What changed in this filing

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Item 1. Financial Statements

2022-05-05 compared with 2021-11-03 · 150 added, 298 removed, 369 unchanged (55% of the section changed)

3 unchanged sentences

(in thousands, except share and par value data)

September 30,

Current assets:

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Other long-term assets

Liabilities, Convertible Preferred Stock and Stockholders’

Equity (Deficit)

Liabilities and Stockholders’

Current liabilities:

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Commitments and contingencies (Note 2)

Convertible preferred stock, $ 0.0001 par value;

no shares and 6,223,046

shares authorized at September 30, 2021 and December 31, 2020,

respectively;

no shares and 3,374,560 shares issued and outstanding at

September 30, 2021 and December 31, 2020, respectively

Stockholders’

equity (deficit):

Preferred stock, $ 0.0001 par value;

50,000,000 shares and no shares

authorized at September 30, 2021 and December 31, 2020, respectively;

no shares issued and outstanding at September 30, 2021 and

50,000,000 shares authorized at

March 31, 2022 and December 31, 2021, respectively;

no shares issued and outstanding at March 31, 2022 and

December 31, 2021, respectively

Common stock, $ 0.0001 par value;

500,000,000 and 50,000,000 shares

authorized at September 30, 2021 and December 31, 2020, respectively;

42,535,661 and 3,050,781 shares issued at September 30, 2021 and

December 31, 2020, respectively, and 41,207,660 and 1,829,377 shares outstanding

at September 30, 2021 and December 31, 2020, respectively

500,000,000 shares authorized at

March 31, 2022 and December 31, 2021, respectively;

and 42,536,183 shares issued at March 31, 2022 and December 31, 2021,

respectively, and 41,696,564 and 41,441,135 shares outstanding at

March 31, 2022 and December 31, 2021, respectively

Additional paid-in capital

1 unchanged sentence

Total stockholders’

equity (deficit)

Total liabilities, convertible preferred stock and stockholders’

equity (deficit)

Total liabilities and stockholders’

See accompanying notes to unaudited financial statements.

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Three Months Ended

September 30,

Nine Months Ended

September 30,

Operating expenses:

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Interest income

Change in fair value of simple agreement for future equity

Other expense

Total other expense

Total other income

Net loss and comprehensive loss

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Issuance of Series A convertible

preferred stock upon conversion

of simple agreement for future

Issuance of Series A convertible

preferred stock, net of

issuance costs

Incremental vesting conditions

placed on previously issued

common shares

preferred stock, net of issuance

Issuance of Series B convertible

preferred stock, net of issuance

Issuance of common stock under

benefit plans

Vesting of shares of common

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Balance at March 31, 2021

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at June 30, 2020

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at September 30, 2020

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at December 31, 2020

Continued on next page

Preferred Stock

3 unchanged sentences

Balance at December 31, 2021

Issuance of Series A convertible

preferred stock, net of

issuance costs

Issuance of Series B convertible

preferred stock, net of

issuance costs

Issuance of common stock for

stock option exercises

Issuance of common stock under

benefit plans

Vesting of shares of common

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Balance at March 31, 2022

Issuance of common stock for

stock option exercises

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at June 30, 2021

Preferred stock converted into

shares of common stock

Initial public offering of

common shares, net of

issuance costs

Issuance of common stock for

stock option exercises

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at September 30, 2021

See accompanying notes to unaudited financial statements.

2 unchanged sentences

(in thousands)

Nine Months Ended

September 30,

Three Months Ended

Cash flows from operating activities:

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Stock-based compensation

Change in fair value of SAFE commitments

Loss on disposal of property and equipment

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Purchases of property and equipment

Proceeds from sale of property and equipment

Net cash used in investing activities

Cash flows from financing activities:

Proceeds from initial public offering, net of issuance costs

Proceeds from the issuance of Series A convertible preferred stock, net of issuance costs

Proceeds from the issuance of Series B convertible preferred stock, net of issuance costs

Proceeds from exercise of stock options

Proceeds from early exercise of stock options

Repayment of early exercise liability

Proceeds from issuances of common stock under benefit plans

Payments for financing lease

Net cash provided by financing activities

Net cash increase for the period

Net cash (decrease) increase for the period

Cash, cash equivalents and restricted cash at beginning of the period

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Supplemental disclosure of cash flow information:

Right-of-use asset obtained in exchange for lease liability

Non-cash investing and financing activities:

Purchases of equipment included in accounts payable

Deferred issuance costs included in accounts payable and accrued expenses

Right-of-use asset obtained in exchange for lease liability

Deferred offering costs included in accounts payable and accrued expenses

Series B issuance costs included in accounts payable and accrued expenses

See accompanying notes to unaudited financial statements.

Tyra Biosciences, Inc.

Notes to the Fi nancial Statements

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Tyra Biosciences, Inc.

(the “Company”) was incorporated in the state of Delaware on August 2, 2018.

