|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
2834
(Primary Standard Industrial
Classification Code Number) |
| |
85-0800493
(I.R.S. Employer
Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | |
Page
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TRADEMARKS | | | | | 12 | | |
| | | | 13 | | | |
| | | | 65 | | | |
| | | | 65 | | | |
| | | | 66 | | | |
| | | | 77 | | | |
| | | | 112 | | | |
| | | | 128 | | | |
| | | | 133 | | | |
| | | | 138 | | | |
| | | | 145 | | | |
| | | | 148 | | | |
| | | | 154 | | | |
| | | | 156 | | | |
| | | | 167 | | | |
| | | | 171 | | | |
| | | | 172 | | | |
| | | | F-1 | | |
| | |
Therapeutics
Acquisition Corp. |
| |
POINT Biopharma
Inc. |
| |
Pro Forma
Adjustments |
| |
Note 2
|
| |
Pro Forma
Condensed Combined |
| |||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 699,534 | | | | | | — | | | | | | 135,709,741 | | | | | | a) | | | | | | 280,741,320 | | |
| | | | | | | | | | | | | | | | | (7,302,150) | | | | | | b) | | | | | | | | |
| | | | | | | | | | | | | | | | | (19,266,210) | | | | | | c) | | | | | | | | |
| | | | | | | | | | | | | | | | | (13,942,647) | | | | | | e) | | | | | | | | |
| | | | | | | | | | | | | | | | | 165,000,000 | | | | | | j) | | | | | | | | |
| | | | | | | | | | | | | | | | | 19,843,052 | | | | | | l) | | | | | | | | |
Cash and cash equivalents
|
| | | | — | | | | | | 19,843,052 | | | | | | (19,843,052) | | | | | | l) | | | | | | — | | |
Deferred financing costs
|
| | | | — | | | | | | 1,553,499 | | | | | | (1,553,499) | | | | | | c) | | | | | | — | | |
Prepaid expenses
|
| | | | 88,817 | | | | | | — | | | | | | 4,555,236 | | | | | | l) | | | | | | 4,644,053 | | |
Prepaid expenses and other current assets
|
| | | | — | | | | | | 4,555,236 | | | | | | (4,555,236) | | | | | | l) | | | | | | — | | |
Total current assets
|
| | | | 788,351 | | | | | | 25,951,787 | | | | | | 258,645,235 | | | | | | | | | | | | 285,385,373 | | |
Marketable securities held in trust
account |
| | | | 135,709,741 | | | | | | — | | | | | | (135,709,741) | | | | | | a) | | | | | | — | | |
Property, plant and equipment
|
| | | | — | | | | | | 12,698,122 | | | | | | — | | | | | | | | | | | | 12,698,122 | | |
TOTAL ASSETS
|
| | | | 136,498,092 | | | | | | 38,649,909 | | | | | | 122,935,494 | | | | | | | | | | | | 298,083,495 | | |
LIABILITIES &
STOCKHOLDERS’ EQUITY |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 352,744 | | | | | | 3,373,990 | | | | | | (439,490) | | | | | | b) | | | | | | 3,287,244 | | |
Accrued expenses
|
| | | | 754,809 | | | | | | 2,971,051 | | | | | | (2,113,160) | | | | | | b) | | | | | | 1,612,700 | | |
Deferred underwriting commissions, current
|
| | | | 4,749,500 | | | | | | — | | | | | | (4,749,500) | | | | | | b) | | | | | | — | | |
Income taxes payable
|
| | | | — | | | | | | 128,307 | | | | | | — | | | | | | | | | | | | 128,307 | | |
Mortgage payable, net of debt discount
|
| | | | — | | | | | | 3,553,459 | | | | | | — | | | | | | | | | | | | 3,553,459 | | |
Total current liabilities
|
| | |
|
5,857,053
|
| | | |
|
10,026,807
|
| | | | | (7,302,150) | | | | | | | | | | |
|
8,581,710
|
| |
TOTAL LIABILITIES
|
| | | | 5,857,053 | | | | | | 10,026,807 | | | | | | (7,302,150) | | | | | | | | | | | | 8,581,710 | | |
Class A Common stock subject to
possible redemption, 12,564,103 shares at $10.00 per share |
| | | | 125,641,030 | | | | | | — | | | | | | (13,942,647) | | | | | | e) | | | | | | — | | |
| | | | | | | | | | | | | | | | | (111,698,383) | | | | | | f) | | | | | | | | |
| | |
Therapeutics
Acquisition Corp. |
| |
POINT Biopharma
Inc. |
| |
Pro Forma
Adjustments |
| |
Note 2
|
| |
Pro Forma
Condensed Combined |
| |||||||||||||||
STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock, $0.0001
par value; 100,000,000 shares authorized, 1,477,297 shares issued and outstanding (excluding 12,564,103 shares subject to possible redemption) at March 31, 2021 |
| | | | 148 | | | | | | — | | | | | | 339 | | | | | | d) | | | | | | — | | |
| | | | | | | | | | | | | | | | | 1,117 | | | | | | f) | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,650 | | | | | | j) | | | | | | | | |
| | | | | | | | | | | | | | | | | (3,254) | | | | | | k) | | | | | | | | |
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 3,392,500 shares issued and outstanding at March 31, 2021
|
| | | | 339 | | | | | | — | | | | | | (339) | | | | | | d) | | | | | | — | | |
New POINT Common Stock, $0.0001 par value
|
| | | | | | | | | | | | | | | | 5,758 | | | | | | g) | | | | | | 9,012 | | |
| | | | | | | | | | | | | | | | | 3,254 | | | | | | k) | | | | | | | | |
Common shares, par value $0.001
per share, 50,000,000 authorized, 16,051,884 issued and outstanding as at March 31, 2021 |
| | | | — | | | | | | 16,052 | | | | | | (16,052) | | | | | | g) | | | | | | — | | |
Additional paid-in-capital
|
| | | | 6,710,075 | | | | | | 47,773,698 | | | | | | (15,193,056) | | | | | | c) | | | | | | 315,297,056 | | |
| | | | | | | | | | | | | | | | | 111,697,266 | | | | | | f) | | | | | | | | |
| | | | | | | | | | | | | | | | | (1,710,553) | | | | | | g) | | | | | | | | |
| | | | | | | | | | | | | | | | | 16,052 | | | | | | g) | | | | | | | | |
| | | | | | | | | | | | | | | | | (5,758) | | | | | | g) | | | | | | | | |
| | | | | | | | | | | | | | | | | 164,998,350 | | | | | | j) | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,010,982 | | | | | | i) | | | | | | | | |
Accumulated deficit
|
| | | | (1,710,553) | | | | | | (19,166,648) | | | | | | (5,626,653) | | | | | | c) | | | | | | (25,804,283) | | |
| | | | | | | | | | | | | | | | | 1,710,553 | | | | | | g) | | | | | | | | |
| | | | | | | | | | | | | | | | | (1,010,982) | | | | | | i) | | | | | | | | |
TOTAL STOCKHOLDERS’ EQUITY
|
| | | | 5,000,009 | | | | | | 28,623,102 | | | | | | 255,878,674 | | | | | | | | | | | | 289,501,785 | | |
TOTAL LIABILITIES & STOCKHOLDERS’
EQUITY |
| | | | 136,498,092 | | | | | | 38,649,909 | | | | | | 122,935,494 | | | | | | | | | | | | 298,083,495 | | |
|
| | |
Therapeutics
Acquisition Corp. for the period three months March 31, 2021 |
| |
POINT Biopharma
Inc. for the three months ended March 31, 2021 |
| |
Pro Forma
Adjustments |
| |
Note 2
|
| |
Pro Forma Condensed
Combined |
| ||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | — | | | | | | 4,269,298 | | | | | | — | | | | | | | | | 4,269,298 | | |
Formation and operating costs
|
| | | | 1,402,386 | | | | | | — | | | | | | — | | | | | | | | | 1,402,386 | | |
General and administrative
|
| | | | — | | | | | | 1,464,692 | | | | | | — | | | | | | | | | 1,464,692 | | |
Loss from operations
|
| | |
|
1,402,386
|
| | | |
|
5,733,990
|
| | | | | — | | | | | | | |
|
7,136,376
|
| |
Other income (expenses) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in trust account
|
| | | | 3,346 | | | | | | — | | | | | | | | | | | | | | | 3,346 | | |
Finance costs
|
| | | | — | | | | | | (2,799) | | | | | | — | | | | | | | | | (2,799) | | |
Foreign currency loss
|
| | | | — | | | | | | (7,207) | | | | | | — | | | | | | | | | (7,207) | | |
Net loss before income taxes
|
| | | | 1,399,040 | | | | | | 5,743,996 | | | | |
|
—
|
| | | | | | | | 7,143,036 | | |
Provision for income taxes
|
| | | | — | | | | | | (40,425) | | | | | | — | | | | | | | | | (40,425) | | |
Net loss
|
| | |
|
1,399,040
|
| | | |
|
5,784,421
|
| | | | | — | | | | | | | |
|
7,183,461
|
| |
Basic and diluted net loss per Class A shares, per Old POINT common share and per New POINT common share
|
| | | $ | — | | | | | $ | 0.37 | | | | | | | | | | | | | | $ | 0.08 | | |
Weighted average shares outstanding of Class A redeemable common stock and common shares
|
| | | | 13,570,000 | | | | | | 15,799,284 | | | | | | | | | | | | | | | 89,215,742 | | |
Basic and diluted net loss per Class B shares
|
| | | $ | 0.36 | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of Class B non-redeemable common stock
|
| | | | 3,863,900 | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Therapeutics
Acquisition Corp. for the period from April 15, 2020 (Inception) through to December 31, 2020 |
| |
POINT Biopharma
Inc. for the year ended December 31, 2020 |
| |
Pro Forma
Adjustments |
| |
Note 2
|
| |
Pro Forma
Condensed Combined |
| |||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | — | | | | | | 9,142,156 | | | | | | 1,010,982 | | | | | | m) | | | | | | 10,153,138 | | |
Formation and operating costs
|
| | | | 317,908 | | | | | | — | | | | | | — | | | | | | | | | | | | 317,908 | | |
General and administrative
|
| | | | — | | | | | | 3,972,649 | | | | | | 5,626,653 | | | | | | n) | | | | | | 9,599,302 | | |
Loss from operations
|
| | | | 317,908 | | | | | | 13,114,805 | | | | | | 6,637,635 | | | | | | | | | | | | 20,070,348 | | |
Other income (expenses)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in trust account
|
| | | | 6,395 | | | | | | — | | | | | | | | | | | | | | | | | | 6,395 | | |
Finance costs
|
| | | | — | | | | | | (5,354) | | | | | | — | | | | | | | | | | | | (5,354) | | |
Foreign currency loss
|
| | | | — | | | | | | (164,962) | | | | | | — | | | | | | | | | | | | (164,962) | | |
Net loss before income taxes
|
| | | | 311,513 | | | | | | 13,285,121 | | | | | | 6,637,635 | | | | | | | | | | | | 20,234,269 | | |
Provision for income
taxes |
