UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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.
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2024, Climb Bio, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02, including Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, whether filed before or after the date hereof and regardless of any general incorporation language in such filing.
Item 8.01 Other Events.
As previously disclosed, on June 27, 2024, the Company completed its acquisition of Tenet Medicines, Inc. (“Tenet”). In connection with the filing of a Registration Statement on Form S-3 that the Company expects to file with the Securities and Exchange Commission promptly after filing this Current Report on Form 8-K, the Company is providing certain unaudited pro forma financial information for the Company and Tenet, which is filed as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(b) Pro forma financial information.
The unaudited pro forma condensed combined statements of operations of the Company and Tenet for the nine months ended September 30, 2024 and the year ended December 31, 2023 are attached hereto as Exhibit 99.2 and incorporated herein by reference.
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Climb Bio, Inc. |
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Date: November 12, 2024 |
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By: |
/s/ /Aoife Brennan |
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Aoife Brennan, M.B., Ch.B. |
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President and Chief Executive Officer |
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Exhibit 99.1
Climb Bio Reports Third Quarter 2024 Financial Results and Business Highlights
Appointed Douglas Williams, Ph.D. as Chair of the Board of Directors
FDA Clearance of Investigational New Drug Application (IND) for systemic lupus erythematosus (SLE)
Expanded Management Team with the Appointment of Gary Hao, Ph.D. as Vice President of Chemistry,
Manufacturing and Controls
Highlights Timing of Key Upcoming Milestones
Cash Runway Remains through 2027 Expected to Enable Delivery of Key Value Inflection Points
WELLESLEY HILLS, MASS.,--(GLOBE NEWSWIRE) – November 12, 2024 – Climb Bio, Inc. (Nasdaq: CLYM), a clinical stage biotechnology company developing therapeutics for patients with immune-mediated diseases, today reported financial results for the quarter ended September 30, 2024 and provided a business update.
“We have had a very productive third quarter, successfully completing the rebranding and transition of Climb Bio into a leading immune-mediated diseases company,” said Aoife Brennan, President and CEO of Climb Bio. “At our recent investor event, we outlined our development strategy and the broad potential of budoprutug. We have now received U.S. Food and Drug Administration clearance of our IND for our Phase 1b clinical trial of budoprutug in SLE and expanded our board and management team with the appointment of Dr. Doug Williams as Climb Bio's new board Chair and Dr. Gary Hao as Vice President of CMC. With a strong financial position and continued progress towards building our management team, we believe we are well-positioned to develop improved treatments for the approximately 50 million patients in the U.S. and many more globally living with immune-mediated diseases.”
Recent Highlights
Program Overview and Anticipated Key Milestones
Third Quarter Financial Results
About Climb Bio, Inc.
Climb Bio, Inc. is a clinical-stage biotechnology company developing therapeutics for patients with immune-mediated diseases. The Company’s lead product candidate, budoprutug, is an anti-CD19 monoclonal antibody that has demonstrated B-cell depletion and has potential to treat a broad range of B-cell mediated diseases. For more information, please visit climbbio.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding: future expectations, plans and prospects for Climb Bio; expectations regarding budoprutug’s therapeutic benefits, clinical potential and clinical development; the trial design for the planned clinical trials of budoprutug; plans to optimize the administration of budoprutug; the anticipated timelines for initiating clinical trials of budoprutug; the sufficiency of Climb Bio’s cash resources for the period anticipated and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” “will,” “working” and similar expressions. Forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. Climb Bio may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, important risks and uncertainties associated with: the ability of Climb Bio to timely and successfully achieve or recognize the anticipated benefits of its acquisition of Tenet Medicines, Inc.; changes in applicable laws or regulation; the possibility that Climb Bio may be adversely affected by other economic, business and/or competitive factors; Climb Bio’s ability to advance budoprutug on the timelines expected or at all and to obtain and maintain necessary approvals from the U.S. Food and Drug Administration and other regulatory authorities; obtaining and maintaining the necessary approvals from investigational review boards at clinical trial sites and independent data safety monitoring boards; replicating in clinical trials positive results found in early-stage clinical trials of budoprutug; competing successfully with other companies that are seeking to develop treatments for primary membranous nephropathy, immune thrombocytopenia, and systemic lupus erythematosus and other immune-mediated diseases; maintaining or protecting intellectual property rights related to budoprutug and/or its other product candidates; managing expenses; and raising the substantial additional capital needed, on the timeline necessary, to continue development of budoprutug and any other product candidates Climb Bio may develop. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Climb Bio’s actual results to differ materially from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties and other important factors, in Climb Bio’s most recent filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Climb Bio’s views as of the date hereof and should not be relied upon as representing Climb Bio’s views as of any date subsequent to the date hereof. Climb Bio anticipates that subsequent events and developments will cause Climb Bio’s views to change. However, while Climb Bio may elect to update these forward-looking statements at some point in the future, Climb Bio specifically disclaims any obligation to do so, except as required by law.
