| | | | | | | Sincerely, | |
| | | | | | |
Matthew W. Foehr
President and Chief Executive Officer OmniAb, Inc. |
|
| | |
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| | | | F-1 | | | |
| | | | F-1 | | | |
| | | | A-1 | | | |
INFORMATION NOT REQUIRED IN PROSPECTUS
|
| | | | II-0 | | |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemption Scenario
|
| |
50% Redemption
Scenario(1) |
| |
Maximum Redemption
Scenario(2) |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage of
Outstanding Shares |
| |
Number of
Shares |
| |
Percentage of
Outstanding Shares |
| |
Number of
Shares |
| |
Percentage of
Outstanding Shares |
| ||||||||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 18.0% | | | | | | 11,500,000 | | | | | | 9.9% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related parties(3)(4)(6)
|
| | | | 7,250,000 | | | | | | 5.7% | | | | | | 7,250,000 | | | | | | 6.2% | | | | | | 17,250,000 | | | | | | 15.0% | | |
OmniAb’s (Ligand’s) stockholders(5)(6)
|
| | | | 97,731,592 | | | | | | 76.3% | | | | | | 97,731,592 | | | | | | 83.9% | | | | | | 97,731,592 | | | | | | 85.0% | | |
Total(7)(8) | | | |
|
127,981,592
|
| | | |
|
100.0%
|
| | | |
|
116,481,592
|
| | | |
|
100.0%
|
| | | |
|
114,981,592
|
| | | |
|
100.0%
|
| |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemption Scenario
|
| |
50% Redemption Scenario
|
| |
Maximum Redemption
Scenario |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| ||||||||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 20.7% | | | | | | 11,500,000 | | | | | | 11.6% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related parties
|
| | | | 5,333,333 | | | | | | 4.8% | | | | | | 5,333,333 | | | | | | 5.4% | | | | | | 16,052,083 | | | | | | 16.2% | | |
OmniAb’s (Ligand’s) stockholders
|
| | | | 82,731,592 | | | | | | 74.5% | | | | | | 82,731,592 | | | | | | 83.0% | | | | | | 82,731,592 | | | | | | 83.8% | | |
Total
|
| | | | 111,064,925 | | | | | | 100.0% | | | | | | 99,564,925 | | | | | | 100.0% | | | | | | 98,783,675 | | | | | | 100.0% | | |
| | |
Share Ownership in New OmniAb(1)
|
| | | | |||||||||||||||||||||||||||||||||||||||
| | |
No Redemptions Scenario
|
| |
50% Redemptions Scenario
|
| |
100% Redemptions Scenario
|
| | | | | | | | | | |||||||||||||||||||||||||||
Additional Dilution Sources
|
| |
Number of
Underlying Shares |
| |
Percentage of
then Outstanding Shares |
| |
Number of
Underlying Shares |
| |
Percentage of
then Outstanding Shares |
| |
Number of
Underlying Shares |
| |
Percentage of
then Outstanding Shares |
| | | | ||||||||||||||||||||||||
APAC Warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
APAC Public Warrants(2)
|
| | | | 7,666,667 | | | | | | 5.7% | | | | | | 7,666,667 | | | | | | 6.2% | | | | | | 7,666,667 | | | | | | 6.3% | | | | | | ||||||
APAC Private Placement Warrants(3)
|
| | | | 8,233,333 | | | | | | 6.0% | | | | | | 8,233,333 | | | | | | 6.6% | | | | | | 8,233,333 | | | | | | 6.7% | | | | | | ||||||
APAC Warrants issued in the Forward Purchase(4)
|
| | | | 1,666,667 | | | | | | 1.3% | | | | | | 1,666,667 | | | | | | 1.4% | | | | | | 1,666,667 | | | | | | 1.4% | | | | | | ||||||
APAC Warrants issued in the Redemption Backstop(5)
|
| | | | 0 | | | | | | 0.0% | | | | | | 0 | | | | | | 0.0% | | | | | | 1,666,667 | | | | | | 1.4% | | | | | | ||||||
APAC Private Placement
Warrants Issuable Pursuant to Convertible Promissory Note(6) |
| | | | 500,000 | | | | | | 0.4% | | | | | | 500,000 | | | | | | 0.4% | | | | | | 500,000 | | | | | | 0.4% | | | | | | ||||||
OmniAb Prior Plans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
OmniAb Options(7)
|
| | | | 13,587,254 | | | | | | 9.6% | | | | | | 13,587,254 | | | | | | 10.4% | | | | | | 13,587,254 | | | | | | 10.6% | | | | | | ||||||
OmniAb RSUs and OmniAb PSUs(8)
|
| | | | 1,402,039 | | | | | | 1.1% | | | | | | 1,402,039 | | | | | | 1.2% | | | | | | 1,402,039 | | | | | | 1.2% | | | | | | ||||||
New OmniAb Proposed Plans
|
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||
2022 Plan(9)
|
| | | | 18,235,000 | | | | | | 12.5% | | | | | | 16,625,000 | | | | | | 12.5% | | | | | | 16,415,000 | | | | | | 12.5% | | | | | | ||||||
ESPP(10)
|
| | | | 1,953,750 | | | | | | 1.5% | | | | | | 1,781,250 | | | | | | 1.5% | | | | | | 1,758,750 | | | | | | 1.5% | | | | | | ||||||
Total Additional Dilutive Sources(11)
|
| | |
|
53,244,710
|
| | | |
|
29.4%
|
| | | |
|
51,462,210
|
| | | |
|
30.6%
|
| | | |
|
52,896,377
|
| | | |
|
31.5%
|
| | | | |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemptions Scenario
|
| |
50% Redemptions Scenario(1)
|
| |
100% Redemptions Scenario(2)
|
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Value per
Share(3) |
| |
Number of
Shares |
| |
Value per
Share(3) |
| |
Number of
Shares |
| |
Value per
Share(3) |
| ||||||||||||||||||
Base Scenario(4)
|
| | | | 127,981,592 | | | | | $ | 10.27 | | | | | | 116,481,592 | | | | | $ | 10.27 | | | | | | 114,981,592 | | | | | $ | 10.25 | | |
Excluding Sponsor Earnout Shares and OmniAb Earnout Shares(5)
|
| | | | 111,064,925 | | | | | $ | 11.83 | | | | | | 99,564,925 | | | | | $ | 12.01 | | | | | | 98,783,675 | | | | | $ | 11.93 | | |
Assuming Exercise of APAC Public
Warrants(6) |
| | | | 135,648,259 | | | | | $ | 10.34 | | | | | | 124,148,259 | | | | | $ | 10.35 | | | | | | 122,648,259 | | | | | $ | 10.32 | | |
Assuming Exercise of APAC Private
Placement Warrants(7) |
| | | | 136,214,925 | | | | | $ | 10.34 | | | | | | 124,714,925 | | | | | $ | 10.35 | | | | | | 123,214,925 | | | | | $ | 10.33 | | |
Assuming Exercise of APAC Warrants issued in the Forward
Purchase (8) |
| | | | 129,648,259 | | | | | $ | 10.29 | | | | | | 118,148,259 | | | | | $ | 10.29 | | | | | | 116,648,259 | | | | | $ | 10.26 | | |
Assuming Exercise of APAC Warrants issued in the Redemption Backstop(9)
|
| | | | 127,981,592 | | | | | $ | 10.27 | | | | | | 116,481,592 | | | | | $ | 10.27 | | | | | | 116,648,259 | | | | | $ | 10.26 | | |
Assuming Exercise of APAC Private
Placement Warrants Issuable Pursuant to Convertible Promissory Note(10) |
| | | | 128,481,592 | | | | | $ | 10.27 | | | | | | 116,981,592 | | | | | $ | 10.28 | | | | | | 115,481,592 | | | | | $ | 10.25 | | |
Including Conversion of OmniAb RSUs and OmniAb PSUs(11)
|
| | | | 129,383,631 | | | | | $ | 10.16 | | | | | | 117,883,631 | | | | | $ | 10.15 | | | | | | 116,383,631 | | | | | $ | 10.12 | | |
Including shares reserved for issuance under 2022 Plan(12)
|
| | | | 146,216,592 | | | | | $ | 8.99 | | | | | | 133,106,592 | | | | | $ | 8.99 | | | | | | 131,396,592 | | | | | $ | 8.97 | | |
Including shares reserved for issuance under ESPP(13)
|
| | | | 129,935,342 | | | | | $ | 10.25 | | | | | | 118,262,842 | | | | | $ | 10.25 | | | | | | 116,740,342 | | | | | $ | 10.22 | | |
| | |
No Redemptions
Scenario |
| |
50% Redemptions
Scenario |
| |
100% Redemptions
Scenario |
| |||||||||
| | |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |||||||||
Base Scenario
|
| | | $ | 1.31 | | | | | $ | 1.20(3)(a) | | | | | $ | 1.18(3)(b) | | |
Excluding Sponsor Earnout Shares and OmniAb Earnout Shares(3)(c)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Assuming Exercise of APAC Public Warrants(3)(d)
|
| | | $ | 1.40 | | | | | $ | 1.28 | | | | | $ | 1.27 | | |
Assuming Exercise of APAC Private Placement Warrants(3)(e)
|
| | | $ | 1.41 | | | | | $ | 1.29 | | | | | $ | 1.27 | | |
Assuming Exercise of APAC Warrants issued in the
Forward Purchase(3)(f) |
| | | $ | 1.33 | | | | | $ | 1.22 | | | | | $ | 1.20 | | |
Assuming Exercise of APAC Warrants issued in the
Redemption Backstop(3)(g) |
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.20 | | |
Assuming Exercise of APAC Private Placement Warrants Issuable Pursuant to Convertible Promissory Note(3)(h)
|
| | | $ | 1.32 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including Conversion of OmniAb RSUs and OmniAb PSUs(3)(i)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
| | |
No Redemptions
Scenario |
| |
50% Redemptions
Scenario |
| |
100% Redemptions
Scenario |
| |||||||||
| | |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |||||||||
Including shares reserved for issuance under 2022 Plan(3)(j)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including shares reserved for issuance under ESPP(3)(k)
|
| | | $ | 1.33 | | | | | $ | 1.21 | | | | | $ | 1.19 | | |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemption Scenario
|
| |
50% Redemption
Scenario(1) |
| |
Maximum Redemption
Scenario(2) |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage of
Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| ||||||||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 18.0% | | | | | | 11,500,000 | | | | | | 9.9% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related parties(3)(4)(6)
|
| | | | 7,250,000 | | | | | | 5.7% | | | | | | 7,250,000 | | | | | | 6.2% | | | | | | 17,250,000 | | | | | | 15.0% | | |
OmniAb’s (Ligand’s)
stockholders (5)(6) |
| | | | 97,731,592 | | | | | | 76.3% | | | | | | 97,731,592 | | | | | | 83.9% | | | | | | 97,731,592 | | | | | | 85.0% | | |
Total(7)(8) | | | |
|
127,981,592
|
| | | |
|
100.0%
|
| | | |
|
116,481,592
|
| | | |
|
100.0%
|
| | | |
|
114,981,592
|
| | | |
|
100.0%
|
| |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemption Scenario
|
| |
50% Redemption Scenario
|
| |
Maximum Redemption
Scenario |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| ||||||||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 20.7% | | | | | | 11,500,000 | | | | | | 11.6% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related parties
|
| | | | 5,333,333 | | | | | | 4.8% | | | | | | 5,333,333 | | | | | | 5.4% | | | | | | 16,052,083 | | | | | | 16.3% | | |
OmniAb’s (Ligand’s)
stockholders |
| | | | 82,731,592 | | | | | | 74.5% | | | | | | 82,731,592 | | | | | | 83.0% | | | | | | 82,731,592 | | | | | | 83.8% | | |
Total
|
| | | | 111,064,925 | | | | | | 100.0% | | | | | | 99,564,925 | | | | | | 100.0% | | | | | | 98,783,675 | | | | | | 100.0% | | |
| | |
Share Ownership in New OmniAb(1)
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemptions Scenario
|
| |
50% Redemptions Scenario
|
| |
100% Redemptions Scenario
|
| |||||||||||||||||||||||||||
Additional Dilution Sources
|
| |
Number of
Underlying Shares |
| |
Percentage of
then Outstanding Shares |
| |
Number of
Underlying Shares |
| |
Percentage of
then Outstanding Shares |
| |
Number of
Underlying Shares |
| |
Percentage of
then Outstanding Shares |
| ||||||||||||||||||
APAC Warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
APAC Public Warrants(2)
|
| | | | 7,666,667 | | | | | | 5.7% | | | | | | 7,666,667 | | | | | | 6.2% | | | | | | 7,666,667 | | | | | | 6.3% | | |
APAC Private Placement Warrants(3)
|
| | | | 8,233,333 | | | | | | 6.0% | | | | | | 8,233,333 | | | | | | 6.6% | | | | | | 8,233,333 | | | | | | 6.7% | | |
APAC Warrants issued in the Forward Purchase(4)
|
| | | | 1,666,667 | | | | | | 1.3% | | | | | | 1,666,667 | | | | | | 1.4% | | | | | | 1,666,667 | | | | | | 1.4% | | |
APAC Warrants issued in the Redemption Backstop(5)
|
| | | | 0 | | | | | | 0.0% | | | | | | 0 | | | | | | 0.0% | | | | | | 1,666,667 | | | | | | 1.4% | | |
APAC Private Placement Warrants Issuable Pursuant to Convertible Promissory Note(6)
|
| | | | 500,000 | | | | | | 0.4% | | | | | | 500,000 | | | | | | 0.4% | | | | | | 500,000 | | | | | | 0.4% | | |
OmniAb Prior Plans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OmniAb Options(7)
|
| | | | 13,587,254 | | | | | | 9.6% | | | | | | 13,587,254 | | | | | | 10.4% | | | | | | 13,587,254 | | | | | | 10.6% | | |
OmniAb RSUs and OmniAb PSUs(8)
|
| | | | 1,402,039 | | | | | | 1.1% | | | | | | 1,402,039 | | | | | | 1.2% | | | | | | 1,402,039 | | | | | | 1.2% | | |
New OmniAb Proposed Plans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2022 Plan(9)
|
| | | | 18,235,000 | | | | | | 12.5% | | | | | | 16,625,000 | | | | | | 12.5% | | | | | | 16,415,000 | | | | | | 12.5% | | |
ESPP(10)
|
| | | | 1,953,750 | | | | | | 1.5% | | | | | | 1,781,250 | | | | | | 1.5% | | | | | | 1,758,750 | | | | | | 1.5% | | |
Total Additional Dilutive Sources(11)
|
| | |
|
53,244,710
|
| | | |
|
29.4%
|
| | | |
|
51,462,210
|
| | | |
|
30.6%
|
| | | |
|
52,896,377
|
| | | |
|
31.5%
|
| |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemptions
Scenario |
| |
50% Redemptions
Scenario(1) |
| |
100% Redemptions
Scenario(2) |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Value per
Share(3) |
| |
Number of
Shares |
| |
Value per
Share(3) |
| |
Number of
Shares |
| |
Value per
Share(3) |
| ||||||||||||||||||
Base Scenario(4)
|
| | | | 127,981,592 | | | | | $ | 10.27 | | | | | | 116,481,592 | | | | | $ | 10.27 | | | | | | 114,981,592 | | | | | $ | 10.25 | | |
Excluding Sponsor Earnout Shares and
OmniAb Earnout Shares(5) |
| | | | 111,064,925 | | | | | $ | 11.83 | | | | | | 99,564,925 | | | | | $ | 12.01 | | | | | | 98,783,675 | | | | | $ | 11.93 | | |
Assuming Exercise of APAC Public Warrants(6)
|
| | | | 135,648,259 | | | | | $ | 10.34 | | | | | | 124,148,259 | | | | | $ | 10.35 | | | | | | 122,648,259 | | | | | $ | 10.32 | | |
Assuming Exercise of APAC Private Placement Warrants(7)
|
| | | | 136,214,925 | | | | | $ | 10.34 | | | | | | 124,714,925 | | | | | $ | 10.35 | | | | | | 123,214,925 | | | | | $ | 10.33 | | |
Assuming Exercise of APAC Warrants
issued in the Forward Purchase(8) |
| | | | 129,648,259 | | | | | $ | 10.29 | | | | | | 118,148,259 | | | | | $ | 10.29 | | | | | | 116,648,259 | | | | | $ | 10.26 | | |
Assuming Exercise of APAC Warrants
issued in the Redemption Backstop(9) |
| | | | 127,981,592 | | | | | $ | 10.27 | | | | | | 116,481,592 | | | | | $ | 10.27 | | | | | | 116,648,259 | | | | | $ | 10.26 | | |
Assuming Exercise of APAC Private Placement Warrants Issuable Pursuant to Convertible Promissory Note(10)
|
| | | | 128,481,592 | | | | | $ | 10.27 | | | | | | 116,981,592 | | | | | $ | 10.28 | | | | | | 115,481,592 | | | | | $ | 10.25 | | |
Including Conversion of OmniAb RSUs and OmniAb PSUs(11)
|
| | | | 129,383,631 | | | | | $ | 10.16 | | | | | | 117,883,631 | | | | | $ | 10.15 | | | | | | 116,383,631 | | | | | $ | 10.12 | | |
Including shares reserved for issuance under 2022 Plan(12)
|
| | | | 146,216,592 | | | | | $ | 8.99 | | | | | | 133,106,592 | | | | | $ | 8.99 | | | | | | 131,396,592 | | | | | $ | 8.97 | | |
Including shares reserved for issuance under ESPP(13)
|
| | | | 129,935,342 | | | | | $ | 10.25 | | | | | | 118,262,842 | | | | | $ | 10.25 | | | | | | 116,740,342 | | | | | $ | 10.22 | | |
| | |
No Redemptions
Scenario |
| |
50% Redemptions
Scenario |
| |
100% Redemptions
Scenario |
| |||||||||
| | |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |||||||||
Base Scenario
|
| | | $ | 1.31 | | | | | $ | 1.20(3)(a) | | | | | $ | 1.18(3)(b) | | |
Excluding Sponsor Earnout Shares and OmniAb Earnout Shares(3)(c)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Assuming Exercise of APAC Public Warrants(3)(d)
|
| | | $ | 1.40 | | | | | $ | 1.28 | | | | | $ | 1.27 | | |
Assuming Exercise of APAC Private Placement Warrants(3)(e)
|
| | | $ | 1.41 | | | | | $ | 1.29 | | | | | $ | 1.27 | | |
Assuming Exercise of APAC Warrants issued in the
Forward Purchase(3)(f) |
| | | $ | 1.33 | | | | | $ | 1.22 | | | | | $ | 1.20 | | |
Assuming Exercise of APAC Warrants issued in the
Redemption Backstop(3)(g) |
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.20 | | |
Assuming Exercise of APAC Private Placement Warrants Issuable Pursuant to Convertible Promissory Note(3)(h)
|
| | | $ | 1.32 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including Conversion of OmniAb RSUs and OmniAb PSUs(3)(i)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including shares reserved for issuance under 2022 Plan(3)(j)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including shares reserved for issuance under ESPP(3)(k)
|
| | | $ | 1.33 | | | | | $ | 1.21 | | | | | $ | 1.19 | | |
(in thousands, except share amounts)
|
| |
No Redemptions
Scenario |
| |
50% Redemption
Scenario |
| |
Maximum
Redemption Scenario |
| |||||||||
Unredeemed public shares
|
| | | | 23,000,000 | | | | | | 11,500,000 | | | | | | — | | |
Trust proceeds to New OmniAb
|
| | | $ | 235,750 | | | | | $ | 117,875 | | | | | $ | — | | |
Deferred underwriting commission(1)
|
| | | $ | 4,025 | | | | | $ | 4,025 | | | | | $ | 4,025 | | |
Effective deferred underwriting fee (%)
|
| | | | 1.71% | | | | | | 3.41% | | | | | | —% | | |
Effective deferred underwriting fee per share
|
| | | $ | 0.18 | | | | | $ | 0.35 | | | | | $ | — | | |
Sources
|
| |
Uses
|
| ||||||||||||
Marketable securities held in trust account(1)
|
| | | $ | 236,098,332 | | | |
Cash to balance sheet
|
| | | $ | 230,873,332 | | |
Ligand Contribution(2)
|
| | | | 15,000,000 | | | |
Deferred Underwriting Fee(3)
|
| | | | 4,025,000 | | |
Forward Purchase(4)
|
| | | | 15,000,000 | | | |
Transaction and Other Expenses(5)
|
| | | | 31,200,000 | | |
Total sources
|
| | | $ | 266,098,332 | | | |
Total uses
|
| | | $ | 266,098,332 | | |
Sources
|
| |
Uses
|
| ||||||||||||
Cash and investments held in trust account(1)
|
| | | $ | 0 | | | |
Cash to balance sheet
|
| | | $ | 94,775,000 | | |
Ligand Contribution(2)
|
| | | | 15,000,000 | | | |
Deferred Underwriting Fee(5)
|
| | | | 4,025,000 | | |
Forward Purchase(3)
|
| | | | 15,000,000 | | | |
Transaction and Other Expenses(6)
|
| | | | 31,200,000 | | |
Redemption Backstop(4)
|
| | | | 100,000,000 | | | | | | | | | — | | |
Total sources
|
| | | $ | 130,000,000 | | | |
Total uses
|
| | | $ | 130,000,000 | | |
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions) |
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Summary Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations Data For The Six Months Ended June 30, 2022
|
| | | | | | | | | | | | |
Revenue
|
| | | $ | 16,822 | | | | | $ | 16,822 | | |
Operating expenses
|
| | | | 43,950 | | | | | | 43,950 | | |
Loss from operations
|
| | | | (27,128) | | | | | | (27,128) | | |
Net loss
|
| | | | (20,346) | | | | | | (20,346) | | |
Basic and diluted net loss per share
|
| | | $ | (0.18) | | | | | $ | (0.21) | | |
Basic and diluted weighted average shares outstanding
|
| | | | 111,064,925 | | | | | | 98,783,675 | | |
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions) |
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Summary Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations Data For The Year Ended December 31, 2021
|
| | | | | | | | | | | | |
Revenue
|
| | | $ | 34,748 | | | | | $ | 34,748 | | |
Operating expenses
|
| | | | 70,827 | | | | | | 70,827 | | |
Loss from operations
|
| | | | (36,079) | | | | | | (36,079) | | |
Net loss
|
| | | | (30,860) | | | | | | (30,860) | | |
Basic and diluted net loss per share
|
| | | $ | (0.28) | | | | | $ | (0.31) | | |
Basic and diluted weighted average shares outstanding
|
