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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kindred Biosciences Inc | NASDAQ:KIN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.25 | 9.24 | 9.26 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
46-1160142
|
(State of incorporation)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
x
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
Emerging growth company
|
|
x
|
Part No.
|
Item No.
|
Description
|
Page
No. |
|
|
|
|
I
|
|
|
|
|
1
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
2
|
||
|
3
|
||
|
4
|
||
|
|
|
|
II
|
|
|
|
|
1
|
||
|
1A
|
||
|
2
|
||
|
3
|
||
|
4
|
||
|
5
|
||
|
6
|
||
|
|
|
|
|
|
||
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
43,626
|
|
|
$
|
6,687
|
|
Short-term investments
|
42,678
|
|
|
50,068
|
|
||
Prepaid expenses and other
|
911
|
|
|
1,282
|
|
||
Total current assets
|
87,215
|
|
|
58,037
|
|
||
Property and equipment, net
|
6,382
|
|
|
2,441
|
|
||
Long-term investments
|
3,010
|
|
|
1,052
|
|
||
Other assets
|
49
|
|
|
46
|
|
||
Total assets
|
$
|
96,656
|
|
|
$
|
61,576
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
398
|
|
|
$
|
410
|
|
Accrued compensation
|
1,610
|
|
|
1,807
|
|
||
Accrued liabilities
|
1,627
|
|
|
1,650
|
|
||
Total current liabilities
|
3,635
|
|
|
3,867
|
|
||
Long-term liability
|
90
|
|
|
29
|
|
||
Total liabilities
|
3,725
|
|
|
3,896
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 6)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 28,153,594 and 19,916,290 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
|
3
|
|
|
2
|
|
||
Additional paid-in capital
|
195,194
|
|
|
138,810
|
|
||
Accumulated other comprehensive loss
|
(16
|
)
|
|
(31
|
)
|
||
Accumulated deficit
|
(102,250
|
)
|
|
(81,101
|
)
|
||
Total stockholders' equity
|
92,931
|
|
|
57,680
|
|
||
Total liabilities and stockholders' equity
|
$
|
96,656
|
|
|
$
|
61,576
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
$
|
4,877
|
|
|
$
|
3,754
|
|
|
$
|
12,523
|
|
|
$
|
10,352
|
|
General and administrative
|
3,269
|
|
|
2,022
|
|
|
9,168
|
|
|
5,907
|
|
||||
Restructuring costs
|
—
|
|
|
—
|
|
|
—
|
|
|
655
|
|
||||
Total operating expenses
|
8,146
|
|
|
5,776
|
|
|
21,691
|
|
|
16,914
|
|
||||
Loss from operations
|
(8,146
|
)
|
|
(5,776
|
)
|
|
(21,691
|
)
|
|
(16,914
|
)
|
||||
Interest and other income, net
|
256
|
|
|
93
|
|
|
542
|
|
|
224
|
|
||||
Net loss
|
(7,890
|
)
|
|
(5,683
|
)
|
|
(21,149
|
)
|
|
(16,690
|
)
|
||||
Change in unrealized gains (losses) on available-for-sale securities
|
13
|
|
|
(21
|
)
|
|
16
|
|
|
62
|
|
||||
Comprehensive loss
|
$
|
(7,877
|
)
|
|
$
|
(5,704
|
)
|
|
$
|
(21,133
|
)
|
|
$
|
(16,628
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share, basic and diluted
|
$
|
(0.29
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.88
|
)
|
|
$
|
(0.84
|
)
|
Weighted-average number of common shares outstanding, basic and diluted
|
27,400
|
|
|
19,891
|
|
|
24,130
|
|
|
19,864
|
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net loss
|
$
|
(21,149
|
)
|
|
$
|
(16,690
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Stock-based compensation expense
|
3,877
|
|
|
2,699
|
|
||
Depreciation and amortization expense
|
295
|
|
|
115
|
|
||
Loss on disposal of property and equipment
|
9
|
|
|
—
|
|
||
Amortization of premium on marketable securities
|
174
|
|
|
199
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Prepaid expenses and other
|
368
|
|
|
(175
|
)
|
||
Accounts payable
|
340
|
|
|
141
|
|
||
