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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2021

or

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

For the transition period from                      to                     

Commission File Number: 001-40592

Rapid Micro Biosystems, Inc.

(Exact name of registrant as specified in its charter)

Graphic

Delaware

    

20-8121647

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

1001 Pawtucket Boulevard West, Suite 280

Lowell, MA 01854

(Address of Principal Executive Offices)

(978) 349-3200

(Registrant’s telephone number)

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

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

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

Large accelerated filer

    

Accelerated filer

    

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

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

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

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

Title of Each Class

    

Trading symbol

    

Name of Exchange on which registered

Class A common stock, $0.01 par value per share

RPID

The Nasdaq Global Select Market

As of November 1, 2021, there were 34,449,144 of the registrant’s Class A common stock, par value $0.01, outstanding.

As of November 1, 2021, there were 6,903,379 of the registrant’s Class B common stock, par value $0.01, outstanding.

Table of Contents

TABLE OF CONTENTS

    

    

Page

Part I

Financial Information

Item 1.

Financial Statements

6

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (Unaudited)

6

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (Unaudited)

7

Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020 (Unaudited)

8

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2021 and 2020 (Unaudited)

9

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (Unaudited)

11

Notes to Condensed Consolidated Financial Statements (Unaudited)

13

Item 2.

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

36

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

55

Item 4.

Controls and Procedures

55

Part II

Other Information

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

94

Item 3.

Defaults Upon Senior Securities

95

Item 4.

Mine Safety Disclosures

95

Item 5.

Other Information

95

Item 6.

Exhibits

95

Exhibit Index

Signatures

2

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. These forward-looking statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part II, Item 1A, “Risk Factors”, in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

This Quarterly Report on Form 10-Q and the documents that we have filed as exhibits should be read with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we assume no obligation to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

3

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SUMMARY RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part II Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. Investors should carefully consider these risks and uncertainties when investing in our Class A common stock. The principal risks and uncertainties affecting our business include the following:

The COVID-19 pandemic has impacted, and may continue to impact, our operations and may materially and adversely affect our business and financial results;

We have incurred significant losses since inception, we expect to incur losses in the future and we may not be able to generate sufficient revenue to achieve and maintain profitability;

We may need to raise additional capital to fund our existing operations, improve our platform or develop and commercialize new products or expand our operations;

To date, our revenue has been primarily generated from sales of our Growth Direct system, laboratory information management system, or LIMS, connection software, and validation services. The generation of our recurring revenue, comprised of sales of our proprietary consumables and service contracts, is dependent upon the sale, delivery and installation of a system as well as the completion of validation services. As a result, we require a substantial period of time to generate recurring revenue;

We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy;

We have limited experience in marketing and sales, and if we are unable to expand our marketing and sales organization to adequately address our customers’ needs or to expand our customer base, our business may be adversely affected;

We must develop new products, adapt to rapid and significant technological change and respond to introductions of new products by competitors to remain competitive;

The continued success of our business relies heavily on establishing and maintaining our position in the market as a leading provider of automated microbial quality control, or MQC, testing;

If our sole manufacturing and development facility becomes damaged or inoperable or we are required to vacate our existing facility, our ability to conduct and pursue our manufacturing and development efforts will be jeopardized;

Our manufacturing operations are dependent upon third-party suppliers, including single-source suppliers, making us vulnerable to supply shortages and price fluctuations, which could harm our business;

If we lose key management, cannot recruit qualified employees, directors, officers or other significant personnel or experience increases in our compensation costs, our business may be materially harmed;

We may acquire businesses or form joint ventures or make investments in other companies or technologies that could negatively affect our operating results, dilute our stockholders’ ownership, incur debt or cause us to incur significant expense;

Our customers use our Growth Direct platform as part of their quality-control workflow, which is subject to regulation by the U.S. Food and Drug Administration, or FDA, and other comparable regulatory authorities;