| | | | 111,064,925 | | | | | | 98,783,675 | | |
Selected Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Balance Sheet Data as of June 30, 2022 | | | | | | | | | | | | | |
Total assets
|
| | | $ | 527,384 | | | | | $ | 391,286 | | |
Total liabilities
|
| | | $ | 69,937 | | | | | $ | 69,937 | | |
Total stockholders’ equity
|
| | | $ | 457,447 | | | | | $ | 321,349 | | |
| | |
Ligand
|
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
Calendar Year Ended December 31, 2020 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 122.08 | | | | | $ | 57.24 | | |
Second Quarter
|
| | | $ | 124.97 | | | | | $ | 67.25 | | |
Third Quarter
|
| | | $ | 127.80 | | | | | $ | 87.44 | | |
Fourth Quarter
|
| | | $ | 108.00 | | | | | $ | 78.26 | | |
Calendar Year Ended December 31, 2021 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 219.75 | | | | | $ | 98.62 | | |
Second Quarter
|
| | | $ | 159.97 | | | | | $ | 110.26 | | |
Third Quarter
|
| | | $ | 146.17 | | | | | $ | 102.01 | | |
Fourth Quarter
|
| | | $ | 169.98 | | | | | $ | 126.00 | | |
Calendar Year Ended December 31, 2022 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 156.27 | | | | | $ | 88.50 | | |
Second Quarter
|
| | | $ | 118.38 | | | | | $ | 72.57 | | |
Third Quarter (through September 1, 2022)
|
| | | $ | 108.25 | | | | | $ | 87.26 | | |
| | |
Ligand
|
| |||
March 23, 2022
|
| | | $ | 109.83 | | |
September 26, 2022
|
| | | $ | 77.13 | | |
| | |
Assuming No Redemptions
|
| |
Assuming Maximum Redemptions
|
| ||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 18.0% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related parties(1)(2)
|
| | | | 7,250,000 | | | | | | 5.7% | | | | | | 17,250,000 | | | | | | 15.0% | | |
OmniAb’s (Ligand’s) stockholders(3)(6)
|
| | | | 97,731,592 | | | | | | 76.3% | | | | | | 97,731,592 | | | | | | 85.0% | | |
Pro Forma Common Stock(4)(5)
|
| | | | 127,981,592 | | | | | | 100.0% | | | | | | 114,981,592 | | | | | | 100.0% | | |
| | |
OmniAb
(Historical) |
| |
APAC
(Historical) |
| |
Autonomous
Entity Adjustments (Note 3) |
| | | | | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) (Note 3) |
| | | | | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 3) |
| | | | | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | — | | | | | $ | 159 | | | | | $ | 5,000 | | | | | | (a) | | | | | $ | 236,098 | | | | | | (b) | | | | | $ | 231,677 | | | | | $ | (236,098) | | | | | | (m) | | | | | $ | 95,579 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,025) | | | | | | (c) | | | | | | | | | | | | 100,000 | | | | | | (n) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (20,555) | | | | | | (d) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,000 | | | | | | (e) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 8,180 | | | | | | — | | | | | | | | | | | | | | | | | | (8,180) | | | | | | (j) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Prepaid expenses
|
| | | | 1,081 | | | | | | 533 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,614 | | | | | | | | | | | | | | | | | | 1,614 | | |
Other current assets
|
| | | | 3,970 | | | | | | — | | | | | | | | | | | | | | | | | | (3,280) | | | | | | (d) | | | | | | 690 | | | | | | | | | | | | | | | | | | 690 | | |
Total current assets
|
| | | | 13,231 | | | | | | 692 | | | | | | 5,000 | | | | | | | | | | | | 215,058 | | | | | | | | | | | | 233,981 | | | | | | (136,098) | | | | | | | | | | | | 97,883 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 236,098 | | | | | | | | | | | | | | | | | | (236,098) | | | | | | (b) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Deferred income taxes
|
| | | | 822 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 822 | | | | | | | | | | | | | | | | | | 822 | | |
Intangible assets, net
|
| | | | 169,050 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 169,050 | | | | | | | | | | | | | | | | | | 169,050 | | |
Goodwill
|
| | | | 83,979 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 83,979 | | | | | | | | | | | | | | | | | | 83,979 | | |
Property and equipment, net
|
| | | | 16,090 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,090 | | | | | | | | | | | | | | | | | | 16,090 | | |
Opearating lease assets
|
| | | | 22,011 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,011 | | | | | | | | | | | | | | | | | | 22,011 | | |
Other assets
|
| | | | 1,451 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,451 | | | | | | | | | | | | | | | | | | 1,451 | | |
Total assets
|
| | | | 306,634 | | | | | | 236,790 | | | | | | 5,000 | | | | | | | | | | | | (21,040) | | | | | | | | | | | | 527,384 | | | | | | (136,098) | | | | | | | | | | | | 391,286 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 7,383 | | | | | | 4,540 | | | | | | | | | | | | | | | | | | (4,319) | | | | | | (d) | | | | | | 221 | | | | | | | | | | | | | | | | | | 221 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,962) | | | | | | (d) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,421) | | | | | | (j) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued liabilities
|
| | | | 2,982 | | | | | | 1,305 | | | | | | | | | | | | | | | | | | (915) | | | | | | (d) | | | | | | 390 | | | | | | | | | | | | | | | | | | 390 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,112) | | | | | | (d) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,870) | | | | | | (j) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible promissory note
|
| | | | — | | | | | | 750 | | | | | | | | | | | | | | | | | | (750) | | | | | | (i) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Derivative – Forward Purchase and Backstop
Securities |
| | | | — | | | | | | 383 | | | | | | | | | | | | | | | | | | (383) | | | | | | (f) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Current portion of contingent liabilities
|
| | | | 2,179 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,179 | | | | | | | | | | | | | | | | | | 2,179 | | |
Current portion of deferred revenue
|
| | | | 10,199 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,199 | | | | | | | | | | | | | | | | | | 10,199 | | |
Current portion of operating lease
liabilities |
| | | | 1,225 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,225 | | | | | | | | | | | | | | | | | | 1,225 | | |
Current portion of finance lease liabilities
|
| | | | 3 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | | | | | | | | | | | | | | 3 | | |
Total current liabilities
|
| | | | 23,971 | | | | | | 6,978 | | | | | | — | | | | | | | | | | | | (16,732) | | | | | | | | | | | | 14,217 | | | | | | — | | | | | | | | | | | | 14,217 | | |
Long-term contingent liabilities
|
| | | | 4,323 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,323 | | | | | | | | | | | | | | | | | | 4,323 | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 8,050 | | | | | | | | | | | | | | | | | | (8,050) | | | | | | (c) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Deferred income taxes, net
|
| | | | 18,304 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,304 | | | | | | | | | | | | | | | | | | 18,304 | | |
Long-term operating lease liabilities
|
| | | | 25,411 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,411 | | | | | | | | | | | | | | | | | | 25,411 | | |
Long-term portion of deferred revenue
|
| | | | 7,384 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,384 | | | | | | | | | | | | | | | | | | 7,384 | | |
Other long-term liabilities
|
| | | | 298 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 298 | | | | | | | | | | | | | | | | | | 298 | | |
Total liabilities
|
| | | | 79,691 | | | | | | 15,028 | | | | | | — | | | | | | | | | | | | (24,782) | | | | | | | | | | | | 69,937 | | | | | | — | | | | | | | | | | | | 69,937 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | | 236,098 | | | | | | | | | | | | | | | | | | (236,098) | | | | | | (g) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | |
OmniAb
(Historical) |
| |
APAC
(Historical) |
| |
Autonomous
Entity Adjustments (Note 3) |
| | | | | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) (Note 3) |
| | | | | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 3) |
| | | | | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preference shares
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Ordinary shares
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 2 | | | | | | (g) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2) | | | | | | (h) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class B
|
| | | | — | | | | | | 1 | | | | | | | | | | | | | | | | | | (1) | | | | | | (h) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Parent company net investment
|
| | | | 226,943 | | | | | | — | | | | | | 5,000 | | | | | | (a) | | | | | | (889) | | | | | | (j) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (231,054) | | | | | | (k) | | | | | | | | | | | | | | | | | | | | | | | | | | |
New OmniAb Common Stock
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | (e) | | | | | | 13 | | | | | | (2) | | | | | | (m) | | | | | | 12 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | | (h) | | | | | | | | | | | | 1 | | | | | | (n) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | (k) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 4,025 | | | | | | (c) | | | | | | 457,434 | | | | | | (236,096) | | | | | | (m) | | | | | | 321,337 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,200) | | | | | | (d) | | | | | | | | | | | | 99,999 | | | | | | (n) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 236,096 | | | | | | (g) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,000 | | | | | | (e) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 383 | | | | | | (f) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 750 | | | | | | (i) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 231,044 | | | | | | (k) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (20,664) | | | | | | (l) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | — | | | | | | (14,337) | | | | | | | | | | | | | | | | | | (6,327) | | | | | | (d) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,664 | | | | | | (l) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity
|
| | | | 226,943 | | | | | | (14,336) | | | | | | 5,000 | | | | | | | | | | | | 239,840 | | | | | | | | | | | | 457,447 | | | | | | (136,098) | | | | | | | | | | | | 321,349 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 306,634 | | | | | $ | 236,790 | | | | | $ | 5,000 | | | | | | | | | | | $ | (21,040) | | | | | | | | | | | $ | 527,384 | | | | | $ | (136,098) | | | | | | | | | | | $ | 391,286 | | |
|
| | |
OmniAb
(Historical) |
| |
APAC
(Historical) |
| |
Autonomous
Entity Adjustments (Note 3) |
| |
Transaction
Accounting Adjustments (Assuming No Redemptions) (Note 3) |
| | | | | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 3) |
| | | | | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Royalty
|
| | | $ | 402 | | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | $ | 402 | | | | | | | | | | | | | | | | | $ | 402 | | |
License and milestone revenue
|
| | | | 6,426 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 6,426 | | | | | | | | | | | | | | | | | | 6,426 | | |
Service revenue
|
| | | | 9,994 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 9,994 | | | | | | | | | | | | | | | | | | 9,994 | | |
Total revenue
|
| | | | 16,822 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 16,822 | | | | | | — | | | | | | | | | | | | 16,822 | | |
Operating expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 22,256 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 22,256 | | | | | | | | | | | | | | | | | | 22,256 | | |
General and administrative
|
| | | | 9,115 | | | | | | 6,399 | | | | | | | | | | | | (60) | | | | | | (aa) | | | | | | 15,454 | | | | | | | | | | | | | | | | | | 15,454 | | |
Amortization of intangibles
|
| | | | 6,518 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 6,518 | | | | | | | | | | | | | | | | | | 6,518 | | |
Other operating expense (income) – net
|
| | | | (278) | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | (278) | | | | | | | | | | | | | | | | | | (278) | | |
Total operating expenses
|
| | |
|
37,611
|
| | | |
|
6,399
|
| | | |
|
—
|
| | | |
|
(60)
|
| | | | | | | | | |
|
43,950
|
| | | |
|
—
|
| | | | | | | | | |
|
43,950
|
| |
Loss from operations
|
| | |
|
(20,789)
|
| | | |
|
(6,399)
|
| | | |
|
—
|
| | | |
|
60
|
| | | | | | | | | |
|
(27,128)
|
| | | |
|
—
|
| | | | | | | | | |
|
(27,128)
|
| |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on investments held in Trust Account
|
| | | | — | | | | | | 348 | | | | | | | | | | | | (348) | | | | | | (cc) | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Change in fair value of Forward Purchase and
Backstop Securities |
| | | | — | | | | | | 65 | | | | | | | | | | | | (65) | | | | | | (dd) | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Other income, net
|
| | | | — | | | | | | 413 | | | | | | — | | | | | | (413) | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Loss before income taxes
|
| | | | (20,789) | | | | | | (5,986) | | | | | | — | | | | | | (353) | | | | | | | | | | | | (27,128) | | | | | | — | | | | | | | | | | | | (27,128) | | |
Income tax benefit
|
| | | | 4,231 | | | | |
|
—
|
| | | | | | | | | | | 2,551 | | | | | | (ee) | | | | | | 6,782 | | | | | | — | | | | | | | | | | | | 6,782 | | |
Net loss
|
| | | $ | (16,558) | | | | | $ | (5,986) | | | | | $ | — | | | | | $ | 2,198 | | | | | | | | | | | $ | (20,346) | | | | | $ | — | | | | | | | | | | | $ | (20,346) | | |
Deemed dividend – Forward Purchase and Backstop Securities
|
| | | | — | | | | | | (225) | | | | | | | | | | | | 225 | | | | | | (ff) | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Net loss attributable to ordinary
shareholders |
| | | $ | (16,558) | | | | | $ | (6,211) | | | | | $ | — | | | | | $ | 2,423 | | | | | | | | | | | $ | (20,346) | | | | | $ | — | | | | | | | | | | | $ | (20,346) | | |
Basic and diluted weighted average shares outstanding
|
| | | | | | | | | | 28,750,000 | | | | | | | | | | | | 82,314,925 | | | | | | (gg) | | | | | | 111,064,925 | | | | | | (12,281,250) | | | | | | (hh) | | | | | | 98,783,675 | | |
Basic and diluted net loss per share
|
| | | | | | | | | $ | (0.21) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.18) | | | | | | | | | | | | | | | | | $ | (0.21) | | |
| | |
Year Ended
December 31, 2021 |
| |
For the period
from February 5, 2021 (inception) through December 31, 2021 |
| | | | | | | | | | |
Transaction
Accounting Adjustments (Assuming No Redemptions) (Note 3) |
| | | | | | | |
Year Ended
December 31, 2021 |
| |
Additional
Transaction Accounting Adjustments (Assuming Maximum Redemptions) (Note 3) |
| | | | | | | |
Year Ended
December 31, 2021 |
| ||||||||||||||||||
| | |
OmniAb
(Historical) |
| |
APAC
(Historical) |
| |
Autonomous
Entity Adjustments (Note 3) |
| | | | | | | | | | |
Pro Forma
Combined (Assuming No Redemptions) |
| | | | | | | |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| |||||||||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
License and milestone revenue
|
| | | $ | 14,664 | | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 14,664 | | | | | | | | | | | | | | | | | $ | 14,664 | | |
Service revenue
|
| | | | 20,084 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,084 | | | | | | | | | | | | | | | | | | 20,084 | | |
Total revenue
|
| | | | 34,748 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | | | | 34,748 | | | | | | — | | | | | | | | | | | | 34,748 | | |
Operating expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 39,232 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | 39,232 | | | | | | | | | | | | | | | | | | 39,232 | | |
General and administrative
|
| | | | 16,947 | | | | | | 516 | | | | | | | | | | | | | | | (46) | | | | | | (aa) | | | | | | 17,417 | | | | | | | | | | | | | | | | | | 17,417 | | |
Amortization of intangibles
|
| | | | 12,968 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,968 | | | | | | | | | | | | | | | | | | 12,968 | | |
Other operating expense – net
|
| | | | 1,210 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,210 | | | | | | | | | | | | | | | | | | 1,210 | | |
Total operating expenses
|
| | |
|
70,357
|
| | | |
|
516
|
| | | |
|
—
|
| | | | | | |
|
(46)
|
| | | | | | | | | |
|
70,827
|
| | | |
|
—
|
| | | | | | | | | |
|
70,827
|
| |
Loss from operations
|
| | |
|
(35,609)
|
| | | |
|
(516)
|
| | | |
|
—
|
| | | | | | |
|
46
|
| | | | | | | | | |
|
(36,079)
|
| | | |
|
—
|
| | | | | | | | | |
|
(36,079)
|
| |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (7) | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | (7) | | | | | | | | | | | | | | | | | | (7) | | |
Other income, net
|
| | | | 1,266 | | | | | | — | | | | | | | | | | | | | | | (6,327) | | | | | | (bb) | | | | | | (5,061) | | | | | | | | | | | | | | | | | | (5,061) | | |
Other income, net
|
| | | | 1,259 | | | | | | — | | | | | | — | | | | | | | | | (6,327) | | | | | | | | | | | | (5,068) | | | | | | — | | | | | | | | | | | | (5,068) | | |
Loss before income taxes
|
| | | | (34,350) | | | | | | (516) | | | | | | — | | | | | | | | | (6,281) | | | | | | | | | | | | (41,147) | | | | | | — | | | | | | | | | | | | (41,147) | | |
Income tax benefit
|
| | | | 7,308 | | | | |
|
—
|
| | | | | | | | | | | | | | 2,979 | | | | | | (ee) | | | | | | 10,287 | | | | | | — | | | | | | | | | | | | 10,287 | | |
Net loss
|
| | | $ | (27,042) | | | | | $ | (516) | | | | | $ | — | | | | | | | | $ | (3,302) | | | | | | | | | | | $ | (30,860) | | | | | $ | — | | | | | | | | | | | $ | (30,860) | | |
Basic and diluted weighted average shares
outstanding |
| | | | | | | | | | 15,178,572 | | | | | | | | | | | | | | | 95,886,353 | | | | | | (gg) | | | | | | 111,064,925 | | | | | | (12,281,250) | | | | | | (hh) | | | | | | 98,783,675 | | |
Basic and diluted net loss per share
|
| | | | | | | | | $ | (0.03) | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.28) | | | | | | | | | | | | | | | | | $ | (0.31) | | |
| | |
Six Months
Ended June 30, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Issuance of shares of New OmniAb Common Stock to holders of OmniAb Common Stock
|
| | | | 82,731,592 | | | | | | 82,731,592 | | |
Impact on APAC’s weighted average shares outstanding assuming APAC’s shares were outstanding since January 1, 2021, the beginning of the earlier period presented
|
| | | | — | | | | | | 13,571,428 | | |
Issuance of shares of New OmniAb Common Stock in the Forward Purchase
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Exclusion of Sponsor Earnout Shares(1)
|
| | | | (1,916,667) | | | | | | (1,916,667) | | |
| | | | | 82,314,925 | | | | | | 95,886,353 | | |
| | |
Six Months Ended June 30, 2022
|
| |
Year Ended December 31, 2021
|
| ||||||||||||||||||
| | |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||
Pro forma net loss (in thousands)
