(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5 | ||||||||
Item 6. | ||||||||
Signatures | ||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash | $ | $ | ||||||||||||
Accounts receivable | ||||||||||||||
Prepaid expenses | ||||||||||||||
Other current assets | ||||||||||||||
Research and development tax credit receivable | ||||||||||||||
Total current assets | ||||||||||||||
Non-current assets: | ||||||||||||||
Research and development tax credit receivable | ||||||||||||||
Property and equipment, net | ||||||||||||||
Right-of-use assets | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Other current liabilities | ||||||||||||||
Lease liabilities | ||||||||||||||
Deferred revenue | ||||||||||||||
Total current liabilities | ||||||||||||||
Non-current liabilities: | ||||||||||||||
Deferred revenue | ||||||||||||||
Lease liabilities | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Impairment of intangible assets | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Other operating income | |||||||||||||||||||||||
Operating loss | ( | ( | ( | ( | |||||||||||||||||||
Other (expense) income, net | ( | ( | ( | ||||||||||||||||||||
Loss before income tax | ( | ( | ( | ( | |||||||||||||||||||
Income tax benefit | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average shares used to compute net loss per share: | |||||||||||||||||||||||
Basic and diluted | |||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Rights offering of common stock, net of offering costs of $ | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Issuance of common stock from exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss)/Income | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Rights offering of common stock, net of offering costs of $ | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock from exercise of stock options | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Imputed interest expense on promissory note payable to a related party | — | — | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss)/Income | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Fractional shares issued from reverse stock split | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Fractional shares issued from reverse stock split | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock from exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows used in operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Gain on recognition of contingent consideration payable | ( | ||||||||||
Non-cash interest expense (income) | ( | ||||||||||
Unrealized foreign exchange gain | ( | ( | |||||||||
Loss on disposal of asset | |||||||||||
Impairment of intangible assets | |||||||||||
Amortization of operating right-of-use assets | |||||||||||
Depreciation | |||||||||||
Amortization of intangible assets | |||||||||||
Stock-based compensation | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Prepaid expenses | |||||||||||
Other current assets | ( | ( | |||||||||
Research and development tax credit receivable | ( | ( | |||||||||
Deferred revenue | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Accrued liabilities | ( | ||||||||||
Operating lease liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows used in investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows provided by financing activities: | |||||||||||
Proceeds from issuance of common stock from rights offering | |||||||||||
Transaction costs on issuance of common stock from rights offering | ( | ||||||||||
Proceeds from related party promissory notes | |||||||||||
Payments of debt issuance costs | ( | ||||||||||
Repayment of related party promissory notes | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Increase (decrease) in cash | ( | ||||||||||
Cash at beginning of the period | |||||||||||
Cash at end of the period | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash paid for interest on related party promissory note | $ | $ | |||||||||
Cash paid for income taxes | |||||||||||
Transaction costs included in accrued expenses | |||||||||||
Lease assets obtained in exchange for operating lease liabilities |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenue by category: | (in thousands) | |||||||||||||||||||||||||
Licensing agreements | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenue by geography: | (in thousands) | |||||||||||||||||||||||||
Latin America | $ | $ | $ | $ | ||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Other operating income by category: | (in thousands) | |||||||||||||||||||||||||
Funding income from BARDA (as defined below) | $ | $ | $ | $ | ||||||||||||||||||||||
Research and development tax credits | ||||||||||||||||||||||||||
Grant income from CARB-X (as defined below) | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Basic weighted average number of shares of common stock outstanding | |||||||||||||||||||||||
Diluted weighted average number of shares of common stock outstanding | |||||||||||||||||||||||
Basic net loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted net loss per share | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization and impairment | Net | Gross carrying amount | Accumulated amortization and impairment | Net | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Utrophin program acquired | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Discuva platform acquired | ( | ( | ||||||||||||||||||||||||||||||||||||
Option over non-financial asset | ( | ( | ||||||||||||||||||||||||||||||||||||
Other patents and licenses | ( | ( | ||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Nine Months Ended September 30, 2021 | Weighted average exercise price | |||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||
Granted | $ | |||||||||||||
Forfeited | ( | $ | ||||||||||||
Exercised | ( | $ | ||||||||||||
Outstanding at September 30, 2021 | $ | |||||||||||||
Exercisable at September 30, 2021 | $ |
Nine Months Ended September 30, 2021 | Weighted average exercise price | |||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||
Exercised | ( | $ | ||||||||||||
Outstanding at September 30, 2021 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Research and development | $ | $ | $ | $ | |||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended September 30, | Change September 30, 2021 vs. September 30, 2020 | |||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Revenue | $ | 1,309 | $ | 181 | $ | 1,128 | 623.2 | % | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Research and development | 19,943 | 13,726 | 6,217 | 45.3 | ||||||||||||||||||||||
General and administrative | 5,662 | 6,846 | (1,184) | (17.3) | ||||||||||||||||||||||
Impairment of intangible assets | — | 859 | (859) | (100.0) | ||||||||||||||||||||||
Total operating expenses | 25,605 | 21,431 | 4,174 | 19.5 | ||||||||||||||||||||||
Other operating income | 4,810 | 4,309 | 501 | 11.6 | ||||||||||||||||||||||
Operating loss | (19,486) | (16,941) | (2,545) | (15.0) | ||||||||||||||||||||||
Other (expense) income, net | (113) | (858) | 745 | 86.8 | ||||||||||||||||||||||