Investors
Chris Brinzey
ICR Healthcare
chris.brinzey@icrhealthcare.com
339-970-2843
Media
Jon Yu
ICR Healthcare
jon.yu@icrhealthcare.com
475-395-5375
Climb Bio, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
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September 30, 2024 |
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December 31, 2023 |
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Assets |
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Cash, cash equivalents, and marketable securities |
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$ |
217,927 |
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$ |
106,798 |
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Other assets |
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4,272 |
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3,671 |
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Total assets |
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$ |
222,199 |
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$ |
110,469 |
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Liabilities and stockholders’ equity |
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Liabilities |
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3,423 |
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2,870 |
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Total stockholders’ equity |
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218,776 |
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107,599 |
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Total liabilities and stockholders’ equity |
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$ |
222,199 |
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$ |
110,469 |
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Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating expenses: |
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Acquired in-process research and development, related party |
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$ |
— |
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$ |
— |
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$ |
51,659 |
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$ |
— |
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Research and development |
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6,240 |
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2,876 |
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8,377 |
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12,284 |
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General and administrative |
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5,492 |
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2,125 |
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11,073 |
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22,869 |
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Total operating expenses |
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11,732 |
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5,001 |
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71,109 |
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35,153 |
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Loss from operations |
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(11,732 |
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(5,001 |
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(71,109 |
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(35,153 |
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Other income, net |
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2,837 |
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1,033 |
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5,628 |
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3,675 |
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Net loss |
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$ |
(8,895 |
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$ |
(3,968 |
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$ |
(65,481 |
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$ |
(31,478 |
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Net loss per share, basic and diluted |
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$ |
(0.13 |
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$ |
(0.15 |
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$ |
(1.57 |
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$ |
(1.17 |
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Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS
On June 27, 2024 (the “Closing Date”), Climb Bio, Inc. (the “Company” or “Climb”), formerly known as Eliem Therapeutics, Inc., completed its acquisition of Tenet Medicines, Inc., a Delaware corporation (“Tenet”), pursuant to the terms of the Agreement and Plan of Merger and Reorganization, dated as of April 10, 2024 (the “Acquisition Agreement”), by and among the Company, Tango Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Transitory Subsidiary”), Tenet and, solely in his capacity as company equityholder representative, Stephen Thomas. On the Closing Date, the Company acquired Tenet through the merger of Transitory Subsidiary into Tenet, with Tenet surviving as a wholly owned subsidiary of the Company (the “Acquisition”). Tenet was a private, development stage biotechnology company focused on advancing budoprutug (previously referred to as TNT119), an anti-CD19 monoclonal antibody that has demonstrated B-cell depletion and has the potential to treat a broad range of B-cell mediated diseases.
At the effective time of the Acquisition, by virtue of the Acquisition and without any action on the part of the holders of common stock of Tenet, (i) all issued and outstanding shares of the common stock of Tenet and (ii) all securities convertible into shares of common stock of Tenet were converted into the right to receive, in the aggregate, 5,560,047 shares of the Company’s common stock.
In connection with the closing of the Acquisition, the Company issued and sold 31,238,282 shares of its common stock at a price of $3.84 per share in a private placement (the “Private Placement”), pursuant to a securities purchase agreement (the “Securities Purchase Agreement”), dated as of April 10, 2024, between the Company and several accredited institutional investors. The Company received aggregate gross proceeds from the Private Placement of approximately $120.0 million, before deducting offering costs of $0.3 million.
In connection with the closing of the Acquisition, Tenet’s key service providers (four individuals) entered into post-closing compensation and consulting arrangements. The key service providers were paid total transaction bonuses of $0.6 million with no future service requirement. In connection with the closing of the Acquisition, the key service providers were also granted a total of 803,000 restricted stock units (“RSUs”). Of these RSUs, 401,500 are subject to service conditions, with 50% of such RSUs vesting on January 1, 2025, 25% of such RSUs vesting on March 27, 2025 and the remaining 25% of such RSUs vesting on June 27, 2025 (the “Service-Based RSUs”). The remaining 401,500 RSUs will vest subject to the satisfaction of performance conditions, including the achievement of specific operational milestones before September 30, 2025 (the “Performance-Based RSUs”).