(the Company) was incorporated in the state of Delaware on August 2, 2018 .

The Company is a precision oncology company designing and developing purpose-built therapies specifically designed to overcome therapy resistance and improve the lives of cancer patients whose tumors have acquired resistance over the course of therapy to currently available treatments.

On September 17, 2021 , the Company completed its initial public offering (the “IPO”) and issued 12,420,000 shares of common stock for net proceeds of approximately $ 181.2 million.

On September 17, 2021 , the Company completed its initial public offering (the IPO) and issued 12,420,000 shares of common stock for net proceeds of approximately $ 181.2 million.

See Note 6 to these financial statements for additional details.

On September 7, 2021, the Company effected a 2.5974 -for-1 forward stock split of its common stock (the “Forward Stock Split”).

On September 7, 2021, the Company effected a 2.5974 -for-1 forward stock split of its common stock (the Forward Stock Split).

The par value of the common stock was not adjusted as a result of the Forward Stock Split and the authorized shares were increased to 50,000,000 shares of common stock in connection with the Forward Stock Split.

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Basis of Presentation

The accompanying unaudited financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended.

Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP).

Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

The accompanying unaudited financial statements do not include all of the information and notes required by GAAP for complete financial statements.

These unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows.

The results for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period.

The balance sheet at September 30, 2021 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements.

Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019, included in the Prospectus dated September 14, 2021 filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the SEC on September 15, 2021 (the “Prospectus”).

The results for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period.

The balance sheet at March 31, 2022 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements.

Liquidity and Capital Resources

From inception to September 30, 2021, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP discovery engine, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations.

From inception to March 31, 2022, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP platform, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations.

The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven.

The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues to develop its current and future product candidates.

From inception through September 30, 2021, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity (“SAFEs”).

From inception through March 31, 2022, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity (SAFEs).

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty.

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Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued.

There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

There can be no assurance that the Company will be successful in

acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements for the years ended December 31, 2020 and 2019, included in the Prospectus.

Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below.

During the three months ended March 31, 2022 , there have been no changes to our significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 .

Commitments and Contingencies

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When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range.

The Company has no t recorded any such liabilities as of September 30, 2021 and December 31, 2020 .

The Company has no t recorded any such liabilities as of March 31, 2022 and December 31, 2021 .

Related Parties

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition.

Financial Accounting Standards Board (“FASB”) ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance.

FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance.

Related party transactions typically occur within the context of the following relationships:

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Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (“van den Boom & Associates”), a professional services firm contracted to provide resources to assist with day-to-day accounting functions.

The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions.

Services provided under the agreement with van den Boom & Associates are billed at hourly rates.

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van den Boom became a Company officer.

During the date of her employment agreement to September 30, 2021, van den Boom & Associates rendered contracted services totaling appro ximately $ 0.4 million.

For the three months ended March 31, 2022, van den Boom & Associates rendered contracted services totaling appro ximately $ 0.2 million.

Recently Issued Accounting Pronouncements

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2020 and 2019 to the recently issued accounting standards for the three and nine months ended September 30, 2021 .

There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2021 and 2020 to the recently issued accounting standards for the three months ended March 31, 2022 .

Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

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The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities.

Included in cash and cash equivalents at September 30, 2021 and December 31, 2020 are money market funds with a carrying value and fair value of $ 302.3 million and $ 4.7 million, r espectively, based upon a Level 1 fair value assessment.

Included in cash and cash equivalents at March 31, 2022 and December 31, 2021 are money market funds with a carrying value and fair value of $ 292.5 million and $ 302.2 million, r espectively, based upon a Level 1 fair value assessment.

None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.

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Property and equipment consisted of the following (in thousands):

September 30,

Computers and software

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Total property and equipment, net

Depreciation expense for the three and nine months ended September 30, 2021 wa s $ 41,000 and $ 90,000 , respectively.

Depreciation expense for the three and nine months ended September 30, 2020 was $ 16,000 and $ 28,000 , res pectively.

The Company recognized $ 64,000 and $ 22,000 in depreciation expense for the three months ended March 31, 2022 and 2021, respectively .

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):

September 30,

Accrued payroll and other employee benefits

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Total accrued and other current liabilities

Simple Agreements for Future Equity

During 2018 and 2019, the Company entered into SAFEs with investors.

The SAFEs granted investors with rights to participate in a future equity financing.

The SAFEs contained a number of conversion and redemption provisions, including conversion upon an equity event, and settlement upon liquidity or dissolution events.

The Company elected the fair value option of accounting for the SAFEs.

The issuance costs related to the SAFEs were recorded as a general and administrative expense in the Statements of Operations and Comprehensive Loss.

On January 6, 2020, the Company entered into a Series A Preferred Stock Purchase agreement which provided for the conversion of the outstanding SAFEs into 526,074 shares of Series A convertible preferred stock at a conversion price of $ 6.11 per share.