|
| | | $ | (20,346) | | | | | $ | (20,346) | | | | | $ | (30,860) | | | | | $ | (30,860) | | |
Pro forma weighted average shares outstanding, basic and diluted
|
| | | | 111,064,925 | | | | | | 98,783,675 | | | | | | 111,064,925 | | | | | | 98,783,675 | | |
Pro forma net loss per share, basic and
diluted |
| | | $ | (0.18) | | | | | $ | (0.21) | | | | | $ | (0.28) | | | | | $ | (0.31) | | |
Pro forma weighted average shares calculation,
basic and diluted |
| | | | | | | | | | | | | | | | | | | | | | | | |
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | — | | | | | | 23,000,000 | | | | | | — | | |
Sponsor & related parties(1)(2)
|
| | | | 5,333,333 | | | | | | 16,052,083 | | | | | | 5,333,333 | | | | | | 16,052,083 | | |
OmniAb’s (Ligand’s) stockholders(3)(5)
|
| | | | 82,731,592 | | | | | | 82,731,592 | | | | | | 82,731,592 | | | | | | 82,731,592 | | |
Pro forma weighted average shares calculation, basic and diluted(4)
|
| | | | 111,064,925 | | | | | | 98,783,675 | | | | | | 111,064,925 | | | | | | 98,783,675 | | |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemption Scenario
|
| |
50% Redemption
Scenario(1) |
| |
Maximum Redemption
Scenario(2) |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| ||||||||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 18% | | | | | | 11,500,000 | | | | | | 9.9% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related
parties(3)(4)(6) |
| | | | 7,250,000 | | | | | | 5.7% | | | | | | 7,250,000 | | | | | | 6.2% | | | | | | 17,250,000 | | | | | | 15.0% | | |
OmniAb’s (Ligand’s) stockholders(5)(6)
|
| | | | 97,731,592 | | | | | | 76.3% | | | | | | 97,731,592 | | | | | | 83.9% | | | | | | 97,731,592 | | | | | | 85.0% | | |
Total(7)(8) | | | |
|
127,981,592
|
| | | |
|
100.0%
|
| | | |
|
116,481,592
|
| | | |
|
100.0%
|
| | | |
|
114,981,592
|
| | | |
|
100.0%
|
| |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemption Scenario
|
| |
50% Redemption Scenario
|
| |
Maximum Redemption
Scenario |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| |
Number of
Shares |
| |
Percentage
of Outstanding Shares |
| ||||||||||||||||||
APAC’s public shareholders
|
| | | | 23,000,000 | | | | | | 20.7% | | | | | | 11,500,000 | | | | | | 11.6% | | | | | | — | | | | | | 0.0% | | |
Sponsor and related parties
|
| | | | 5,333,333 | | | | | | 4.8% | | | | | | 5,333,333 | | | | | | 5.4% | | | | | | 16,052,083 | | | | | | 16.2% | | |
OmniAb’s (Ligand’s) stockholders
|
| | | | 82,731,592 | | | | | | 74.5% | | | | | | 82,731,592 | | | | | | 83.0% | | | | | | 82,731,592 | | | | | | 83.8% | | |
Total
|
| | | | 111,064,925 | | | | | | 100.0% | | | | | | 99,564,925 | | | | | | 100.0% | | | | | | 98,783,675 | | | | | | 100.0% | | |
| | |
Share Ownership in New OmniAb(1)
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemptions Scenario
|
| |
50% Redemptions Scenario
|
| |
100% Redemptions Scenario
|
| |||||||||||||||||||||||||||
Additional Dilution Sources
|
| |
Number of
Underlying Shares |
| |
Percentage of then
Outstanding Shares |
| |
Number of
Underlying Shares |
| |
Percentage of then
Outstanding Shares |
| |
Number of
Underlying Shares |
| |
Percentage of then
Outstanding Shares |
| ||||||||||||||||||
APAC Warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
APAC Public Warrants(2)
|
| | | | 7,666,667 | | | | | | 5.7% | | | | | | 7,666,667 | | | | | | 6.2% | | | | | | 7,666,667 | | | | | | 6.3% | | |
APAC Private Placement
Warrants(3) |
| | | | 8,233,333 | | | | | | 6.0% | | | | | | 8,233,333 | | | | | | 6.6% | | | | | | 8,233,333 | | | | | | 6.7% | | |
APAC Warrants issued in
the Forward Purchase(4) |
| | | | 1,666,667 | | | | | | 1.3% | | | | | | 1,666,667 | | | | | | 1.4% | | | | | | 1,666,667 | | | | | | 1.4% | | |
APAC Warrants issued in
the “Redemption Backstop”(5) |
| | | | 0 | | | | | | 0.0% | | | | | | 0 | | | | | | 0.0% | | | | | | 1,666,667 | | | | | | 1.4% | | |
APAC Private Placement
Warrants Issuable Pursuant to Convertible Promissory Note(6) |
| | | | 500,000 | | | | | | 0.4% | | | | | | 500,000 | | | | | | 0.4% | | | | | | 500,000 | | | | | | 0.4% | | |
OmniAb Prior Plans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OmniAb Options(7)
|
| | | | 13,587,254 | | | | | | 9.6% | | | | | | 13,587,254 | | | | | | 10.4% | | | | | | 13,587,254 | | | | | | 10.6% | | |
OmniAb RSUs and OmniAb PSUs(8)
|
| | | | 1,402,039 | | | | | | 1.1% | | | | | | 1,402,039 | | | | | | 1.2% | | | | | | 1,402,039 | | | | | | 1.2% | | |
New OmniAb Proposed Plans
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2022 Plan(9)
|
| | | | 18,235,000 | | | | | | 12.5% | | | | | | 16,625,000 | | | | | | 12.5% | | | | | | 16,415,000 | | | | | | 12.5% | | |
ESPP(10)
|
| | | | 1,953,750 | | | | | | 1.5% | | | | | | 1,781,250 | | | | | | 1.5% | | | | | | 1,758,750 | | | | | | 1.5% | | |
Total Additional Dilutive Sources(11)
|
| | |
|
53,244,710
|
| | | |
|
29.4%
|
| | | |
|
51,462,210
|
| | | |
|
30.6%
|
| | | |
|
52,896,377
|
| | | |
|
31.5%
|
| |
| | |
Share Ownership in New OmniAb
|
| |||||||||||||||||||||||||||||||||
| | |
No Redemptions
Scenario |
| |
50% Redemptions
Scenario(1) |
| |
100% Redemptions
Scenario(2) |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Value per
Share(3) |
| |
Number of
Shares |
| |
Value per
Share(3) |
| |
Number of
Shares |
| |
Value per
Share(3) |
| ||||||||||||||||||
Base Scenario(4)
|
| | | | 127,981,592 | | | | | $ | 10.27 | | | | | | 116,481,592 | | | | | $ | 10.27 | | | | | | 114,981,592 | | | | | $ | 10.25 | | |
Excluding Sponsor Earnout
Shares and OmniAb Earnout Shares(5) |
| | | | 111,064,925 | | | | | $ | 11.83 | | | | | | 99,564,925 | | | | | $ | 12.01 | | | | | | 98,783,675 | | | | | $ | 11.93 | | |
Assuming Exercise of APAC Public Warrants(6)
|
| | | | 135,648,259 | | | | | $ | 10.34 | | | | | | 124,148,259 | | | | | $ | 10.35 | | | | | | 122,648,259 | | | | | $ | 10.32 | | |
Assuming Exercise of APAC
Private Placement Warrants(7) |
| | | | 136,214,925 | | | | | $ | 10.34 | | | | | | 124,714,925 | | | | | $ | 10.35 | | | | | | 123,214,925 | | | | | $ | 10.33 | | |
Assuming Exercise of APAC Warrants issued in the Forward Purchase(8)
|
| | | | 129,648,259 | | | | | $ | 10.29 | | | | | | 118,148,259 | | | | | $ | 10.29 | | | | | | 116,648,259 | | | | | $ | 10.26 | | |
Assuming Exercise of APAC Warrants issued in the Redemption Backstop(9)
|
| | | | 127,981,592 | | | | | $ | 10.27 | | | | | | 116,481,592 | | | | | $ | 10.27 | | | | | | 116,648,259 | | | | | $ | 10.26 | | |
Assuming Exercise of APAC Private Placement Warrants Issuable Pursuant to Convertible Promissory Note(10)
|
| | | | 128,481,592 | | | | | $ | 10.27 | | | | | | 116,981,592 | | | | | $ | 10.28 | | | | | | 115,481,592 | | | | | $ | 10.25 | | |
Including Conversion of
OmniAb RSUs and OmniAb PSUs(11) |
| | | | 129,383,631 | | | | | $ | 10.16 | | | | | | 117,883,631 | | | | | $ | 10.15 | | | | | | 116,383,631 | | | | | $ | 10.12 | | |
Including shares reserved for issuance under 2022 Plan(12)
|
| | | | 146,216,592 | | | | | $ | 8.99 | | | | | | 133,106,592 | | | | | $ | 8.99 | | | | | | 131,396,592 | | | | | $ | 8.97 | | |
Including shares reserved for issuance under ESPP(13)
|
| | | | 129,935,342 | | | | | $ | 10.25 | | | | | | 118,262,842 | | | | | $ | 10.25 | | | | | | 116,740,342 | | | | | $ | 10.22 | | |
| | |
No Redemptions
Scenario |
| |
50% Redemptions
Scenario |
| |
100% Redemptions
Scenario |
| |||||||||
| | |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |
Post-
Transaction Equity Value |
| |||||||||
Base Scenario
|
| | | $ | 1.31 | | | | | $ | 1.20(3)(a) | | | | | $ | 1.18(3)(b) | | |
Excluding Sponsor Earnout Shares and OmniAb Earnout Shares(3)(c)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Assuming Exercise of APAC Public Warrants(3)(d)
|
| | | $ | 1.40 | | | | | $ | 1.28 | | | | | $ | 1.27 | | |
Assuming Exercise of APAC Private Placement Warrants(3)(e)
|
| | | $ | 1.41 | | | | | $ | 1.29 | | | | | $ | 1.27 | | |
Assuming Exercise of APAC Warrants issued in the
Forward Purchase(3)(f) |
| | | $ | 1.33 | | | | | $ | 1.22 | | | | | $ | 1.20 | | |
Assuming Exercise of APAC Warrants issued in the
Redemption Backstop(3)(g) |
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.20 | | |
Assuming Exercise of APAC Private Placement Warrants Issuable Pursuant to Convertible Promissory Note(3)(h)
|
| | | $ | 1.32 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including Conversion of OmniAb RSUs and OmniAb PSUs(3)(i)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including shares reserved for issuance under 2022 Plan(3)(j)
|
| | | $ | 1.31 | | | | | $ | 1.20 | | | | | $ | 1.18 | | |
Including shares reserved for issuance under ESPP(3)(k)
|
| | | $ | 1.33 | | | | | $ | 1.21 | | | | | $ | 1.19 | | |
(in thousands, except share amounts)
|
| |
No
Redemptions |
| |
50%
Redemption |
| |
Maximum
Redemption |
| |||||||||
Unredeemed public shares
|
| | | | 23,000,000 | | | | | | 11,500,000 | | | | | | — | | |
Trust proceeds to New OmniAb
|
| | | $ | 235,750 | | | | | $ | 117,875 | | | | | $ | — | | |
Deferred underwriting commission(1)
|
| | | $ | 4,025 | | | | | $ | 4,025 | | | | | $ | 4,025 | | |
Effective deferred underwriting fee (%)
|
| | | | 1.71% | | | | | | 3.41% | | | | | | —% | | |
Effective deferred underwriting fee per share
|
| | | $ | 1.18 | | | | | $ | 0.35 | | | | | $ | — | | |
| | |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
2029
|
| |
2030
|
| |
2031
|
| |
2032
|
| |
2033
|
| ||||||||||||||||||||||||||||||||||||
Total Revenue(1)
|
| | | $ | 72^ | | | | | $ | 101 | | | | | $ | 108 | | | | | $ | 164 | | | | | $ | 182 | | | | | $ | 239 | | | | | $ | 336 | | | | | $ | 398 | | | | | $ | 465 | | | | | $ | 584 | | | | | $ | 751 | | | | | $ | 987 | | |
EBITDA(2) | | | | $ | 7 | | | | | $ | 6 | | | | | $ | (13) | | | | | $ | 29 | | | | | $ | 40 | | | | | $ | 90 | | | | | $ | 179 | | | | | $ | 232 | | | | | $ | 290 | | | | | $ | 400 | | | | | $ | 562 | | | | | $ | 792 | | |
FCF (EBITDA – Capex)
|
| | | $ | (9) | | | | | $ | (4) | | | | | $ | (23) | | | | | $ | 24 | | | | | $ | 35 | | | | | $ | 85 | | | | | $ | 174 | | | | | $ | 227 | | | | | $ | 285 | | | | | $ | 395 | | | | | $ | 557 | | | | | $ | 787 | | |
| | |
2034
|
| |
2035
|
| |
2036
|
| |
2037
|
| |
2038
|
| |
2039
|
| |
2040
|
| |
2041
|
| |
2042
|
| |
2043
|
| |
2044
|
| |
2045
|
| ||||||||||||||||||||||||||||||||||||
Total Revenue(1)
|
| | | $ | 1,225 | | | | | $ | 1,524 | | | | | $ | 1,800 | | | | | $ | 2,100 | | | | | $ | 2,411 | | | | | $ | 2,735 | | | | | $ | 3,108 | | | | | $ | 3,450 | | | | | $ | 3,608 | | | | | $ | 3,997 | | | | | $ | 4,187 | | | | | $ | 4,258 | | |
EBITDA(2) | | | | $ | 1,024 | | | | | $ | 1,317 | | | | | $ | 1,586 | | | | | $ | 1,881 | | | | | $ | 2,184 | | | | | $ | 2,502 | | | | | $ | 2,868 | | | | | $ | 3,203 | | | | | $ | 3,354 | | | | | $ | 3,735 | | | | | $ | 3,917 | | | | | $ | 3,980 | | |
FCF (EBITDA –
Capex) |
| | | $ | 1,019 | | | | | $ | 1,312 | | | | | $ | 1,581 | | | | | $ | 1,876 | | | | | $ | 2,179 | | | | | $ | 2,497 | | | | | $ | 2,863 | | | | | $ | 3,198 | | | | | $ | 3,349 | | | | | $ | 3,730 | | | | | $ | 3,912 | | | | | $ | 3,795 | | |
Stage of Development
|
| |
Probability of Success
|
| |
Time in Stage
|
|
Research to Phase 1
|
| |
35.2%
|
| |
4 years
|
|
Phase 1 to Phase 2
|
| |
54.7%
|
| |
1 year
|
|
Phase 2 to Phase 3
|
| |
34.1%
|
| |
2 years
|
|
Phase 3 to Filing
|
| |
68.1%
|
| |
3 years
|
|
Filing to Approval
|
| |
95.4%
|
| |
1 year
|
|
Approval to Patent Expiry
|
| | | | |
12 years
|
|
| | |
2022
|
| |
2023
|
| |
2024
|
| |||||||||
Total Revenue
|
| | | $ | 65.0^ | | | | | $ | 83.4 | | | | | $ | 90.1 | | |
EBITDA | | | | $ | 6.2 | | | | | $ | 11.0 | | | | | $ | 10.2 | | |
FCF (EBITDA – Capex)
|
| | | $ | (10.0) | | | | | $ | 1.0 | | | | | $ | 0.2 | | |
| Diversified Drug Discovery Sector | | | | | | | |
|
Evotec
|
| | | $ | 5,337 | | |
|
AbCellera
|
| | | $ | 1,999 | | |
|
Absci
|
| | | $ | 514 | | |
| Next-Generation Discovery & Production Technologies Sector | | | | | | | |
|
Ginkgo Bioworks
|
| | | $ | 3,345 | | |
|
Twist Biosciences
|
| | | $ | 2,336 | | |
|
Adaptive
|
| | | $ | 1,397 | | |
|
Codexis
|
| | | $ | 1,139 | | |
| Computationally-Enabled Drug Discovery Sector | | | | | | | |
|
Relay Therapeutics
|
| | | $ | 1,739 | | |
|
Schrodinger
|
| | | $ | 1,792 | | |
|
Exscientia
|
| | | $ | 1,457 | | |
Name of Director
|
| |
Position
|
|
Matthew W. Foehr | | | Class I Director and Chief Executive Officer | |
John L. Higgins | | | Class III Director, Chairman of the New OmniAb Board | |
Carolyn Bertozzi, Ph.D. | | | Class III Director | |
Sarah Boyce | | | Class II Director | |
Jennifer Cochran, Ph.D. | | | Class I Director | |
Sunil Patel | | | Class II Director | |
Joshua Tamaroff | | | Class III Director | |
Name
|
| |
Age
|
| |
Position
|
|
Thompson Dean | | |
64
|
| | Executive Chairman and Director | |
David Burgstahler | | |
53
|
| | President, Chief Executive Officer and Director | |
Sriram Venkataraman | | |
50
|
| | Executive Vice President | |
Robert Girardi | | |
40
|
| | Executive Vice President | |
John Cafasso | | |
49
|
| | Chief Financial Officer | |
Benjamin Silbert | | |
51
|
| | General Counsel | |
William E. Klitgaard | | |
69
|
| | Director | |
Lâle White | | |
67
|
| | Director | |
Wendel Barr | | |
60
|
| | Director | |
Charles Harwood | | |
69
|
| | Director | |
Business
|
| |
Acquisition Date
|
| |
Technologies Acquired
|
|
Open Monoclonal Technology (OMT) | | | January 2016 | | |
OmniRat
OmniMouse
OmniFlic
|
|
Crystal | | | October 2017 | | |
OmniChicken
GEM screening
|
|
Ab Initio | | | July 2019 | | | Antigen design | |
Icagen | | | April 2020 | | | Ion channel technology | |
xCella | | | September 2020 | | | xPloration screening | |
Taurus | | | September 2020 | | | OmniTaur | |
Metric
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| |
%
Change |
| |
December 31,
2021 |
| |
December 31,
2020 |
| |
%
Change |
| |
December 31,
2020 |
| |
December 31,
2019 |
| |
%
Change |
| |||||||||||||||||||||||||||
Active partners
|
| | | | 64 | | | | | | 57 | | | | | | 12% | | | | | | 57 | | | | | | 55 | | | | | | 4% | | | | | | 55 | | | | | | 49 | | | | | | 12% | | |
Active programs
|
| | | | 275 | | | | | | 252 | | | | | | 9% | | | | | | 252 | | | | | | 207 | | | | | | 22% | | | | | | 207 | | | | | | 184 | | | | | | 13% | | |
Active clinical
programs |
| | | | 25 | | | | | | 25 | | | | | | — | | | | | | 25 | | | | | | 16 | | | | | | 56% | | | | | | 16 | | | | | | 12 | | | | | | 33% | | |
Approved products
|
| | | | 2 | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | 0 | | | |
not meaningful
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Three Months Ended
June 30, |
| | | | | | | | | | | | | |||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Royalty
|
| | | $ | 139 | | | | | $ | — | | | | | $ | 139 | | | | | | NM(1) | | |
License fees
|
| | | | 1,050 | | | | | | 1,100 | | | | | | (50) | | | | | | (5)% | | |
Milestone revenue
|
| | | | 1,275 | | | | | | — | | | | | | 1,275 | | | | | | NM(1) | | |
Service revenue
|
| | | | 4,735 | | | | | | 4,485 | | | | | | 250 | | | | | | 6% | | |
Total revenue
|
| | |
$
|
7,199
|
| | | |
$
|
5,585
|
| | | |
$
|
1,614
|
| | | | | 29% | | |
| | |
Six Months Ended
June 30, |
| | | |||||||||||||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Royalty
|
| | | $ | 402 | | | | | $ | — | | | | | $ | 402 | | | | | | NM(1) | | |
License fees
|
| | | | 2,055 | | | | | | 1,750 | | | | | | 305 | | | | | | 17% | | |
Milestone revenue
|
| | | | 4,371 | | | | | | 2,064 | | | | | | 2,307 | | | | | | 112% | | |
Service revenue
|
| | | | 9,994 | | | | | | 9,377 | | | | | | 617 | | | | | | 7% | | |
Total revenue
|
| | |
$
|
16,822
|
| | | |
$
|
13,191
|
| | | |
$
|
3,631
|
| | | | | 28% | | |
| | |
Three Months Ended
June 30, |
| | | | | | | | | | | | | |||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Research and development
|
| | | $ | 11,484 | | | | | $ | 8,941 | | | | | $ | 2,543 | | | | | | 28% | | |
General and administrative
|
| | | | 5,003 | | | | | | 4,821 | | | | | | 182 | | | | | | 4% | | |
Amortization of intangibles
|
| | | | 3,113 | | | | | | 3,231 | | | | | | (118) | | | | | | (4)% | | |
Other operating expense (income), net
|
| | | | 165 | | | | | | (764) | | | | | | 929 | | | | | | (122)% | | |
Total operating expenses
|
| | |
$
|
19,765
|
| | | |
$
|
16,229
|
| | | |
$
|
3,536
|
| | | | | 22% | | |
| | |
Six Months Ended
June 30, |
| | | | | | | | | | | | | |||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Research and development
|
| | | $ | 22,256 | | | | | $ | 18,282 | | | | | $ | 3,974 | | | | | | 22% | | |
General and administrative
|
| | | | 9,115 | | | | | | 8,906 | | | | | | 209 | | | | | | 2% | | |
Amortization of intangibles
|
| | | | 6,518 | | | | | | 6,462 | | | | | | 56 | | | | | | 1% | | |
Other operating expense (income), net
|
| | | | (278) | | | | | | 271 | | | | | | (549) | | | | | | (203)% | | |
Total operating expenses
|
| | |
$
|
37,611
|
| | | |
$
|
33,921
|
| | | |
$
|
3,690
|
| | | | | 11% | | |
| | |
Three Months Ended
June 30, |
| | | | | | | | | | | | | |||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Loss before income tax benefit
|
| | | $ | (12,566) | | | | | $ | (10,644) | | | | | $ | (1,922) | | | | | | 18% | | |
Income tax benefit
|
| | | | 2,290 | | | | | | 2,019 | | | | | | 271 | | | | | | 13% | | |
Net loss
|
| | | $ | (10,276) | | | | | $ | (8,625) | | | | | $ | (1,651) | | | | | | 19% | | |
Effective Tax Rate
|
| | |
|
18.2%
|
| | | |
|
19.0%
|
| | | | | | | | | | | | | |
| | |
Six Months Ended
June 30, |
| | | | | | | | | | | | | |||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Loss before income tax benefit
|
| | | $ | (20,789) | | | | | $ | (20,736) | | | | | $ | (53) | | | | | | 0% | | |
Income tax benefit
|
| | | | 4,231 | | | | | | 4,656 | | | | | | (425) | | | | | | (9)% | | |
Net loss
|
| | | $ | (16,558) | | | | | $ | (16,080) | | | | | $ | (478) | | | | | | 3% | | |
Effective Tax Rate
|
| | |
|
20.4%
|
| | | |
|
22.5%
|
| | | | | | | | | | | | | |
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
Change
|
| |
% Change
|
| ||||||||||||
License fees
|
| | | $ | 4,500 | | | | | $ | 4,260 | | | | | $ | 240 | | | | | | 6% | | |
Milestone revenue
|
| | | | 10,164 | | | | | | 7,125 | | | | | | 3,039 | | | | | | 43% | | |
Service revenue
|
| | | | 20,084 | | | | | | 11,883 | | | | | | 8,201 | | | | | | 69% | | |
Total revenue
|
| | | $ | 34,748 | | | | | $ | 23,268 | | | | | $ | 11,480 | | | | | | 49% | | |
(Dollars in thousands)
|
| |
2021
|
| |
2020
(As Restated) |
| |
Change
|
| |
% Change
|
| ||||||||||||
Research and development
|
| | | $ | 39,232 | | | | | $ | 24,796 | | | | | $ | 14,436 | | | | | | 58% | | |
General and administrative
|
| | | | 16,947 | | | | | | 10,225 | | | | | | 6,722 | | | | | | 66% | | |
Amortization of intangibles
|