| | | | — | | | | | | (87,882) | | | | | | — | | | | | | | | | | | | (87,882) | | |
Net loss
|
| | | | 311,513 | | | | | | 13,373,003 | | | | | | 6,637,635 | | | | | | | | | | | | 20,322,151 | | |
Basic and diluted net
loss per Class A shares, per Old POINT common share and per New POINT common share |
| | | $ | — | | | | | $ | 1.24 | | | | | | | | | | | | | | | | | $ | 0.29 | | |
Weighted average
shares outstanding of Class A redeemable common stock and common shares |
| | | | 13,570,000 | | | | | | 10,783,895 | | | | | | | | | | | | | | | | | | 71,068,964 | | |
Basic and diluted net
loss per Class B shares |
| | | $ | 0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average
shares outstanding of Class B non-redeemable common stock |
| | | | 3,708,573 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Stock price | | | $25 | |
| Exercise price | | | $25 | |
| Time to maturity | | | 5.4 years | |
| Annual risk-free interest rate | | | 0.72% | |
| Annualized volatility | | | 65% | |
| | |
Number of Shares
|
| |
Par Value
|
| |
Additional
Paid-in Capital |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
RACA
Class A |
| |
RACA
Class B |
| |
Old
POINT |
| |
New
POINT common shares |
| |
RACA
Class A |
| |
RACA
Class B |
| |
Old
POINT |
| |
New
POINT common shares |
| ||||||||||||||||||||||||||||||
RACA balance, March 31, 2021
|
| | | | 1,477,297 | | | | | | 3,392,500 | | | | | | — | | | | | | — | | | | | | 148 | | | | | | 339 | | | | | | — | | | | | | — | | | | | | 6,710,075 | | |
Class A Common stock subject to
possible redemption, 12,564,103 shares at $10.00 per share, net 1,394,131 of Class A common stock redeemed |
| | | | 11,169,972 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,117 | | | | | | — | | | | | | — | | | | | | — | | | | | | 111,697,266 | | |
Automatic conversion of RACA Class B shares into Class A common shares
|
| | | | 3,392,500 | | | | | | (3,392,500) | | | | | | — | | | | | | — | | | | | | 339 | | | | | | (339) | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Number of Shares
|
| |
Par Value
|
| |
Additional
Paid-in Capital |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
RACA
Class A |
| |
RACA
Class B |
| |
Old
POINT |
| |
New
POINT common shares |
| |
RACA
Class A |
| |
RACA
Class B |
| |
Old
POINT |
| |
New
POINT common shares |
| ||||||||||||||||||||||||||||||
Private placement of RACA shares
|
| | | | 16,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | 164,998,350 | | |
Elimination of RACA accumulated deficit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,710,553) | | |
Conversion of RACA Class A shares to New POINT Biopharma common shares at a conversion ratio of 1:1
|
| | | | (32,539,769) | | | | | | — | | | | | | — | | | | | | 32,539,769 | | | | | | (3,254) | | | | | | — | | | | | | — | | | | | | 3,254 | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 32,539,769 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,254 | | | | | | 281,695,138 | | |
Old POINT balance, March 31, 2021
|
| | | | — | | | | | | — | | | | | | 16,051,884 | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,052 | | | | | | — | | | | | | 47,773,698 | | |
Conversion of Old POINT common shares into New POINT Biopharma common shares at a conversion ratio of 3.59:1
|
| | | | — | | | | | | — | | | | | | (16,051,884) | | | | | | 57,582,025 | | | | | | — | | | | | | — | | | | | | (16,052) | | | | | | 5,758 | | | | | | 10,294 | | |
Accelerated vesting of Old POINT options due to the Business Combination
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,010,982 | | |
Transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,193,056) | | |
Ending balance, March 31, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | 90,121,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,012 | | | | | | 315,297,056 | | |
|
| | |
Old POINT
Options |
| |
New POINT
Options |
| ||||||
RACA balance, Mar 31, 2021
|
| | | | — | | | | | | — | | |
Old POINT options outstanding, March 31, 2021
|
| | | | 741,006 | | | | | | — | | |
Transfer of Old POINT options to New Point Biopharma options as at conversion ratio of 3.59:1
|
| | | | (741,006) | | | | | | 2,658,164 | | |
Ending balance, March 31, 2021
|
| | | | — | | | | | | 2,658,164 | | |
| | |
For the three
months ended Mar 31, 2021 |
| |||
Pro forma net loss
|
| | | $ | 7,183,461 | | |
Basic and diluted weighted average number of common shares outstanding
|
| | | | 89,215,742 | | |
Loss per share – basic and diluted
|
| | | $ | 0.08 | | |
| | |
Number of
New POINT common shares |
| |||
RACA weighted average number of Class A redeemable common stock, as of Mar 31, 2021
|
| | | | 13,570,000 | | |
RACA weighted average number of Class B redeemable common stock and founders shares not subject to redemption after being automatically converted on 1:1 basis for RACA Class A common stock, as of Mar 31, 2021
|
| | | | 3,863,900 | | |
Redemption of RACA Class A common shares, subject to redemption
|
| | | | (1,394,131) | | |
Private placement of RACA shares
|
| | | | 16,500,000 | | |
| | | | | 32,539,769 | | |
Conversion of RACA shares into New POINT common shares at a conversion ratio of 1:1
|
| | | | 32,539,769 | | |
Conversion of Old POINT common shares into New POINT common shares at a conversion
ratio of 3.59:1 |
| | | | 56,675,973 | | |
Total weighted average number of New POINT common shares outstanding
|
| | | | 89,215,742 | | |
| | |
For the period ended
December 31, 2020 |
| |||
Pro forma net loss
|
| | | $ | 20,322,151 | | |
Basic and diluted weighted average number of common shares outstanding
|
| | | | 71,068,964 | | |
Loss per share – basic and diluted
|
| | | $ | 0.29 | | |
| | |
Number of
New POINT common shares |
| |||
RACA weighted average number of Class A redeemable common stock, as of December 31, 2020
|
| | | | 13,570,000 | | |
RACA weighted average number of Class B redeemable common stock and founders shares not subject to redemption after being automatically converted on 1:1 basis for RACA Class A common stock, as of December 31, 2020
|
| | | | 3,708,573 | | |
Redemption of RACA Class A common shares
|
| | | | (1,394,131) | | |
Private placement of RACA shares
|
| | | | 16,500,000 | | |
| | | | | 32,384,442 | | |
Conversion of RACA shares into New POINT common shares at a conversion ratio of 1:1
|
| | | | 32,384,442 | | |
Conversion of Old POINT common shares into New POINT common shares at a conversion
ratio of 3.59:1 |
| | | | 38,684,522 | | |
Total weighted average number of New POINT common shares outstanding
|
| | | | 71,068,964 | | |
| | |
GEP-NETs
N=134 |
| |
Non-GEP-NETs
N=33 |
|
PFS @ 12 months*
|
| |
90.9%
|
| |
83.6%
|
|
mPFS
|
| |
33.3 mo
|
| |
24.8 mo
|
|
ORR per RECIST 1.1
|
| |
19%
|
| |
24%
|
|
| | |
For the three
months ended March 31, 2021 |
| |
For the three
months ended March 31, 2020 |
| |
Change
|
| |||||||||||||||
(In U.S. dollars)
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 4,269,298 | | | | | | 385,594 | | | | | | 3,883,704 | | | | | | 1007.2% | | |
General and administrative
|
| | | | 1,464,692 | | | | | | 1,023,664 | | | | | | 441,028 | | | | | | 43.1% | | |
Total operating expenses
|
| | | | 5,733,990 | | | | | | 1,409,258 | | | | | | 4,324,732 | | | | | | 306.9% | | |
Loss from operations
|
| | | | (5,733,990) | | | | | | (1,409,258) | | | | | | (4,324,732) | | | | | | 306.9% | | |
Other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance costs
|
| | | | (2,799) | | | | | | — | | | | | | (2,799) | | | | | | (100.0)% | | |
Foreign currency loss
|
| | | | (7,207) | | | | | | (158,332) | | | | | | 151,125 | | | | | | (95.4)% | | |
Total other expenses
|
| | | | (10,006) | | | | | | (158,332) | | | | | | 148,326 | | | | | | (93.7)% | | |
Loss before provision for income taxes
|
| | | | (5,743,996) | | | | | | (1,567,590) | | | | | | (4,176,406) | | | | | | 266.4% | | |
Provision for income taxes
|
| | | | (40,425) | | | | | | (15,244) | | | | | | (25,181) | | | | | | 165.2% | | |
Net loss
|
| | | | (5,784,421) | | | | | | (1,582,834) | | | | | | (4,201,587) | | | | | | 265.4% | | |
| | |
For the three
months ended March 31, 2021 |
| |
For the three
months ended March 31, 2020 |
| |
Change
|
| |||||||||||||||
(In U.S. dollars)
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Research and development expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 1,018,370 | | | | | | 85,213 | | | | | | 933,157 | | | | | | 1095% | | |
Sponsored research & product licenses
|
| | | | 922,287 | | | | | | — | | | | | | 922,287 | | | | | | 100% | | |
Clinical trial
|
| | | | 1,793,779 | | | | | | 63,836 | | | | | | 1,729,943 | | | | | | 2710% | | |
Contract manufacturing
|
| | | | 363,093 | | | | | | 236,545 | | | | | | 126,548 | | | | | | 53% | | |
Regulatory consulting
|
| | | | 171,769 | | | | | | — | | | | | | 171,769 | | | | | | 100% | | |
Total | | | | | 4,269,298 | | | | | | 385,594 | | | | | | 3,883,704 | | | | | | 1007% | | |
| | |
For the three
months ended March 31, 2021 |
| |
For the three
months ended March 31, 2020 |
| |
Change
|
| |||||||||||||||
(In U.S. dollars)
|
| |
$
|
| |
%
|
| ||||||||||||||||||
General and administrative expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 609,978 | | | | | | 805,975 | | | | | | (195,997) | | | | | | (24.3)% | | |
Consulting and accounting
|