Convertible Preferred Stock and Stockholders’

Stockholders’

Under the Amended and Restated Certificate of Incorporation dated September 17, 2021, the Company had a total of 550,000,000 shares of capital stock authorized for issuance, consisting of 500,000,000 shares of common stock, par value of $ 0.0001 per share, and 50,000,000 shares of preferred stock, par value of $ 0.0001 per share.

Stockholders' Equity

Convertible Preferred Stock

The Company entered into the Series A Preferred Stock Purchase Agreement dated January 6, 2020 (“Stock Purchase Agreement”) whereby the Company agreed to issue and sell, and certain investors agreed to purchase up to an aggregate of 5,696,972 shares of Series A convertible preferred stock, at a price of $ 8.25 per share, in two closings.

In January 2020, the Company completed its first closing and issued 2,848,486 shares at a price of $ 8.25 per share resulting in gross proceeds of $ 23.5 million and incurred issuance costs of $ 0.2 million.

The Stock Purchase Agreement granted investors the rights and obligations to purchase an additional 2,848,486 shares of Series A convertible preferred stock (“Future Tranche Right”) at a price of $ 8.25 per share during a second closing which would occur upon triggering of future milestone events, provided that they occur before January 6, 2022.

In February 2021, the Company completed its second closing and issued 2,848,486 shares of Series A convertible preferred stock at a price of $ 8.25 per share for gross proceeds of $ 23.5 million and incurred issuance costs of $ 5,000 .

The Company determined that the Future Tranche Right did not meet the definition of a freestanding financial instrument as it was not legally detachable.

The Future Tranche Right was also evaluated as an embedded derivative and the Company determined it did not meet the definition of a derivative instrument for which bifurcation would be required.

In March 2021, the Company entered into the Series B Preferred Stock Purchase Agreement under which it issued 3,874,793 shares of Series B convertible preferred stock, at a price of $ 27.4337 per share, resulting in net proceeds of $ 106.1 million excluding issuance costs of $ 0.2 million.

On September 17, 2021, upon completion of the IPO, the Company sold 12,420,000 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 1,620,000 additional shares at a public offering price of $ 16.00 per share and all of the Company’s shares of convertible preferred stock converted into 26,228,089 shares of common stock.

As of September 30, 2021 and December 31, 2020, of the 500,000,000 and 50,000,000 aut horized shares of common stock, respectively, 42,535,661 and 3,050,781 shares were issued, respectively, and 41,207,660 and 1,829,377 shares w ere outstanding, respectively.

The voting, dividend, and liquidation rights of the holders of the common stock are subject to, and qualified by, the rights, preferences and privileges of the holders of the Series A convertible preferred stock outstanding at December 31, 2020.

The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

In January 2020 and February 2021, the Company issued, at each date, 2,848,486 shares of Series A convertible preferred stock at a price of $ 8.25 per share resulting in gross proceeds of $ 23.5 million, at each date, and incurred issuance costs of $ 0.2 million and $ 5,000 , respectively.

In March 2021, the Company issued 3,874,793 shares of Series B convertible preferred stock, at a price of $ 27.4337 per share, resulting in net proceeds of $ 106.1 million excluding issuance costs of $ 0.2 million.

In September 2021, upon completion of the IPO, all of the Company’s shares of convertible preferred stock converted into 26,228,089 shares of common stock.

Common stock reserved for future issuance consisted of the following:

September 30,

Convertible preferred stock

Common stock options granted and outstanding

Shares available for future issuance under the 2021

equity incentive plan

Shares available for future issuance under the 2021

equity incentive plan

Incentive Award Plan

Shares available for future issuance under the 2021

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Restricted Stock

Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $ 0.0001 per share to certain founders of the Company (“Founders Stock”).

The Company maintains a repurchase right whereby the Founders Stock are released from such repurchase right over a period of time of continued service by the recipient.

Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $ 0.0001 per share to certain founders of the Company (Founders Stock).

The Company maintains a repurchase right whereby the shares of Founders Stock are released from such repurchase right over a period of time of continued service by the recipient.

Any shares subject to repurchase by the Company are not deemed, for accounting purposes, to be outstanding until those shares vest.

Unvested outstanding Founders Stock as of September 30, 2021 and December 31, 2020 were 619,069 and 991,178 shares, respectively.

The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of September 30, 2021 and December 31, 2020.

In January 2020, in connection with the issuance of the Series A convertible preferred stock, the Company’s founders agreed to modify their outstanding Founders Stock to include vesting provisions that require continued service to the Company in order to vest in those shares.

As such, the 1,461,816 modified shares of common stock became compensatory upon such modification.

The total compensation cost resulting from the modification was $ 0.9 million, which will be recognized over the vesting term of three years had a measurement date fair value of $ 0.61 per share.

For the nine months ended September 30, 2021 and 2020 , 365,445 shares vested in each period and the Company recognized $ 0.2 million of stock-based compensation expense for each period related to the awards.