| | | | 12,968 | | | | | | 11,800 | | | | | | 1,168 | | | | | | 10% | | |
Other operating expense, net
|
| | | | 1,210 | | | | | | 2,070 | | | | | | (860) | | | | | | (42)% | | |
Total operating expenses
|
| | | $ | 70,357 | | | | | $ | 48,891 | | | | | $ | 21,466 | | | | | | 44% | | |
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Interest expense
|
| | | $ | (7) | | | | | $ | (5) | | | | | $ | (2) | | | | | | 40% | | |
Other income, net
|
| | | | 1,266 | | | | | | 1,900 | | | | | | (634) | | | | | | (33)% | | |
Total other income (expense,) net
|
| | | $ | 1,259 | | | | | $ | 1,895 | | | | | $ | (636) | | | | | | (34)% | | |
(Dollars in thousands)
|
| |
2021
|
| |
2020
(As Restated) |
| |
Change
|
| |
% Change
|
| ||||||||||||
Loss before income tax benefit
|
| | | $ | (34,350) | | | | | $ | (23,728) | | | | | $ | (10,622) | | | | | | 45% | | |
Income tax benefit (expense)
|
| | | | 7,308 | | | | | | 6,171 | | | | | | 1,137 | | | | | | 18% | | |
Net loss
|
| | | $ | (27,042) | | | | | $ | (17,557) | | | | | $ | (9,485) | | | | | | 54% | | |
Effective Tax Rate
|
| | | | 21% | | | | | | 26% | | | | | | | | | | | | | | |
(Dollars in thousands)
|
| |
2020
|
| |
2019
(As Restated) |
| |
Change
|
| |
% Change
|
| ||||||||||||
License fee
|
| | | $ | 4,260 | | | | | $ | 5,700 | | | | | $ | (1,440) | | | | | | (25)% | | |
Milestone revenue
|
| | | | 7,125 | | | | | | 7,050 | | | | | | 75 | | | | | | 1% | | |
Service revenue
|
| | | | 11,883 | | | | | | 5,568 | | | | | | 6,315 | | | | | | 113% | | |
Total revenue
|
| | | $ | 23,268 | | | | | $ | 18,318 | | | | | $ | 4,950 | | | | | | 27% | | |
(Dollars in thousands)
|
| |
2020
(As Restated) |
| |
2019
(As Restated) |
| |
Change
|
| |
% Change
|
| ||||||||||||
Research and development
|
| | | $ | 24,796 | | | | | $ | 13,208 | | | | | $ | 11,588 | | | | | | 88% | | |
General and administrative
|
| | | | 10,225 | | | | | | 8,651 | | | | | | 1,574 | | | | | | 18% | | |
Amortization of intangibles
|
| | | | 11,800 | | | | | | 10,304 | | | | | | 1,496 | | | | | | 15% | | |
Other operating expense (income), net
|
| | | | 2,070 | | | | | | (818) | | | | | | 2,888 | | | | | | (353)% | | |
Total operating expenses
|
| | | $ | 48,891 | | | | | $ | 31,345 | | | | | $ | 17,546 | | | | | | 56% | | |
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Interest expense
|
| | | $ | (5) | | | | | $ | — | | | | | $ | (5) | | | | | | NM(1) | | |
Other income, net
|
| | | | 1,900 | | | | | | — | | | | | | 1,900 | | | |
NM(1)
|
| |||
Total other income (expense,) net
|
| | | $ | 1,895 | | | | | $ | — | | | | | $ | 1,895 | | | |
NM(1)
|
|
(Dollars in thousands)
|
| |
2020
(As Restated) |
| |
2019
(As Restated) |
| |
Change
|
| |
% Change
|
| ||||||||||||
Loss before income tax benefit
|
| | | $ | (23,728) | | | | | $ | (13,027) | | | | | $ | (10,701) | | | | | | 82% | | |
Income tax benefit (expense)
|
| | | | 6,171 | | | | | | (562) | | | | | | 6,733 | | | | | | (1,198)% | | |
Net loss
|
| | | $ | (17,557) | | | | | $ | (13,589) | | | | | $ | (3,968) | | | | | | 29% | | |
Effective tax rate
|
| | | | 26% | | | | | | (4)% | | | | | | | | | | | | | | |
| | |
Six Months Ended
June 30, |
| |
Year ended
|
| ||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 7,788 | | | | | $ | 3,511 | | | | | $ | (5,672) | | | | | $ | 3,619 | | | | | $ | (5,195) | | |
Investing activities
|
| | | $ | (8,237) | | | | | $ | (1,611) | | | | | $ | (4,025) | | | | | $ | (26,980) | | | | | $ | (12,095) | | |
Financing activities
|
| | | $ | 449 | | | | | $ | (1,900) | | | | | $ | 9,697 | | | | | $ | 23,361 | | | | | $ | 17,290 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Stock
Awards(1) ($) |
| |
Option
Awards(1) ($) |
| |
Non-Equity
Incentive Plan Compensation(2) ($) |
| |
All Other
Compensation(3) ($) |
| |
Total
($) |
| |||||||||||||||||||||
Matthew W. Foehr
|
| | | | 2021 | | | | | | 518,933 | | | | | | 3,146,844 | | | | | | 1,226,357 | | | | | | 259,467 | | | | | | 130,603(4) | | | | | | 5,282,204 | | |
Chief Executive Officer
|
| | | | 2020 | | | | | | 503,750 | | | | | | 1,242,269 | | | | | | 1,303,366 | | | | | | 277,063 | | | | | | 158,001(5) | | | | | | 3,484,449 | | |
Charles S. Berkman
|
| | | | 2021 | | | | | | 451,682 | | | | | | 1,665,811 | | | | | | 649,308 | | | | | | 203,257 | | | | | | 10,890 | | | | | | 2,980,948 | | |
Chief Legal Officer and Secretary
|
| | | | 2020 | | | | | | 441,917 | | | | | | 644,168 | | | | | | 675,820 | | | | | | 176,767 | | | | | | 6,180 | | | | | | 1,944,852 | | |
Name
|
| |
Total Stock
Option Target Value (40%) |
| |
Number of
Stock Options Granted(1) |
| |
Total RSU
Target Value (27%) |
| |
Number of
RSUs Granted(2) |
| |
Total PSU
Target Value (33%) |
| |
Number of
PSUs Granted (at Target)(2) |
| ||||||||||||||||||
Matthew W. Foehr
|
| | | | 1,360,000 | | | | | | 13,136 | | | | | | 918,000 | | | | | | 6,595 | | | | | | 1,122,000 | | | | | | 8,060 | | |
Charles S. Berkman
|
| | | | 720,000 | | | | | | 6,955 | | | | | | 486,000 | | | | | | 3,491 | | | | | | 594,000 | | | | | | 4,267 | | |
TSR PERCENTILE VS. NASDAQ BIOTECHNOLOGY INDEX
|
| |
% OF TARGET PAID
|
| |||
95th percentile
|
| | | | 200% | | |
55th percentile
|
| | | | 100% | | |
30th percentile
|
| | | | 50% | | |
< 30th percentile
|
| | | | 0% | | |
Number of OmniAb Programs
|
| |
% of Target Paid
|
| |||
35 or more
|
| | | | 150% | | |
25
|
| | | | 100% | | |
15
|
| | | | 50% | | |
< 15
|
| | | | 0% | | |
Objective
|
| |
Weighting
|
| |
Threshold
(0%) |
| |
Target
(100%) |
| |
Maximum
(150%) |
| |
Actual
Performance |
| |
Percentage
Earned |
|
Incremental Revenue(1)
|
| |
50%
|
| |
$10 million
|
| |
$15 million
|
| |
$20 million
|
| |
$109 million
|
| |
150%
|
|
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(1) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(2) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(3) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Unit or Other Rights That Have Not Vested (#) |
| |
Equity
incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3) |
| |||||||||||||||||||||||||||
Matthew W.Foehr
|
| | | | 63,210 | | | | | | — | | | | | | — | | | | | | 74.42 | | | | | | 2/11/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 40,358 | | | | | | — | | | | | | — | | | | | | 56.26 | | | | | | 2/10/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 25,938 | | | | | | — | | | | | | — | | | | | | 85.79 | | | | | | 2/11/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 24,348 | | | | | | — | | | | | | — | | | | | | 100.38 | | | | | | 2/24/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 19,007 | | | | | | 1,267 | | | | | | — | | | | | | 159.01 | | | | | | 3/2/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 24,212 | | | | | | 9,969 | | | | | | — | | | | | | 117.97 | | | | | | 2/11/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 15,222 | | | | | | 17,988 | | | | | | — | | | | | | 95.68 | | | | | | 2/13/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 2,737 | | | | | | 10,399 | | | | | | — | | | | | | 177.50 | | | | | | 2/3/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,015(4) | | | | | | 2,164,757 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,396(5) | | | | | | 1,142,386 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,060(6) | | | | | | 1,244,948 | | |
Charles S. Berkman
|
| | | | 1,948 | | | | | | — | | | | | | — | | | | | | 56.26 | | | | | | 2/10/2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 4,153 | | | | | | — | | | | | | — | | | | | | 85.79 | | | | | | 2/11/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 6,830 | | | | | | — | | | | | | — | | | | | | 100.38 | | | | | | 2/24/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 8,711 | | | | | | 581 | | | | | | — | | | | | | 159.01 | | | | | | 3/2/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 10,377 | | | | | | 4,272 | | | | | | — | | | | | | 117.97 | | | | | | 2/11/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 7,893 | | | | | | 9,327 | | | | | | — | | | | | | 95.68 | | | | | | 2/13/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 1,450 | | | | | | 5,505 | | | | | | — | | | | | | 177.50 | | | | | | 2/3/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,114(7) | | | | | | 1,098,828 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,835(5) | | | | | | 592,354 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,267(6) | | | | | | 659,081 | | |
Service
|
| |
Annual Retainer
(Chair) |
| |
Annual Retainer
(Member) |
| ||||||
Audit Committee
|
| | | $ | 20,000 | | | | | $ | 10,000 | | |
Human Capital Management and Compensation Committee
|
| | | | 15,000 | | | | | | 7,500 | | |
Nominating and Corporate Governance Committee
|
| | | | 10,000 | | | | | | 5,000 | | |
| | |
Target Value of
RSU Award(1) |
| |
Target Value of
Option Award(2) |
| |
Total Target Value
of Award |
| |||||||||
Initial Grant
|
| | | $ | 145,000 | | | | | $ | 280,000 | | | | | $ | 425,000 | | |
Annual Grant
|
| | | | 85,000 | | | | | | 175,000 | | | | | | 260,000 | | |
Service
|
| |
Annual Retainer
(Chair) |
| |
Annual Retainer
(Member) |
| ||||||
Audit Committee
|
| | | $ | 20,000 | | | | | $ | 10,000 | | |
Human Capital Management and Compensation Committee
|
| | | | 15,000 | | | | | | 7,500 | | |
Nominating and Corporate Governance Committee
|
| | | | 10,000 | | | | | | 5,000 | | |
| | |
Target Value of
RSU Award(1) |
| |
Target Value of
Option Award(2) |
| |
Total Target Value
of Award |
| |||||||||
Initial Grant
|
| | | $ | 145,000 | | | | | $ | 280,000 | | | | | $ | 425,000 | | |
Annual Grant
|
| | | | 85,000 | | | | | | 175,000 | | | | | | 260,000 | | |
Name
|
| |
Age
|
| |
Position
|
|
Matthew W. Foehr | | |
50
|
| | President, Chief Executive Officer and Director | |
Charles S. Berkman | | |
53
|
| | Chief Legal Officer and Secretary | |
Kurt A. Gustafson | | |
54
|
| | Executive Vice President, Finance and Chief Financial Officer | |
Name
|
| |
Age
|
| |
Position
|
|
Matthew W. Foehr | | |
50
|
| | Class I Director Nominee, President and Chief Executive Officer | |
John L. Higgins(1) | | |
52
|
| | Class III Director Nominee, Chairman of the New OmniAb Board | |
Carolyn R. Bertozzi, Ph.D(3) | | |
55
|
| | Class III Director Nominee | |
Sarah Boyce(1) | | |
50
|
| | Class II Director Nominee | |
Jennifer Cochran, Ph.D.(2)(3) | | |
50
|
| | Class I Director Nominee | |
Sunil Patel(1)(2) | | |
51
|
| | Class II Director Nominee | |
Joshua Tamaroff(2)(3) | | |
37
|
| | Class III Director Nominee | |
| |
Board Diversity Matrix (As of September 1, 2022)
|
| | ||||||||
| |
Total Number of Directors
|
| | |
7
|
| | ||||
| | | | | |
Female
|
| | |
Male
|
| |
| | Part I: Gender Identity | | | ||||||||
| |
Directors
|
| | | 3 | | | | 4 | | |
| | Part II: Demographic Background | | | ||||||||
| |
Asian
|
| | | 0 | | | | 1 | | |
| |
White
|
| | | 3 | | | | 4 | | |
| |
Two or More Races or Ethnicities
|
| | | 0 | | | | 1 | | |
| |
LGBTQ+
|
| | |
1
|
| |
| | |
Before the Business Combination
|
| |
After the Business Combination
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assuming No
Redemptions |
| |
Assuming Maximum
Redemptions |
| ||||||||||||||||||
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| | | | | | | |
Common Stock
|
| |
Common Stock
|
| ||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number
of Shares |
| |
% of
Class |
| |
Number
of Shares |
| |
% of
Class |
| |
% of Total
Voting Power |
| |
Number
of Shares |
| |
% of
Outstanding Shares |
| |
Number
of Shares |
| |
% of
Outstanding Shares |
| |||||||||||||||||||||||||||
Avista Acquisition LP II(2)(3)
|
| | | | — | | | | | | — | | | | | | 5,645,000 | | | | | | 100% | | | | | | 19.6% | | | | | | 7,145,000 | | | | | | 6.32% | | | | | | 17,145,000 | | | | | | 17.1% | | |
Thompson Dean(2)(3)
|
| | | | — | | | | | | — | | | | | | 5,645,000 | | | | | | — | | | | | | 19.6% | | | | | | 7,145,000 | | | | | | 6.32% | | | | | | 17,145,000 | | | | | | 17.1% | | |
David Burgstahler(2)(3)
|
| | | | — | | | | | | — | | | | | | 5,645,000 | | | | | | — | | | | | | 19.6% | | | | | | 7,145,000 | | | | | | 6.32% | | | | | | 17,145,000 | | | | | | 17.1% | | |
William E. Klitgaard(2)
|
| | | | — | | | | | | — | | | | | | 35,000 | | | | | | * | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | |
Lâle White(2)
|
| | | | — | | | | | | — | | | | | | 35,000 | | | | | | * | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | |
Wendel Barr(2)
|
| | | | — | | | | | | — | | | | | | 35,000 | | | | | | * | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | |
All directors and executive officers of APAC as a group (11 individuals)(2)
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 100% | | | | | | 20% | | | | | | 7,250,000 | | | | | | 6.4% | | | | | | 17,250,000 | | | | | | 17.3% | | |
Directors and Executive Officers of New OmniAb After Consummation of the Business Combination(9)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Matthew W. Foehr(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,962,396 | | | | | | 1.7% | | | | | | 1,962,396 | | | | | | 1.9% | | |
Charles S. Berkman(11)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 380,818 | | | | | | * | | | | | | 380,818 | | | | | | * | | |
Kurt Gustafson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Higgins(12)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,935,852 | | | | | | 3.4% | | | | | | 3,935,852 | | | | | | 3.9% | | |
Carolyn Bertozzi, Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sarah Boyce(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 57,203 | | | | | | * | | | | | | 57,203 | | | | | | * | | |
Jennifer Cochran, Ph.D.(14)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,261 | | | | | | * | | | | | | 9,261 | | | | | | * | | |
Sunil Patel(15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 254,570 | | | | | | * | | | | | | 254,570 | | | | | | * | | |
Joshua Tamaroff(20)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Directors and Executive Officers of New OmniAb
After Consummation of the Business Combination (9 individuals) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,600,099 | | | | | | 5.7% | | | | | | 6,600,099 | | | | | | 6.4% | | |
Other 5% Shareholders(9) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beryl Capital Management LLC(4)
|
| | | | 1,716,936 | | | | | | 7.5 | | | | | | — | | | | | | — | | | | | | 6.0% | | | | | | 1,716,936 | | | | | | 1.5% | | | | | | — | | | | | | — | | |
Polar Asset Management Partners Inc.(5)
|
| | | | 1,549,998 | | | | | | 6.7 | | | | | | — | | | | | | — | | | | | | 5.4% | | | | | | 1,549,998 | | | | | | 1.4% | | | | | | — | | | | | | — | | |
Citadel Advisors LLC(6)
|
| | | | 1,417,784 | | | | | | 6.2 | | | | | | — | | | | | | — | | | | | | 4.9% | | | | | | 1,417,784 | | | | | | 1.3% | | | | | | — | | | | | | — | | |
HGC Investment Management Inc.(7)
|
| | | | 1,386,830 | | | | | | 6.0 | | | | | | — | | | | | | — | | | | | | 4.8% | | | | | | 1,386,830 | | | | | | 1.2% | | | | | | — | | | | | | — | | |
Integrated Core Strategies(8)
|
| | | | 1,269,543 | | | | | | 5.5 | | | | | | — | | | | | | — | | | | | | 4.4% | | | | | | 1,269,543 | | | | | | 1.1% | | | | | | — | | | | | | — | | |
BlackRock, Inc.(16)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,439,759 | | | | | | 11.9% | | | | | | 13,439,759 | | | | | | 13.4% | | |
The Vanguard Group(17)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,412,002 | | | | | | 7.5% | | | | | | 8,412,002 | | | | | | 8.4% | | |
Janus Henderson Group plc(18)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,061,317 | | | | | | 6.3% | | | | | | 7,061,317 | | | | | | 7.1% | | |
William Blair Investment Management, LLC(19)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,861,671 | | | | | | 6.1% | | | | | | 6,861,671 | | | | | | 6.9% | | |
| | |
Common stock
beneficially owned before the Distribution |
| |
Common stock
beneficially owned after the Distribution |
| ||||||||||||||||||
Name and address of Beneficial Owners
|
| |
Number
of Shares |
| |
% of
Outstanding Shares |
| |
Number
of Shares |
| |
% of
Outstanding Shares |
| ||||||||||||
5% Beneficial Owners | | | | | | | | | | | | | | | | | | | | | | | | | |
Ligand Pharmaceuticals Incorporated(1)
|
| | | | 1,000 | | | | | | 100% | | | | | | — | | | | | | — | | |
BlackRock, Inc.(2)
|
| | | | — | | | | | | — | | | | | | 2,742,808 | | | | | | 16.3% | | |
The Vanguard Group(3)
|
| | | | — | | | | | | — | | | | | | 1,716,735 | | | | | | 10.2% | | |
Janus Henderson Group plc(4)
|
| | | | — | | | | | | — | | | | | | 1,441,085 | | | | | | 8.5% | | |
William Blair Investment Management, LLC(5)
|
| | | | — | | | | | | — | | | | | | 1,400,341 | | | | | | 8.3% | | |
Named Executive Officers and Director Nominees | | | | | | | | | | | | | | | | | | | | | | | | | |
Matthew W. Foehr(6)
|
| | | | — | | | | | | — | | | | | | 400,489 | | | | | | 2.3% | | |
Charles S. Berkman(7)
|
| | | | — | | | | | | — | | | | | | 77,718 | | | | | | * | | |
Kurt Gustafson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Carolyn Bertozzi, Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sarah Boyce(8)
|
| | | | — | | | | | | — | | | | | | 11,674 | | | | | | * | | |
Jennifer Cochran, Ph.D.(9)
|
| | | | — | | | | | | — | | | | | | 1,890 | | | | | | * | | |
John L. Higgins(10)
|
| | | | — | | | | | | — | | | | | | 803,235 | | | | | | 4.6% | | |
Sunil Patel(11)
|
| | | | — | | | | | | — | | | | | | 51,953 | | | | | | * | | |
Joshua Tamaroff
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All executive officers and director nominees as a group (9 persons)
|
| | | | — | | | | | | — | | | | | | 1,346,959 | | | | | | 7.6% | | |
| | |
Delaware
|
| |
Cayman Islands
|
|
Stockholder/Shareholder Approval of Business Combinations
|
| |
Mergers generally require approval of a majority of all outstanding shares.
Mergers in which less than 20% of the acquirer’s stock is issued generally do not require acquirer stockholder approval.
Mergers in which one corporation owns 90% or more of a second corporation may be completed without the vote of the second corporation’s board of directors or stockholders.
|
| |
Mergers under the Cayman Islands Companies Law require a special resolution, and any other authorization as may be specified in the relevant articles of association. Parties holding certain security interests in the constituent companies must also consent.
All mergers (other than parent/subsidiary mergers) require shareholder approval – there is no exception for smaller mergers.
Where a bidder in connection with a tender offer/contractual acquisition of equity (i.e. not a statutory merger under Cayman Islands Companies Law) has acquired 90% or more of the shares in a Cayman Islands
|
|
| | |
Delaware
|
| |
Cayman Islands
|
|
| | | | | |
company to which the offer relates, it can compel the acquisition of the shares of the remaining shareholders and thereby become the sole shareholder.
