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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 September 30, 2020

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: 001-36183

 

Eiger BioPharmaceuticals, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

33-0971591

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2155 Park Boulevard

Palo Alto, CA

 

94306

(Address of Principal Executive Offices)

 

(Zip Code)

 

(650) 272-6138

(Registrant’s Telephone Number, Including Area Code)

 

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 $0.001 per share)

EIGR

The Nasdaq Stock Market LLC

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, a 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 November 2, 2020, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 32,531,693.

 

 

 


 

EIGER BIOPHARMACEUTICALS, INC.

TABLE OF CONTENTS

 

 

 

Page No.

PART I. FINANCIAL INFORMATION

  

 

Item 1. Financial Statements:

  

3

Condensed Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019

  

3

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)

  

4

Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2020 and 2019 (unaudited)

  

5

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019 (unaudited)

 

6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited)

  

8

Notes to the Condensed Consolidated Financial Statements (unaudited)

  

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

18

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

26

Item 4. Controls and Procedures

  

26

 

 

 

PART II. OTHER INFORMATION

  

 

Item 1. Legal Proceedings

  

27

Item 1A. Risk Factors

  

27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

57

Item 3. Defaults Upon Senior Securities

  

57

Item 4. Mine Safety Disclosures

  

57

Item 5. Other Information

  

57

Item 6. Exhibits

  

58

Signatures

  

59

 

In this Quarterly Report on Form 10-Q, “we,” “our,” “us,” “Eiger,” and “the Company” refer to Eiger BioPharmaceuticals, Inc. Eiger, Eiger BioPharmaceuticals, the Eiger logo and other trade names, trademarks or service marks of Eiger are the property of Eiger BioPharmaceuticals, Inc. This Quarterly Report on Form 10-Q contains references to our trademarks and to trademarks belonging to other entities. Trade names, trademarks and service marks of other companies appearing in this Quarterly Report on Form 10-Q are the property of their respective holders. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

 

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Eiger BioPharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

51,993

 

 

$

39,373

 

Debt securities, available-for-sale

 

 

73,341

 

 

 

55,621

 

Prepaid expenses and other current assets

 

 

9,608

 

 

 

5,390

 

Total current assets

 

 

134,942

 

 

 

100,384

 

Property and equipment, net

 

 

670

 

 

 

590

 

Operating lease right-of-use assets

 

 

1,300

 

 

 

1,654

 

Other assets

 

 

3,781

 

 

 

2,511

 

Total assets

 

$

140,693

 

 

$

105,139

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,250

 

 

$

6,414

 

Accrued liabilities

 

 

7,062

 

 

 

10,001

 

Current portion of operating lease liabilities

 

 

565

 

 

 

534

 

Current portion of long-term debt, net

 

 

5,783

 

 

 

 

Total current liabilities

 

 

21,660

 

 

 

16,949

 

Long-term debt, net

 

 

25,200

 

 

 

30,390

 

Operating lease liabilities

 

 

883

 

 

 

1,320

 

Total liabilities

 

 

47,743

 

 

 

48,659

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

32

 

 

 

24

 

Additional paid-in capital

 

 

380,596

 

 

 

297,863

 

Accumulated other comprehensive income

 

 

16

 

 

 

42

 

Accumulated deficit

 

 

(287,694

)

 

 

(241,449

)

Total stockholders’ equity

 

 

92,950

 

 

 

56,480

 

Total liabilities and stockholders’ equity

 

$

140,693

 

 

$

105,139

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


 

Eiger BioPharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

9,810

 

 

$

14,059

 

 

$

29,045

 

 

$

39,863

 

General and administrative

 

 

5,027

 

 

 

4,247

 

 

 

15,141

 

 

 

12,529

 

Total operating expenses

 

 

14,837

 

 

 

18,306

 

 

 

44,186

 

 

 

52,392

 

Loss from operations

 

 

(14,837

)

 

 

(18,306

)

 

 

(44,186

)

 

 

(52,392

)

Interest expense

 

 

(906

)

 

 

(884

)

 

 

(2,681

)

 

 

(2,518

)

Interest income

 

 

