What changed in this filing

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Item 1. Financial Statements

2022-08-04 compared with 2022-05-05 · 127 added, 74 removed, 445 unchanged (31% of the section changed)

25 unchanged sentences

50,000,000 shares authorized at

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

no shares issued and outstanding at March 31, 2022 and

June 30, 2022 and December 31, 2021, respectively;

no shares issued and outstanding at June 30, 2022 and

December 31, 2021, respectively

1 unchanged sentence

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,

June 30, 2022 and December 31, 2021, respectively;

and 42,536,183 shares issued at June 30, 2022 and December 31, 2021,

respectively, and 41,903,110 and 41,441,135 shares outstanding at

March 31, 2022 and December 31, 2021, respectively

June 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

7 unchanged sentences

Three Months Ended

Six Months Ended

Operating expenses:

Research and development

General and administrative (including related party

amounts of $ 210 and $ 0 , respectively)

General and administrative (including related

party amounts of $ 186 , $ 118 , $ 396

and $ 118 , respectively)

Total operating expenses

Loss from operations

Other (expense) income:

Other income (expense):

Interest income

Other expense

Total other income

Total other income (expense)

Net loss and comprehensive loss

22 unchanged sentences

Balance at March 31, 2021

Issuance of common stock under

benefit plans

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at June 30, 2021

Preferred Stock

9 unchanged sentences

Balance at March 31, 2022

Issuance of common stock under

benefit plans

Vesting of shares of common

stock subject to repurchase

Stock-based compensation

Balance at June 30, 2022

See accompanying notes to unaudited financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

15 unchanged sentences

Proceeds from issuances of common stock under benefit plans

Payment of deferred offering costs

Payments for financing lease

10 unchanged sentences

Non-cash investing and financing activities:

Repurchase of early exercise liability in accounts payable

Purchases of equipment included in accounts payable

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.

16 unchanged sentences

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 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.

The results for the three and six months ended June 30, 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 June 30, 2022 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 Annual Report on Form 10-K for the year ended December 31, 2021.

Liquidity and Capital Resources

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.

From inception to June 30, 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 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).

From inception through June 30, 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.

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.

6 unchanged sentences

Summary of Significant Accounting Policies

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 .

During the three and six months ended June 30, 2022, there have been no changes to the Company's 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

2 unchanged sentences

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 March 31, 2022 and December 31, 2021 .

The Company has no t recorded any such liabilities as of June 30, 2022 and December 31, 2021 .

Related Parties

14 unchanged sentences

van den Boom became a Company officer.

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

For the three and six months ended June 30, 2022, van den Boom & Associates rendered contracted services totaling approximately $ 0.2 million and $ 0.4 million, respectively.

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, 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.

8 unchanged sentences

supported by little or no market activity).

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 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.

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

Included in cash and cash equivalents at June 30, 2022 and December 31, 2021 are money market funds with a carrying value and fair value of $ 275.1 million and $ 302.2 million, respectively, 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.

7 unchanged sentences

Total property and equipment, net

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

Depreciation expense for the three and six months ended June 30, 2022 was $ 69,000 and $ 132,000 , respectively.

Depreciation expense for the three and six months ended June 30, 2021 was $ 26,000 and $ 49,000 , res pectively.

Accrued and Other Current Liabilities

21 unchanged sentences

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 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.

Unvested outstanding Founders Stock as of June 30, 2022 and December 31, 2021 were 250,230 and 495,170 shares, respectively.

The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of June 30, 2022 and December 31, 2021.

For the six months ended June 30, 2022 and 2021, 244,940 and 243,631 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 June 30, 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 0.6 years.

Equity Incentive Plans and Stock-Based Compensation

1 unchanged sentence

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.

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

8 unchanged sentences

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 period ended March 31, 2022 is as follows:

A summary of the Company’s stock option activity for the period ended June 30, 2022 is as follows:

Weighted-Average

4 unchanged sentences

Outstanding at December 31, 2021

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.

