decrease

in maturities of marketable debt securities partially offset by a $202 decrease in the purchases of leasehold improvements and equipment.

cash provided by/(used in) financing activities was $9,242 and ($5) for the six month periods ended June 30, 2024 and 2023, respectively.

The increase in cash provided by financing activities is primarily due to the net proceeds received from the sale of our common stock

in the registered direct offering, $9,190, and the net proceeds received from the sale of our common stock under the ATM with BTIG, LLC,

Requirements and Other Liquidity Matters

2 unchanged sentences

will increase substantially if and as we:

further preclinical and clinical studies of MAT2203, our lead product candidate, even if such studies are primarily financed with

non-dilutive funding from the NIH;

further preclinical and clinical studies of MAT2203, our lead product candidate, even if such studies are financed with non-dilutive

to discover and develop additional product candidates;

40 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