achl-6k_20210930.htm

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of November  2021

Commission File Number: 001-40299

 

 

Achilles Therapeutics plc

(Exact name of registrant as specified in its charter)

 

 

245 Hammersmith Road

London W6 8PW

United Kingdom

Tel: +44 (0)20 8154 4600

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F              Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

 

 

 

 

 


 

 

Achilles Therapeutics Reports Third Quarter 2021 Financial Results and Recent Business Highlights

On November 9, 2021, Achilles Therapeutics plc (“Achilles” or the “Company”) issued a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 6-K, reporting its financial results for the three and nine month periods ended September 30, 2021 and providing an update on recent business highlights. Furnished (i) as Exhibit 99.2 to this Current Report on Form 6-K are the Company’s unaudited consolidated financial statements for the three and nine month periods ended September 30, 2021 and (ii) as Exhibit 99.3 to this Current Report on Form 6-K is the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and nine month periods ended September 30, 2021.

The statements contained in this “Achilles Therapeutics Reports Third Quarter 2021 Financial Results and Recent Business Highlights” section of this Current Report on Form 6-K and the information contained in Exhibits 99.1 and 99.2 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in any such filing.


 


 

 

INDEX TO EXHIBITS

 

Number

  

Description

 

 

99.1

  

Press Release of Achilles Therapeutics plc dated November 9, 2021.

 

 

99.2

  

Unaudited Condensed Consolidated Financial Statements of Achilles Therapeutics plc for the three and nine month periods ended September 30, 2021.

 

 

99.3

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations of Achilles Therapeutics plc for the three and nine month periods ended September 30, 2021.

 


 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

ACHILLES THERAPEUTICS PLC

 

 

 

 

Date: November 9, 2021

 

 

 

By:

 

/s/ Robert Coutts

 

 

 

 

 

 

Robert Coutts

 

 

 

 

 

 

Chief Financial Officer

 

 

achl-ex991_137.htm

Exhibit 99.1

 

 

Achilles Therapeutics Reports Third Quarter 2021 Financial Results and Recent Business Highlights

 

- Oral Presentation at European Society for Gene and Cell Therapy (ESGCT) demonstrated ability to generate potent anti-cancer cell therapy candidates in multiple solid tumor types -

 

- Society for Immunotherapy of Cancer (SITC) abstracts highlight the ability to detect, quantify and track patient-specific cNeT and generate increased cNeT doses from VELOS™ Process 2 manufacturing -

 

- Conference call and webcast scheduled for Friday, November 12, 2021 at 8:30am ET to review SITC presentations and provide a corporate update -

 

London, UK 09 November 2021 – Achilles Therapeutics plc (NASDAQ: ACHL), a clinical-stage biopharmaceutical company developing precision T cell therapies to treat solid tumors, today announced its financial results for the third quarter ended September 30, 2021, and recent business highlights.

 

“We have continued to make good progress during the third quarter and will share an update from the first eight patients across our CHIRON (non-small cell lung cancer, or NSCLC) and THETIS (melanoma) studies at the upcoming SITC meeting. Our unique ability to accurately quantify the tumor reactive component of each product and to track clonal neoantigen reactive T cells (cNeT) in the patients post-dosing is possible through the detailed genomic analysis of the tumor and prospective clonal neoantigen targeting afforded by our proprietary bioinformatics platform. We believe this best-in-class analytical capability will be critical for the successful development of TIL-based therapies,” said Dr Iraj Ali, Chief Executive Officer of Achilles. “At SITC, we will also share details of our VELOS™ Process 2 manufacturing, which is able to routinely generate significantly higher doses of cNeT than our current Process 1. We will present further GMP scale data from VELOS Process 2 at the upcoming ESMO Immuno-Oncology Congress taking place December 8-11, 2021.”

