What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-11-03 compared with 2021-08-16 · 91 added, 97 removed, 379 unchanged (33% of the section changed)

3 unchanged sentences

(unaudited, in thousands, except share and per share data)

September 30,

Current assets:

26 unchanged sentences

10,000,000 shares authorized

at June 30, 2021 and December 31, 2020;

at September 30, 2021 and December 31, 2020;

no shares issued and

outstanding at June 30, 2021 and December 31, 2020

outstanding at September 30, 2021 and December 31, 2020

Common stock, $ 0.001 par value;

300,000,000 shares authorized at

June 30, 2021 and December 31, 2020;

September 30, 2021 and December 31, 2020;

110,295,600 shares issued and

outstanding at June 30, 2021 and 84,893,994 shares issued and

outstanding at September 30, 2021 and 84,893,994 shares issued and

outstanding at December 31, 2020;

2,158,329 pre-funded warrants outstanding at

June 30, 2021 and December 31, 2020

September 30, 2021 and December 31, 2020

Additional paid-in capital

7 unchanged sentences

(unaudited, in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Collaboration revenue - related party

5 unchanged sentences

Loss from operations

Other income (expense):

Interest (expense) income

Total other income (expense), net

Other income (expense), net

Net loss per share attributable to common stockholders,

6 unchanged sentences

(unaudited, in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Other comprehensive loss:

Unrealized (loss) gain on available-for-sale securities

Unrealized loss on available-for-sale securities

Comprehensive loss

3 unchanged sentences

(unaudited, in thousands, except share data)

For the Three Months Ended June 30, 2021

For the Three Months Ended September 30, 2021

Comprehensive

1 unchanged sentence

Stockholders'

Balance at March 31, 2021

Balance at June 30, 2021

Equity-based compensation

Exercise of stock options

Vesting of restricted stock units

Forfeiture of restricted stock awards

Unrealized loss on available-for-sale

Balance at June 30, 2021

For the Six Months Ended June 30, 2021

Balance at September 30, 2021

For the Nine Months Ended September 30, 2021

Comprehensive

8 unchanged sentences

Unrealized loss on available-for-sale

Balance at June 30, 2021

For the Three Months Ended June 30, 2020

Balance at September 30, 2021

For the Three Months Ended September 30, 2020

Comprehensive

1 unchanged sentence

Stockholders'

Balance at March 31, 2020

Balance at June 30, 2020

Equity-based compensation

Vesting of restricted stock units

Forfeiture of restricted stock awards

Unrealized gain on available-for-sale

Balance at June 30, 2020

For the Six Months Ended June 30, 2020

Balance at September 30, 2020

For the Nine Months Ended September 30, 2020

Comprehensive

6 unchanged sentences

Unrealized loss on available-for-sale

Balance at June 30, 2020

Balance at September 30, 2020

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

2 unchanged sentences

(unaudited, in thousands)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

17 unchanged sentences

Cash flows from financing activities:

Proceeds from issuance of common stock

Proceeds from issuance of common stock, net of issuance costs

Proceeds from exercise of stock options

Net cash 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

11 unchanged sentences

Solid Biosciences Inc.

was organized in March 2013 under the name SOLID Ventures Management, LLC.

In October 2013, the company changed its name to Solid Ventures, LLC and in June 2015, the company changed its name to Solid Biosciences, LLC.

The company operated as a Delaware limited liability company under the name Solid Biosciences, LLC until immediately prior to the effectiveness of its registration statement on Form S-1 on January 25, 2018, at which time it completed a statutory corporate conversion into a Delaware corporation (the “Corporate Conversion”) and changed its name to Solid Biosciences Inc.

was organized in March 2013 under the name SOLID Ventures Management, LLC and operated as a Delaware limited liability company until immediately prior to the effectiveness of its registration statement on Form S-1 on January 25, 2018, at which time it completed a statutory corporate conversion into a Delaware corporation and changed its name to Solid Biosciences Inc.

(the “Company”).

In addition, entities formed solely for the purpose of holding membership interests in the Company’s limited liability company were merged with and into the Company.

As a result of the Corporate Conversion, all of the Series 1 and 2 Senior Preferred, Junior Preferred Units, Series A, B, C and D Common Units of Solid Biosciences, LLC converted into shares of common stock of Solid Biosciences Inc.

on a one for 0.8485 basis and all of the unit holders of Solid Biosciences, LLC became holders of common stock of Solid Biosciences Inc.

