Ambrx Biopharma Cayman, Inc.

CIK:0001836056|SEC Filings

Consolidated Statements of Operations and comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 1,123	$ 1,299	$ 1,147	$ 2,912
Operating expenses:
Research and development	14,393	18,062	24,143	32,766
General and administrative	5,900	4,823	12,206	9,393
Impairment of intangible assets	0	7,195	0	9,660
Total operating expenses	20,293	30,080	36,349	51,819
Loss from operations	(19,170)	(28,781)	(35,202)	(48,907)
Other income (expense), net:
Investment income, net	1,428	223	1,979	223
Interest income (expense), net	211	(11)	401	(965)
Other income (expense), net	10	(144)	72	(124)
Total other income (expense), net	1,649	68	2,452	(866)
Loss before income taxes	(17,521)	(28,713)	(32,750)	(49,773)
Provision for income taxes	(305)	(129)	(378)	(1,716)
Net loss	$ (17,826)	$ (28,842)	$ (33,128)	$ (51,489)
Net loss per share - basic	$ (0.05)	$ (0.11)	$ (0.09)	$ (0.19)
Net loss per share - diluted	$ (0.05)	$ (0.11)	$ (0.09)	$ (0.19)
Weighted-average ordinary shares used to compute net loss per share attributable to ordinary shareholders, basic	391,283,214	270,160,166	353,337,365	270,142,269
Weighted-average ordinary shares used to compute net loss per share attributable to ordinary shareholders, diluted	391,283,214	270,160,166	353,337,365	270,142,269
Other comprehensive loss, net of tax:
Net loss	$ (17,826)	$ (28,842)	$ (33,128)	$ (51,489)
Changes in comprehensive loss before reclassifications	(13)	(217)	(39)	(217)
Amounts reclassified from accumulated other comprehensive loss	36	0	388	0
Total other comprehensive income (loss)	23	(217)	349	(217)
Comprehensive loss	$ (17,803)	$ (29,059)	$ (32,779)	$ (51,706)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (33,128)	$ (51,489)
Noncash adjustments reconciling net loss to cash flows from operating activities:
Loss on impairment of intangible assets	0	9,660
Share-based compensation expense	4,824	3,529
Noncash lease expense	1,366	1,123
Depreciation and amortization	418	365
Amortization of intangible assets	315	737
Accretion/amortization of investment securities, net	(326)	(57)
Loss on disposal of property and equipment	0	6
Changes in operating assets and liabilities:
Accounts receivable, net	295	(227)
Prepaid and other current assets and other long-term assets	(705)	(877)
Accounts payable	3,154	861
Accrued liabilities	(926)	(1,621)
Deferred revenue	0	(1,402)
Operating lease liabilities	(1,404)	(803)
Net cash used in operating activities	(26,117)	(40,195)
Cash flows from investing activities:
Purchases of marketable debt securities, available-for-sale	(40,645)	(63,301)
Sales of marketable debt securities, available-for-sale	54,263	0
Maturities of marketable debt securities, available-for-sale	25,900	0
Purchases of property and equipment	(783)	(903)
Net cash provided by (used in) investing activities	38,735	(64,204)
Cash flows from financing activities:
Proceeds from short-term bridge loan	0	166,000
Repayment of short-term bridge loan	0	(166,000)
Payments of directors and officers insurance premium financing agreement	(932)	0
Proceeds from issuance of common stock for cash, net of issuance costs	77,780	0
Issuance of ordinary shares for cash through registered direct offering with a related party, net of issuance costs	74,981	0
Issuance of ordinary shares for cash pursuant to employee stock purchase programs	8,042	102
Payments of costs for the issuance of ordinary shares	0	(136)
Net cash provided by (used in) financing activities	159,871	(34)
Net increase (decrease) in cash, cash equivalents and restricted cash	172,489	(104,433)
Cash, cash equivalents and restricted cash, beginning of period	56,441	170,906
Cash, cash equivalents and restricted cash, end of period	228,930	66,473
Supplemental information:
Cash paid for interest	0	963
Cash paid for income taxes	1	2
Noncash investing and financing activities:
Property and equipment costs in accounts payable and accrued liabilities	277	0
Direct offering costs in accounts payable and accrued liabilities	318	0
Unsettled trade of marketable debt securities, available-for-sale	$ 0	$ 989

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 228,265	$ 55,610
Restricted cash	665	831
Marketable debt securities, available-for-sale	6,824	28,873
Accounts receivable, net	81	376
Prepaid expenses and other current assets	5,578	4,893
Total current assets	241,413	90,583
Marketable debt securities, available-for-sale, net of current portion	0	16,793
Property and equipment, net	3,195	3,044
Right-of-use assets, net	10,044	10,968
Intangible assets, net	24,935	25,250
Other long-term assets	357	339
Total assets	279,944	146,977
Current liabilities:
Accounts payable	6,362	3,205
Accrued liabilities	9,556	11,314
Operating lease liabilities, current portion	1,854	1,734
Deferred revenue, current portion	407	407
Total current liabilities	18,179	16,660
Operating lease liabilities, net of current portion	9,163	10,245
Deferred tax liabilities	880	880
Deferred revenue, net of current portion	1,342	1,342
Total liabilities	29,564	29,127
Commitments and contingencies (Note 7)
Shareholders' Equity (Deficit):
Ordinary Shares, par value $0.0001; 950,000,000 and 500,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 432,227,488 and 270,455,232 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	43	27
Additional paid-in capital	576,046	410,753
Accumulated other comprehensive loss	(953)	(1,302)
Accumulated deficit	(324,756)	(291,628)
Total shareholders' equity	250,380	117,850
Total liabilities and shareholders' equity	$ 279,944	$ 146,977