| | | | 327,747 | | | | | | 19,557 | | | | | | 308,190 | | | | | | 1575.9% | | |
Legal expenses
|
| | | | 254,334 | | | | | | 103,158 | | | | | | 151,176 | | | | | | 146.5% | | |
Insurance
|
| | | | 31,045 | | | | | | — | | | | | | 31,045 | | | | | | 100.0% | | |
Office expenses
|
| | | | 93,567 | | | | | | 60,782 | | | | | | 32,785 | | | | | | 53.9% | | |
Advertising
|
| | | | 50,232 | | | | | | 10,673 | | | | | | 39,559 | | | | | | 370.6% | | |
Other expenses
|
| | | | 97,789 | | | | | | 23,519 | | | | | | 74,270 | | | | | | 315.8% | | |
Total | | | | | 1,464,692 | | | | | | 1,023,664 | | | | | | 441,028 | | | | | | 43.1% | | |
(In U.S. dollars)
|
| |
For the Year
Ended December 31, 2020 |
| |
Period from
Inception to December 31, 2019 |
| |
Change*
|
| |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 9,142,156 | | | | | | 290 | | | | | | 9,141,866 | | |
General and administrative
|
| | | | 3,972,649 | | | | | | 8,739 | | | | | | 3,963,910 | | |
Total operating expenses
|
| | | | 13,114,805 | | | | | | 9,029 | | | | | | 13,105,776 | | |
Loss from operations
|
| | | | (13,114,805) | | | | | | (9,029) | | | | | | (13,105,776) | | |
Other expenses: | | | | | | | | | | | | | | | | | | | |
Finance costs
|
| | | | (5,354) | | | | | | — | | | | | | (5,354) | | |
Foreign currency loss
|
| | | | (164,962) | | | | | | (195) | | | | | | (164,767) | | |
Total other expenses
|
| | | | (170,316) | | | | | | (195) | | | | | | (170,121) | | |
Loss before provision for income taxes
|
| | | | (13,285,121) | | | | | | (9,224) | | | | | | (13,275,897) | | |
Provision for income taxes
|
| | | | (87,882) | | | | | | — | | | | | | (87,882) | | |
Net loss
|
| | | | (13,373,003) | | | | | | (9,224) | | | | | | (13,363,779) | | |
(In U.S. dollars)
|
| |
For the Year
Ended December 31, 2020 |
| |
Period from
Inception to December 31, 2019 |
| |
Change*
|
| |||||||||
Research and development expenses: | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 1,331,706 | | | | | | — | | | | | | 1,331,706 | | |
Sponsored research & product licenses
|
| | | | 4,181,093 | | | | | | — | | | | | | 4,181,093 | | |
Clinical trial
|
| | | | 1,405,508 | | | | | | — | | | | | | 1,405,508 | | |
Contract manufacturing
|
| | | | 1,889,898 | | | | | | — | | | | | | 1,889,898 | | |
Regulatory consulting
|
| | | | 333,950 | | | | | | 290 | | | | | | 333,660 | | |
Total | | | | | 9,142,156 | | | | | | 290 | | | | | | 9,141,866 | | |
(In U.S. dollars)
|
| |
For the Year
Ended December 31, 2020 |
| |
Period from
Inception to December 31, 2019 |
| |
Change*
|
| |||||||||
General and administrative expenses: | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 2,570,296 | | | | | | — | | | | | | 2,570,296 | | |
Consulting and accounting
|
| | | | 450,110 | | | | | | — | | | | | | 450,110 | | |
Legal expenses
|
| | | | 519,816 | | | | | | — | | | | | | 519,816 | | |
Insurance
|
| | | | 92,643 | | | | | | — | | | | | | 92,643 | | |
Office expenses
|
| | | | 118,628 | | | | | | 6,930 | | | | | | 111,697 | | |
Advertising
|
| | | | 43,767 | | | | | | 1,809 | | | | | | 41,958 | | |
Other expenses
|
| | | | 177,390 | | | | | | — | | | | | | 177,390 | | |
Total | | | | | 3,972,649 | | | | | | 8,739 | | | | | | 3,963,910 | | |
| | |
As at
March 31, 2021 |
| |
As at
December 31, 2020 |
| |
Change
|
| |||||||||||||||
(In U.S. dollars)
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Current assets
|
| | | | 25,951,787 | | | | | | 12,397,095 | | | | | | 13,554,692 | | | | | | 109% | | |
Current liabilities
|
| | | | 10,026,807 | | | | | | 5,163,557 | | | | | | 4,863,250 | | | | | | 94% | | |
Total working capital
|
| | | | 15,924,980 | | | | | | 7,233,538 | | | | | | 8,691,442 | | | | | | 120% | | |
| | |
For the three
months ended March 31, 2021 |
| |
For the three
months ended March 31, 2020 |
| |
Change
|
| |||||||||||||||
(In U.S. dollars)
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Net cash flows used in operating activities
|
| | | | (8,252,975) | | | | | | (405,203) | | | | | | (7,847,772) | | | | | | 1937% | | |
Net cash flows used in investing activities
|
| | | | (2,900,722) | | | | | | — | | | | | | (2,900,722) | | | | | | (100.0)% | | |
Net cash flows provided by financing activities
|
| | | | 20,450,000 | | | | | | 4,304,500 | | | | | | 16,145,500 | | | | | | 375% | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 9,296,303 | | | | | | 3,899,297 | | | | | | 5,397,005 | | | | | | 138% | | |
(In U.S. dollars)
|
| |
For the Year
Ended December 31, 2020 |
| |
Period from
Inception to December 31, 2019 |
| |
Change*
|
| |||||||||
Net cash flows used in operating activities
|
| | | | (8,308,210) | | | | | | — | | | | | | (8,308,210) | | |
Net cash flows used in investing activities
|
| | | | (9,797,400) | | | | | | — | | | | | | (9,797,400) | | |
Net cash flows provided by financing activities
|
| | | | 28,652,359 | | | | | | — | | | | | | 28,652,359 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 10,546,749 | | | | | | — | | | | | | 10,546,749 | | |
Stockholder
|
| |
Shares of
Common Stock |
| |
Total Cash
Purchase Price |
| ||||||
Allan C. Silber(1)
|
| | | | 4,170,370 | | | | | $ | 1,835,875 | | |
Ariel Shomair(2)
|
| | | | 275,000 | | | | | | 1,000,750 | | |
Dr. Neil Fleshner(3)
|
| | | | 1,375,100 | | | | | | 138,501 | | |
Jonathan Ross Goodman(4)
|
| | | | 10,000 | | | | | | 250,000 | | |
Michael Gottlieb(5)
|
| | | | 322,500 | | | | | | 115,500 | | |
Western Capital Group, LLC(6)
|
| | | | 1,000,000 | | | | | | 25,000,000 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Dr. Joe McCann, Ph.D.(1) | | | | | 44 | | | |
Chief Executive Officer and Class III Director
|
|
Allan C. Silber(1) | | | | | 72 | | | | Executive Chair and Class III Director | |
Bill Demers, FCPA, FCA | | | | | 63 | | | | Chief Financial Officer | |
Michael Gottlieb | | | | | 43 | | | | Chief Commercial Officer | |
Dr. Neil Fleshner, M.D.(1) | | | | | 58 | | | | Chief Medical Officer and Class II Director | |
Jessica Jensen | | | | | 41 | | | |
Executive Vice President Clinical Development
|
|
Dr. Rajesh K. Malik, M.D.(3) | | | | | 62 | | | | Class I Director | |
Jonathan Ross Goodman(1) | | | | | 53 | | | | Class I Director | |
Margaret E. Gilmour(1) | | | | | 61 | | | | Class I Director | |
Gerald Hogue(1) | | | | | 63 | | | | Class III Director | |
David C. Lubner(2) | | | | | 56 | | | | Class II Director | |
Dr. Yael Margolin, Ph.D.(1) | | | | | 68 | | | | Class II Director | |
Compensation Element
|
| |
Purpose
|
|
Base Salary
|
| | To provide stable and competitive income. | |
Annual Incentives
|
| | To motivate and reward short-term behaviors, actions and results that drive long-term value creation. | |
Long-Term Incentives
|
| | To encourage executives to maximize long-term shareholder value (provided in the form of options) | |
| | |
Dr. Joe
McCann Ph.D., CEO |
| |
Bill
Demers, CFO |
| |
Jessica
Jensen, EVP Clinical Development |
| |||||||||
Short Term Success
|
| | | | 30% | | | | | | 30% | | | | | | 30% | | |
Long Term Success
|
| | | | 20% | | | | | | 20% | | | | | | 20% | | |
Personal Success
|
| | | | 50% | | | | | | 50% | | | | | | 50% | | |
| | |
Option Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(2) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Dr. Joe McCann, Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bill Demers
|
| | | | — | | | | | | 50,000(3) | | | | | | 25.00 | | | | | | 8/16/26 | | |
Jessica Jensen
|
| | | | 35,000(1) | | | | | | — | | | | | | 25.00 | | | | | | 7/19/26 | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Stock
Awards ($) |
| |
Option Awards
($) |
| |
All Other
Compensation ($)(1) |
| |
Total
($) |
| |||||||||||||||
Dr. Neil Fleshner
|
| | | | | | | | | | | | | | | | | | | | | | 98,750(2) | | | | | | 98,750 | | |
Margaret E. Gilmour
|
| | | | 4,675 | | | | | | | | | | | | 125,210 | | | | | | | | | | | | 129,885 | | |
Howard Glase
|
| | | | 3,000 | | | | | | | | | | | | 125,210 | | | | | | | | | | | | 128,210 | | |
Jonathan Ross Goodman
|
| | | | 4,613 | | | | | | | | | | | | 125,210 | | | | | | | | | | | | 129,823 | | |
Gerald Hogue
|
| | | | 4,225 | | | | | | | | | | | | 125,210 | | | | | | | | | | | | 129,435 | | |
Allan C. Silber
|
| | | | | | | | | | 4,755(3) | | | | | | | | | | | | 218,707(3) | | | | | | 223,462 | | |
| | |
Annual
Retainer |
| |||
Board of Directors
|
| | | $ | 40,000 | | |
Audit Committee Chair
|
| | | $ | 7,500 | | |
Audit Committee Member
|
| | | $ | 7,500 | | |
Compensation Committee Chair
|
| | | $ | 5,000 | | |
Compensation Committee Member
|
| | | $ | 5,000 | | |
Nominating and Corporate Governance Committee Chair
|
| | | $ | 5,000 | | |
Nominating and Corporate Governance Committee Chair
|
| | | $ | 5,000 | | |
| | |
Securities
Beneficially Owned Prior to the Offering |
| |
Shares
Issuable upon Exercise of Outstanding Options |
| |
Securities
Being Offered in the Offering |
| |
Securities Beneficially
Owned After the Offered Securities are Sold |
| ||||||||||||||||||
Selling Securityholder
|
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
%
|
| |||||||||||||||
Allan Silber(1)
|
| | | | 8,864,091 | | | | | | 6,787 | | | | | | 8,870,878 | | | | | | — | | | | | | — | | |
David Silber(2)
|
| | | | 1,495,883 | | | | | | — | | | | | | 1,495,883 | | | | | | — | | | | | | — | | |
Hinda Silber(3)
|
