EQRx, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023017760 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $315.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.235B
YoY Change -18.95%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.151M
YoY Change -86.68%
Total Long-Term Assets $5.151M
YoY Change -73.48%
TOTAL ASSETS
Total Short-Term Assets $1.235B
Total Long-Term Assets $5.151M
Total Assets $1.240B
YoY Change -19.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.103M
YoY Change -42.38%
Accrued Expenses $55.62M
YoY Change 20.66%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.79M
YoY Change 4.99%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $65.79M
Total Long-Term Liabilities
Total Liabilities $69.37M
YoY Change -51.64%
SHAREHOLDERS EQUITY
Retained Earnings -$765.7M
YoY Change 51.5%
Common Stock $49.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.171B
YoY Change
Total Liabilities & Shareholders Equity $1.240B
YoY Change -19.64%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-family:'Arial','Helvetica','sans-serif';font-weight:bold;">1. NATURE OF BUSINESS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">EQRx, Inc. (“EQRx” or the “Company”) is a biopharmaceutical company committed to developing and commercializing innovative medicines for some of the most prevalent disease areas. In July 2023, the Company entered into the Merger Agreement (as defined below) and accordingly, has taken steps to wind down its product portfolio and research and development activities pursuant to the Merger Agreement. Accordingly, it is no longer pursuing any product candidates in active clinical development.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Proposed Acquisition by Revolution Medicines</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">On July 31, 2023, EQRx, Revolution Medicines, Inc., (“Revolution Medicines”), Equinox Merger Sub I, Inc., a direct, wholly owned subsidiary of Revolution Medicines (“Merger Sub I”), and Equinox Merger Sub II LLC, a direct, wholly owned subsidiary of Revolution Medicines (“Merger Sub II”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of certain conditions, Merger Sub I will be merged with and into EQRx (the “First Merger”), with EQRx surviving the First Merger as a direct, wholly owned subsidiary of Revolution Medicines (the “Surviving Corporation”), and as soon as practicable following the First Merger, the Surviving Corporation will be merged with and into Merger Sub II, with Merger Sub II surviving as a direct, wholly owned subsidiary of Revolution Medicines (together with the First Merger, the “Mergers” or the “Merger”).</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:12pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">The boards of directors of each of EQRx and Revolution Medicines have approved the Merger Agreement and the transactions contemplated thereby. The EQRx board of directors’ approval was made upon the recommendation of a committee of independent directors. A member of the Company’s board of directors is also a member of the board of directors of Revolution Medicines.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:6pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">At the effective time of the First Merger (the “Effective Time”), each share of common stock, par value </span><span style="font-family:'Arial','Helvetica','sans-serif';">$0.0001</span><span style="font-family:'Arial','Helvetica','sans-serif';"> per share, of EQRx (“EQRx Common Stock”) issued and outstanding immediately prior to the Effective Time (other than the shares that are held by EQRx in treasury or owned by Revolution Medicines, Merger Sub I, Merger Sub II or any wholly owned subsidiary of EQRx or Revolution Medicines) will be converted into the right to receive a number of validly issued, fully paid and non-assessable shares of common stock, par value </span><span style="font-family:'Arial','Helvetica','sans-serif';">$0.0001</span><span style="font-family:'Arial','Helvetica','sans-serif';"> per share, of Revolution Medicines (the “Parent Common Stock”) equal to the Exchange Ratio (as defined below) (such shares of Parent Common Stock, the “Merger Consideration”). The Merger Consideration will consist of a number of shares of Parent Common Stock to be issued (including in respect of converted EQRx in-the-money stock options, EQRx RSU awards and EQRx restricted stock awards) determined as follows: (i) </span><span style="font-family:'Arial','Helvetica','sans-serif';">7,692,308</span><span style="font-family:'Arial','Helvetica','sans-serif';"> shares of Parent Common Stock, which was determined based on </span><span style="font-family:'Arial','Helvetica','sans-serif';">$200.0</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million of the aggregate purchase price divided by </span><span style="font-family:'Arial','Helvetica','sans-serif';">$26.00</span><span style="font-family:'Arial','Helvetica','sans-serif';"> per share of Parent Common Stock; plus (ii) an additional number of shares of Parent Common Stock, which will be determined prior to the special meeting of stockholders of EQRx (the “EQRx Special Meeting”) and will represent </span><span style="font-family:'Arial','Helvetica','sans-serif';">$870.0</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million of the aggregate purchase price divided by the </span><span style="font-family:'Arial','Helvetica','sans-serif';">five</span><span style="font-family:'Arial','Helvetica','sans-serif';"> trading day volume-weighted average price per share of Parent Common Stock ending on the sixth business day prior to the scheduled EQRx Special Meeting (the “Pre-Meeting VWAP”), applying a </span><span style="font-family:'Arial','Helvetica','sans-serif';">six</span><span style="font-family:'Arial','Helvetica','sans-serif';"> percent discount.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:6pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">The “Exchange Ratio” will be determined by dividing the aggregate number of shares of Parent Common Stock to be issued as Merger Consideration by the number of shares of EQRx Common Stock outstanding immediately prior to the Effective Time, determined in accordance with the Merger Agreement. The number of shares of EQRx Common Stock outstanding for purposes of determining the Exchange Ratio will (i) take into account the number of shares of EQRx Common Stock subject to EQRx in-the-money stock options, EQRx RSU awards and EQRx restricted stock awards that will convert into shares of Parent Common Stock in the Merger, (ii) include </span><span style="font-family:'Arial','Helvetica','sans-serif';">10%</span><span style="font-family:'Arial','Helvetica','sans-serif';"> of the shares of EQRx Common Stock subject to Warrants (as defined in note 4) and (iii) include </span><span style="font-family:'Arial','Helvetica','sans-serif';">10%</span><span style="font-family:'Arial','Helvetica','sans-serif';"> of the shares of EQRx Common Stock subject to the Earn-Out Shares (as defined in note 4) (to the extent not waived by the applicable Earn-Out Service Provider (as defined in note 4)).