A Cayman Islands company may also be acquired through a “scheme of arrangement” sanctioned by a Cayman Islands court subject to approval at a specially convened meeting by 75% in value of shareholders in attendance, either by person or by proxy, and voting at a shareholders’ meeting.
|
|
Stockholder/Shareholder Votes for Routine Matters
|
| | Generally, approval of routine corporate matters that are put to a stockholder vote require the affirmative vote of holders of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter. | | | Under the Cayman Islands Companies Law and APAC’s amended and restated memorandum and articles of association, routine corporate matters, requiring shareholder approval, may be approved by an ordinary resolution (being a resolution passed by the holders of a majority of the ordinary shares represented in person, virtually or by proxy and entitled to vote thereon and who votes at a general meeting or extraordinary general meeting and which includes a unanimous written resolution). | |
Dissenters’ Rights and Appraisal Rights
|
| | Generally, a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger. | | | Minority shareholders that dissent from a merger are entitled to be paid the fair value of their shares, which if necessary may ultimately be determined by the court. | |
Inspection of Books and Records
|
| | Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business. | | | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. | |
Stockholder/Shareholder Lawsuits
|
| | A stockholder may bring a derivative suit subject to procedural requirements (including adopting Delaware as the exclusive forum as per the Non-Binding Governance Proposals). | | | In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the | |
| | |
Delaware
|
| |
Cayman Islands
|
|
| | | | | | company, but only in certain limited circumstances. | |
Fiduciary Duties of Directors
|
| | Directors must exercise a duty of care and duty of loyalty and good faith to the company and its stockholders. | | |
A director owes fiduciary duties to a Cayman Islands exempted company, including to exercise powers for the purposes conferred, exercise independent judgment, not make secret profits, avoid conflicts of interest and act in good faith in the best interests of the company as a whole.
In addition to fiduciary duties, directors of APAC owe a duty of care, diligence and skill. Such duties are owed to the company but may be owed direct to creditors or shareholders in certain limited circumstances.
|
|
Indemnification of Directors and Officers
|
| | A corporation is generally permitted to indemnify its directors and officers acting in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation. | | | A Cayman Islands exempted company generally may indemnify its directors or officers except with regard to fraud, willful neglect or willful default. | |
Limited Liability of Directors
|
| | Permits limiting or eliminating the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, intentional misconduct, unlawful repurchases or dividends, or improper personal benefit. | | | Liability of directors may be unlimited, except with regard to their own fraud, willful neglect or willful default. | |
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
Anti-Takeover Provisions and Other Stockholder Protections
|
| | APAC’s memorandum and articles of association do not provide restrictions on takeovers of APAC by a related shareholder. | | | The anti-takeover provisions and other stockholder protections included in the Proposed Bylaws include a prohibition on stockholder action by written consent. Section 203 of the DGCL prohibits a Delaware corporation from engaging in a “business combination” with an “interested stockholder” (i.e. a stockholder owning 15% or more of New OmniAb’s voting stock) for three (3) years following the time that the “interested stockholder” becomes such, subject to certain exceptions. | | | The Ligand bylaws also include a prohibition on shareholder action by written consent, and Section 23 of the DGCL is also applicable. | |
Number & Qualification of Directors
|
| | APAC’s memorandum and articles of association provide that, the number of directors on the APAC Board will not be less than one (1) person and the number of directors may be increased or reduced by ordinary resolution. | | | Subject to any rights of holders of preferred stock with respect to the election of directors, between New OmniAb and certain of its stockholders and the Amended and Restated Registration Rights Agreement, the number of directors will be fixed from time to time solely by resolution adopted by the New OmniAb Board. The initial New OmniAb Board will be comprised of seven (7) members. | | | The Ligand Board is comprised of ten (10) members. The Ligand Board may expand its membership from time to time solely by resolution. | |
Authorized Stock/Share Capital
|
| | Under APAC’s memorandum and articles of association, APAC has an authorized share capital of $55,500 divided into (a) 500,000,000 APAC Class A Ordinary Shares, par value $0.0001 per share, and (b) 50,000,000 APAC Class B Ordinary | | | New OmniAb will be authorized to issue 1,100,000,000 shares of capital stock, consisting of (i) 1,000,000,000 shares of Common Stock, par value $0.0001 per share, and (ii) 100,000,000 shares of Preferred Stock, par value $0.0001 per share. Upon | | | Under Ligand’s charter, Ligand is currently authorized to issue 65,000,000 shares, consisting of (a) 60,000,000 shares of Common Stock, par value $0.001 per share, and (b) 5,000,000 shares of Preferred Stock, par value $0.001 per share. | |
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
| | | Shares, par value $0.0001 per share, and (c) 5,000,000 preference shares, par value $0.0001 per share. Under APAC’s memorandum and articles of association an increase in share capital requires shareholder approval by ordinary resolution. | | | consummation of the Business Combination, New OmniAb expects there will be approximately 127,681,885 shares of New OmniAb Common Stock (assuming no redemptions) outstanding. Following consummation of the Business Combination, New OmniAb is not expected to have any preferred stock outstanding. | | | | |
Classification of the Board of Directors
|
| | APAC’s memorandum and articles of association does not provide for a classified board. | | | New OmniAb’s Proposed Article of Incorporation provides that the New OmniAb Board will be initially divided into three (3) classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. | | | Ligand’s amended and restated certificate of incorporation does not provide for a classified board. | |
Election of Directors
|
| | Prior to a Business Combination, as defined in APAC’s articles of association, only Class B shareholders may appoint directors by ordinary resolution. Directors hold office until the second annual meeting following their election, or until his or her successor is duly elected and qualified, subject to such director’s earlier death, resignation or removal. | | | The stockholders shall elect directors, each of whom will hold office until his or her successor is duly elected or qualified at the annual meeting for the year in which his or her term expires, or until his or her earlier death, resignation, disqualification or removal. | | |
At Ligand’s annual meeting, stockholders elect directors to hold office until the next annual meeting, or until his or her successor is duly elected and qualified, subject to such director’s earlier death, resignation or removal.
The election of directors is determined by a plurality of the votes cast at an annual meeting of stockholders by holders of Ligand’s common stock.
|
|
Removal of Directors
|
| | Prior to the Business Combination, as defined in APAC’s articles of association, only Class B shareholders may remove directors by ordinary resolution. | | | Subject to any special rights of the holders preferred stock, the Board or any individual director may be removed from office at any time, but only for cause and only by the affirmative vote of the holders of at | | | Subject to the rights of the holders of any series of preferred stock, any or all of the directors may be removed from office at any time, with or without cause, by the affirmative vote of holders of a majority of the voting | |
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
| | | | | | least two-thirds (66 and 2/3%) of the voting power of all the then outstanding shares of voting stock of the Corporation entitled to vote generally in an election of directors. | | | power of all then outstanding shares of capital | |
Voting
|
| | Holders of APAC ordinary shares are entitled to one vote for each share held on each matter submitted to a vote of shareholders; save that, holders of Class A ordinary shares shall have no right to vote on the appointment or removal of directors prior to a business combination and holders of Class B ordinary shares shall have ten votes for each such share held in respect of voting on any special resolution approving any continuation of APAC outside of the Cayman Islands (and, prior to a business combination the article providing for the same may only be amended by a special resolution passed by the holders of the Class B ordinary shares). | | |
Except as otherwise required by law or New OmniAb’s Proposed Certificate of Incorporation, holders of the New OmniAb Common Stock will possess all voting power with respect to New OmniAb. The holders of shares of New OmniAb Common Stock shall be entitled to one vote for each such share on each matter properly submitted to New OmniAb’s stockholders on which the holders of shares of common stock are entitled to vote.
Except as otherwise required by applicable law, holders of New OmniAb Common Stock will not be entitled to vote on any amendment to New OmniAb’s Proposed Certificate of Incorporation that relates solely to the terms of one or more outstanding series of New OmniAb preferred stock if the holders of such affected series of New OmniAb preferred stock are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Proposed Certificate of Incorporation or applicable law.
|
| | Except as otherwise required by law or Ligand’s amended and restated certificate of incorporation and bylaws, holders of Ligand Common Stock shall have the right to vote on matters submitted to the stockholders, and shall be entitled to notice of any stockholders’ meeting in accordance with the bylaws of this corporation, and shall be entitled to vote upon such matters and in such manner as may be provided by law. | |
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
Cumulative Voting
|
| | Cayman Islands law does not specifically prohibit cumulative voting, but APAC’s memorandum and articles of association do not provide for cumulative voting. | | | Delaware law allows for cumulative voting only if provided for in the charter; however, the Proposed Bylaws and Proposed Articles of Incorporation do not authorize cumulative voting. | | | Delaware law allows for cumulative voting only if provided for in a corporation’s certificate of incorporation; however, Ligand’s current Amended and Restated Certificate of Incorporation does not authorize cumulative voting. | |
Vacancies on the Board of Directors
|
| | APAC’s memorandum and articles of association provide that any vacancy on the APAC Board, including a vacancy resulting from an enlargement of the board, may be filled by a majority vote of the remaining directors then in office, even if less than a quorum or by a sole remaining director. | | | The Proposed Articles of Incorporation provide that any vacancy on the New OmniAb Board, including a vacancy resulting from an enlargement of the board, may be filled only by a majority vote of the remaining directors then in office, even if less than a quorum or by a sole remaining director (other than any directors elected by the separate vote of one or more outstanding series of preferred stock). | | | Ligand’s amended and restated certificate of incorporation provides that any vacancy on the Ligand Board, including a vacancy resulting from an enlargement of the board, may be filled by a majority vote of the remaining directors then in office, even if less than a quorum or by a sole remaining director. | |
Shareholder / Stockholder Action by Written Consent
|
| | A resolution in writing (including a special resolution) signed by or on behalf of all of the members for the time being entitled to receive notice of and to attend and vote at general meetings shall be as valid and effective as if the resolution had been passed at a general meeting of APAC duly convened and held. | | | Under the Proposed Articles of Incorporation , any action required or permitted to be taken by the stockholders of New OmniAb must be effected at an annual or special meeting of the stockholders and may not be effected by written consent. Notwithstanding the foregoing, any action required or permitted to be taken by the holders of any series of preferred stock, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate of designation relating to such series of preferred stock. | | |
Under Ligand’s bylaws, no action shall be taken by the stockholders except at an annual or special meeting and no action
shall be taken by the stockholders by written consent.
|
|
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
Amendment to Certificate of Incorporation / memorandum of association
|
| | APAC’s memorandum and articles of association provide that most provisions of its memorandum of association may be amended by special resolution of its members, and that certain amendments relating to its share capital may be made by ordinary resolution of its members. | | |
Pursuant to Delaware law, an amendment to the charter generally requires the approval of the New OmniAb Board and a majority of the combined voting power of the then-outstanding shares of voting stock, voting together as a single class.
Under the Proposed Articles of Incorporation, in addition to any vote required by DGCL, certain key sections of the Proposed Articles of Incorporation may be amended only by the affirmative vote of the holders of at least two-thirds (66 2/3%) of the total voting power of the then outstanding shares of stock of New OmniAb entitled to vote thereon, voting together as a single class.
|
| | Pursuant to Delaware law, an amendment to the charter generally requires the approval of the board and a majority of the combined voting power of the then-outstanding shares of voting stock, voting together as a single class. | |
Amendment of the Bylaws
|
| | APAC’s memorandum and articles of association provide that its articles of association may be amended by special resolution of its members save for articles 29.4 and 47.2. | | |
Under the Proposed Bylaws the New OmniAb Board is expressly empowered to adopt, amend or repeal the bylaws.
The stockholders also shall have power to adopt, amend or repeal the bylaws; provided, however, in addition to any vote of the holders of any class or series of stock of New OmniAb required by applicable law or by the Proposed Certificate of Incorporation (including any certificate of designation in respect of one or more series of Preferred Stock), the adoption, amendment or repeal of the bylaws by the stockholders shall
|
| |
The Ligand bylaws may generally be altered or amended adopted by the affirmative vote of a majority of the voting power of all of the then outstanding shares of capital stock of Ligand entitled to vote generally in the election of Directors; provided that certain sections of the bylaws shall require the affirmative vote of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all of the then outstanding shares of the voting stock, voting together as a single class, to alter or amend.
The Ligand Board shall also have the power to
|
|
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
| | | | | | require the affirmative vote of the holders of at least two-thirds (66 and 2/3%) of the voting power of all of the then outstanding shares of voting stock entitled to vote generally in an election of directors, voting together as a single class. | | | amend the bylaws. | |
Quorum
|
| |
Board of Directors. A majority of the APAC Board, unless otherwise fixed.
Shareholders. The holders of one-third of the shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy shall be a quorum.
|
| |
Board of Directors. At all meetings of the New OmniAb Board, unless otherwise provided by the Proposed Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for the transaction of business.
Stockholders. The holders of a majority in voting power of the stock issued and outstanding and entitled to vote, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders.
|
| |
Board of Directors. At all meetings of the Ligand Board a majority of the directors shall constitute a quorum for the transaction of business
Stockholders. The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation.
|
|
Interested Directors
|
| | No person shall be disqualified from the office of director or prevented by such office from contracting with APAC, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf of APAC in which any director shall be in any way interested be or be liable to be avoided, nor shall any director so contracting or being so interested be liable to | | | New OmniAb will be governed by DGCL Section 203. | | | Ligand is governed by DGCL Section 203. | |
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
| | | account to APAC for any profit realized by or arising in connection with any such contract or transaction by reason of such director holding office or of the fiduciary relationship thereby established. A director may vote in respect of any contract or transaction in which he or she is interested provided that the nature of the interest of any director in any such contract or transaction shall be disclosed by him or her at or prior to its consideration and any vote thereon. | | | | | | | |
Special Meeting of the Shareholders / Stockholders
|
| | The directors, the chief executive officer or the chairman of the board of directors may call general meetings. | | | Subject to the special rights of the holders of one or more series of Preferred Stock, special meetings may be called, for any purpose or purposes, at any time only by or at the direction of the New OmniAb Board, the Chairperson of the New OmniAb Board, the Chief Executive Officer, or the President. | | | Special meetings of the stockholders for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called only by the Chairman of the Ligand Board, by the Ligand Board, pursuant to a resolution approved by a majority of the entire Ligand Board, or by the Secretary of Ligand, following his or her receipt of one or more written demands to call a special meeting of the stockholders in accordance with, and subject to, Section 7 of the bylaws, from stockholders of record as of the record date fixed in accordance with Section 7(d) of the bylaws who hold, in the aggregate, at least ten percent (10%) of the voting power of the outstanding shares of | |
| | |
APAC
|
| |
New OmniAb
|
| |
Ligand
|
|
| | | | | | | | | Ligand. | |
Notice of Shareholder / Stockholder Meeting
|
| |
At least five clear days’ notice shall be given of any general meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by APAC, provided that a general meeting of APAC shall be deemed to have been duly convened if it is so agreed:
(a) in the case of an annual general meeting, by all of the members entitled to attend and vote thereat;
and
(b) in the case of an extraordinary general meeting, by a majority in number of the members having a right to attend and vote at the meeting, together holding not less than ninety-five per cent in par value of the Shares giving that right.
|
| | Unless otherwise provided by DGCL, the notice of any meeting of stockholders shall be sent or otherwise given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. | | | Unless otherwise provided by DGCL, the notice of any meeting of stockholders shall be sent or otherwise given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. | |
| Avista Public Acquisition Corp. II | | | | | | | |
|
References to the ‘‘Company’’ in the Avista Public Acquisition Corp. II financial statements are to Avista Public Acquisition Corp. II.
|
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| Avista Public Acquisition Corp. II | | | | | | | |
|
References to the ‘‘Company’’ in the Avista Public Acquisition Corp. II financial statements are to Avista Public Acquisition Corp. II.
