PART I. FINANCIAL INFORMATION This section details the unaudited condensed financial statements and management's analysis of financial condition and operations [Item 1. Condensed Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(Unaudited)) This section presents Applied Molecular Transport Inc.'s unaudited condensed financial statements, covering balance sheets, operations, equity, cash flows, and key accounting notes [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) This section provides a summary of the company's assets, liabilities, and equity at specific reporting dates Condensed Balance Sheets Summary | Assets/Liabilities/Equity | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :---------------------------------- | :---------------------------- | :------------------------------- | | **Assets** | | | | Cash and cash equivalents | $26,202 | $5,843 | | Short-term investments | $82,063 | $124,026 | | Total current assets | $111,965 | $131,501 | | Total assets | $126,404 | $140,183 | | **Liabilities** | | | | Total current liabilities | $8,914 | $7,662 | | Total liabilities | $12,847 | $8,510 | | **Stockholders' Equity** | | | | Total stockholders' equity | $113,557 | $131,673 | - Total assets decreased from **$140.2 million** at December 31, 2020, to **$126.4 million** at March 31, 2021[11](index=11&type=chunk) - Total stockholders' equity decreased from **$131.7 million** to **$113.6 million** over the same period[11](index=11&type=chunk) [Condensed Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This section details the company's revenues, expenses, and net loss for the reported periods Condensed Statements of Operations and Comprehensive Loss Summary | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :----------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Research and development | $14,881 | $12,954 | | General and administrative | $5,599 | $2,489 | | Total operating expenses | $20,480 | $15,443 | | Loss from operations | $(20,480) | $(15,443) | | Interest income, net | $40 | $83 | | Other (expense) income, net | $(22) | $49 | | Net loss | $(20,462) | $(15,311) | | Net loss per share, basic and diluted | $(0.58) | $(2.06) | | Weighted-average shares of common stock outstanding, basic and diluted | 35,217,773 | 7,417,440 | | Unrealized (loss) gain on investments | $(2) | $6 | | Total comprehensive loss | $(20,464) | $(15,305) | - Net loss increased to **$20.5 million** for Q1 2021 from **$15.3 million** for Q1 2020[13](index=13&type=chunk) - Total operating expenses increased by **$5.0 million**, driven by increases in R&D and G&A[13](index=13&type=chunk) [Condensed Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Stockholders'%20Equity) This section outlines changes in the company's stockholders' equity over the reporting period Condensed Statements of Stockholders' Equity Summary | Item | As of December 31, 2020 (in thousands) | As of March 31, 2021 (in thousands) | | :--------------------------------- | :------------------------------------- | :---------------------------------- | | Total Stockholders' Equity | $131,673 | $113,557 | | Exercise of common stock options | N/A | $397 | | Stock-based compensation expense | N/A | $1,951 | | Unrealized loss on investments | N/A | $(2) | | Net loss | N/A | $(20,462) | | Accumulated Deficit | $(139,358) | $(159,820) | - Accumulated deficit increased by **$20.5 million** due to the net loss for the quarter[16](index=16&type=chunk) - Stockholders' equity decreased by **$18.1 million**, primarily due to the net loss, partially offset by stock-based compensation and option exercises[16](index=16&type=chunk) [Condensed Statements of Convertible Preferred Stock and Stockholders' Deficit](index=7&type=section&id=Condensed%20Statements%20of%20Convertible%20Preferred%20Stock%20and%20Stockholders'%20Deficit) This section presents the historical changes in convertible preferred stock and stockholders' deficit Condensed Statements of Convertible Preferred Stock and Stockholders' Deficit Summary | Item | As of December 31, 2019 (in thousands) | As of March 31, 2020 (in thousands) | | :--------------------------------- | :------------------------------------- | :---------------------------------- | | Total Stockholders' Deficit | $(71,702) | $(86,392) | | Series A Preferred Stock Amount | $32,826 | $32,826 | | Series B Preferred Stock Amount | $30,921 | $30,921 | | Series C Preferred Stock Amount | $41,868 | $41,868 | | Accumulated Deficit | $(72,794) | $(88,105) | - The company had convertible preferred stock outstanding as of March 31, 2020, which converted to common stock prior to the IPO in June 2020[19](index=19&type=chunk)[28](index=28&type=chunk) - Accumulated deficit increased by **$15.3 million** from December 31, 2019, to March 31, 2020[19](index=19&type=chunk) [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities Condensed Statements of Cash Flows Summary | Cash Flow Activity | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :------------------------------------------------ | :----------------------------------------------- | :----------------------------------------------- | | Net cash used in operating activities | $(20,948) | $(13,711) | | Net cash provided by investing activities | $41,921 | $8,608 | | Net cash provided by (used in) financing activities | $303 | $(1,657) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $21,276 | $(6,760) | | Cash, cash equivalents and restricted cash, beginning of period | $5,951 | $12,835 | | Cash, cash equivalents and restricted cash, end of period | $27,227 | $6,075 | - Net cash used in operating activities increased to **$20.9 million** in Q1 2021 from **$13.7 million** in Q1 2020[23](index=23&type=chunk) - Net cash provided by investing activities significantly increased to **$41.9 million** in Q1 2021, primarily from sales and maturities of investments[23](index=23&type=chunk) - Financing activities provided **$0.3 million** in Q1 2021, a shift from **$1.7 million** used in Q1 2020, mainly due to proceeds from stock option exercises[23](index=23&type=chunk) [Notes to Unaudited Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the unaudited condensed financial statements [1. Business and Principal Activities](index=9&type=section&id=1.