Loss before income taxes | (19,599) | (17,799) | (1,800) | (10.1) | ||||||||||||||||||||||
Income tax benefit | — | 56 | (56) | (100.0) | ||||||||||||||||||||||
Net loss | $ | (19,599) | $ | (17,743) | $ | (1,856) | (10.5) | % |
Three Months Ended September 30, | Change September 30, 2021 vs. September 30, 2020 | ||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
CDI program | $ | 12,287 | $ | 10,394 | $ | 1,893 | 18.2 | % | |||||||||||||||
Antibiotic pipeline research and development costs | 523 | 422 | 101 | 23.9 | |||||||||||||||||||
Other research and development costs | 7,133 | 2,910 | 4,223 | 145.1 | |||||||||||||||||||
Total | $ | 19,943 | $ | 13,726 | $ | 6,217 | 45.3 | % |
Nine Months Ended September 30, | Change September 30, 2021 vs. September 30, 2020 | |||||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Revenue | 1,558 | 675 | $ | 883 | 130.8 | % | ||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Research and development | 62,245 | 40,210 | 22,035 | 54.8 | ||||||||||||||||||||||
General and administrative | 15,831 | 16,192 | (361) | (2.2) | ||||||||||||||||||||||
Impairment of intangible assets | — | 859 | (859) | (100.0) | ||||||||||||||||||||||
Total operating expenses | 78,076 | 57,261 | 20,815 | 36.4 | ||||||||||||||||||||||
Other operating income | 16,379 | 14,949 | 1,430 | 9.6 | ||||||||||||||||||||||
Operating loss | (60,139) | (41,637) | (18,502) | (44.4) | ||||||||||||||||||||||
Other (expense) income, net | (1,364) | 2,289 | (3,653) | (159.6) | ||||||||||||||||||||||
Loss before income taxes | (61,503) | (39,348) | (22,155) | (56.3) | ||||||||||||||||||||||
Income tax benefit | — | 192 | (192) | (100.0) | ||||||||||||||||||||||
Net loss | $ | (61,503) | $ | (39,156) | $ | (22,347) | (57.1) | % |
Nine Months Ended September 30, | Change September 30, 2021 vs. September 30, 2020 | ||||||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
CDI program | $ | 41,712 | $ | 29,381 | $ | 12,331 | 42.0 | % | |||||||||||||||
Antibiotic pipeline research and development costs | 1,150 | 1,369 | (219) | (16.0) | |||||||||||||||||||
Other research and development costs | 19,383 | 9,460 | 9,923 | 104.9 | |||||||||||||||||||
Total | $ | 62,245 | $ | 40,210 | $ | 22,035 | 54.8 | % |
Nine Months Ended September 30, | Change September 30, 2021 vs. September 30, 2020 | |||||||||||||||||||
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net cash used in operating activities | $ | (63,408) | $ | (40,140) | $ | (23,268) | ||||||||||||||
Net cash used in investing activities | (186) | (371) | 185 | |||||||||||||||||
Net cash provided by financing activities | 76,655 | 3 | 76,652 | |||||||||||||||||
Effect of exchange rates on cash | 770 | (2,064) | 2,834 | |||||||||||||||||
Increase (Decrease) in cash | $ | 13,831 | $ | (42,572) | $ | 56,403 |
Payment due by period | |||||||||||||||||||||||||||||
Total | Less that 1 year | Between 1 and 3 years | Between 3 and 5 years | More that 5 years | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Operating lease obligations | $ | 1,890 | $ | 940 | $ | 447 | $ | 447 | $ | 56 |
Exhibit No. | Description | ||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
Date: November 15, 2021 | SUMMIT THERAPEUTICS INC. | ||||||||||
By: | /s/ Robert W. Duggan | ||||||||||
Name: | Robert W. Duggan | ||||||||||
Title | Chief Executive Officer and Executive Chairman; Principal Executive Officer and Principal Financial Officer | ||||||||||
By: | /s/ Robert W. Duggan | |||||||
Name: | Robert W. Duggan | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer and Principal Financial Officer) |
By: | /s/ Robert W. Duggan | |||||||
Name: | Robert W. Duggan | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer and Principal Financial Officer) | ||||||||
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 97,628,511 | 82,575,064 |
Common stock, shares outstanding (in shares) | 97,628,511 | 82,575,064 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Statement And Statement Of Comprehensive Income [Abstract] | ||||
Revenue | $ 1,309 | $ 181 | $ 1,558 | $ 675 |
Operating expenses: | ||||
Research and development | 19,943 | 13,726 | 62,245 | 40,210 |
General and administrative | 5,662 | 6,846 | 15,831 | 16,192 |
Impairment of intangible assets | 0 | 859 | 0 | 859 |
Total operating expenses | 25,605 | 21,431 | 78,076 | 57,261 |
Other operating income | 4,810 | 4,309 | 16,379 | 14,949 |
Operating loss | (19,486) | (16,941) | (60,139) | (41,637) |
Other (expense) income, net | (113) | (858) | (1,364) | 2,289 |
Loss before income tax | (19,599) | (17,799) | (61,503) | (39,348) |
Income tax benefit | 0 | 56 | 0 | 192 |
Net loss | $ (19,599) | $ (17,743) | $ (61,503) | $ (39,156) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.20) | $ (0.26) | $ (0.68) | $ (0.58) |
Diluted (in dollars per share) | $ (0.20) | $ (0.26) | $ (0.68) | $ (0.58) |
Weighted-average shares used to compute net loss per share: | ||||
Basic (in shares) | 97,452,628 | 67,231,900 | 90,360,713 | 67,227,184 |
Diluted (in shares) | 97,452,628 | 67,231,900 | 90,360,713 | 67,227,184 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | $ (863) | $ 2,326 | $ 352 | $ (2,350) |
Comprehensive loss | $ (20,462) | $ (15,417) | $ (61,151) | $ (41,506) |
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||
Offering costs | $ 41 | $ 159 |
Nature of the Business and Operations and Recent Events |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Operations and Recent Events | Nature of the Business and Operations and Recent Events Nature of Business and Operations The terms "Summit" and the "Company" refer to Summit Therapeutics Inc. and its subsidiaries. Summit is a biopharmaceutical company focused on the discovery, development and commercialization of novel antibiotics for serious infectious diseases. Summit is conducting a Phase III clinical program focused on the infectious disease C. difficile infection (or "CDI"). It is also seeking to expand the product candidate portfolio through the development of new mechanism, precision antibiotics using the proprietary Discuva Platform. On September 18, 2020, Summit, a Delaware corporation, became the successor issuer to Summit Therapeutics plc, a public limited company incorporated under the laws of England and Wales with the Registrar of Companies of England and Wales, United Kingdom ("U.K."), for certain purposes under both the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such succession occurred pursuant to a statutory scheme of arrangement under U.K. law pursuant to which all Summit Therapeutics plc outstanding ordinary shares were exchanged on a five-for-one basis for newly issued shares of Summit common stock and Summit became the holding company of Summit Therapeutics plc (the predecessor registrant and former holding company) and its subsidiaries (which is referred to as the "Redomiciliation Transaction"). Concurrently, Summit Therapeutics plc was converted into a private limited company under the laws of England and Wales and renamed Summit Therapeutics Limited. In addition, the