4

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If we fail to maintain effective internal control over financial reporting and effective disclosure controls and procedures, we may not be able to accurately report our financial results in a timely manner or prevent fraud, which may adversely affect investor confidence in our company;

If we are unable to obtain and maintain sufficient intellectual property protection for our technology, including the Growth Direct platform, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be impaired;

Because we do not anticipate paying any cash dividends on our Class A common stock in the foreseeable future, capital appreciation, if any, would be a stockholder’s sole source of gain;

Provisions in our restated certificate of incorporation and amended and restated bylaws and under Delaware law could make an acquisition of our company, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management;

The market price of our Class A common stock may be volatile and fluctuate substantially, which could result in substantial losses for our stockholders; and

Sales of a substantial number of shares of our Class A common stock in the public market, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our Class A common stock.

5

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PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated balance sheets

(In thousands, except share and per share amounts)

(Unaudited)

September 30, 

December 31, 

    

2021

    

2020

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

219,588

$

30,079

Short-term investments

 

 

14,998

Accounts receivable

 

5,006

 

4,988

Inventory

 

14,167

 

8,965

Prepaid expenses and other current assets

 

5,400

 

3,120

Total current assets

 

244,161

 

62,150

Property and equipment, net

 

8,633

 

7,052

Other long-term assets

 

1,348

 

695

Restricted cash

 

284

 

100

Total assets

$

254,426

$

69,997

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

 

  

 

  

Current liabilities:

Accounts payable

$

2,251

$

4,468

Accrued expenses and other current liabilities

 

11,566

 

6,654

Deferred revenue

 

3,903

 

4,423

Total current liabilities

 

17,720

 

15,545

Preferred stock warrant liability

 

 

4,117

Notes payable, net of unamortized discount

 

 

24,810

Deferred rent, long term

 

728

 

705

Other long-term liabilities

1,233

Total liabilities

 

19,681

 

45,177

Commitments and contingencies (Note 16)

 

  

 

  

Redeemable convertible preferred stock (Series A1, B1, C1, C2, D1, and D2), $0.01 par value; zero shares and 161,455,689 shares authorized at September 30, 2021 and December 31, 2020, respectively; zero shares and 133,021,640 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.

 

 

151,826

Stockholders’ equity (deficit):

 

  

 

  

Class A common stock, $0.01 par value; 210,000,000 shares and 35,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively; 34,449,154 shares and 612,850 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

344

 

6

Class B common stock, $0.01 par value; 10,000,000 shares and zero shares authorized at September 30, 2021 and December 31, 2020, respectively; 6,903,379 shares and zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

69

Preferred stock, $0.01 par value: 10,000,000 shares and zero shares authorized at September 30, 2021 and December 31, 2020, respectively; zero shares issued and outstanding at September 30, 2021 and December 31, 2020

Additional paid-in capital

 

534,839

 

114,575

Accumulated deficit

 

(300,507)

 

(241,588)

Accumulated other comprehensive income

 

 

1

Total stockholders’ equity (deficit)

 

234,745

 

(127,006)

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

$

254,426

$

69,997

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

6

Table of Contents

RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of operations

(Unaudited)

(In thousands, except share and per share amounts)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

4,824

$

4,069

$

12,630

$

6,921

Service revenue

 

1,479

 

895

 

4,152

 

2,060

Non-commercial revenue

 

596

 

283

 

1,242

 

1,858

Total revenue

 

6,899

 

5,247

 

18,024

 

10,839

Costs and operating expenses:

 

  

 

  

 

  

 

  

Cost of product revenue

 

6,298

 

5,441

 

17,900

 

11,544

Cost of service revenue

 

1,516

 

772

 

3,997

 

2,478

Cost of non-commercial revenue

 

396

 

399

 

1,282

 

1,732

Research and development

 

2,441

 

2,224

 

6,926

 

4,906

Sales and marketing

 

3,063

 

1,447

 

8,460

 

4,149

General and administrative

 

5,308

 

2,541

 

12,135

 

