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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Metacrine Inc | NASDAQ:MTCR | 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% | 0.4949 | 0.4601 | 0.475 | 0 | 01:00:00 |
Filed by the Registrant ☒
|
Filed by a Party other than the Registrant ☐
|
☐ |
Preliminary Proxy Statement
|
☐ |
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
☐ |
Definitive Proxy Statement
|
☒ |
Definitive Additional Materials
|
☐ |
Soliciting Material under § 240.14a-12
|
☒ |
No fee required.
|
☐ |
Fee paid previously with preliminary materials.
|
☐ |
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
|
|
||
Equillium, Inc.
2223 Avenida de la Playa, Suite 105
La Jolla, California 92037
(858) 240-1200
Attn: Investor Relations
|
Metacrine, Inc.
4225 Executive Square, Suite 600
San Diego, CA 92037
(858) 369-7800
Attn: Investor Relations
|
All Transactions
|
Total
Transaction
Value1
|
1 Day
Prior
Implied
Premium
+
Fees
|
5 Day
Prior
Implied
Premium
+
Fees
|
10 Day
Prior
Implied Premium + Fees
|
15 Day
Prior
Implied
Premium
+
Fees
|
||||||||||||||
Minimum:
|
$0.5
|
1.67
|
%
|
-21.77
|
%
|
-31.17
|
%
|
-27.70
|
%
|
||||||||||
Lower (First) Quartile:
|
$2.7
|
11.99
|
%
|
6.09
|
%
|
2.29
|
%
|
3.57
|
%
|
||||||||||
Median:
|
$10.0
|
21.29
|
%
|
23.05
|
%
|
23.56
|
%
|
20.74
|
%
|
||||||||||
Average:
|
$17.8
|
26.22
|
%
|
22.08
|
%
|
22.74
|
%
|
19.91
|
%
|
||||||||||
Upper (Third) Quartile:
|
$25.0
|
35.16
|
%
|
36.38
|
%
|
38.78
|
%
|
32.95
|
%
|
||||||||||
Maximum:
|
$85.0
|
76.52
|
%
|
81.28
|
%
|
105.46
|
%
|
79.92
|
%
|
2022 Transactions
|
Total
Transaction
Value1
|
1 Day
Prior
Implied
Premium
+
Fees
|
5 Day
Prior
Implied
Premium
+
Fees
|
10 Day
Prior
Implied Premium + Fees
|
15 Day
Prior
Implied Premium + Fees
|
||||||||||||||
Minimum:
|
$3.5
|
8.07
|
%
|
-7.86
|
%
|
-13.36
|
%
|
4.12
|
%
|
||||||||||
Lower (First) Quartile:
|
$12.1
|
10.50
|
%
|
1.67
|
%
|
11.34
|
%
|
16.18
|
%
|
||||||||||
Median:
|
$15.4
|
15.58
|
%
|
24.37
|
%
|
43.10
|
%
|
49.09
|
%
|
||||||||||
Average:
|
$27.5
|
20.51
|
%
|
24.57
|
%
|
41.75
|
%
|
44.02
|
%
|
||||||||||
Upper (Third) Quartile:
|
$33.7
|
22.29
|
%
|
47.38
|
%
|
64.37
|
%
|
69.82
|
%
|
||||||||||
Maximum:
|
$85.0
|
50.52
|
%
|
57.37
|
%
|
105.46
|
%
|
79.92
|
%
|
2021 Transactions
|
Total
Transaction
Value
|
1 Day
Prior
Implied
Premium
+
Fees
|
5 Day
Prior
Implied
Premium
+
Fees
|
10 Day
Prior
Implied
Premium
+
Fees
|
15 Day
Prior
Implied Premium + Fees
|
||||||||||||||
Minimum:
|
$1.0
|
3.14
|
%
|
-21.77
|
%
|
-20.20
|
%
|
-27.70
|
%
|
||||||||||
Lower (First) Quartile:
|
$7.5
|
20.38
|
%
|
-6.16
|
%
|
-8.46
|
%
|
-14.98
|
%
|
||||||||||
Median:
|
$15.0
|
32.26
|
%
|
8.23
|
%
|
6.94
|
%
|
0.73
|
%
|
||||||||||
Average:
|
$19.9
|
35.43
|
%
|
18.77
|
%
|
13.22
|
%
|
9.20
|
%
|
||||||||||
Upper (Third) Quartile:
|
$25.1
|
57.00
|
%
|
43.48
|
%
|
26.38
|
%
|
27.98
|
%
|
||||||||||
Maximum:
|
$75.0
|
76.52
|
%
|
81.28
|
%
|
74.04
|
%
|
65.35
|
%
|
2021 Transactions
|
Total
Transaction
Value
|
1 Day
Prior
Implied
Premium
+
Fees
|
5 Day Prior Implied Premium +
Fees
|
10 Day
Prior