| | | | 313,884 | | | | | | — | | | | | | 313,884 | | | | | | — | | | | | | — | | |
Jay Silber(4)
|
| | | | 2,568,470 | | | | | | 678,739 | | | | | | 3,247,209 | | | | | | — | | | | | | — | | |
Leah Silber(5)
|
| | | | 1,495,883 | | | | | | — | | | | | | 1,495,883 | | | | | | — | | | | | | — | | |
| | |
Securities
Beneficially Owned Prior to the Offering |
| |
Shares
Issuable upon Exercise of Outstanding Options |
| |
Securities
Being Offered in the Offering |
| |
Securities Beneficially
Owned After the Offered Securities are Sold |
| ||||||||||||||||||
Selling Securityholder
|
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
%
|
| |||||||||||||||
1510789 Ontario Inc.(6)
|
| | | | 233,171 | | | | | | — | | | | | | 233,171 | | | | | | — | | | | | | — | | |
Fleshner Family Trust(7)
|
| | | | 394,597 | | | | | | — | | | | | | 394,597 | | | | | | — | | | | | | — | | |
Neil Fleshner(8)
|
| | | | 3,587,249 | | | | | | 25,000 | | | | | | 3,612,249 | | | | | | — | | | | | | — | | |
Eleanore Rosenstein(9)
|
| | | | 179,362 | | | | | | — | | | | | | 179,362 | | | | | | — | | | | | | — | | |
Carole Rosenstein(10)
|
| | | | 179,362 | | | | | | — | | | | | | 179,362 | | | | | | — | | | | | | — | | |
Patricia North in Trust(11)
|
| | | | 358 | | | | | | — | | | | | | 358 | | | | | | — | | | | | | — | | |
Compass Meeting Science Inc.(12)
|
| | | | 3,632,090 | | | | | | — | | | | | | 3,632,090 | | | | | | — | | | | | | — | | |
Verity Pharmaceuticals Inc.(13)
|
| | | | 538,087 | | | | | | — | | | | | | 538,087 | | | | | | — | | | | | | — | | |
Joe McCann(14)
|
| | | | 3,614,153 | | | | | | — | | | | | | 3,614,153 | | | | | | — | | | | | | — | | |
Michael Gottlieb(15)
|
| | | | 1,156,887 | | | | | | 48,000 | | | | | | 1,204,887 | | | | | | — | | | | | | — | | |
Ariel Shomair(16)
|
| | | | 771,258 | | | | | | 180,705 | | | | | | 951,963 | | | | | | — | | | | | | — | | |
Benjamin Shomair(17)
|
| | | | 107,617 | | | | | | — | | | | | | 107,617 | | | | | | — | | | | | | — | | |
Nicole Shomair and Michael Shiman(18)
|
| | | | 107,617 | | | | | | — | | | | | | 107,617 | | | | | | — | | | | | | — | | |
Long Zone Holdings Inc.(19)
|
| | | | 35,872 | | | | | | — | | | | | | 35,872 | | | | | | — | | | | | | — | | |
Jonathan R. Goodman(20)
|
| | | | — | | | | | | 60,872 | | | | | | 60,872 | | | | | | — | | | | | | — | | |
Gerry Hogue(21)
|
| | | | — | | | | | | 60,872 | | | | | | 60,872 | | | | | | — | | | | | | — | | |
M.E. (Peggy) Gilmour(22)
|
| | | | — | | | | | | 60,872 | | | | | | 60,872 | | | | | | — | | | | | | — | | |
Bill Demers(23)
|
| | | | — | | | | | | 196,129 | | | | | | 196,129 | | | | | | — | | | | | | — | | |
Todd Hockemeyer(24)
|
| | | | 466,342 | | | | | | 38,186 | | | | | | 504,528 | | | | | | — | | | | | | — | | |
Jessica Jensen(25)
|
| | | | — | | | | | | 586,803 | | | | | | 586,803 | | | | | | — | | | | | | — | | |
Justyna Kelly(26)
|
| | | | — | | | | | | 31,836 | | | | | | 31,836 | | | | | | — | | | | | | — | | |
Averill Master Fund, Ltd.(27)
|
| | | | 2,045,600 | | | | | | — | | | | | | 700,000 | | | | | | 1,345,600 | | | | | | 1.5% | | |
Perceptive Life Sciences Master Fund, Ltd.(28)
|
| | | | 2,000,000 | | | | | | — | | | | | | 500,000 | | | | | | 1,500,000 | | | | | | 1.6% | | |
Woodline Master Fund LP(29)
|
| | | | 700,000 | | | | | | — | | | | | | 700,000 | | | | | | — | | | | | | — | | |
Sphera Biotech Master Fund, LP(30)
|
| | | | 420,430 | | | | | | — | | | | | | 280,000 | | | | | | 140,430 | | | | | | * | | |
Sphera Global Healthcare Master Fund(31)
|
| | | | 589,067 | | | | | | — | | | | | | 420,000 | | | | | | 169,067 | | | | | | * | | |
Boxer Capital, LLC(32)
|
| | | | 2,500,000 | | | | | | — | | | | | | 1,000,000 | | | | | | 1,500,000 | | | | | | 1.7% | | |
Biotechnology Value Fund, L.P. (33)
|
| | | | 1,450,587 | | | | | | — | | | | | | 1,040,687 | | | | | | 409,900 | | | | | | * | | |
Biotechnology Value Fund II, L.P. (34)
|
| | | | 1,114,595 | | | | | | — | | | | | | 812,404 | | | | | | 302,191 | | | | | | * | | |
Biotechnology Value Trading Fund
OS, L.P.(35) |
| | | | 173,889 | | | | | | — | | | | | | 124,725 | | | | | | 49,164 | | | | | | * | | |
MSI BVF SPV LLC(36)
|
| | | | 33,155 | | | | | | — | | | | | | 22,184 | | | | | | 10,971 | | | | | | * | | |
Alyeska Master Fund, L.P. (37)
|
| | | | 744,200 | | | | | | — | | | | | | 500,000 | | | | | | 244,200 | | | | | | * | | |
Citadel Multi-Strategy Equities Master Fund Ltd. (38)
|
| | | | 2,517,866 | | | | | | — | | | | | | 2,000,000 | | | | | | 517,866 | | | | | | * | | |
2B LLC(39)
|
| | | | 6,300 | | | | | | — | | | | | | 6,300 | | | | | | — | | | | | | — | | |
SilverArc Capital Alpha Fund I, L.P. (40)
|
| | | | 12,413 | | | | | | — | | | | | | 9,160 | | | | | | 3,253 | | | | | | * | | |
SilverArc Capital Alpha Fund II, L.P.(41)
|
| | | | 122,588 | | | | | | — | | | | | | 84,540 | | | | | | 38,048 | | | | | | * | | |
| | |
Securities
Beneficially Owned Prior to the Offering |
| |
Shares
Issuable upon Exercise of Outstanding Options |
| |
Securities
Being Offered in the Offering |
| |
Securities Beneficially
Owned After the Offered Securities are Sold |
| ||||||||||||||||||
Selling Securityholder
|
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
Shares of
Common Stock |
| |
%
|
| |||||||||||||||
Farallon Capital F5 Master I, L.P.(42)
|
| | | | 159,100 | | | | | | — | | | | | | 159,100 | | | | | | — | | | | | | — | | |
Farallon Capital (AM) Investors, L.P.(42)
|
| | | | 31,900 | | | | | | — | | | | | | 31,900 | | | | | | — | | | | | | — | | |
Farallon Capital Institutional Partners III, L.P.(42)
|
| | | | 79,000 | | | | | | — | | | | | | 79,000 | | | | | | — | | | | | | — | | |
Four Crossings Institutional Partners
V, L.P.(42) |
| | | | 86,900 | | | | | | — | | | | | | 86,900 | | | | | | — | | | | | | — | | |
Farallon Capital Institutional Partners,
L.P.(42) |
| | | | 613,700 | | | | | | — | | | | | | 613,700 | | | | | | — | | | | | | — | | |
Farallon Capital Institutional Partners II,
L.P.(42) |
| | | | 128,900 | | | | | | — | | | | | | 128,900 | | | | | | — | | | | | | — | | |
Farallon Capital Offshore Investors II,
L.P.(42) |
| | | | 907,400 | | | | | | — | | | | | | 907,400 | | | | | | — | | | | | | — | | |
Farallon Capital Partners, L.P.(42)
|
| | | | 393,100 | | | | | | — | | | | | | 393,100 | | | | | | — | | | | | | — | | |
Johnson & Johnson Innovation – JJDC,
Inc.(43) |
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Fairmount Healthcare Fund II LP(44)
|
| | | | 824,574 | | | | | | — | | | | | | 458,531 | | | | | | 366,043 | | | | | | * | | |
Fairmount Healthcare Fund LP(45)
|
| | | | 61,257 | | | | | | — | | | | | | 41,469 | | | | | | 19,788 | | | | | | * | | |
RA Capital Healthcare Fund, L.P.(46)
|
| | | | 4,098,318 | | | | | | — | | | | | | 4,098,318 | | | | | | — | | | | | | — | | |
RA Capital Nexus Fund, L.P.(47)
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Brightstone Capital Partners Inc.(48)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Ullman Wealth Management Inc.(49)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Robert W. Rieder(50)
|
| | | | 200,000 | | | | | | 6,787 | | | | | | 206,787 | | | | | | — | | | | | | — | | |
Therapeutics Acquisition Holdings LLC(51)
|
| | | | 3,757,700 | | | | | | — | | | | | | 3,757,700 | | | | | | — | | | | | | — | | |
Daniel Grau(52)
|
| | | | 35,400 | | | | | | — | | | | | | 35,400 | | | | | | — | | | | | | — | | |
Michael Gray(53)
|
| | | | 35,400 | | | | | | — | | | | | | 35,400 | | | | | | — | | | | | | — | | |
David Lubner(54)
|
| | | | 35,400 | | | | | | — | | | | | | 35,400 | | | | | | — | | | | | | — | | |
| | |
Page
Number |
| |||
Audited Financial Statements of Therapeutics Acquisition Corp. | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Financial Statements of Therapeutics Acquisition Corp. | | | | | | | |
| | | | F-17 | | | |
| | | | F-18 | | | |
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
Audited Consolidated Financial Statements of POINT Biopharma Inc. | | | | | | | |
| | | | F-34 | | | |
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
Unaudited Interim Condensed Consolidated Financial Statements of POINT Biopharma Inc. | | | | | | | |
| | | | F-59 | | | |
| | | | F-60 | | | |
| | | | F-61 | | | |
| | | | F-62 | | | |
| | | | F-63 | | |
| ASSETS | | | | | | | |
| Cash | | | | $ | 1,094,556 | | |
|
Prepaid expenses
|
| | | | 106,316 | | |
|
Total Current Assets
|
| | | | 1,200,872 | | |
|
Cash and marketable securities held in Trust Account
|
| | | | 135,706,395 | | |
|
Total Assets
|
| | |
$
|
136,907,267
|
| |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | |
| Current liabilities: | | | | | | | |
|
Accounts payable
|
| | | $ | 5,109 | | |
|
Accrued expenses
|
| | | | 112,579 | | |
|
Total Current Liabilities
|
| | | | 117,688 | | |
|
Deferred Underwriting Commissions
|
| | | | 4,749,500 | | |
|
Total Liabilities . .
|
| | | | 4,867,188 | | |
| Commitments and Contingencies | | | | | | | |
|
Class A Common Stock subject to possible redemption, 12,704,007 shares
at $10.00 per share. |
| | | | 127,040,070 | | |
| Stockholders’ Equity | | | | | | | |
|
Class A Common Stock, $0.0001 par value; 100,000,000 shares authorized; 1,337,393
issued and outstanding (excluding 12,704,007 shares subject to possible redemption) at December 31, 2020 |