warrants and stock options to purchase shares of Summit Therapeutics plc were canceled and replacement warrants and stock options to purchase common stock in Summit Therapeutics Inc. were issued. The scheme of arrangement was accounted for as an exchange of equity interests among entities under common control. All assets and liabilities of Summit Therapeutics plc were assumed by Summit, resulting in the retention of the historical basis of accounting as if they had always been combined for accounting purposes and the historical consolidated financial statements of Summit Therapeutics plc became the historical consolidated financial statements of Summit Therapeutics Inc. All share and per share data for periods prior to the Redomiciliation Transaction in the financial statements were retroactively reflected to be presented as shares of our common stock, par value $0.01 per share. Recent Events On May 12, 2021, the Company closed its rights offering, which was fully subscribed. The Company received aggregate gross proceeds from the rights offering of $75.0 million from the sale of 14,312,976 shares of the Company’s common stock, par value $0.01, at a price per share of $5.24. Issuance costs associated with the rights offering were immaterial. In connection with the closing of the rights offering, the Second Note (see Note 11) matured and became due and the Company repaid all principal and accrued interest thereunder using a portion of the proceeds from the rights offering. On August 11, 2021, based on a thorough review of the design and enrollment status of its two ongoing blinded Phase III Ri-CoDIFy trials, the Company announced that it combined its two blinded pivotal Phase III clinical trials evaluating ridinilazole versus vancomycin into a single study and presented this decision to the United States ("U.S.") Food and Drug Administration (the "FDA") as such. During September 2021, the Company received feedback from the FDA that the FDA did not agree with the change to the primary endpoint that the Company proposed and has subsequently implemented in its ongoing Phase III Ri-CoDIFy studies when combining the trials. The Company will provide the combined results to all stakeholders, as the top line results become available. These top line results will best inform all parties as to the next appropriate course of action regarding ridinilazole. The Company anticipates communicating these results during the first quarter of 2022.
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Basis of Presentation, Use of Estimates, Re-Classification of Certain Prior Period Balances and Correction of Errors in a Prior Period |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Use of Estimates, Re-Classification of Certain Prior Period Balances and Correction of Errors in a Prior Period | Basis of Presentation, Use of Estimates, Re-Classification of Certain Prior Period Balances and Correction of Errors in a Prior Period Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of September 30, 2021, and for the three and nine months ended September 30, 2021 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented at December 31, 2020 has been derived from the consolidated audited financial statement as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Summit Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission on March 31, 2021. The financial results of the Company's activities are reported in U.S. Dollars. The progression of the COVID-19 pandemic continues to evolve and its enduring impact on the Company's business remains uncertain. Management believes the estimates and assumptions underlying its unaudited interim financial statements are reasonable and supportable based on the information available as of September 30, 2021, however, the extent to which the COVID-19 pandemic impacts the Company's financial results for the remainder of 2021 and beyond will depend on future developments that are highly uncertain and cannot be predicted at this time. Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued research and development expenses, stock-based compensation, intangible assets, goodwill, other long-lived assets and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Re-Classification of Prior Period Balances Certain prior period amounts within the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2020 have been re-classified to conform to the current period presentation. Specifically, a foreign currency loss of $1.3 million and a foreign currency gain of $2.0 million for the three and nine months ended September 30, 2020, respectively, previously included as part of total operating expenses within general and administrative expenses, has been reclassified to be presented as part of other (expense) income, net and net expenses of $0.7 million and $0.8 million for the three and nine months ended September 30, 2020, respectively, previously reported as research and development expenses, are now presented as general and administrative expenses in conformity with the current period presentation. Correction of Errors in Prior Periods During the quarter ended December 31, 2020, the Company identified a deferred tax asset relating to the acquired, carried forward, tax losses arising from the acquisition of Discuva Limited in December 2017 that was not included as part of the business combination accounting. Furthermore, the Company identified deferred tax assets relating to available carried forward group tax losses arising as a result of the acquisition of Discuva Limited in December 2017 that were not included in the Company's subsequent balances sheets. As a result, in the Company's previously issued condensed consolidated financial statements for the period ended September 30, 2020, the Company incorrectly recognized $0.4 million of goodwill and omitted the inclusion of deferred tax assets of $2.1 million in the balance sheet as of September 30, 2020. Since the Company's deferred tax liabilities and deferred tax assets both arise in the U.K. tax jurisdiction, accordingly these are offset on the condensed consolidated balance sheet. The Company records a full valuation allowance against the deferred tax assets in excess of the deferred tax liabilities, as the deferred tax liability represents future reversals of existing taxable temporary differences. The impact of these errors on net loss was a deferred tax benefit $0.1 million for the both the three and nine months ended September 30, 2020. The misstatement had no net impact on the Company’s condensed consolidated statements of cash flows. Management concluded that the correction was not material to previously issued consolidated financial statements. Since these errors were not material to any previously issued annual or interim financial statements, no amendments to previously filed financial statements were required. Consequently, the Company has corrected for these errors by revising the September 30, 2020 balances herein and in the annual financial statements on the Company's Form 10-K, filed on March 31, 2021.
