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c

 

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 June 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: 001-39894

 

GreenLight Biosciences Holdings, PBC

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-1914700

(State or other jurisdiction of

incorporation or organization)

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

200 Boston Avenue

Medford, Massachusetts

02155

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 616-8188

 

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

 

GRNA

 

Nasdaq Global Market

Warrants, each exercisable for one share of Common Stock for $11.50 per share

 

GRNAW

 

Nasdaq Global 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 August 4, 2022, the registrant had 123,690,166 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

3

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021

4

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2022 and 2021

5

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

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

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

50

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

58

 

 

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Report”) includes forward-looking statements regarding, among other things, the business and financial plans, strategies, and prospects of GreenLight Biosciences Holdings, PBC (“we,” “us,” “our,” the “Company” or “New GreenLight”). These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that the plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions, or expectations. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes”, “estimates”, “expects”, “projects”, “forecasts”, “may”, “might”, “will”, “should”, “seeks”, “plans”, “scheduled”, “possible”, “anticipates”, “intends”, “aims”, “works”, “focuses”, “aspires”, “strives” or “sets out” or similar expressions. Forward-looking statements are not guarantees of performance. Forward-looking statements involve a number of risks, uncertainties (many of which are beyond the Company’s control) or other factors that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. You should not place undue reliance on these statements, which speak only as of the date these statements were made. These risks and uncertainties include, but are not limited to, the following risks, uncertainties (some of which are beyond the Company’s control) or other factors:

the anticipated need for substantial additional capital to achieve the Company’s business goals;
the risk that we will be unable to obtain regulatory approval for the Company’s product candidates or Emergency Use Authorization even if vaccine candidates are approved by regulators;
the risk that preclinical studies and any ensuing clinical trials will not demonstrate that the Company’s product candidates are safe and effective;
the risk that failure by us or our vendors to comply with regulatory requirements, including good manufacturing practices, may materially delay preclinical studies, clinical trials or regulatory approval, any of which may impact commercialization of the affected product candidates;

 


 

the risk that the Company’s product candidates will have adverse side effects or other unintended consequences, which could impair their marketability;
the risk that the Company’s product candidates do not satisfy other legal and regulatory requirements for marketability in one or more jurisdictions;
the risks of enhanced regulatory scrutiny of solutions utilizing messenger ribonucleic acid (“mRNA”) as a basis;
the potential inability to achieve the Company’s goals regarding scalability, affordability and speed of commercialization of its product candidates;
changes in the industries in which the Company operates;
changes in laws and regulations affecting the Company’s business;
the potential inability to implement or achieve business plans, forecasts, and other expectations;
the potential inability to maintain the listing of the Company’s securities with Nasdaq;
other factors detailed in the “Risk Factors” sections of this Report, the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's 10-Q for the three months ended March 31, 2022.

 

The risks described above are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. Some of these risks and uncertainties may in the future be amplified by the COVID-19 pandemic, and there may be additional risks that the Company considers immaterial or which are unknown. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

TRADEMARKS

This document contains references to trademarks, trade names and service marks belonging to other entities. Solely for convenience, trademarks, trade names and service marks referred to in this Report may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable owner will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. The Company does not intend its use or display of other companies’ trademarks, trade names or service marks to imply a relationship with, or endorsement or sponsorship of the Company by, any other companies.

 


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

GREENLIGHT BIOSCIENCES HOLDINGS, PBC

Condensed Consolidated Balance Sheets (unaudited)

(In thousands, except share and per share data)

 

 

 

JUNE 30,
2022

 

 

DECEMBER 31,
2021

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

44,132

 

 

$

31,446

 

Accounts receivable

 

 

10,000

 

 

 

 

Prepaid expenses

 

 

9,870

 

 

 

2,331

 

Total Current Assets

 

 

64,002

 

 

 

33,777

 

Restricted cash

 

 

1,321

 

 

 

362

 

Property and equipment, net

 

 

32,085

 

 

 

23,399

 

Deferred offering costs

 

 

 

 

 

4,099

 

Other assets

 

 

1,402

 

 

 

1,420

 

TOTAL ASSETS

 

$

98,810

 

 

$

63,058

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK
   AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

4,155

 

 

$

7,551

 

Accrued expenses

 

 

30,427

 

 

 

14,624

 

Convertible debt

 

 

 

 

 

31,691

 

Long-term debt, current portion

 

 

11,402

 

 

 