| | | | 134 | | |
|
Class B Common Stock, $0.0001 par value; 10,000,000 shares authorized; 3,392,500 issued and outstanding at December 31, 2020
|
| | | | 339 | | |
|
Additional paid-in-capital
|
| | | | 5,311,049 | | |
|
Accumulated deficit
|
| | | | (311,513) | | |
|
Total Stockholders’ Equity
|
| | | | 5,000,009 | | |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 136,907,267 | | |
|
Formation and operating costs
|
| | | $ | 317,908 | | |
|
Loss from operations
|
| | | | (317,908) | | |
| Other income: | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 6,395 | | |
|
Net loss
|
| | | $ | (311,513) | | |
|
Weighted average shares outstanding of Class A redeemable Common Stock
|
| | | | 13,570,000 | | |
|
Basic and diluted net income per common share, Class A
|
| | | $ | 0.00 | | |
|
Weighted average shares outstanding of Class B non-redeemable Common Stock
|
| | | | 3,708,573 | | |
|
Basic and diluted net loss per common share, Class B
|
| | | $ | (0.09) | | |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – April 15, 2020 (Inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B Common Stock to Sponsor
|
| | | | — | | | | | | — | | | | | | 3,392,500 | | | | | | 339 | | | | | | 24,661 | | | | | | — | | | | | | 25,000 | | |
Issuance of Class A Common Stock in initial public offering, net of issuance costs of $8.1 million
|
| | | | 13,570,000 | | | | | | 1,357 | | | | | | — | | | | | | — | | | | | | 127,611,235 | | | | | | — | | | | | | 127,612,592 | | |
Issuance of Class A Common Stock to Sponsor in a private placement .
|
| | | | 471,400 | | | | | | 47 | | | | | | — | | | | | | — | | | | | | 4,713,953 | | | | | | — | | | | | | 4,714,000 | | |
Shares subject to possible redemption
|
| | | | (12,704,007) | | | | | | (1,270) | | | | | | — | | | | | | — | | | | | | (127,038,800) | | | | | | — | | | | | | (127,040,070) | | |
Net loss .
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (311,513) | | | | | | (311,513) | | |
Balance – December 31, 2020 .
|
| | | | 1,337,393 | | | | | $ | 134 | | | | | | 3,392,500 | | | | | $ | 339 | | | | | $ | 5,311,049 | | | | | $ | (311,513) | | | | | $ | 5,000,009 | | |
| Cash Flows from Operating Activities | | | | | | | |
|
Net loss
|
| | | $ | (311,513) | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (6,395) | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | (106,316) | | |
|
Accounts payable
|
| | | | 5,109 | | |
|
Accrued expenses
|
| | | | 112,579 | | |
|
Net cash used in operating activities
|
| | | | (306,536) | | |
| Cash Flows from Investing Activities | | | | | | | |
|
Investment of cash into Trust Account
|
| | | | (135,700,000) | | |
|
Net cash used in investing activities
|
| | | | (135,700,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class A Common Stock to Sponsor in a Private Placement
|
| | | | 4,714,000 | | |
|
Proceeds from issuance of Class A redeemable Common Stock, gross
|
| | | | 135,700,000 | | |
|
Proceeds from issuance of Class B Common Stock
|
| | | | 25,000 | | |
|
Payment of offering costs
|
| | | | (3,337,908) | | |
|
Repayment of related party note
|
| | | | (277,687) | | |
|
Proceeds from related party note
|
| | | | 277,687 | | |
|
Net cash provided by financing activities
|
| | | | 137,101,092 | | |
|
Net Change in Cash
|
| | | | 1,094,556 | | |
|
Cash – beginning of the period
|
| | | | — | | |
|
Cash – end of the period
|
| | |
$
|
1,094,556
|
| |
| Supplemental disclosure of noncash activities | | | | | | | |
|
Initial classification of Class A Common Stock subject to possible redemption
|
| | | $ | 127,365,550 | | |
|
Change in value of Class A Common Stock subject to possible redemption
|
| | | $ | (325,480) | | |
|
Deferred underwriting commissions in connection with the initial public offering
|
| | | $ | 4,749,500 | | |
(in thousands):
|
| |
For the Period from
April 15, 2020 (inception) through December 31, 2020 |
| |||||||||
Statutory federal income tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | (65) | | | | | | 21% | | |
Change in valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 65 | | | | | | −21% | | |
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | — | | | | | | —% | | |
(in thousands):
|
| |
December 31,
2020 |
| |||
Deferred tax assets: | | | | | | | |
Net operating loss carryforward
|
| | | $ | 22 | | |
Capitalized start up/organization costs
|
| | | | 43 | | |
Total deferred tax assets
|
| | | $ | 65 | | |
Valuation allowance
|
| | | | (65) | | |
Deferred tax assets, net of allowance
|
| | | $ | — | | |
Description
|
| |
December 31,
2020 |
| |
Quoted Prices
in Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets held in Trust Account: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 135,706,395 | | | | | $ | 135,706,395 | | | | | $ | — | | | | | $ | — | | |
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 135,706,395 | | | | | $ | 135,706,395 | | | | | $ | — | | | | | $ | — | | |
| | |
March 31, 2021
(unaudited) |
| |
December 31, 2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash | | | | $ | 699,534 | | | | | $ | 1,094,556 | | |
Prepaid expenses
|
| | | | 88,817 | | | | | | 106,316 | | |
Total Current Assets
|
| | | | 788,351 | | | | | | 1,200,872 | | |
Cash and marketable securities held in Trust Account
|
| | | | 135,709,741 | | | | | | 135,706,395 | | |
Total Assets
|
| | |
$
|
136,498,092
|
| | | |
$
|
136,907,267
|
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 352,744 | | | | | $ | 5,109 | | |
Accrued expenses
|
| | | | 754,809 | | | | | | 112,579 | | |
Deferred Underwriting Commissions, current
|
| | | | 4,749,500 | | | | | | — | | |
Total Current Liabilities
|
| | | | 5,857,053 | | | | | | 117,688 | | |
Deferred Underwriting Commissions, non-current
|
| | | | — | | | | | | 4,749,500 | | |
Total Liabilities
|
| | | | 5,857,053 | | | | | | 4,867,188 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A Common stock subject to possible redemption, 12,564,103 and 12,704,007 shares at $10.00 per share at March 31, 2021 and December 31, 2020, respectively
|
| | | | 125,641,030 | | | | | | 127,040,070 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized;
1,477,297 and 1,337,393 issued and outstanding (excluding 12,564,103 and 12,704,007 shares subject to possible redemption) at March 31, 2021 and December 31, 2020, respectively |
| | | | 148 | | | | | | 134 | | |
Class B common stock, $0.0001 par value; 10,000,000 shares authorized;
3,392,500 issued and outstanding at March 31, 2021 and December 31, 2020 |
| | | | 339 | | | | | | 339 | | |
Additional paid-in capital
|
| | | | 6,710,075 | | | | | | 5,311,049 | | |
Accumulated deficit
|
| | | | (1,710,553) | | | | | | (311,513) | | |
Total Stockholders’ Equity
|
| | | | 5,000,009 | | | | | | 5,000,009 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 136,498,092 | | | | | $ | 136,907,267 | | |
|
Formation and operating costs
|
| | | $ | 1,402,386 | | |
|
Loss from operations
|
| | | | (1,402,386) | | |
| Other income: | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 3,346 | | |
|
Net loss
|
| | | $ | (1,399,040) | | |
|
Weighted average shares outstanding of Class A redeemable common stock
|
| | | | 13,570,000 | | |
|
Basic and diluted income per share, Class A
|
| | | $ | 0.00 | | |
|
Weighted average shares outstanding of Class B non-redeemable common stock
|
| | | | 3,863,900 | | |
|
Basic and diluted net loss per share, Class B
|
| | | $ | (0.36) | | |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – December 31, 2020
|
| | | | 1,337,393 | | | | | $ | 134 | | | | | | 3,392,500 | | | | | $ | 339 | | | | | $ | 5,311,049 | | | | | $ | (311,513) | | | | | $ | 5,000,009 | | |
Shares subject to possible
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
redemption
|
| | | | 139,904 | | | | | | 14 | | | | | | — | | | | | | — | | | | | | 1,399,026 | | | | | | — | | | | | | 1,399,040 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,399,040) | | | | | | (1,399,040) | | |
Balance – March 31, 2021
|
| | | | 1,477,297 | | | | | $ | 148 | | | | | | 3,392,500 | | | | | $ | 339 | | | | | $ | 6,710,075 | | | | | $ | (1,710,553) | | | | | $ | 5,000,009 | | |
| Cash Flows from Operating Activities | | | | | | | |
|
Net loss
|
| | | $ | (1,399,040) | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (3,346) | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expense
|
| | | | 17,499 | | |
|
Accounts payable
|
| | | | 347,635 | | |
|
Accrued expenses
|
| | | | 642,230 | | |
|
Net cash used in operating activities
|
| | | | (395,022) | | |
|
Net Change in Cash
|
| | | | (395,022) | | |
|
Cash – beginning of the period
|
| | | | 1,094,556 | | |
|
Cash – end of the period
|
| | | $ | 699,534 | | |
| Supplemental disclosure of noncash activities | | | | | | | |
|
Initial classification of Class A common stock subject to possible redemption
|
| | | $ | 127,365,550 | | |
|
Change in value of Class A common stock subject to possible redemption
|
| | | $ | 1,724,520 | | |
Description
|
| |
March 31, 2021
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets held in Trust Account: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents – money market funds
|
| | | $ | 135,709,741 | | | | | $ | 135,709,741 | | | | | $ | — | | | | | $ | — | | |
