10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-40522

 

Monte Rosa Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

84-3766197

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

645 Summer Street, Suite 102

Boston, Massachusetts

02210

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 949-2643

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share

 

GLUE

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 9, 2021, the registrant had 46,505,914 shares of common stock, $0.0001 per share, outstanding.

 

 

 

 


 

Summary of the material risks associated with our business

 

Our business is subject to numerous material and other risks and uncertainties that you should be aware of in evaluating our business. These risks are described more fully in Part II, “Item 1A—Risk Factors,” and include, but are not limited to, the following:

We are a biotechnology company with a limited operating history and have not generated any revenue to date from drug sales, and may never become profitable
We have incurred significant operating losses since our inception and anticipate that we will incur continued losses for the foreseeable future
We are very early in our development efforts. All of our programs are still in the preclinical stages of drug discovery. If we are unable to commercialize our product candidates or experience significant delays in doing so, our business will be materially harmed
Our approach to the discovery and development of product candidates based on our QuEEN platform is novel, which makes it difficult to predict the time, cost of development and likelihood of successfully developing any products
We may not be successful in our efforts to identify or discover additional product candidates or we may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success
Even if we receive marketing authorization for our product candidates, we will be subject to extensive ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates
If we are unable to obtain and maintain patent and other intellectual property protection for our technology and product candidates or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and drugs similar or identical to ours, and our ability to successfully commercialize our technology and drugs may be impaired, and we may not be able to compete effectively in our market
We own patent applications related to our QuEEN platform, our CDK2 program, our NEK7 program, and our GSPT1 program, including GSPT1-directed MGDs, biomarkers related to these compounds, and methods of reading through nonsense mutations. We currently do not own any issued patents. Further, patent prosecution related to our pending patent applications is in the early stages and, as such, no patent examiner has yet fully scrutinized the merits of any of our pending patent applications
Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel
Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses
We have identified material weaknesses in our internal control over financial reporting. If we are unable to successfully remediate these material weaknesses in our internal control over financial reporting, it could have an adverse effect on our company
Our executive officers, directors, principal stockholders and their affiliates own a significant percentage of our stock and are able to exercise significant influence over our company, which will limit your ability to influence corporate matters and could delay or prevent a change in corporate control

 

 

 

 

 

 

 

 

 

 

 


 

Special note regarding forward-looking statements
 

This Quarterly Report on Form 10-Q, or Quarterly Report, contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or the or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, “continue” or the negative of these terms or other comparable terminology. These statements are not guarantees of future results or performance and involve substantial risks and uncertainties. Forward-looking statements in this Quarterly Report include, but are not limited to, statements about:

the initiation, timing, progress, results, cost and success of our current and future research and development programs and preclinical studies, including our expectations for our GSPT1-directed MGD molecules;
the initiation, timing, progress, results, cost and success of our future clinical trials, including statements regarding the period during which the results of the clinical trials will become available;
our ability to continue to develop our proprietary protein degradation platform called QuEEN and to expand our proteomics and translational medicine capabilities;
the potential advantages of our platform technology and product candidates;
the extent to which our scientific approach and platform technology may target proteins that have been considered undruggable or inadequately drugged;
our plans to submit an IND application to the FDA for our lead GSPT1-directed MGD product candidate and future product candidates;
the potential benefits of strategic collaborations and our ability to enter into strategic collaborations with third parties who have the expertise to enable us to further develop our biological targets, product candidates and platform technology;
our ability to obtain and maintain regulatory approval of our product candidates;
our ability to manufacture, including through third-party manufacturers, our product candidates for preclinical use, future clinical trials and commercial use, if approved;
our ability to commercialize our product candidates, including our ability to establish sales, marketing and distribution capabilities;
the rate and degree of market acceptance of our product candidates;
the size and growth potential of the markets for our product candidates, and our ability to serve those markets;
our ability to establish and maintain intellectual property rights covering our current and future product candidates and technologies;
the implementation of our business model and strategic plans for our business, product candidates, and technology;
estimates of our future expenses, revenues, capital requirements, and our needs for additional financing;
our ability to obtain funding for our operations necessary to complete further development and commercialization of our product candidates;
our financial performance;
developments in laws and regulations in the United States and foreign countries;
the success of competing therapies that are or may become available;
our ability to attract and retain key scientific or management personnel;
the impact of the COVID-19 pandemic on our business and operations; and
other risks and uncertainties, including those listed under the section entitled “Risk factors.”

