cmrx-20220331

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 March 31, 2022


☐			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: 001-35867

CHIMERIX, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						33-0903395
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

2505 Meridian Parkway, Suite 100
Durham, North Carolina						27713
(Address of Principal Executive Offices)						(Zip Code)

(919) 806-1074

(Registrant’s Telephone Number, Including Area Code)

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 $0.001 per share	CMRX	The Nasdaq Global 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 x 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 x No o

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 o						Accelerated filer o
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. o

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

As of May 5, 2022, the number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 87,436,180.

CHIMERIX, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

INDEX


			Page
Part I — Financial Information
Item 1. Financial Statements			3
Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)			3
Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2022 and 2021 (unaudited)			4
Consolidated Statements of Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2022 and 2021 (unaudited)			5
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)			6
Notes to the Consolidated Financial Statements (unaudited)			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			19
Item 3. Quantitative and Qualitative Disclosures About Market Risk			28
Item 4. Controls and Procedures			28
Part II — Other Information
Item 1. Legal Proceedings			29
Item 1A. Risk Factors			29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			58
Item 3. Defaults Upon Senior Securities			59
Item 4. Mine Safety Disclosures			59
Item 5. Other Information			59
Item 6. Exhibits			60
Signatures			61

Unless otherwise mentioned or unless the context indicates otherwise, as used in this prospectus, the terms “Chimerix,” “the Company,” “we,” “us” and “our” refer to Chimerix, Inc., a Delaware corporation. We have obtained a registered trademark for Chimerix® and TEMBEXA® in the United States. All other trademarks or trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners.

PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

CHIMERIX, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)


	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	31,957	$	15,397
Short-term investments, available-for-sale	21,421		72,970

Inventories	3,406		2,760
Prepaid expenses and other current assets	5,766		4,678
Total current assets	62,550		95,805
Long-term investments	—		2,022
Property and equipment, net of accumulated depreciation	229		253
Operating lease right-of-use assets	2,298		2,404
Other long-term assets	439		56
Total assets	$	65,516	$	100,540

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	3,494	$	2,788
Accrued liabilities	11,718		13,108
Note payable	—		14,000
Total current liabilities	15,212		29,896
Loan fees	250		—
Lease-related obligations	2,256		2,392
Total liabilities	17,718		32,288

Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding as of March 31, 2022 and December 31, 2021	—		—
Common stock, $0.001 par value, 200,000,000 shares authorized at March 31, 2022 and December 31, 2021; 87,436,180 and 86,884,266 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	87		87
Additional paid-in capital	958,147		953,782
Accumulated other comprehensive loss, net	(73)		(21)
Accumulated deficit	(910,363)		(885,596)
Total stockholders’ equity	47,798		68,252
Total liabilities and stockholders’ equity	$	65,516	$	100,540

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

CHIMERIX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended March 31,
	2022		2021
Revenues:
Contract and grant revenue	$	—	$	1,433
Licensing revenue	15		2
Total revenues	15		1,435
Cost of goods sold	114		—
Gross Profit	(99)		1,435
Operating expenses:
Research and development	19,040		11,862
General and administrative	5,632		4,136
Acquired in-process research and development	—		82,890
Total operating expenses	24,672		98,888
Loss from operations	(24,771)		(97,453)
Other income:

Interest income and other, net	4		38
Net loss	(24,767)		(97,415)
Other comprehensive loss:
Unrealized loss on debt investments, net	(52)		(43)
Comprehensive loss	$	(24,819)	$	(97,458)
Per share information:
Net loss, basic and diluted	$	(0.28)	$	(1.21)
Weighted-average shares outstanding, basic and diluted	87,088,804		80,204,094

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

CHIMERIX, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

(in thousands)

(unaudited)

Common Stock

Amount

Additional
Paid-in Capital

Accumulated Other
Comprehensive
Gain (Loss)

Accumulated
Deficit

Total
Stockholders’
Equity (Deficit)

Balance, December 31, 2021

86,884,266

SEC Form 10-Q filed by Chimerix Inc.