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 135,709,741 | | | | | $ | 135,709,741 | | | | | $ | — | | | | | $ | — | | |
Description
|
| |
December 31,
2020 |
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets held in Trust Account: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents – money market funds
|
| | | $ | 135,706,395 | | | | | $ | 135,706,395 | | | | | $ | — | | | | | $ | — | | |
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 135,706,395 | | | | | $ | 135,706,395 | | | | | $ | — | | | | | $ | — | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 10,546,749 | | | | | | — | | |
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,850,346 | | | | | | 1,176 | | |
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 12,397,095 | | | | | | 1,176 | | |
Property in development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 9,797,400 | | | | | | — | | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 22,194,495 | | | | | | 1,176 | | |
LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,596,634 | | | | | | — | | |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,479,041 | | | | | | — | | |
Amount due to related party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | 10,400 | | |
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 87,882 | | | | | | — | | |
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 5,163,557 | | | | | | 10,400 | | |
Mortgage payable, net of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,550,660 | | | | | | — | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 8,714,217 | | | | | | 10,400 | | |
Commitment and contingencies (note 11) | | | | | | | | | | | | | |
Equity (Deficit) | | | | | | | | | | | | | |
Common shares, par value $0.001 per share,50,000,000 and 1,000 authorized,
15,233,884 and nil issued and outstanding as at December 31, 2020 and 2019, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
| | | | 15,234 | | | | | | — | | |
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 26,847,271 | | | | | | — | | |
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (13,382,227) | | | | | | (9,224) | | |
Total shareholders’ equity (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 13,480,278 | | | | | | (9,224) | | |
Total liabilities and shareholders’ equity (deficit) . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 22,194,495 | | | | | | 1,176 | | |
| | |
For the
Year Ended December 31, 2020 |
| |
Period from
Inception to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Operating expenses | | | | | | | | | | | | | |
Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 9,142,156 | | | | | | 290 | | |
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,972,649 | | | | | | 8,739 | | |
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 13,114,805 | | | | | | 9,029 | | |
Loss from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (13,114,805) | | | | | | (9,029) | | |
Other expenses | | | | | | | | | | | | | |
Finance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (5,354) | | | | | | — | | |
Foreign currency loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (164,962) | | | | | | (195) | | |
Total other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (170,316) | | | | | | (195) | | |
Loss before provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (13,285,121) | | | | | | (9,224) | | |
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (87,882) | | | | | | — | | |
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (13,373,003) | | | | | | (9,224) | | |
Net loss per basic and diluted common shares: | | | | | | | | | | | | | |
Basic and diluted net loss per common share . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | (1.24) | | | | | $ | — | | |
Basic and diluted weighted average common shares outstanding . . . . . . . . . .
|
| | | | 10,783,895 | | | | | | — | | |
| | |
Common Shares
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings / (Accumulated Deficit) |
| |
Total Equity
|
| ||||||||||||||||||
| | |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||
| | | | | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Incorporation, September 18, 2019 . . . . .
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss and comprehensive loss . . . . . . .
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,224) | | | | | | (9,224) | | |
Balance at December 31, 2019 . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,224) | | | | | | (9,224) | | |
Balance at January 1, 2020 . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,224) | | | | | | (9,224) | | |
Issuance of common shares, net of issuance costs of $324,555 . . . . . . . . .
|
| | | | 15,233,884 | | | | | | 15,234 | | | | | | 22,560,145 | | | | | | — | | | | | | 22,575,379 | | |
Issuance of warrants . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | 2,526,320 | | | | | | — | | | | | | 2,526,320 | | |
Share-based compensation . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | 1,760,806 | | | | | | — | | | | | | 1,760,806 | | |
Net loss . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | — | | | | | | (13,373,003) | | | | | | (13,373,003) | | |
Balance at December 31, 2020 . . . . . . . . .
|
| | | | 15,233,884 | | | | | | 15,234 | | | | | | 26,847,271 | | | | | | (13,382,227) | | | | | | 13,480,278 | | |
| | |
For the Year
Ended December 31, 2020 |
| |
Period from
Inception to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (13,373,003) | | | | | | (9,224) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 87,882 | | | | | | — | | |
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,760,806 | | | | | | — | | |
Changes in operating assets and liabilities
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (1,849,170) | | | | | | (1,176) | | |
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,596,634 | | | | | | — | | |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,479,041 | | | | | | — | | |
Amount due to related party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (10,400) | | | | | | 10,400 | | |
Net cash used in operating activities
|
| | | | (8,308,210) | | | | | | — | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property in development . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (9,797,400) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (9,797,400) | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Borrowings on mortgage payable, net of debt discount
|
| | | | 3,550,660 | | | | | | — | | |
Issuance of common shares and warrants . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 25,426,254 | | | | | | — | | |
Cost and fees on issuance of common shares . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (324,555) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 28,652,359 | | | | | | — | | |
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 10,546,749 | | | | | | — | | |
Cash and cash equivalents, beginning of period . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | |
Cash and cash equivalents, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 10,546,749 | | | | | | — | | |
| | |
As at December 31,
2020 |
| |
As at December 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Prepaid clinical trial expenses . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,763,731 | | | | | | — | | |
Canadian harmonized sales tax receivable . . . . . . . . . . . . . .
|
| | | | 58,982 | | | | | | — | | |
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 27,633 | | | | | | 1,176 | | |
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,850,346 | | | | | | 1,176 | | |
| | |
As at December 31,
2020 |
| |
As at December 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,595,745 | | | | | | — | | |
Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 889 | | | | | | — | | |
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,596,634 | | | | | | — | | |
| | |
As at December 31,
2020 |
| |
As at December 31,
2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Accrued research and development costs
|
| | | | 597,994 | | | | | | — | | |
Accrued personnel costs
|
| | | | 540,292 | | | | | | — | | |
Accrued corporate legal fees and other professional services
|
| | | | 210,099 | | | | | | — | | |
Other accrued costs
|
| | | | 130,656 | | | | | | — | | |
Total | | | | | 1,479,041 | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
| |||
Risk-free interest rate
|
| | | | 0.13% | | |
Expected term (in years)
|
| | | | 1 | | |
Expected volatility
|
| | | | 65% | | |
Expected dividend yield
|
| | | | 0% | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Research and development
|
| | | | 398,139 | | | | | | — | | |
General and administrative
|
| | | | 1,362,667 | | | | | | — | | |
Total share-based compensation expense
|
| | | | 1,760,806 | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
|
Risk-free interest rate
|
| |
0.11% – 0.50%
|
|
Expected term (in years)
|
| |
0.35 – 4.25
|
|
Expected volatility
|
| |
65%
|
|
Expected dividend yield
|
| |
0%
|
|
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of December 31, 2019 . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 659,006 | | | | | | 10.33 | | | | | | | | | | | | | | |
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Outstanding as of December 31, 2020 . . . . . . . . . . . . . . . .
