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, 2021

OR

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

For the transition period from to

Commission file number: 001-37539

 

Global Blood Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-4825712

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

181 Oyster Point Boulevard

South San Francisco, CA 94080

(Address of principal executive offices)

(650) 741-7700

(Registrant’s telephone number, including area code)

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

 

Common Stock, par value $0.001 per share

GBT

The NASDAQ Global Select Market

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 29, 2021, there were 64,445,267 shares of the registrant’s Common Stock, par value $0.001 per share, outstanding.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I. – FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements

3

 

Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020

3

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)

4

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)

5

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

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

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

Item 4.

Controls and Procedures

26

 

 

PART II. – OTHER INFORMATION

26

 

 

 

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

Item 3.

Defaults Upon Senior Securities

68

Item 4.

Mine Safety Disclosures

68

Item 5.

Other Information

68

Item 6.

Exhibits

68

 

 

SIGNATURES

70

 

2


 

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

382,869

 

 

$

494,766

 

Short-term marketable securities

 

 

3,205

 

 

 

66,126

 

Accounts receivable, net

 

 

23,894

 

 

 

17,500

 

Inventories

 

 

51,512

 

 

 

40,223

 

Prepaid expenses and other current assets

 

 

27,384

 

 

 

13,548

 

Total current assets

 

 

488,864

 

 

 

632,163

 

Long-term marketable securities

 

 

30,692

 

 

 

 

Property and equipment, net

 

 

35,415

 

 

 

37,882

 

Operating lease right-of-use assets

 

 

48,732

 

 

 

50,722

 

Restricted cash

 

 

2,451

 

 

 

2,436

 

Other assets, noncurrent

 

 

1,524

 

 

 

799

 

Total assets

 

$

607,678

 

 

$

724,002

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,642

 

 

$

19,078

 

Accrued liabilities

 

 

37,297

 

 

 

31,133

 

Accrued compensation

 

 

22,665

 

 

 

23,985

 

Operating lease liabilities, current

 

 

5,454

 

 

 

4,836

 

Total current liabilities

 

 

74,058

 

 

 

79,032

 

Long-term debt

 

 

149,508

 

 

 

148,815

 

Operating lease liabilities, noncurrent

 

 

74,990

 

 

 

79,176

 

Other liabilities, noncurrent

 

 

822

 

 

 

822

 

Total liabilities

 

 

299,378

 

 

 

307,845

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized as of September 30, 2021 (unaudited) and December 31, 2020; no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value, 150,000,000 shares authorized as of September 30, 2021 (unaudited) and December 31, 2020, respectively; 64,387,670 and 61,898,090 shares issued and outstanding as of September 30, 2021 (unaudited) and December 31, 2020, respectively

 

 

64

 

 

 

62

 

Additional paid-in capital

 

 

1,509,994

 

 

 

1,402,262

 

Accumulated other comprehensive loss

 

 

221

 

 

 

302

 

Accumulated deficit

 

 

(1,201,979

)

 

 

(986,469

)

Total stockholders’ equity

 

 

308,300

 

 

 

416,157

 

Total liabilities and stockholders’ equity

 

$

607,678

 

 

$

724,002

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3


 

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Product sales, net

 

$

52,052

 

 

$

36,889

 

 

$

138,650

 

 

$

82,508

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

830

 

 

 

513

 

 

 

2,162

 

 

 

1,025

 

Research and development

 

 

50,529

 

 

 

40,196

 

 

 

153,170

 

 

 

114,054

 

Selling, general and administrative

 

 

67,987

 

 

 

54,491

 

 

 

188,046

 

 

 

151,227

 

Total costs and operating expenses

 

 

119,346

 

 

 

95,200

 

 

 

343,378

 

 

 

266,306

 

Loss from operations

 

 

(67,294

)

 

 

(58,311

)

 

 

(204,728

)

 

 

(183,798

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

85

 

 

 

881

 

 

 

578

 

 

 

5,251

 

Interest expense

 

 

(3,709

)

 

 

(2,291

)

 

 

(11,075

)

 

 

(6,887

)

Other expenses, net

 

 

(70

)

 

 

(160

)

 

 

(285

)

 

 

(313

)

Total other income (expense), net

 

 

(3,694

)

 

 

(1,570

)

 

 

(10,782

)

 

 

(1,949

)

Net loss

 

 

(70,988

)

 

 

(59,881

)

 

 

(215,510

)

 

 

(185,747

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on marketable securities, net of tax

 

 

(42

)

 

 

(507

)

 

 

(301

)

 

 

(35

)

Cumulative translation adjustment

 

 

(39

)

 

 

 

 

 

220

 

 

 

 

Comprehensive loss

 

$

(71,069

)

 

$

(60,388

)

 

$

(215,591

)

 

$

(185,782

)

Basic and diluted net loss per common share

 

$

(1.13

)

 

$

(0.97

)

 

$

(3.45

)

 

$

(3.04

)

Weighted-average number of shares used in computing basic and diluted net loss per common share

 

 

62,925,081

 

 

 

61,573,877

 

 

 

62,449,207

 

 

 

61,160,984

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

GLOBAL BLOOD THERAPEUTICS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

In Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

61,898,090

 