7,234

 

Deferred revenue, current portion

 

 

8,939

 

 

 

963

 

Other current liabilities

 

 

294

 

 

 

278

 

Total Current Liabilities

 

 

55,217

 

 

 

62,341

 

Warrant liabilities

 

 

470

 

 

 

2,105

 

Long-term debt, net of current portion

 

 

20,156

 

 

 

27,152

 

Other liabilities

 

 

9,242

 

 

 

1,435

 

TOTAL LIABILITIES

 

 

85,085

 

 

 

93,033

 

COMMITMENTS AND CONTINGENCIES (Note 16)

 

 

 

 

 

 

LEGACY REDEEMABLE CONVERTIBLE PREFERRED STOCK (Note 12)

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000,000 shares authorized, 123,663,315 and 96,575,107 shares issued and outstanding at June 30, 2022, and December 31, 2021, respectively

 

 

13

 

 

 

10

 

Preferred Stock, $0.0001 par value; 10,000,000 shares authorized, no shares issues and outstanding at June 30, 2022, and December 31, 2021, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

357,428

 

 

 

223,584

 

Accumulated deficit

 

 

(343,716

)

 

 

(253,569

)

TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

13,725

 

 

 

(29,975

)

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED
   STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

$

98,810

 

 

$

63,058

 

 

See notes to condensed consolidated financial statements.

3


 

GREENLIGHT BIOSCIENCES HOLDINGS, PBC

Condensed Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

 

 

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

License and collaboration revenue

 

$

1,748

 

 

$

 

 

$

1,748

 

 

$

 

Grant revenue

 

 

20

 

 

 

493

 

 

 

277

 

 

 

818

 

Total revenue

 

 

1,768

 

 

 

493

 

 

 

2,025

 

 

 

818

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

44,151

 

 

 

22,009

 

 

 

71,432

 

 

 

39,420

 

General and administrative

 

 

9,577

 

 

 

4,933

 

 

 

19,332

 

 

 

8,831

 

Total operating expenses

 

 

53,728

 

 

 

26,942

 

 

 

90,764

 

 

 

48,251

 

LOSS FROM OPERATIONS

 

 

(51,960

)

 

 

(26,449

)

 

 

(88,739

)

 

 

(47,433

)

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

57

 

 

 

5

 

 

 

61

 

 

 

16

 

Interest and other expense

 

 

(1,338

)

 

 

(529

)

 

 

(2,411

)

 

 

(840

)

Change in fair value of warrant liabilities

 

 

1,315

 

 

 

(201

)

 

 

956

 

 

 

(200

)

Total other income (expense), net

 

 

34

 

 

 

(725

)

 

 

(1,394

)

 

 

(1,024

)

Net loss attributable to common stockholders

 

$

(51,926

)

 

$

(27,174

)

 

$

(90,133

)

 

$

(48,457

)

Net loss per share available to common stockholders—basic and diluted

 

$

(0.42

)

 

$

(0.28

)

 

$

(0.76

)

 

$

(0.50

)

Weighted-average common stock outstanding—basic and diluted

 

 

123,249,757

 

 

 

96,327,956

 

 

 

118,430,851

 

 

 

96,314,179

 

 

See notes to condensed consolidated financial statements.

4


 

GREENLIGHT BIOSCIENCES HOLDINGS, PBC

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited)

(In thousands, except share and per share data)

 

 

 

$0.001 PAR VALUE
LEGACY REDEEMABLE CONVERTIBLE PREFERRED STOCK

 

 

COMMON STOCK
$
0.0001 PAR VALUE

 

 

ADDITIONAL
PAID-IN

 

 

ACCUMULATED

 

 

TOTAL
STOCKHOLDERS’

 

 

 

SHARES

 

 

AMOUNT

 

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

DEFICIT

 

 

EQUITY (DEFICIT)

 

Balance at January 1, 2022

 

 

134,972,944

 

 

$

218,790

 

 

 

3,663,894

 

 

$

4

 

 

$

4,800

 

 

$

(253,569

)

 

$

(248,765

)

Retroactive application of business combination

 

 

(134,972,944

)

 

 

(218,790

)

 

 

92,911,213

 

 

 

6

 

 

 

218,784

 

 

 

-

 

 

 

218,790

 

 Adjusted balance, beginning of period

 

 

-

 

 

 

-

 

 

 

96,575,107

 

 

 

10

 

 

 

223,584

 

 

