$AMLX
Amylyx Pharmaceuticals, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016883 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $345.0K $0.00 $0.00
YoY Change 21.05%
Cost Of Revenue $172.0K
YoY Change
Gross Profit $173.0K
YoY Change
Gross Profit Margin 50.14%
Selling, General & Admin $29.94M $29.99M $26.35M
YoY Change 24.69% 291.67% 338.87%
% of Gross Profit 17306.36%
Research & Development $24.91M $24.26M $21.46M
YoY Change -18.7% 121.97% 212.7%
% of Gross Profit 14401.16%
Depreciation & Amortization $165.0K $105.0K $35.00K
YoY Change 1550.0% 950.0% 250.0%
% of Gross Profit 95.38%
Operating Expenses $54.85M $54.25M $47.81M
YoY Change 0.36% 191.89% 271.57%
Operating Profit -$54.68M -$54.25M -$47.81M
YoY Change 138.59% 191.89% 271.57%
Interest Expense $601.0K $402.0K $131.0K
YoY Change 9916.67% 40100.0% 6450.0%
% of Operating Profit
Other Income/Expense, Net $800.0K $360.0K $112.0K
YoY Change -115.33% -110.79% -106.77%
Pretax Income -$53.88M -$53.89M -$47.70M
YoY Change -9.58% 145.84% 228.46%
Income Tax -$125.0K $174.0K $146.0K
% Of Pretax Income
Net Earnings -$53.76M -$54.07M -$47.85M
YoY Change -9.79% 146.63% 229.46%
Net Earnings / Revenue -15581.45%
Basic Earnings Per Share -$0.92 -$0.93 -$0.93
Diluted Earnings Per Share -$0.92 -$0.93 -$927.2K
COMMON SHARES
Basic Shares Outstanding 58.53M 58.28M 51.60M
Diluted Shares Outstanding 58.53M 58.28M 51.60M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.6M $206.7M $255.2M
YoY Change 29.35%
Cash & Equivalents $107.7M $67.44M $110.4M
Short-Term Investments $54.86M $139.2M $144.8M
Other Short-Term Assets $8.906M $9.458M $10.28M
YoY Change 110.05%
Inventory $563.0K
Prepaid Expenses
Receivables $137.0K
Other Receivables $0.00
Total Short-Term Assets $172.2M $216.1M $265.5M
YoY Change 32.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.118M $1.857M $1.290M
YoY Change 543.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $456.0K $456.0K $456.0K
YoY Change 141.27%
Total Long-Term Assets $9.244M $9.101M $8.950M
YoY Change 1684.56%
TOTAL ASSETS
Total Short-Term Assets $172.2M $216.1M $265.5M
Total Long-Term Assets $9.244M $9.101M $8.950M
Total Assets $181.4M $225.2M $274.4M
YoY Change 39.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.052M $8.117M $10.05M
YoY Change 133.05%
Accrued Expenses $25.60M $19.05M $17.66M
YoY Change 115.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.65M $27.16M $27.71M
YoY Change 115.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.768M $5.287M $5.786M
YoY Change 14800.0%
Total Long-Term Liabilities $4.768M $5.287M $5.786M
YoY Change 14800.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.65M $27.16M $27.71M
Total Long-Term Liabilities $4.768M $5.287M $5.786M
Total Liabilities $37.42M $32.45M $33.49M
YoY Change 146.51%
SHAREHOLDERS EQUITY
Retained Earnings -$311.5M -$257.8M -$203.7M
YoY Change
Common Stock $456.3M $450.7M $444.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.0M $192.8M $240.9M
YoY Change
Total Liabilities & Shareholders Equity $181.4M $225.2M $274.4M
YoY Change 39.08%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$53.76M -$54.07M -$47.85M
YoY Change -9.79% 146.63% 229.46%
Depreciation, Depletion And Amortization $165.0K $105.0K $35.00K
YoY Change 1550.0% 950.0% 250.0%
Cash From Operating Activities -$43.08M -$46.46M -$40.63M
YoY Change 106.46% 256.11% 221.4%
INVESTING ACTIVITIES
Capital Expenditures -$459.0K -$1.105M $342.0K
YoY Change 200.0% 2342.86%
Acquisitions
YoY Change
Other Investing Activities $84.50M $5.567M -$98.97M
YoY Change -272.26%
Cash From Investing Activities $84.04M $4.462M -$99.31M
YoY Change -270.79% 709264.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -828.0K 200.5M
YoY Change -100.0% -141.55% 673.15%
NET CHANGE
Cash From Operating Activities -43.08M -46.46M -40.63M
Cash From Investing Activities 84.04M 4.462M -99.31M
Cash From Financing Activities 0.000 -828.0K 200.5M
Net Change In Cash 40.96M -42.83M 60.44M
YoY Change -33.48% 287.44% 355.48%
FREE CASH FLOW
Cash From Operating Activities -$43.08M -$46.46M -$40.63M
Capital Expenditures -$459.0K -$1.105M $342.0K
Free Cash Flow -$42.62M -$45.36M -$40.98M
YoY Change 105.77% 247.64% 223.74%

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-125000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3755000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-872000
amlx Increase Decrease In Accrued Expenses And Deferred Rent
IncreaseDecreaseInAccruedExpensesAndDeferredRent
4784000
amlx Increase Decrease In Accrued Expenses And Deferred Rent
IncreaseDecreaseInAccruedExpensesAndDeferredRent
5678000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-120000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-87096000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25690000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1447000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
154313000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
60911000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-94849000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14000
amlx Forgiveness Of Ppp Loan
