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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, 2022

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.)

P.O. Box 11239

Blacksburg, Virginia

24062

(Address of principal executive offices)

(Zip Code)

(540) 218-2232

Registrant’s telephone number, including area code

 

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 4, 2022, the registrant had 40,254,890 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

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

23

Item 4.

Controls and Procedures

23

 

 

 

PART II.

OTHER INFORMATION

24

 

 

 

Item 1.

Legal Proceedings

24

Item 1A.

Risk Factors

24

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

24

Item 6.

Exhibits

25

Signatures

26

 

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements. (Unaudited)

Landos Biopharma, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,880

 

 

$

8,305

 

Marketable securities, available-for-sale

 

 

19,111

 

 

 

82,575

 

Prepaid expenses and other current assets

 

 

1,497

 

 

 

1,266

 

Total current assets

 

 

49,488

 

 

 

92,146

 

Property and equipment, net

 

 

 

 

 

707

 

Other assets

 

 

 

 

 

26

 

Total assets

 

$

49,488

 

 

$

92,879

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,204

 

 

$

12,908

 

Accrued liabilities

 

 

2,271

 

 

 

3,703

 

Total current liabilities

 

 

5,475

 

 

 

16,611

 

Total liabilities

 

 

5,475

 

 

 

16,611

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 10,000,000 shares authorized, no shares issued and
  outstanding as of September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.01 par value; 200,000,000 shares authorized, 40,254,890 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

403

 

 

 

403

 

Additional paid-in capital

 

 

172,016

 

 

 

170,241

 

Accumulated other comprehensive loss

 

 

(211

)

 

 

(225

)

Accumulated deficit

 

 

(128,195

)

 

 

(94,151

)

Total stockholders’ equity

 

 

44,013

 

 

 

76,268

 

Total liabilities and stockholders’ equity

 

$

49,488

 

 

$

92,879

 

 

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

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue - license fee:

 

$

 

 

$

 

 

$

 

 

$

18,000

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,862

 

 

 

9,344

 

 

 

22,266

 

 

 

28,120

 

General and administrative

 

 

2,967

 

 

 

3,059

 

 

 

11,782

 

 

 

8,300

 

Total operating expenses

 

 

7,829

 

 

 

12,403

 

 

 

34,048

 

 

 

36,420

 

Loss from operations

 

 

(7,829

)

 

 

(12,403

)

 

 

(34,048

)

 

 

(18,420

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain from foreign exchange

 

 

 

 

 

(10

)

 

 

26

 

 

 

3

 

Other (expense) income, net

 

 

(67

)

 

 

(191

)

 

 

(22

)

 

 

92

 

Other (loss) income, net

 

 

(67

)

 

 

(201

)

 

 

4

 

 

 

95

 

Net loss

 

$

(7,896

)

 

$

(12,604

)

 

$

(34,044

)

 

$

(18,325

)

Net loss per share, basic and diluted

 

$

(0.20

)

 

$

(0.32

)

 

$

(0.85

)

 

$

(0.50

)

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

 

 

40,254,890

 

 

 

39,962,069

 

 

 

40,254,890

 

 

 

36,662,627

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(7,896

)

 

$

(12,604

)

 

$

(34,044

)

 

$

(18,325

)

Unrealized gain on available-for-sale securities

 

 

181

 

 

 

273

 

 

 

14

 

 

 

121

 

Comprehensive loss

 

$

(7,715

)

 

$

(12,331

)

 

$

(34,030

)

 

$

(18,204

)

 

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

 

4


 

Landos Biopharma, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(34,044

)

 

$

(18,325

)

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

 

 

 

 

 

 

Depreciation

 

 

577

 

 

 

141

 

Stock-based compensation expense

 

 

1,775

 

 

 

1,690

 

Net realized loss on sale of marketable securities

 

 

 

 

 

(121

)

Amortization of premium on marketable securities

 

 

1,055

 

 

 

1,210

 

Non-cash loss on termination of lease

 

 

137

 

 

 

 

Gain on sale of equipment

 