76

 

 

 

585

 

 

 

629

 

 

 

1,598

 

Other expense, net

 

 

(13

)

 

 

(11

)

 

 

(7

)

 

 

(20

)

Net loss

 

$

(15,680

)

 

$

(18,616

)

 

$

(46,245

)

 

$

(53,332

)

Net loss per common share, basic and diluted

 

$

(0.52

)

 

$

(0.76

)

 

$

(1.74

)

 

$

(2.40

)

Weighted-average common shares outstanding, basic and diluted

 

 

29,879,135

 

 

 

24,437,451

 

 

 

26,639,201

 

 

 

22,261,715

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


 

Eiger BioPharmaceuticals, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Net loss

 

$

(15,680

)

 

$

(18,616

)

 

$

(46,245

)

 

$

(53,332

)

 

Other comprehensive (loss) gain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on available-for-sale debt securities, net

 

 

(29

)

 

 

38

 

 

 

(26

)

 

 

68

 

 

Comprehensive loss

 

$

(15,709

)

 

$

(18,578

)

 

$

(46,271

)

 

$

(53,264

)

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

Eiger BioPharmaceuticals, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

24,523,381

 

 

$

24

 

 

$

297,863

 

 

$

42

 

 

$

(241,449

)

 

$

56,480

 

Issuance of common stock upon exercise of stock

   options

 

 

2,895

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

30

 

Vesting of common stock issued under

   Product Development Agreement

 

 

 

 

 

 

 

 

53

 

 

 

 

 

 

 

 

 

53

 

Issuance of common stock upon ESPP purchase

 

 

11,332

 

 

 

 

 

 

83

 

 

 

 

 

 

 

 

 

83

 

Issuance of common stock upon offering at-the

   -market, net of issuance costs of $221

 

 

32,751

 

 

 

 

 

 

191

 

 

 

 

 

 

 

 

 

191

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,629

 

 

 

 

 

 

 

 

 

1,629

 

Unrealized loss on debt securities, net

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

(6

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,239

)

 

 

(15,239

)

Balance at March 31, 2020

 

 

24,570,359

 

 

 

24

 

 

 

299,849

 

 

 

36

 

 

 

(256,688

)

 

 

43,221

 

Issuance of common stock upon offering at-the

   -market, net of issuance costs of $786

 

 

2,612,476

 

 

 

3

 

 

 

28,577

 

 

 

 

 

 

 

 

 

28,580

 

Issuance of common stock upon exercise of stock

   options

 

 

58,805

 

 

 

 

 

 

490

 

 

 

 

 

 

 

 

 

490

 

Vesting of common stock issued under

   Product Development Agreement

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

 

 

 

55

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,462

 

 

 

 

 

 

 

 

 

1,462

 

Unrealized gain on debt securities, net

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,326

)

 

 

(15,326

)

Balance at June 30, 2020

 

 

27,241,640

 

 

 

27

 

 

 

330,433

 

 

 

45

 

 

 

(272,014

)

 

 

58,491

 

Vesting of common stock issued under

   Product Development Agreement

 

 

 

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

56

 

Issuance of common stock upon ESPP purchase

 

 

14,313

 

 

 

 

 

 

103

 

 

 

 

 

 

 

 

 

103

 

Issuance of common stock upon offering at-the

   -market, net of issuance costs of $1,575

 

 

4,660,086

 

 

 

5

 

 

 

48,559

 

 

 

 

 

 

 

 

 

48,564

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,445

 

 

 

 

 

 

 

 

 

1,445

 

Unrealized loss on debt securities, net

 

 

 

 

 

 

 

 

 

 

 

(29

)

 

 

 

 

 

(29

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,680

)

 

 

(15,680

)

Balance at September 30, 2020

 

 

31,916,039

 

 

$

32

 

 

$

380,596

 

 

$

16

 

 

$

(287,694

)

 

$

92,950

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

Eiger BioPharmaceuticals, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2018

 

 

19,211,759

 

 

$

19

 

 

$

237,795

 

 

$

(25

)

 

$

(171,197

)

 

$

66,592

 

Issuance of common stock upon exercise of stock

   options

 

