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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 June 30, 2022

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)

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

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  

As of August 8, 2022, there were 36,389,073 of the registrant’s Class A common stock, par value $0.01, outstanding.

As of August 8, 2022, there were 5,553,379 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

5

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (Unaudited)

5

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (Unaudited)

6

Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2022 and 2021 (Unaudited)

7

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2022 and 2021 (Unaudited)

8

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (Unaudited)

10

Notes to Condensed Consolidated Financial Statements (Unaudited)

12

Item 2.

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

37

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

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

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 business strategy for our Growth Direct platform and systems;
our future results of operations and financial position, including our expectations regarding revenue, operating expenses and ability to generate cash flow;
our expectations and assumptions related to our future funding requirements and available capital resources, which may be impacted by market uptake of our Growth Direct system, our research and development activities and the expansion of our sales, marketing, manufacturing and distribution capabilities;
our ability to maintain and expand our customer base for our Growth Direct platform and systems;
our exploration of strategic alternatives for the Company;
the effectiveness of enhancements of our sales processes;
the anticipated impact of our restructuring on the Company;
anticipated trends and growth rates in our business and in the markets in which we operate;
our research and development activities and prospective new features, products and product approvals;
our ability to anticipate market needs and successfully develop new and enhanced solutions to meet those needs, including prospective products;
our expectations regarding the potential impact of the ongoing COVID-19 pandemic on our business, operations and the markets in which we and our customers operate; 
our expectations regarding the potential impact of inflation and deflation and corresponding fluctuations in interest rates on our business and operating costs;
our ability to adequately protect our intellectual property; and
our ability to hire and retain necessary qualified employees to grow our business and expand our operations.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. 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 I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors.” 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.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required

3

Table of Contents

by applicable law, we undertake 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.

TRADEMARKS

Solely for convenience, our trademarks and trade names in this report are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that we will not assert, to the fullest extent under applicable law, our rights thereto.

4

Table of Contents

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated balance sheets

(Unaudited)

(In thousands, except share and per share amounts)

June 30, 

December 31,

    

2022

    

2021

Assets

 

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

49,720

$

178,387

Short-term investments

 

94,371

 

15,110

Accounts receivable

 

4,100

 

5,005

Inventory

 

21,293

 

15,671

Prepaid expenses and other current assets

 

1,999

 

3,951

Total current assets

 

171,483

 

218,124

Property and equipment, net

 

12,649

 

11,304

Right-of-use assets, net

7,530

Long-term investments

22,816

9,966

Other long-term assets

 

1,381

 

1,491

Restricted cash

 

284

 

284

Total assets

$

216,143

$

241,169

Liabilities and Stockholders’ Equity

 

  

 

  

Current liabilities:

Accounts payable

$

2,822

$

3,944

Accrued expenses and other current liabilities

 

5,281

 

10,917

Deferred revenue

 

3,918

 

3,305

Lease liabilities, short-term

 

729

 

Total current liabilities

 

12,750

 

18,166

Deferred rent, long term

 

 

813

Lease liabilities, long-term

 

7,728

 

Other long-term liabilities

698

1,210

Total liabilities

 

21,176

 

20,189

Commitments and contingencies (Note 17)

 

  

 

  

Stockholders’ equity:

 

  

 

  

Class A common stock, $0.01 par value; 210,000,000 shares authorized at June 30, 2022 and December 31, 2021; 36,389,073 shares and 34,564,040 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

365

 

346

Class B common stock, $0.01 par value; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; 5,553,379 shares and 6,903,379 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

55

69

Preferred stock, $0.01 par value: 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; zero shares issued and outstanding at June 30, 2022 and December 31, 2021

Additional paid-in capital

 

538,598

 

535,693

Accumulated deficit

 

(343,132)

 

(315,112)

Accumulated other comprehensive loss

 

(919)

 

(16)

Total stockholders’ equity

 

194,967

 

220,980

Total liabilities and stockholders’ equity

$

216,143

$

241,169

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

5

Table of Contents

RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of operations

(Unaudited)

(In thousands, except share and per share amounts)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

2,440

$

4,088

$

5,003

$

7,806

Service revenue

 

1,420

 

1,606

 

3,017

 

2,673

Non-commercial revenue

 

 

436

 

 

646

Total revenue

 

3,860

 

6,130

 

8,020

 

11,125

Costs and operating expenses:

 

  

 

  

 

  

 

  

Cost of product revenue

 

3,235

 

6,092

 

7,593

 

11,602

Cost of service revenue

 

1,846

 

1,344

 

3,572

 

2,481

Cost of non-commercial revenue

 

 

472

 

 

886

Research and development

 

2,965

 

2,337

 

6,490

 

4,485

Sales and marketing

 

3,484

 

3,122

 

6,940

 

5,397

General and administrative

 

6,404

 

3,625

 

12,498

 

6,827

Total costs and operating expenses

 

17,934

 

16,992

 

37,093

 

31,678

Loss from operations

 

(14,074)

 

(10,862)

 

(29,073)

 

(20,553)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense

 

(10)

 

(924)

 

(21)

 

(1,856)

Change in fair value of preferred stock warrant liability

 

 

(35)

 

 

(11,483)

Other income (expense), net

 

381

 

8

 

484

 

(3)

Total other income (expense), net

 

371

 

(951)

 

463

 

(13,342)

Loss before income taxes

 

(13,703)

 

(11,813)

 

(28,610)

 

(33,895)

Income tax (benefit) expense

 