Accrued liabilities and accrued compensation
|
(8
|
)
|
|
(553
|
)
|
||
Net cash used in operating activities
|
(16,094
|
)
|
|
(14,264
|
)
|
||
Cash Flows from Investing Activities
|
|
|
|
||||
Purchase of investments
|
(46,888
|
)
|
|
(61,482
|
)
|
||
Sale of investments
|
2,896
|
|
|
—
|
|
||
Maturities of investments
|
49,265
|
|
|
69,813
|
|
||
Purchase of property and equipment
|
(4,748
|
)
|
|
(838
|
)
|
||
Net cash provided by investing activities
|
525
|
|
|
7,493
|
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Exercise of stock options and purchase of ESPP shares
|
348
|
|
|
90
|
|
||
Net proceeds from sale of common stock
|
52,160
|
|
|
—
|
|
||
Net cash provided by financing activities
|
52,508
|
|
|
90
|
|
||
Net change in cash and cash equivalents
|
36,939
|
|
|
(6,681
|
)
|
||
Cash and cash equivalents at beginning of period
|
6,687
|
|
|
19,992
|
|
||
Cash and cash equivalents at end of period
|
$
|
43,626
|
|
|
$
|
13,311
|
|
Purchase of property and equipment included in accounts payable and accrued liabilities
|
165
|
|
|
96
|
|
|
|
Fair Value Measurements as of September 30, 2017
|
||||||||||||||
Description
|
|
Total
|
|
Quoted Prices in
Active Markets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Unobservable Inputs
(Level 3) |
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
|
$
|
976
|
|
|
$
|
976
|
|
|
$
|
—
|
|
|
$
|
—
|
|
US Treasury bills
|
|
6,499
|
|
|
6,499
|
|
|
—
|
|
|
—
|
|
||||
Commercial paper
|
|
33,592
|
|
|
—
|
|
|
33,592
|
|
|
—
|
|
||||
Corporate notes
|
|
2,000
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasury bonds
|
|
6,066
|
|
|
—
|
|
|
6,066
|
|
|
—
|
|
||||
U.S. government agency notes
|
|
1,000
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
||||
Commercial paper
|
|
19,343
|
|
|
—
|
|
|
19,343
|
|
|
—
|
|
||||
Corporate notes
|
|
16,269
|
|
|
—
|
|
|
16,269
|
|
|
—
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
|
||||||||
Corporate notes
|
|
3,010
|
|
|
—
|
|
|
3,010
|
|
|
—
|
|
||||
|
|
$
|
88,755
|
|
|
$
|
8,475
|
|
|
$
|
80,280
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements as of December 31, 2016
|
||||||||||||||
Description
|
|
Total
|
|
Quoted Prices in
Active Markets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Unobservable Inputs
(Level 3) |
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
|
$
|
3,157
|
|
|
$
|
3,157
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial paper
|
|
850
|
|
|
—
|
|
|
850
|
|
|
—
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasury bills
|
|
5,997
|
|
|
5,997
|
|
|
—
|
|
|
—
|
|
||||
Commercial paper
|
|
4,228
|
|
|
—
|
|
|
4,228
|
|
|
—
|
|
||||
U.S. government agency notes
|
|
13,550
|
|
|
—
|
|
|
13,550
|
|
|
—
|
|
||||
U.S. treasury bonds and notes
|
|
11,015
|
|
|
11,015
|
|
|
—
|
|
|
|
|||||
Corporate notes
|
|
15,278
|
|
|
—
|
|
|
15,278
|
|
|
—
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
|
||||||||
Corporate notes
|
|
1,052
|
|
|
—
|
|
|
1,052
|
|
|
—
|
|
||||
|
|
$
|
55,127
|
|
|
$
|
20,169
|
|
|
$
|
34,958
|
|
|
$
|
—
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
19,343
|
|
|
—
|
|
|
—
|
|
|
19,343
|
|
||||
U.S. government agency notes
|
1,000
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
||||
U.S. treasury bonds
|
6,069
|
|
|
—
|
|
|
(3
|
)
|
|
6,066
|
|
||||
Corporate notes
|
16,278
|
|
|
2
|
|
|
(11
|
)
|
|
16,269
|
|
||||
|
42,690
|
|
|
2
|
|
|
(14
|
)
|
|
42,678
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Corporate notes
|
3,014
|
|
|
—
|
|
|
(4
|
)
|
|
3,010
|
|
||||