 

Business Highlights

 

Two abstracts for the SITC 36th Annual Meeting were published today - Poster 543, underscoring the ability to sensitively detect, quantify and track patient-specific cNeT during manufacture and post dosing, and Poster 193, highlighting our ability to generate increased doses of reactive cNeT from VELOS Process 2

 

Delivered an oral presentation at the 2021 European Society for Gene and Cell Therapy (ESGCT) Congress entitled, “Multicentre, prospective research protocol for development of a clonal neoantigen-reactive T cell therapy pipeline across multiple tumour types” highlighting the Company’s Material Acquisition Platform (MAP)​ and supporting the potential use of cNeT in a broad range of solid tumor indications

 

Granted US patent US 11,098,121 and European patent EP3347039B covering a method of identifying cancer patients that are likely to respond to a checkpoint inhibitor (CPI) by determining the total number of clonal neoantigens or the ratio of clonal to sub-clonal neoantigens in patients’ cancer cells

 

Enrolled the first patient in the United States at the Moffitt Cancer Center in the Phase I/IIa CHIRON clinical trial

 

In-licensed from Secarna Pharmaceuticals GmbH & Co antisense oligonucleotide technology and intellectual property for the ex vivo manufacture of a T cell pharmaceutical product

 

 


 

 

Financial Highlights

 

Cash and cash equivalents: Cash and cash equivalents were $281.9 million as of September 30, 2021, as compared to $177.8 million as of December 31, 2020. The Company anticipates that its cash and cash equivalents are sufficient to fund its planned operations into the second half of 2023, including full funding of the ongoing Phase I/IIa CHIRON and THETIS clinical trials

 

Research and development (R&D) expenses: R&D expenses were $10.7 million for the third quarter ended September 30, 2021, an increase of $5.4 million compared to $5.3 million for the third quarter ended September 30, 2020. R&D expenses were $30.4 million for the nine months ended September 30, 2021, an increase of $16.7 million compared to $13.7 million for the nine months ended September 30, 2020. The increase was primarily driven by increased activity related to our ongoing clinical trials and overall R&D

 

General and administrative (G&A) expenses: G&A expenses were $5.0 million for the third quarter ended September 30, 2021, an increase of $2.0 million compared to $3.0 million for the third quarter ended September 30, 2020. G&A expenses were $15.3 million for the nine months ended September 30, 2021, an increase of $8.2 million compared to the $7.1 million for the nine months ended September 30, 2020. The increase was primarily driven by fees associated with the Company’s public company obligations, and an increase in headcount and related personnel costs

 

Net loss: Net loss for the third quarter ended September 30, 2021 was $12.9 million or $0.34 per share compared to $8.2 million or $7.50 per share for the third quarter ended September 30, 2020. Net loss for the nine months ended September 30, 2021 was $42.9 million or $1.69 per share compared to $20.3 million or $21.16 per share for the nine months ended September 30, 2020. The decrease in loss per share is due in part to the increased number of shares following the conversion and issuance of shares from the IPO

 

Upcoming Events

Achilles will present at the following medical and investor conferences in November and December 2021. Additional details will be available in the Events & Presentations section of the Company’s website:

 

Society for Immunotherapy of Cancer (SITC) 36th Annual Meeting: November 10 – 14, 2021

 

Piper Sandler Annual Healthcare Conference:  November 29 – December 2, 2021

 

ESMO Immuno-Oncology Congress 2021: December 8 – 11, 2021

 

In addition, the Company will host a live webcast and conference call on Friday, November 12, 2021 at 8:30am ET / 1:30pm UK to review the SITC presentations and provide a corporate update. The live webcast can be accessed in the Events & Presentations section of the Company’s website. The conference call dial-in numbers for investors and analysts are (833) 732-1204 (toll free within the USA), 0800 0288438 (toll free within the United Kingdom) or (720) 405-2169 (outside the USA) with the access code 4795875.

 

About Achilles Therapeutics

Achilles is a clinical-stage biopharmaceutical company developing precision T cell therapies targeting clonal neoantigens: protein markers unique to the individual that are expressed on the surface of every cancer cell. The Company has two ongoing Phase I/IIa trials, the CHIRON trial in patients with advanced non-small cell lung cancer (NSCLC) and the THETIS trial in patients with recurrent or metastatic melanoma. Achilles uses DNA sequencing data from each patient, together with its proprietary PELEUS™ bioinformatics platform, to identify clonal neoantigens specific to that patient, and then develop precision T cell-based product candidates specifically targeting those clonal neoantigens.