%20Business%20and%20Principal%20Activities) This note describes the company's biopharmaceutical business, product candidates, and financial position - Applied Molecular Transport Inc. is a clinical-stage biopharmaceutical company developing oral biologic product candidates for autoimmune, inflammatory, metabolic, and other diseases using a proprietary technology platform[26](index=26&type=chunk) - The lead product candidate, AMT-101 (oral IL-10 fusion), has completed Phase 1b and initiated multiple Phase 2 clinical trials for ulcerative colitis (UC) and related inflammatory indications[26](index=26&type=chunk) - The second candidate, AMT-126 (oral IL-22 fusion), is in development for intestinal epithelium barrier function defects and began Phase 1a clinical trials in February 2021[26](index=26&type=chunk)[119](index=119&type=chunk) - The company completed an IPO in June 2020, raising approximately **$160.6 million** net, and a follow-on offering in April 2021, raising approximately **$112.9 million** net[28](index=28&type=chunk)[29](index=29&type=chunk)[116](index=116&type=chunk) - The company has incurred significant losses and negative cash flows since inception, with an accumulated deficit of **$159.8 million** as of March 31, 2021, and does not expect positive cash flows from operations in the foreseeable future[31](index=31&type=chunk)[125](index=125&type=chunk) - Management believes existing cash, cash equivalents, and investments as of March 31, 2021, will be sufficient to fund its current operating plan through at least **12 months** after the date of issuance of these condensed financial statements[30](index=30&type=chunk)[128](index=128&type=chunk) - The COVID-19 pandemic may impact productivity, increase operational expenses, and cause delays in clinical trials and supply chain activities[33](index=33&type=chunk) [2. Summary of Significant Accounting Policies](index=10&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and policies used in preparing the financial statements - Financial statements are prepared in accordance with GAAP and SEC rules for interim reporting, with certain footnotes condensed or omitted[34](index=34&type=chunk) - The company adopted ASU 2016-02, Leases (Topic 842), on January 1, 2021, recognizing operating lease ROU assets of **$6.0 million** and operating lease liabilities of **$6.5 million**, with no impact on accumulated deficit[68](index=68&type=chunk)[69](index=69&type=chunk) - The company is an Emerging Growth Company (EGC) and has elected to use the extended transition period for complying with new or revised accounting standards[64](index=64&type=chunk) - The company operates as one reportable and operating segment, focused on designing and developing novel oral biologic product candidates[40](index=40&type=chunk) [3. Fair Value Measurements](index=15&type=section&id=3.%20Fair%20Value%20Measurements) This note details the fair value hierarchy and measurements for the company's financial instruments Fair Value Measurements Summary | Financial Instrument (in thousands) | Fair Value Hierarchy Level | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | :---------------------------------- | :------------------------- | :------------- | :--------------------- | :---------------------- | :--------- | | **As of March 31, 2021** | | | | | | | Money market funds | Level 1 | $25,213 | $0 | $0 | $25,213 | | U.S. Treasury securities | Level 2 | $82,038 | $25 | $0 | $82,063 | | Total | | $107,251 | $25 | $0 | $107,276 | | **As of December 31, 2020** | | | | | | | Money market funds | Level 1 | $4,844 | $0 | $0 | $4,844 | | U.S. Treasury securities | Level 2 | $123,998 | $28 | $0 | $124,026 | | Total | | $128,842 | $28 | $0 | $128,870 | - As of March 31, 2021, the company held **$82.1 million** in U.S. Treasury securities and **$25.2 million** in money market funds[72](index=72&type=chunk)[75](index=75&type=chunk) - Unrealized losses on short-term investments were insignificant as of March 31, 2021, and are not considered credit-related[74](index=74&type=chunk) [4. Balance Sheet Components](index=16&type=section&id=4.%20Balance%20Sheet%20Components) This note provides a breakdown of specific asset and liability accounts on the balance sheet Property and Equipment, Net | Item | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--------------------------------- | :---------------------------- | :------------------------------- | | Laboratory and manufacturing equipment | $8,176 | $8,022 | | Leasehold improvements | $2,598 | $2,550 | | Computer and office equipment | $201 | $201 | | Construction in progress | $92 | $162 | | Capital leases | $0 | $959 | | Total property and equipment, gross | $11,067 | $11,894 | | Accumulated depreciation | $(4,068) | $(3,447) | | Total property and equipment, net | $6,999 | $8,447 | - Net property and equipment decreased from **$8.4 million** to **$7.0 million**, with depreciation expense of **$0.7 million** in Q1 2021[79](index=79&type=chunk) Right-of-Use Assets, Net | Right-of-Use Assets | Operating Leases (in thousands) | Finance Leases (in thousands) | Total (in thousands) | | :------------------------- | :------------------------------ | :---------------------------- | :------------------- | | Right-of-use assets | $6,013 | $959 | $6,972 | | Accumulated amortization | $(563) | $(163) | $(726) | | Right-of-use assets, net | $5,450 | $796 | $6,246 | Accrued Expenses Summary | Accrued Expenses | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :------------------------------ | :---------------------------- | :------------------------------- | | Research and development expenses | $2,213 | $1,303 | | Compensation expenses | $1,037 | $2,389 | | Professional services | $687 | $241 | | Other | $109 | $115 | | Property and equipment | $48 | $125 | | Total accrued expenses | $4,094 | $4,173 | - Accrued R&D expenses increased from **$1.3 million** to **$2.2 million**, while compensation expenses decreased from **$2.4 million** to **$1.0 million**[83](index=83&type=chunk) [5. Leases](index=17&type=section&id=5.%20Leases) This note describes the company's lease arrangements, related expenses, and future lease liabilities - The company has operating leases for corporate offices, laboratory, and warehouse facilities, and a CRO embedded lease arrangement[85](index=85&type=chunk)[51](index=51&type=chunk) - A new lease for laboratory, manufacturing, warehouse, and office space in South San Francisco was entered in February 2021, with an estimated commencement in October 2021[86](index=86&type=chunk) Lease Expense Summary | Lease Expense Type | Classification | Three Months Ended March 31, 2021 (in thousands) | | :-------------------------------- | :------------------------------ | :----------------------------------------------- | | Operating lease expense | Operating expenses | $597 | | Amortization of right-of-use assets | Operating expenses | $48 | | Interest on lease liabilities | Interest income, net | $9 | | Variable lease expense | Operating expenses | $204 | | Short-term lease expense | Operating expenses | $8 | | Total lease expense | | $866 | Undiscounted Lease Liabilities | Year | Operating Leases (in thousands) | Finance Leases (in thousands) | Total (in thousands) | | :--------------------------------- | :------------------------------ | :---------------------------- | :------------------- | | 2021 (remaining nine months) | $1,861 | $197 | $2,058 | | 2022 | $1,864 | $255 | $2,119 | | 2023 | $1,457 | $171 | $1,628 | | 2024 | $1,000 | $0 | $1,000 | | Total undiscounted lease liabilities | $6,182 | $623 | $6,805 | | Less: Interest | $(216) | $(44) | $(260) | | Total discounted lease liabilities | $5,966 | $579 | $6,545 | | Less: Lease liabilities, current | $(2,377) | $(235) | $(2,612) | | Lease liabilities, non-current | $3,589 | $344 | $3,933 | [6. Commitments and Contingencies](index=18&type=section&id=6.