Total available-for-sale investments
|
$
|
45,704
|
|
|
$
|
2
|
|
|
$
|
(18
|
)
|
|
$
|
45,688
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury bills
|
$
|
5,996
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
5,997
|
|
Commercial paper
|
4,228
|
|
|
—
|
|
|
—
|
|
|
$
|
4,228
|
|
|||
U.S. government agency notes
|
13,552
|
|
|
1
|
|
|
(3
|
)
|
|
13,550
|
|
||||
U.S. treasury bonds and notes
|
11,015
|
|
|
1
|
|
|
(1
|
)
|
|
11,015
|
|
||||
Corporate notes
|
15,305
|
|
|
—
|
|
|
(27
|
)
|
|
15,278
|
|
||||
|
50,096
|
|
|
3
|
|
|
(31
|
)
|
|
50,068
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
Corporate notes
|
1,055
|
|
|
—
|
|
|
(3
|
)
|
|
1,052
|
|
||||
Total available-for-sale investments
|
$
|
51,151
|
|
|
$
|
3
|
|
|
$
|
(34
|
)
|
|
$
|
51,120
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Accrued consulting
|
$
|
286
|
|
|
$
|
106
|
|
Accrued research and development costs
|
1,088
|
|
|
1,390
|
|
||
Other expenses
|
259
|
|
|
124
|
|
||
Deferred rent
|
84
|
|
|
59
|
|
||
|
1,717
|
|
|
1,679
|
|
||
Less current portion
|
(1,627
|
)
|
|
(1,650
|
)
|
||
Long-term liability (deferred rent)
|
$
|
90
|
|
|
$
|
29
|
|
Stock Option Plan
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Shares underlying options granted
|
143,500
|
|
62,000
|
|
1,148,200
|
|
833,183
|
Weighted-average exercise price
|
$7.49
|
|
$3.94
|
|
$6.57
|
|
$3.45
|
Weighted average risk- free interest rate
|
1.97 %
|
|
1.22 %
|
|
1.97 %
|
|
1.57 %
|
Weighted average expected term (years)
|
6.6
|
|
6.3
|
|
6.0
|
|
6.3
|
Weighted average expected volatility
|
74%
|
|
87%
|
|
71%
|
|
83%
|
Expected dividend yield
|
—
|
|
—
|
|
—
|
|
—
|
Weighted-average grant date fair value per share
|
$5.09
|
|
$2.88
|
|
$4.19
|
|
$2.42
|
Stock Purchase Plan
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Weighted average risk-free interest rate
|
1.07%
|
|
0.49%
|
|
0.84%
|
|
0.46%
|
Weighted average expected term (years)
|
0.5
|
|
0.5
|
|
0.5
|
|
0.5
|
Weighted average expected volatility
|
54%
|
|
106%
|
|
64%
|
|
89%
|
Expected dividend yield
|
—
|
|
—
|
|
—
|
|
—
|
Weighted-average grant date fair value per share
|
$1.96
|
|
$1.64
|
|
$1.64
|
|
$1.46
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Research and development
|
$
|
410
|
|
|
$
|
411
|
|
|
$
|
1,252
|
|
|
$
|
1,063
|
|
General and administrative
|
906
|
|
|
604
|
|
|
2,625
|
|
|
1,636
|
|
||||
|
$
|
1,316
|
|
|
$
|
1,015
|
|
|
$
|
3,877
|
|
|
$
|
2,699
|
|
Year ending December 31,
|
|
Lease Payments
|
||
2017 (remaining of year)
|
|
$
|
195
|
|
2018
|
|
810
|
|
|
2019
|
|
808
|
|
|
2020
|
|
724
|
|
|
2021 and after
|
|
653
|
|
|
Total
|
|
$
|
3,190
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic and diluted net loss per share:
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(7,890
|
)
|
|
$
|
(5,683
|
)
|
|
$
|
(21,149
|
)
|
|
$
|
(16,690
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding, basic and diluted
|
27,400
|
|
|
19,891
|
|
|
24,130
|
|
|
19,864
|
|
||||
Net loss per share, basic and diluted
|
$
|
(0.29
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.88
|
)
|
|
$
|
(0.84
|
)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
$
|
4,877
|
|
|
$
|
3,754
|
|
|
$
|
12,523
|
|
|
$
|
10,352
|
|
General and administrative
|
3,269
|
|
|
2,022
|
|
|
9,168
|
|
|
5,907
|
|
||||
Restructuring costs
|
—
|
|
|
—
|
|
|
—
|
|
|
655
|
|
||||
Total operating expenses
|
8,146
|
|
|
5,776
|
|
|
21,691
|
|
|
16,914
|
|
||||
Loss from operations
|
(8,146
|
)
|
|
(5,776
|
)
|
|
(21,691
|
)
|
|
(16,914
|
)
|
||||