6,855

Total costs and operating expenses

 

19,022

 

12,824

 

50,700

 

31,664

Loss from operations

 

(12,123)

 

(7,577)

 

(32,676)

 

(20,825)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense

 

(775)

 

(886)

 

(2,631)

 

(2,463)

Change in fair value of preferred stock warrant liability

 

(8,160)

 

 

(19,643)

 

549

Loss on extinguishment of debt

 

(3,100)

 

 

(3,100)

 

(2,910)

Other income (expense)

 

(809)

 

18

 

(812)

 

24

Total other income (expense), net

 

(12,844)

 

(868)

 

(26,186)

 

(4,800)

Loss before income taxes

 

(24,967)

 

(8,445)

 

(58,862)

 

(25,625)

Income tax expense

 

20

 

20

 

57

 

114

Net loss

 

(24,987)

 

(8,465)

 

(58,919)

 

(25,739)

Accretion of redeemable convertible preferred stock to redemption value

 

210

 

(832)

 

(1,761)

 

(2,882)

Cumulative redeemable convertible preferred stock dividends

 

(451)

 

(1,412)

 

(2,747)

 

(2,987)

Net loss attributable to common stockholders — basic and diluted

$

(25,228)

$

(10,709)

$

(63,427)

$

(31,608)

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

$

(0.71)

$

(30.08)

$

(5.14)

$

(89.20)

Weighted average common shares outstanding — basic and diluted

 

35,316,099

 

356,074

 

12,344,619

 

354,341

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

7

Table of Contents

RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of comprehensive loss

(Unaudited)

(In thousands)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

Net loss

$

(24,987)

$

(8,465)

$

(58,919)

$

(25,739)

Other comprehensive income:

 

  

 

  

 

  

 

  

Unrealized loss on short-term investments, net of tax

 

 

 

(1)

 

Comprehensive loss

$

(24,987)

$

(8,465)

$

(58,920)

$

(25,739)

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

8

Table of Contents

RAPID MICRO BIOSYSTEMS, INC.

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

(Unaudited)

(In thousands, except share amounts)

Accumulated

Redeemable convertible

Class A

Class B

Additional

other

preferred stock

Common stock

Common stock

paid-in

Accumulated

comprehensive

  

Shares

Amount

 

 

Shares

  

Amount

Shares

  

Amount

  

capital

  

deficit

  

income

  

Total

Balances at December 31, 2020

133,021,640

$

151,826

612,850

$

6

$

  

$

114,575

$

(241,588)

$

1

$

(127,006)

Issuance of Series D1 redeemable convertible preferred stock, net of issuance costs of $2,627

 

22,086,725

 

 

78,338

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series D2 redeemable convertible preferred stock, net of issuance costs of $18

 

413,268

 

 

1,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion of redeemable convertible preferred stock to redemption value

 

 

 

787

 

 

 

 

 

 

 

(787)

 

 

 

 

 

 

(787)

Cumulative redeemable convertible preferred stock dividends

 

 

 

1,411

 

 

 

 

 

 

 

(1,411)

 

 

 

 

 

 

(1,411)

Issuance of common stock upon exercise of stock options

 

 

 

 

67,418

 

 

1

 

 

 

 

66

 

 

 

 

 

 

67

Issuance of restricted common stock awards

248,903

2

(2)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

191

 

 

 

 

 

 

191

Net loss

(22,101)

(22,101)

Balances at March 31, 2021

 

155,521,633

 

$

233,832

 

929,171

 

$

9

 

$

 

$

112,632

 

$

(263,689)

 

$

1

 

$

(151,047)

Series D1 issuance costs

 

 

 

(64)

 

 

 

 

 

 

 

 

 

 

 

 

 

Series D2 issuance costs

(1)

Accretion of redeemable convertible preferred stock to redemption value

 

 

 

1,184

 

 

 

 

 

 

 

(1,184)

 

 

 

 

 

 

(1,184)