 

Forward-Looking Statements

This press release contains express or implied forward-looking statements that are based on our management's belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future

 


 

results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

 

Further information:

 

Lee M. Stern – VP, IR & External Communications

+1 (332) 373-2634

l.stern@achillestx.com

 

Consilium Strategic Communications
Mary-Jane Elliott, Sukaina Virji, Melissa Gardiner
+44 (0) 203 709 5000
achillestx@consilium-comms.com

 


 


 

 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)

 

(expressed in U.S. Dollars, unless otherwise stated)

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

281,875

 

 

$

177,849

 

Prepaid expenses and other current assets

 

 

16,401

 

 

 

9,948

 

Total current assets

 

 

298,276

 

 

 

187,797

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

16,378

 

 

 

13,369

 

Operating lease right of use assets

 

 

11,938

 

 

 

14,740

 

Deferred tax assets

 

 

4

 

 

 

4

 

Restricted cash

 

 

33

 

 

 

 

Other assets

 

 

3,370

 

 

 

3,008

 

Total non-current assets

 

 

31,723

 

 

 

31,121

 

TOTAL ASSETS

 

$

329,999

 

 

$

218,918

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,460

 

 

$

6,314

 

Income taxes payable

 

 

36

 

 

 

7

 

Accrued expenses and other liabilities

 

 

8,472

 

 

 

6,590

 

Operating lease liabilities-current

 

 

4,398

 

 

 

3,712

 

Total current liabilities

 

 

15,366

 

 

 

16,623

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Operating lease liabilities-non-current

 

 

8,881

 

 

 

12,271

 

Other long-term liability

 

 

643

 

 

 

652

 

Total non-current liabilities

 

 

9,524

 

 

 

12,923

 

Total liabilities

 

 

24,890

 

 

 

29,546

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares, £0.001 par value; 40,603,489 and 4,389,920

   shares authorized, issued and outstanding at

   September 30, 2021 and December  31, 2020, respectively

 

 

54

 

 

 

6

 

Deferred shares, £92,451.851 par value, one share authorized,

   issued and outstanding at September 30, 2021; Deferred shares,

   £0.001 par value; 30,521 shares issued and outstanding

   December 31, 2020

 

 

128

 

 

 

 

Convertible preferred shares, £0.001 par value; no shares

   authorized, issued and outstanding as of September 30,

   2021;104,854,673 shares authorized, issued and outstanding

   at December 31, 2020

 

 

 

 

 

134

 

Additional paid in capital

 

 

400,058

 

 

 

234,922

 

Accumulated other comprehensive income

 

 

5,750

 

 

 

12,322

 

Accumulated deficit

 

 

(100,881

)

 

 

(58,012

)

Total shareholders’ equity

 

 

305,109

 

 

 

189,372

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

329,999

 

 

$

218,918

 

 

 


 

 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

10,697

 

 

$

5,291

 

 

$

30,417

 

 

$

13,668

 

General and administrative

 

 

5,041

 

 

 

3,009

 

 

 

15,318

 

 

 

7,140

 

Total operating expenses

 

 

15,738

 

 

 

8,300

 

 

 

45,735

 

 

 

20,808

 

Loss from operations

 

 

(15,738

)

 

 

(8,300

)

 

 

(45,735

)

 

 

(20,808

)

OTHER INCOME, NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

2,806

 

 

 

90

 

 

 

2,907

 

 

 

529

 

Total other income, net

 

 

2,806

 

 

 

90

 

 

 

2,907

 

 

 

529

 

Loss before provision for income taxes

 

 

(12,932

)

 

 

(8,210

)

 

 

(42,828

)

 

 

(20,279

)

Provision for income taxes

 

 

(16

)

 

 

 

 

 

(41

)

 

 

 

Net loss

 

 

(12,948

)

 

 

(8,210

)

 

 

(42,869

)

 

 

(20,279

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustment

 

 

(7,710

)

 

 

3,501

 

 

 

(6,572

)

 

 

