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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10‑Q

 

(Mark One)

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

For the quarterly period ended September 30, 2020

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: 001-37507

 

NANTKWEST, INC.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

43-1979754

(State or other jurisdiction of

incorporation or organization)

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

 

3530 John Hopkins Court

San Diego, California

92121

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (858633-0300

 

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 $0.0001 per share

 

NK

 

The Nasdaq Stock Market LLC

(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, a 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 

The number of shares of the Registrant’s common stock outstanding as of November 5, 2020 was 108,592,583.

 

 

 

 


TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

Part I—FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

 

 

Condensed Consolidated Balance Sheets – As of September 30, 2020 and December 31, 2019

 

1

 

 

Condensed Consolidated Statements of Operations – For the three and nine months ended September 30, 2020 and 2019

 

2

 

 

Condensed Consolidated Statements of Comprehensive Loss – For the three and nine months ended September 30, 2020 and 2019

 

3

 

 

Condensed Consolidated Statements of Stockholders’ Equity – For the three and nine months ended September 30, 2020 and 2019

 

4

 

 

Condensed Consolidated Statements of Cash Flows – For the nine months ended September 30, 2020 and 2019

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

Item 2.

 

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

 

29

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

48

Item 4.

 

Controls and Procedures

 

48

 

 

 

 

Part II—OTHER INFORMATION

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

49

Item 1A.

 

Risk Factors

 

49

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

94

Item 3.

 

Defaults Upon Senior Securities

 

94

Item 4.

 

Mine Safety Disclosures

 

94

Item 5.

 

Other Information

 

94

Item 6.

 

Exhibits

 

95

Signatures

 

96

 

 

 

-i-


PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

NantKwest, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

 

 

September 30,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

27,688

 

 

$

15,508

 

Prepaid expenses and other current assets (including amounts with related parties)

 

 

8,977

 

 

 

4,105

 

Marketable debt securities, available-for-sale

 

 

61,353

 

 

 

36,144

 

Total current assets

 

 

98,018

 

 

 

55,757

 

Marketable debt securities, noncurrent

 

 

769

 

 

 

1,497

 

Property, plant and equipment, net (including amounts with related parties)

 

 

55,864

 

 

 

60,501

 

Operating lease right-of-use assets, net (including amounts with related parties)

 

 

14,602

 

 

 

11,729

 

Equity investment

 

 

9,253

 

 

 

9,253

 

Other assets (including amounts with related parties)

 

 

2,029

 

 

 

4,386

 

Total assets

 

$

180,535

 

 

$

143,123

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,160

 

 

$

1,749

 

Accrued expenses

 

 

5,497

 

 

 

5,343

 

Due to related parties

 

 

1,356

 

 

 

486

 

Operating lease liabilities (including amounts with related parties)

 

 

5,351

 

 

 

3,206

 

Other current liabilities

 

 

2,299

 

 

 

775

 

Total current liabilities

 

 

20,663

 

 

 

11,559

 

Operating lease liabilities, less current portion (including amounts with related parties)

 

 

11,250

 

 

 

10,885

 

Total liabilities

 

 

31,913

 

 

 

22,444

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000,000 shares authorized;

   108,592,583 and 98,460,404 issued and outstanding as of September 30, 2020

   and December 31, 2019, respectively

 

 

11

 

 

 

10

 

Additional paid-in capital

 

 

871,170

 

 

 

782,965

 

Accumulated other comprehensive loss

 

 

(117

)

 

 

(105

)

Accumulated deficit

 

 

(722,442

)

 

 

(662,191

)

Total stockholders’ equity

 

 

148,622

 

 

 

120,679

 

Total liabilities and stockholders’ equity

 

$

180,535

 

 

$

143,123

 

 

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

1


NantKwest, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

68

 

 

$

12

 

 

$

90

 

 

$

34

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (including amounts with

   related parties)

 

 

17,284

 

 

 

12,052

 

 

 

44,227

 

 

 

37,781

 

Selling, general and administrative (including amounts

   with related parties)

 

 

4,711

 

 

 

4,025

 

 

 

16,603

 

 

 

13,949

 

Total operating expenses

 

 

21,995

 

 

 

16,077

 

 

 

60,830

 

 

 

51,730

 

Loss from operations

 

 

(21,927

)

 

 

(16,065

)

 

 

(60,740

)

 

 

(51,696

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income, net

 

 

66

 

 

 

433

 

 

 

319

 

 

 

1,336

 

Interest expense

 

 

(9

)

 

 

(5

)

 

 

(19

)