 

i


 

Any forward-looking statements in this Quarterly Report reflect our current views with respect to future events and with respect to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those described under Part II, Item 1A, “Risk Factors” and elsewhere in this Quarterly Report. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

 

All of our forward-looking statements are as of the date of this Quarterly Report only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of or any material adverse change in one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the Securities and Exchange Commission, or the SEC, could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report that modify or impact any of the forward-looking statements contained in this Quarterly Report will be deemed to modify or supersede such statements in this Quarterly Report.

 

We may from time to time provide estimates, projections and other information concerning our industry, the general business environment, and the markets for certain diseases, including estimates regarding the potential size of those markets and the estimated incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events, circumstances or numbers, including actual disease prevalence rates and market size, may differ materially from the information reflected in this Quarterly Report. Unless otherwise expressly stated, we obtained this industry, business information, market data, prevalence information and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data, and similar sources, in some cases applying our own assumptions and analysis that may, in the future, prove not to have been accurate.

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Combined and Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Combined and Consolidated Statements of Convertible Preferred Stock and
Stockholders’ Equity (Deficit)

3

 

Condensed Combined and Consolidated Statements of Cash Flows

4

 

Notes to the Condensed Combined and Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

23

Item 4.

Controls and Procedures

23

 

 

 

PART II.

OTHER INFORMATION

25

Item 1.

Legal Proceedings

25

Item 1A.

Risk Factors

25

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

74

Item 3.

Defaults Upon Senior Securities

74

Item 4.

Mine Safety Disclosures

74

Item 6.

Exhibits

75

Signatures

76

 

ii


 

We have applied for various trademarks that we use in connection with the operation of our business. All other trade names, trademarks and service marks of other companies appearing in this Quarterly Report are the property of their respective holders. Solely for convenience, the trademarks and trade names in this Quarterly Report may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies’ trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.


From time to time, we may use our website, our Facebook page at Facebook.com/Monte-Rosa-Therapeutics, our Twitter at @MonteRosaTx and on our LinkedIn account at linkedin.com/company/monte-rosa-therapeutics to distribute material information. Our financial and other material information is routinely posted to and accessible on the Investors section of our website, available at www.monterosatx.com. Investors are encouraged to review the Investor Relations section of our website because we may post material information on that site that is not otherwise disseminated by us. Information that is contained in and can be accessed through our website, our Facebook page, our Twitter posts and our LinkedIn posts are not incorporated into, and does not form a part of, this Quarterly Report.



 

 

iii


 

Part I ─ Financial Information

Item 1. Financial Statements

Monte Rosa Therapeutics, Inc.

Condensed consolidated balance sheets

 

 

(in thousands, except share and per share amounts)

 

September 30,

 

 

December 31,

 

(unaudited)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

367,034

 

 

$

41,699

 

Prepaid expenses and other current assets

 

 

3,485

 

 

 

1,892

 

Total current assets

 

 

370,519

 

 

 

43,591

 

Property and equipment, net

 

 

11,801

 

 

 

4,623

 

Restricted cash

 

 

1,729

 

 

 

1,164

 

Total assets

 

$

384,049

 

 

$

49,378

 

Liabilities, convertible preferred stock and stockholders’ deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,530

 

 

$

7,066

 

Accrued expenses and other current liabilities

 

 

9,213

 

 

 

2,529

 

Preferred stock tranche obligations

 

 

 

 

 

19,680

 

Total current liabilities

 

 

12,743

 

 

 

29,275

 

Defined benefit plan liability

 

 

2,001

 

 

 

1,067

 

Total liabilities

 

 

14,744

 

 

 

30,342

 

Commitments and contingencies

 

 

 

 

 

 

Convertible preferred stock, $0.0001 par value; 10,000,000 shares authorized, an no shares issued and
   outstanding as of September 30, 2021; and
77,631,514 shares authorized and 53,631,514
   shares issued and outstanding as of December 31, 2020