 

(253,569

)

 

 

(29,975

)

Cashless exercise of Legacy GreenLight preferred stock warrants

 

 

-

 

 

 

-

 

 

 

490,031

 

 

 

-

 

 

 

460

 

 

 

-

 

 

 

460

 

Cashless exercise of Legacy GreenLight common stock warrants

 

 

-

 

 

 

-

 

 

 

170,981

 

 

 

-

 

 

 

1,183

 

 

 

-

 

 

 

1,183

 

Reclassification of Legacy GreenLight common stock warrants to equity

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

352

 

 

 

-

 

 

 

352

 

Conversion of convertible notes

 

 

-

 

 

 

-

 

 

 

6,719,116

 

 

 

1

 

 

 

18,290

 

 

 

-

 

 

 

18,291

 

Conversion of convertible notes - PIPE Investors

 

 

-

 

 

 

-

 

 

 

3,525,000

 

 

 

-

 

 

 

35,250

 

 

 

-

 

 

 

35,250

 

Business Combination transaction, net of transaction costs of $26.7 million

 

 

-

 

 

 

-

 

 

 

15,285,374

 

 

 

2

 

 

 

72,987

 

 

 

-

 

 

 

72,989

 

Vesting of restricted stock awards

 

 

-

 

 

 

-

 

 

 

1,567

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercise of common stock options

 

 

-

 

 

 

-

 

 

 

79,055

 

 

 

-

 

 

 

22

 

 

 

-

 

 

 

22

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,187

 

 

 

-

 

 

 

2,187

 

Exercise of public warrants

 

 

-

 

 

 

-

 

 

 

105,120

 

 

 

-

 

 

 

1,209

 

 

 

-

 

 

 

1,209

 

Other

 

 

-

 

 

 

-

 

 

 

29,154

 

 

 

-

 

 

 

79

 

 

 

(14

)

 

 

65

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(38,207

)

 

 

(38,207

)

Balance at March 31, 2022

 

 

-

 

 

 

-

 

 

 

122,980,505

 

 

 

13

 

 

 

355,603

 

 

 

(291,790

)

 

 

63,826

 

Reclassification of common stock warrants to equity

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35

 

 

 

-

 

 

 

35

 

Vesting of restricted stock awards

 

 

-

 

 

 

-

 

 

 

1,331

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercise of common stock options

 

 

-

 

 

 

-

 

 

 

681,479

 

 

 

-

 

 

 

314

 

 

 

-

 

 

 

314

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,634

 

 

 

-

 

 

 

1,634

 

Other

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(158

)

 

 

-

 

 

 

(158

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(51,926

)

 

 

(51,926

)

Balance at June 30, 2022

 

 

-

 

 

$

-

 

 

 

123,663,315

 

 

$

13

 

 

$

357,428

 

 

$

(343,716

)

 

$

13,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to condensed consolidated financial statements.

 

 

5


 

 

GREENLIGHT BIOSCIENCES HOLDINGS, PBC

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

$0.001 PAR VALUE
LEGACY REDEEMABLE CONVERTIBLE PREFERRED STOCK

 

 

COMMON STOCK
$
0.0001 PAR VALUE

 

 

ADDITIONAL
PAID-IN

 

 

ACCUMULATED

 

 

TOTAL
STOCKHOLDERS’

 

 

 

SHARES

 

 

AMOUNT

 

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

DEFICIT

 

 

EQUITY (DEFICIT)

 

Balance at January 1, 2021

 

 

134,952,637

 

 

$

218,787

 

 

3,252,636

 

 

$

3

 

 

$

2,434

 

 

$

(141,259

)

 

$

(138,822

)

Retroactive application of business combination

 

 

(134,952,637

)

 

 

(218,787

)

 

 

93,031,647

 

 

 

7

 

 

 

218,780

 

 

 

-

 

 

 

218,787

 

Adjusted balance, January 1, 2021

 

 

-

 

 

 

-

 

 

 

96,284,283

 

 

 

10

 

 

 

221,214

 

 

 

(141,259

)

 

 

79,965

 

Vesting of restricted stock awards

 

-

 

 

-

 

 

 

7,271

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

348

 

 

-

 

 

 

348

 

Exercise of common stock options

 

-

 

 

-

 

 

 

24,582

 

 

 

-

 

 

 

6

 

 

-

 

 

 

6

 

Net loss

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

 

(21,283

)

 

 

(21,283

)