Implied Premium + Fees
|
15 Day Prior
Implied
Premium +
Fees
|
||||||||||||||
Minimum:
|
$1.0
|
3.14
|
%
|
-21.77
|
%
|
-20.20
|
%
|
-27.70
|
%
|
||||||||||
Lower (First) Quartile:
|
$7.5
|
16.12%
|
|
-11.24%
|
|
-9.37%
|
|
-13.27%
|
|
||||||||||
Median:
|
$14.5
|
32.26
|
%
|
4.69%
|
|
6.63%
|
|
0.73
|
%
|
||||||||||
Average:
|
$14.9
|
33.07%
|
|
13.33%
|
|
8.23%
|
|
6.02%
|
|
||||||||||
Upper (Third) Quartile:
|
$21.6
|
51.15%
|
|
42.85%
|
|
24.24%
|
|
22.93%
|
|
||||||||||
Maximum:
|
$34.6
|
70.23%
|
|
54.69%
|
|
52.00%
|
|
50.38%
|
|
($ in millions)
|
2022E
|
|
2023E
|
|
2024E
|
|
2025E
|
|
2026E
|
2027E
|
|
2028E
|
|
2029E
|
|
2030E
|
|
2031E
|
|
2032E
|
|
2033E
|
|
2034E
|
2035E
|
|
2036E
|
|
2037E
|
|
2038E
|
|
|||||||||||||||||||
EBIT
|
($56
|
)
|
($17
|
)
|
($39
|
)
|
($29
|
)
|
($75
|
)
|
($60
|
)
|
$9
|
$85
|
$134
|
$174
|
$177
|
$181
|
$190
|
$193
|
$194
|
$195
|
$203
|
||||||||||||||||||||||||||||
(-) Taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
(0
|
)
|
(3
|
)
|
(5
|
)
|
(7
|
)
|
(14
|
)
|
(38
|
)
|
(39
|
)
|
(40
|
)
|
(40
|
)
|
(41
|
)
|
(42
|
)
|
|||||||||||||||||||||||
NOPAT
|
($56
|
)
|
($17
|
)
|
($39
|
)
|
($29
|
)
|
($75
|
)
|
($60
|
)
|
$9
|
$81
|
$129
|
$167
|
$163
|
$143
|
$150
|
$153
|
$154
|
$154
|
$161
|
||||||||||||||||||||||||||||
(-) Change in Net Working Capital
|
(2
|
)
|
(1
|
)
|
2
|
(1
|
)
|
2
|
(4
|
)
|
(5
|
)
|
(9
|
)
|
(6
|
)
|
(5
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(0
|
)
|
(0
|
)
|
(1
|
)
|
|||||||||||||||||||
Free Cash Flow
|
($59
|
)
|
($18
|
)
|
($37
|
)
|
($31
|
)
|
($73
|
)
|
($63
|
)
|
$4
|
$72
|
$123
|
$162
|
$163
|
$143
|
$149
|
$152
|
$153
|
$154
|
$160
|
($ in millions)
|
2023E
|
|
2024E
|
|
2025E
|
2026E
|
|
2027E
|
|
2028E
|
|
2029E
|
|
2030E
|
|
2031E
|
|
2032E
|
|
2033E
|
|
2034E
|
|
2035E
|
|
2036E
|
|
2037E
|
|
2038E
|
|
|||||||||||||||||
EBIT
|
($8
|
)
|
($37
|
)
|
($24
|
)
|
($75
|
)
|
($58
|
)
|
$9
|
$85
|
$134
|
$174
|
$177
|
$181
|
$190
|
$193
|
$194
|
$195
|
$203
|
|||||||||||||||||||||||||||
(-) Taxes
|
-
|
-
|
-
|
-
|
-
|
(0
|
)
|
(3
|
)
|
(5
|
)
|
(7
|
)
|
(19
|
)
|
(38
|
)
|
(39
|
)
|
(40
|
)
|
(40
|
)
|
(41
|
)
|
(42
|
)
|
|||||||||||||||||||||
NOPAT
|
($8
|
)
|
($37
|
)
|
($24
|
)
|
($75
|
)
|
($58
|
)
|
$9
|
$81
|
$129
|
$167
|
$158
|
$143
|
$150
|
$153
|
$154
|
$154
|
$161
|
|||||||||||||||||||||||||||
(-) Change in Net Working Capital
|
(1
|
)
|
3
|
(2
|
)
|
2
|
(4
|
)
|
(5
|
)
|
(9
|
)
|
(6
|
)
|
(5
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(0
|
)
|
(0
|
)
|
(1
|
)
|
||||||||||||||||||
Free Cash Flow
|
($9
|
)
|
($34
|
)
|
($26
|
)
|
($72
|
)
|
($62
|
)
|
$4
|
$72
|
$123
|
$162
|
$158
|
$143
|
$149
|
$152
|
$153
|
$154
|
$160
|
• |
KalVista Pharmaceuticals, Inc. ($247)
|
• |
MoonLake Immunotherapeutics ($216)
|
• |
Allakos Inc. ($87)
|
• |
VectivBio Holding AG ($59)
|
• |
Immunic Inc. ($48)
|
• |
Abivax Societe Anonyme ($122)
|
• |
Akari Therapeutics Plc ($61)
|
• |
X4 Pharmaceuticals, Inc. ($59)
|
• |
Applied Molecular Transport Inc. (– $41)
|
Publicly Traded Comparable Company
|
Equity
Value
($ millions)
|
||
VectivBio Holding AG
|
$105
|
||
Allakos Inc.