The Company’s mission is to cure Duchenne muscular dystrophy (“Duchenne”), a genetic muscle-wasting disease predominantly affecting boys.

7 unchanged sentences

Food and Drug Administration (“FDA”).

In April 2020, the Company submitted a response to the FDA that included changes to the clinical protocol designed to enhance patient safety, as well as information related to improvements to its manufacturing process.

The FDA responded by maintaining the clinical hold and requesting further data and analyses relating to this manufacturing process.

In June 2020, the Company submitted a response to the FDA that provided data related to manufacturing process improvements.

In July 2020, the Company announced that the FDA responded by maintaining the clinical hold and requesting further manufacturing information and updated safety and efficacy data for all patients dosed in the trial, as well as providing direction on the total viral load to be administered per patient.

In October 2020, the Company announced that the FDA lifted the clinical hold placed on the Company’s IGNITE DMD Phase I/II clinical trial.

In October 2020, following changes to the clinical protocol designed to enhance patient safety, improvements to its manufacturing process, and the provision of additional efficacy and safety data to the FDA, the Company announced that the FDA lifted the clinical hold placed on the Company’s IGNITE DMD Phase I/II clinical trial.

In February 2021, the Company resumed treatment of patients in the IGNITE DMD clinical trial.

In May 2021, the Company announced the advancement of a next-generation Duchenne microdystrophin gene transfer program, SGT-003.

In May 2021, the Company announced the advancement of a next-generation Duchenne microdystrophin gene transfer program, SGT-003, a preclinical candidate that combines a novel and rationally-designed capsid candidate from this library with Solid’s proprietary nNOS containing microdystrophin construct.

The Company 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, dependence on licenses, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations.

7 unchanged sentences

The accompanying condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Through June 30, 2021, the Company has funded its operations primarily with the proceeds from the sale of redeemable preferred units and member units, the sale of common stock and prefunded warrants to purchase shares of its common stock in private placements and the sale of common stock in its initial public offering and follow-on public offering in March 2021 and sales under its at-the-market sales agreement.

Through September 30, 2021, the Company has funded its operations primarily with the proceeds from the sale of redeemable preferred units and member units, the sale of common stock and prefunded warrants to purchase shares of its common stock in private placements, the sale of common stock in its initial public offering and follow-on public offering in March 2021 and sales under its at-the-market sales agreement.

In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued.

As of June 30, 2021, the Company had an accumulated deficit of $ 440,164 .

During the three and six months ended June 30, 2021, the Company incurred a net loss of $ 18,695 and $ 35,595 , respectively, and the Company used $ 38,466 of cash in operations for the six months ended June 30, 2021.

As of September 30, 2021, the Company had an accumulated deficit of $ 458,147 .

During the three and nine months ended September 30, 2021, the Company incurred a net loss of $ 17,983 and $ 53,578 , respectively, and the Company used $ 56,890 of cash in operations for the nine months ended September 30, 2021.

The Company expects to continue to generate operating losses in the foreseeable future.

Based upon its current operating plan, the Company expects that its cash, cash equivalents and available-for-sale securities of $ 248,959 as of June 30, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of these financial statements.

Based upon its current operating plan, the Company expects that its cash, cash equivalents and available-for-sale securities of $ 229,760 as of September 30, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of these financial statements.

However, the Company has based this estimate on assumptions that may prove to be wrong, and its operating plan may change as a result of many factors currently unknown to it.

9 unchanged sentences

The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP.

The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.

The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.

Summary of Significant Accounting Policies

12 unchanged sentences

Restricted Cash

The Company held restricted cash of $ 2,160 and $ 327 in separate restricted bank accounts as security deposits for leases of the Company’s facilities as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 2021 and December 31, 2020, the Company classified $ 90 and $ 0 as a current asset and $ 2,070 and $ 327 as a non-current asset, respectively.

The Company held restricted cash of $ 2,162 and $ 327 in separate restricted bank accounts as security deposits for leases of the Company’s facilities as of September 30, 2021 and December 31, 2020, respectively.

As of September 30, 2021 and December 31, 2020, the Company classified $ 90 and $ 0 as a current asset and $ 2,072 and $ 327 as a non-current asset respectively.

