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, 2023

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: 1-41403

 

Comera Life Sciences Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

87-4706968

(State or other jurisdiction of

incorporation or organization)

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

12 Gill Street

Suite 4650

Woburn, Massachusetts

01801

(Address of principal executive offices)

(Zip Code)

(617) 871-2101

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

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

 

CMRA

 

The Nasdaq Stock Market LLC

Warrants

 

CMRAW

 

The Nasdaq Stock Market LLC

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 8, 2023, the registrant had 30,737,796 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements

3

 

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (unaudited)

3

 

Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

4

 

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

5

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)

7

 

Notes to Condensed Consolidated Financial Statements (unaudited)

8

Item 2.

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

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

 

 

 

PART II.

OTHER INFORMATION

29

 

 

 

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

30

Item 3.

Defaults Upon Senior Securities

30

Item 4.

Mine Safety Disclosures

30

Item 5.

Other Information

30

Item 6.

Exhibits

31

Signatures

32

 

2


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

COMERA LIFE SCIENCES HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

September 30,

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,767,870

 

 

$

446,607

 

Restricted cash - current

 

 

 

 

 

1,505,625

 

Accounts receivable

 

 

 

 

 

34,320

 

Deferred issuance costs

 

 

 

 

 

90,047

 

Prepaid expenses and other current assets

 

 

862,626

 

 

 

986,499

 

Total current assets

 

 

2,630,496

 

 

 

3,063,098

 

Restricted cash - non-current

 

 

50,000

 

 

 

50,000

 

Property and equipment, net

 

 

186,738

 

 

 

257,186

 

Right-of-use asset

 

 

161,515

 

 

 

313,629

 

Security deposit

 

 

43,200

 

 

 

43,200

 

Total assets

 

$

3,071,949

 

 

$

3,727,113

 

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,144,822

 

 

$

1,458,267

 

Accrued expenses and other current liabilities

 

 

1,226,129

 

 

 

1,295,764

 

Insurance premium financing

 

 

389,872

 

 

 

455,562

 

Deposit liability

 

 

 

 

 

1,505,625

 

Deferred revenue

 

 

 

 

 

144,280

 

Lease liability - current

 

 

171,596

 

 

 

199,184

 

Total current liabilities

 

 

2,932,419

 

 

 

5,058,682

 

Derivative warrant liabilities

 

 

37,266

 

 

 

277,507

 

Lease liability - noncurrent

 

 

 

 

 

120,302

 

Total liabilities

 

 

2,969,685

 

 

 

5,456,491

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 3,895.53 and 4,305 shares designated Series A convertible preferred stock at September 30, 2023 and December 31, 2022; 3,895.53 and 4,305 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

4,322,866

 

 

 

4,517,710

 

Stockholders’ deficit:

 

 

 

 

 

 

Common stock, $0.0001 par value; 150,000,000 shares authorized; 30,737,796 and 16,709,221 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

2,759

 

 

 

1,671

 

Additional paid-in capital

 

 

36,727,205

 

 

 

28,655,164

 

Accumulated deficit

 

 

(40,950,566

)

 

 

(34,903,923

)

Total stockholders’ deficit

 

 

(4,220,602

)

 

 

(6,247,088

)

Total liabilities, convertible preferred stock and stockholders’ deficit

 

$

3,071,949

 

 

$

3,727,113

 

 

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

3


COMERA LIFE SCIENCES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine months ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

136,310

 

 

$

234,922

 

 

$

844,280

 

 

$

476,982

 

Cost of revenue

 

 

41,961

 

 

 

60,963

 

 

 

214,520

 

 

 

160,030

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

366,015

 

 

 

394,800

 

 

 

945,415

 

 

 

1,250,570

 

General and administrative

 

 

1,885,405

 

 

 

2,314,554

 

 

 

5,822,107

 

 

 

8,027,316

 

Total operating expenses

 

 

2,251,420

 

 

 

2,709,354

 

 

 

6,767,522

 

 

 

9,277,886

 

Loss from operations

 

 

(2,157,071

)

 

 

(2,535,395

)

 

 

(6,137,762

)

 

 

(8,960,934

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivative warrant liabilities

 

 

9,325

 

 

 

500,327

 

 

 

108,678

 

 

 

1,954,767

 

Reverse recapitalization issuance costs in excess of gross proceeds

 

 

 

 

 

 

 

 

 

 

 

(6,566,821

)

Common stock purchase agreement issuance costs

 

 

 

 

 

(1,029,077

)

 

 

 

 

 

(1,029,077

)

Interest expense

 

 

(5,965

)

 

 

(12,696

)

 

 

(17,559

)

 

 

(12,773

)

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(426,666

)

Total other income (expense), net

 

 

3,360

 

 

 

(541,446

)

 

 

91,119

 

 

 

(6,080,570

)

Net loss and comprehensive loss

 

 

(2,153,711

)

 

 

(3,076,841

)

 

 

(6,046,643

)

 

 

(15,041,504

)

Less: accretion of convertible preferred
  stock to redemption value

 

 

(85,468

)

 

 

(86,816

)

 

 

(258,156

)

 

 

(287,984

)

Net loss attributable to common stockholders

 

$

(2,239,179

)

 

$

(3,163,657

)

 

$

(6,304,799

)

 

$

(15,329,488

)

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

 