|
$135
|
($ in millions)
|
2022E
|
|
2023E
|
|
2024E
|
|
2025E
|
|
2026E
|
|
2027E
|
|
2028E
|
|
2029E
|
|
2030E
|
|
2031E
|
|
2032E
|
|
2033E
|
|
2034E
|
|
2035E
|
|
2036E
|
|
2037E
|
|
2038E
|
|
|||||||||||||||||
G&A Savings
|
$15
|
$12
|
$12
|
$6
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
$3
|
Varying Sensitivity Inputs
|
Metacrine
Liquidation Analysis
Per Share Value
|
Implied Pro Forma
Metacrine Per Share
Value Range
|
||||
Cumulative aGVHD POS (40% - 80%) and Combined Company WACC (13.5% - 17.5%)
|
||||||
High End of the Collar (0.151x Exchange Ratio)
|
$0.58
|
$0.52 - $0.89
|
||||
Implied 0.243x Exchange Ratio, (as of 09/01/2022)
|
$0.58
|
$0.76 - $1.30
|
||||
Low End of the Collar (0.251x Exchange Ratio)
|
$0.58
|
$0.78 - $1.33
|
($ in millions)
|
2022E
|
|
2023E
|
|
2024E
|
|
2025E
|
|
2026E
|
|
2027E
|
|
2028E
|
|
2029E
|
|
2030E
|
|
2031E
|
|
2032E
|
|
2033E
|
|
2034E
|
|
2035E
|
|
2036E
|
|
2037E
|
|
2038E
|
|
|||||||||||||||||
EBIT
|
($80
|
)
|
($54
|
)
|
($89
|
)
|
($107
|
)
|
($113
|
)
|
($63
|
)
|
$62
|
$167
|
$264
|
$319
|
$441
|
$322
|
$508
|
$235
|
$547
|
$543
|
$534
|
||||||||||||||||||||||||||||
(-) Taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
(2
|
)
|
(7
|
)
|
(11
|
)
|
(13
|
)
|
(90
|
)
|
(67
|
)
|
(106
|
)
|
(49
|
)
|
(114
|
)
|
(113
|
)
|
(111
|
)
|
|||||||||||||||||||||||
NOPAT
|
($80
|
)
|
($54
|
)
|
($89
|
)
|
($107
|
)
|
($113
|
)
|
($63
|
)
|
$60
|
$161
|
$254
|
$306
|
$351
|
$255
|
$402
|
$186
|
$433
|
$430
|
$424
|
||||||||||||||||||||||||||||
(-) Change in Net Working Capital
|
-
|
-
|
-
|
(2
|
)
|
(1
|
)
|
(7
|
)
|
(11
|
)
|
(14
|
)
|
(14
|
)
|
(11
|
)
|
(6
|
)
|
(4
|
)
|
(5
|
)
|
(4
|
)
|
(2
|
)
|
0
|
1
|
||||||||||||||||||||||
Free Cash Flow
|
($80
|
)
|
($54
|
)
|
($89
|
)
|
($108
|
)
|
($114
|
)
|
($70
|
)
|
$49
|
$147
|
$239
|
$295
|
$345
|
$251
|
$397
|
$182
|
$431
|
$430
|
$424
|
• |
KalVista Pharmaceuticals, Inc. (– $30)
|
• |
MoonLake Immunotherapeutics ($222)
|
• |
VectivBio Holding AG ($159)
|
• |
Immunic Inc. ($232)
|
• |
Abivax Societe Anonyme ($155)
|
• |
Akari Therapeutics Plc ($58)
|
• |
X4 Pharmaceuticals, Inc. ($114)
|
• |
Applied Molecular Transport Inc. (– $44)
|
Publicly Traded Comparable Company
|
Equity
Value
($ millions)
|
|||
Akari Therapeutics Plc
|
|
$80
|
||
X4 Pharmaceuticals, Inc.
|
|
$130
|
Metric
|
Metric
Range
($ millions)
|
Implied
Equillium
Price Per
Share
|
||||||
Equity Value
|
|
$125 - $175
|
|
$3.70 - $5.05
|
Varying Sensitivity Inputs
|
Total Pro Forma
Metacrine Per Share
Value Range
(in millions)
|
Implied Pro Forma
Metacrine Per Share
Value Range
|
||||||
Cumulative aGVHD POS (40% - 80%) and Combined Company WACC (14.0% - 18.0%)
|
||||||||
Low End of the Collar (0.282x Exchange Ratio)
|
$300-$615
|
|
$6.30 - $12.70
|
1 Year Metacrine Chart |
1 Month Metacrine Chart |
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