As of September 30, 2021 , the total unrecognized compensation expense related to unvested Founders Stock was $ 0.4 million expected to be recognized over a weighted-average period of approximately 1.3 years.

Stock Options

In January 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”).

The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards.

The 2020 Plan was amended in March 2021 to increase the total number of shares reserved under the Plan to 4,685,475 .

In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”).

Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under its 2020 Plan.

Unvested outstanding Founders Stock as of March 31, 2022 and December 31, 2021 were 372,700 and 495,170 shares, respectively.

The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of March 31, 2022 and December 31, 2021.

For the three months ended March 31, 2022 and 2021, 122,470 and 127,175 shares vested in each period and the Company recognized $ 0.1 million of stock-based compensation expense for each period related to the awards, respectively.

As of March 31, 2022, the total unrecognized compensation expense related to unvested Founders Stock was $ 0.2 million and is expected to be recognized over a weighted-average period of approximately 0.8 years.

Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the 2021 Plan).

Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under the 2020 Plan.

The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company.

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The 2021 Plan share reserve will be increased by the number of shares under the 2020 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan.

In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lessor of (1) 5 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors.

Options granted under the 2020 Plan and the 2021 Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant.

In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors.

The options granted under the 2020 Plan and the 2021 Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant.

The exercise price of each option shall be determined by the Company’s Board of Directors based on the fair market value of the Company’s stock on the date of the option grant.

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The vesting period generally occurs over four years unless there is a specific performance vesting trigger at which time those shares will vest when the performance trigger is probable to occur.

A summary of the Company’s stock option activity for the nine months ended September 30, 2021 is as follows (in thousands, except share amounts):

A summary of the Company’s stock option activity for the period ended March 31, 2022 is as follows:

Weighted-Average

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Outstanding at December 31, 2021

Outstanding at September 30, 2021

Exercisable at September 30, 2021

Vested and expected to vest as of September 30, 2021

For the nine months ended September 30, 2021 and 2020 , the total grant date fair value of vested options was $ 0.6 million and $ 17,000 , respectively.

The weighted-average grant date fair value of employee option grants for the nine months ended September 30, 2021 and 2020 was $ 2.70 and $ 0.47 per share, respecti vely.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants issued during the nine months ended September 30, 2021 and 2020 were as follows:

Nine Months Ended

September 30,

Outstanding at March 31, 2022

Exercisable at March 31, 2022

Vested and expected to vest as of March 31, 2022

As of March 31, 2022, 184,214 performance-based stock options were both outstanding and unvested, with total unrecognized stock-based compensation expense of $ 0.8 million.

The achievement of the performance conditions for these options was deemed probable to occur as of March 31, 2022, therefore the Company recognized $ 1.5 million in expense over the requisite service period related to these awards for the three months ended March 31, 2022.

Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model.

The Company accounts for any forfeitures of options when they occur.

Previously recognized compensation expense for an award is reversed in the period that the award is forfeited.

The fair value of stock options was estimated using the following assumptions:

Three Months Ended

Stock Options:

$ 10.96 - 12.31

$ 0.99 - 2.24

Risk-free rate of interest

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Dividend yield

As of September 30, 2021 , the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 5.4 million, and is expected to be recognized as expense over a weighted-average period of approximately 3.8 years.

Stock-based compensation expense recognized for all equity awards, including Founder's Stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands):

Three Months Ended

Research and development expense

General and administrative expense

The weighted-average grant date fair value of employee option grants for the three months ended March 31, 2022 and 2021 was $ 8.52 and $ 1.76 per share, respecti vely.

As of March 31, 2022, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 20.4 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.5 years.

Employee Stock Purchase Plan

In September 2021, the Company’s Board of Directors approved and adopted the 2021 Employee Stock Purchase Plan (ESPP).

The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement.

A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP.

In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors.

The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP.

The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase.

Each offering period is six months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year .

During the three months ended March 31, 2022, the Company issued 27,518 shares of common stock in connection with the ESPP.

Liability for Early Exercise of Stock Options

Certain individuals were granted the ability to early exercise their stock options.

Certain individuals were granted the ability to early exercise their stock options prior to the IPO.

The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule.

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The cash received in exchange for exercised and unvested shares related to stoc k options granted is recorded as a liability for the early exercise of stock options on the accompanying balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest.

As of September 30, 2021 and December 31, 2020 , 749,476 and 230,222 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively.

As of September 30, 2021 and December 31, 2020 , the Company recorded $ 0.4 million and $ 0.1 million, respectively, associated with shares issued with repurchase rights in other long-term liabilities.

Employee Stock Purchase Plan

In September 2021, the Company's Board of Directors adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO.

The ESPP permits participants to purchase common stock through payroll deductions of up to 15 % of their eligible compensation, not to exceed $ 25,000 or 100,000 shares in a calendar year.

A total of 380,000 shares of common stock was initially reserved for issuance under the ESPP.