ForgivenessOfPPPLoan
263000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
200897000
amlx Initial Public Offering Cost Paid
InitialPublicOfferingCostPaid
1518000
amlx Initial Public Offering Cost Paid
InitialPublicOfferingCostPaid
80000
amlx Proceeds From Issuance Of Convertible Notes Related Parties
ProceedsFromIssuanceOfConvertibleNotesRelatedParties
14272000
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
11887000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
248000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34000
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
2070000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
199627000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27920000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-203000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17479000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2218000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
50380000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13066000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
67859000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15284000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
195000
amlx Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
76000
amlx Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
29000
amlx Right Of Use Assets And Liabilities Upon Asc842 Adoption
RightOfUseAssetsAndLiabilitiesUponAsc842Adoption
2201000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4958000
amlx Movement Of Deferred Offering Costs To Equity
MovementOfDeferredOfferingCostsToEquity
4518000
amlx Initial Public Offering Costs Included In Accounts Payable And Accrued Expenses
InitialPublicOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
526000
amlx Initial Public Offering Costs Included In Accounts Payable And Accrued Expenses
InitialPublicOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
1163000
amlx Conversion Of Preferred Stock To Common Stock Upon Initial Public Offering
ConversionOfPreferredStockToCommonStockUponInitialPublicOffering
239351000
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);text-transform:uppercase;color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="text-transform:uppercase;color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Amylyx Pharmaceuticals, Inc., together with its wholly owned subsidiaries (“Amylyx” or the “Company”) is a commercial-stage biopharmaceutical company with a goal of improving the quality and length of life of people living with neurodegenerative disease. The Company is focused on the development and potential global commercialization of its product candidate, AMX0035 (sodium phenylbutyrate and taurursodiol) for the treatment of amyotrophic lateral sclerosis (“ALS”). In June 2022, AMX0035 received marketing authorization with conditions as ALBRIOZA by Health Canada for the treatment of ALS, and the Company launched ALBRIOZA in Canada on July 29, 2022. The Company’s U.S. New Drug Application (“NDA”) for AMX0035 for the treatment of ALS remains under review by the U.S. Food and Drug Administration (“FDA”), and its Marketing Authorisation Application (“MAA”) for AMX0035 for the treatment of ALS remains under review by the Committee for Medicinal Products for Human Use (“CHMP”) of the European Medicines Agency (“EMA”). The Company is developing AMX0035 for other neurodegenerative diseases by leveraging its unique knowledge and relationships in the neurodegenerative space.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In January 2022, the Company completed an initial public offering (the “IPO”), in which the Company issued and sold </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">11,369,369</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of its common stock at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">19.00</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per share. After deducting underwriting discounts and commissions and estimated offering expenses, the Company received net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">196.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million. Upon the completion of IPO, all of the Company’s outstanding shares of preferred stock were converted into shares of its common stock.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, market acceptance and the successful commercialization of ALBRIOZA, which recently received marketing authorization with conditions in Canada, potential difficulties with or delays in timing with respect to the regulatory approval processes of Health Canada, the FDA, the EMA and other comparable foreign authorities, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, ability to secure additional capital to fund operations, and risks associated with the ongoing COVID-19 global pandemic, including potential delays associated with the Company’s ongoing and anticipated trials. The COVID-19 pandemic may have an adverse impact on the Company’s operations, supply chains and distribution systems or those of its contractors, and increase