10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39971

 

Landos Biopharma, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

81-5085535

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

1800 Kraft Drive, Suite 216

Blacksburg, Virginia

24060

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (540) 218-2232

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

LABP

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of November 14, 2021, the registrant had 40,235,652 shares of common stock, $0.01 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

4

 

Condensed Consolidated Statements of Cash Flows

5

 

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

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

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

Item 4.

Controls and Procedures

22

 

 

 

PART II.

OTHER INFORMATION

23

 

 

 

Item 1.

Legal Proceedings

23

Item 1A.

Risk Factors

23

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

24

Item 3.

Defaults Upon Senior Securities

24

Item 4.

Mine Safety Disclosures

24

Item 5.

Other Information

24

Item 6.

Exhibits

24

Signatures

26

 

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements. (Unaudited)

Landos Biopharma, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,893

 

 

$

2,416

 

Marketable securities, available for-sale

 

 

84,777

 

 

 

25,718

 

Incentive and tax receivables

 

 

3

 

 

 

154

 

Prepaid expenses and other current assets

 

 

1,645

 

 

 

202

 

Deferred offering costs

 

 

 

 

 

1,398

 

Total current assets

 

 

104,318

 

 

 

29,888

 

Property, plant and equipment, net

 

 

780

 

 

 

444

 

Total assets

 

$

105,098

 

 

$

30,332

 

Liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

10,114

 

 

$

8,606

 

Accrued liabilities

 

 

726

 

 

 

1,939

 

Other current liabilities

 

 

255

 

 

 

489

 

Total current liabilities

 

 

11,095

 

 

 

11,034

 

Other liabilities

 

 

85

 

 

 

276

 

Total liabilities

 

 

11,180

 

 

 

11,310

 

Commitments and contingencies

 

 

 

 

 

 

Convertible preferred stock, $0.01 par value; no shares authorized, issued or outstanding as of September 30, 2021; 11,260,608 shares authorized, issued and outstanding as of December 31, 2020; aggregate liquidation preference of $70,254 as of December 31, 2020

 

 

 

 

 

73,037

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

Common stock, $0.01 par value; 200,000,000 shares authorized, 40,053,157 and 12,767,909 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

401

 

 

 

71

 

Additional paid-in-capital

 

 

167,440

 

 

 

1,633

 

Accumulated other comprehensive income

 

 

131

 

 

 

10

 

Accumulated deficit

 

 

(74,054

)

 

 

(55,729

)

Total stockholders' equity (deficit)

 

 

93,918

 

 

 

(54,015

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

105,098

 

 

$

30,332

 

 

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

 

 

3


 

Landos Biopharma, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue - License Fee

 

$

 

 

$

 

 

$

18,000

 

 

$

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

9,344

 

 

 

6,966

 

 

 

28,120

 

 

 

15,379

 

General and administrative

 

 

3,059

 

 

 

1,453

 

 

 

8,300

 

 

 

3,898

 

Total operating expenses

 

 

12,403

 

 

 

8,419

 

 

 

36,420

 

 

 

19,277

 

Loss from operations

 

 

(12,403

)

 

 

(8,419

)

 

 

(18,420

)

 

 

(19,277

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) from foreign exchange

 

 

(10

)

 

 

84

 

 

 

3

 

 

 

37

 

Other income (expense), net

 

 

(191

)

 

 

105

 

 

 

92

 

 

 

437

 

Other income (expense), net

 

 

(201

)

 

 

189

 

 

 

95

 

 

 

474

 

Net loss

 

$

(12,604

)

 

$

(8,230

)

 

$

(18,325

)

 

$

(18,803

)

Net loss per share, basic and diluted

 

$

(0.32

)

 

$

(0.67

)

 

$

(0.50

)

 

$

(1.56

)

Weighted-average number of shares used to compute net loss per share, basic and diluted

 

 

39,962,069

 

 

 

12,260,804

 

 

 

36,662,627

 

 

 

12,068,515

 

Net loss

 

$

(12,604

)

 

$

(8,230

)

 

$

(18,325

)

 

$

(18,803

)

Unrealized gain on available-for-sale securities

 

 

273

 

 

 

25

 

 

 

121

 

 

 

113

 

Comprehensive loss

 

$

(12,331

)

 

$

(8,205

)

 

$

(18,204

)

 

$

(18,690

)

 

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

 

4


 

Landos Biopharma, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(18,325

)

 

$

(18,803

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Compensation expense related to vesting of common stock issued to Xontogeny

 

 

 

 

 

39

 

Depreciation

 

 

141

 

 

 

102

 

Accrued interest on marketable securities

 

 

305

 

 

 

 

Stock-based compensation expense

 

 

1,690

 

 

 

 

Net realized gain (loss) on sale of marketable securities

 

 

(121

)

 

 

41

 

Amortization of premium on marketable securities

 

 

1,210

 

 

 

83

 

Gain (loss) from foreign exchange

 

 

3

 

 

 

(39

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Incentive and tax receivables

 

 

151

 

 

 

(112

)

Prepaid expenses and other assets

 

 

(350

)

 

 

(90

)

Accounts payable

 

 

1,505

 

 

 

4,179

 

Other liabilities

 

 

(1,213

)

 

 

29

 

Net cash used in operating activities

 

 

(15,004

)

 

 

(14,571

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(477

)

 

 

(91

)

Purchases of available-for-sale marketable securities

 

 

(165,914

)

 

 

(14,423

)