A reconciliation of the amounts of cash and cash equivalents and restricted cash from the cash flow statement to the balance sheet is as follows:

September 30,

Cash and cash equivalents as presented on balance sheet

22 unchanged sentences

The term of the lease commences on the later of (i) the date the Landlord delivers the Premises to the Company or (ii) the earlier of (a) the date the Company’s work on the Premises is substantially completed, (b) the date the Company commences business operations in the Premises, or (c) the one hundred twentieth (120th) day following the Landlord’s satisfaction of item (i) above.

The lease commencement date is anticipated to be in the first quarter of 2022.

The lease commencement date is anticipated to be in the first half of 2022.

The date on which the Company will become responsible for paying rent under the lease will be 61 days following the lease commencement date.

2 unchanged sentences

The Company and the Landlord are each obligated to undertake certain improvements prior to the commencement of the lease.

The Landlord is required to use good faith and commercially reasonable efforts to deliver the Premises to the Company by September 2021.

The Landlord delivered the Premises to the Company in September 2021.

The Company plans to make certain improvements to the Premises prior to commencement of the lease, which will be partially paid for with a tenant improvement allowance.

The Company was required to post a customary letter of credit in the amount of $ 1,833 , subject to decrease on a set schedule, as a security deposit pursuant to the lease.

As of June 30, 2021, the lease had not commenced.

For the three and six months ended June 30, 2021, the Company incurred approximately $ 348 of tenant improvement allowance receivable.

As of September 30, 2021, the lease had not commenced.

For the three and nine months ended September 30, 2021, the Company incurred approximately $ 680 of tenant improvement allowance receivable.

In June 2021, the Company determined that it no longer needed a floor of office space that it was renting and terminated its lease with another landlord.

10 unchanged sentences

DiPalma, and other services, including financial planning, offering support and accounting services, in exchange for fees payable to Danforth based on hourly rates.

The Company has paid Danforth approximately $ 313 to date.

The Company has paid Danforth approximately $ 194 and $ 381 for the three and nine months ended September 30, 2021, respectively, and $ 0 for each of the three and nine months ended September 30, 2020.

In accordance with the consulting agreement, in November 2020, the Company issued to Danforth a warrant to purchase 30,000 shares of the Company’s common stock at an exercise price per share of $ 3.29 .

As of September 30, 2021, the shares had vested in full.

The consulting agreement may be terminated by either party without cause upon 60 days’ prior written notice to the other party and with cause upon 30 days’ prior written notice to the other party.

Recently Adopted Accounting Pronouncements

In August 2018 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2018-13 , Fair Value Measurement (Topic 820):

Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement .

This new standard modifies certain disclosure requirements on fair value measurements.

This new standard was effective for the Company on January 1, 2020 .

The adoption of this new standard did not have a material impact on the Company’s disclosures.

In December 2019, the FASB issued ASU No.

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No.

2019-12, Income Taxes (Topic 740):

15 unchanged sentences

Collaborations

Ultragenyx Collaboration Agreement

Ultragenyx Collaboration

Collaboration Agreement

9 unchanged sentences

With respect to each Licensed Product for which the Company has not exercised the Development Option or Income Share Option the Company will be entitled to milestone payments of up to $ 25,000 in the aggregate for each such Licensed Product that achieves specified development milestones and $ 65,000 in the aggregate for each such Licensed Product that achieves specified regulatory milestones.

With respect to each Licensed Product for which the Company has not exercised the Income Share Option, the Company will also be entitled to milestone payments of up to $ 165,000 in the aggregate for each Licensed Product that archives specified annual worldwide net sales milestones.

With respect to each Licensed Product for which the Company has not exercised the Income Share Option, the Company will also be entitled to milestone payments of up to $ 165,000 in the aggregate for each Licensed Product that achieves specified annual worldwide net sales milestones.

For Licensed Products for which the Company has not exercised the Development Option or Income Share Option, Ultragenyx will pay the Company tiered royalties on a Licensed Product-by-Licensed Product and country-by-country basis ranging from a low double digit percentage to a mid-teens percentage based on Ultragenyx’s annual worldwide net sales of such Licensed Products.

14 unchanged sentences

Following the sale of the Shares, Ultragenyx beneficially owned approximately 14.45 % of the Company’s outstanding common stock .

As of June 30, 2021 , Ultragenyx beneficially owned less than 10 % of the Company’s outstanding common stock.

As of September 30, 2021 , Ultragenyx beneficially owned less than 10 % of the Company’s outstanding common stock.

