10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 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: 001-40693

 

https://cdn.kscope.io/6341baa6a7c23fde1a5292e5eb50b4ef-img114781166_0.jpg 

RALLYBIO CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

85-1083789

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

234 Church Street, Suite 1020

New Haven, CT

06510

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (203) 859-3820

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

RLYB

 

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, 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

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

As of November 1, 2022, the registrant had 32,034,632 shares of common stock, $0.0001 par value per share, outstanding.

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

6

 

Unaudited Condensed Consolidated Balance Sheets

6

 

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

7

 

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity

8

 

Unaudited Condensed Consolidated Statements of Cash Flows

9

 

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2.

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

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

 

 

 

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 6.

Exhibits

77

Signatures

 

78

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning:

the initiation, timing, progress, results, and cost of our research and development programs, and our current and future preclinical and clinical studies, including statements regarding the timing of initiation and completion of our clinical trials for RLYB211, RLYB212, RLYB116 and RLYB331, and the natural history study for our FNAIT prevention program, and related preparatory work, and the period during which the results of the trials will become available;
the success, cost and timing of our clinical development of our product candidates, including RLYB212, RLYB116, RLYB114, and RLYB331;
our ability to initiate, recruit and enroll patients in and conduct our clinical trials at the pace that we project;
our ability to obtain and maintain regulatory approval of our product candidates, and any related restrictions, limitations or warnings in the label of any of our product candidates, if approved;
our ability to compete with companies currently marketing or engaged in the development of treatments for diseases that our product candidates are designed to target, including PNH and gMG;
our reliance on third parties to conduct our clinical trials;
our reliance on third parties to manufacture drug substance for use in our clinical trials;
the size and growth potential of the markets for RLYB212, RLYB116, RLYB114, RLYB331 and any of our current product candidates or other product candidates we may identify and pursue, and our ability to serve those markets;
our ability to expand our pipeline through collaborations, partnerships and other transactions with third parties;
our ability to identify and advance through clinical development any additional product candidates;
the commercialization of our current product candidates and any other product candidates we may identify and pursue, if approved, including our ability to successfully build commercial infrastructure or enter into collaborations with third parties to market our current product candidates and any other product candidates we may identify and pursue;
our ability to retain and recruit key personnel;
our ability to obtain and maintain adequate intellectual property rights;
our expectations regarding government and third-party payor coverage and reimbursement;
our estimates of our expenses, ongoing losses, capital requirements and our needs for or ability to obtain additional financing;
our expected uses of the net proceeds from our initial public offering or any subsequent offerings;
the potential benefits of strategic collaboration agreements, our ability to enter into strategic collaborations or arrangements, including potential business development opportunities and potential licensing partnerships, and our ability to attract collaborators with development, regulatory and commercialization expertise;
our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012;
our financial performance;
developments and projections relating to our competitors or our industry; and

3


 

other risks and uncertainties, including those listed under the section titled “Risk Factors.”

 

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based 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. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report on Form 10-Q entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as guarantees of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risks and uncertainties may emerge from time to time, and it is not possible for management to predict all risks and uncertainties. Except as required by applicable law, we are not obligated to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

 

Trademarks

We use Rallybio as a trademark in the United States and/or in other countries. This Quarterly Report on Form 10-Q contains references to our trademark and to those belonging to other entities, including Affibody®. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

 

Risk Factor Summary

Our business is subject to a number of risks that are discussed more fully in the “Risk Factors” section of this Quarterly Report on Form 10-Q. These risks include the following:

We have incurred significant losses since our inception and anticipate that we will continue to incur losses in the foreseeable future. We have not commercialized any products and have never generated revenue from the commercialization of any product. We are not currently profitable, and we may never achieve or sustain profitability;
We will require significant additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of RLYB212, RLYB116 or any additional product candidates we may develop;
Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates;
The COVID-19 pandemic in the United States and other countries has resulted in and may further result in disruptions to our preclinical studies, clinical trials, manufacturing and other business operations, which could adversely affect our business and the market price of our common stock;
We are heavily dependent on the success of RLYB212 and RLYB116, which are in early-stage clinical development. If we are not able to develop, obtain regulatory approval for, or successfully commercialize our product candidates, or if we experience significant delays in doing so, our business will be materially harmed;
We may not be successful in our efforts to identify additional product candidates. Due to our limited resources and access to capital, we must prioritize development of certain product candidates, the choice of which may prove to be wrong and adversely affect our business;
Preclinical studies and clinical trials are expensive, time consuming, and difficult to design and implement, and involve uncertain outcomes. Any product candidates that we advance into clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval. We may

4


 

incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates;
Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control, including our focus on rare diseases;
Results of preclinical studies, clinical trials, or analyses that we may announce or publish from time to time, may not be indicative of results obtained in later trials, and any interim results we may publish could be different than final results;
Any product candidates that we develop or the administration thereof, may cause serious adverse events or undesirable side effects, which may halt their clinical development, delay or prevent marketing approval, or, if approved, require them to be taken off the market, include safety warnings, or otherwise limit their sales;
The regulatory approval processes of the U.S. Food and Drug Administration (the "FDA"), the European Medicines Agency (the "EMA"), and comparable foreign regulatory authorities are lengthy, time-consuming, and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for RLYB212, RLYB116 or any of our other product candidates, our business will be substantially harmed;
Our product candidates target rare diseases and conditions, and the market opportunities for RLYB212, RLYB116 and any of our other product candidates, if approved, may be smaller than we anticipate. As a result, our commercial opportunity may be limited and because the target populations of our product candidates are for rare diseases, we must be able to successfully identify patients and capture a significant market share to achieve profitability and growth;
The FDA, EMA or other comparable foreign regulatory authorities could require the clearance or approval of an in vitro diagnostic or companion diagnostic device as a condition of approval for any product candidate that requires or would commercially benefit from such tests. Failure to successfully validate, develop and obtain regulatory clearance or approval for companion diagnostics on a timely basis or at all could harm our drug development strategy and we may not realize the commercial potential of any such product candidate;
We face significant competition from biotechnology and pharmaceutical companies, and our operating results will suffer if we fail to compete effectively;
We intend to continue to acquire or in-license rights to additional product candidates or collaborate with third parties for the development and commercialization of our product candidates. We may not succeed in identifying and acquiring businesses or assets, in-licensing intellectual property rights or establishing and maintaining collaborations, which may significantly limit our ability to successfully develop and commercialize our other product candidates, if at all, and these transactions could disrupt our business, cause dilution to our stockholders or reduce our financial resources; and
If we are unable to obtain, maintain and enforce patent protection for our technology and product candidates, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical to ours, and our ability to successfully develop and commercialize our technology and product candidates may be adversely affected.

 

The foregoing is only a summary of some of our risks. For a more detailed discussion of these and other risks you should consider before making an investment in our common stock, see “Risk Factors.”

 

5


 

 


PART I—FIN
ANCIAL INFORMATION

Item 1. Financial Statements.

RALLYBIO CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except share and per share amounts)

 

SEPTEMBER 30,
2022

 

 

DECEMBER 31,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

51,711

 

 

$

175,334

 

Marketable securities

 

 

80,709

 

 

 

 

Prepaid expenses and other assets

 

 

10,009

 

 

 

5,535

 

Total current assets

 

 

142,429

 

 

 

180,869

 

Property and equipment, net

 

 

424

 

 

 

511

 

Operating lease right-of-use assets

 

 

569

 

 

 

 

Investment in joint venture

 

 

244

 

 

 

805

 

Total assets

 

$

143,666

 

 

$

182,185

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

828

 

 

$

603

 

Accrued expenses

 

 

10,302

 

 

 

5,948

 

Operating lease liabilities

 

 

165

 

 

 

 

Total current liabilities

 

 

11,295

 

 

 

6,551

 

Accrued expenses, noncurrent

 

 

 

 

 

32

 

Operating lease liabilities, noncurrent

 

 

428

 