 

 

 

 

 

67,764

 

Stockholders’ equity (deficit)

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000,000 shares authorized, 46,780,847 shares
   issued and
46,483,918 shares outstanding as of September 30, 2021; and 97,500,000
   shares authorized,
2,180,803 shares issued and 1,685,534 shares outstanding as of
   December 31, 2020

 

 

5

 

 

 

1

 

Additional paid-in capital

 

 

469,845

 

 

 

404

 

Accumulated other comprehensive loss

 

 

(1,950

)

 

 

(1,056

)

Accumulated deficit

 

 

(98,595

)

 

 

(48,077

)

Total stockholders’ equity (deficit)

 

 

369,305

 

 

 

(48,728

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

384,049

 

 

$

49,378

 

 

See accompanying notes to the condensed combined and consolidated financial statements.

 

1


 

Monte Rosa Therapeutics, Inc.

Condensed combined and consolidated statements of operations and comprehensive loss

 

(in thousands, except share and per share amounts)

 

Three months ended
September 30,

 

 

Nine months ended
September 30,

 

(unaudited)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

15,115

 

 

$

5,472

 

 

$

39,025

 

 

$

14,142

 

General and administrative

 

 

4,753

 

 

 

914

 

 

 

10,470

 

 

 

1,932

 

Total operating expenses

 

 

19,868

 

 

 

6,386

 

 

 

49,495

 

 

 

16,074

 

Loss from operations

 

 

(19,868

)

 

 

(6,386

)

 

 

(49,495

)

 

 

(16,074

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

13

 

 

 

2

 

 

 

33

 

 

 

 

Foreign currency exchange gain (loss), net

 

 

18

 

 

 

(174

)

 

 

(96

)

 

 

(149

)

Changes in fair value of preferred stock tranche obligations, net

 

 

 

 

 

 

 

 

(960

)

 

 

 

Total other (expense) income

 

 

31

 

 

 

(172

)

 

 

(1,023

)

 

 

(149

)

Net loss

 

$

(19,837

)

 

$

(6,558

)

 

$

(50,518

)

 

$

(16,223

)

Provision for pension benefit obligation

 

 

(535

)

 

 

 

 

 

(894

)

 

 

 

Comprehensive loss

 

$

(20,372

)

 

$

(6,558

)

 

$

(51,412

)

 

$

(16,223

)

Reconciliation of net loss to net loss attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(19,837

)

 

$

(6,558

)

 

$

(50,518

)

 

$

(16,223

)

Net loss per share attributable to common stockholders—basic and diluted

 

$

(0.43

)

 

$

(4.29

)

 

$

(2.85

)

 

$

(11.01

)

Weighted-average number of shares outstanding used in computing
   net loss per common share—basic and diluted

 

 

45,987,866

 

 

 

1,529,881

 

 

 

17,751,410

 

 

 

1,474,045

 

 

See accompanying notes to the condensed combined and consolidated financial statements.

 

 

 

2


 

Monte Rosa Therapeutics, Inc.

Condensed combined and consolidated statements of convertible preferred stock and stockholders’ equity (deficit)

 

 

 

Convertible preferred stock

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share
amounts)
(unaudited)

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Additional
paid-in
capital

 

 

Accumulated
other
comprehensive
loss

 

 

Accumulated
deficit

 

 

Total
Stockholders’
equity (deficit)

 

Balance—January 1, 2021

 

 

53,631,514

 

 

$

67,764

 

 

 

 

1,685,534

 

 

$

1

 

 

$

404

 

 

$

(1,056

)

 

$

(48,077

)

 

$

(48,728

)

Restricted common stock vesting

 

 

 

 

 

 

 

 

 

36,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series B convertible preferred stock, net of issuance costs of $69

 

 

24,000,000

 

 

 

68,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series C convertible preferred stock, net of issuance costs of $163

 

 

32,054,521

 

 

 

94,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136

 

 

 

 

 

 

136

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

252

 

 

 

 

 

 

 

 

 

252

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,276

)

 

 