Cumulative redeemable convertible preferred stock dividends

 

 

 

885

 

 

 

 

 

 

 

(885)

 

 

 

 

 

 

(885)

Issuance of common stock upon exercise of stock options

 

 

 

 

37,146

 

 

1

 

 

 

 

31

 

 

 

 

 

 

32

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

390

 

 

 

 

 

 

390

Net loss

(11,831)

(11,831)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

(1)

Balances at June 30, 2021

 

155,521,633

 

$

235,836

 

966,317

 

$

10

 

$

 

$

110,984

 

$

(275,520)

 

$

 

$

(164,526)

Accretion of redeemable convertible preferred stock to redemption value

 

 

(210)

 

 

 

 

 

 

 

210

 

 

 

 

210

Cumulative redeemable convertible preferred stock dividends

 

 

451

 

 

 

 

 

 

 

(451)

 

 

 

 

(451)

Conversion of preferred stock to common stock

 

(155,521,633)

 

 

(236,077)

 

24,200,920

 

 

242

6,903,379

 

 

69

 

 

235,766

 

 

 

 

 

 

236,077

Conversion of preferred stock warrants to class A common stock warrants

23,760

23,760

Issuance of class A common stock in initial public offering, net of issuance costs of $16,087

9,006,604

90

163,955

164,045

RSA liability accretion

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

5

Issuance of common stock upon exercise of common stock warrants

 

 

 

 

268,718

 

 

2

 

 

 

 

11

 

 

 

 

 

 

13

Issuance of common stock upon exercise of stock options

 

 

 

 

6,595

 

 

 

 

 

 

15

 

 

 

 

 

 

15

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

584

 

 

 

 

 

 

584

Net loss

(24,987)

(24,987)

Balances at September 30, 2021

 

 

$

 

34,449,154

 

$

344

6,903,379

 

$

69

 

$

534,839

 

$

(300,507)

 

$

 

$

234,745

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

9

Table of Contents

RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of redeemable convertible preferred stock and stockholders’ deficit

(Unaudited), continued

(In thousands, except share amounts)

    

    

    

    

  

  

    

    

    

    

    

    

    

    

    

    

    

    

    

    

Accumulated

    

    

    

Redeemable convertible

Class A

Class B

Additional

other

preferred stock

Common stock

Common stock

paid-in

Accumulated

comprehensive

Shares

Amount

Shares

Amount

Shares

Amount

capital

deficit

income

Total

Balances at December 31, 2019

 

78,757,540

 

$

81,850

 

353,465

 

$

4

 

$

 

$

121,931

 

$

(204,510)

 

$

 

$

(82,575)

Accretion of redeemable convertible preferred stock to redemption value

 

 

 

818

 

 

 

 

 

 

 

(818)

 

 

 

 

 

 

(818)

Cumulative redeemable convertible preferred stock dividends

 

 

 

788

 

 

 

 

 

 

 

(788)

 

 

 

 

 

 

(788)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

120

 

 

 

 

 

 

120

Net loss

(8,007)

(8,007)

Balances at March 31, 2020

 

78,757,540

 

 

83,456

 

353,465

$

4

$

 

$

120,445

 

$

(212,517)

 

$

 

$

(92,068)

Issuance of Series C1 redeemable convertible preferred stock, net of issuance costs of $261

 

23,611,208

 

 

26,891

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series C2 redeemable convertible preferred stock, net of issuance costs of $303

 

20,301,829

 

 

23,044

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of bridge notes to C1 redeemable convertible preferred stock

 

10,351,063

 

 

11,898

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion of redeemable convertible preferred stock to redemption value

 

 

 

1,232

 

 

 

 

 

 

 

(1,232)

 

 

 

 

 

 

(1,232)

Cumulative redeemable convertible preferred stock dividends

 

 

 

787

 

 

 

 

 

 

 

(787)

 

 

 

 

 

 

(787)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

126

 

 

 

 

 

 

126

Net loss