10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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: 001-40794

 

DICE THERAPEUTICS, INC.

 

 

Delaware

 

47-2286244

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

400 East Jamie Court, Suite 300

South San Francisco, California

 

94080

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (650) 566-1420

 

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 $0.0001 per share

DICE

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 October 31, 2022, the registrant had 47,671,176 shares of common stock, $0.0001 par value per share, outstanding.

 

 


 

Table of Contents

 

 

 

Page no.

PART I: FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Convertible Preferred Units and Stockholders’ Equity/Members’ Deficit

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

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

15

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

86

Item 3.

Defaults Upon Senior Securities

86

Item 4.

Mine Safety Disclosures

86

Item 5.

Other Information

86

Item 6.

Exhibits

87

Signatures

 

88

 

 

i


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q, or Quarterly Report, contains forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect,” “predict,” “potential” and similar expressions that convey uncertainty of future events or outcomes, although not all forward-looking statements contain these words. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk factors” and elsewhere in this filing. Moreover, we operate in a competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. The forward-looking statements in this Quarterly Report include, among other things, statements about:

our ability to obtain funding for our operations, including funding necessary to complete the development and commercialization of our therapeutic candidates;
the timing of and our ability to obtain and maintain regulatory approvals for our therapeutic candidates;
future agreements with third parties in connection with the commercialization of our therapeutic candidates;
the success, cost and timing of our therapeutic candidate development activities and planned clinical trials;
our expectations regarding the impact of the macroeconomic and geopolitical environment, including inflation, pandemics and geopolitical conflict, and their potentially material adverse impact on our business and the execution of our preclinical studies and clinical trials;
the rate and degree of market acceptance and clinical utility of our therapeutic candidates;
our commercialization, marketing and manufacturing capabilities and strategy;
the success of competing therapies that are or may become available;
our ability to attract and retain key management and technical personnel;
our expectations regarding our ability to obtain, maintain and enforce intellectual property protection for our therapeutic candidates;
our use of our existing cash, cash equivalents, and marketable securities; and
our estimates regarding expenses, future revenue, capital requirements and needs for additional financing.

The forward-looking statements made in this filing relate only to events or information as of the date on which the statements are made in this Quarterly Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report to conform these statements to actual results or to changes in our expectations, except as required by law. We intend the forward-looking statements contained in this Quarterly Report to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

ii


 

PART I: FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

DICE THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

 

 

September 30,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

48,271

 

 

$

115,826

 

Marketable securities

 

 

218,343

 

 

 

203,495

 

Unbilled receivable

 

 

 

 

 

2,000

 

Restricted cash, current

 

 

 

 

 

150

 

Prepaid expenses and other current assets

 

 

1,223

 

 

 

2,440

 

Total current assets

 

 

267,837

 

 

 

323,911

 

Property and equipment, net

 

 

3,014

 

 

 

1,645

 

Restricted cash

 

 

198

 

 

 

198

 

Operating lease right-of-use assets

 

 

13,474

 

 

 

 

Other noncurrent assets

 

 

471

 

 

 

 

TOTAL ASSETS

 

$

284,994

 

 

$

325,754

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

 

$

1,388

 

 

$

1,710

 

Accrued expenses and other current liabilities

 

 

8,905

 

 

 

8,691

 

Operating lease liabilities, current portion

 

 

1,372

 

 

 

 

Term loan, current portion

 

 

 

 

 

480

 

Total current liabilities

 

 

11,665

 

 

 

10,881

 

Operating lease liabilities, noncurrent

 

 

12,215

 

 

 

 

Other noncurrent liabilities

 

 

 

 

 

8

 

Term loan, noncurrent

 

 

 

 

 

1,916

 

TOTAL LIABILITIES

 

 

23,880

 

 

 

12,805

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized, and no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000,000 shares authorized, 38,182,260 and 38,224,299 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

426,798

 

 

 

416,710

 

Accumulated deficit

 

 

(164,370

)

 

 

(103,707

)

Accumulated other comprehensive loss

 

 

(1,318

)

 

 

(58

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

261,114

 

 

 

312,949

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

284,994

 

 

$

325,754

 

 

See accompanying notes.

