Better Therapeutics, Inc.

CIK:0001832415|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 1,833	$ 5,477	$ 7,462	$ 13,391
Sales and marketing	1,392	1,557	5,200	5,284
General and administrative	2,116	3,962	8,629	11,265
Total operating expenses	5,341	10,996	21,291	29,940
Loss from operations	(5,341)	(10,996)	(21,291)	(29,940)
Interest expense, net	(518)	(406)	(1,512)	(1,052)
Loss before provision for income taxes	(5,859)	(11,402)	(22,803)	(30,992)
Provision for income taxes	3	3	5	3
Net loss	$ (5,862)	$ (11,405)	$ (22,808)	$ (30,995)
Net loss per share, basic	$ (0.15)	$ (0.48)	$ (0.73)	$ (1.32)
Net loss per share, diluted	$ (0.15)	$ (0.48)	$ (0.73)	$ (1.32)
Weighted-average shares used in computing net loss per share, basic	38,495,150	23,693,154	31,214,093	23,533,290
Weighted-average shares used in computing net loss per share, diluted	38,495,150	23,693,154	31,214,093	23,533,290

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (22,808)	$ (30,995)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,393	2,008
Share-based compensation expense	1,315	1,375
Loss on write-off of property and equipment		9
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,965	3,560
Accounts payable	(727)	(268)
Accrued expenses and other liabilities	(1,884)	1,718
Net cash used in operating activities	(19,746)	(22,593)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(31)	(92)
Capitalized internal-use software costs	(927)	(728)
Net cash used in investing activities	(958)	(820)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of shares under the PIPE and registered direct investment	13,223
Payment of costs directly attributable to the issuance of common stock in connection with the PIPE and registered direct investment	(844)
Proceeds from exercise of common stock options		27
Proceeds from the issuance of shares under the employee stock purchase plan	41	125
Proceeds from the issuance of long-term debt		5,000
Payment on long-term debt	(858)
Net cash (used in) provided by financing activities	11,562	5,152
Net change in cash and cash equivalents	(9,142)	(18,261)
Cash and cash equivalents, beginning of period	15,740	40,566
Cash and cash equivalents, end of period	6,598	22,305
Supplemental disclosures of cash flow information:
Cash paid for interest	$ (1,054)	$ (870)

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,598	$ 15,740
Prepaid expenses	674	2,496
Other current assets	73	210
Total current assets	7,345	18,446
Capitalized software development costs, net	2,792	3,888
Property and equipment, net	102	121
Other long-term assets	483	488
Total Assets	10,722	22,943
Current liabilities:
Accounts payable	2,308	3,035
Accrued payroll	1,886	2,301
Other accrued expenses	2,158	3,626
Current portion of long-term debt	6,586	4,532
Total current liabilities	12,938	13,494
Long-term debt, net of current portion and debt issuance costs	7,721	10,348
Total liabilities	20,659	23,842
Commitments and contingencies (Note 8)
Stockholders' deficit:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized as of September 30, 2023 and December 31, 2022 and 40,577,987 and 23,851,022 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	4	2
Additional paid-in capital	124,370	110,602
Accumulated deficit	(134,311)	(111,503)
Total Stockholders' Deficit	(9,937)	(899)
Total Liabilities and Stockholders' Deficit	$ 10,722	$ 22,943