On May 14, 2024, the Company and Tenet entered into a Senior Secured Promissory Note (the “Note”) providing for the Company to make short-term loans to Tenet up to an aggregate principal amount of $15.0 million. Pursuant to the Note, the Company made a loan (the “Loan”) to Tenet of $5.0 million in order to provide it with sufficient cash to fund its operations prior to the consummation of the Acquisition. The Loan included simple interest at a fixed rate per annum of 6.0%. In connection with the closing of the Acquisition, the Loan and accrued interest were eliminated in the post-closing financial statements as the preexisting relationship was effectively settled and included in consideration transferred.
Unaudited Pro Forma Condensed Combined Statements of Operations
The unaudited pro forma condensed combined statements of operations have been prepared for informational purposes only and are not necessarily indicative of what the Company’s condensed results of operations actually would have been had the Acquisition been consummated as of January 1, 2023. In addition, the unaudited pro forma condensed combined statements of operations do not purport to project the future operating results of the Company. An unaudited pro forma condensed combined balance sheet has not been presented as the Acquisition and related financing transactions have already been fully reflected in the condensed consolidated balance sheet included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on November 12, 2024.
The unaudited pro forma condensed combined financial information is based on the assumptions and adjustments made by management that are described in the accompanying notes. The unaudited pro forma condensed combined financial information does not give effect to the potential impact of current financial conditions, regulatory matters, operating efficiencies or other savings or expenses that may be associated with the integration of Tenet into the Company, does not purport to represent the actual results of operations that the Company and Tenet would have achieved had the Acquisition closed during the periods presented and is not intended to project the future results of operations that the combined company may achieve after the Acquisition.
Management performed an analysis of Tenet’s accounting policies and is not aware of any material differences between Tenet’s accounting policies and the Company’s accounting policies, and accordingly, this unaudited pro forma condensed combined financial information assumes no material differences in accounting policies.
The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X under the Securities Act of 1933, as amended (“Securities Act”), and combines the historical consolidated results of operations of the Company and the results of operations of Tenet, adjusted to give effect to the following transactions:
The following unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2024 and for the year ended December 31, 2023, combines the historical statements of operations of the Company and Tenet, giving effect to the Acquisition, the Private Placement, and related transactions as if they had occurred on January 1, 2023.
The following unaudited pro forma condensed combined financial information, including the notes thereto, should be read in conjunction with (i) the Company’s historical financial statements and management’s discussion and analysis of financial condition and results of operations, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 12, 2024 and (ii) Tenet’s historical financial statements and management’s discussion and analysis of financial condition and results of operations, included in the Company’s definitive proxy statement filed with the SEC on June 6, 2024.
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Nine Months Ended September 30, 2024
(In thousands, except share and per share data)
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For the Nine Months Ended September 30, 2024 |
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For the Three Months Ended March 31, 2024 |
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For the period |
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Climb Bio, Inc. |
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Tenet Medicines, Inc. |
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Tenet Medicines, Inc. |
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Transaction Accounting Adjustments |
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Pro Forma Combined |
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Operating expenses |
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Acquired in-process research and development, related party |
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$ |
51,659 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
51,659 |
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In-process research and development |
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— |
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7,003 |
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— |
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(7,003 |
) |
A |
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— |
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Research and development |
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8,224 |
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917 |
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1,870 |
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— |
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11,011 |
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Research and development, related party |
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|
153 |
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|
261 |
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222 |
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— |
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|
636 |
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General and administrative |
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11,073 |
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|
793 |
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2,184 |
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— |
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14,050 |
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General and administrative, related party |
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— |
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146 |
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150 |
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— |
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296 |
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Total operating expenses |
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$ |
71,109 |
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$ |
9,120 |
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$ |
4,426 |
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$ |
(7,003 |
) |
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$ |
77,652 |
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Loss from operations |
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$ |
(71,109 |
) |
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$ |
(9,120 |
) |
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$ |
(4,426 |
) |
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$ |
7,003 |
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$ |
(77,652 |
) |
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Other income (expense): |
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Foreign currency gain (loss) |
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17 |
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(10 |
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(3 |
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— |
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4 |
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Interest income, net |
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5,611 |
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— |
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— |
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(36 |
) |
B |
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5,575 |
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Interest expense |
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— |
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— |
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(36 |
) |
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36 |
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B |
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— |
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Change in fair value of simple agreements for future equity liability |
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— |
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166 |
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66 |
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(232 |
) |
C |
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— |
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Total other income (expense) |
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$ |
5,628 |
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$ |
156 |
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$ |
27 |
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$ |
(232 |
) |
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$ |
5,579 |
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Net loss |
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$ |
(65,481 |
) |
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$ |
(8,964 |
) |
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$ |
(4,399 |
) |
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$ |
6,771 |
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|
$ |
(72,073 |
) |
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Net loss per share, basic and diluted |
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$ |
(1.57 |
) |
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$ |
(1.09 |
) |
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Weighted-average number of shares used to compute net loss per share, basic and diluted |
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41,759,931 |
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24,441,284 |
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D |
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66,201,215 |
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See accompanying notes to the unaudited pro forma condensed combined statements of operations.