(12,276

)

Balance—March 31, 2021

 

 

109,686,035

 

 

$

231,172

 

 

 

 

1,722,099

 

 

$

1

 

 

 

656

 

 

$

(920

)

 

$

(60,353

)

 

$

(60,616

)

Restricted common stock vesting

 

 

 

 

 

 

 

 

 

36,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of common stock options

 

 

 

 

 

 

 

 

 

76,950

 

 

 

 

 

 

128

 

 

 

 

 

 

 

 

 

128

 

Conversion of convertible preferred stock into common stock

 

 

(109,686,035

)

 

 

(231,172

)

 

 

 

31,068,102

 

 

 

2

 

 

 

231,170

 

 

 

 

 

 

 

 

 

231,172

 

Issuance of common stock in connection with initial public offering, net of issuance costs of $18.5 million

 

 

 

 

 

 

 

 

 

11,700,000

 

 

 

1

 

 

 

203,874

 

 

 

 

 

 

 

 

 

203,875

 

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(495

)

 

 

 

 

 

(495

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,019

 

 

 

 

 

 

 

 

 

1,019

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,405

)

 

 

(18,405

)

Balance—June 30, 2021

 

 

 

 

$

 

 

 

 

44,603,731

 

 

$

4

 

 

 

436,847

 

 

$

(1,415

)

 

$

(78,758

)

 

$

356,678

 

Restricted common stock vesting

 

 

 

 

 

 

 

 

 

125,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock in connection with initial public offering, net of issuance costs of $2.3 million

 

 

 

 

 

 

 

 

 

1,755,000

 

 

 

1

 

 

 

30,925

 

 

 

 

 

 

 

 

 

30,926

 

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(535

)

 

 

 

 

 

(535

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,073

 

 

 

 

 

 

 

 

 

2,073

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,837

)

 

 

(19,837

)

Balance—September 30, 2021

 

 

 

 

$

 

 

 

 

46,483,918

 

 

$

5

 

 

 

469,845

 

 

$

(1,950

)

 

$

(98,595

)

 

$

369,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance—January 1, 2020

 

 

19,250,000

 

 

 

18,950

 

 

 

 

1,416,230

 

 

 

50

 

 

 

 

 

 

 

 

 

(12,198

)

 

 

(12,148

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

11

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,302

)

 

 

(4,302

)

Balance—March 31, 2020

 

 

19,250,000

 

 

$

18,950

 

 

 

 

1,416,230

 

 

$

50

 

 

 

11

 

 

$

 

 

$

(16,500

)

 

$

(16,439

)

Restricted common stock vesting

 

 

 

 

 

 

 

 

 

72,247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in par value of common stock due to the Contribution and Exchange agreement

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

50

 

 

 

 

 

 

 

 

 

 

Conversion of convertible note and accrued interest to Series A convertible preferred stock

 

 

754,280

 

 

 

754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series A-2 convertible preferred stock, net of issuance costs of $178

 

 

9,627,234

 

 

 

12,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

97

 

 

 

 

 

 

 

 

 

97

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,364

)

 

 

(5,364

)

Balance—June 30, 2020

 

 

29,631,514

 

 

$

32,026

 

 

 

 

1,488,477

 

 

$

 

 

 

158

 

 

$

 

 

$

(21,864

)

 

$

(21,706

)

Restricted common stock vesting

 

 

 

 

 

 

 

 

 

118,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series B convertible preferred stock, net of issuance costs of $262 and discount on allocation of proceeds to preferred stock tranche obligation of $12,000

 

 

24,000,000

 

 

 

35,738

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

45

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,558

)

 

 

(6,558

)

Balance—September 30, 2020

 

 

53,631,514

 

 

$

67,764

 

 

 

 

1,607,301

 

 

$

 

 

 

203

 

 

$

 

 

$

(28,422

)

 

$

(28,219

)

 

See accompanying notes to the condensed combined and consolidated financial statements.

3


 

Monte Rosa Therapeutics, Inc.

Condensed combined and consolidated statements of cash flows

 

(in thousands)

 

Nine months ended
September 30,

 

(unaudited)

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(50,518

)