|
| | |||||
| | | | | F-23 | | | |
| | | | | F-24 | | | |
| | | | | F-25 | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | |
| OmniAb, Inc. | | | | | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
| | | | | F-50 | | | |
| | | | | F-51 | | | |
| | | | | F-52 | | |
| OmniAb, Inc. | | | | | | | |
| | | | | F-74 | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | | |
| | | | | F-77 | | | |
| | | | | F-78 | | |
| ASSETS | | | | | | | |
| Current assets: | | | | | | | |
|
Cash
|
| | | $ | 189,971 | | |
|
Prepaid expenses
|
| | | | 744,542 | | |
|
Total current assets
|
| | | | 934,513 | | |
|
Cash held in trust account
|
| | | | 235,750,000 | | |
|
TOTAL ASSETS
|
| | | $ | 236,684,513 | | |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | |
| Current liabilities: | | | | | | | |
|
Accounts payable
|
| | | | 15,440 | | |
|
Accrued expenses
|
| | | | 107,734 | | |
|
Accrued offering costs
|
| | | | 314,153 | | |
|
Due to related party
|
| | | | 884 | | |
|
Total current liabilities
|
| | | | 438,211 | | |
|
Deferred underwriting fee payable
|
| | | | 8,050,000 | | |
|
TOTAL LIABILITIES
|
| | | | 8,488,211 | | |
| Commitments (see Note 6) | | | | | | | |
|
Class A ordinary shares, $0.0001 par value, subject to possible redemption;
23,000,000 shares at redemption value |
| | | | 235,750,000 | | |
| Shareholders’ Deficit | | | | | | | |
|
Preference shares, $0.0001 par value; 5,000,000 shares authorized;
none issued and outstanding |
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
no shares issued and outstanding (excluding 23,000,000 shares subject to possible redemption) |
| | | | — | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized;
5,750,000 shares issued and outstanding |
| | | | 575 | | |
|
Additional paid-in capital
|
| | | | — | | |
|
Accumulated deficit
|
| | | | (7,554,273) | | |
|
Total Shareholders’ Deficit
|
| | | | (7,553,698) | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 236,684,513 | | |
|
Formation and operating costs
|
| | | $ | 516,442 | | |
|
Net loss
|
| | | $ | (516,442) | | |
| | | | | | | | |
|
Basic and diluted weighted average shares outstanding, Class A ordinary shares
|
| | | | 9,857,143 | | |
|
Basic and diluted net loss per share, Class A ordinary shares
|
| | | $ | (0.03) | | |
|
Basic and diluted weighted average shares outstanding, Class B ordinary shares
|
| | | | 5,321,429 | | |
|
Basic and diluted net loss per share, Class B ordinary shares
|
| | | $ | (0.03) | | |
| | |
Class A Ordinary Shares
|
| |
Class B Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at February 5, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | — | | | | | | 25,000 | | |
Proceeds from Initial Public Offering Costs allocated to Public Warrants (net of offering costs)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,232,604 | | | | | | — | | | | | | 9,232,604 | | |
Proceeds from sale of Private Placement Warrants to the Sponsor (net of offering costs)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,298,375 | | | | | | — | | | | | | 12,298,375 | | |
Re-measurement of Class A ordinary shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,555,404) | | | | | | (7,037,831) | | | | | | (28,593,235) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (516,442) | | | | | | (516,442) | | |
Balance at December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (7,554,273) | | | | | $ | (7,553,698) | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (516,442) | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | (744,542) | | |
|
Accounts payable
|
| | | | 15,440 | | |
|
Due to related party
|
| | | | 884 | | |
|
Accrued expenses
|
| | | | 107,734 | | |
|
Net cash used in operating activities
|
| | | | (1,136,926) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Investment of cash into Trust Account
|
| | | | (235,750,000) | | |
|
Net cash used in investing activities
|
| | | | (235,750,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B ordinary shares to Sponsor
|
| | | | 25,000 | | |
|
Proceeds from initial public offering, net of underwriter’s discount paid
|
| | | | 225,400,000 | | |
|
Proceeds from sale of Private Placement Warrants
|
| | | | 12,350,000 | | |
|
Proceeds from Sponsor note
|
| | | | 175,000 | | |
|
Repayment of Sponsor note
|
| | | | (175,000) | | |
|
Payment of offering costs
|
| | | | (698,103) | | |
|
Net cash provided by financing activities
|
| | | | 237,076,897 | | |
|
Net change in cash
|
| | | | 189,971 | | |
|
Cash – beginning of period
|
| | | | — | | |
|
Cash – end of period
|
| | | $ | 189,971 | | |
| Non-cash investing and financing activities | | | | | | | |
|
Re-measurement of Class A ordinary shares to redemption value
|
| | | $ | 28,593,235 | | |
|
Offering costs included in accrued offering costs
|
| | | $ | 314,153 | | |
|
Deferred underwriting fee payable
|
| | | $ | 8,050,000 | | |
|
Gross proceeds
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (9,813,334) | | |
|
Issuance costs allocated to Class A ordinary shares
|
| | | | (13,029,901) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 28,593,235 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 235,750,000 | | |
| | |
For the Period from February 5,
2021 (inception) Through December 31, 2021 |
| |||||||||
| | |
Class A
|
| |
Class B
|
| ||||||
Basic and diluted net loss per share: | | | | | | | | | | | | | |
Numerator:
|
| | | | | | | | | | | | |
Net loss
|
| | | $ | (335,384) | | | | | $ | (181,058) | | |
Denominator:
|
| | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 9,857,143 | | | | | | 5,321,429 | | |
Basic and diluted net loss per share
|
| | | $ | (0.03) | | | | | $ | (0.03) | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 159,194 | | | | | $ | 189,971 | | |
Prepaid expenses
|
| | | | 532,817 | | | | | | 744,542 | | |
Total current assets
|
| | | | 692,011 | | | | | | 934,513 | | |
Investments held in Trust Account
|
| | | | 236,098,332 | | | | | | 235,750,000 | | |
TOTAL ASSETS
|
| | | $ | 236,790,343 | | | | | $ | 236,684,513 | | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 4,539,648 | | | | | $ | 15,440 | | |
Accrued expenses
|
| | | | 933,720 | | | | | | 107,734 | | |
Accrued offering costs
|
| | | | 314,153 | | | | | | 314,153 | | |
Convertible promissory note
|
| | | | 750,000 | | | | | | — | | |
Due to related party
|
| | | | 57,666 | | | | | | 884 | | |
Derivative – Forward Purchase and Backstop Securities
|
| | | | 383,390 | | | | | | — | | |
Total current liabilities
|
| | | | 6,978,577 | | | | | | 438,211 | | |
Deferred underwriting fee payable
|
| | | | 8,050,000 | | | | | | 8,050,000 | | |
TOTAL LIABILITIES
|
| | | | 15,028,577 | | | | | | 8,488,211 | | |
Commitments (see Note 6) | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value, subject to possible redemption; 23,000,000 shares at redemption value
|
| | | | 236,098,332 | | | | | | 235,750,000 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none
issued and outstanding |
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no shares issued and outstanding (excluding 23,000,000 shares subject to possible redemption)
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding
|
| | | | 575 | | | | | | 575 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (14,337,141) | | | | | | (7,554,273) | | |
Total Shareholders’ Deficit
|
| | | | (14,336,566) | | | | | | (7,553,698) | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 236,790,343 | | | | | $ | 236,684,513 | | |
| | |
Three Months
Ended June 30, 2022 |
| |
Three Months
Ended June 30, 2021 |
| |
Six Months
Ended June 30, 2022 |
| |
For the Period
from February 5, 2021 (inception) through June 30, 2021 |
| ||||||||||||
Formation and operating costs
|
| | | $ | 2,578,263 | | | | | $ | 2,185 | | | | | $ | 6,399,478 | | | | | $ | 9,971 | | |
Loss from operations
|
| | | | (2,578,263) | | | | | | (2,185) | | | | | | (6,399,478) | | | | | | (9,971) | | |
Gain on investments held in Trust Account
|
| | | | 297,047 | | | | | | — | | | | | | 348,332 | | | | | | — | | |
Change in fair value of Forward Purchase and
Backstop Securities |
| | | | 656,300 | | | | | | — | | | | | | 64,990 | | | | | | — | | |
Net loss
|
| | | $ | (1,624,916) | | | | | $ | (2,185) | | | | | $ | (5,986,156) | | | | | $ | (9,971) | | |
Deemed dividend – Forward Purchase and Backstop Securities
|
| | | | — | | | | | | — | | | | | | (225,000) | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | $ | (1,624,916) | | | | | $ | (2,185) | | | | | $ | (6,211,156) | | | | | $ | (9,971) | | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares
|
| | | | 23,000,000 | | | | | | — | | | | | | 23,000,000 | | | | | | — | | |
Basic and diluted net loss per share, Class A ordinary shares
|
| | | $ | (0.06) | | | | | $ | — | | | | | $ | (0.21) | | | | | $ | — | | |
Basic and diluted weighted average shares outstanding, Class B ordinary shares(1)
|
| | | | 5,750,000 | | | | | | 5,000,000 | | | | | | 5,750,000 | | | | | | 5,000,000 | | |
Basic and diluted net loss per share, Class B ordinary shares
|
| | | $ | (0.06) | | | | | $ | (0.00) | | | | | $ | (0.21) | | | | | $ | (0.00) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholder’s Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (7,554,273) | | | | | $ | (7,553,698) | | |
Reclassification of Forward Purchase Agreement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (223,380) | | | | | | (223,380) | | |
Deemed dividend – Forward Purchase and Backstop Securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (225,000) | | | | | | (225,000) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,361,240) | | | | | | (4,361,240) | | |
Balance at March 31, 2022
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | — | | | | | | (12,363,893) | | | | | | (12,363,318) | | |
Remeasurement of Class A ordinary shares to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (348,332) | | | | | | (348,332) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,624,916) | | | | | | (1,624,916) | | |
Balance at June 30, 2022
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (14,337,141) | | | | | $ | (14,336,566) | | |
| | |
Class A Ordinary
Shares |
| |
Class B Ordinary
Shares |
| |
Additional
Paid- in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at February 5, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor(1)
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,786) | | | | | | (7,786) | | |
Balance at March 31, 2021
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | (7,786) | | | | | | 17,214 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,185) | | | | | | (2,185) | | |
Balance at June 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 24,425 | | | | | $ | (9,971) | | | | | $ | 15,029 | | |
| | |
Six Months
Ended June 30, 2022 |
| |
For the Period
from February 5, 2021 (inception) through June 30, 2021 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (5,986,156) | | | | | $ | (9,971) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Gain on investments held in Trust Account
|
| | | | (348,332) | | | | | | — | | |
Change in fair value of Forward Purchase and Backstop Securities
|
| | | | (64,990) | | | | | | — | | |
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| | | | — | | | | | | 9,961 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 211,725 | | | | | | — | | |
Accounts payable
|
| | | | 4,524,208 | | | | | | — | | |
Due to related party
|
| | | | 56,782 | | | | | | 5 | | |
Accrued expenses
|
| | | | 825,986 | | | | | | — | | |
Net cash used in operating activities
|
| | | | (780,777) | | | | | | (5) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from promissory note – related party
|
| | | | — | | | | | | 119,275 | | |
Payment of offering costs
|
| | | | — | | | | | | (83,125) | | |
Proceeds from convertible promissory note
|
| | | | 750,000 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 750,000 | | | | | | 36,150 | | |
Net Change in Cash
|
| | | | (30,777) | | | | | | 36,145 | | |
Cash – Beginning of period
|
| | | | 189,971 | | | | | | — | | |
Cash – End of period
|
| | | $ | 159,194 | | | | | $ | 36,145 | | |
Supplemental disclosure of noncash investing and financing activities: | | | | | | | | | | | | | |
Remeasurement of Class A ordinary shares subject to redemption to redemption amount
|
| | | $ | 348,332 | | | | | $ | — | | |
Initial classification of the Forward Purchase and Backstop Securities
|
| | | $ | 448,380 | | | | | $ | — | | |
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| | | $ | — | | | | | $ | 15,039 | | |
Deferred offering costs included in promissory note – related party
|
| | | $ | — | | | | | $ | 55,725 | | |
Deferred offering costs included in accrued offering costs
|
| | | $ | — | | | | | $ | 443,381 | | |
|
Gross proceeds
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (9,813,334) | | |
|
Issuance costs allocated to Class A ordinary shares
|
| | | | (13,029,901) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 28,593,235 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2021
|
| | | $ | 235,750,000 | | |
| Plus: | | | | | | | |
|
Remeasurement of Class A ordinary shares to redemption amount
|
| | | $ | 348,332 | | |
|
Class A ordinary shares subject to possible redemption, June 30, 2022
|
| | | $ | 236,098,332 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| |
Six Months Ended
June 30, 2022 |
| |
For the Period from
February 5, 2021 (Inception) Through June 30, 2021 |
| ||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||
Basic and diluted net loss per
share: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,299,933) | | | | | $ | (324,983) | | | | | $ | — | | | | | $ | (2,185) | | | | | $ | (4,788,925) | | | | | $ | (1,197,231) | | | | | $ | — | | | | | $ | (9,971) | | |
Denominator:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 23,000,000 | | | | | | 5,750,000 | | | | | | — | | | | | | 5,000,000 | | | | | | 23,000,000 | | | | | | 5,750,000 | | | | | | — | | | | | | 5,000,000 | | |
Basic and diluted net loss per share
|
| | | $ | (0.06) | | | | | $ | (0.06) | | | | | $ | — | | | | | $ | (0.00) | | | | | $ | (0.21) | | | | | $ | (0.21) | | | | | $ | — | | | | | $ | (0.00) | | |
Description
|
| |
Amount at
Fair Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
June 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account
|
| | | $ | 236,098,332 | | | | | $ | 236,098,332 | | | | | $ | — | | | | | $ | — | | |
Liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Derivative liability – Forward Purchase and Backstop Securities
|
| | | $ | 383,390 | | | | | $ | — | | | | | $ | — | | | | | $ | 383,390 | | |
| | |
As of March 23, 2022
(Initial Measurement) |
| |||
Fair value of Forward Purchase and Backstop Securities
|
| | | $ | 10.34 | | |
Present value of Forward Purchase and Backstop Securities
|
| | | $ | 10.00 | | |
Time to Business Combination (years)
|
| | | | 0.52 | | |
Risk-free rate
|
| | | | 0.95% | | |
Discount factor
|
| | | | 99.50% | | |
Expected redemption rate
|
| | | | 85.00% | | |
Probability of completing an initial Business Combination
|
| | | | 32.50% | | |
Fair value of Forward Purchase and Backstop Securities
|
| | | $ | 448,380 | | |
| | |
At June 30,
2022 |
| |||
Fair value of unit
|
| | | $ | 10.08 | | |
Unit forward price
|
| | | $ | 10.00 | | |
Time to Business Combination (years)
|
| | | | 0.25 | | |
Risk-free rate
|
| | | | 1.72% | | |
Discount factor
|
| | | | 99.60% | | |
Expected redemption rate
|
| | | | 85.00% | | |
Probability of completing an initial Business Combination
|
| | | | 20.00% | | |
Fair value of Forward Purchase and Backstop Securities
|
| | | $ | 383,390 | | |
|
Fair value as of December 31, 2021
|
| | | $ | — | | |
|
Initial measurement as of March 23, 2022
|
| | | | 448,380 | | |
|
Change in fair value
|
| | | | 591,310 | | |
|
Fair value as of March 31, 2022
|
| | | | 1,039,690 | | |
|
Change in fair value
|
| | | | (656,300) | | |
|
Fair value as of June 30,2022
|
| | | $ | 383,390 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | | | | | | | |
As Restated
|
| |||
ASSETS
|
| | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | $ | 21,136 | | | | | $ | 15,875 | | |
Other current assets
|
| | | | 1,406 | | | | | | 774 | | |
Total current assets
|
| | | | 22,542 | | | | | | 16,649 | | |
Intangible assets, net
|
| | | | 176,321 | | | | | | 186,644 | | |
Goodwill
|
| | | | 83,979 | | | | | | 83,979 | | |
Property and equipment, net
|
| | | | 6,795 | | | | | | 3,480 | | |
Operating lease assets
|
| | | | 13,332 | | | | | | 2,499 | | |
Other assets
|
| | | | 1,496 | | | | | | 2,129 | | |
Total assets
|
| | | $ | 304,465 | | | | | $ | 295,380 | | |
LIABILITIES AND PARENT COMPANY NET INVESTMENT
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,924 | | | | | $ | 469 | | |
Accrued liabilities
|
| | | | 3,746 | | | | | | 3,956 | | |
Current portion of contingent liabilities
|
| | | | 2,538 | | | | | | 2,115 | | |
Current portion of deferred revenue
|
| | | | 10,790 | | | | | | 7,157 | | |
Current portion of operating lease liabilities
|
| | | | 578 | | | | | | 579 | | |
Current portion of finance lease liabilities
|
| | | | 1 | | | | | | 1 | | |
Total current liabilities
|
| | | | 20,577 | | | | | | 14,277 | | |
Long-term contingent liabilities
|
| | | | 4,826 | | | | | | 5,089 | | |
Deferred income taxes, net
|
| | | | 21,962 | | | | | | 28,925 | | |
Long-term operating lease liabilities
|
| | | | 13,272 | | | | | | 2,012 | | |
Long-term portion of deferred revenue
|
| | | | 9,226 | | | | | | 8,232 | | |
Other long-term liabilities
|
| | | | 295 | | | | | | 1,308 | | |
Total liabilities
|
| | | | 70,158 | | | | | | 59,843 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Parent company net investment: | | | | | | | | | | | | | |
Parent company net investment
|
| | | | 234,307 | | | | | | 235,537 | | |
Total liabilities and parent company net investment
|
| | | $ | 304,465 | | | | | $ | 295,380 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | | | | | | | |
As Restated
|
| |
As Restated
|
| ||||||
Revenues: | | | | | | | | | | | | | | | | | | | |
License and milestone revenue
|
| | | $ | 14,664 | | | | | $ | 11,385 | | | | | $ | 12,750 | | |
Service revenue
|
| | | | 20,084 | | | | | | 11,883 | | | | | | 5,568 | | |
Total revenue
|
| | | | 34,748 | | | | | | 23,268 | | | | | | 18,318 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 39,232 | | | | | | 24,796 | | | | | | 13,208 | | |
General and administrative
|
| | | | 16,947 | | | | | | 10,225 | | | | | | 8,651 | | |
Amortization of intangibles
|
| | | | 12,968 | | | | | | 11,800 | | | | | | 10,304 | | |
Other operating expense (income), net
|
| | | | 1,210 | | | | | | 2,070 | | | | | | (818) | | |
Total operating expenses
|
| | | | 70,357 | | | | | | 48,891 | | | | | | 31,345 | | |
Loss from operations
|
| | | | (35,609) | | | | | | (25,623) | | | | | | (13,027) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (7) | | | | | | (5) | | | | | | — | | |
Other income, net
|
| | | | 1,266 | | | | | | 1,900 | | | | | | — | | |
Total other income
|
| | | | 1,259 | | | | | | 1,895 | | | | | | — | | |
Loss before income tax
|
| | | | (34,350) | | | | | | (23,728) | | | | | | (13,027) | | |
Income tax benefit (expense)
|
| | | | 7,308 | | | | | | 6,171 | | | | | | (562) | | |
Net loss
|
| | | $ | (27,042) | | | | | $ | (17,557) | | | | | $ | (13,589) | | |
| | |
Parent company
net investment |
| |||
Opening balance at January 1, 2019
|
| | | $ | 204,882 | | |
Net loss (as restated)
|
| | | | (13,589) | | |
Parent allocation of share-based compensation
|
| | | | 6,660 | | |
Net transfers from parent company (as restated)
|
| | | | 20,290 | | |
Balance at December 31, 2019 (as restated)
|
| | | | 218,243 | | |
Net loss (as restated)
|
| | | | (17,557) | | |
Parent allocation of share-based compensation
|
| | | | 9,165 | | |
Net transfers from parent company (as restated)
|
| | | | 25,686 | | |
Balance at December 31, 2020 (as restated)
|
| | | | 235,537 | | |
Net loss
|
| | | | (27,042) | | |
Parent allocation of share-based compensation
|
| | | | 15,065 | | |
Net transfers from parent company
|
| | | | 10,747 | | |
Balance at December 31, 2021
|
| | | $ | 234,307 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | | | | | | | |
As Restated
|
| |
As Restated
|
| ||||||
Operating activities | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (27,042) | | | | | $ | (17,557) | | | | | $ | (13,589) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Change in estimated fair value of contingent liabilities
|
| | | | 1,210 | | | | | | 2,070 | | | | | | (818) | | |
Depreciation and amortization
|
| | | | 16,252 | | | | | | 13,137 | | | | | | 10,917 | | |
Share-based compensation
|
| | | | 15,065 | | | | | | 9,165 | | | | | | 6,660 | | |
Deferred income taxes, net
|
| | | | (7,325) | | | | | | (6,185) | | | | | | 557 | | |
Gain from short-term investments
|
| | | | (1,265) | | | | | | — | | | | | | — | | |
Gain from sale of intellectual property license
|
| | | | — | | | | | | (1,900) | | | | | | — | | |
Other
|
| | | | 64 | | | | | | 161 | | | | | | — | | |
Changes in operating assets and liabilities, net of acquisitions:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 6,019 | | | | | | 339 | | | | | | (4,290) | | |
Other current assets
|
| | | | (632) | | | | | | (497) | | | | | | (14) | | |
Other long-term assets
|
| | | | (938) | | | | | | 1,621 | | | | | | (20) | | |
Accounts payable and accrued liabilities
|
| | | | 1,513 | | | | | | 2,759 | | | | | | (570) | | |
Deferred revenue
|
| | | | (6,717) | | | | | | 1,328 | | | | | | (1,875) | | |
Other long-term liabilities
|
| | | | (1,876) | | | | | | (822) | | | | | | (2,153) | | |
Net cash provided by (used in) operating activities
|
| | | | (5,672) | | | | | | 3,619 | | | | | | (5,195) | | |
Investing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of short-term investments
|
| | | | 1,265 | | | | | | — | | | | | | — | | |
Cash paid for acquisitions, net of cash and restricted cash acquired
|
| | | | — | | | | | | (27,127) | | | | | | (11,840) | | |
Purchases of property and equipment
|
| | | | (4,070) | | | | | | (1,753) | | | | | | (255) | | |
Proceeds from sale of intellectual property license
|
| | | | — | | | | | | 1,900 | | | | | | — | | |
Payments to CVR holders
|
| | | | (720) | | | | | | — | | | | | | — | | |
Other
|
| | | | (500) | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (4,025) | | | | | | (26,980) | | | | | | (12,095) | | |
Financing activities | | | | | | | | | | | | | | | | | | | |
Payment to CVR holders
|
| | | | (1,050) | | | | | | (2,325) | | | | | | (3,000) | | |
Net transfer from parent
|
| | | | 10,747 | | | | | | 25,686 | | | | | | 20,290 | | |
Net cash provided by financing activities
|
| | | | 9,697 | | | | | | 23,361 | | | | | | 17,290 | | |
Net increase in cash, cash equivalents, and restricted cash
|
| | | | — | | | | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at beginning of year
|
| | | | — | | | | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at end of year
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Deferred revenue recorded in accounts receivable
|
| | | $ | 11,344 | | | | | $ | 8,451 | | | | | $ | 1,425 | | |
Purchase of fixed assets recorded in accounts payable
|
| | | $ | 1,231 | | | | | $ | — | | | | | $ | 471 | | |
| | |
December 31, 2020
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | $ | 8,870 | | | | | $ | 7,005 | | | | | $ | 15,875 | | |
Total current assets
|
| | | $ | 9,644 | | | | | $ | 7,005 | | | | | $ | 16,649 | | |
Intangible assets, net
|
| | | $ | 186,592 | | | | | $ | 52 | | | | | $ | 186,644 | | |
Goodwill
|
| | | $ | 84,066 | | | | | $ | (87) | | | | | $ | 83,979 | | |
Total assets
|
| | | $ | 288,410 | | | | | $ | 6,970 | | | | | $ | 295,380 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accrued liabilities