Investor Agreement

23 unchanged sentences

Under this method, the transaction price is recognized over the contract’s entire performance period, using costs incurred relative to total estimated costs to determine the extent of progress towards completion.

During the three and six months ended June 30, 2021, the Company recognized $ 3,594 and $ 6,929 , respectively, of related party collaboration revenue, associated with its collaboration with Ultragenyx related to research and development services performed during the period and the corresponding cost reimbursement receivable.

The following table presents changes in the balances of the Company’s related party collaboration receivables and contract liabilities during the three and six months ended June 30, 2021:

Balance as of March 31, 2021

During the three and nine months ended September 30, 2021, the Company recognized $ 3,537 and $ 10,466 , respectively, of related party collaboration revenue, associated with its collaboration with Ultragenyx related to research and development services performed during the period and the corresponding cost reimbursement receivable.

The following table presents changes in the balances of the Company’s related party collaboration receivables and contract liabilities during the three and nine months ended September 30, 2021:

Balance as of June 30, 2021

Balance as of September 30, 2021

Related party collaboration receivable

2 unchanged sentences

Balance as of December 31, 2020

Balance as of June 30, 2021

Balance as of September 30, 2021

Related party collaboration receivable

1 unchanged sentence

Deferred revenue

The change in receivables balance for the three and six months ended June 30, 2021 is driven by amounts owed to the Company for research and development services provided, partially offset by $ 280 in collections received from Ultragenyx during the period.

As of June 30, 2021, there was $ 14,354 of deferred revenue related to the Ultragenyx Collaboration Agreement, which is classified as either current or non-current in the accompanying condensed consolidated balance sheet based on the period the services are expected to be delivered.

Additionally, as of June 30, 2021, there was $ 286 of related party collaboration receivables related to reimbursable costs expected to be received from Ultragenyx for research and development services performed.

Costs incurred relating to the Ultragenyx Collaboration Programs consist of internal and external research and development costs, which primarily include salaries and benefits, lab supplies, preclinical research studies, clinical studies, consulting services, and commercial development.

These costs are included in research and development expenses in the Company’s condensed consolidated statement of operations during the three and six months ended June 30, 2021.

The change in receivables balance for the three and nine months ended September 30, 2021 is driven by amounts owed to the Company for research and development services provided, partially offset by $ 280 in collections received from Ultragenyx during the nine months ended September 30, 2021.

As of September 30, 2021, there was $ 11,125 of deferred revenue related to the Collaboration Agreement, which is classified as either current or non-current in the accompanying condensed consolidated balance sheet based on the period the services are expected to be delivered.

Additionally, as of September 30, 2021, there was $ 594 of related party collaboration receivables related to reimbursable costs expected to be received from Ultragenyx for research and development services performed.

Costs incurred relating to the Collaboration Agreement consist of internal and external research and development costs, which primarily include salaries and benefits, lab supplies, preclinical research studies, clinical studies, consulting services, and commercial development.

These costs are included in research and development expenses in the Company’s condensed consolidated statement of operations during the three and nine months ended September 30, 2021.

Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

Fair Value Measurements as of June 30, 2021

Fair Value Measurements as of September 30, 2021

Cash equivalents

2 unchanged sentences

Cash equivalents

As of June 30, 2021 and December 31, 2020, the fair values of the Company’s available-for-sale debt securities, which consisted of commercial paper and corporate bond securities, was determined using Level 2 inputs.

During the six months ended June 30, 2021 and the year ended December 31, 2020, there were no transfers between Level 1, Level 2 and Level 3.

As of September 30, 2021 and December 31, 2020, the fair values of the Company’s available-for-sale debt securities, which consisted of treasury bills, commercial paper, and corporate bond securities, was determined using Level 2 inputs.

During the nine months ended September 30, 2021 and the year ended December 31, 2020, there were no transfers between Level 1, Level 2 and Level 3.

The fair value of the Company’s cash, restricted cash, accounts payable, and accrued expenses and other current liabilities approximate their carrying value due to their short-term maturities.

Available-for-Sale Securities

As of June 30, 2021, the fair value of available-for-sale securities by type of security was as follows:

June 30, 2021

As of September 30, 2021, the fair value of available-for-sale securities by type of security was as follows:

September 30, 2021

Treasury bill

Corporate bond securities

2 unchanged sentences

The estimated fair value and amortized cost of the Company’s available-for-sale securities by contractual maturity are summarized as follows:

June 30, 2021

September 30, 2021

Due in one year or less

Total available-for-sale securities

The weighted average maturity of the Company’s available-for-sale securities as of June 30, 2021 was approximately 0.5 years.