(3,088

)

Comprehensive loss

 

$

(20,658

)

 

$

(4,709

)

 

$

(49,441

)

 

$

(23,367

)

Net loss per share attributable to ordinary shareholders—basic and diluted

 

$

(0.34

)

 

$

(7.50

)

 

$

(1.69

)

 

$

(21.16

)

Weighted average ordinary shares outstanding—

   basic and diluted

 

 

38,261,480

 

 

 

1,094,543

 

 

 

25,329,672

 

 

 

958,373

 

 

 

 

achl-ex992_34.htm

Exhibit 99.2

 

INDEX TO FINANCIAL STATEMENTS

 

 

Page

Condensed Consolidated Balance Sheets

2

Condensed Consolidated Statements of Operations and Comprehensive Loss

3

Condensed Consolidated Statements of Shareholders’ Equity

4

Condensed Consolidated Statements of Cash Flows

6

Notes to Condensed Consolidated Financial Statements

7

 

 

 

 


 

 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)

(expressed in U.S. Dollars, unless otherwise stated)

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

281,875

 

 

$

177,849

 

Prepaid expenses and other current assets

 

 

16,401

 

 

 

9,948

 

Total current assets

 

 

298,276

 

 

 

187,797

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

16,378

 

 

 

13,369

 

Operating lease right of use assets

 

 

11,938

 

 

 

14,740

 

Deferred tax assets

 

 

4

 

 

 

4

 

Restricted cash

 

 

33

 

 

 

 

Other assets

 

 

3,370

 

 

 

3,008

 

Total non-current assets

 

 

31,723

 

 

 

31,121

 

TOTAL ASSETS

 

$

329,999

 

 

$

218,918

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,460

 

 

$

6,314

 

Income taxes payable

 

 

36

 

 

 

7

 

Accrued expenses and other liabilities

 

 

8,472

 

 

 

6,590

 

Operating lease liabilities-current

 

 

4,398

 

 

 

3,712

 

Total current liabilities

 

 

15,366

 

 

 

16,623

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Operating lease liabilities-non-current

 

 

8,881

 

 

 

12,271

 

Other long-term liability

 

 

643

 

 

 

652

 

Total non-current liabilities

 

 

9,524

 

 

 

12,923

 

Total liabilities

 

 

24,890

 

 

 

29,546

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares, £0.001 par value; 40,603,489 and 4,389,920 shares

 authorized, issued and outstanding at September 30, 2021 and December

 31, 2020, respectively

 

 

54

 

 

 

6

 

Deferred shares, £92,451.851 par value, one share authorized, issued and

  outstanding at September 30, 2021; Deferred shares, £0.001 par value;

  30,521 shares issued and outstanding December 31, 2020

 

 

128

 

 

 

 

Convertible preferred shares, £0.001 par value; no shares authorized,

issued and outstanding as of September 30, 2021;104,854,673 shares

authorized, issued and outstanding at December 31, 2020

 

 

 

 

 

134

 

Additional paid in capital

 

 

400,058

 

 

 

234,922

 

Accumulated other comprehensive income

 

 

5,750

 

 

 

12,322

 

Accumulated deficit

 

 

(100,881

)

 

 

(58,012

)

Total shareholders’ equity

 

 

305,109

 

 

 

189,372

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

329,999

 

 

$

218,918

 

 

The accompanying notes are an integral part of these financial statements.

2

 


 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

10,697

 

 

$

5,291

 

 

$

30,417

 

 

$

13,668

 

General and administrative

 

 

5,041

 

 

 

3,009

 

 

 

15,318

 

 

 

7,140

 

Total operating expenses

 

 

15,738

 

 

 

8,300

 

 

 

45,735

 

 

 

20,808

 

Loss from operations

 

 

(15,738

)

 

 

(8,300

)

 

 

(45,735

)

 

 

(20,808

)

OTHER INCOME, NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

2,806

 

 

 

90

 

 

 

2,907

 

 

 

529

 

Total other income, net

 

 

2,806

 

 

 

90

 

 

 

2,907

 

 

 

529

 

Loss before provision for income taxes

 

 

