IDERA PHARMACEUTICALS, INC.

CIK:0000861838|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
Government contracts revenue	$ 2,470	$ 0
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Operating expenses:
Research and development	$ 4,993	$ 1,784
General and administrative	4,920	2,398
Goodwill and intangible assets impairment	11,071
Restructuring and other costs	1,300
Acquisition-related costs	794
Total operating expenses	23,078	4,182
Loss from operations	(20,608)	(4,182)
Other income (expense):
Interest income (expense), net	(185)	3
Warrant revaluation loss	(874)
Series X preferred stock liability loss	(500)
Foreign currency exchange and other gain (loss), net	27	1
Loss before income tax benefit	(22,140)	(4,178)
Income tax benefit	273	0
Net loss	$ (21,867)	$ (4,178)
Net loss per share applicable to common stockholders
- Basic	$ (2.94)	$ (1.34)
- Diluted	$ (2.94)	$ (1.34)
Weighted-average number of common shares used in computing net loss per share applicable to common stockholders
- Basic	7,448,799	3,111,354
- Diluted	7,448,799	3,111,354
Comprehensive loss:
Net loss	$ (21,867)	$ (4,178)
Other comprehensive income (loss), net of tax:
Foreign currency translation	(2)
Total other comprehensive (loss) income, net of tax	(2)
Total comprehensive loss	$ (21,869)	$ (4,178)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net loss	$ (21,867)	$ (4,178)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,231	545
Foreign currency translation	(9)
Goodwill and intangible assets impairment	11,071
Warrant revaluation loss	874
Series X preferred stock liability loss	500
Issuance of common stock for services rendered	15	22
Accretion of discounts on acquisition obligation	222
Depreciation and amortization expense	3	4
Deferred tax benefit	(273)
Changes in operating assets and liabilities
Accounts receivable	2,005
Prepaid expenses and other assets	449	124
Accounts payable, accrued expenses, and other liabilities	(3,826)	(1,086)
Other	(247)	1
Net cash used in operating activities	(9,852)	(4,568)
Cash Flows from Financing Activities:
Proceeds from employee stock purchases		16
Proceeds from exercise of stock options	88
Payments on seller-financed purchases	(170)
Other	8
Net cash (used in) provided by financing activities	(74)	16
Net decrease in cash and cash equivalents	(9,926)	(4,552)
Cash and cash equivalent, beginning of period	12,044	32,545
Cash and cash equivalents, end of period	2,118	27,993
Supplemental disclosure of cash flow information:
Cash paid for interest		5
Supplemental disclosure of non-cash financing and investing activities:
Offering costs in accrued expenses		$ 15
Non-cash seller-financed purchases	$ 903

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,118	$ 12,044
Accounts receivable	2,203	4,208
Prepaid expenses and other current assets	1,315	1,611
Total current assets	5,636	17,863
Property and equipment, net	4	7
Intangible assets	67,000	71,600
Goodwill	4,629	11,100
Operating lease right-of-use assets	471	537
Other assets	752
Total assets	78,492	101,107
Current liabilities:
Accounts payable	3,409	5,200
Accrued expenses	7,198	9,911
Acquisition obligation, net	6,300	6,078
Operating lease liability	223	234
Other current liability	733
Total current liabilities	17,863	21,423
Warrant liability		2,819
Series X preferred stock liability (includes 5 shares of Series X convertible preferred stock, $0.01 par value per share issued and outstanding as December 31, 2022 - Note 6)	34,800	34,300
Operating lease liability, net of current portion	271	326
Deferred tax liability	3,010	3,283
Other liabilities		22
Total liabilities	55,944	62,173
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock, $0.001 par value, Authorized - 140,000,000 shares; Issued and outstanding - 8,346,949 and 3,653,685 shares at March 31, 2023 and December 31, 2022, respectively	8	4
Additional paid-in capital	803,251	770,663
Accumulated deficit	(780,688)	(758,821)
Accumulated other comprehensive income (loss)	(23)	(21)
Total stockholders' equity	22,548	11,826
Total liabilities, convertible redeemable preferred stock, and stockholders' equity	78,492	101,107
Series A convertible preferred stock
Stockholders' equity:
Preferred stock
Series Z convertible preferred stock
Current liabilities:
Preferred stock, $0.01 par value, Authorized - 5,000,000 shares: Series Z convertible redeemable preferred stock (Note 8); Designated - 150,000 shares, Issued and outstanding - 0 and 77,900 shares at March 31, 2023 and December 31, 2022, respectively		27,108
Series B1 convertible preferred stock
Stockholders' equity:
Preferred stock		$ 1