</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:6pt;background:#ffffff;margin:0pt;"><span style="color:#ff0000;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">EQRx, Revolution Medicines, Merger Sub I and Merger Sub II each made certain representations, warranties and covenants in the Merger Agreement, including, among other things, covenants by EQRx to use reasonable best efforts to conduct its business consistent with a mutually agreed operating and capital expenditure budget and to use commercially reasonable efforts to wind down certain mutually agreed programs, and to refrain from taking certain actions specified in the Merger Agreement.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:12pt;background:#ffffff;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">The parties expect that the Merger will be completed in November 2023, subject to satisfaction of customary closing conditions, including approval by each of Revolution Medicines’ and EQRx’s stockholders. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Risks and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">In addition to risks and uncertainties related to the Merger, including the risk that the Merger is not consummated, the Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, identification of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, establishment of relationships with strategic partners, and the ability to secure additional capital to fund operations.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Liquidity</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">The Company has limited operating history and anticipates that it will incur losses for the foreseeable future, particularly if the proposed Merger is not successful and it attempts to rebuild its internal infrastructure, identify and acquire product candidates, conduct the research and development of its product candidates, and seek marketing approval therefor. The Company incurred a net loss of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$238.1</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million for the nine months ended September 30, 2023, which included non-cash income of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$9.1</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million resulting from the recognition of the contingent earn-out liability and warrant liabilities at fair value at September 30, 2023, as compared to a net loss of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$146.9</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million for the nine months ended September 30, 2022, which included non-cash income of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$95.8</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million resulting from the recognition of the contingent earn-out liability and warrant liabilities at fair value at September 30, 2022.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">As of September 30, 2023, the Company had cash, cash equivalents, short-term investments and restricted cash of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$1.2</span><span style="font-family:'Arial','Helvetica','sans-serif';"> billion and an accumulated deficit of </span><span style="font-family:'Arial','Helvetica','sans-serif';">$765.7</span><span style="font-family:'Arial','Helvetica','sans-serif';"> million. The Company expects that its cash, cash equivalents, short-term investments and restricted cash as of September 30, 2023 will be sufficient to fund its obligations for at least 12 months from the date of issuance of these condensed consolidated financial statements.</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant estimates and assumptions reflected in these condensed consolidated financial statements include the accrual for research and development and manufacturing expenses, stock-based compensation expense, restructuring costs, the valuation of the contingent earn-out liability, and the fair value of private warrants. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.</span><span style="font-family:'Arial','Helvetica','sans-serif';"> </span></p>
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CY2023Q3 eqrx Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19733290
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1250000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
eqrx Number Of Votes Per Common Share
NumberOfVotesPerCommonShare
1
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
537540806
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4869000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9432000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19251000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32326000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4869000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9432000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19251000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32326000
CY2023Q1 eqrx Number Of Other License Agreements
NumberOfOtherLicenseAgreements
2
CY2023Q3 eqrx Number Of Other License Agreement Terminated
NumberOfOtherLicenseAgreementTerminated
2
CY2019Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
33529
CY2019Q4 eqrx Lessee Operating Lease Annual Base Rent
LesseeOperatingLeaseAnnualBaseRent
2500000
CY2019Q4 eqrx Lessee Operating Lease Annual Base Rent For Last Twelve Month Period
LesseeOperatingLeaseAnnualBaseRentForLastTwelveMonthPeriod
2700000
CY2022Q2 eqrx Lessee Operating Lease Annual Base Rent
LesseeOperatingLeaseAnnualBaseRent
2500000
CY2023Q3 us-gaap Lease Cost
LeaseCost
924000
CY2022Q3 us-gaap Lease Cost
LeaseCost
839000
us-gaap Lease Cost
LeaseCost
2793000
us-gaap Lease Cost
LeaseCost
2520000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
800000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1000000.0
us-gaap Operating Lease Payments
OperatingLeasePayments
2700000
us-gaap Operating Lease Payments
OperatingLeasePayments
3000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-82631000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-85092000
us-gaap Net Income Loss
NetIncomeLoss
-238138000
us-gaap Net Income Loss
NetIncomeLoss
-146912000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
484229709
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475565990
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
482135388
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
473101935
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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