(12,932

)

 

 

(8,210

)

 

 

(42,828

)

 

 

(20,279

)

Provision for income taxes

 

 

(16

)

 

 

 

 

 

(41

)

 

 

 

Net loss

 

 

(12,948

)

 

 

(8,210

)

 

 

(42,869

)

 

 

(20,279

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange translation adjustment

 

 

(7,710

)

 

 

3,501

 

 

 

(6,572

)

 

 

(3,088

)

Comprehensive loss

 

$

(20,658

)

 

$

(4,709

)

 

$

(49,441

)

 

$

(23,367

)

Net loss per share attributable to ordinary shareholders—basic and diluted

 

$

(0.34

)

 

$

(7.50

)

 

$

(1.69

)

 

$

(21.16

)

Weighted average ordinary shares outstanding—basic and diluted

 

 

38,261,480

 

 

 

1,094,543

 

 

 

25,329,672

 

 

 

958,373

 

 

The accompanying notes are an integral part of these financial statements.

 

 

3

 


 

 

ACHILLES THERAPEUTICS PLC

Condensed Consolidated Statements of Shareholders’ Equity

(unaudited)

(in thousands, except share amounts)

 

 

 

Convertible preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Series A

$0.001 par value

 

 

Series B

$0.001 par value

 

 

Series C

$0.001 par value

 

 

Ordinary $0.001

par value

 

 

Deferred shares

 

 

Additional

paid-in

 

 

other

comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

income (loss)

 

 

deficit

 

 

Total

 

Balance at December 31, 2020

 

 

28,250,000

 

 

$

36

 

 

 

52,192,070

 

 

$

66

 

 

 

24,412,603

 

 

$

32

 

 

 

4,389,920

 

 

$

6

 

 

 

30,521

 

 

$

 

 

$

234,922

 

 

$

12,322

 

 

$

(58,012

)

 

$

189,372

 

Conversion of ordinary

   shares into deferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,262

)

 

 

 

 

 

78,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

   Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,383

 

 

 

 

 

 

 

 

 

1,383

 

Unrealized gain/(loss) on foreign

   currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,063

 

 

 

 

 

 

2,063

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,765

)

 

 

(13,765

)

Balance at March 31, 2021

 

 

28,250,000

 

 

$

36

 

 

 

52,192,070

 

 

$

66

 

 

 

24,412,603

 

 

$

32

 

 

 

4,371,658

 

 

$

6

 

 

 

109,058

 

 

$

 

 

$

236,305

 

 

$

14,385

 

 

$

(71,777

)

 

$

179,053

 

Effect of corporate reorganization including conversion of preferred share to ordinary share

 

 

(28,250,000

)

 

 

(36

)

 

 

(52,192,070

)

 

 

(66

)

 

 

(24,412,603

)

 

 

(32

)

 

 

26,481,831

 

 

 

34

 

 

 

(109,057

)

 

 

128

 

 

 

(28

)

 

 

 

 

 

 

 

 

 

Issuance of ordinary shares in initial public offering, net of issuance costs of $2,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,750,000

 

 

 

14

 

 

 

 

 

 

 

 

 

160,550

 

 

 

 

 

 

 

 

 

160,564

 

Share-based compensation

   Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,438

 

 

 

 

 

 

 

 

 

1,438

 

Unrealized gain/(loss) on foreign

   currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(925

)

 

 

 

 

 

(925

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,156

)

 

 

(16,156

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

40,603,489

 

 

$

54

 

 

 

1

 

 

$

128

 

 

$

398,265

 

 

$

13,460

 

 

$

(87,933

)

 

$

323,974

 

Discount of issuance costs of initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

 

 

 

 

 

 

60

 

Share-based compensation

   Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,733

 

 

 

 

 

 

 

 

 

1,733

 

Unrealized gain/(loss) on foreign

   currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,710

)

 

 

 

 

 

(7,710

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,948

)

 

 

(12,948

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

40,603,489

 

 

$

54

 

 

 

1

 

 

$

128

 

 

$

400,058

 

 

$

5,750

 

 

$

(100,881

)

 

$

305,109