(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
The |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL (embedded within the Inline XBRL document). |
ORIGIN MATERIALS, INC. | ||||||||
Dated: May 9, 2022 | ||||||||
By: | /S/ NATE WHALEY | |||||||
Nate Whaley | ||||||||
Chief Financial Officer |
(In thousands, except share and per share data) | March 31, 2022 (Unaudited) | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 57,941 | $ | 46,637 | |||||||
Restricted cash | 490 | 490 | |||||||||
Marketable securities | 369,289 | 397,458 | |||||||||
Other receivables | 2,792 | 2,612 | |||||||||
Derivative asset | 213 | 202 | |||||||||
Prepaid expenses and other current assets | 2,559 | 3,774 | |||||||||
Total current assets | 433,284 | 451,173 | |||||||||
Property, plant, and equipment, net | 69,329 | 57,185 | |||||||||
Operating lease right-of-use asset | 2,710 | 1,782 | |||||||||
Intangible assets, net | 206 | 215 | |||||||||
Other long-term assets | 95 | 62 | |||||||||
Total assets | $ | 505,624 | $ | 510,417 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 3,088 | $ | 2,451 | |||||||
Accrued expenses | 2,468 | 973 | |||||||||
Operating lease liability, current | 412 | 280 | |||||||||
Other liabilities, current | 90 | 380 | |||||||||
Derivative liability | 947 | 103 | |||||||||
Total current liabilities | 7,005 | 4,187 | |||||||||
PPP Loan | — | — | |||||||||
Earnout liability | 112,531 | 127,757 | |||||||||
Canadian Government Research and Development Program Liability | 6,852 | 6,762 | |||||||||
Assumed common stock warrants liability | 54,634 | 52,860 | |||||||||
Stockholder note | 5,189 | 5,189 | |||||||||
Related party other liabilities, long-term | 5,776 | 5,720 | |||||||||
Operating lease liability | 2,342 | 1,486 | |||||||||
Other liabilities, long-term | 2,900 | 2,946 | |||||||||
Total liabilities | 197,229 | 206,907 | |||||||||
Commitments and contingencies (See Note 19) | |||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | — | — | |||||||||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 141,418,989 and 141,301,569, issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 16 | 16 | |||||||||
Additional paid-in capital | 362,770 | 361,542 | |||||||||
Accumulated deficit | (49,451) | (56,797) | |||||||||
Accumulated other comprehensive loss | (4,941) | (1,251) | |||||||||
Total stockholders’ equity | 308,394 | 303,510 | |||||||||
Total liabilities and stockholders’ equity | $ | 505,624 | $ | 510,417 |
Three Months Ended March 31, | |||||||||||
(In thousands, except share and per share data) | 2022 | 2021 | |||||||||
Operating Expenses | |||||||||||
Research and development | $ | 2,337 | $ | 1,309 | |||||||
General and administrative | 5,071 | 3,948 | |||||||||
Depreciation and amortization | 148 | 115 | |||||||||
Total operating expenses and loss from operations | 7,556 | 5,372 | |||||||||
Other (income) expenses | |||||||||||
Interest income | (1,833) | — | |||||||||
Interest expense, net of capitalized interest | — | 280 | |||||||||
Change in fair value of derivatives | 834 | 391 | |||||||||
Change in fair value of warrants liability | 1,774 | 48,109 | |||||||||
Change in fair value of earnout liability | (15,227) | — | |||||||||
Other income, net | (450) | (581) | |||||||||
Total other (income) expenses, net | (14,902) | 48,199 | |||||||||
Net income (loss) | 7,346 | (53,571) | |||||||||
Other comprehensive income (loss) | |||||||||||
Unrealized (loss) on marketable securities | (4,575) | — | |||||||||
Foreign currency translation adjustment, net of tax | 885 | 466 | |||||||||
Total comprehensive income (loss) | 3,656 | (53,105) | |||||||||
Net income (loss) per share, basic | $ | 0.05 | $ | (0.86) | |||||||
Net income (loss) per share, diluted | $ | 0.05 | $ | (0.86) | |||||||
Weighted-average common shares outstanding, basic | 136,825,016 | 62,652,947 | |||||||||
Weighted-average common shares outstanding, diluted | 141,732,403 | 62,652,947 | |||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | $ | 7,346 | $ | (53,571) | |||||||
Adjustments to reconcile net loss to net cash from operating activities: | |||||||||||
Depreciation and amortization | 148 | 115 | |||||||||
Amortization on right-of-use asset | 121 | 72 | |||||||||
Stock-based compensation | 918 | 627 | |||||||||
Amortization of debt issuance costs | — | 5 | |||||||||
Accretion of debt discount | — | 14 | |||||||||
Change in fair value of derivatives | 834 | 391 | |||||||||
Change in fair value of common stock warrants liability | 1,774 | — | |||||||||
Change in fair value of preferred stock warrants liability | — | 48,109 | |||||||||
Change in fair value of earnout liability | (15,227) | — | |||||||||
Change in fair value of incremental acquisition fee accrual | (45) | — | |||||||||
Payments on operating lease liabilities | (62) | (72) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Other receivables | (179) | 20 | |||||||||
Prepaid expenses and other current assets | 1,215 | (2) | |||||||||
Other long-term assets | (32) | — | |||||||||
Accounts payable | 637 | 31 | |||||||||
Accrued expenses | 1,495 | 901 | |||||||||
Other liabilities, current | (290) | — | |||||||||
Related party payable | 57 | — | |||||||||
Net cash used in operating activities | (1,290) | (3,360) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property, plant, and equipment, net of grants | (10,380) | (741) | |||||||||
Capitalized interest on plant construction | (20) | (52) | |||||||||
Purchases of marketable securities | (1,255,027) | — | |||||||||
Sales of marketable securities | 1,240,788 | — | |||||||||
Maturities of marketable securities | 37,732 | — | |||||||||
Net cash provided by (used in) investing activities | 13,093 | (793) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from stockholders' notes payable, net of debt issuance costs | — | 11,687 | |||||||||
Proceeds from Canadian Government Research and Development Program | — | 74 | |||||||||
Issuance of common stock | 34 | 55 | |||||||||
Net cash provided by financing activities | 34 | 11,816 | |||||||||
Effects of foreign exchange rate changes on the balance of cash and cash equivalents, and restricted cash held in foreign currencies | (533) | (100) | |||||||||
Net increase (decrease) in cash and cash equivalents, and restricted cash | 11,304 | 7,563 | |||||||||
Cash and cash equivalents, and restricted cash, beginning of the period | 47,127 | 1,874 | |||||||||
Cash and cash equivalents, and restricted cash, end of the period | $ | 58,431 | $ | 9,437 | |||||||
Three months ended March 31, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Net income (loss) | $ | 7,346 | $ | (53,571) | ||||||||||
Stock based compensation | 918 | 627 | ||||||||||||
Depreciation and amortization | 148 | 115 | ||||||||||||
Interest income | (1,833) | — | ||||||||||||
Interest expense, net of capitalized interest | — | 280 | ||||||||||||
Change in fair value of derivative liabilities | 834 | 391 | ||||||||||||
Change in fair value of warrants liability | 1,774 | 48,109 | ||||||||||||
Change in fair value of earnout liability | (15,227) | — | ||||||||||||
Other income, net | (450) | (581) | ||||||||||||
Adjusted EBITDA | $ | (6,490) | $ | (4,630) |
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