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Recently Issued or Adopted Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency relating to: 1) recognition of an acquired contract liability and 2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination, whereas current U.S. GAAP requires that the acquirer measure such assets and liabilities at fair value on the acquisition date. This ASU is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2022. The Company will apply this ASU on a prospective basis for business combinations once this ASU is effective and at that time will be able to determine the potential impact on its financial position, results of operations or cash flows. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740)." This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this ASU during the first quarter of 2021 and the adoption of this ASU did not have a material impact on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350)." This ASU simplifies how an entity is required to test goodwill for impairment by eliminating the requirement to determine the fair value of individual assets and liabilities in order to calculate a reporting unit’s “implied” goodwill. This ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. The Company performs its goodwill impairment test during the fourth quarter of each fiscal year. The Company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows.
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Going Concern |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern During the three and nine months ended September 30, 2021, the Company incurred a net loss of $19.6 million and $61.5 million, respectively, and cash flows used in operating activities for the nine month period ended September 30, 2021 was $63.4 million. As of September 30, 2021, the Company had an accumulated deficit of $272.4 million, cash of $80.2 million, research and development tax credits of $21.4 million and accounts receivable of $2.3 million. The Company expects to continue to generate operating losses for the foreseeable future. Until the Company can generate substantial revenue and achieve profitability, the Company will need to raise additional capital to fund its ongoing operations and capital needs. During the third quarter of 2021, the Company combined its Phase III clinical trials evaluating ridinilazole versus vancomycin into a single study. The combination of these studies is expected to lead to the acceleration of the readout of our clinical trial results, which the Company expects to receive in the first quarter of 2022. Assuming positive top-line data, the Company may accelerate its spending to prepare for regulatory filings and commercial readiness. Based on these circumstances, prior to considering management’s plans described below, the Company has determined that with its current financial resources, which includes its existing cash on hand, funding agreements, and research and development tax credits receivable, the Company would be able to operate into the third quarter of 2022. In order to continue to fund the operations of the Company beyond this time period and assuming positive top-line data in the first quarter of 2022, management has developed plans, which primarily consist of raising additional capital through some combination of equity or debt financings, and/or potentially new collaborations. There is no assurance, however, that additional financing will be available when needed or that management of the Company will be able to obtain financing on terms acceptable to the Company. If the Company is unable to obtain funding, the Company will implement an alternative operating plan that scales back its operations, reduces cash expenditures, and focuses its available capital on a reduced number of activities and programs. Based on the Company's current funding arrangements and financial resources as of September 30, 2021 of $103.9 million, consisting of cash of $80.2 million, research and development tax credit receivables of $21.4 million, and accounts receivable of $2.3 million, and after considering management’s alternative operating plans, the Company would have the ability to fund its operating costs and working capital needs into the first quarter of 2023. The accompanying condensed consolidated financial statements are prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of the business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result from the outcome of this uncertainty.
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Segment Reporting |
9 Months Ended |
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Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's chief operating decision makers (the "CODM function"), which are the Company’s Chief Executive Officer and Chief Operating Officer, utilize financial information to make decision about allocating resources and assessing performance for the entire Company, which is used in the decision-making process to assess performance. The CODM function views the Company’s operations and manage its business as a single reportable operating segment. The Company's single operating segment covers the Company’s research and development activities, primarily comprising the CDI program and antibiotic pipeline research activities. As the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. The Company operates in two geographic regions: the U.K. and the U.S. Substantially all of the Company's long-lived assets are held in the U.K. For details of revenue from external customers by geography refer to Note 6.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table summarizes revenue by category:
Revenue recognized in the period consists only of amounts received from the license and commercialization agreement with Eurofarma Laboratórios S.A. The following table summarizes revenue by geography:
The analysis of revenue by geography has been identified on the basis of the customer’s geographical location. Eurofarma Laboratórios S.A. On December 21, 2017, Summit announced it had entered into an exclusive license and commercialization agreement with Eurofarma Laboratórios S.A. ("Eurofarma"), pursuant to which the Company granted Eurofarma the exclusive right to commercialize ridinilazole in specified countries in South America, Central America and the Caribbean. The Company has retained commercialization rights in the rest of the world. Under the terms of the license and commercialization agreement with Eurofarma, the Company received an upfront payment of $2.5 million from Eurofarma in December 2017. In February 2020, the Company reached the first enrollment milestone and earned $1.0 million. In September 2021, the Company reached the second enrollment milestone and earned $1.25 million. The terms of the contract have been assessed under Accounting Standards Codification 606 and currently only the upfront payment and the first two enrollment milestone payments are included in the transaction price. These payments are initially recorded as deferred revenue in the balance sheet and are recognized as revenue ratably over the performance period. Revenue recognized during the three and nine months ended September 30, 2021 related to the upfront payment and the first two enrollment milestones earned in accordance with the Company's revenue recognition policy. Revenue recognized during the three and nine months ended September 30, 2020 related to the upfront payment and the first enrollment milestone earned in accordance with the Company's revenue recognition policy. The revenue is being recognized ratably over the performance period to reflect the transfer of control to the customer occurring over the time period that the research and development services are provided by the Company. This output method is, in management’s judgment, the best measure of progress towards satisfying the performance obligation. As of September 30, 2021 and December 31, 2020, the current contract liability relating to the Eurofarma contract was $1.0 million and $0.8 million, respectively, and was recorded in current deferred revenue in the condensed consolidated balance sheet. As of September 30, 2021 and December 31, 2020, the non-current contract liability relating to the Eurofarma contract was $0 and $0.6 million, respectively, and was recorded in non-current deferred revenue in the condensed consolidated balance sheet. In addition, the Company could receive an additional $1.5 million in development milestones upon the achievement of staged patient enrollment targets in the licensed territory in the combined Phase III clinical trial of ridinilazole. The Company is eligible to receive a further $1.0 million in development milestones, $2.4 million in commercial milestones and up to $18.0 million in sales milestones when cumulative net sales equal or exceed $100.0 million in the Eurofarma licensed territory. Each subsequent achievement of an additional $100.0 million in cumulative net sales will result in the Company receiving additional milestone payments, which, when combined with anticipated product supply transfer payments from Eurofarma paid to the Company in connection with a commercial supply agreement to be entered into between the two parties, will provide payments estimated to range from a mid-teens to high-teens percentage of cumulative net sales in the Eurofarma licensed territory. The Company estimates such product supply transfer payments from Eurofarma will range from a high single-digit to low double-digit percentage of cumulative net sales in the licensed territory.