Interest and other income, net
|
256
|
|
|
93
|
|
|
542
|
|
|
224
|
|
||||
Net loss
|
$
|
(7,890
|
)
|
|
$
|
(5,683
|
)
|
|
$
|
(21,149
|
)
|
|
$
|
(16,690
|
)
|
|
Three months ended September 30,
|
|
%
|
|
Nine months ended September 30,
|
|
%
|
||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||
Payroll and related
|
$
|
1,543
|
|
|
$
|
1,472
|
|
|
5%
|
|
$
|
4,418
|
|
|
$
|
4,408
|
|
|
—%
|
Consulting
|
541
|
|
|
333
|
|
|
62%
|
|
1,206
|
|
|
863
|
|
|
40%
|
||||
Field trial costs, including materials
|
1,090
|
|
|
1,010
|
|
|
8%
|
|
2,797
|
|
|
2,287
|
|
|
22%
|
||||
Stock-based compensation
|
410
|
|
|
411
|
|
|
—%
|
|
1,252
|
|
|
1,063
|
|
|
18%
|
||||
Other
|
1,293
|
|
|
528
|
|
|
145%
|
|
2,850
|
|
|
1,731
|
|
|
65%
|
||||
|
$
|
4,877
|
|
|
$
|
3,754
|
|
|
30%
|
|
$
|
12,523
|
|
|
$
|
10,352
|
|
|
21%
|
|
Three months ended September 30,
|
|
%
|
|
Nine months ended September 30,
|
|
%
|
||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||
Payroll and related
|
$
|
1,007
|
|
|
$
|
571
|
|
|
76%
|
|
$
|
2,840
|
|
|
$
|
1,683
|
|
|
69%
|
Consulting, legal fees and professional services
|
402
|
|
|
221
|
|
|
82%
|
|
1,200
|
|
|
696
|
|
|
72%
|
||||
Stock-based compensation
|
906
|
|
|
604
|
|
|
50%
|
|
2,625
|
|
|
1,636
|
|
|
60%
|
||||
Corporate and marketing expenses
|
572
|
|
|
334
|
|
|
71%
|
|
1,316
|
|
|
1,067
|
|
|
23%
|
||||
Other
|
382
|
|
|
292
|
|
|
31%
|
|
1,187
|
|
|
825
|
|
|
44%
|
||||
|
$
|
3,269
|
|
|
$
|
2,022
|
|
|
62%
|
|
$
|
9,168
|
|
|
$
|
5,907
|
|
|
55%
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Net cash used in operating activities
|
$
|
(16,094
|
)
|
|
$
|
(14,264
|
)
|
Net cash provided by investing activities
|
$
|
525
|
|
|
$
|
7,493
|
|
Net cash provided by financing activities
|
$
|
52,508
|
|
|
$
|
90
|
|
•
|
pivotal trials of our product candidates;
|
•
|
toxicology (target animal safety) studies for our product candidates;
|
•
|
small molecule manufacturing;
|
•
|
establishment of biologics manufacturing capability in Kansas; and
|
•
|
commercialization of one or more of our product candidates, if approved.
|
•
|
the scope, progress, results and costs of researching and developing our current or future product candidates;
|
•
|
the timing of, and the costs involved in, obtaining regulatory approvals for any of our current or future product candidates;
|
•
|
the number and characteristics of the product candidates we pursue;
|
•
|
the cost of manufacturing our current and future product candidates and any products we successfully commercialize, including the cost of building internal biologics manufacturing capacity;
|
•
|
the cost of commercialization activities if any of our current or future product candidates are approved for sale, including marketing, sales and distribution costs;
|
•
|
the expenses needed to attract and retain skilled personnel;
|
•
|
the costs associated with being a public company;
|
•
|
our ability to establish and maintain strategic collaborations, licensing or other arrangements and the financial terms of such agreements; and
|
•
|
the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing possible patent claims, including litigation costs and the outcome of any such litigation.
|
Exhibit
Number |
|
Description
|
10.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Kindred Biosciences, Inc.
|
|
|
|
By:
|
/s/ Wendy Wee
|
|
Wendy Wee
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
1 Year Kindred Biosciences Chart |
1 Month Kindred Biosciences Chart |
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