As of December 31, 2020, there were no available-for-sale securities .

The weighted average maturity of the Company’s available-for-sale securities as of September 30, 2021 was approximately 0.6 years.

Property and Equipment

Property and equipment consists of the following:

September 30,

Furniture and fixtures

5 unchanged sentences

Less accumulated depreciation

Depreciation expense was $ 718 and $ 1,453 for the three and six months ended June 30, 2021.

Depreciation expense was $ 752 and $ 2,204 for the three and nine months ended September 30, 2021.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

September 30,

Prepaid research and development expenses

3 unchanged sentences

Accrued expenses and other current liabilities consist of the following:

September 30,

Accrued research and development

6 unchanged sentences

In October 2020, 137,460 of these pre-funded warrants were exercised.

No warrants were exercised during the three and six months ended June 30, 2021 and 2020.

No warrants were exercised during the three and nine months ended September 30, 2021 and 2020.

In October 2020, in connection with the execution of the Collaboration Agreement, Ultragenyx and the Company also entered into the Stock Purchase Agreement, pursuant to which the Company issued and sold 7,825,797 shares of its common stock to Ultragenyx at a price of $ 5.1113 per share for an aggregate purchase price of approximately $ 40,000 .

8 unchanged sentences

In June 2021, the Company’s stockholders approved an amendment to the 2020 Plan to reserve an additional 7,000,000 shares of common stock for issuance under the plan.

In June 2021, the Company’s stockholders also approved the 2021 Employee Stock Purchase Plan (“ESPP”), which provides for 1,102,885 shares to be available for purchase by eligible employees according to its terms.

During the three and six months ended June 30, 2021, the Company granted options for the purchase of 604,400 and 3,001,895 , respectively, shares of common stock.

During the three and six months ended June 30, 2021, the Company granted no restricted stock units.

At September 30, 2021, 8,836,782 shares remained available for future issuance under the 2020 Plan.

Under the 2020 Plan, stock options may not be granted at less than fair value on the date of grant.

The first offering period under the ESPP commenced on September 1, 2021.

At September 30, 2021, 1,102,885 shares remained available for future issuance under the ESPP.

During the three and nine months ended September 30, 2021, the Company granted options for the purchase of 458,350 and 3,460,245 , respectively, shares of common stock.

During the three and nine months ended September 30, 2021, the Company granted 98,650 restricted stock units.

The Company recorded equity-based compensation expense related to all of its share-based awards to employees and non-employees in the following captions within its condensed consolidated statements of operations:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Research and development

1 unchanged sentence

Restructuring

During the three and six months ended June 30, 2021 and 2020, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits and orphan drug credits generated in each year due to its uncertainty of realizing a benefit from those items.

The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at June 30, 2021 and December 31, 2020, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized.

As of June 30, 2021 and December 31, 2020, the Company had no t recorded any amounts for unrecognized tax benefits.

During the three and nine months ended September 30, 2021 and 2020, the Company recorded no income tax benefits for the net operating losses incurred or for the research and development tax credits and orphan drug credits generated in each year due to its uncertainty of realizing a benefit from those items.

The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at September 30, 2021 and December 31, 2020, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized.

As of September 30, 2021 and December 31, 2020, the Company had no t recorded any amounts for unrecognized tax benefits.

The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates.

6 unchanged sentences

The Company may periodically become subject to legal proceedings and claims arising in connection with ongoing business activities, including claims or disputes related to patents that have been issued or that are pending in the field of research on which the Company is focused.

The Company is not aware of any material legal proceedings or claims as of June 30, 2021.

The Company is not aware of any material legal proceedings or claims as of September 30, 2021.

Net Loss per Share

1 unchanged sentence

The numerator for basic and diluted net loss per share attributable to common stockholders is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Net loss attributable to common stockholders

The denominator is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Weighted average shares of common stock outstanding,

2 unchanged sentences

Net loss per share attributable to common stockholders, basic and diluted is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Net loss per share attributable to common stockholders

The following potential common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect for the six months ended June 30:

Options to purchase shares of common stock

2 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 1. Financial Statements