expenses, including as a result of impacts associated with preventive and precautionary measures that are being taken, such as restrictions on travel and border crossings. The Company and its contractors may experience disruptions in supply of items that are essential for its research and development and commercial activities, including, for example, raw materials and bulk drug substances that the Company imports from Europe and Canada used in the manufacturing of AMX0035, and any future product candidates. In addition, the continued spread of COVID-19 has disrupted global healthcare and healthcare regulatory systems which could divert healthcare resources away from, or materially delay, FDA approval and approval by other health authorities worldwide with respect to AMX0035 and any future product candidates. Furthermore, the Company’s clinical trials may be negatively affected by the ongoing COVID-19 outbreak. Site initiation, patient enrollment and patient follow-up visits may be delayed, for example, due to prioritization of hospital resources toward the COVID-19 outbreak, travel restrictions, the inability to access sites for initiation and monitoring, and difficulties recruiting or retaining patients in the Company’s ongoing and planned clinical trials.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">There can be no assurance that the Company will be able to successfully complete the development of, or receive additional regulatory approval for, any products developed, and if approved, that any products will be commercially viable. Any products resulting from the Company’s current research and development efforts will require significant additional research and development, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Going Concern</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In accordance with Accounting Standards Update (“ASU”) 2014-15,</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40)</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the unaudited consolidated financial statements are issued.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Since its inception, the Company has devoted substantially all of its efforts to research and development and pre-commercialization activities, including recruiting management and technical staff, raising capital, producing materials for non-clinical and clinical studies, and building infrastructure to support such activities. Expenses have primarily been for research and development and related general and administrative costs. The Company has generated revenues through five grants from ALS Association, ALS Finding a Cure Foundation, Cure Alzheimer’s Fund, Alzheimer’s Drug Discovery Foundation and Alzheimer’s Association (collectively, the “Grantors”). In addition to money received from its grants, the Company has also financed its operations through the public offering of its common stock, private sales of preferred stock, and convertible notes.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and negative cash flows from operations since inception. As of June 30, 2022, the Company had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">257.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it launches its first commercial product, ALBRIOZA, which recently received marketing authorization with conditions in Canada, and continues to build capabilities and develop AMX0035, and any future product candidates. In the event that management does not achieve revenue anticipated in its operating plan, management has the ability and commitment to reduce operating expenses as necessary. The Company expects that its cash, cash equivalents and short-term investments as of June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> will enable the Company to fund its ongoing operating expenses and capital expenditure requirements for at least the twelve-month period following the issuance of these condensed consolidated financial statements.</span></p>
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
11369369
CY2022Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
19.00
CY2022Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
196400000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-257800000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: determining the fair value of the Company’s common stock prior to the Company’s IPO in January 2022; determining the fair value of convertible notes; accrued expenses; stock option valuations; valuation allowance for deferred tax assets and research and development expenses.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
amlx Available For Sale Investments Contractual Maturity Period
AvailableForSaleInvestmentsContractualMaturityPeriod
P1Y
CY2021 amlx Available For Sale Investments Contractual Maturity Period
AvailableForSaleInvestmentsContractualMaturityPeriod
P1Y
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company entered into a new office space lease at 121 First Street in Cambridge, Massachusetts on January 10, 2022, for 36 months, with an option to extend the lease for 3 years.