%20Commitments%20and%20Contingencies) This note discloses the company's legal proceedings, indemnifications, and potential COVID-19 impacts - The company was not subject to any material legal proceedings during Q1 2021 or Q1 2020, and no material legal proceedings are currently pending or threatened[94](index=94&type=chunk) - The company indemnifies its officers and directors, but the maximum potential future payments are not determinable, and no liabilities have been recorded[95](index=95&type=chunk) - As of March 31, 2021, the company was not aware of any contingencies or estimates recorded on its condensed financial statements as a result of COVID-19[96](index=96&type=chunk) [7. Common Stock](index=18&type=section&id=7.%20Common%20Stock) This note provides information on the company's common stock, authorized shares, and outstanding options - As of March 31, 2021, **35,250,650 shares** of common stock were issued and outstanding, with **450,000,000 shares** authorized[11](index=11&type=chunk) - No dividends were declared as of March 31, 2021[97](index=97&type=chunk) Equity Incentive Plan Activity | Item | March 31, 2021 | December 31, 2020 | | :------------------------------------ | :------------- | :---------------- | | Stock options, issued and outstanding | 4,341,535 | 3,506,599 | | Stock options, authorized for future issuance | 4,161,088 | 3,369,246 | | ESPP, available for future grants | 665,220 | 314,006 | | Total | 9,167,843 | 7,189,851 | [8. Stock-Based Compensation Expense](index=19&type=section&id=8.%20Stock-Based%20Compensation%20Expense) This note details the company's equity incentive plans and the related stock-based compensation expenses - The 2020 Equity Incentive Plan allows for various equity awards, with **4,161,088 shares** available for future issuance as of March 31, 2021[101](index=101&type=chunk)[104](index=104&type=chunk) - Stock option activity for Q1 2021 included **1,079,400 options granted** and **129,290 options exercised**[104](index=104&type=chunk) - Unrecognized stock-based compensation expense was **$48.3 million** as of March 31, 2021, to be recognized over a weighted-average period of approximately **3.0 years**[105](index=105&type=chunk) - The 2020 Employee Stock Purchase Plan (ESPP) allows employees to purchase shares at a discount, with **665,220 shares** available for future issuance as of March 31, 2021[106](index=106&type=chunk)[107](index=107&type=chunk) - The company recorded **$0.1 million** in stock-based compensation expense related to the ESPP in Q1 2021[107](index=107&type=chunk) Stock-Based Compensation Expense by Category | Expense Category | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Research and development | $1,100 | $328 | | General and administrative | $851 | $229 | | Total stock-based compensation expense | $1,951 | $557 | - Total stock-based compensation expense increased significantly to **$1.95 million** in Q1 2021 from **$0.56 million** in Q1 2020[110](index=110&type=chunk) [9. Net Loss Per Share](index=20&type=section&id=9.%20Net%20Loss%20Per%20Share) This note explains the calculation of basic and diluted net loss per share for the reporting periods Net Loss Per Share Calculation | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss | $(20,462) | $(15,311) | | Weighted-average shares outstanding | 35,217,773 | 7,417,440 | | Net loss per share, basic and diluted | $(0.58) | $(2.06) | - Basic and diluted net loss per share was **$(0.58)** for Q1 2021, an improvement from **$(2.06)** in Q1 2020, despite a higher net loss, due to a significant increase in weighted-average shares outstanding[112](index=112&type=chunk)[114](index=114&type=chunk) - Potentially dilutive securities were anti-dilutive due to the company's loss position[114](index=114&type=chunk) [10. Subsequent Event](index=21&type=section&id=10.%20Subsequent%20Event) This note discloses a significant financial event that occurred after the reporting period - On April 6, 2021, the company completed a follow-on offering, issuing **2,875,000 shares** of common stock at **$42.00 per share**, generating approximately **$112.9 million** in net proceeds[116](index=116&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results for Q1 2021, including business overview, COVID-19 impact, expenses, liquidity, and capital [Overview](index=22&type=section&id=Overview) This section provides a high-level summary of the company's business, product pipeline, and financial outlook - The company's proprietary technology platform facilitates active transport of therapeutic payloads across the intestinal epithelium barrier, a key differentiator[119](index=119&type=chunk) - Lead product candidate AMT-101 (oral IL-10 fusion) is in multiple Phase 2 clinical trials for UC and related inflammatory indications[119](index=119&type=chunk) - Second product candidate AMT-126 (oral IL-22 fusion) is in Phase 1a clinical trials for diseases related to IE barrier function defects[119](index=119&type=chunk) - The company has activated a new facility in South San Francisco for cGMP drug supply manufacturing and plans significant investments to expand internal manufacturing capabilities[122](index=122&type=chunk) - As of March 31, 2021, the company had an accumulated deficit of **$159.8 million** and expects significant and increasing losses for the foreseeable future[125](index=125&type=chunk) - Operations are financed primarily through convertible preferred stock private placements and common stock public offerings (IPO in June 2020, follow-on in April 2021)[126](index=126&type=chunk) - Expenses are expected to increase significantly due to advancing product candidates, pursuing regulatory approval, investing in technology, expanding manufacturing, hiring personnel, and operating as a public company[126](index=126&type=chunk) [COVID-19](index=24&type=section&id=COVID-19) This section discusses the potential impacts of the COVID-19 pandemic on the company's operations and financial condition - COVID-19 could cause delays in clinical trials and preclinical studies due to patient enrollment difficulties, diversion of healthcare resources, and delays in site activation or regulatory approvals[130](index=130&type=chunk) - The