|
| | |
|
659,006
|
| | | |
|
10.33
|
| | | |
|
5.2
|
| | | |
|
9,670,120
|
| |
Vested and expected to vest as of December 31, 2020 . . . . . .
|
| | | | 659,006 | | | | | | 10.33 | | | | | | 5.2 | | | | | | 9,670,120 | | |
Options exercisable as of December 31, 2020 . . . . . . . . . . . .
|
| | | | 53,000 | | | | | | 25.00 | | | | | | 3.8 | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
U.S. | | | | | (13,591,329) | | | | | | — | | |
Canada
|
| | | | (164,668) | | | | | | (9,029) | | |
Unrealized foreign exchange translation adjustment
|
| | | | 470,876 | | | | | | (195) | | |
Loss before provision for income taxes
|
| | | | (13,285,121) | | | | | | (9,224) | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Current income tax provision: | | | | | | | | | | | | | |
Federal
|
| | | | 10,000 | | | | | | — | | |
State
|
| | | | 4,114 | | | | | | — | | |
Canada
|
| | | | 73,768 | | | | | | — | | |
Total current income tax expense (benefit)
|
| | | | 87,882 | | | | | | — | | |
Deferred income tax: | | | | | | | | | | | | | |
Federal
|
| | | | (2,796,615) | | | | | | — | | |
State
|
| | | | (565,482) | | | | | | — | | |
Canada
|
| | | | (52,794) | | | | | | (2,494) | | |
Valuation allowance
|
| | | | 3,414,891 | | | | | | 2,494 | | |
Total deferred income tax (benefit)
|
| | | | — | | | | | | — | | |
Total provision for income tax (benefit)
|
| | | | 87,882 | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Provision for income taxes at the Company’s statutory tax rate
of 21% |
| | | | (2,789,875) | | | | | | (1,937) | | |
State income taxes
|
| | | | (561,368) | | | | | | — | | |
Income tax rate differential
|
| | | | (123,695) | | | | | | (609) | | |
Change in valuation allowance
|
| | | | 3,412,397 | | | | | | 2,494 | | |
Other
|
| | | | 150,423 | | | | | | 52 | | |
Provision for income taxes at the Company’s effective income tax rate
|
| | | | 87,882 | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Net operating loss carryforwards
|
| | | | 1,910,665 | | | | | | 580 | | |
License agreements
|
| | | | 967,268 | | | | | | — | | |
Share based compensation
|
| | | | 422,280 | | | | | | — | | |
Other
|
| | | | 114,678 | | | | | | 1,914 | | |
Total deferred tax assets
|
| | | | 3,414,891 | | | | | | 2,494 | | |
Valuation allowance
|
| | | | (3,414,891) | | | | | | (2,494) | | |
Net deferred tax assets
|
| | | | — | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Valuation allowance, beginning of year and period
|
| | | | 2,494 | | | | | | — | | |
Increases recorded to income tax provision – US
|
| | | | 3,362,097 | | | | | | — | | |
Increases recorded to income tax provision – Canada
|
| | | | 50,300 | | | | | | 2,494 | | |
Valuation allowance, end of year and period
|
| | | | 3,414,891 | | | | | | 2,494 | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
Net loss attributable to common shareholders
|
| | | | 13,373,003 | | | | | | 9,224 | | |
Weighted-average common shares outstanding – basic and diluted
|
| | | | 10,783,895 | | | | | | — | | |
Net loss per share attributable to common shareholders – basic and
|
| | | | | | | | | | | | |
diluted
|
| | | $ | 1.24 | | | | | $ | — | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
Options to purchase common shares
|
| | | | 659,006 | | | | | | — | | |
Warrants to purchase common shares
|
| | | | 800,000 | | | | | | — | | |
| | | | | 1,459,006 | | | | | | — | | |
| | |
Year ended
December 31, 2020 |
| |
Period from
September 18, 2019 (date of incorporation) to December 31, 2019 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Share-based compensation for consulting arrangement
|
| | | | 1,109,776 | | | | | | — | | |
Consulting fees to shareholder
|
| | | | 164,812 | | | | | | — | | |
Consulting fees on business activities to Board member
|
| | | | 90,975 | | | | | | — | | |
Reimbursement to Board member for occupancy costs
|
| | | | 21,315 | | | | | | — | | |
| | | | | 1,386,878 | | | | | | — | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 9,843,052 | | | | | | 10,546,749 | | |
Deferred financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,553,499 | | | | | | — | | |
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 4,555,236 | | | | | | 1,850,346 | | |
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 25,951,787 | | | | | | 12,397,095 | | |
Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 12,698,122 | | | | | | 9,797,400 | | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 38,649,909 | | | | | | 22,194,495 | | |
LIABILITIES & SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,373,990 | | | | | | 3,596,634 | | |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 2,971,051 | | | | | | 1,479,041 | | |
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 128,307 | | | | | | 87,882 | | |
Mortgage payable, net of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,553,459 | | | | | | — | | |
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 10,026,807 | | | | | | 5,163,557 | | |
Mortgage payable, net of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | 3,550,660 | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 10,026,807 | | | | | | 8,714,217 | | |
Commitment and contingencies (note 8) | | | | | | | | | | | | | |
Shareholders’ Equity | | | | | | | | | | | | | |
Common shares, par value $0.001 per share, 50,000,000 authorized, 16,051,884 and 15,233,884 issued and outstanding as at March 31,2021 and December 31, 2020, respectively . . . . . . . . . . . .
|
| | | | 16,052 | | | | | | 15,234 | | |
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 47,773,698 | | | | | | 26,847,271 | | |
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (19,166,648) | | | | | | (13,382,227) | | |
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 28,623,102 | | | | | | 13,480,278 | | |
Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 38,649,909 | | | | | | 22,194,495 | | |
| | |
For the three months ended
|
| |||||||||
| | |
March 31,
2021 |
| |
March 31,
2020 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 4,269,298 | | | | | | 385,594 | | |
General and administrative
|
| | | | 1,464,692 | | | | | | 1,023,664 | | |
Total operating expenses
|
| | | | 5,733,990 | | | | | | 1,409,258 | | |
Loss from operations
|
| | | | (5,733,990) | | | | | | (1,409,258) | | |
Other expenses | | | | | | | | | | | | | |
Finance costs
|
| | | | (2,799) | | | | | | — | | |
Foreign currency loss
|
| | | | (7,207) | | | | | | (158,332) | | |
Total other expenses
|
| | | | (10,006) | | | | | | (158,332) | | |
Loss before provision for income taxes
|
| | | | (5,743,996) | | | | | | (1,567,590) | | |
Provision for income taxes
|
| | | | (40,425) | | | | | | (15,244) | | |
Net loss
|
| | | | (5,784,421) | | | | | | (1,582,834) | | |
Net loss per basic and diluted common shares: | | | | | | | | | | | | | |
Basic and diluted net loss per common share
|
| | | $ | (0.37) | | | | | $ | (9.19) | | |
Basic and diluted weighted average common shares outstanding
|
| | | | 15,799,284 | | | | | | 172,291 | | |
| | |
Common Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Equity |
| ||||||||||||||||||
| | |
Number
|
| |
Amount
|
| ||||||||||||||||||||||||
| | | | | | | | |
$
|
| |
$
|
| |
$
|
| |
$
|
| ||||||||||||
Balance at December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | (9,224) | | | | | | (9,224) | | |
Issuance of common shares
|
| | | | 6,330,834 | | | | | | 6,331 | | | | | | 3,238,103 | | | | | | — | | | | | | 3,244,433 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 660,163 | | | | | | — | | | | | | 660,163 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,582,834) | | | | | | (1,582,834) | | |
Balance at March 31, 2020
|
| | | | 6,330,834 | | | | | | 6,331 | | | | | | 3,898,266 | | | | | | (1,592,058) | | | | | | 2,312,538 | | |
Balance at December 31, 2020
|
| | | | 15,233,884 | | | | | | 15,234 | | | | | | 26,847,271 | | | | | | (13,382,227) | | | | | | 13,480,278 | | |
Issuance of common shares in connection with
exercise of warrants |
| | | | 800,000 | | | | | | 800 | | | | | | 19,999,200 | | | | | | — | | | | | | 20,000,000 | | |
Issuance of common shares in connection with
stock option exercises |
| | | | 18,000 | | | | | | 18 | | | | | | 449,982 | | | | | | — | | | | | | 450,000 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 477,245 | | | | | | — | | | | | | 477,245 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,784,421) | | | | | | (5,784,421) | | |
Balance at March 31, 2021
|
| | | | 16,051,884 | | | | | | 16,052 | | | | | | 47,773,698 | | | | | | (19,166,648) | | | | | | 28,623,102 | | |
| | |
For the three months ended
|
| |||||||||
| | |
March 31,
2021 |
| |
March 31,
2020 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss:
|
| | | | (5,784,421) | | | | | | (1,582,834) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Provision for income taxes
|
| | | | 40,425 | | | | | | 15,244 | | |
Share-based compensation expense
|
| | | | 477,245 | | | | | | 660,163 | | |
Finance costs
|
| | | | 2,799 | | | | | | — | | |
Changes in operating assets and liabilities | | | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (2,704,890) | | | | | | (107,232) | | |
Deferred financing costs
|
| | | | (1,553,499) | | | | | | — | | |
Accounts payable
|
| | | | (222,644) | | | | | | 132,840 | | |
Accrued expenses
|
| | | | 1,492,010 | | | | | | 344,204 | | |
Amount due to related party
|
| | | | — | | | | | | 132,412 | | |
Net cash used in operating activities
|
| | | | (8,252,975) | | | | | | (405,203) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property, plant and equipment
|
| | | | (2,900,722) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (2,900,722) | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Issuance of common shares in connection with exercise of warrants
|
| | | | 20,000,000 | | | | | | — | | |
Issuance of common shares in connection with stock option exercises
|
| | | | 450,000 | | | | | | 3,244,433 | | |
Deposit received for future issuance of common shares
|
| | | | — | | | | | | 1,060,067 | | |
Net cash provided by financing activities
|
| | | | 20,450,000 | | | | | | 4,304,500 | | |
Net increase in cash and cash equivalents
|
| | | | 9,296,303 | | | | | | 3,899,297 | | |
Cash and cash equivalents, beginning of period
|
| | | | 10,546,749 | | | | | | — | | |
Cash and cash equivalents, end of period
|
| | | | 19,843,052 | | | | | | 3,899,297 | | |
| | |
As at March 31,
2021 |
| |
As at December 31,
2020 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Prepaid clinical trial expenses . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 4,047,248 | | | | | | 1,763,731 | | |
Prepaid property, plant and equipment costs . . . . . . . . . . . . . .