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Other Operating Income |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Income | Other Operating Income The following table sets forth the components of other operating income by category:
BARDA (as defined below) In September 2017, the Company was awarded a funding contract from the Biomedical Advanced Research and Development Authority ("BARDA"), part of the Office of the Assistant Secretary for Preparedness and Response and the U.S. Department of Health and Human Services, in support of the Company's Ri-CoDIFy clinical trials and regulatory development of ridinilazole. Under the terms of this contract, the Company was initially eligible to receive base period funding of $32.0 million. In addition, the contract included three option work segments that, if exercised in full by BARDA, would increase the total federal government funding under the contract to approximately $62.0 million. In August 2018, BARDA exercised one of the option work segments worth $12.0 million. In June 2019, BARDA increased the total value of the funding contract to up to $63.7 million; at this time, BARDA also exercised a second of the option work segments worth $9.6 million to bring the total amount of committed BARDA funding to $53.6 million. In January 2020, BARDA increased its award by $8.8 million to bring the total amount of the funding contract to $72.5 million and the total amount of committed BARDA funding to $62.4 million. The remaining federal government funding is dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Company of certain agreed-upon milestones for ridinilazole. As of September 30, 2021, an aggregate of $55.8 million of the total committed BARDA funding had been received and the Company has recognized $49.6 million of cumulative income since contract inception. Research and development tax credits Income from research and development ("R&D") tax credits, consists of R&D tax credits received in the U.K. The Company benefits from two U.K. R&D tax credit cash rebate regimes: Small and Medium Enterprise Program ("SME Program") and the Research and Development Expenditure Credit Program ("RDEC Program"). Qualifying expenditures largely comprise employment costs for research staff, consumables, a proportion of relevant, permitted sub-contract costs and certain internal overhead costs incurred as part of research projects for which the Company does not receive income. Tax credits related to the SME Program and RDEC Program are recorded as other operating income in the condensed consolidated statements of comprehensive loss. Under both schemes, the Company receives cash payments that are not dependent on the Company’s pre-tax net income levels. Based on criteria established by Her Majesty’s Revenue and Customs, a portion of expenditures being carried out in relation to the Company's pipeline research and development, clinical trials management and third-party manufacturing development activities are eligible for the SME regime and the Company expects such elements of expenditure will also continue to be eligible for the SME regime in future periods. As of September 30, 2021, the current and non-current research and development tax credit receivable was $10.1 million and $11.3 million, respectively. As of December 31, 2020, the current and non-current research and development tax credit receivable was $9.9 million and $0, respectively. CARB-X (as defined below) In May 2021, the Company announced the selection of a new preclinical candidate, SMT-738, from the DDS-04 series for development in the fight against multidrug resistant infections, specifically carbapenem-resistant Enterobacteriaceae ("CRE") infections. Simultaneously, the Company announced it had received an award from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program ("CARB-X") to progress this candidate through preclinical development and Phase 1a clinical trials. The award commits initial funding of up to $4.1 million, with the possibility of up to another $3.7 million based on the achievement of future milestones. As of September 30, 2021, $0.2 million of grant funding from CARB-X has been received and the Company has recognized $0.7 million of cumulative income since contract inception. Grant income recognized during the three and nine months ended September 30, 2021 relates to SMT-738. Grant income recognized during the three and nine months ended September 30, 2020, consists of income from a sub-award from CARB-X for the Company's antibiotic pipeline research and development activities specifically relating to the DDS-01 series of antibiotics, targeting Neisseria gonorrhoeae, or N. gonorrhoeae, using our Discuva Platform. In the fourth quarter of 2020, the Company decided not to advance the DDS-01 series and to cease work on the gonorrhea program, and as such no further grant income is expected to be received from CARB-X under this sub-award.