In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lessor of (1) 1 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors.

There were no shares issued under the ESPP during the three and nine months ended September 30, 2021.

Stock-Based Compensation Expense

The Company recognized stock-based compensation expense of $ 0.2 million and $ 0.4 million in research and development expense during the three and nine months ended September 30, 2021 and $ 0.3 million and $ 0.6 million in general and administrative expense during the three and nine months ended September 30, 2021 , respectively.

The Company recognized stock-based compensation expense of $ 0 million and $ 0.1 million in research and development expense during the three and nine months ended September 30, 2020 and $ 0.1 million and $ 0.2 million in g eneral and administrative expense during the three and nine months ended September 30, 2020 , respectively.

As of March 31, 2022 and December 31, 2021, 495,870 and 599,878 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively.

As of March 31, 2022 and December 31, 2021, the Company recorded $ 0.3 million and $ $ 0.4 million, respectively, associated with shares issued with repurchase rights in other long-term liabilities.

Net Loss Per Share

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Three Months Ended

September 30,

Nine Months Ended

September 30,

Weighted average common shares outstanding

weighted average unvested founder shares of

weighted average unvested common stock

issued upon early exercise of common stock

Weighted average shares used to compute net loss per

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The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive.

As of September 30,

Convertible preferred stock

As of March 31,

Unvested restricted common stock subject to repurchase

1 unchanged sentence

Options to purchase common stock

License Agreement

In May 2019, the Company entered into a license agreement (the “License Agreement”) with Emory University (“Emory”) to obtain rights to certain know-how, patents, and patent applications to pursue the development and commercialization of certain inventions and technology for the treatment of disease.

In February 2021, the Company provided 90-day notice to Emory of their decision to voluntarily terminate the License Agreement.

There were no milestones payments met or paid in the nine months ended September 30, 2021 .

In August 2020, the Company entered into an operating lease for office and lab space in Carlsbad, California (the “Carlsbad Lease”).

The Carlsbad Lease has a lease term of 60 months from the contractual lease commencement date.

The Company has the option to renew the lease for two additional thirty-six-month periods .

As of September 30, 2021 , the underlying asset was made available for use by the Company and therefore, the Carlsbad Lease is considered to have commenced.

The Company recognized an initial right-of-use asset and lease liability of $ 1.2 million, respectively, for the lease.

The initial right-of-use asset was calculated based on the initial lease term of 60 months, as the renewal options were not reasonably certain of being exercised.

As the Carlsbad Lease did not provide an implicit rate, the Company used an estimated incremental borrowing rate of 7.5 %, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment.

In conjunction with the Carlsbad Lease, the Company paid a cash security deposit of $ 21,000 , of which all is refundable at the end of the lease term and is included in long-term assets in the Company’s balance sheet as of September 30, 2021 .

Additionally, as part of the terms of the lease agreement, the Company was required to maintain a letter of credit of $ 0.2 million which must remain in place until 2023 at the earliest and was considered a non-current asset as of September 30, 2021.

The following table presents the balances for operating and finance leases ROU assets and lease liabilities (in thousands):

September 30,

Operating lease assets

Finance lease assets

Total lease assets

Operating lease liabilities, current

Operating lease liabilities, noncurrent

Finance lease liabilities, current

Total lease liabilities

The components of lease expense include operating and finance lease costs.

Amortization is recorded in research and development expenses and interest expense is recorded in other expenses in the Statements of Operations and Comprehensive Loss.

Components of lease cost for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):

Three Months Ended

September 30,

Nine Months Ended

September 30,

Operating lease cost

Finance lease cost

Amortization of ROU assets

Interest on lease liabilities

The Company has leases for its office and laboratory space, including its corporate headquarters, with terms that expire in 2033.

The Company has two options to extend the term of the operating lease for a period of three years each .

However, as the Company was not reasonably certain to exercise either of those options at lease commencement, neither option was recognized as part of the associated operating lease Right of Use (ROU) asset or liability.

In March 2022, the Company entered into an agreement (the Expansion Lease), for an additional office and laboratory space.

The Expansion Lease is expected to commence in the second quarter of 2023 and projected lease payments over the life of the lease are expected to be $ 5.5 million with a lease expiration of 120 months after the commencement of the Expansion Lease.

The Company has an option to renew the Expansion Lease and its existing operating lease, which has the same lessor and has been amended to have the same lease term as the Expansion Lease for two additional thirty-six month periods

In connection with the Company's operating leases, the Company paid a security deposit of $ 71,000 and is required to maintain a letter of credit of $ 1.0 million until 2027 at which time it can be reduced to $ 0.5 million throughout the end of the lease term.

The Company's operating lease cost was $ 0.1 million and $ 0.0 million for the three months ended March 31, 2022 and 2021, respectively.

Cash paid for amounts included in the measurement of lease liabilities was $ 0.1 million and $ 0.1 million for the three months ended March 31, 2022 and 2021, respectively.

