Graphite Bio(US:GRPH)2023-05-11 20:11Financial Performance - Net loss for the three months ended March 31, 2023, was $23,934,000, a decrease from a net loss of $25,835,000 in the same period of 2022, reflecting an improvement of 7.3%[17] - The company reported a comprehensive loss of $23,355,000 for the three months ended March 31, 2023, compared to a comprehensive loss of $26,144,000 in the same period of 2022, indicating a 10.8% improvement[17] - The net loss for the three months ended March 31, 2023, was $23.934 million, compared to a net loss of $25.835 million for the same period in 2022, representing a 7.3% improvement[25] - Basic and diluted net loss per share attributable to common stockholders for Q1 2023 was $(0.43), an improvement from $(0.48) in Q1 2022[119] - Net loss for the three months ended March 31, 2023, was $23,934,000, compared to a net loss of $25,835,000 for the same period in 2022, representing a decrease of approximately 7.3%[119] Cash and Liquidity - Cash and cash equivalents increased to $69,811,000 as of March 31, 2023, up from $47,730,000 at December 31, 2022, representing a 46.3% increase[15] - The company had cash, cash equivalents, and restricted cash totaling $71.527 million at the end of the period, compared to $186.786 million at the end of the same period in 2022, indicating a decrease of 61.7%[25] - The company has $264.1 million in cash, cash equivalents, and marketable securities as of March 31, 2023, which is expected to fund operations for at least the next 12 months[32] Operating Expenses - Total operating expenses for the three months ended March 31, 2023, were $26,450,000, compared to $25,958,000 for the same period in 2022, an increase of 1.9%[17] - Research and development expenses were $16,244,000 for the three months ended March 31, 2023, down from $18,246,000 in the prior year, a reduction of 11.0%[17] - The company incurred restructuring costs of $2,583,000 during the three months ended March 31, 2023[17] - The company recorded $2.5 million in charges related to employee termination benefits as part of a restructuring plan that eliminated approximately 50% of the workforce[116] - The company expects to incur approximately $3.4 million in total employee termination benefits expense to implement the restructuring plan[116] Assets and Liabilities - Total current assets decreased slightly to $270,307,000 from $275,365,000, a decline of 1.9%[15] - Total liabilities increased to $33,772,000 as of March 31, 2023, from $25,611,000 at December 31, 2022, an increase of 31.8%[15] - Stockholders' equity decreased to $276,224,000 as of March 31, 2023, down from $296,291,000 at December 31, 2022, a decline of 6.8%[15] - The total fair value of cash equivalents and marketable securities was $264.1 million, a decrease from $283.6 million as of December 31, 2022[49] - The company has a total liability for operating leases of $4.541 million as of March 31, 2023, with a weighted average remaining lease term of 17 months[80] Stock and Equity - The weighted-average shares used in computing net loss per share were 55,864,475 for the three months ended March 31, 2023, compared to 54,005,299 for the same period in 2022[17] - The number of shares of restricted stock vested as of March 31, 2023, was 604,734, compared to 553,443 shares as of December 31, 2022[106] - The number of shares granted under the 2021 Plan increased by 2,911,088 shares on January 1, 2023, due to the evergreen provision[102] - The company reserved a total of 17,395,191 shares for future issuance as of March 31, 2023, compared to 13,893,161 shares as of December 31, 2022[92] - Total outstanding options to purchase common stock rose to 9,840,427 in Q1 2023, up from 6,994,758 in Q1 2022[120] Future Outlook - As of March 31, 2023, the company had an accumulated deficit of $266.3 million and expects to continue incurring substantial losses[32] - The company plans to continue research activities associated with its early-stage non-genotoxic conditioning program, aiming to advance toward potential development candidates[29] - The company has future development and regulatory milestone payments totaling up to $5.3 million and sales-based milestone payments of up to $7.5 million related to its exclusive license agreement with Stanford[62] - The company has a tenant improvement allowance of up to $14.9 million related to the Bayside Lease Agreement, expected to be fully utilized[73] Miscellaneous - The company did not recognize any realized gains or losses on the sale or maturity of available-for-sale securities during the three months ended March 31, 2023[52] - The company has not issued any shares or received any proceeds from offerings under its 2022 Shelf registration statement through May 11, 2023[33] - The company recorded an upfront license fee of $50,000 and agreed to issue approximately 0.6 million shares of common stock to Stanford as part of the license agreement[58] - The company does not provide quantitative and qualitative disclosures about market risk as a smaller reporting company under SEC rules[181] - No subsequent events were reported through May 11, 2023, indicating stability in the company's operations post-reporting period[122]