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Loss per Share |
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Loss per Share | Loss per Share The following table sets forth the computation of basic and diluted net loss per share:
Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potentially dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common share equivalents outstanding would have been anti-dilutive. As of September 30, 2021 and 2020, 18,677,765 and 11,974,480 shares of common stock were excluded, respectively from the computation of diluted net loss per share as they would have been anti-dilutive.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is measured as the excess of the cost of the acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. The Company assigns assets acquired (including goodwill) and liabilities assumed to one or more reporting units as of the date of acquisition. Typically acquisitions related to a single reporting unit and thus do not require the allocation of goodwill to multiple reporting units. If the products obtained in an acquisition are assigned to multiple reporting units, the goodwill is distributed to the respective reporting units as part of the purchase price allocation process. Goodwill and purchased intangible assets are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends and lower projections of profitability that may impact future operating results. As of September 30, 2021 and December 31, 2020, goodwill was $2.0 million for both periods. The changes in the carrying amount of intangible assets and accumulated impairment loss during the nine months ended September 30, 2021 and the year ended December 31, 2020 were as follows:
Amortization expense was $0.8 million for both the nine months ended September 30, 2021 and 2020, respectively. During the year ended December 31, 2020, the Company recognized an impairment charge of $0.9 million relating to its option over a non-financial asset pursuant to an evaluation and option agreement with a collaboration partner. The partner was no longer conducting antibiotic candidate programs over which the Company had the option and thus, management assessed the fair value to be zero.
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Stock-Based Compensation and Warrants |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation and Warrants | Stock-Based Compensation and Warrants The Company currently grants stock options to employees and directors under the 2020 Stock Incentive Plan (the "2020 Plan") and formerly, the Company granted stock options under the 2016 Long Term Incentive Plan (the "2016 Plan"). The 2020 Plan is administered by the Compensation Committee of the Company's Board of Directors. The 2020 Plan is intended to attract and retain employees and directors and provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company. The following table presents the stock option activity for both the 2016 Plan and the 2020 Plan as of September 30, 2021:
During the third quarter of 2021, the Compensation Committee of the Board of Directors approved a modification to the Company's outstanding performance-based stock option awards for active employees which removed the performance-based vesting criteria from these awards. Following this modification, the option awards are subject only to previously existing time-based vesting conditions. The Company accounted for this change as a modification in accordance with the requirements of Accounting Standards Codification Topic 718. As a result, 9,250,000 options that were previously authorized that had not achieved a grant date became granted in September 2021 relating to the modification. The Company will recognize the newly assessed measurement date fair value of the awards as compensation expense over the remaining vesting period. The stock option activity above incorporates the modified awards. The total intrinsic value of all outstanding and exercisable stock options at September 30, 2021 was $8.6 million and $2.2 million, respectively. The following table summarizes restricted stock units granted in the form of nominal-cost options:
The total stock-based compensation expense included in the Company's condensed consolidated statements of comprehensive loss was as follows:
Warrants The Company had outstanding and exercisable warrants of 5,821,137 with a weighted average exercise price of $1.56 as of September 30, 2021 and December 31, 2020.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On March 24, 2021, Mr. Duggan, the Company's Executive Chairman and Chief Executive Officer and primary stockholder, entered into a Note Purchase Agreement (the “Initial Purchase Agreement”) pursuant to which he loaned the Company $55.0 million in exchange for the issuance by the Company of an unsecured promissory note (the “Initial Note”) in the amount of $55.0 million. The Initial Note was to accrue interest at a rate per annum equal to 150% of the applicable 10 Year US Treasury rate, as adjusted monthly. The rate was initially estimated to be approximately 2.4%. The terms of the Initial Note were that it would mature and become due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $55.0 million, or (ii) 13 months from the date of issuance of the Initial Note. On April 20, 2021, the Company determined, with Mr. Duggan’s agreement, to rescind both the Initial Purchase Agreement and the Initial Note issued thereunder, and repaid the principal amount of the Initial Note in full, without interest or penalty, as such the Company recognized imputed interest of $0.1 million within additional paid in capital. For the nine months ended September 30, 2021, interest of $0.1 million and an immaterial amortized discount charge relating to the debt issuance cost were recognized related to the Initial Note. On April 20, 2021, subsequent to the repayment of the Initial Note, Mr. Duggan entered into a second Note Purchase Agreement (the “Second Purchase Agreement”) pursuant to which he loaned the Company $55.0 million in exchange for the issuance by the Company of an unsecured promissory note (the “Second Note”) in the amount of $55.0 million. The Second Note accrued interest at a rate per annum equal to 150% of the applicable 10 Year US Treasury rate, as adjusted monthly (initially estimated to be approximately 2.4%). The Company was permitted to prepay any portion of the Second Note at its option without penalty. Pursuant to the terms of the Second Note, following consummation of the rights offering the Second Note matured and all principal and interest thereunder was repaid by the Company using a portion of the proceeds of the rights offering. For the nine months ended September 30, 2021, interest of $0.1 million accrued related to the Second Note and an immaterial discount was recognized. On May 12, 2021, Mr. Duggan, participated in the Company's rights offering and purchased a total of 11,365,921 shares of the Company’s common stock, par value $0.01, at a price of $5.24 per share. After giving effect to the rights offering, Mr. Duggan is the beneficial owner of approximately 71% of the Company’s outstanding common stock. Dr. Zanganeh, the Company's Chief Operating Officer, also participated in the Company’s rights offering, purchasing a total of 389,077 shares of the Company’s common stock, par value $0.01, at a price of $5.24 per share. For further details on the Rights Offering see Note 1. On March 26, 2021, the Company entered into a Sublease with Maky Zanganeh and Associates, Inc. ("MZA") consisting of 4,500 square feet of office space at 2882 Sand Hill Road, Menlo Park, CA (the “Sublease”). Dr. Zanganeh, the Company's Chief Operating Officer, is the sole owner of MZA. The Sublease runs until September 2022, with monthly rent payments to MZA of approximately $60.0 thousand per month. The rent payable under the terms of the Sublease is equivalent to the proportionate share of the rent payable by MZA to the third party landlord, based on the square footage of office space sublet by the Company, and no mark-up has been applied. During the three and nine months ended September 30, 2021, payments of $0.2 million and $0.4 million, respectively, were made pursuant to the Sublease.