Outstanding at June 30, 2022

Exercisable at June 30, 2022

Vested and expected to vest as of June 30, 2022

As of June 30, 2022, 98,879 performance-based stock options were both outstanding and unvested, with total unrecognized stock-based compensation expense of $ 0.5 million.

The achievement of the performance conditions for these options was deemed probable to occur as of June 30, 2022, therefore the Company recognized $ 0.9 million in expense over the requisite service period related to these awards for the six months ended June 30, 2022.

The achievement of performance conditions for an additional 96,341 performance-based stock options were met during the three months ended June 30, 2022 and vested.

The Company recognized $ 0.6 million of expense related to these awards for the three months ended June 30, 2022 and $ 1.2 million for the six months ended June 30, 2022.

Stock-Based Compensation Expense

3 unchanged sentences

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

Three Months Ended

Six Months Ended

Stock Options:

9 unchanged sentences

Three Months Ended

Six 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.

The weighted-average grant date fair value of employee option grants for the six months ended June 30, 2022 and 2021 was $ 6.40 and $ 2.67 per share, respectively.

Forfeitures resulting in the reversal of compensation expense were immaterial for the three and six months ended June 30, 2022 and 2021.

As of June 30, 2022, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 21.8 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.5 years.

Employee Stock Purchase Plan

6 unchanged sentences

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.

During the six months ended June 30, 2022, the Company issued 27,518 shares of common stock in connection with the ESPP.

Liability for Early Exercise of Stock Options

3 unchanged sentences

The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest.

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 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.

The cash received in exchange for exercised and unvested shares related to stock 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 June 30, 2022 and December 31, 2021, 427,041 and 599,878 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively.

As of June 30, 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

1 unchanged sentence

Three Months Ended

Weighted average shares used to compute net loss per

common share, basic and diluted

Six Months Ended

Weighted average shares used to compute net loss

per common share, basic and diluted

Net loss per share, basic and diluted

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 March 31,

As of June 30,

Convertible preferred stock

Unvested restricted common stock subject to repurchase

8 unchanged sentences

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.

The Company's operating lease cost was $ 0.1 million and $ 0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $ 0.2 million and $ 0.1 million for the six months ended June 30, 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 June 30, 2022 and 2021, respectively, and $ 0.1 million and $ 0.1 million for the six months ended June 30, 2022 and 2021, respectively.

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

As of March 31,

As of June 30,

Year ending December 31,

2022 (remaining nine months)

2022 (remaining six months)

Total minimum lease payments

44 unchanged sentences

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.

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

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

Food and Drug Administration (FDA) for TYRA-300 in June 2022 and received clearance in July 2022 to proceed with our Phase 1/2 clinical study of TYRA-300 (SURF301), a two-part study designed to determine the optimal and maximum tolerated doses (MTD) and the recommended Phase 2 dose (RP2D) of TYRA-300, as well as to evaluate the preliminary antitumor activity of TYRA-300.

We anticipate submitting 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 and other FGFR3-related skeletal dysplasias, FGFR4-related cancers, and REarranged during Transfection kinase (RET).

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.

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 .

Our net losses for the six months ended June 30, 2022 and 2021 were $29.9 million and $9.7 million, respectively.

As of June 30, 2022, we had an accumulated deficit of $70.3 million.

As of June 30, 2022, we had cash and cash equivalents of $275.1 million.

We have incurred significant operating losses since inception.

15 unchanged sentences

external costs, including:

expenses incurred in connection with conducting clinical trials, including investigator grants and site payments for time and pass-through expenses and expenses incurred under agreements with CROs, central laboratories and other vendors and service providers engaged to conduct our trials;

expenses incurred in connection with the discovery and preclinical development of our product candidates, including under agreements with third parties, such as consultants and CROs;

43 unchanged sentences

Results of Operations

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

Comparison of the Three Months Ended June 30, 2022 and 2021

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

Three Months Ended March 31,

Three Months Ended June 30,

Operating expenses:

3 unchanged sentences

Loss from operations

Other (expense) income:

Other income (expense):

Interest income

Other expense

Total other income

Total other income (expense)

Net loss and comprehensive loss

Research and Development Expenses

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,

Research and development expenses were $12.0 million and $4.4 million for the three months ended June 30, 2022 and 2021, respectively.