 

 

 

Total liabilities

 

 

11,723

 

 

 

6,583

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common stock, $0.0001 par value per share; 200,000,000 shares
   authorized as of September 30, 2022 and December 31, 2021,
   respectively; and
32,091,398 and 32,129,970 shares issued
   and outstanding as of September 30, 2022 and December 31,
   2021, respectively

 

 

3

 

 

 

3

 

Preferred stock, $0.0001 par value per share; 50,000,000 shares
   authorized as of September 30, 2022 and December 31, 2021,
   respectively;
no shares issued or outstanding as of
   September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

276,852

 

 

 

269,626

 

Accumulated other comprehensive loss

 

 

(434

)

 

 

 

Accumulated deficit

 

 

(144,478

)

 

 

(94,027

)

Total stockholders' equity

 

 

131,943

 

 

 

175,602

 

Total liabilities and stockholders' equity

 

$

143,666

 

 

$

182,185

 

 

See accompanying notes of the condensed consolidated financial statements

6


 

RALLYBIO CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

 

 

FOR THE THREE MONTHS ENDED
SEPTEMBER 30,

 

 

FOR THE NINE MONTHS ENDED
SEPTEMBER 30,

 

(in thousands, except share and per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

12,110

 

 

$

4,960

 

 

$

29,896

 

 

$

20,815

 

General and administrative

 

 

6,750

 

 

 

5,021

 

 

 

20,897

 

 

 

12,520

 

Total operating expenses

 

 

18,860

 

 

 

9,981

 

 

 

50,793

 

 

 

33,335

 

Loss from operations

 

 

(18,860

)

 

 

(9,981

)

 

 

(50,793

)

 

 

(33,335

)

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

525

 

 

 

12

 

 

 

892

 

 

 

42

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(10

)

Other income (expense)

 

 

98

 

 

 

105

 

 

 

311

 

 

 

(13

)

Total other income, net

 

 

623

 

 

 

117

 

 

 

1,203

 

 

 

19

 

Loss from continuing operations

 

 

(18,237

)

 

 

(9,864

)

 

 

(49,590

)

 

 

(33,316

)

Loss on investment in joint venture

 

 

133

 

 

 

332

 

 

 

861

 

 

 

1,282

 

Net loss

 

$

(18,370

)

 

$

(10,196

)

 

$

(50,451

)

 

$

(34,598

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share, basic and diluted

 

$

(0.60

)

 

$

(0.37

)

 

$

(1.65

)

 

$

(1.44

)

Weighted average common shares outstanding, basic and diluted

 

 

30,777,797

 

 

 

27,527,770

 

 

 

30,562,723

 

 

 

24,011,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized loss on marketable securities

 

 

63

 

 

 

 

 

 

434

 

 

 

 

Other comprehensive loss

 

 

(63

)

 

 

 

 

 

(434

)

 

 

 

Comprehensive loss

 

$

(18,433

)

 

$

(10,196

)

 

$

(50,885

)

 

$

(34,598

)

 

See accompanying notes of the condensed consolidated financial statements

7


 

RALLYBIO CORPORATION

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

 

For the Three Months Ended September 30, 2022 and 2021

 

COMMON

 

 

ADDITIONAL
PAID-IN

 

 

ACCUMULATED

 

 

ACCUMULATED OTHER COMPREHENSIVE

 

 

STOCKHOLDERS'

 

(in thousands, except share amounts)

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

DEFICIT

 

 

LOSS

 

 

EQUITY

 

June 30, 2021

 

 

24,999,970

 

 

$

2

 

 

$

184,076

 

 

$

(71,416

)

 

$

 

 

$

112,662

 

Issuance of common stock upon completion of the initial public offering, net of underwriting commissions and discounts and offering costs of $9,721

 

 

7,130,000

 

 

 

1

 

 

 

82,966

 

 

 

 

 

 

 

 

 

82,967

 

Share-based compensation expense

 

 

 

 

 

 

 

 

1,055

 

 

 

 

 

 

 

 

 

1,055

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(10,196

)