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Commitment and Contingencies |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Fixed Asset Purchase Commitments As of September 30, 2021 and December 31, 2020, the Company had no capital commitments. Other Commitments The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination upon notice, and therefore are cancellable contracts and are not required to be disclosed. Indemnifications The Company has entered into its standard form Indemnification Agreement for directors and executive officers, which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 18, 2020, and is incorporated by reference herein. The Indemnification Agreement provides that, subject to the provisions of the Delaware General Corporation Law, the Company is required, among other things, to indemnify its directors or executive officers for certain expenses, including attorneys' fees, judgments, fines, and settlement amounts of the types customarily incurred by them in connection with any action or proceeding arising out of their service as one of the Company's directors or executive officers. The Company believes the fair value for these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations at September 30, 2021 and December 31, 2020. Legal Proceedings The Company is not currently subject to any material legal proceedings.
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Basis of Presentation, Use of Estimates, Re-Classification of Certain Prior Period Balances and Correction of Errors in a Prior Period (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of September 30, 2021, and for the three and nine months ended September 30, 2021 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented at December 31, 2020 has been derived from the consolidated audited financial statement as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Summit Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission on March 31, 2021. The financial results of the Company's activities are reported in U.S. Dollars. The progression of the COVID-19 pandemic continues to evolve and its enduring impact on the Company's business remains uncertain. Management believes the estimates and assumptions underlying its unaudited interim financial statements are reasonable and supportable based on the information available as of September 30, 2021, however, the extent to which the COVID-19 pandemic impacts the Company's financial results for the remainder of 2021 and beyond will depend on future developments that are highly uncertain and cannot be predicted at this time.
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Use of Estimates | Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued research and development expenses, stock-based compensation, intangible assets, goodwill, other long-lived assets and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
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Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency relating to: 1) recognition of an acquired contract liability and 2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination, whereas current U.S. GAAP requires that the acquirer measure such assets and liabilities at fair value on the acquisition date. This ASU is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2022. The Company will apply this ASU on a prospective basis for business combinations once this ASU is effective and at that time will be able to determine the potential impact on its financial position, results of operations or cash flows. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740)." This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this ASU during the first quarter of 2021 and the adoption of this ASU did not have a material impact on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350)." This ASU simplifies how an entity is required to test goodwill for impairment by eliminating the requirement to determine the fair value of individual assets and liabilities in order to calculate a reporting unit’s “implied” goodwill. This ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. The Company performs its goodwill impairment test during the fourth quarter of each fiscal year. The Company does not expect the adoption of this ASU to have a material impact on its financial position, results of operations or cash flows.
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of revenue by category | The following table summarizes revenue by category:
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Summary of revenue by geography | The following table summarizes revenue by geography:
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Other Operating Income (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of other operating income by category | The following table sets forth the components of other operating income by category:
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Loss per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted net loss per share | The following table sets forth the computation of basic and diluted net loss per share:
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets | The changes in the carrying amount of intangible assets and accumulated impairment loss during the nine months ended September 30, 2021 and the year ended December 31, 2020 were as follows:
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Stock-Based Compensation and Warrants (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option activity | The following table presents the stock option activity for both the 2016 Plan and the 2020 Plan as of September 30, 2021:
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Schedule of RSU activity | The following table summarizes restricted stock units granted in the form of nominal-cost options:
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Schedule of stock-based compensation expense | The total stock-based compensation expense included in the Company's condensed consolidated statements of comprehensive loss was as follows:
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Nature of the Business and Operations and Recent Events (Details) $ / shares in Units, $ in Millions |
May 12, 2021
USD ($)
$ / shares
shares
|
Sep. 18, 2020 |
Sep. 30, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
|
---|---|---|---|---|
Subsidiary, Sale of Stock [Line Items] | ||||
Reverse stock split ratio | 0.2 | |||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Rights offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Consideration received on sale of stock | $ | $ 75.0 | |||
Shares issued in transaction (in shares) | shares | 14,312,976 | |||
Share price (in dollars per share) | $ 5.24 |
Going Concern (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 19,599 | $ 17,743 | $ 61,503 | $ 39,156 | |
Net cash used in operating activities | 63,408 | $ 40,140 | |||
Accumulated deficit | 272,449 | 272,449 | $ 210,946 | ||
Cash | 80,248 | 80,248 | 66,417 | ||
Research and development tax credits receivable | 21,400 | 21,400 | |||
Accounts receivable | 2,290 | 2,290 | $ 331 | ||
Potential liquidity | $ 103,900 | $ 103,900 |