|
| | | | 106,621 | | | | | | — | | |
Canadian harmonized sales tax receivable . . . . . . . . . . . . . . . .
|
| | | | 78,549 | | | | | | 58,982 | | |
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 322,819 | | | | | | 27,633 | | |
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 4,555,237 | | | | | | 1,850,346 | | |
| | |
As at March 31,
2021 |
| |
As at December 31,
2020 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Accrued financing costs
|
| | | | 1,311,508 | | | | | | — | | |
Accrued research and development costs
|
| | | | 358,490 | | | | | | 597,994 | | |
Accrued personnel costs
|
| | | | 481,801 | | | | | | 540,292 | | |
Accrued corporate legal fees and other professional services
|
| | | | 441,625 | | | | | | 210,099 | | |
Other accrued costs
|
| | | | 377,626 | | | | | | 130,656 | | |
Total | | | | | 2,971,051 | | | | | | 1,479,041 | | |
| | |
Number
of Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (in years) |
| |||||||||
Outstanding as of December 31, 2020 . . . . . . . . . . . . . .
|
| | | | 659,006 | | | | | | 10.33 | | | | | | | | |
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 100,000 | | | | | | 25.00 | | | | | | | | |
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | (18,000) | | | | | | 25.00 | | | | | | | | |
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | | | |
Outstanding as of March 31, 2021 . . . . . . . . . . . . . . . . .
|
| | |
|
741,006
|
| | | |
|
11.95
|
| | | |
|
5.7
|
| |
Vested and expected to vest as of March 31, 2021 . . . . . .
|
| | | | 741,006 | | | | | | 11.95 | | | | | | 5.7 | | |
Options exercisable as of March 31, 2021 . . . . . . . . . . . .
|
| | | | 180,877 | | | | | | 11.63 | | | | | | 5.7 | | |
| | |
Number
of Shares |
| |
Weighted
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (in years) |
| |||||||||
Outstanding as of December 31, 2019 . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | | | |
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 483,506 | | | | | | 5.00 | | | | | | | | |
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | | | |
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | | | |
Outstanding as of March 31, 2020 . . . . . . . . . . . . . . . . .
|
| | |
|
483,506
|
| | | |
|
5.00
|
| | | |
|
6.0
|
| |
Vested and expected to vest as of March 31, 2020 . . . . . .
|
| | | | 483,506 | | | | | | 5.00 | | | | | | 6.0 | | |
Options exercisable as of March 31, 2020 . . . . . . . . . . . .
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Three months
ended March 31, 2021 |
| |
Three months
ended March 31, 2020 |
| ||||||
Risk-free interest rate
|
| | | | 0.716% | | | | | | 0.504% | | |
Expected term (in years)
|
| | | | 5.375 | | | | | | 4.25 | | |
Expected volatility
|
| | | | 65% | | | | | | 65% | | |
Expected dividend yield
|
| | | | 0% | | | | | | 0% | | |
| | |
Three months
ended March 31, 2021 |
| |
Three months
ended March 31, 2020 |
| ||||||
Net loss attributable to common shareholders . . . . . . . . . . . . . . . .
|
| | | | 5,784,421 | | | | | | 1,582,834 | | |
Weighted-average common shares outstanding – basic and
diluted |
| | | | 15,799,284 | | | | | | 172,291 | | |
Net loss per share attributable to common shareholders – basic and diluted
|
| | | $ | 0.37 | | | | | $ | 9.19 | | |
| | |
Three months
ended March 31, 2021 |
| |
Three months
ended March 31, 2020 |
| ||||||
| | |
$
|
| |
$
|
| ||||||
Share-based compensation for consulting arrangements . . . . . . .
|
| | | | — | | | | | | 554,888 | | |
Consulting fees to shareholder . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | 72,424 | | |
Consulting fees on business activities to Board member . . . . . . . .
|
| | | | 29,986 | | | | | | 22,162 | | |
Reimbursement to Board member for occupancy costs . . . . . . . .
|
| | | | 17,235 | | | | | | — | | |
| | | | | 47,221 | | | | | | 649,474 | | |
| | |
Amount
|
| |||
SEC registration fee
|
| | | $ | 51,614 | | |
Accounting fees and expenses
|
| | | $ | 20,000 | | |
Legal fees and expenses
|
| | | $ | 60,000 | | |
Miscellaneous fees and expenses
|
| | | $ | 18,386 | | |
Total expenses
|
| | | $ | 150,000 | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/Joe McCann
Dr. Joe McCann, Ph.D.
|
| |
Chief Executive Officer
(Principal Executive Officer) and Director |
| |
July 30, 2021
|
|
|
/s/Allan C. Silber
Allan C. Silber
|
| |
Executive Chair and Director
|
| |
July 30, 2021
|
|
|
/s/Bill Demers
Bill Demers
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
July 30, 2021
|
|
|
/s/ Neil Fleshner
Dr. Neil Fleshner
|
| |
Chief Medical Officer and Director
|
| |
July 30, 2021
|
|
|
/s/Rajesh K. Malik
Dr. Rajesh K. Malik, M.D.
|
| |
Director
|
| |
July 30, 2021
|
|
|
/s/ Jonathan Ross Goodman
Jonathan Ross Goodman
|
| |
Director
|
| |
July 30, 2021
|
|
|
/s/ Margaret E. Gilmour
Margaret E. Gilmour
|
| |
Director
|
| |
July 30, 2021
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Gerald Hogue
Gerald Hogue
|
| |
Director
|
| |
July 30, 2021
|
|
|
/s/ David C. Lubner
David C. Lubner
|
| |
Director
|
| |
July 30, 2021
|
|
|
/s/Yael Margolin
Dr. Yael Margolin, Ph.D.
|
| |
Director
|
| |
July 30, 2021
|
|
Exhibit 5.1
150 Third Avenue South
Suite 2800
Nashville, TN 37201
July 30, 2021
POINT Biopharma Global Inc.
4850 West 78th St.
Indianapolis, Indiana 46268
Re: Registration Statement on Form S-1
Ladies and Gentlemen:
We have acted as counsel to POINT Biopharma Global Inc., a Delaware corporation (the “Company”), in connection with the preparation and filing of a Registration Statement on Form S-1 (the “Registration Statement”) relating to 51,204,451 shares of the Company’s common stock, par value $0.0001 per share (the “Issued Shares”) and 2,006,588 shares available for issuance pursuant to stock options issued by the Company (the “Option Shares”).
In connection with this opinion, we have examined and relied upon such records, documents, certificates, and other instruments as we have deemed necessary or appropriate in order to express the opinions hereinafter set forth. We have also assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, the authenticity of the originals of such latter documents, the legal competence of all signatories to such documents, and, except to the extent we express an opinion as to due authorization in the next paragraph of this letter, the due authorization, execution and delivery of all documents by the parties thereto. As to various questions of fact relevant to the opinion expressed herein, we have relied upon, and assume the accuracy of, certificates and oral or written statements and other information of or from public officials and officers and representatives of the Company.
Based upon and subject to the qualifications, assumptions and limitations set forth herein, we are of the opinion that:
(a) | The Issued Shares have been duly authorized and are validly issued, fully paid and non-assessable. | |
(b) | The Option Shares have been duly authorized and, when issued in accordance with their terms, will be validly issued, fully paid and non-assessable. |
The opinions expressed above are limited to the General Corporation Law of the State of Delaware (which includes applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the General Corporation Law of the State of Delaware and the Delaware Constitution).
We hereby consent to the filing of this opinion with the Securities and Exchange Commission (the “Commission”) as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission.
This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.
This opinion is furnished to you in connection with the filing of the Registration Statement. Our opinion is rendered as of the date hereof, and we assume no obligation to advise you of changes in law or fact (or the effect thereof on the opinions expressed herein) that hereafter may come to our attention.
Very truly yours, | |
/s/ Bass, Berry & Sims PLC |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the inclusion in this Registration Statement of Point Biopharma Global Inc. on Form S-1 of our report dated March 15, 2021 (except for Notes 11 and 12, as to which the date is April 30, 2021), with respect to our audits of the consolidated financial statements of POINT Biopharma, Inc. and Subsidiaries as of December 31, 2020 and 2019 and for the year ended December 31, 2020 and for the period from September 18, 2019 (inception) through December 31, 2019. We also consent to the reference of our firm under the heading "Experts" in this Registration Statement.
/s/ ArmaninoLLP | |
San Jose, California |
July 30, 2021
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in the Prospectus constituting a part of this Registration Statement on Form S-1 of our report dated March 1, 2021 relating to the financial statements of Therapeutics Acquisition Corp., which is contained in that Prospectus. We also consent to the reference to us under the caption “Experts” in the Prospectus.
/s/ WithumSmith+Brown, PC | |
New York, New York | |
July 30, 2021 |