 

 

(8

)

Other income, net (including amounts with related parties)

 

 

96

 

 

 

56

 

 

 

195

 

 

 

186

 

Total other income

 

 

153

 

 

 

484

 

 

 

495

 

 

 

1,514

 

Loss before income taxes

 

 

(21,774

)

 

 

(15,581

)

 

 

(60,245

)

 

 

(50,182

)

Income tax (expense) benefit

 

 

(2

)

 

 

 

 

 

(6

)

 

 

34

 

Net loss

 

$

(21,776

)

 

$

(15,581

)

 

$

(60,251

)

 

$

(50,148

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.20

)

 

$

(0.16

)

 

$

(0.59

)

 

$

(0.54

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares during the period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

108,246,579

 

 

 

98,331,695

 

 

 

101,853,047

 

 

 

92,791,644

 

 

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

2


NantKwest, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(21,776

)

 

$

(15,581

)

 

$

(60,251

)

 

$

(50,148

)

Other comprehensive (loss) income, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (losses) gains on available-for-sale securities

 

 

(19

)

 

 

27

 

 

 

(14

)

 

 

210

 

Reclassification of net realized losses on

   available-for-sale securities included in net loss

 

 

2

 

 

 

4

 

 

 

2

 

 

 

4

 

Total other comprehensive (loss) income

 

 

(17

)

 

 

31

 

 

 

(12

)

 

 

214

 

Comprehensive loss

 

$

(21,793

)

 

$

(15,550

)

 

$

(60,263

)

 

$

(49,934

)

 

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

3


NantKwest, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except for share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

Three Months Ended September 30, 2020

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

Balance at June 30, 2020

 

 

107,764,158

 

 

$

11

 

 

$

870,408

 

 

$

(100

)

 

$

(700,666

)

 

$

169,653

 

Issuance of common stock, net of

   $4,373 in offering costs

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

 

19

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

711

 

 

 

 

 

 

 

 

 

711

 

Exercise of stock options

 

 

883,256

 

 

 

 

 

 

353

 

 

 

 

 

 

 

 

 

353

 

Vesting of restricted stock units (RSUs)

 

 

83,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee payroll taxes withheld related to

   vesting of RSUs and exercise of stock

   options

 

 

(138,091

)

 

 

 

 

 

(321

)

 

 

 

 

 

 

 

 

(321

)

Other comprehensive loss, net

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

(17

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,776

)

 

 

(21,776

)

Balance at September 30, 2020

 

 

108,592,583

 

 

$

11

 

 

$

871,170

 

 

$

(117

)

 

$

(722,442

)

 

$

148,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

Nine Months Ended September 30, 2020

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

Balance at December 31, 2019

 

 

98,460,404

 

 

$

10

 

 

$

782,965

 

 

$

(105

)

 

$

(662,191

)

 

$

120,679

 

Issuance of common stock, net of

   $4,373 in offering costs

 

 

8,521,500

 

 

 

1

 

 

 

86,301

 

 

 

 

 

 

 

 

 

86,302

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,472

 

 

 

 

 

 

 

 

 

1,472

 

Exercise of stock options

 

 

1,142,273

 

 

 

 

 

 

917

 

 

 

 

 

 

 

 

 

917

 

Vesting of RSUs

 

 

642,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee payroll taxes withheld related to

   vesting of RSUs and exercise of stock

   options

 

 

(173,830

)

 

 

 

 

 

(485

)

 

 

 

 

 

 

 

 

(485

)

Other comprehensive loss, net

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

(12

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(60,251

)

 

 

(60,251

)

Balance at September 30, 2020

 

 

108,592,583

 

 

$

11

 

 

$

871,170

 

 

$

(117

)

 

$

(722,442

)

 

$

148,622

 

 

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

4


NantKwest, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except for share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

Three Months Ended September 30, 2019

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

Balance at June 30, 2019

 

 

98,307,859

 

 

$

10

 

 

$

782,312

 

 

$

(84

)

 

$

(630,969

)

 

$

151,269

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

277

 

 

 

 

 

 

 

 

 

277

 

Vesting of RSUs

 

 

90,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee payroll taxes withheld related to

   vesting of RSUs

 

 

(30,985

)

 

 

 

 

 

(40

)

 

 

 

 

 

 

 

 

(40

)

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

31

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,581

)

 

 

(15,581

)

Balance at September 30, 2019

 

 

98,367,184

 

 

$

10

 

 

$

782,549

 

 

$

(53

)

 

$

(646,550

)

 

$

135,956