 

41,546

 

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

65

 

Vesting of common stock issued under

   Product Development Agreement

 

 

 

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

56

 

Issuance of common stock upon ESPP purchase

 

 

7,138

 

 

 

 

 

 

59

 

 

 

 

 

 

 

 

 

59

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,195

 

 

 

 

 

 

 

 

 

1,195

 

Unrealized gain on debt securities, net

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

 

 

 

30

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,189

)

 

 

(17,189

)

Balance at March 31, 2019

 

 

19,260,443

 

 

 

19

 

 

 

239,170

 

 

 

5

 

 

 

(188,386

)

 

 

50,808

 

Issuance of common stock upon exercise

   of stock options

 

 

10,304

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

62

 

Vesting of common stock issued under

   Product Development Agreement

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

 

 

 

55

 

Issuance of common stock upon public

  offering, net of $3,731 of issuance costs

 

 

5,175,000

 

 

 

5

 

 

 

53,189

 

 

 

 

 

 

 

 

 

53,194

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,487

 

 

 

 

 

 

 

 

 

1,487

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,527

)

 

 

(17,527

)

Balance at June 30, 2019

 

 

24,445,747

 

 

 

24

 

 

 

293,963

 

 

 

5

 

 

 

(205,913

)

 

 

88,079

 

Issuance of common stock upon exercise

   of stock options

 

 

39,875

 

 

 

 

 

 

379

 

 

 

 

 

 

 

 

 

379

 

Vesting of common stock issued under

   Product Development Agreement

 

 

 

 

 

 

 

 

59

 

 

 

 

 

 

 

 

 

59

 

Issuance of common stock upon ESPP purchase

 

 

8,563

 

 

 

 

 

 

71

 

 

 

 

 

 

 

 

 

71

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,649

 

 

 

 

 

 

 

 

 

1,649

 

Unrealized gain on debt securities, net

 

 

 

 

 

 

 

 

 

 

 

38

 

 

 

 

 

 

38

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,616

)

 

 

(18,616

)

Balance at September 30, 2019

 

 

24,494,185

 

 

$

24

 

 

$

296,121

 

 

$

43

 

 

$

(224,529

)

 

$

71,659

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

Eiger BioPharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flow

(Unaudited)

(In thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(46,245

)

 

$

(53,332

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

112

 

 

 

41

 

Amortization of debt securities discounts

 

 

(33

)

 

 

(390

)

Non-cash interest expense

 

 

593

 

 

 

535

 

Amortization of operating lease right-of-use assets

 

 

354

 

 

 

299

 

Common stock issued under Product Development Agreement

 

 

164

 

 

 

170

 

Stock-based compensation

 

 

4,536

 

 

 

4,331

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(4,418

)

 

 

(2,967

)

Other assets

 

 

(1,270

)

 

 

(2,952

)

Accounts payable

 

 

1,836

 

 

 

3,178

 

Accrued liabilities

 

 

(2,893

)

 

 

2,759

 

Operating lease liabilities

 

 

(406

)

 

 

(315

)

Net cash used in operating activities

 

 

(47,670

)

 

 

(48,643

)

Investing activities

 

 

 

 

 

 

 

 

Purchase of debt securities available-for-sale

 

 

(92,480

)

 

 

(96,267

)

Proceeds from maturities of debt securities available-for-sale

 

 

74,767

 

 

 

45,271

 

Purchase of property and equipment

 

 

(107

)

 

 

(94

)

Net cash used in investing activities

 

 

(17,820

)

 

 

(51,090

)

Financing activities

 

 

 

 

 

 

 

 

Issuance of common stock upon offering at-the-market, net of issuance costs

 

 

77,404

 

 

 

 

Proceeds from issuance of common stock upon stock option exercises

 

 

520

 

 

 

506

 

Proceeds from issuance of common stock upon ESPP purchase

 

 

186

 

 

 

130

 

Proceeds from issuance of common stock upon public offering, net of issuance costs

 

 

 

 

 

53,194

 

Proceeds from borrowings in connection with term loan, net of issuance costs

 

 

 

 

 

6,627