|
| | | $ | 3,456 | | | | | $ | 500 | | | | | $ | 3,956 | | |
Current portion of finance lease liabilities
|
| | | $ | 14 | | | | | $ | (13) | | | | | $ | 1 | | |
Total current liabilities
|
| | | $ | 13,790 | | | | | $ | 487 | | | | | $ | 14,277 | | |
Deferred income taxes, net
|
| | | $ | 29,185 | | | | | $ | (260) | | | | | $ | 28,925 | | |
Other long-term liabilities
|
| | | $ | 1,295 | | | | | $ | 13 | | | | | $ | 1,308 | | |
Total liabilities
|
| | | $ | 59,603 | | | | | $ | 240 | | | | | $ | 59,843 | | |
Parent company net investment: | | | | | | | | | | | | | | | | | | | |
Parent company net investment
|
| | | $ | 228,807 | | | | | $ | 6,730 | | | | | $ | 235,537 | | |
Total liabilities and parent company net investment
|
| | | $ | 288,410 | | | | | $ | 6,970 | | | | | $ | 295,380 | | |
| | |
Year ended December 31, 2020
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Research and development
|
| | | $ | 24,894 | | | | | $ | (98) | | | | | $ | 24,796 | | |
General and administrative
|
| | | $ | 10,240 | | | | | $ | (15) | | | | | $ | 10,225 | | |
Total operating expenses
|
| | | $ | 49,004 | | | | | $ | (113) | | | | | $ | 48,891 | | |
Loss from operations
|
| | | $ | (25,736) | | | | | $ | 113 | | | | | $ | (25,623) | | |
Loss before income tax
|
| | | $ | (23,841) | | | | | $ | 113 | | | | | $ | (23,728) | | |
Income tax benefit (expense)
|
| | | $ | 5,945 | | | | | $ | 226 | | | | | $ | 6,171 | | |
Net loss
|
| | | $ | (17,896) | | | | | $ | 339 | | | | | $ | (17,557) | | |
| | |
December 31, 2020
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Parent company net investment – January 1, 2020
|
| | | $ | 218,185 | | | | | $ | 58 | | | | | $ | 218,243 | | |
Net loss
|
| | | $ | (17,896) | | | | | $ | 339 | | | | | $ | (17,557) | | |
Net transfers from parent company
|
| | | $ | 19,353 | | | | | $ | 6,333 | | | | | $ | 25,686 | | |
Parent company net investment – December 31, 2020
|
| | | $ | 228,807 | | | | | $ | 6,730 | | | | | $ | 235,537 | | |
| | |
Year ended December 31, 2020
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (17,896) | | | | | $ | 339 | | | | | $ | (17,557) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Deferred income taxes, net
|
| | | $ | (5,960) | | | | | $ | (225) | | | | | $ | (6,185) | | |
Other
|
| | | $ | — | | | | | $ | 161 | | | | | $ | 161 | | |
Changes in operating assets and liabilities, net of acquisitions:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | $ | (1,096) | | | | | $ | 1,435 | | | | | $ | 339 | | |
Accounts payable and accrued liabilities
|
| | | $ | 2,337 | | | | | $ | 422 | | | | | $ | 2,759 | | |
Deferred revenue
|
| | | $ | 9,779 | | | | | $ | (8,451) | | | | | $ | 1,328 | | |
Other
|
| | | $ | 1,323 | | | | | $ | (14) | | | | | $ | 1,309 | | |
Net cash provided by operating activities
|
| | | $ | 9,952 | | | | | $ | (6,333) | | | | | $ | 3,619 | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Net transfer from parent
|
| | | $ | 19,353 | | | | | $ | 6,333 | | | | | $ | 25,686 | | |
Net cash provided by financing activities
|
| | | $ | 17,028 | | | | | $ | 6,333 | | | | | $ | 23,361 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Deferred revenue recorded in accounts receivable
|
| | | $ | — | | | | | $ | 8,451 | | | | | $ | 8,451 | | |
| | |
December 31, 2019
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | $ | 7,774 | | | | | $ | 150 | | | | | $ | 7,924 | | |
Total current assets
|
| | | $ | 7,795 | | | | | $ | 150 | | | | | $ | 7,945 | | |
Goodwill
|
| | | $ | 77,108 | | | | | $ | (86) | | | | | $ | 77,022 | | |
Total assets
|
| | | $ | 262,320 | | | | | $ | 64 | | | | | $ | 262,384 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 806 | | | | | $ | 71 | | | | | $ | 877 | | |
Current portion of finance lease liabilities
|
| | | $ | — | | | | | $ | 7 | | | | | $ | 7 | | |
Total current liabilities
|
| | | $ | 6,139 | | | | | $ | 78 | | | | | $ | 6,217 | | |
Deferred income taxes, net
|
| | | $ | 35,388 | | | | | $ | (86) | | | | | $ | 35,302 | | |
Other long-term liabilities
|
| | | $ | 295 | | | | | $ | 14 | | | | | $ | 309 | | |
Total liabilities
|
| | | $ | 44,135 | | | | | $ | 6 | | | | | $ | 44,141 | | |
Parent company net investment: | | | | | | | | | | | | | | | | | | | |
Parent company net investment
|
| | | $ | 218,185 | | | | | $ | 58 | | | | | $ | 218,243 | | |
Total liabilities and parent company net investment
|
| | | $ | 262,320 | | | | | $ | 64 | | | | | $ | 262,384 | | |
| | |
Year ended December 31, 2019
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
License and milestone revenue
|
| | | $ | 12,685 | | | | | $ | 65 | | | | | $ | 12,750 | | |
Service revenue
|
| | | $ | 5,528 | | | | | $ | 40 | | | | | $ | 5,568 | | |
Total revenue
|
| | | $ | 18,213 | | | | | $ | 105 | | | | | $ | 18,318 | | |
Research and development
|
| | | $ | 13,137 | | | | | $ | 71 | | | | | $ | 13,208 | | |
General and administrative
|
| | | $ | 7,976 | | | | | $ | 675 | | | | | $ | 8,651 | | |
Total operating expenses
|
| | | $ | 30,599 | | | | | $ | 746 | | | | | $ | 31,345 | | |
Loss from operations
|
| | | $ | (12,386) | | | | | $ | (641) | | | | | $ | (13,027) | | |
Loss before income tax
|
| | | $ | (12,386) | | | | | $ | (641) | | | | | $ | (13,027) | | |
Income tax benefit (expense)
|
| | | $ | (657) | | | | | $ | 95 | | | | | $ | (562) | | |
Net loss
|
| | | $ | (13,043) | | | | | $ | (546) | | | | | $ | (13,589) | | |
| | |
December 31, 2019
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Net loss
|
| | | $ | (13,043) | | | | | $ | (546) | | | | | $ | (13,589) | | |
Net transfers from parent company
|
| | | $ | 19,686 | | | | | $ | 604 | | | | | $ | 20,290 | | |
Parent company net investment – December 31, 2019
|
| | | $ | 218,185 | | | | | $ | 58 | | | | | $ | 218,243 | | |
| | |
Year ended December 31, 2019
|
| |||||||||||||||
| | |
Reported
|
| |
Adjustment
|
| |
Restated
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (13,043) | | | | | $ | (546) | | | | | $ | (13,589) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Deferred income taxes, net
|
| | | $ | 653 | | | | | $ | (96) | | | | | $ | 557 | | |
Changes in operating assets and liabilities, net of acquisitions:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | $ | (5,565) | | | | | $ | 1,275 | | | | | $ | (4,290) | | |
Accounts payable and accrued liabilities
|
| | | $ | (648) | | | | | $ | 78 | | | | | $ | (570) | | |
Deferred revenue
|
| | | $ | (450) | | | | | $ | (1,425) | | | | | $ | (1,875) | | |
Other
|
| | | $ | (1,959) | | | | | $ | 110 | | | | | $ | (1,849) | | |
Net cash used in operating activities
|
| | | $ | (4,591) | | | | | $ | (604) | | | | | $ | (5,195) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Net transfer from parent
|
| | | $ | 19,686 | | | | | $ | 604 | | | | | $ | 20,290 | | |
Net cash provided by financing activities
|
| | | $ | 16,686 | | | | | $ | 604 | | | | | $ | 17,290 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Deferred revenue recorded in accounts receivable
|
| | | $ | — | | | | | $ | 1,425 | | | | | $ | 1,425 | | |
| | |
Year-ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019(1)
|
| |||||||||
Partner A
|
| | | | 28% | | | | | | 26% | | | | | | 17% | | |
Partner B
|
| | | | 24% | | | | | | 21% | | | | | | 12% | | |
Partner C
|
| | | | 11% | | | | | | 10% | | | | | | 11% | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
License fees
|
| | | $ | 4,500 | | | | | $ | 4,260 | | | | | $ | 5,700 | | |
Milestone revenue
|
| | | | 10,164 | | | | | | 7,125 | | | | | | 7,050 | | |
Service revenue
|
| | | | 20,084 | | | | | | 11,883 | | | | | | 5,568 | | |
| | | | $ | 34,748 | | | | | $ | 23,268 | | | | | $ | 18,318 | | |
|
Cash included in Parent company net investment
|
| | | $ | 47 | | |
|
Intangibles assets with finite-life – core technologies
|
| | | | 5,155 | | |
| | | | | $ | 5,202 | | |
|
Cash included in Parent company net investment and other assets
|
| | | $ | 240 | | |
|
Accrued liabilities
|
| | | | (142) | | |
|
Deferred tax liabilities, net
|
| | | | (320) | | |
|
Intangibles assets with finite-life – core technology
|
| | | | 7,298 | | |
| | | | | $ | 7,076 | | |
|
Property and equipment, net
|
| | | $ | 1,173 | | |
|
Prepaids and other assets
|
| | | | 588 | | |
|
Liabilities assumed
|
| | | | (812) | | |
|
Deferred revenue
|
| | | | (3,685) | | |
|
Deferred tax assets, net
|
| | | | 821 | | |
|
Acquired intangibles
|
| | | | 12,800 | | |
| Goodwill(1) | | | | | 9,055 | | |
| | | | | $ | 19,940 | | |
|
Cash and other assets
|
| | | $ | 28 | | |
|
Accounts payable and accrued liabilities
|
| | | | (83) | | |
|
Deferred tax liabilities, net
|
| | | | (196) | | |
|
Intangible assets with finite-life – core technologies
|
| | | | 7,400 | | |
| Goodwill(1) | | | | | 4,862 | | |
| | | | | $ | 12,011 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Crystal contingent liabilities(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 800 | | | | | $ | 800 | | |
Icagen contingent liabilities(2)
|
| | | | — | | | | | | — | | | | | | 7,364 | | | | | | 7,364 | | | | | | — | | | | | | — | | | | | | 6,404 | | | | | | 6,404 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 7,364 | | | | | $ | 7,364 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,204 | | | | | $ | 7,204 | | |
|
Fair value of level 3 financial instruments as of January 1, 2020
|
| | | $ | 2,659 | | |
|
Payments to CVR holders and other contingent payments
|
| | | | (2,325) | | |
|
Fair value adjustments to contingent liabilities
|
| | | | 2,070 | | |
|
Contingent liabilities from Icagen acquisition
|
| | | | 4,800 | | |
|
Fair value of level 3 financial instruments as of December 31, 2020
|
| | | $ | 7,204 | | |
|
Payments on contingent liabilities
|
| | | | (1,770) | | |
|
Fair value adjustments to contingent liabilities
|
| | | | 1,210 | | |
|
Contingent liabilities from xCella asset acquisition(1)
|
| | | | 720 | | |
| | | | | $ | 7,364 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Assets | | | | | | | | | | | | | |
Operating lease assets
|
| | | $ | 13,332 | | | | | $ | 2,499 | | |
Liabilities | | | | | | | | | | | | | |
Current operating lease liabilities
|
| | | | 578 | | | | | | 579 | | |
Long-term operating lease liabilities
|
| | | | 13,272 | | | | | | 2,012 | | |
Total operating lease liabilities
|
| | | $ | 13,850 | | | | | $ | 2,591 | | |
Maturity Dates
|
| |
Operating
Leases |
| |||
2022
|
| | | $ | 2,122 | | |
2023
|
| | | | 2,178 | | |
2024
|
| | | | 2,249 | | |
2025
|
| | | | 2,384 | | |
2026
|
| | | | 2,433 | | |
Thereafter
|
| | | | 10,414 | | |
Total lease payments
|
| | | | 21,780 | | |
Less imputed interest
|
| | | | (3,603) | | |
Less tenant improvement allowance
|
| | | | (4,327) | | |
Present value of operating lease liabilities
|
| | | $ | 13,850 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Lab and office equipment
|
| | | $ | 6,410 | | | | | $ | 3,872 | | |
Leasehold improvements
|
| | | | 3,495 | | | | | | 732 | | |
Computer equipment and software
|
| | | | 182 | | | | | | 182 | | |
| | | | | 10,087 | | | | | | 4,786 | | |
Less accumulated depreciation and amortization
|
| | | | (3,292) | | | | | | (1,306) | | |
| | | | $ | 6,795 | | | | | $ | 3,480 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Indefinite-lived intangible assets | | | | | | | | | | | | | |
Goodwill
|
| | | $ | 83,979 | | | | | $ | 83,979 | | |
Definite-lived intangible assets | | | | | | | | | | | | | |
Complete technology
|
| | | | 227,403 | | | | | | 224,758 | | |
Less: Accumulated amortization
|
| | | | (60,099) | | | | | | (48,321) | | |
Customer relationships
|
| | | | 11,100 | | | | | | 11,100 | | |
Less: Accumulated amortization
|
| | | | (2,083) | | | | | | (893) | | |
Total goodwill and other identifiable intangible assets, net
|
| | | $ | 260,300 | | | | | $ | 270,623 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Compensation
|
| | | $ | 2,320 | | | | | $ | 1,495 | | |
Professional fees
|
| | | | 67 | | | | | | 22 | | |
Royalties owed to third parties
|
| | | | 296 | | | | | | 272 | | |
Subcontractor
|
| | | | — | | | | | | 482 | | |
Acquisitions related liabilities
|
| | | | 1,000 | | | | | | 1,500 | | |
Other
|
| | | | 63 | | | | | | 185 | | |
| | | | $ | 3,746 | | | | | $ | 3,956 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Current expense (benefit): | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | 17 | | | | | | 14 | | | | | | 5 | | |
| | | | | 17 | | | | | | 14 | | | | | | 5 | | |
Deferred expense (benefit): | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | (6,756) | | | | | | (3,662) | | | | | | (2,779) | | |
State
|
| | | | (569) | | | | | | (2,523) | | | | | | 3,336 | | |
| | | | | (7,325) | | | | | | (6,185) | | | | | | 557 | | |
Income tax expense (benefit)
|
| | | $ | (7,308) | | | | | $ | (6,171) | | | | | $ | 562 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Tax at federal statutory rate
|
| | | $ | (7,214) | | | | | $ | (4,983) | | | | | $ | (2,736) | | |
State, net of federal benefit
|
| | | | (350) | | | | | | (188) | | | | | | (207) | | |
Contingent liabilities
|
| | | | (168) | | | | | | (12) | | | | | | (172) | | |
Share-based compensation
|
| | | | 1,143 | | | | | | 1,253 | | | | | | 847 | | |
Research and development credits
|
| | | | (1,064) | | | | | | (573) | | | | | | — | | |
Change in uncertain tax positions
|
| | | | 119 | | | | | | (6) | | | | | | — | | |
State tax rate change
|
| | | | 37 | | | | | | (1,596) | | | | | | 2,840 | | |
Change in valuation allowance
|
| | | | 228 | | | | | | — | | | | | | — | | |
Other
|
| | | | (39) | | | | | | (66) | | | | | | (10) | | |
| | | | $ | (7,308) | | | | | $ | (6,171) | | | | | $ | 562 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 6,618 | | | | | $ | 4,492 | | |
Research credit carryforwards
|
| | | | 2,803 | | | | | | 1,991 | | |
Stock compensation
|
| | | | 1,703 | | | | | | 1,373 | | |
Deferred revenue
|
| | | | 1,768 | | | | | | 772 | | |
Operating lease liabilities
|
| | | | 3,088 | | | | | | 577 | | |
Other
|
| | | | 1,488 | | | | | | 1,015 | | |
Valuation allowance for deferred tax assets
|
| | | | (526) | | | | | | (403) | | |
Net deferred tax assets
|
| | | $ | 16,942 | | | | | $ | 9,817 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Identified intangibles
|
| | | | (35,114) | | | | | | (37,479) | | |
Operating lease assets
|
| | | | (2,973) | | | | | | (560) | | |
Other
|
| | | | (817) | | | | | | (703) | | |
Net deferred tax liabilities
|
| | | $ | (38,904) | | | | | $ | (38,742) | | |
Deferred income taxes, net
|
| | | $ | (21,962) | | | | | $ | (28,925) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Balance at beginning of year
|
| | | $ | 766 | | | | | $ | 589 | | | | | $ | 556 | | |
Additions based on tax positions related to the current year
|
| | | | 128 | | | | | | 94 | | | | | | — | | |
Additions for tax positions of prior years
|
| | | | — | | | | | | 87 | | | | | | 33 | | |
Reductions for tax positions in prior years
|
| | | | — | | | | | | (4) | | | | | | — | | |
Balance at end of year
|
| | | $ | 894 | | | | | $ | 766 | | | | | $ | 589 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | $ | 8,180 | | | | | $ | 21,136 | | |
Prepaid expenses
|
| | | | 1,081 | | | | | | 785 | | |
Other current assets
|
| | | | 3,970 | | | | | | 621 | | |
Total current assets
|
| | | | 13,231 | | | | | | 22,542 | | |
Deferred income taxes, net
|
| | | | 822 | | | | | | — | | |
Intangible assets, net
|
| | | | 169,050 | | | | | | 176,321 | | |
Goodwill
|
| | | | 83,979 | | | | | | 83,979 | | |
Property and equipment, net
|
| | | | 16,090 | | | | | | 6,795 | | |
Operating lease assets
|
| | | | 22,011 | | | | | | 13,332 | | |
Other assets
|
| | | | 1,451 | | | | | | 1,496 | | |
Total assets
|
| | | $ | 306,634 | | | | | $ | 304,465 | | |
LIABILITIES AND PARENT COMPANY NET INVESTMENT | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 7,383 | | | | | $ | 2,924 | | |
Accrued liabilities
|
| | | | 2,982 | | | | | | 3,746 | | |
Current portion of contingent liabilities
|
| | | | 2,179 | | | | | | 2,538 | | |
Current portion of deferred revenue
|
| | | | 10,199 | | | | | | 10,790 | | |
Current portion of operating lease liabilities
|
| | | | 1,225 | | | | | | 578 | | |
Current portion of financing lease liabilities
|
| | | | 3 | | | | | | 1 | | |
Total current liabilities
|
| | | | 23,971 | | | | | | 20,577 | | |
Long-term contingent liabilities
|
| | | | 4,323 | | | | | | 4,826 | | |
Deferred income taxes, net
|
| | | | 18,304 | | | | | | 21,962 | | |
Long-term operating lease liabilities
|
| | | | 25,411 | | | | | | 13,272 | | |
Long-term portion of deferred revenue
|
| | | | 7,384 | | | | | | 9,226 | | |
Other long-term liabilities
|
| | | | 298 | | | | | | 295 | | |
Total liabilities
|
| | | | 79,691 | | | | | | 70,158 | | |
Commitments and contingencies (Note 5) | | | | | | | | | | | | | |
Parent company net investment: | | | | | | | | | | | | | |
Parent company net investment
|
| | | | 226,943 | | | | | | 234,307 | | |
Total liabilities and parent company net investment
|
| | | $ | 306,634 | | | | | $ | 304,465 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | |
Service revenue
|
| | | $ | 4,735 | | | | | $ | 4,485 | | | | | $ | 9,994 | | | | | $ | 9,377 | | |
License and milestone revenue
|
| | | | 2,325 | | | | | | 1,100 | | | | | | 6,426 | | | | | | 3,814 | | |
Royalty revenue
|
| | | | 139 | | | | | | — | | | | | | 402 | | | | | | — | | |
Total revenues
|
| | | | 7,199 | | | | | | 5,585 | | | | | | 16,822 | | | | | | 13,191 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 11,484 | | | | | | 8,941 | | | | | | 22,256 | | | | | | 18,282 | | |
General and administrative
|
| | | | 5,003 | | | | | | 4,821 | | | | | | 9,115 | | | | | | 8,906 | | |
Amortization of intangibles
|
| | | | 3,113 | | | | | | 3,231 | | | | | | 6,518 | | | | | | 6,462 | | |
Other operating expense (income), net
|
| | | | 165 | | | | | | (764) | | | | | | (278) | | | | | | 271 | | |
Total operating expenses
|
| | | | 19,765 | | | | | | 16,229 | | | | | | 37,611 | | | | | | 33,921 | | |
Loss from operations
|
| | | | (12,566) | | | | | | (10,644) | | | | | | (20,789) | | | | | | (20,730) | | |
Other expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | (6) | | |
Loss before income taxes
|
| | | | (12,566) | | | | | | (10,644) | | | | | | (20,789) | | | | | | (20,736) | | |
Income tax benefit
|
| | | | 2,290 | | | | | | 2,019 | | | | | | 4,231 | | | | | | 4,656 | | |
Net loss
|
| | | $ | (10,276) | | | | | $ | (8,625) | | | | | $ | (16,558) | | | | | $ | (16,080) | | |
| | |
Parent company
net investment |
| |||
Balance at December 31, 2020
|
| | | $ | 235,537 | | |
Net loss
|
| | | | (7,455) | | |
Parent allocation of share-based compensation
|
| | | | 3,379 | | |
Net transfers from parent company
|
| | | | (3,861) | | |
Balance at March 31, 2021
|
| | | $ | 227,600 | | |
Net loss
|
| | | | (8,625) | | |
Parent allocation of share-based compensation
|
| | | | 4,417 | | |
Net transfers from parent company
|
| | | | 3,011 | | |
Balance at June 30, 2021
|
| | | $ | 226,403 | | |
Balance at December 31, 2021
|
| | | $ | 234,307 | | |
Net loss
|
| | | | (6,282) | | |
Parent allocation of share-based compensation
|
| | | | 3,146 | | |
Net transfers from parent company
|
| | | | (6,250) | | |
Balance at March 31, 2022
|
| | | $ | 224,921 | | |
Net loss
|
| | | | (10,276) | | |
Parent allocation of share-based compensation
|
| | | | 3,848 | | |
Net transfers from parent company
|
| | | | 8,450 | | |
Balance at June 30, 2022
|
| | | $ | 226,943 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (16,558) | | | | | $ | (16,080) | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | | |
Change in estimated fair value of contingent liabilities
|
| | | | (277) | | | | | | 271 | | |
Depreciation and amortization
|
| | | | 8,927 | | | | | | 7,484 | | |
Share-based compensation
|
| | | | 6,994 | | | | | | 7,796 | | |
Deferred income taxes, net
|
| | | | (4,477) | | | | | | (4,410) | | |
Other
|
| | | | 37 | | | | | | 43 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 17,256 | | | | | | 13,022 | | |
Other current assets
|
| | | | (365) | | | | | | (79) | | |
Other long-term assets
|
| | | | 1,755 | | | | | | 416 | | |
Accounts payable and accrued liabilities
|
| | | | (1,100) | | | | | | (328) | | |
Deferred revenue
|
| | | | (6,673) | | | | | | (3,746) | | |
Other long-term liabilities
|
| | | | 2,269 | | | | | | (878) | | |
Net cash provided by operating activities
|
| | | | 7,788 | | | | | | 3,511 | | |
Investing activities: | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (8,237) | | | | | | (1,611) | | |
Net cash used in investing activities
|
| | | | (8,237) | | | | | | (1,611) | | |
Financing activities: | | | | | | | | | | | | | |
Payments to CVR holders
|
| | | | (1,545) | | | | | | (1,050) | | |
Deferred transaction cost payment
|
| | | | (206) | | | | | | — | | |
Net transfer from (to) parent
|
| | | | 2,200 | | | | | | (850) | | |
Net cash provided by (used in) financing activities
|
| | | | 449 | | | | | | (1,900) | | |
Net change in cash, cash equivalents and restricted cash
|
| | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | — | | | | | | — | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | — | | | | | $ | — | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Purchase of fixed assets recorded in accounts payable
|
| | | $ | 3,601 | | | | | $ | 54 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Royalty revenue
|
| | | $ | 139 | | | | | $ | — | | | | | $ | 402 | | | | | $ | — | | |
License fees
|
| | | | 1,050 | | | | | | 1,100 | | | | | | 2,055 | | | | | | 1,750 | | |
Milestone revenue
|
| | | | 1,275 | | | | | | — | | | | | | 4,371 | | | | | | 2,064 | | |
Service revenue
|
| | | | 4,735 | | | | | | 4,485 | | | | | | 9,994 | | | | | | 9,377 | | |
| | | | $ | 7,199 | | | | | $ | 5,585 | | | | | $ | 16,822 | | | | | $ | 13,191 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Icagen contingent liabilities(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,542 | | | | | $ | 5,542 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,364 | | | | | $ | 7,364 | | |
xCella contingent liabilities(2)
|
| | | | — | | | | | | — | | | | | | 960 | | | | | | 960 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 6,502 | | | | | $ | 6,502 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,364 | | | | | $ | 7,364 | | |
|
Fair value of level 3 financial instruments as of December 31, 2021
|
| | | $ | 7,364 | | |
|
Payments to CVR holders
|
| | | | (1,545) | | |
|
Fair value adjustments to contingent liabilities
|
| | | | (277) | | |
|
Contingent liabilities from xCella asset acquisition
|
| | | | 960 | | |
|
Fair value of level 3 financial instruments as of June 30, 2022
|
| | | $ | 6,502 | | |
Assets
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Operating lease assets
|
| | | $ | 22,011 | | | | | $ | 13,332 | | |
Liabilities | | | | | | | | | | | | | |
Current operating lease liabilities
|
| | | | 1,225 | | | | | | 578 | | |
Long-term operating lease liabilities
|
| | | | 25,411 | | | | | | 13,272 | | |
Total lease liabilities
|
| | | $ | 26,636 | | | | | $ | 13,850 | | |
Maturity Dates
|
| |
Operating
Leases |
| |||
Remaining six months ending December 31, 2022
|
| | | $ | 1,699 | | |
2023
|
| | | | 3,398 | | |
2024
|
| | | | 3,406 | | |
2025
|
| | | | 3,582 | | |
2026
|
| | | | 3,787 | | |
2027
|
| | | | 3,885 | | |
Thereafter
|
| | | | 14,597 | | |
Total lease payments
|
| | | | 34,355 | | |
Less imputed interest
|
| | | | (6,362) | | |
Less tenant improvement allowance
|
| | | | (1,357) | | |
Present value of lease liabilities
|
| | | $ | 26,636 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Lab and office equipment
|
| | | $ | 13,582 | | | | | $ | 6,410 | | |