(613)

 

18

 

(590)

 

37

Net loss

 

(13,090)

 

(11,831)

 

(28,020)

 

(33,932)

Accretion of redeemable convertible preferred stock to redemption value

 

 

(1,184)

 

 

(1,971)

Cumulative redeemable convertible preferred stock dividends

 

 

(885)

 

 

(2,296)

Net loss attributable to common stockholders — basic and diluted

$

(13,090)

$

(13,900)

$

(28,020)

$

(38,199)

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

$

(0.31)

$

(20.01)

$

(0.66)

$

(57.17)

Weighted average common shares outstanding — basic and diluted

 

42,494,055

 

694,698

 

42,346,607

 

668,180

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

6

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RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of comprehensive loss

(Unaudited)

(In thousands)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

Net loss

$

(13,090)

$

(11,831)

$

(28,020)

$

(33,932)

Other comprehensive income:

 

  

 

  

 

  

 

  

Unrealized loss on short-term investments, net of tax

 

(315)

 

(1)

 

(903)

 

(1)

Comprehensive loss

$

(13,405)

$

(11,832)

$

(28,923)

$

(33,933)

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

7

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RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of stockholders’ equity

(Unaudited)

(In thousands, except share amounts)

Accumulated

Class A

Class B

Additional

other

Preferred stock

Common stock

Common stock

paid-in

Accumulated

comprehensive

    

Shares

    

Amount

   

  

Shares

    

Amount

    

Shares

    

Amount

    

capital

    

deficit

    

loss

    

Total

Balances at December 31, 2021

$

34,564,040

$

346

6,903,379

$

69

  

$

535,693

$

(315,112)

$

(16)

$

220,980

Conversion of Class B common stock to Class A common stock

 

1,350,000

14

(1,350,000)

(14)

Restricted stock award liability accretion

 

 

 

 

154

154

Issuance of Class A common stock upon exercise of common stock options

 

 

 

475,033

5

466

471

Stock-based compensation expense

 

 

 

 

983

 

 

983

Net loss

(14,930)

(14,930)

Other comprehensive loss

(588)

(588)

Balances at March 31, 2022

$

36,389,073

$

365

5,553,379

$

55

  

$

537,296

$

(330,042)

$

(604)

$

207,070

Restricted stock award liability accretion

 

 

 

 

44

44

Stock-based compensation expense

 

 

 

 

1,258

 

 

1,258

Net loss

(13,090)

(13,090)

Other comprehensive loss

(315)

(315)

Balances at June 30, 2022

 

 

$

 

36,389,073

 

$

365

5,553,379

 

$

55

 

$

538,598

 

$

(343,132)

 

$

(919)

 

$

194,967

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 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 (loss)

    

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 $1,278

 

22,086,725

78,338

 

 

Issuance of Series D2 redeemable convertible preferred stock, net of issuance costs of $19

 

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 Class A common stock upon exercise of common stock options

 

67,418

1

66

 

 

67

Issuance of restricted Class A 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 Class A common stock upon exercise of common 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)

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

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RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of cash flows

(Unaudited)

(In thousands)

    

Six Months Ended June 30, 

2022

2021

Cash flows from operating activities:

 

  

 

  

Net loss

$

(28,020)

$

(33,932)

Adjustments to reconcile net loss to net cash used in operating activities:

 

  

 

  

Depreciation and amortization expense

 

1,243

 

696

Stock-based compensation expense

 

2,241

 

581

Change in fair value of preferred stock warrant liability

 

 

11,483

Provision recorded for inventory

 

49

 

38

Noncash lease expense

 

549

 

Noncash interest expense

 

 

295

Loss (gain) on disposal of property and equipment

19

(18)

Accretion on investments

 

(22)

 

(4)

Other

(125)

Changes in operating assets and liabilities

 

 

Accounts receivable

 

905

 

1,931

Inventory

 

(5,671)

 

(2,984)

Prepaid expenses and other current assets

 

1,952

 

(43)

Other long-term assets

 

84

 

(172)

Accounts payable

 

(1,122)

 

(1,894)

Accrued expenses and other current liabilities

 

(4,482)

 

1,373

Deferred revenue

 

613

 

(56)

Deferred rent, long term

 

 

(62)

Net cash used in operating activities

 

(31,787)

 

(22,768)

Cash flows from investing activities:

 

  

 

  

Purchases of property and equipment

 

(4,342)

 

(792)

Proceeds from sale of property and equipment

20

Purchases of investments

(117,993)

Maturity of investments

 

25,000

 

15,000

Net cash (used) provided by investing activities

 

(97,335)

 

14,228

Cash flows from financing activities:

 

  

 

  

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

 

 

79,743

Proceeds from issuance of Class A common stock upon stock option exercise

 

471

 

287

Proceeds from issuance of restricted Class A stock award

 

 

523

Payments on finance lease obligations

(16)

Payments of deferred offering costs

 

 

(1,861)

Net cash provided by financing activities

 

455

 

78,692

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(128,667)

 

70,152

Cash, cash equivalents and restricted cash at beginning of period

 

178,671

 

30,179

Cash, cash equivalents and restricted cash at end of period

$

50,004

$

100,331

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

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RAPID MICRO BIOSYSTEMS, INC.

Condensed consolidated statements of cash flows, continued

(Unaudited)

(In thousands)

    

Six Months Ended June 30, 

2022

2021

Supplemental disclosure of cash flow information

 

  

 

  

Cash paid for interest

$

21

$

1,098