Proceeds from sales and maturities of available-for-sale marketable securities

 

 

105,889

 

 

 

21,715

 

Net cash (used in) provided by investing activities

 

 

(60,502

)

 

 

7,201

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Net proceeds from initial public offering

 

 

90,506

 

 

 

 

Proceeds from exercise of stock options

 

 

477

 

 

 

 

Net cash provided by financing activities

 

 

90,983

 

 

 

 

Net change in cash and cash equivalents

 

 

15,477

 

 

 

(7,370

)

Cash and cash equivalents at beginning of period

 

 

2,416

 

 

 

9,808

 

Effect of exchange rates on cash

 

 

 

 

 

39

 

Cash and cash equivalents at end of period

 

$

17,893

 

 

$

2,477

 

 

 

 

 

 

 

 

Supplemental non-cash disclosure:
NONCASH INVESTING AND FINANCING ACTIVITY:

 

 

 

 

 

 

Deferred offering costs included in accounts payable and accrued liabilities

 

$

 

 

$

725

 

Reclassification of par to additional paid-in-capital

 

$

2

 

 

$

 

Reclassification of series A and B convertible preferred stock to common stock

 

$

72,925

 

 

$

 

Unrealized gain on available-for-sale marketable securities

 

$

121

 

 

$

113

 

 

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

 

5


 

Landos Biopharma, Inc.

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(Unaudited)

(in thousands, except share amounts)

 

 

 

Convertible
preferred stock

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

 

Shares

 

 

Amounts

 

 

Additional
paid-in
capital

 

 

Accumulated
deficit

 

 

Accumulated
other
comprehensive
income

 

 

Total
stockholders’
equity (deficit)

 

Balance at December 31, 2019

 

 

11,260,608

 

 

$

73,037

 

 

 

 

11,784,148

 

 

$

63

 

 

$

16

 

 

$

(25,585

)

 

$

(77

)

 

$

(25,583

)

Compensation expense related to vesting of common stock issued to Xontogeny

 

 

 

 

 

 

 

 

 

193,182

 

 

 

2

 

 

 

12

 

 

 

 

 

 

 

 

 

14

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(686

)

 

 

(686

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,796

)

 

 

 

 

 

(5,796

)

Balance at March 31, 2020

 

 

11,260,608

 

 

 

73,037

 

 

 

 

11,977,330

 

 

 

65

 

 

 

28

 

 

 

(31,381

)

 

 

(763

)

 

 

(32,051

)

Compensation expense related to vesting of common stock issued to Xontogeny

 

 

 

 

 

 

 

 

 

193,182

 

 

 

1

 

 

 

12

 

 

 

 

 

 

 

 

 

13

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

774

 

 

 

774

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,777

)

 

 

 

 

 

(4,777

)

Balance at June 30, 2020

 

 

11,260,608

 

 

 

73,037

 

 

 

 

12,170,512

 

 

 

66

 

 

 

40

 

 

 

(36,158

)

 

 

11

 

 

 

(36,041

)

Compensation expense related to vesting of common stock issued to Xontogeny

 

 

 

 

 

 

 

 

 

193,186

 

 

 

1

 

 

 

11

 

 

 

 

 

 

 

 

 

12

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

25

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,230

)

 

 

 

 

 

(8,230

)

Balance at September 30, 2020

 

 

11,260,608

 

 

$

73,037

 

 

 

 

12,363,698

 

 

$

67

 

 

$

51

 

 

$

(44,388

)

 

$

36

 

 

$

(44,234

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible
preferred stock

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

 

Shares

 

 

Amounts

 

 

Additional
paid-in
capital

 

 

Accumulated
deficit

 

 

Accumulated
other
comprehensive
income

 

 

Total
stockholders’
equity (deficit)

 

Balance at December 31, 2020

 

 

11,260,608

 

 

$

73,037

 

 

 

 

12,767,909

 

 

$

71

 

 

$

1,633

 

 

$

(55,729

)

 

$

10

 

 

$

(54,015

)

Conversion of preferred stock to common stock upon closing of the initial public offering

 

 

(11,260,608

)

 

 

(73,037

)

 

 

 

20,549,478

 

 

 

262

 

 

 

72,775

 

 

 

 

 

 

 

 

 

73,037

 

Issuance of common stock, net of issuance costs

 

 

 

 

 

 

 

 

 

6,250,000

 

 

 

63

 

 

 

90,443

 

 

 

 

 

 

 

 

 

90,506

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,023

 

 

 

 

 

 

 

 

 

1,023

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

299,282

 

 

 

3

 

 

 

555

 

 

 

 

 

 

 

 

 

558

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

(112

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,818

)

 

 

 

 

 

(9,818

)

Balance at March 31, 2021

 

 

 

 

 

 

 

 

 

39,866,669

 

 

 

399

 

 

 

166,429

 

 

 

(65,547

)

 

 

(102

)

 

 

101,179

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

312

 

 

 

 

 

 

 

 

 

312

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

34,217

 

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

64

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40

)

 

 

(40

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,097

 

 

 

 

 

 

4,097

 

Balance at June 30, 2021

 

 

 

 

 

 

 

 

 

39,900,886

 

 

 

399

 

 

 

166,805

 

 

 

(61,450

)

 

 

(142

)

 

 

105,612

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

355

 

 

 

 

 

 

 

 

 

355

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

152,271

 

 

 

2

 

 

 

280

 

 

 

 

 

 

 

 

 

282

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

273

 

 

 

273

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(