Leasehold improvements
|
| | | | 6,572 | | | | | | 3,495 | | |
Computer equipment and software
|
| | | | 442 | | | | | | 182 | | |
| | | | | 20,596 | | | | | | 10,087 | | |
Less: accumulated depreciation and amortization
|
| | | | (4,506) | | | | | | (3,292) | | |
Total property and equipment, net
|
| | | $ | 16,090 | | | | | $ | 6,795 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Indefinite-lived intangible assets | | | | | | | | | | | | | |
Goodwill
|
| | | $ | 83,979 | | | | | $ | 83,979 | | |
Definite lived intangible assets | | | | | | | | | | | | | |
Complete technology
|
| | | | 226,650 | | | | | | 227,403 | | |
Less: accumulated amortization
|
| | | | (66,022) | | | | | | (60,099) | | |
Customer relationships
|
| | | | 11,100 | | | | | | 11,100 | | |
Less: accumulated amortization
|
| | | | (2,678) | | | | | | (2,083) | | |
Total goodwill and other identifiable intangible assets, net
|
| | | $ | 253,029 | | | | | $ | 260,300 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Compensation
|
| | | $ | 1,757 | | | | | $ | 2,320 | | |
Professional fees
|
| | | | 993 | | | | | | 67 | | |
Royalties owed to third parties
|
| | | | 137 | | | | | | 296 | | |
Acquisition related liabilities
|
| | | | — | | | | | | 1,000 | | |
Other
|
| | | | 95 | | | | | | 63 | | |
Total accrued liabilities
|
| | | $ | 2,982 | | | | | $ | 3,746 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
SBC – Research and development expenses
|
| | | $ | 2,254 | | | | | $ | 2,430 | | | | | $ | 4,164 | | | | | $ | 4,507 | | |
SBC – General and administrative expenses
|
| | | | 1,594 | | | | | | 1,987 | | | | | | 2,830 | | | | | | 3,289 | | |
| | | | $ | 3,848 | | | | | $ | 4,417 | | | | | $ | 6,994 | | | | | $ | 7,796 | | |
| | |
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| | | | A-75 | | |
EXHIBITS
|
| | | |
Exhibit A
Separation and Distribution Agreement
|
| | | |
Exhibit B
Form of Tax Matters Agreement
|
| | | |
Exhibit C
Employee Matters Agreement
|
| | | |
Exhibit D-1
Form of Transition Services Agreement (Company-Provided)
|
| | | |
Exhibit D-2
Form of Transition Services Agreement (SpinCo-Provided)
|
| | | |
Exhibit E
Form of A&R Registration Rights Agreement
|
| | | |
Exhibit F
Form of Sponsor Insider Agreement
|
| | | |
Exhibit G
Form of Parent Charter
|
| | | |
Exhibit H
Form of Parent Bylaws
|
| | | |
Exhibit I
A&R Forward Purchase Agreement
|
| | | |
Term
|
| |
Section
|
|
A&R Registration Rights Agreement | | |
Recitals
|
|
Antitrust Division | | |
Section 7.6(b)
|
|
Certificate of Merger | | |
Section 2.3(d)
|
|
Chosen Courts | | |
Section 10.3
|
|
CICA | | |
Recitals
|
|
Class A Merger Consideration | | |
Section 3.1(a)(i)
|
|
Closing | | |
Section 2.2
|
|
Closing Date | | |
Section 2.2
|
|
COBRA | | |
Section 5.18(h)
|
|
Company | | |
Preamble
|
|
Company Board | | |
Recitals
|
|
Company Distribution Tax Opinion | | |
Section 7.3(b)
|
|
Company Group | | |
Section 10.14(b)
|
|
DGCL | | |
Recitals
|
|
Distribution | | |
Recitals
|
|
Distribution Documents | | |
Section 5.23
|
|
Domesticated Parent Common Stock | | |
Recitals
|
|
Domesticated Parent Warrant | | |
Recitals
|
|
Domestication | | |
Recitals
|
|
Term
|
| |
Section
|
|
Effective Time | | |
Section 2.3(d)
|
|
Evaluation Material | | |
Section 10.2
|
|
Exchange Agent | | |
Section 3.2(b)
|
|
Exchange Agent Agreement | | |
Section 3.2(b)
|
|
Exchange Fund | | |
Section 3.2(b)
|
|
FTC | | |
Section 7.6(b)
|
|
Government Contract | | |
Section 5.15(a)(xiv)
|
|
Interim Period | | |
Section 7.1
|
|
Investment | | |
Section 6.3(f)
|
|
JOBS Act | | |
Section 6.6(a)
|
|
Merger | | |
Recitals
|
|
Merger Consideration | | |
Section 3.1(a)(i)
|
|
Merger Sub | | |
Preamble
|
|
Merger Sub Common Stock | | |
Section 3.1(a)(vi)
|
|
Merger Sub Shareholder Approval | | |
Section 7.21
|
|
Modification in Recommendation | | |
Section 7.5
|
|
Term | | |
Section
|
|
Outside Date | | |
Section 9.1(b)
|
|
Parent | | |
Preamble
|
|
Parent Board | | |
Recitals
|
|
Parent Board Recommendation | | |
Recitals
|
|
Parent Bylaws | | |
Section 7.15
|
|
Parent Charter | | |
Section 7.15
|
|
Parent Domestication Tax Opinion | | |
Section 7.3(d)
|
|
Parent SEC Filings | | |
Section 6.13
|
|
Parent Securities | | |
Section 6.3(a)
|
|
Parent Shareholders Meeting | | |
Section 7.4(e)(i)
|
|
Parent Units | | |
Recitals
|
|
Party | | |
Preamble
|
|
Personnel IP Contract | | |
Section 5.19(h)
|
|
Prospectus | | |
Section 10.1
|
|
Remedies Exception | | |
Section 4.2
|
|
SpinCo | | |
Preamble
|
|
SpinCo Board | | |
Recitals
|
|
SpinCo CBA | | |
Section 5.16(c)
|
|
SpinCo Material Contracts | | |
Section 5.15(a)
|
|
SpinCo Proposal | | |
Section 7.9(a)
|
|
SpinCo Real Property Lease | | |
Section 5.15(a)(ix)
|
|
SpinCo Registered Intellectual Property | | |
Section 5.19(a)
|
|
SpinCo Shareholder Approval | | |
Section 5.24
|
|
SpinCo Voting Debt | | |
Section 5.3(b)
|
|
Sponsor Insider Agreement | | |
Recitals
|
|
Subsequent Audited Annual SpinCo Financial | | |
Section 7.22(a)
|
|
Term
|
| |
Section
|
|
Statements | | | | |
Subsequent Period SpinCo Financial Statements | | |
Section 7.22(a)
|
|
Subsequent Unaudited SpinCo Financial Statements | | |
Section 7.22(a)
|
|
Surviving Corporation | | |
Section 2.1
|
|
Tax-Free Status | | |
Section 7.3(a)
|
|
Transaction Litigation | | |
Section 7.11
|
|
Transaction Proposals | | |
Section 7.4(e)(ii)
|
|
Trust Account | | |
Section 10.1
|
|
Unpaid Transaction Expenses | | |
Section 2.3(c)
|
|
WARN | | |
Section 5.16(e)
|
|
| | |
Page
|
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| | | | B-2 | | | |
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| | | | B-41 | | | |
| | | | B-41 | | | |
| | | | B-42 | | | |
| | | | B-42 | | | |
| | | | B-42 | | | |
| | | | B-42 | | | |
| | | | B-43 | | | |
| | | | B-43 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-44 | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-45 | | | |
| | | | B-46 | | | |
| | | | B-46 | | | |
| | | | B-46 | | | |
| | | | B-46 | | | |
| | | | B-46 | | | |
| | | | B-47 | | | |
| | | | B-47 | | | |
| | | | B-48 | | | |
| | | | B-48 | | | |
| | | | B-48 | | | |
| | | | B-48 | | | |
| | | | B-48 | | | |
| | | | B-48 | | |
| List of Schedules | | |||
|
1.1(75)
Ligand Retained Liabilities
|
| | | |
|
1.1(76)
Ligand Retained Names
|
| | | |
|
1.1(86)(ii)
OmniAb Assets — General
|
| | | |
|
1.1(86)(v)
OmniAb Assets — Leases/Subleases
|
| | | |
|
1.1(86)(vi)
OmniAb Assets — Contracts
|
| | | |
|
1.1(86)(vii)
OmniAb Assets — Intellectual Property
|
| | | |
|
1.1(86)(x)
OmniAb Assets — IT Assets
|
| | | |
|
1.1(97)(ii)
OmniAb Liabilities — General
|
| | | |
|
1.1(97)(vii)
OmniAb Liabilities — Actions
|
| | | |
|
2.3(a)
Shared Contracts
|
| | | |
|
2.10(a)(i)
Guarantees Provided by OmniAb Group
|
| | | |
|
2.10(a)(ii)
Guarantees Provided by Ligand Group
|
| | | |
|
2.12(c)
Other Reimbursable Expenses
|
| | ||
| List of Exhibits | | | | |
|
Exhibit A
Reorganization Plan
|
| | | |
|
Exhibit B
Illustrative Adjustments pursuant to Section 2.12(c)
|
| | | |
| | | | Sincerely, | | | | |
| | | | AVISTA ACQUISITION LP II | | |||
| | | | By: | | | /s/ Benjamin Silbert | |
| | | | | | |
Name:
Benjamin Silbert
|
|
| | | | | | |
Title:
Authorized Signatory
|
|
| | | | | | |
email:
Silbert@avistacap.com
|
|
| | | | | | |
Address:
65 East 55th Street
|
|
| | | | | | |
18th Floor
|
|
| | | | | | |
New York, NY 10022
|
|
| | | | /s/ Thompson Dean | |
| | | |
Thompson Dean
|
|
| | | | Number of issued and outstanding Founder Shares: 0 | |
| | | | /s/ David Burgstahler | |
| | | |
David Burgstahler
|
|
| | | | Number of issued and outstanding Founder Shares: 0 | |
| | | | /s/ Sriram Venkataraman | |
| | | |
Sriram Venkataraman
|
|
| | | | Number of issued and outstanding Founder Shares: 0 | |
| | | | /s/ Robert Girardi | |
| | | |
Robert Girardi
|
|
| | | | Number of issued and outstanding Founder Shares: 0 | |
| | | | /s/ Amanda Heravi | |
| | | |
Amanda Heravi
|
|
| | | | Number of issued and outstanding Founder Shares: 0 | |
| | | | /s/ John Cafasso | |
| | | |
John Cafasso
|
|
| | | | Number of issued and outstanding Founder Shares: 0 | |
| | | | /s/ Benjamin Silbert | |
| | | |
Benjamin Silbert
|
|
| | | | Number of issued and outstanding | |
| | | | Founder Shares: 0 | |
| | | | /s/ William E. Klitgaard | |
| | | |
William E. Klitgaard
|
|
| | | | Number of issued and outstanding Founder Shares: 35,000 | |
| | | | /s/ Lâle White | |
| | | |
Lâle White
|
|
| | | | Number of issued and outstanding Founder Shares: 35,000 | |
| | | | /s/ Wendel Barr | |
| | | |
Wendel Barr
|
|
| | | | Number of issued and outstanding Founder Shares: 35,000 | |
| By: | | | /s/ Benjamin Silbert | | | | |
| | | |
Name: Benjamin Silbert
|
| | | |
| | | | Title: General Counsel | | | | |
| | | | email: Silbert@avistacap.com | | | | |
| | | |
Address: 65 East 55th Street
18th Floor New York, NY 10022 |
| | | |
| | | | Attn: Benjamin Silbert | | | | |
| | | | email: Silbert@avistacap.com | | | | |
| By: | | | /s/ Matthew W. Foehr | | | | |
| | | |
Name: Matthew W. Foehr
|
| | | |
| | | | Title: President and Chief Executive Officer | | | | |
| | | |
Address for Notices: 5980 Horton Street
Suite 405 Emeryville, CA 94608 |
| | | |
| | | | Attn: Matt Foehr | | | | |
| | | | Email: matt@omniab.com | | |
By: /s/ Benjamin Silbert |
|
By: /s/ Benjamin Silbert |
|
By: /s/ Matthew W. Foehr |
|
| | |
Page
|
| |||
ARTICLE I
DEFINITIONS
|
| | | | | | |
| | | | E-1 | | | |
ARTICLE II
PAYMENTS AND TAX REFUNDS
|
| | | | | | |
| | | | E-7 | | | |
| | | | E-8 | | | |
| | | | E-9 | | | |
| | | | E-9 | | | |
| | | | E-9 | | | |
| | | | E-10 | | | |
| | | | E-10 | | | |
| | | | E-10 | | | |
| | | | E-10 | | | |
ARTICLE III
PREPARATION AND FILING OF TAX RETURNS
|
| | | | | | |
| | | | E-10 | | | |
| | | | E-11 | | | |
| | | | E-11 | | | |
| | | | E-11 | | | |
| | | | E-11 | | | |
| | | | E-11 | | | |
| | | | E-12 | | | |
| | | | E-13 | | | |
| | | | E-13 | | | |
ARTICLE IV
TAX-FREE STATUS OF THE DISTRIBUTION
|
| | | | | | |
| | | | E-13 | | | |
| | | | E-14 | | | |
ARTICLE V
INDEMNITY OBLIGATIONS
|
| | | | | | |
| | | | E-16 | | | |
| | | | E-16 | | | |
| | | | E-17 | | | |
| | | | E-17 | | | |
ARTICLE VI
TAX CONTESTS
|
| | | | | | |
| | | | E-17 | | | |
| | | | E-17 | | | |
| | | | E-18 | | | |
| | | | E-18 | | | |
| | | | E-18 | | | |
| | | | E-18 | | |
| | |
Page
|
| |||
ARTICLE VII
COOPERATION
|
| | | | | | |
| | | | E-19 | | | |
| | | | E-19 | | | |
ARTICLE VIII
RETENTION OF RECORDS; ACCESS
|
| | | | | | |
| | | | E-19 | | | |
| | | | E-19 | | | |
ARTICLE IX
DISPUTE RESOLUTION
|
| | | | | | |
| | | | E-20 | | | |
ARTICLE X
MISCELLANEOUS PROVISIONS
|
| | | | | | |
| | | | E-20 | | | |
| | | | E-20 | | | |
| | | | E-20 | | | |
| | | | E-20 | | | |
| | | | E-20 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-21 | | | |
| | | | E-22 | | | |
| | | | E-22 | | | |
| | | | E-22 | | | |
| | | | E-22 | | | |
| | | | E-22 | | | |
| | | | E-22 | | | |
| | | | E-22 | | |
| | | | OMNIAB, INC. | |
| | | |
By:
|
|
| | | |
Name:
|
|
| | | |
Title:
|
|
| | | |
LIGAND PHARMACEUTICALS INCORPORATED
|
|
| | | |
By:
|
|
| | | |
Name:
|
|
| | | |
Title:
|
|
| | | | COMPANY: | |
| | | | OMNIAB, INC. | |
| | | |
By:
Name:
Title: |
|
| | | | HOLDERS: | |
| | | | AVISTA ACQUISITION LP II | |
| | | | By: Avista Acquisition GP LLC II, its general partner | |
| | | |
By:
Name: David Burgstahler
Title: Manager |
|
| | | | WILLIAM KLITGAARD | |
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By:
Address:
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| | | | LÂLE WHITE | |
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By:
Address:
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| | | | WENDEL BARR | |
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By:
Address:
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| | | | NEW HOLDERS: | |
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| | | | By: [ ] | |
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[ ]
[ ] |
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| | | | Solely with respect to Section 2.2.1, Article 4 and Section 6.14 | |
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LIGAND PHARMACEUTICALS INCORPORATED
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By:
Name:
Title: |
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“Affiliate”
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| | in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person’s home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. | |
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“Applicable Law”
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| | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. | |
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“Articles”
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| | means these amended and restated articles of association of the Company. | |
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“Audit Committee”
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| | means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. | |
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“Auditor”
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| | means the person for the time being performing the duties of auditor of the Company (if any). | |
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“Business Combination”
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| | means a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the “target business”), which Business Combination: (a) as long as the securities of the Company are listed on the Nasdaq Capital Market, must occur with one or more target businesses that together have an aggregate fair market value of at least 80 per cent of the assets held in the Trust Account (excluding the deferred underwriting discounts and taxes payable on the income earned on the Trust Account) at the time of the signing of the definitive agreement to enter into | |
| | | | such Business Combination; and (b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations. | |
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“business day”
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means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City.
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“Clearing House”
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means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction.
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“Class A Share”
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means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company.
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“Class B Share”
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means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company.
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“Company”
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means the above named company.
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“Company’s Website”
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means the website of the Company and/or its web-address or domain name (if any).
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“Compensation Committee”
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means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
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“Designated Stock Exchange”
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means any United States national securities exchange on which the securities of the Company are listed for trading, including the Nasdaq Capital Market.
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“Directors”
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means the directors for the time being of the Company.
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“Dividend”
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means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles.
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“Electronic Communication”
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means a communication sent by electronic means, including electronic posting to the Company’s Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors.
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“Electronic Record”
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has the same meaning as in the Electronic Transactions Act.
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“Electronic Transactions Act”
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means the Electronic Transactions Act (As Revised) of the Cayman Islands.
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“Equity-linked Securities”
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means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt.
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“Exchange Act”
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means the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time.
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“Forward Purchase Agreement”
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means an agreement that provides for the sale of equity securities in a private placement that will close substantially concurrently with the consummation of a
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Business Combination.
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“Forward Purchase Share”
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means a Class A Share to be issued pursuant to a Forward Purchase Agreement.
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“Forward Purchase Warrant”
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means a warrant to purchase a Class A Share to be issued pursuant to a Forward Purchase Agreement.
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“Founders”
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means all Members immediately prior to the consummation of the IPO.
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“Independent Director”
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has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be.
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“IPO”
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means the Company’s initial public offering of securities.
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“Member”
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has the same meaning as in the Statute.
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“Memorandum”
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means the amended and restated memorandum of association of the Company.
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“Nominating Committee”
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means the nominating committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
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“Officer”
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means a person appointed to hold an office in the Company.
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“Ordinary Resolution”
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means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles.
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“Over-Allotment Option”
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means the option of the Underwriters to purchase up to an additional 15 per cent of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions.
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“Preference Share”
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means a preference share of a par value of US$0.0001 in the share capital of the Company.
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“Public Share”
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means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO.
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“Redemption Notice”
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means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein.
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“Register of Members”
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means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members.
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“Registered Office”
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means the registered office for the time being of the Company.
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“Representative”
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means a representative of the Underwriters.
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“Seal”
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means the common seal of the Company and includes every duplicate seal.
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“Securities and Exchange Commission”
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means the United States Securities and Exchange Commission.
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“Share”
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means a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company.
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“Special Resolution”
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subject to Article 29.4 and Article 47.2, has the same meaning as in the Statute, and includes a unanimous written resolution.
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“Sponsor”
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means Avista Acquisition LP II, a Cayman Islands exempted limited partnership, and its successors or assigns.
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“Statute”
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means the Companies Act (As Revised) of the Cayman Islands.
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“Treasury Share”
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means a Share held in the name of the Company as a treasury share in accordance with the Statute.
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“Trust Account”
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means the trust account established by the Company upon the consummation of the IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.
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“Underwriter”
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means an underwriter of the IPO from time to time and any successor underwriter.
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| LIGAND PHARMACEUTICALS INCORPORATED | | | | |
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By:
/s/ Matthew Korenberg
Name: Matthew Korenberg
Title:
Executive Vice President, Finance and Chief Financial Officer
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| OMNIAB, INC. | | | ||
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By:
/s/ Matthew W. Foehr
Name: Matthew W. Foehr
Title:
President and Chief Executive Officer
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| AVISTA PUBLIC ACQUISITION CORP. II | | | ||
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By:
/s/ Benjamin Silbert
Name: Benjamin Silbert
Title:
General Counsel
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| ORWELL MERGER SUB INC. | | | ||
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By:
/s/ David Burgstahler
Name: David Burgstahler
Title:
President
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OMNIAB, INC.
2022 INCENTIVE AWARD PLAN |
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OMNIAB, INC.
2022 EMPLOYEE STOCK PURCHASE PLAN |
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