pandemic may lead to increased operational expenses and disruptions in supply chain activities[130](index=130&type=chunk) - As of March 31, 2021, the company had not recorded any contingencies or estimates on its condensed financial statements related to COVID-19[130](index=130&type=chunk) [Components of Results of Operations](index=24&type=section&id=Components%20of%20Results%20of%20Operations) This section details the various revenue and expense categories contributing to the company's financial performance [Revenue](index=24&type=section&id=Revenue) This section explains the company's revenue generation strategy and future expectations - The company has not generated any revenue from product sales and does not expect to for the foreseeable future[131](index=131&type=chunk) [Operating Expenses](index=24&type=section&id=Operating%20Expenses) This section outlines the key components of the company's operating expenses, including R&D and G&A [Research and Development Expenses](index=24&type=section&id=Research%20and%20Development%20Expenses) This section details the nature and recognition of the company's research and development expenditures - R&D expenses include external costs (clinical trials, materials, preclinical studies, contract manufacturing, consulting) and internal costs (personnel, equipment, depreciation, facility)[132](index=132&type=chunk)[133](index=133&type=chunk) - The majority of R&D expenses to date have been for AMT-101, with significant additional spending expected for its progression and for AMT-126[133](index=133&type=chunk)[134](index=134&type=chunk) - R&D expenses are recognized as incurred, and the company cannot reasonably estimate the nature, timing, and costs to complete product development and regulatory approval[136](index=136&type=chunk)[137](index=137&type=chunk) [General and Administrative Expenses](index=25&type=section&id=General%20and%20Administrative%20Expenses) This section describes the components and expected trends of the company's general and administrative costs - G&A expenses primarily consist of personnel costs (salaries, bonuses, benefits, stock-based compensation) for executive, finance, accounting, and administrative functions[138](index=138&type=chunk) - G&A also includes legal, professional, insurance, facility costs, and public company expenses[138](index=138&type=chunk) - G&A expenses are expected to increase significantly as the company expands administrative personnel and services to manage public company functions and a growing product pipeline[138](index=138&type=chunk) [Interest Income, Net and Other (Expense) Income, Net](index=25&type=section&id=Interest%20Income,%20Net%20and%20Other%20(Expense)%20Income,%20Net) This section covers non-operating income and expenses, including interest and other financial items - These categories primarily include interest income from cash, cash equivalents, and investments, realized gains/losses on investments, interest expense from finance/capital leases, and net losses on foreign currency transactions[139](index=139&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section provides a comparative analysis of the company's financial performance for the reported periods Comparative Results of Operations | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | Change ($) | | :-------------------------------- | :----------------------------------------------- | :----------------------------------------------- | :--------- | | Research and development | $14,881 | $12,954 | $1,927 | | General and administrative | $5,599 | $2,489 | $3,110 | | Total operating expenses | $20,480 | $15,443 | $5,037 | | Loss from operations | $(20,480) | $(15,443) | $(5,037) | | Interest income, net | $40 | $83 | $(43) | | Other (expense) income, net | $(22) | $49 | $(71) | | Net loss | $(20,462) | $(15,311) | $(5,151) | [Comparisons of the Quarter Ended March 31, 2021 and 2020](index=25&type=section&id=Comparisons%20of%20the%20Quarter%20Ended%20March%2031,%202021%20and%202020) This section compares the company's financial results for the first quarters of 2021 and 2020 [Research and Development Expenses](index=26&type=section&id=Research%20and%20Development%20Expenses) This section analyzes the changes in research and development expenses between the two comparative quarters - R&D expenses increased by **$1.9 million** to **$14.9 million** in Q1 2021, primarily due to increased clinical trials and preclinical studies for AMT-101 (Phase 2 initiation) and AMT-126 (Phase 1 initiation), as well as higher personnel and facility costs[143](index=143&type=chunk) - This increase was partially offset by decreases in materials and contract manufacturing expenses[143](index=143&type=chunk) Research and Development Expenses Breakdown | Category | Q1 2021 (in thousands) | Q1 2020 (in thousands) | Change ($) | | :---------------------------------- | :--------------------- | :--------------------- | :--------- | | Clinical trials | $3,130 | $2,705 | $425 | | Materials | $1,456 | $2,730 | $(1,274) | | Preclinical studies | $909 | $661 | $248 | | Contract manufacturing | $859 | $1,823 | $(964) | | Other research and development | $349 | $533 | $(184) | | Personnel | $5,913 | $2,475 | $3,438 | | Equipment, depreciation, and facility | $2,265 | $2,027 | $238 | | Total R&D expenses | $14,881 | $12,954 | $1,927 | [General and Administrative Expenses](index=26&type=section&id=General%20and%20Administrative%20Expenses) This section analyzes the changes in general and administrative expenses between the two comparative quarters - G&A expenses increased by **$3.1 million** to **$5.6 million** in Q1 2021, mainly due to a **$1.9 million** increase in personnel and administrative costs (due to headcount increase) and a **$1.1 million** increase in professional fees[145](index=145&type=chunk) [Interest Income, Net](index=26&type=section&id=Interest%20Income,%20Net) This section analyzes the changes in net interest income between the two comparative quarters - Interest income, net was minimal in both Q1 2021 (**$40 thousand**) and Q1 2020 (**$83 thousand**)[141](index=141&type=chunk)[146](index=146&type=chunk) [Other (Expense) Income, Net](index=26&type=section&id=Other%20(Expense)%20Income,%20Net) This section analyzes the changes in other non-operating income and expense between the two comparative quarters - Other (expense) income, net was minimal in both Q1 2021 (**$(22) thousand**) and Q1 2020 (**$49 thousand**)[141](index=141&type=chunk)[147](index=147&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's ability to meet its short-term and long-term financial obligations - As of March 31, 2021, the company had **$108.3 million** in cash, cash equivalents, and investments[148](index=148&type=chunk) - The company completed a follow-on offering