10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2022

OR

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

 

For the transition period from ________ to _________

 

Commission File Number: 001-38582

 

Allakos Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-4798831

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

825 Industrial Road, Suite 500

San Carlos, California

94070

(Address of principal executive offices)

(Zip Code)

 

 

(650) 597-5002

Registrant’s telephone number, including area code

 

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

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001

ALLK

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of October 31, 2022, the registrant had 85,203,597 shares of common stock outstanding.

 

 


ALLAKOS INC.

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

2

Item 1.

Financial Statements (Unaudited)

2

 

Balance Sheets

2

 

Statements of Operations and Comprehensive Loss

3

 

Statements of Stockholders’ Equity

4

 

Statements of Cash Flows

5

 

Notes to Unaudited Interim Financial Statements

6

Item 2.

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

17

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

27

Item 4.

Controls and Procedures

28

PART II.

OTHER INFORMATION

29

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

Item 3.

Defaults Upon Senior Securities

31

Item 4.

Mine Safety Disclosures

31

Item 5.

Other Information

31

Item 6.

Exhibits

32

Signatures

33

 

 

 

1


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited).

allakos inc.

balance sheets

(in thousands, except per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

205,290

 

 

$

152,822

 

Investments

 

 

120,030

 

 

 

271,416

 

Prepaid expenses and other current assets

 

 

13,882

 

 

 

27,343

 

Total current assets

 

 

339,202

 

 

 

451,581

 

Property and equipment, net

 

 

40,215

 

 

 

43,100

 

Operating lease right-of-use assets

 

 

30,464

 

 

 

31,707

 

Other long-term assets

 

 

8,685

 

 

 

8,436

 

Total assets

 

$

418,566

 

 

$

534,824

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,616

 

 

$

13,692

 

Accrued expenses and other current liabilities

 

 

22,972

 

 

 

26,557

 

Total current liabilities

 

 

27,588

 

 

 

40,249

 

Operating lease liabilities, net of current portion

 

 

46,799

 

 

 

49,099

 

Total liabilities

 

 

74,387

 

 

 

89,348

 

Contingencies (Note 7)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value per share; 20,000 shares
   authorized as of September 30, 2022 and December 31, 2021;
   
no shares issued and outstanding as of September 30, 2022
   and December 31, 2021

 

 

 

 

 

 

Common stock, $0.001 par value per share; 200,000 shares
   authorized as of September 30, 2022 and December 31, 2021;
   
85,193 and 54,622 shares issued and outstanding as of
   September 30, 2022 and December 31, 2021, respectively

 

 

85

 

 

 

54

 

Additional paid-in capital

 

 

1,233,945

 

 

 

1,058,399

 

Accumulated other comprehensive loss

 

 

(64

)

 

 

(153

)

Accumulated deficit

 

 

(889,787

)

 

 

(612,824

)

Total stockholders’ equity

 

 

344,179

 

 

 

445,476

 

Total liabilities and stockholders’ equity

 

$

418,566

 

 

$

534,824

 

 

See accompanying notes to unaudited interim financial statements

 

2


 

Allakos Inc.

Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

18,438

 

 

$

43,560

 

 

$

229,693

 

 

$

123,460

 

General and administrative

 

 

13,007

 

 

 

19,056

 

 

 

46,520

 

 

 

51,936

 

Total operating expenses

 

 

31,445

 

 

 

62,616

 

 

 

276,213

 

 

 

175,396

 

Loss from operations

 

 

(31,445

)

 

 

(62,616

)

 

 

(276,213

)

 

 

(175,396

)

Interest income

 

 

711

 

 

 

74

 

 

 

898

 

 

 

307

 

Other expense, net

 

 

(103

)

 

 

(187

)

 

 

(1,648

)

 

 

(407

)

Net loss

 

 

(30,837

)

 

 

(62,729

)

 

 

(276,963

)

 

 

(175,496

)

Unrealized gain (loss) on investments

 

 

196

 

 

 

(13

)

 

 

89

 

 

 

11

 

Comprehensive loss

 

$

(30,641

)

 

$

(62,742

)

 

$

(276,874

)

 

$

(175,485

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.53

)

 

$

(1.16

)

 

$

(4.95

)

 

$

(3.27

)

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

58,169

 

 

 

54,069

 

 

 

55,905

 

 

 

53,644

 

 

See accompanying notes to unaudited interim financial statements

 

3


 

Allakos Inc.