1


 

DICE THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

 

 

$

 

 

$

 

 

$

1,125

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

14,730

 

 

 

11,689

 

 

 

42,470

 

 

 

24,292

 

General and administrative

 

 

6,439

 

 

 

4,444

 

 

 

19,301

 

 

 

8,226

 

Total operating expenses

 

 

21,169

 

 

 

16,133

 

 

 

61,771

 

 

 

32,518

 

Loss from operations

 

 

(21,169

)

 

 

(16,133

)

 

 

(61,771

)

 

 

(31,393

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

 

702

 

 

 

20

 

 

 

1,516

 

 

 

61

 

Interest expense

 

 

(83

)

 

 

(60

)

 

 

(208

)

 

 

(114

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(200

)

 

 

 

Change in fair value of warrant liability

 

 

 

 

 

(1,162

)

 

 

 

 

 

(1,318

)

Net loss

 

 

(20,550

)

 

 

(17,335

)

 

 

(60,663

)

 

 

(32,764

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities

 

 

264

 

 

 

(2

)

 

 

(1,260

)

 

 

(2

)

Comprehensive loss

 

$

(20,286

)

 

$

(17,337

)

 

$

(61,923

)

 

$

(32,766

)

Net loss per share, basic and diluted

 

$

(0.55

)

 

$

(2.30

)

 

$

(1.62

)

 

$

(8.12

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

37,480,179

 

 

 

7,551,128

 

 

 

37,368,993

 

 

 

4,035,590

 

 

See accompanying notes.

2


 

DICE THERAPEUTICS, INC.

Condensed Consolidated Statements of Convertible Preferred Units and Stockholders’ Equity/Members’ Deficit

(Unaudited)

(In thousands, except member unit data and share amounts)

 

 

 

Convertible
Preferred Units

 

 

 

Common Units

 

 

Common Stock

 

 

Additional Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Total
Stockholders’

 

 

 

Units

 

 

Cost

 

 

 

Units

 

 

Cost

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balances as of December 31, 2021

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

38,224,299

 

 

$

4

 

 

$

416,710

 

 

$

(103,707

)

 

$

(58

)

 

$

312,949

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,976

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

 

84

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,809

 

 

 

 

 

 

 

 

 

1,809

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,082

)

 

 

(1,082

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,591

)

 

 

 

 

 

(18,591

)

Balances as of March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,229,275

 

 

 

4

 

 

 

418,603

 

 

 

(122,298

)

 

 

(1,140

)

 

 

295,169

 

Forfeiture of unvested common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,449

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,208

 

 

 

 

 

 

 

 

 

4,208

 

Issuance of common stock warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

522

 

 

 

 

 

 

 

 

 

522

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(442

)

 

 

(442

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,522

)

 

 

 

 

 

(21,522

)

Balances as of June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,210,826

 

 

 

4

 

 

 

423,333

 

 

 

(143,820

)

 

 

(1,582

)

 

 

277,935

 

Forfeiture of unvested common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,566

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,465

 

 

 

 

 

 

 

 

 

3,465

 

Other comprehensive gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

264

 

 

 

264

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,550

)

 

 

 

 

 

(20,550

)

Balances as of September 30, 2022

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

38,182,260

 

 

$

4

 

 

$

426,798

 

 

$

(164,370

)

 

$

(1,318

)

 

$

261,114

 

 

3


 

 

 

Convertible
Preferred Units

 

 

 

Common Units

 

 

Common Stock

 

 

Additional Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Total
Stockholders'
Equity/Members’

 

 

 

Units

 

 

Cost

 

 

 

Units

 

 

Cost

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

(Deficit)

 

Balances as of December 31, 2020

 

 

12,690,540

 

 

$

107,374

 

 

 

 

2,248,687

 

 

$

 

 

 

 

 

$

 

 

$

1,603

 

 

$

(54,748

)

 

$

 

 

$

(53,145

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

347

 

 

 

 

 

 

 

 

 

347

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

(7

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,066

)

 

 

 

 

 

(8,066

)

Balances as of March 31, 2021

 

 

12,690,540

 

 

 

107,374

 

 

 

 

2,248,687

 

 

 

 

 

 

 

 

 

 

 

 

1,950

 

 

 

(62,814

)

 

 

(7

)

 

 

(60,871