in April 2021, generating **$112.9 million** in net proceeds, which is expected to extend its cash runway[116](index=116&type=chunk)[148](index=148&type=chunk) - Management believes existing capital is sufficient for at least the next **12 months**, but substantial additional capital will be needed for future development and commercialization[148](index=148&type=chunk)[150](index=150&type=chunk) - Future funding requirements depend on factors like clinical trial progress, regulatory approvals, manufacturing costs, intellectual property protection, and the impact of the COVID-19 pandemic[151](index=151&type=chunk) [Future Funding Requirements](index=27&type=section&id=Future%20Funding%20Requirements) This section discusses the company's anticipated capital needs for ongoing operations and product development - The company does not expect to generate meaningful revenue until regulatory approval and commercialization of product candidates, which is uncertain[150](index=150&type=chunk) - Primary uses of cash are R&D expenses for programs and, to a lesser extent, G&A expenses[150](index=150&type=chunk) - Future funding will be required for advancing product candidates through clinical trials, pursuing regulatory approval, investing in technology, expanding manufacturing, and operating as a public company[151](index=151&type=chunk) - Failure to raise additional funds on acceptable terms could force delays, reductions, or termination of drug development or commercialization efforts[152](index=152&type=chunk) [Summary Statement of Cash Flows](index=28&type=section&id=Summary%20Statement%20of%20Cash%20Flows) This section provides a summary of cash flow activities for the reported periods Summary Statement of Cash Flows | Cash Flow Activity | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :------------------------------------------------ | :--------------------- | :--------------------- | | Net cash used in operating activities | $(20,948) | $(13,711) | | Net cash provided by investing activities | $41,921 | $8,608 | | Net cash provided by (used in) financing activities | $303 | $(1,657) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $21,276 | $(6,760) | [Cash Used in Operating Activities](index=28&type=section&id=Cash%20Used%20in%20Operating%20Activities) This section details the cash flows generated or used by the company's primary business operations - Net cash used in operating activities was **$20.9 million** in Q1 2021, primarily due to a net loss of **$20.5 million** and a **$3.7 million** decrease in net operating assets and liabilities, partially offset by **$3.3 million** in non-cash charges[155](index=155&type=chunk) - In Q1 2020, net cash used was **$13.7 million**, driven by a **$15.3 million** net loss, partially offset by non-cash charges and an increase in net operating assets and liabilities[156](index=156&type=chunk) [Cash Used in Investing Activities](index=28&type=section&id=Cash%20Used%20in%20Investing%20Activities) This section details the cash flows related to the purchase and sale of long-term assets and investments - Cash provided by investing activities was **$41.9 million** in Q1 2021, mainly from **$42.0 million** in sales and maturities of investments[157](index=157&type=chunk) - In Q1 2020, cash provided was **$8.6 million**, primarily from **$18.1 million** in sales and maturities of investments, offset by **$8.3 million** in purchases of investments[157](index=157&type=chunk) [Cash Provided by Financing Activities](index=28&type=section&id=Cash%20Provided%20by%20Financing%20Activities) This section details the cash flows from debt, equity, and dividend transactions - Cash provided by financing activities was **$0.3 million** in Q1 2021, mainly from **$0.4 million** in stock option exercises, offset by principal payments for finance leases[158](index=158&type=chunk) - In Q1 2020, cash used was **$1.7 million**, primarily for IPO issuance costs[158](index=158&type=chunk) [Contractual Obligations and Commitments](index=29&type=section&id=Contractual%20Obligations%20and%20Commitments) This section outlines the company's future payment obligations under various agreements Contractual Obligations and Commitments | Type | Up to Dec 31, 2021 (in thousands) | Up to Dec 31, 2023 (in thousands) | Up to Dec 31, 2025 (in thousands) | Total (in thousands) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------------- | | Operating lease commitments | $1,861 | $3,321 | $1,000 | $6,182 | | Finance lease commitments | $197 | $426 | $0 | $623 | | Total | $2,058 | $3,747 | $1,000 | $6,805 | - Total contractual obligations and commitments amount to **$6.8 million**, with **$2.1 million** due by the end of 2021[161](index=161&type=chunk) [Off-Balance Sheet Arrangements](index=29&type=section&id=Off-Balance%20Sheet%20Arrangements) This section confirms the absence of any material off-balance sheet financial arrangements - The company has not engaged in any off-balance sheet arrangements[162](index=162&type=chunk) [Critical Accounting Policies, Significant Judgments and Use of Estimates](index=29&type=section&id=Critical%20Accounting%20Policies,%20Significant%20Judgments%20and%20Use%20of%20Estimates) This section describes the accounting policies requiring significant management judgment and estimation - Financial statements require management to make estimates and assumptions affecting reported amounts, based on historical experience and market-specific assumptions[163](index=163&type=chunk) - The economic uncertainty from the COVID-19 pandemic could limit the ability to accurately make and evaluate estimates[164](index=164&type=chunk) - No material changes to critical accounting policies occurred in Q1 2021, except for the adoption of new lease accounting standards[165](index=165&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk primarily involves interest rate fluctuations on its short-term investments, with no material foreign currency risk - As of March 31, 2021, the company held **$108.3 million** in cash, cash equivalents, and investments, primarily U.S. Treasury securities and interest-bearing money market accounts[167](index=167&type=chunk) - An immediate **10% change** in interest rates would not have a material effect on the fair market value of these financial instruments due to their short-term maturities and low-risk profile[167](index=167&type=chunk) - The company was not exposed to material foreign currency risk during the quarter ended March 31, 2021[168](index=168&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes in internal control [Evaluation of Disclosure Controls and Procedures](index=30&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section details management's assessment of the effectiveness of the company's disclosure controls and procedures - Management, with CEO and CFO participation, evaluated disclosure controls and procedures and concluded they were effective at the reasonable assurance level as of March 31, 2021[169](index=169&type=chunk) [Changes in Internal Control over Financial Reporting](index=30&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section reports on any material changes to the company's internal control over financial reporting during the quarter - There were no changes in internal control over financial reporting during Q1 2021 that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[170](index=170&type=chunk) [Limitations on the Effectiveness of Controls](index=30&type=section&id=Limitations%20on%20the%20Effectiveness%20of%20Controls) This section acknowledges the inherent limitations that prevent controls from providing absolute assurance - Management acknowledges that any controls and procedures, no matter how well designed, can only provide reasonable assurance of achieving desired control objectives due to inherent limitations like resource constraints, judgment application, and the possibility of circumvention[171](index=171&type=chunk) PART II. OTHER INFORMATION This section provides additional information not covered in the financial statements, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings, but acknowledges potential adverse impacts of future litigation - The company is not currently a party to any material legal proceedings[173](index=173&type=chunk) - Litigation, regardless of outcome, can adversely impact the company due to defense and settlement costs, diversion of management resources, and reputational harm[173](index=173&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) Investing in the company's common stock involves high risks due to its early development stage, history of losses, substantial capital needs, and inherent uncertainties of novel biologics [Risk Factors Summary](index=31&type=section&id=Risk%20Factors%20Summary) This section provides a concise overview of the primary risks associated with investing in the company - The company is in early development, has a limited operating history, and no approved products[175](index=175&type=chunk) - It has incurred significant net losses since inception and expects this to continue, requiring substantial additional capital[175](index=175&type=chunk) - Business success is heavily dependent on the successful development of product candidates, which are in early clinical stages, and clinical trials may fail to demonstrate safety and efficacy[175](index=175&type=chunk) - Risks include inability to obtain regulatory approval, challenges in protecting intellectual property, dependence on key personnel, and potential adverse impacts from the COVID-19 pandemic[175](index=175&type=chunk) [Risks Related to Our Business, Financial Condition, and Capital Requirements](index=31&type=section&id=Risks%20Related%20to%20Our%20Business,%20Financial%20Condition,%20and%20Capital%20Requirements) This section details risks concerning the company's operating history, financial performance, and funding needs - The company has a limited operating history and no products approved for commercial sale, making future success and viability highly uncertain[176](index=176&type=chunk)[177](index=177&type=chunk) - It has incurred net losses of **$20.5 million** in Q1 2021 and **$15.3 million** in Q1 2020, with an accumulated deficit of **$159.8 million** as of March 31, 2021[179](index=179&type=chunk) - Significant expenses are expected to continue due to R&D, preclinical/clinical development, manufacturing, regulatory approvals, commercialization infrastructure, and intellectual property protection[181](index=181&type=chunk) - The company will require substantial additional capital, and failure to obtain it on acceptable terms could force delays or termination of development programs[187](index=187&type=chunk)[192](index=192&type=chunk) - Dependence on third parties for clinical trials, preclinical studies, and manufacturing introduces risks of unsatisfactory performance or delays[195](index=195&type=chunk)[197](index=197&type=chunk) - Manufacturing of product candidates is complex, and difficulties in production or scaling operations could delay or halt supply for clinical trials or commercial sale[198](index=198&type=chunk)[199](index=199&type=chunk) - Reliance on third-party raw material suppliers poses risks of supply interruptions, limited control over pricing, and potential delays[208](index=208&type=chunk) - The company needs to significantly grow the size and capabilities of its organization, which may lead to difficulties in managing growth and retaining qualified personnel[209](index=209&type=chunk)[212](index=212&type=chunk) [Risks Related to the Discovery, Development, and Commercialization of Our Product Candidates](index=37&type=section&id=Risks%20Related%20to%20the%20Discovery,%20Development,%20and%20Commercialization%20of%20Our%20Product%20Candidates) This section outlines risks associated with the clinical development, regulatory approval, and market acceptance of product candidates - The company's oral biologic product candidates use a novel, unproven active transport approach, making development highly uncertain[219](index=219&type=chunk) - There is no assurance that product candidates will successfully complete preclinical studies or clinical trials, or receive regulatory approval[219](index=219&type=chunk)[220](index=220&type=chunk) - Delays in clinical trials can occur due to various factors, including patient enrollment difficulties, regulatory consensus, IRB approvals, and unforeseen safety issues[225](index=225&type=chunk)[232](index=232&type=chunk) - Clinical trials may fail to demonstrate adequate safety and efficacy, leading to denial of regulatory approval or restrictive labeling[234](index=234&type=chunk)[238](index=238&type=chunk) - The biopharmaceutical market is highly competitive, with many competitors having greater resources and experience, potentially developing more effective, safer, or cheaper alternatives[239](index=239&type=chunk)[240](index=240&type=chunk) - Even if approved, product candidates may not achieve adequate market acceptance by physicians, patients, and payors due to factors like efficacy, safety, pricing, and competition[249](index=249&type=chunk)[251](index=251&type=chunk) - The company lacks a sales and marketing infrastructure and faces risks in building its own or outsourcing these functions[252](index=252&type=chunk)[254](index=254&type=chunk) [Risks Related to Regulatory Approval and Other Legal Compliance Matters](index=47&type=section&id=Risks%20Related%20to%20Regulatory%20Approval%20and%20Other%20Legal%20Compliance%20Matters) This section covers risks related to obtaining