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):

As of September 30,

As of March 31,

Year ending December 31,

2021 (remaining three months)

2022 (remaining nine months)

Total minimum lease payments

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Lease liabilities, noncurrent

September 30,

Weighted-average remaining lease term

(years) - operating leases

Weighted-average remaining lease term

(years) - finance leases

Weighted-average incremental borrowing

rate - operating leases

Weighted-average incremental borrowing

rate - finance leases

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis and the unaudited interim financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2020 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in the Prospectus dated September 14, 2021 filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the Securities Act), with the Securities and Exchange Commission (SEC) on September 15, 2021 (the Prospectus).

The following discussion and analysis and the unaudited interim financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2021 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in the Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Annual Report).

Forward-Looking Statements

This Quarterly Report on Form 10-Q (Quarterly Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).

This Quarterly Report on Form 10-Q (Quarterly Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).

All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, research and development plans, the anticipated timing, costs, design and conduct of our ongoing and planned preclinical studies and planned clinical trials for our product candidates, the timing and likelihood of regulatory filings and approvals for our product candidates, our ability to commercialize our product candidates, if approved, the impact of the COVID-19 pandemic on our business, plans and objectives of management for future operations and future results of anticipated product development efforts, are forward-looking statements.

2 unchanged sentences

“believe,”

“contemplate,”

“continue”

10 unchanged sentences

“target”

or “will”

“will”

or “would”

or the negative of these terms or other similar expressions.

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We are initially focused on developing a pipeline of selective inhibitors of the Fibroblast Growth Factor Receptor (FGFR) family members, which are altered in approximately 7% of all cancers.

We are advancing multiple product candidates toward the clinic including our lead product candidate TYRA-300, an FGFR3 inhibitor with an initial focus on patients with bladder cancer, and TYRA-200, an FGFR2 inhibitor with an initial focus on patients with i ntrahepatic cholangiocarcinoma who have developed drug resistance mutations from existing FGFR therapies.

We anticipate filing an Investigational New Drug application, or IND, with the U.S.

Food and Drug Administration (FDA) for TYRA-300 in mid-2022 and we anticipate filing an IND with the FDA for TYRA-200 in the second half of 2022.

In addition, we have pipeline development programs targeting FGFR3-related achondroplasia, REarranged during Transfection kinase, or RET, and FGFR4-related cancers.

We are advancing multiple product candidates toward the clinic including our lead product candidate TYRA-300, an FGFR3 inhibitor with an initial focus on patients with metastatic urothelial carcinoma of the bladder and urinary tract.

Our second product candidate, TYRA-200, is an FGFR2 inhibitor with an initial focus on patients with i ntrahepatic cholangiocarcinoma who have developed drug resistance mutations to existing FGFR inhibitors due to activating mutations and gene alterations in FGFR2.

We anticipate submitting an Investigational New Drug application (IND) with the U.S.

Food and Drug Administration (FDA) for TYRA-300 in mid-2022 and for TYRA-200 in the second half of 2022.

In addition, we have pipeline development programs targeting FGFR3-related achondroplasia and other FGFR3-related skeletal dysplasias, REarranged during Transfection kinase (RET), and FGFR4-related cancers.

Since the commencement of our operations in 2018, we have devoted substantially all of our resources to organizing and staffing the company, business planning, raising capital, developing our proprietary SNÅP platform, undertaking research and development activities for our development programs, establishing our intellectual property portfolio, and providing general and administrative support for our operations.

We have not generated any revenue to date and have funded our operations primarily from our initial public offering (IPO), private placements of our convertible preferred stock, and the issuance of Simple Agreement for Future Equity (SAFEs).

Our net losses for the nine months ended September 30, 2021 and 2020 were $ 16.4 million and $5.7 million , respectively.

As of September 30, 2021, we had an accumulated deficit of $30.4 million.

As of September 30, 2021, we had cash and cash equivalent s of $312.8 million .

Our net losses for the three months ended March 31, 2022 and 2021 were $14.8 million and $4.2 million , respectively.

As of March 31, 2022, we had an accumulated deficit of $55.2 million.

As of March 31, 2022, we had cash and cash equivalent s of $292.5 million .

We have incurred significant operating losses since inception.

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The global COVID-19 pandemic continues to evolve, and we will continue to monitor the COVID-19 situation closely.

The extent of the impact of the COVID-19 pandemic on our business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the pandemic and its impact on our development activities, contract research organizations, or CROs, third-party manufacturers and other third parties with whom we do business, as well as its impact on regulatory authorities and our key scientific and management personnel.

The extent of the impact of the COVID-19 pandemic on our business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the pandemic and its impact on our development activities, contract research organizations (CROs), third-party manufacturers and other third parties with whom we do business, as well as its impact on regulatory authorities and our key scientific and management personnel.