The increase of $7.6 million was primarily due to additional spend to support the advancement of TYRA-300, TYRA-200 and our SNÅP platform, including $2.5 million of higher personnel-related costs, which included $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 June 30, 2022 and 2021 (in thousands):

Three Months Ended June 30,

External research and development expense by

6 unchanged sentences

General and Administrative Expenses

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.

General and administrative expenses were $3.4 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively.

The increase of $2.3 million was primarily due to increases of $1.2 million in personnel-related expenses, including $0.9 million in non-cash stock-based compensation costs, $0.7 million in other operating expenses and $0.4 million in professional services related to legal, accounting, and other consulting fees.

Comparison of the Six Months Ended June 30, 2022 and 2021

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

Six Months Ended June 30,

Operating expenses:

Research and development

General and administrative

Total operating expenses

Loss from operations

Other income (expense):

Interest income

Other expense

Total other income (expense)

Net loss and comprehensive loss

Research and Development Expenses

Research and development expenses were $21.7 million and $7.9 million for the six months ended June 30, 2022 and 2021, respectively.

The increase of $13.8 million was primarily due to additional spend to support the advancement of TYRA-300, TYRA-200 and our SNÅP platform, including $4.7 million of higher personnel-related costs, which included $2.8 million of non-cash stock-based compensation costs.

The following table summarizes our research and development expenses by development program for the six months ended June 30, 2022 and 2021 (in thousands):

Six Months Ended June 30,

External research and development expense by

Other development programs

Unallocated research and development expense

Other research and development

Personnel-related expenses

Stock-based compensation

Total research and development expense

General and Administrative Expenses

General and administrative expenses were $8.6 million and $1.8 million for the six months ended June 30, 2022 and 2021, respectively.

The increase of $6.8 million was primarily due to increases of $4.5 million in personnel-related expenses, including $3.3 million in non-cash stock-based compensation costs, $1.1 million in professional services related to legal, accounting, and other consulting fees and $1.2 million in other operating expenses.

Liquidity and Capital Resources

4 unchanged sentences

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

Three Months Ended March 31,

Six Months Ended June 30,

Net cash used in operating activities

3 unchanged sentences

Operating Activities

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.

Net cash used in operating activities for the six months ended June 30, 2022 was $26.1 million, consisting primarily of our net loss of $29.9 million and net changes in operating assets and liabilities of $3.0 million, adjusted for $6.8 million of non-cash charges related to stock-based compensation expense and depreciation and amortization.

Net cash used in operating activities for the six months ended June 30, 2021 was $9.1 million, consisting primarily of our net loss of $9.7 million, adjusted for $0.6 million of non-cash charges.

Non-cash charges consisted primarily of $0.5 million of stock-based compensation expense.

Investing Activities

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.

Net cash used in investing activities for the six months ended June 30, 2022 and 2021 was $0.5 million and $0.3 million, respectively, consisting of purchases of property and equipment.

Financing Activities

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.

Net cash provided by financing activities was $0.3 million for the six months ended June 30, 2022, due to proceeds received from the issuance of common stock under benefit plans.

Net cash provided by financing activities was $129.4 million for the six months ended June 30, 2021, due 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 $0.5 million from the issuance of common stock under benefit plans, partially offset by $0.7 million in payments for deferred offering costs.

Future Funding Requirements

21 unchanged sentences

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”

Other than disclosed below, there were no material changes outside the ordinary course of our business during the six months ended June 30, 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):

The following table summarizes our contractual obligations and commitments as of June 30, 2022 (in thousands):

Payments Due by Period

1 unchanged sentence

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”

There have been no material changes to our critical accounting policies and estimates during the three and six months ended June 30, 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.

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