regulatory approvals, ongoing compliance, and legal obligations - Obtaining U.S. or foreign regulatory approval is unpredictable, takes many years, and is not guaranteed, especially for novel therapeutic approaches like the company's[256](index=256&type=chunk)[259](index=259&type=chunk) - Product candidates may cause undesirable side effects, leading to clinical trial halts, restrictive labels, or denial of approval, and potential product liability claims[262](index=262&type=chunk)[264](index=264&type=chunk) - Obtaining approval in one jurisdiction does not guarantee approval in others, and foreign regulatory requirements can be complex and costly[267](index=267&type=chunk)[270](index=270&type=chunk) - Market acceptance and sales depend on coverage and reimbursement decisions by third-party payors, which may be unavailable or inadequate, hindering commercialization[271](index=271&type=chunk)[272](index=272&type=chunk) - Approved products will be subject to extensive ongoing regulatory scrutiny, including manufacturing, labeling, promotion, and post-marketing studies, with non-compliance leading to significant penalties[274](index=274&type=chunk)[277](index=277&type=chunk) - Future legislation and healthcare reform measures could increase commercialization costs and affect product pricing and reimbursement[286](index=286&type=chunk)[289](index=289&type=chunk) - The company is exposed to risks of misconduct by employees or third parties, including non-compliance with regulatory standards and healthcare fraud and abuse laws, which could result in substantial penalties[293](index=293&type=chunk)[295](index=295&type=chunk)[299](index=299&type=chunk) - Compliance with environmental, health, and safety laws, as well as anti-bribery and anti-corruption laws (like FCPA), is critical, and violations could lead to fines, penalties, and business harm[300](index=300&type=chunk)[302](index=302&type=chunk) - Data collection and processing are subject to restrictive and evolving privacy regulations (e.g., GDPR, CCPA, CPRA), increasing compliance costs and potential liabilities[304](index=304&type=chunk)[308](index=308&type=chunk) [Risks Related to Our Intellectual Property](index=59&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) This section addresses risks concerning patent protection, intellectual property infringement, and trade secret confidentiality - The company's success depends on obtaining and maintaining patent protection for its product candidates and technologies, but patentability is uncertain, and applications may not issue as granted patents[310](index=310&type=chunk) - The scope of patent protection may be insufficient, or patents may be challenged, narrowed, circumvented, or invalidated by third parties, allowing competitors to commercialize similar technologies[311](index=311&type=chunk)[312](index=312&type=chunk)[314](index=314&type=chunk) - Third-party claims of intellectual property infringement, misappropriation, or other violations could prevent or delay development and commercialization, leading to substantial litigation expenses and potential damages or injunctions[336](index=336&type=chunk)[340](index=340&type=chunk)[341](index=341&type=chunk) - Litigation to protect or enforce patents is expensive, time-consuming, and may be unsuccessful, potentially leading to invalidation of patents or diversion of management resources[343](index=343&type=chunk)[345](index=345&type=chunk) - Patent terms may be inadequate to protect competitive position due to the long development and regulatory review periods for new products[346](index=346&type=chunk) - The company may face claims challenging inventorship or ownership of its intellectual property, leading to litigation and potential loss of rights[347](index=347&type=chunk) - Failure to obtain patent term extension or data exclusivity could allow competitors to enter the market sooner[349](index=349&type=chunk) - Inability to protect the confidentiality of trade secrets through confidentiality agreements or against independent development could harm competitive position[351](index=351&type=chunk)[352](index=352&type=chunk) - Changes in patent laws or their interpretation could diminish the value of patents and impair the ability to protect inventions[353](index=353&type=chunk)[361](index=361&type=chunk)[364](index=364&type=chunk) [Risks Related to Our Operations](index=69&type=section&id=Risks%20Related%20to%20Our%20Operations) This section discusses risks related to personnel, strategic partnerships, international operations, and tax attributes - The company is highly dependent on attracting, motivating, and retaining highly qualified managerial, scientific, and medical personnel, facing intense competition for talent[369](index=369&type=chunk)[370](index=370&type=chunk) - Failure to effectively manage growth and expand the organization by hiring new employees and consultants could hinder product development and commercialization goals[210](index=210&type=chunk)[212](index=212&type=chunk) - Future strategic partnerships and collaborations are important for development and commercialization, but competition for partners is intense, and agreements are complex and time-consuming[372](index=372&type=chunk)[373](index=373&type=chunk) - Risks of strategic partnerships include partners not performing obligations, pursuing competing products, or terminating agreements, which could delay or halt development[376](index=376&type=chunk) - Engaging in acquisitions, collaborations, or strategic partnerships may increase capital requirements, dilute stockholders, incur debt, or assume contingent liabilities[377](index=377&type=chunk) - Legal proceedings and claims, including intellectual property and product liability, could be costly, time-consuming, and harm the company's reputation[378](index=378&type=chunk)[379](index=379&type=chunk) - International operations are subject to economic, political, regulatory, and other risks, including differing regulatory requirements, enforcement challenges, and currency fluctuations[380](index=380&type=chunk)[381](index=381&type=chunk) - The ability to use net operating loss carryforwards (NOLs) and other tax attributes may be limited by ownership changes under the U.S. Internal Revenue Code[382](index=382&type=chunk) - Changes in effective tax rate or tax liability due to legislative changes (e.g., proposed corporate tax rate increase) or other factors could adversely affect operating results[383](index=383&type=chunk)[384](index=384&type=chunk) [Risks Related to Ownership of Our Common Stock](index=72&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Stock) This section highlights risks concerning stock price volatility, dilution, corporate governance, and control provisions - An active trading market for