 

$

62

 

 

$

1,402,262

 

 

$

302

 

 

$

(986,469

)

 

$

416,157

 

Issuance of common stock upon exercise of stock options

 

 

47,763

 

 

 

 

 

 

1,110

 

 

 

 

 

 

 

 

 

1,110

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

229,087

 

 

 

 

 

 

(1,897

)

 

 

 

 

 

 

 

 

(1,897

)

Issuance of common stock pursuant to ESPP purchases

 

 

65,110

 

 

 

 

 

 

2,558

 

 

 

 

 

 

 

 

 

2,558

 

Stock-based compensation

 

 

 

 

 

 

 

 

20,378

 

 

 

 

 

 

 

 

 

20,378

 

Net unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(181

)

 

 

 

 

 

(181

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(74,930

)

 

 

(74,930

)

Balance at March 31, 2021

 

 

62,240,050

 

 

$

62

 

 

$

1,424,411

 

 

$

121

 

 

$

(1,061,399

)

 

$

363,195

 

Issuance of common stock upon exercise of stock options

 

 

28,575

 

 

 

 

 

 

403

 

 

 

 

 

 

 

 

 

403

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

110,493

 

 

 

 

 

 

(65

)

 

 

 

 

 

 

 

 

(65

)

Stock-based compensation

 

 

 

 

 

 

 

 

21,644

 

 

 

 

 

 

 

 

 

21,644

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(78

)

 

 

 

 

 

(78

)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

259

 

 

 

 

 

 

259

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,592

)

 

 

(69,592

)

Balance at June 30, 2021

 

 

62,379,118

 

 

$

62

 

 

$

1,446,393

 

 

$

302

 

 

$

(1,130,991

)

 

$

315,766

 

Issuance of common stock upon exercise of stock options

 

 

21,553

 

 

 

 

 

 

429

 

 

 

 

 

 

 

 

 

429

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

315,627

 

 

 

 

 

 

(1,094

)

 

 

 

 

 

 

 

 

(1,094

)

Issuance of common stock pursuant to ESPP purchases

 

 

69,488

 

 

 

 

 

 

1,695

 

 

 

 

 

 

 

 

 

1,695

 

Issuance of common stock upon at-the-market financing

 

 

1,601,884

 

 

 

2

 

 

 

44,071

 

 

 

 

 

 

 

 

 

44,073

 

Stock-based compensation

 

 

 

 

 

 

 

 

18,500

 

 

 

 

 

 

 

 

 

18,500

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(42

)

 

 

 

 

 

(42

)

Cumulative translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

(39

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70,988

)

 

 

(70,988

)

Balance at September 30, 2021

 

 

64,387,670

 

 

$

64

 

 

$

1,509,994

 

 

$

221

 

 

$

(1,201,979

)

 

$

308,300

 

 

5


 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

In Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

60,644,380

 

 

$

61

 

 

$

1,316,795

 

 

$

754

 

 

$

(738,916

)

 

$

578,694

 

Issuance of common stock upon exercise of stock options

 

 

33,937

 

 

 

 

 

 

967

 

 

 

 

 

 

 

 

 

967

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

160,594

 

 

 

 

 

 

(2,099

)

 

 

 

 

 

 

 

 

(2,099

)

Issuance of common stock pursuant to ESPP purchases

 

 

47,460

 

 

 

 

 

 

1,870

 

 

 

 

 

 

 

 

 

1,870

 

Stock-based compensation

 

 

 

 

 

 

 

 

16,705

 

 

 

 

 

 

 

 

 

16,705

 

Net unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

461

 

 

 

 

 

 

461

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(73,026

)

 

 

(73,026

)

Balance at March 31, 2020

 

 

60,886,371

 

 

$

61

 

 

$

1,334,238

 

 

$

1,215

 

 

$

(811,942

)

 

$

523,572

 

Issuance of common stock upon exercise of stock options

 

 

334,454

 

 

 

 

 

 

8,018

 

 

 

 

 

 

 

 

 

8,018

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

110,162

 

 

 

 

 

 

(74

)

 

 

 

 

 

 

 

 

(74

)

Stock-based compensation

 

 

 

 

 

 

 

 

17,128

 

 

 

 

 

 

 

 

 

17,128

 

Net unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52,840

)

 

 

(52,840

)

Balance at June 30, 2020

 

 

61,330,987

 

 

$

61

 

 

$

1,359,310

 

 

$

1,227

 

 

$

(864,782

)

 

$

495,816

 

Issuance of common stock upon exercise of stock options

 

 

121,619

 

 

 

 

 

 

3,312

 

 

 

 

 

 

 

 

 

3,312

 

Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes

 

 

253,447

 

 

 

 

 

 

(2,990

)

 

 

 

 

 

 

 

 

(2,990

)

Issuance of common stock pursuant to ESPP purchases

 

 

50,605

 

 

 

 

 

 

2,266

 

 

 

 

 

 

 

 

 

2,266

 

Stock-based compensation

 

 

 

 

 

 

 

 

19,639

 

 

 

 

 

 

 

 

 

19,639

 

Net unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

(507

)

 

 

 

 

 

(507

)

Net loss