Components of Results of Operations

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These increased costs will likely include increased expenses related to hiring of additional personnel, audit, legal, regulatory and tax-related services associated with maintaining compliance with exchange listing and SEC, requirements, director and officer insurance costs, and investor and public relations costs.

Change in Fair Value of SAFEs

We issued SAFEs in 2019 and 2018 for which we have elected to account for using the fair value option.

We adjust the carrying value of our SAFEs to their estimated fair value at each reporting date, with any change in fair value of the SAFE recorded as an increase or decrease to change in fair value of simple agreement for future equity in our statement of operations and comprehensive loss.

Results of Operations

Comparison of the Three Months Ended September 30, 2021 and 2020

The following table summarizes our results of operations for the periods indicated (in thousands):

Three Months Ended September 30,

Operating expenses:

Research and development

General and administrative

Total operating expenses

Loss from operations

Other (expense) income:

Interest income

Other expense

Total other expense

Net loss and comprehensive loss

Research and Development Expenses

Research and development expenses were $5.5 million and $1.9 million for the three months ended September 30, 2021 and 2020, respectively.

The increase of $3.6 million was primarily due to additional spend to support the advancement of our TYRA-300 and other development programs, including preclinical studies and chemistry.

Further, we incurred $0.6 million higher personnel-related costs in the three months ended September 30, 2021 as compared to 2020, as we continued to expand the number of research and development employees to support our programs, including an additional $0.2 million of non-cash stock-based compensation costs.

The following table summarizes our research and development expenses by development program for the three months ended September 30, 2021 and 2020 (in thousands):

Three Months Ended September 30,

External research and development expense by

Other development programs

Unallocated research and development expense

Other research and development

Compensation and stock-based compensation

Total research and development expense

General and Administrative Expenses

General and administrative expenses were $1.2 million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively.

The increase of $0.7 million was primarily due to an increase of $0.6 million in personnel-related expenses including $0.2 million in non-cash stock-based compensation costs, and $0.1 million in professional services related to legal, accounting services, and other consulting fees.

Comparison of the Nine Months Ended September 30, 2021 and 2020

Comparison of the Three Months Ended March 31, 2022 and 2021

The following table summarizes our results of operations for the periods indicated (in thousands):

Nine Months Ended September 30,

Three Months Ended March 31,

Operating expenses:

5 unchanged sentences

Interest income

Change in fair value of SAFE

Other expense

Total other expense

Total other income

Net loss and comprehensive loss

Research and Development Expenses

Research and development expenses were $13.4 million and $4.3 million for the nine months ended September 30, 2021 and 2020, respectively.

The increase of $9.1 million was primarily due to additional spend to support the advancement of our TYRA-300 and other development programs in 2021, including preclinical studies and chemistry.

Further, we incurred $1.9 million higher personnel-related costs in the first nine months of 2021 as compared to 2020, as we expanded the number of research and development employees to support our programs, including an additional $0.3 million of non-cash stock-based compensation costs.

The following table summarizes our research and development expenses by development program for the nine months ended September 30, 2021 and 2020 (in thousands):

Nine Months Ended September 30,

Research and development expenses were $9.6 million and $3.5 million for the three months ended March 31, 2022 and 2021, respectively.

The increase of $6.1 million was primarily due to additional spend to support the advancement of our TYRA-300, TYRA-200 and our SNÅP platform , including $2.8 million of higher personnel-related costs, including $1.4 million of non-cash stock-based compensation costs.

The following table summarizes our research and development expenses by development program for the three months ended March 31, 2022 and 2021 (in thousands):

Three Months Ended March 31,

External research and development expense by

2 unchanged sentences

Other research and development

Compensation and stock-based compensation

Personnel-related expenses

Stock-based compensation

Total research and development expense

General and Administrative Expenses

General and administrative expenses were $3.0 million and $1.3 million for the nine months ended September 30, 2021 and 2020, respectively.

The increase of $1.7 million was primarily due to increases of $0.8 million in professional services related to legal, accounting services, and other consulting fees and $0.6 million in personnel-related expenses, including $0.4 million in non-cash stock-based compensation costs.

Change in Fair Value of Simple Agreement for Future Equity

Change in fair value of SAFE was $15,000 for the nine months ended September 30, 2020.

The SAFEs were converted to Series A convertible preferred stock in January 2020.

General and administrative expenses were $5.2 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.

The increase of $4.5 million was primarily due to increa ses of $3.3 million in personnel-related expenses, including $2.4 million in non-cash stock-based compensation costs, $0.6 million in professional services related to legal, accounting, and other consulting fees and $0.6 million in other operating expenses.

Liquidity and Capital Resources

Sources of Liquidity

Since our inception, we have not generated any milestone or commercial revenue and have incurred net losses and negative cash flows from our operations.

We have financed our operations since our inception with $355.9 million in gross proceeds raised primarily from our IPO, private placements of convertible preferred stock, and the issuance of SAFEs.

In January 2020, we issued and sold an aggregate of 2,848,486 Series A preferred shares at a price per share of $8.25 for aggregate cash consideration of approximately $23.5 million.