Statements of STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

 

Common Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated Other Comprehensive Gain (Loss)

 

 

Accumulated
Deficit

 

 

Total
Stockholders’
Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

54,622

 

 

$

54

 

 

$

1,058,399

 

 

$

(153

)

 

$

(612,824

)

 

$

445,476

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,392

 

 

 

 

 

 

 

 

 

11,392

 

Issuance of common stock upon exercise of stock options

 

 

34

 

 

 

 

 

 

104

 

 

 

 

 

 

 

 

 

104

 

Issuance of common stock upon 2018 ESPP purchase

 

 

42

 

 

 

 

 

 

243

 

 

 

 

 

 

 

 

 

243

 

Issuance of common stock upon vesting of restricted stock units

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

(316

)

 

 

 

 

 

(316

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(197,023

)

 

 

(197,023

)

Balance at March 31, 2022

 

 

54,761

 

 

$

54

 

 

$

1,070,138

 

 

$

(469

)

 

$

(809,847

)

 

$

259,876

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,761

 

 

 

 

 

 

 

 

 

11,761

 

Issuance of common stock upon exercise of stock options

 

 

25

 

 

 

 

 

 

66

 

 

 

 

 

 

 

 

 

66

 

Issuance of common stock upon vesting of restricted stock units

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

209

 

 

 

 

 

 

209

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,103

)

 

 

(49,103

)

Balance at June 30, 2022

 

 

54,844

 

 

$

54

 

 

$

1,081,965

 

 

$

(260

)

 

$

(858,950

)

 

$

222,809

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

10,732

 

 

 

 

 

 

 

 

 

10,732

 

Issuance of common stock upon exercise of stock options

 

 

346

 

 

 

1

 

 

 

492

 

 

 

 

 

 

 

 

 

493

 

Issuance of common stock upon 2018 ESPP purchase

 

 

62

 

 

 

 

 

 

195

 

 

 

 

 

 

 

 

 

195

 

Issuance of common stock upon vesting of restricted stock units

 

 

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon registered direct offering, net

 

 

29,882

 

 

 

30

 

 

 

140,561

 

 

 

 

 

 

 

 

 

140,591

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

196

 

 

 

 

 

 

196

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,837

)

 

 

(30,837

)

Balance at September 30, 2022

 

 

85,193

 

 

$

85

 

 

$

1,233,945

 

 

$

(64

)

 

$

(889,787

)

 

$

344,179

 

 

 

 

 

Common Stock

 

 

Additional
Paid-In
Capital

 

 

Accumulated Other Comprehensive Gain (Loss)

 

 

Accumulated
Deficit

 

 

Total
Stockholders’
Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

53,081

 

 

$

53

 

 

$

997,298

 

 

$

8

 

 

$

(342,964

)

 

$

654,395

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,354

 

 

 

 

 

 

 

 

 

12,354

 

Issuance of common stock upon exercise of stock options

 

 

321

 

 

 

 

 

 

3,788

 

 

 

 

 

 

 

 

 

3,788

 

Issuance of common stock upon 2018 ESPP purchase

 

 

17

 

 

 

 

 

 

995

 

 

 

 

 

 

 

 

 

995

 

Issuance of common stock upon vesting of restricted stock units

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on investments

 

 

 

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

80

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55,558

)

 

 

(55,558

)

Balance at March 31, 2021

 

 

53,457

 

 

$

53

 

 

$

1,014,435

 

 

$

88

 

 

$

(398,522

)

 

$

616,054

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

11,397

 

 

 

 

 

 

 

 

 

11,397

 

Issuance of common stock upon exercise of stock options

 

 

443

 

 

 

 

 

 

800

 

 

 

 

 

 

 

 

 

800

 

Issuance of common stock upon vesting of restricted stock units

 

 

36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on investments

 

 

 

 

 

 

 

 

 

 

 

(56

)

 

 

 

 

 

(56

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(57,209

)

 

 

(57,209

)

Balance at June 30, 2021

 

 

53,936

 

 

 

53

 

 

 

1,026,632

 

 

 

32

 

 

 

(455,731

)

 

 

570,986

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

12,496

 

 

 

 

 

 

 

 

 

12,496

 

Issuance of common stock upon exercise of stock options

 

 

308

 

 

 

1

 

 

 

3,039

 

 

 

 

 

 

 

 

 

3,040

 

Issuance of common stock upon 2018 ESPP purchase

 

 

12

 

 

 

 

 

 

773

 

 

 

 

 

 

 

 

 

773

 

Issuance of common stock upon vesting of restricted stock units

 

 

36