common stock may not be sustained, and the market price may be highly volatile due to various factors, including clinical trial results, competitive products, and regulatory developments[386](index=386&type=chunk)[387](index=387&type=chunk) - Sales of a substantial number of shares by stockholders could cause the stock price to fall[391](index=391&type=chunk) - Raising additional capital through equity or convertible debt will dilute existing stockholders, and debt financing may impose restrictive covenants[393](index=393&type=chunk)[394](index=394&type=chunk) - Principal stockholders and management own a significant percentage of voting stock, allowing them to exert significant control over stockholder approval matters[395](index=395&type=chunk)[396](index=396&type=chunk) - As an Emerging Growth Company (EGC), the company benefits from reduced disclosure requirements, which may make its common stock less attractive to some investors and increase stock price volatility[398](index=398&type=chunk) - Operating as a public company incurs increased costs and requires substantial management time for compliance initiatives and corporate governance practices[401](index=401&type=chunk) - The company previously identified and remediated material weaknesses in internal control over financial reporting, but inability to maintain effective controls or identify future weaknesses could adversely affect financial reporting and stock price[403](index=403&type=chunk)[406](index=406&type=chunk)[407](index=407&type=chunk) - Delaware law and company bylaws contain provisions that might discourage, delay, or prevent a change in control or management, potentially depressing the stock price[411](index=411&type=chunk)[413](index=413&type=chunk) - Exclusive forum provisions in bylaws may limit stockholders' ability to obtain a favorable judicial forum for disputes[414](index=414&type=chunk)[415](index=415&type=chunk) [General Risk Factors](index=77&type=section&id=General%20Risk%20Factors) This section covers broader risks including cybersecurity, business disruptions, and securities litigation - Internal computer systems and those of contractors are vulnerable to damage, cyberattacks, or security breaches, which could disrupt development programs, compromise data, and result in financial, legal, and reputational harm[416](index=416&type=chunk)[417](index=417&type=chunk) - Insurance coverage may not be adequate to compensate for losses from system disruptions or security breaches[418](index=418&type=chunk) - Business disruptions from natural disasters, power shortages, or other events could seriously harm future revenue and financial condition, especially given the concentration of operations in South San Francisco[419](index=419&type=chunk)[421](index=421&type=chunk) - The company does not anticipate paying dividends in the foreseeable future, requiring investors to rely on stock price appreciation for returns[422](index=422&type=chunk) - The company may be subject to securities litigation due to stock price volatility, which is expensive and could divert management attention[423](index=423&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports no unregistered equity sales and details the use of proceeds from the June 2020 IPO for investment-grade securities [Unregistered Sales of Equity Securities](index=79&type=section&id=Unregistered%20Sales%20of%20Equity%20Securities) This section confirms that no unregistered equity securities were sold during the reporting period - There were no unregistered sales of equity securities[423](index=423&type=chunk) [Use of Proceeds from Public Offering of Common Stock](index=79&type=section&id=Use%20of%20Proceeds%20from%20Public%20Offering%20of%20Common%20Stock) This section details how the net proceeds from the company's public offering of common stock were utilized - The company's IPO closed on June 9, 2020, generating approximately **$160.6 million** in net proceeds after deducting underwriting discounts and offering costs[424](index=424&type=chunk) - The proceeds were invested in interest-bearing investment-grade securities, with no material change in the planned use of proceeds[425](index=425&type=chunk) [Item 3. Defaults Upon Senior Securities](index=79&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section confirms that the company did not experience any defaults on its senior securities during the reporting period - No defaults upon senior securities were reported[425](index=425&type=chunk) [Item 4. Mine Safety Disclosures](index=79&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section confirms that the company had no mine safety disclosures to report for the period - No mine safety disclosures were reported[425](index=425&type=chunk) [Item 5. Other Information](index=79&type=section&id=Item%205.%20Other%20Information) This section confirms that no other material information was required to be reported for the period - No other information was reported[425](index=425&type=chunk) [Item 6. Exhibits](index=80&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including key agreements, officer certifications, and XBRL documents Exhibits List | Exhibit Number | Exhibit Description | | :------------- | :---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 10.1 | Lease Agreement between ARE-East Jamie Court, LLC and Applied Molecular Transport Inc. dated February 5, 2021 | | 31.1 | Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | 31.2 | Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | 32.1† | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the SarbanesOxley Act of 2002 | | 32.2† | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the SarbanesOxley Act of 2002 | | 101.INS | XBRL Instance Document | | 101.SCH | XBRL Taxonomy Extension Schema Document | | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | - Certifications 32.1 and 32.2 are furnished, not filed, and not incorporated by reference into other SEC filings[427](index=427&type=chunk) [Signatures](index=81&type=section&id=Signatures) The report was duly signed on May 13, 2021, by the Co-Founder and CEO, and the CFO, as required by the Securities Exchange Act - The report was signed by Tahir Mahmood, Ph.D., Co-Founder and Chief Executive Officer, and Shawn Cross, Chief Financial Officer, on May 13, 2021[429](index=429&type=chunk)

Table of Contents Title of each classTrading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share AMTI The Nasdaq Global Select Market 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 t ...

Table of Contents Title of each classTrading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share AMTI The Nasdaq Global Select Market 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 June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transi ...