| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 9 | | | |
| | | | 10 | | | |
| | | | 12 | | | |
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 | | |