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P36M
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5000000.0
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5000000.0
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
544000
us-gaap Operating Lease Cost
OperatingLeaseCost
1048000
CY2022Q2 us-gaap Lease Cost
LeaseCost
544000
us-gaap Lease Cost
LeaseCost
1048000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6369000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1787000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1038000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2417000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2478000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1586000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
476000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7995000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
921000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
7074000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
amlx Operating Lease Weighted Average Incremental Borrowing Rate
OperatingLeaseWeightedAverageIncrementalBorrowingRate
0.073
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
532000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
541000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
555000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
563000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
476000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2667000
CY2022Q2 amlx Accrued External Research And Development Current
AccruedExternalResearchAndDevelopmentCurrent
4138000
CY2021Q4 amlx Accrued External Research And Development Current
AccruedExternalResearchAndDevelopmentCurrent
5666000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6479000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4280000
CY2022Q2 amlx Accrued Consulting And Other Professional Fess
AccruedConsultingAndOtherProfessionalFess
6108000
CY2021Q4 amlx Accrued Consulting And Other Professional Fess
AccruedConsultingAndOtherProfessionalFess
2820000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
535000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
258000
CY2022Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
17260000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
13024000
CY2021Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
37710624
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
37107459
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
37107459
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
239351000
CY2021Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
416466000
CY2021Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
39474330
CY2021 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
0
CY2022Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
amlx Common Stock Number Of Voting Rights
CommonStockNumberOfVotingRights
1
CY2022Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2021Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
us-gaap Dividends
Dividends
0
us-gaap Dividends
Dividends
0
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
56500000
CY2022Q2 amlx Common Stock Shares Issued And Outstanding
CommonStockSharesIssuedAndOutstanding
58533226
CY2021Q4 amlx Common Stock Shares Issued And Outstanding
CommonStockSharesIssuedAndOutstanding
7020487
CY2022Q2 amlx Common Stock Authorized And Reserved For Future Issuance
CommonStockAuthorizedAndReservedForFutureIssuance
12319971
CY2021Q4 amlx Common Stock Authorized And Reserved For Future Issuance
CommonStockAuthorizedAndReservedForFutureIssuance
46257833
CY2022Q2 amlx Unreserved Common Stock Available For Future Issuance
UnreservedCommonStockAvailableForFutureIssuance
229146803
CY2021Q4 amlx Unreserved Common Stock Available For Future Issuance
UnreservedCommonStockAvailableForFutureIssuance
3221680
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5339011
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.54
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y8M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
15627000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3872520
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
19.07
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
669040
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.37
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5961000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
14452
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.07
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8528039
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
65275000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1393475
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.71
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y4M24D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
20276000
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
7134564
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
13.52
amlx Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedWeightedAverageRemainingContractualTerm
P9Y1M6D
CY2022Q2 amlx Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedIntrinsicValue
44999000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.20
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6000000.0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3200000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
400000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5707000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
657000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10099000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1243000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5707000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
657000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10099000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1243000
amlx Number Of Operating Lease Agreements
NumberOfOperatingLeaseAgreements
2
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
400000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
200000

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0000950170-22-016883.txt Edgar Link pending
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amlx-20220630.htm Edgar Link pending
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amlx-ex31_1.htm Edgar Link pending
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amlx-20220630_pre.xml Edgar Link unprocessable