 

(147

)

 

 

 

Gain from foreign exchange

 

 

 

 

 

3

 

     Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses and other assets

 

 

(231

)

 

 

106

 

Accounts payable

 

 

(9,762

)

 

 

1,505

 

Other liabilities

 

 

(1,432

)

 

 

(1,213

)

Net cash used in operating activities

 

 

(42,072

)

 

 

(15,004

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(7

)

 

 

(477

)

Proceeds from sale of property and equipment

 

 

173

 

 

 

 

Purchase of available-for-sale marketable securities

 

 

(3,671

)

 

 

(165,914

)

Proceeds from sales and maturities of marketable securities

 

 

66,094

 

 

 

105,889

 

Net cash provided by (used in) investing activities

 

 

62,589

 

 

 

(60,502

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from initial public offering, net of issuance costs

 

 

 

 

 

90,506

 

Proceeds from exercise of stock options

 

 

 

 

 

477

 

Net cash provided by financing activities

 

 

 

 

 

90,983

 

Net change in cash and cash equivalents

 

 

20,517

 

 

 

15,477

 

Cash and cash equivalents at beginning of period

 

 

8,305

 

 

 

2,416

 

Effect of exchange rates on cash

 

 

58

 

 

 

 

Cash and cash equivalents at end of period

 

$

28,880

 

 

$

17,893

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Non-cash gain on sale of fixed assets

 

$

14

 

 

$

 

Reclassification of par to additional paid-in-capital

 

$

 

 

$

2

 

Conversion of Series A and B convertible preferred stock to common stock

 

$

 

 

$

72,925

 

Operating right-of-use asset obtained in exchange for operating lease liability

 

$

824

 

 

$

 

Derecognition of operating right-of-use asset and operating lease liability
   upon termination of lease

 

$

714

 

 

$

 

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

 

$

(14

)

 

$

121

 

 

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

(in thousands, except share amounts)

(Unaudited)

 

 

 

Convertible
Preferred Stock

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

 

Shares

 

 

Amounts

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Accumulated
Deficit

 

 

Total
Stockholders’
Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

 

40,254,890

 

 

$

403

 

 

$

170,241

 

 

$

(225

)

 

$

(94,151

)

 

$

76,268

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

941

 

 

 

 

 

 

 

 

 

941

 

Unrealized loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(242

)

 

 

 

 

 

(242

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,864

)

 

 

(14,864

)

Balance at March 31, 2022

 

 

 

 

$

-

 

 

 

 

40,254,890

 

 

$

403

 

 

$

171,182

 

 

$

(467

)

 

$

(109,015

)

 

$

62,103

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

634

 

 

 

 

 

 

 

 

 

634

 

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

 

 

 

75

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,284

)

 

 

(11,284

)

Balance at June 30, 2022

 

 

 

 

$

-

 

 

 

 

40,254,890

 

 

$

403

 

 

$

171,816

 

 

$

(392

)

 

$

(120,299

)

 

$

51,528

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200

 

 

 

 

 

 

 

 

 

200

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

181

 

 

 

 

 

 

181

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,896

)

 

 

(7,896

)

Balance at September 30, 2022

 

 

 

 

$

 

 

 

 

40,254,890

 

 

$

403

 

 

$

172,016

 

 

$

(211

)

 

$

(128,195

)

 

$

44,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible
Preferred Stock

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amounts

 

 

 

Shares

 

 

Amounts

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Accumulated
Deficit

 

 

Total
Stockholders’
Equity

 

Balance at December 31, 2020

 

 

11,260,608

 

 

$

73,037

 

 

 

 

12,767,909

 

 

$

71

 

 

$

1,633

 

 

$

10

 

 

$

(55,729

)

 

$

(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-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,023

 

 

 

 

 

 

 

 

 

1,023

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

299,282

 

 

 

3

 

 

 

555

 

 

 

 

 

 

 

 

 

558

 

Unrealized loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

 

 

 

(112

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,818

)

 

 

(9,818

)

Balance at March 31, 2021