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Year Ended December 31, 2023
(In thousands, except share and per share data)
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For the Year Ended December 31, 2023 |
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For the period from November 8, 2023 to December 31, 2023 |
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Climb Bio, Inc. |
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Tenet Medicines, Inc. |
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Transaction Accounting Adjustments |
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Pro Forma Combined |
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||||
Operating expenses |
|
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|
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Research and development |
|
$ |
15,411 |
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$ |
35 |
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$ |
1,412 |
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F |
$ |
16,858 |
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Research and development, related party |
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— |
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|
46 |
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— |
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|
46 |
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General and administrative |
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24,864 |
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|
215 |
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|
847 |
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F |
|
25,926 |
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General and administrative, related party |
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— |
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|
28 |
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|
|
— |
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|
28 |
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Total operating expenses |
|
$ |
40,275 |
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$ |
324 |
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$ |
2,259 |
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$ |
42,858 |
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Loss from operations |
|
$ |
(40,275 |
) |
|
$ |
(324 |
) |
|
$ |
(2,259 |
) |
|
$ |
(42,858 |
) |
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Other income (expense): |
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|
|
|
|
|
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|
||||
Foreign currency gain |
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|
536 |
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|
|
— |
|
|
|
— |
|
|
|
536 |
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Interest income, net |
|
|
4,620 |
|
|
|
— |
|
|
|
— |
|
|
|
4,620 |
|
|
Change in fair value of simple agreements for future equity liability |
|
|
— |
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|
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(232 |
) |
|
|
232 |
|
E |
|
— |
|
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Total other income (expense) |
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$ |
5,156 |
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|
$ |
(232 |
) |
|
$ |
232 |
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|
$ |
5,156 |
|
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Net loss |
|
$ |
(35,119 |
) |
|
$ |
(556 |
) |
|
$ |
(2,027 |
) |
|
$ |
(37,702 |
) |
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Net loss per share, basic and diluted |
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$ |
(1.30 |
) |
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|
|
|
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|
|
$ |
(0.59 |
) |
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Weighted-average number of shares used to compute net loss per share, basic and diluted |
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26,987,122 |
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36,949,854 |
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G |
|
63,936,976 |
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|
See accompanying notes to the unaudited pro forma condensed combined statements of operations.
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL INFORMATION
1. Basis of Presentation
The unaudited pro forma condensed combined financial information was prepared on the basis that the Acquisition was accounted for as an asset acquisition by the Company under accounting principles generally accepted in the United States. In accordance with the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, the Company first evaluated the initial screen test to determine if substantially all of the fair value of the gross assets acquired of Tenet was concentrated in a single asset or a group of similar assets. Management concluded that substantially all of the fair value of the gross assets being acquired of Tenet was concentrated in the budoprutug in-process research and development (“IPR&D”) asset. Accordingly, management accounted for the transaction as an asset acquisition. In accordance with the asset acquisition method of accounting, the cost of the asset acquisition, which reflects the consideration transferred, (i) was allocated to the assets acquired and liabilities assumed on a relative fair value basis, (ii) no goodwill was recorded and (iii) all direct transaction costs were included in the total consideration transferred. The amount of the consideration transferred that was allocated to the acquired IPR&D was expensed at the closing of the Acquisition, as the IPR&D was determined to have no future alternative use.
The accounting adjustments reflecting the consummation of the Acquisition, Private Placement, and related transactions consist of those necessary to account for the Acquisition, Private Placement, and related transactions and are based upon available information and certain assumptions that the Company believes are reasonable under the circumstances. The Company believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Acquisition, Private Placement, and related transactions based on information available to management as of the date of this Current Report on Form 8-K and that the pro forma adjustments give appropriate effect to those assumptions and methodologies and are properly applied in the unaudited pro forma condensed combined financial information.
