1 unchanged sentence
Market Information
−Removed: Our common stock is publicly traded on The Nasdaq Global Market under the symbol “SELB.”
+Added: Our common stock is publicly traded on The Nasdaq Stock Market under the symbol “SELB.”
As of March 5, 2021, there were approximately 112,373,199 shares of our common stock outstanding held by approximately 33 holders of record.
3 unchanged sentences
Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.
−Removed: In addition, our loan and security agreement with SVB currently prohibits us from paying dividends on our equity securities, and any future debt agreements may likewise preclude us from paying dividends.
+Added: In addition, our loan and security agreement with Oxford and SVB currently prohibits us from paying dividends on our equity securities, and any future debt agreements may likewise preclude us from paying dividends.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations⸻Liquidity and Capital Resources.”
9 unchanged sentences
Recent Sales of Unregistered Securities and Use of Proceeds from Registered Securities
−Removed: On December 18, 2019, we entered into a Securities Purchase Agreement (the “2019 Purchase Agreement”) with the purchasers named therein (each, an “Investor” and, collectively, the “Investors”), including certain members of our board of directors.
−Removed: Pursuant to the 2019 Purchase Agreement, we sold (i) an aggregate of 37,634,883 shares of our common stock at a purchase price of $ 1.46 per share, which was equal to the most recent consolidated closing bid price on the Nasdaq Global Market on December 18, 2019, (ii) warrants to purchase an aggregate of 22,988,501 shares of common stock at a purchase price equal to $ 0.125 per share underlying each warrant, and (iii) pre-funded warrants to purchase an aggregate of 8,342,128 shares of common stock at a purchase price equal to $ 1.46 per share underlying each pre-funded warrant, for aggregate net proceeds of approximately $65.6 million, after deducting approximately $4.4 million in placement agent commissions and other transaction costs.
+Added: On June 11, 2020, we entered into a stock purchase agreement, or the Sobi Purchase Agreement, with Swedish Orphan Biovitrum AB (Publ) pursuant to which we sold an aggregate of 5,416,390 shares of our common stock at a purchase price
+Added: equal to $4.6156 per share, which represented 120% of the 10-day volume-weighted average price of our common stock prior to signing, for aggregate gross proceeds of $25 million, or the Sobi Private Placement.
+Added: The closing of the Sobi Private Placement occurred on July 31, 2020.
+Added: The shares of common stock acquired in the Sobi Private Placement are subject to a one-year lock-up from closing, during which time Sobi is prohibited from selling or otherwise disposing of such shares.
+Added: On December 18, 2019, we entered into a Securities Purchase Agreement, or the 2019 Purchase Agreement, with purchasers including certain members of our board of directors.
+Added: Pursuant to the 2019 Purchase Agreement, we sold (i) an aggregate of 37,634,883 shares of our common stock at a purchase price of $1.46 per share, which was equal to the most recent consolidated closing bid price on the Nasdaq Stock Market on December 18, 2019, (ii) warrants to purchase an aggregate of 22,988,501 shares of common stock at a purchase price equal to $0.125 per share underlying each warrant, and (iii) pre-funded warrants to purchase an aggregate of 8,342,128 shares of common stock at a purchase price equal to $1.46 per share underlying each pre-funded warrant, for aggregate net proceeds of approximately $65.6 million, after deducting approximately $4.4 million in placement agent commissions and other transaction costs.
Each warrant has an exercise price per share of common stock equal to $1.46 per share.
1 unchanged sentence
The closing of the offering occurred on December 23, 2019.
−Removed: This transaction was exempt from registration pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder, as a transaction by an issuer not involving a public offering.
−Removed: Each Investor has represented that it is an accredited investor, as defined in Regulation D, and has acquired the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends have been affixed to the securities issued in this transaction.
−Removed: Selected Consolidated Financial Data
−Removed: You should read the following selected consolidated financial data together with our consolidated financial statements and the related notes and with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this Annual Report on Form 10-K.
−Removed: The selected consolidated financial data in this section are not intended to replace the consolidated financial statements and are qualified in their entirety by the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.
−Removed: We have derived the consolidated statement of operations and comprehensive loss data for the years ended December 31, 2019 , 2018 , and 2017 , and the consolidated balance sheet data as of December 31, 2019 , and 2018 , from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
−Removed: The consolidated statement of operations and comprehensive loss for the years ended December 31, 2016 and 2015 the consolidated balance sheet data as of December 31, 2017 , 2016 and 2015 are derived from our audited consolidated financial statements that are not included in this Annual Report.
−Removed: Our historical results are not necessarily indicative of the results that should be expected in the future.
−Removed: Year Ended December 31,
−Removed: (In thousands, except share and per share data)
−Removed: Consolidated Statement of Operations Data
−Removed: Grant and collaboration revenue
−Removed: Operating expenses
−Removed: Loss from operations
−Removed: Loss on extinguishment of debt
−Removed: Change in fair value of warrant liabilities
−Removed: Other income (expense), net
−Removed: Net loss per share:
−Removed: Basic and diluted
−Removed: Weighted average common shares outstanding:
−Removed: Basic and diluted
−Removed: As of December 31,
−Removed: (In thousands)
−Removed: Consolidated Balance Sheet Data
−Removed: Cash, cash equivalents, short-term deposits and investments
−Removed: Loans payable
−Removed: Warrant liabilities
−Removed: Redeemable convertible preferred stock
−Removed: Total stockholders' equity (deficit)
+Added: On August 19, 2019, we sold 3,178,174 shares of our common stock pursuant to a stock purchase agreement, or the 2019 Private Placement, to individual investors, including certain executive officers and members of the board of directors of Selecta for aggregate net proceeds of approximately $5.7 million, after deducting transaction costs, at a purchase price equal to $1.81 per share, which was equal to the most recent consolidated closing bid price on the Nasdaq Stock Market on August 19, 2019.
+Added: The shares in the 2019 Private Placement were issued as “restricted securities” (as defined in Rule 144 of the Securities Act) and carry no registration rights that require or permit the filing of any registration statement.
+Added: Selected Financial Data
+Added: Not required.
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.