In February 2021, we issued and sold an aggregate of 2,848,486 Series A preferred shares at a price per share of $8.25 for aggregate cash consideration of approximately $23.5 million.

In March 2021, we issued and sold an aggregate of 3,874,793 Series B preferred shares at a price per share of $27.4337 for aggregate cash consideration of approximately $106.3 million.

On September 17, 2021, we completed our IPO and issued 12,420,000 shares of common stock for net proceeds of approximately $181.2 million.

As of September 30, 2021, we had cash and cash equivalents of $312.8 million.

Prior to our initial public offering, we funded our operations primarily through private placements of our convertible preferred stock with aggregate gross proceeds of $157.2 million.

Our primary uses of cash to date have been to fund our research and development activities, including with respect to TYRA-300 and TYRA-200 and other research programs, business planning, establishing and maintaining our intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations.

The following table sets forth a summary of our cash flows for the periods indicated (in thousands):

Nine Months Ended September 30,

Three Months Ended March 31,

Net cash used in operating activities

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Net cash provided by financing activities

Net cash increase for the period

Net cash (decrease) increase for the period

Operating Activities

Net cash used in operating activities for the nine months ended September 30, 2021 was $14.7 million, consisting primarily of our net loss of $16.4 million, adjusted for $1.1 million of non-cash charges and $0.6 million for net changes in operating assets and liabilities.

Noncash charges consisted primarily of $1.0 million of stock-based compensation.

The net change in operating assets and liabilities was primarily related to a $0.9 million decrease in prepaid expenses and other assets and a $1.4 million increase in accounts payable and accrued liabilities.

Net cash used in operating activities for the nine months ended September 30, 2020 wa s $5.2 million, consisting primarily of our net loss of $5.7 million, adjusted for $0.4 million of non-cash charges and $0.1 million for net changes in operating assets and liabilities.

Non-cash charges consisted primarily of $0.3 million of stock-based compensation expense in addition to depreciation expense and amortization.

The net change in operating assets and liabilities was primarily related to $0.1 million increase in accounts payable and accrued liabilities with offsetting increases and decreases to prepaid expenses and other assets and right-of-use assets and lease liabilities, net.

Net cash used in operating activities for the three months ended March 31, 2022 was $8.9 million, consisting primarily of our net loss of $14.8 million, adjusted for $4.0 million of non-cash charges related to stock-based compensation expense and $1.9.0 million for net changes in operating assets and liabilities.

Net cash used in operating activities for the three months ended March 31, 2021 wa s $4.7 million, consisting primarily of our net loss of $4.2 million and $0.7 million for net changes in operating assets and liabilities, partially offset by $0.2 million of non-cash charges related to stock-based compensation expense.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2021 and 2020 was $0.5 million and $0.2 million, respec tively, consisting of purchases of property and equipment.

Net cash used in investing activities for the three months ended March 31, 2022 and 2021 was $0.2 million and $0.1 million, respec tively, consisting of purchases of property and equipment.

Financing Activities

Net cash provided by financing activities was $312.9 million for the nine months ended September 30, 2021 and was primarily related to net proceeds of $182.7 from our IPO, net of issuance costs, in addition to net proceeds of $23.5 million from the second closing of our Series A convertible preferred stock, $106.1 million in net proceeds from the issuance of our Series B convertible preferred stock, and $0.6 million from proceeds received from the exercise of stock options.

Net cash provided by financing activities was $23.4 million for the nine months ended September 30, 2020, primarily related to net proceeds of $23.3 million from the issuance of Series A convertible preferred stock, and $0.1 million from proceeds received from the exercise of stock options.

Net cash provided by financing activities was $0.2 million for the three months ended March 31, 2022 and was primarily related to $0.2 million from proceeds received from the issuance of common stock under benefit plans.

Net cash provided by financing activities was $130.2 million for the three months ended March 31, 2021, primarily related to net proceeds of $23.5 million from the second closing of our Series A convertible preferred stock, $106.1 million in net proceeds from the issuance of our Series B convertible preferred stock, and $0.6 million from proceeds received from the issuance of common stock under equity plans.

Future Funding Requirements

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If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

Critical Accounting Policies

There have been no material changes to our critical accounting policies and estimates during the three and nine months ended September 30, 2021, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

and Note 2 to our financial statements for the year ended December 31, 2020 included in the Prospectus.

Contractual Obligations and Commitments

Other than disclosed below, there were no material changes outside the ordinary course of our business during the three months ended March 31, 2022 to the information regarding our contractual obligations that was disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

included in the 2021 Annual Report.

The following table summarizes our contractual obligations and commitments as of March 31, 2022 (in thousands):

Payments Due by Period

Operating lease obligations

Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2022, as compared to the critical accounting policies and estimates disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”

included in the 2021 Annual Report.

Recently Adopted Accounting Pronouncements

1 unchanged sentence

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