 

 

 

 

 

(10,196

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2021

 

 

32,129,970

 

 

$

3

 

 

$

268,097

 

 

$

(81,612

)

 

$

 

 

$

186,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

 

32,130,970

 

 

$

3

 

 

$

274,327

 

 

$

(126,108

)

 

$

(371

)

 

$

147,851

 

Share-based compensation expense

 

 

 

 

 

 

 

 

2,504

 

 

 

 

 

 

 

 

 

2,504

 

Issuance of common stock under the stock award plan

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted common stock

 

 

(42,586

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from exercise of stock options

 

 

2,014

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(18,370

)

 

 

 

 

 

(18,370

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(63

)

 

 

(63

)

Balance, September 30, 2022

 

 

32,091,398

 

 

$

3

 

 

$

276,852

 

 

$

(144,478

)

 

$

(434

)

 

$

131,943

 

 

For the Nine Months Ended September 30, 2022 and 2021

 

COMMON

 

 

ADDITIONAL
PAID-IN

 

 

ACCUMULATED

 

 

ACCUMULATED OTHER COMPREHENSIVE

 

 

STOCKHOLDERS'

 

(in thousands, except share amounts)

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

DEFICIT

 

 

LOSS

 

 

EQUITY

 

December 31, 2020

 

 

23,410,348

 

 

$

2

 

 

$

183,015

 

 

$

(47,014

)

 

$

 

 

$

136,003

 

Issuance of common stock upon completion of the initial public offering, net of underwriting commissions and discounts and offering costs of $9,721

 

 

7,130,000

 

 

 

1

 

 

 

82,966

 

 

 

 

 

 

 

 

 

82,967

 

Issuance of restricted common stock

 

 

1,589,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

2,116

 

 

 

 

 

 

 

 

 

2,116

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(34,598

)

 

 

 

 

 

(34,598

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2021

 

 

32,129,970

 

 

$

3

 

 

$

268,097

 

 

$

(81,612

)

 

$

 

 

$

186,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

32,129,970

 

 

$

3

 

 

$

269,626

 

 

$

(94,027

)

 

$

 

 

$

175,602

 

Share-based compensation expense

 

 

 

 

 

 

 

 

7,205

 

 

 

 

 

 

 

 

 

7,205

 

Issuance of common stock under the stock award plan

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted common stock

 

 

(42,586

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from exercise of stock options

 

 

2,014

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(50,451

)

 

 

 

 

 

(50,451

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(434

)

 

 

(434

)

Balance, September 30, 2022

 

 

32,091,398

 

 

$

3

 

 

$

276,852

 

 

$

(144,478

)

 

$

(434

)

 

$

131,943

 

 

See accompanying notes of the condensed consolidated financial statements

8


 

 

RALLYBIO CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

NINE MONTHS ENDED
SEPTEMBER 30,

 

(in thousands)

 

2022

 

 

2021

 

Cash Flows used in Operating Activities:

 

 

 

 

 

 

Net loss

 

$

(50,451

)

 

$

(34,598

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

128

 

 

 

74

 

Net accretion of discounts/premiums on debt securities

 

 

27

 

 

 

 

Stock-based compensation

 

 

7,205

 

 

 

2,116

 

Loss on investment in joint venture

 

 

861

 

 

 

1,282

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses, right-of-use assets and other assets

 

 

(3,948

)

 

 

(4,386

)

Accounts payable

 

 

95

 

 

 

(607

)

Accrued expenses and operating lease liability

 

 

4,063

 

 

 

472

 

Net cash used in operating activities

 

$

(42,020

)

 

$

(35,647

)

Cash Flows used in Investing Activities:

 

 

 

 

 

 

Purchases of marketable securities

 

 

(136,670

)

 

 

 

Proceeds from maturities of marketable securities

 

 

55,500

 

 

 

 

Purchase of property and equipment

 

 

(54

)

 

 

(196

)

Investment in joint venture

 

 

(300

)

 

 

(2,000

)

Net cash used in investing activities

 

$

(