2. Consideration Transferred and Purchase Price Allocation
Consideration Transferred
The fair value of the total consideration was approximately $52.8 million and is comprised of the following components (in thousands):
Equity consideration |
$ |
41,867 |
|
Settlement of pre-existing loan |
|
5,036 |
|
Direct transaction costs |
|
5,849 |
|
Total consideration |
$ |
52,752 |
|
The fair value of the consideration transferred was calculated as follows:
Purchase Price Allocation
The following is the allocation of the purchase consideration for the Acquisition based on the fair value of the net assets acquired by the Company (in thousands):
Assets acquired |
|
|
|
In-process research and development |
$ |
51,659 |
|
Cash and cash equivalents |
|
1,204 |
|
Prepaid expenses and other current assets |
|
1,861 |
|
Total assets acquired |
$ |
54,724 |
|
Liabilities assumed |
|
|
|
Accounts payable |
|
(1,603 |
) |
Accounts payable, related party |
|
(101 |
) |
Accrued expenses and other current liabilities |
|
(192 |
) |
Accrued expenses, related party |
|
(76 |
) |
Total liabilities assumed |
$ |
(1,972 |
) |
Net assets acquired |
$ |
52,752 |
|
3. Transaction Accounting Adjustments
Adjustments included in the column under the heading “Transaction Accounting Adjustments” are primarily based on information contained in the Acquisition Agreement, the Securities Purchase Agreement, and other related agreements.
Pro forma adjustments included in the unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2024:
Pro forma adjustments included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023:
Given the Company’s and Tenet’s history of net losses and full valuation allowances, management estimated an annual effective income tax rate of 0.0%. Therefore, the pro forma adjustments to the unaudited pro forma condensed combined statements of operations resulted in no additional income tax adjustments.
4. Net Loss per Share
For the unaudited pro forma condensed combined statements of operations, the Acquisition, the Private Placement, and related transactions are being reflected as if such transactions had occurred as of January 1, 2023. The weighted average shares outstanding for the pro forma basic and diluted net loss per share assumes that the shares issuable relating to the Acquisition, the Private Placement, and related transactions have been outstanding for the entire year ended December 31, 2023.
The unaudited pro forma condensed combined financial information has been prepared for the nine months ended September 30, 2024 and for the year ended December 31, 2023 (in thousands, except share and per share amounts):
|
|
Nine Months Ended September 30, 2024 |
|
|
Year Ended December 31, 2023 |
|
||
|
|
|
|
|
|
|
||
Pro forma net loss |
|
$ |
(72,073 |
) |
|
$ |
(37,702 |
) |
Weighted-average number of shares outstanding used to compute pro forma net loss per share, basic and diluted |
|
|
66,201,215 |
|
|
|
63,936,976 |
|
Pro forma net loss per share, basic and diluted |
|
$ |
(1.09 |
) |
|
$ |
(0.59 |
) |
Weighted average number of shares outstanding used to compute pro forma net loss per share, basic and diluted |
|
|
|
|
|
|
||
Climb historical weighted-average shares outstanding |
|
|
41,759,931 |
|
|
|
26,987,122 |
|
Shares issued in connection with Private Placement |
|
|
20,407,491 |
|
|
|
31,238,282 |
|
Shares issued in connection with the Acquisition |
|
|
3,632,293 |
|
|
|
5,560,047 |
|
Service-Based RSUs granted upon closing of the Acquisition(1) |
|
|
401,500 |
|
|
|
151,525 |
|
Total weighted-average shares outstanding used to compute pro forma net loss, basic and diluted |
|
|
66,201,215 |
|
|
|
63,936,976 |
|
(1) 401,500 Service-Based RSUs are expected to vest (quarterly) during the one-year post-closing period. These amounts represent the weighted-average shares outstanding based on the Service-Based RSUs that are expected to vest during the respective periods.
The following outstanding shares of the Company’s common stock equivalents were excluded from the computation of pro forma diluted net loss per share because including them would have had an anti-dilutive effect:
|
|
Nine Months Ended September 30, 2024 |
|
|
Year Ended December 31, 2023 |
|
||
|
|
|
|
|
|
|
||
Common stock options |
|
|
2,832,169 |
|
|
|
4,586,476 |
|
Unvested restricted stock awards and RSUs |
|
|
846,585 |
|
|
|
149,975 |
|
Performance-Based RSUs granted upon closing of the Acquisition |
|
|
401,500 |
|
|
|
401,500 |
|
Total |
|
|
4,080,254 |
|
|
|
5,137,951 |
|