Segment Reporting (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of geographic regions | 2 |
Revenue - Revenue by Category (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenue from External Customer [Line Items] | ||||
Revenue | $ 1,309 | $ 181 | $ 1,558 | $ 675 |
Licensing agreements | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 1,309 | $ 181 | $ 1,558 | $ 675 |
Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,309 | $ 181 | $ 1,558 | $ 675 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,309 | $ 181 | $ 1,558 | $ 675 |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
Feb. 29, 2020 |
Dec. 31, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Current contract liability | $ 7,511 | $ 8,370 | ||
Noncurrent contract liability | 0 | 569 | ||
Licensing agreements | EuroFarma | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue, upfront payment | $ 2,500 | |||
Deferred revenue, enrollment milestone | 1,250 | $ 1,000 | ||
Current contract liability | 1,000 | 800 | ||
Noncurrent contract liability | 0 | $ 600 | ||
Revenue entitled to receive upon achieving patient enrollment targets | 1,500 | |||
Revenue entitled to receive upon achieving additional development milestones | 1,000 | |||
Revenue entitled to receive upon achieving commercial milestones | 2,400 | |||
Revenue entitled to receive upon achieving cumulative net sales targets | 18,000 | |||
Cumulative net sales target threshold | 100,000 | |||
Incremental cumulative net sales target threshold | $ 100,000 |
Other Operating Income - Other Operating Income by Category (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 49 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
|
Revenue from External Customer [Line Items] | |||||
Research and development tax credits | $ 3,815 | $ 2,559 | $ 11,698 | $ 6,900 | |
Other operating income | 4,810 | 4,309 | 16,379 | 14,949 | |
BARDA | |||||
Revenue from External Customer [Line Items] | |||||
Grant/Funding income | 644 | 1,607 | 3,974 | 7,715 | $ 49,600 |
Other grant funding counterparties | |||||
Revenue from External Customer [Line Items] | |||||
Grant/Funding income | $ 351 | $ 143 | $ 707 | $ 334 |
Other Operating Income - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 49 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2021
USD ($)
|
Jan. 31, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Aug. 31, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
option_segment
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||||||
Current research and development tax credit receivable | $ 10,072 | $ 10,072 | $ 10,072 | $ 10,072 | $ 9,856 | |||||||
Non-current research and development tax credit receivable | 11,314 | 11,314 | 11,314 | 11,314 | $ 0 | |||||||
BARDA | ||||||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||||||
Committed funding base | $ 32,000 | |||||||||||
Number of option segments | option_segment | 3 | |||||||||||
Maximum funding value | $ 72,500 | $ 63,700 | $ 62,000 | |||||||||
Committed funding increase | 8,800 | 9,600 | $ 12,000 | |||||||||
Total committed funding | $ 62,400 | $ 53,600 | ||||||||||
Funding received | 55,800 | |||||||||||
Grant/Funding income | $ 644 | $ 1,607 | $ 3,974 | $ 7,715 | $ 49,600 | |||||||
CARB-X | ||||||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||||||
Committed funding base | $ 4,100 | |||||||||||
Funding received | 200 | |||||||||||
Grant/Funding income | $ 700 | |||||||||||
Funding increase based on achievement of future milestones | $ 3,700 |
Loss per Share - Computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net loss | $ (19,599) | $ (17,743) | $ (61,503) | $ (39,156) |
Basic weighted average number of shares of common stock outstanding (in shares) | 97,452,628 | 67,231,900 | 90,360,713 | 67,227,184 |
Diluted weighted average number of shares of common stock outstanding (in shares) | 97,452,628 | 67,231,900 | 90,360,713 | 67,227,184 |
Basic net loss per share (in dollars per share) | $ (0.20) | $ (0.26) | $ (0.68) | $ (0.58) |
Diluted net loss per share (in dollars per share) | $ (0.20) | $ (0.26) | $ (0.68) | $ (0.58) |
Loss per Share - Narrative (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||
Anti-dilutive shares excluded from diluted earnings per share (in shares) | 18,677,765 | 11,974,480 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 2,001,000 | $ 2,030,000 | |
Amortization expense | $ 768,000 | $ 827,000 | |
Option over non-financial asset | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment charge | 900,000 | ||
Fair value of option over non-financial asset | $ 0 |
Stock-Based Compensation and Warrants - Stock Option Activity (Details) - $ / shares |
1 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
|
Number of share options | ||
Beginning balance (in shares) | 3,672,968 | |
Granted (in shares) | 9,250,000 | 11,028,725 |
Forfeited (in shares) | (1,131,517) | |
Exercise (in shares) | (713,548) | |
Ending balance (in shares) | 12,856,628 | 12,856,628 |
Weighted average exercise price | ||
Beginning balance (in dollars per share) | $ 2.90 | |
Granted (in dollars per share) | 5.89 | |
Forfeited (in dollars per share) | 3.77 | |
Exercised (in dollars per share) | 2.62 | |
Ending balance (in dollars per share) | $ 5.41 | $ 5.41 |
Stock option activity, additional disclosures | ||
Exercisable, number of share options (in shares) | 913,773 | 913,773 |
Weighted average exercise price, exercisable (in dollars per share) | $ 2.62 | $ 2.62 |
Stock-Based Compensation and Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted related to plan modification (in shares) | 9,250,000 | 11,028,725 | |
Aggregate intrinsic value, outstanding options | $ 8.6 | $ 8.6 | |
Aggregate intrinsic value, exercisable options | $ 2.2 | $ 2.2 | |
Warrants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-option equity instruments outstanding (in shares) | 5,821,137 | 5,821,137 | 5,821,137 |
Non-option equity instruments exercisable (in shares) | 5,821,137 | 5,821,137 | 5,821,137 |
Weighted average exercise price of non-option equity instruments outstanding (in dollars per share) | $ 1.56 | $ 1.56 | $ 1.56 |
Weighted average exercise price of non-option equity instruments exercisable (in dollars per share) | $ 1.56 | $ 1.56 | $ 1.56 |
Stock-Based Compensation and Warrants - Restricted Stock Unit Activity (Details) - RSUs |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Number of shares | |
Beginning balance (in shares) | shares | 26,923 |
Exercised (in shares) | shares | (26,923) |
Ending balance (in shares) | shares | 0 |
Weighted average exercise price | |
Beginning balance (in dollars per share) | $ / shares | $ 0.07 |
Exercised (in dollars per share) | $ / shares | 0.07 |
Ending balance (in dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation and Warrants - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 2,644 | $ 361 | $ 7,184 | $ 1,188 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,337 | 275 | 3,251 | 638 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 1,307 | $ 86 | $ 3,933 | $ 550 |
Commitment and Contingencies (Details) - USD ($) |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Capital commitments | $ 0 | $ 0 |
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