$

(0.10

)

 

$

(0.20

)

 

$

(0.31

)

 

$

(1.85

)

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

 

 

23,113,051

 

 

 

16,024,011

 

 

 

20,448,666

 

 

 

8,294,938

 

 

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

4


 

COMERA LIFE SCIENCES HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Convertible

 

 

Convertible

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Total

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Stockholders’ Deficit

 

Balance as of December 31, 2022

 

4,305

 

 

$

4,517,710

 

 

 

 

 

$

 

 

 

 

16,709,221

 

 

$

1,671

 

 

$

28,655,164

 

 

$

(34,903,923

)

 

$

(6,247,088

)

Issuance of common stock in connection with the January 2023 PIPE, net of issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,406,242

 

 

 

240

 

 

 

3,200,209

 

 

 

 

 

 

3,200,449

 

Issuance of common stock in connection with the Arena purchase agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,230

 

 

 

4

 

 

 

49,154

 

 

 

 

 

 

49,158

 

Accretion of convertible preferred stock to redemption value

 

 

 

 

86,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(86,816

)

 

 

 

 

 

(86,816

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300,765

 

 

 

 

 

 

300,765

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,481,312

)

 

 

(2,481,312

)

Balance as of March 31, 2023

 

4,305

 

 

$

4,604,526

 

 

 

 

 

$

 

 

 

 

19,152,693

 

 

$

1,915

 

 

$

32,118,476

 

 

$

(37,385,235

)

 

$

(5,264,844

)

Accretion of convertible preferred stock to redemption value

 

 

 

 

85,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,872

)

 

 

 

 

 

(85,872

)

Conversion of Private Warrants to Public Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

131,562

 

 

 

 

 

 

131,562

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,445

 

 

 

 

 

 

1,443

 

 

 

 

 

 

1,443

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

278,969

 

 

 

 

 

 

278,969

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,411,620

)

 

 

(1,411,620

)

Balance as of June 30, 2023

 

4,305

 

 

$

4,690,398

 

 

 

 

 

$

 

 

 

 

19,155,138

 

 

$

1,915

 

 

$

32,444,578

 

 

$

(38,796,855

)

 

$

(6,350,362

)

Issuance of common stock in connection with the July 2023 PIPE, net of issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,960,867

 

 

 

797

 

 

 

3,812,245

 

 

 

 

 

 

3,813,042

 

Issuance of common stock in connection with vendor subscription agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

471,791

 

 

 

47

 

 

 

288,290

 

 

 

 

 

 

288,337

 

Accretion of convertible preferred stock to redemption value

 

 

 

 

85,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,468

)

 

 

 

 

 

(85,468

)

Redemption of convertible preferred stock

 

(409.47

)

 

 

(453,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

267,560

 

 

 

 

 

 

267,560

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,153,711

)

 

 

(2,153,711

)

Balance as of September 30, 2023

 

3,895.53

 

 

$

4,322,866

 

 

 

 

 

$

 

 

 

 

27,587,796

 

 

$

2,759

 

 

$

36,727,205

 

 

$

(40,950,566

)

 

$

(4,220,602

)

 

5


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Convertible

 

 

Convertible

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Total

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Stockholders’ Deficit

 

Balance as of December 31, 2021

 

 

 

$

 

 

 

13,802,758

 

 

$

20,857,453

 

 

 

 

308,443

 

 

$

31

 

 

$

2,213,547

 

 

$

(16,899,825

)

 

$

(14,686,247

)

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

735,859

 

 

 

74

 

 

 

429,356

 

 

 

 

 

 

429,430

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,556

 

 

 

 

 

 

42,556

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,879,395

)

 

 

(2,879,395

)

Balance as of March 31, 2022

 

 

 

$

 

 

 

13,802,758

 

 

$

20,857,453

 

 

 

 

1,044,302

 

 

$

105

 

 

$

2,685,459

 

 

$

(19,779,220

)

 

$

(17,093,656

)

Issuance of common stock upon exercise of stock options, net of shares withheld to settle tax withholding requirements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

679,265

 

 

 

68

 

 

 

230,003

 

 

 

 

 

 

230,071

 

Conversion of convertible preferred stock

 

 

 

 

 

 

 

(13,802,758

)

 

 

(20,857,453

)

 

 

 

10,643,403

 

 

 

1,064

 

 

 

20,856,389

 

 

 

 

 

 

20,857,453

 

Issuance of common stock in connection with the Transaction and Maxim Private Placement, net of redemptions, net tangible assets, and issuance costs of $7.5 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,570,215

 

 

 

357

 

 

 

3,443,393

 

 

 

 

 

 

3,443,750

 

Issuance of convertible preferred stock, net of issuance costs
of $
161,535

 

4,305

 

 

 

4,143,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion of convertible preferred stock to redemption value

 

 

 

 

201,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(201,168

)

 

 

 

 

 

(201,168

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56,739

 

 

 

 

 

 

56,739

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,085,268

)

 

 

(9,085,268

)

Balance as of June 30, 2022

 

4,305

 

 

$

4,345,022

 

 

 

 

 

$

 

 

 

 

15,937,185

 

 

$

1,594

 

 

$

27,070,815

 

 

$

(28,864,488

)

 

$

(1,792,079

)

Issuance of common stock upon exercise of Public Warrants