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Delaware
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82-2082553
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.001 per share
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REPL
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The Nasdaq Stock Market LLC (Nasdaq Global
Select Market) |
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| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☒
Emerging growth company ☒
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Page No.
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PART I | | | | | 1 | | |
| | | | 1 | | | |
| | | | 27 | | | |
| | | | 63 | | | |
| | | | 63 | | | |
| | | | 63 | | | |
| | | | 63 | | | |
PART II | | | | | 64 | | |
| | | | 64 | | | |
| | | | 64 | | | |
| | | | 64 | | | |
| | | | 80 | | | |
| | | | 81 | | | |
| | | | 81 | | | |
| | | | 81 | | | |
PART III | | | | | 83 | | |
| | | | 83 | | | |
| | | | 83 | | | |
| | | | 83 | | | |
| | | | 83 | | | |
| | | | 84 | | | |
PART IV | | | | | 85 | | |
| | | | 85 | | | |
| | | | 85 | | | |
SIGNATURES | | | | | | | |
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Year Ended
March 31, |
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2021
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2020
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Direct research and development expenses by program: | | | | | | | | | | | | | |
RP1
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| | | $ | 27,517 | | | | | $ | 14,474 | | |
RP2 & RP3
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| | | | 3,004 | | | | | | — | | |
Unallocated research and development expenses: | | | | | | | | | | | | | |
Personnel related (including stock-based compensation)
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| | | | 22,939 | | | | | | 14,646 | | |
Other
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| | | | 3,294 | | | | | | 9,641 | | |
Total research and development expenses
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| | | $ | 56,754 | | | | | $ | 38,761 | | |
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Year Ended March 31,
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Change
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2021
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2020
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(Amounts in thousands)
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Operating expenses: | | | | | | | | | | | | | | | | | | | | | ||
Research and development
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| | | $ | 56,754 | | | | | $ | 38,761 | | | | | $ | 17,993 | | | | ||
General and administrative
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| | | | 23,201 | | | | | | 17,437 | | | | | | 5,764 | | | | ||
Total operating expenses
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| | | | 79,955 | | | | | | 56,198 | | | | | | 23,757 | | | | ||
Loss from operations
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| | | | (79,955) | | | | | | (56,198) | | | | | | (23,757) | | | | ||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | ||
Research and development incentives
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| | | | 2,807 | | | | | | 3,084 | | | | | | (277) | | | | ||
Investment income
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| | | | 916 | | | | | | 2,424 | | | | | | (1,508) | | | | ||
Interest expense on finance lease liability
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| | | | (2,242) | | | | | | (1,185) | | | | | | (1,057) | | | | ||
Interest expense on debt obligations
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| | | | (818) | | | | | | (734) | | | | | | (84) | | | | ||
Loss on extinguishment of debt
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| | | | (913) | | | | | | — | | | | | | (913) | | | | ||
Other (expense) income
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| | | | (665) | | | | | | (16) | | | | | | (649) | | | | ||
Total other (expense) income, net
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| | | | (915) | | | | | | 3,573 | | | | | | (4,488) | | | | ||
Net loss attributable to common stockholders
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| | | | (80,870) | | | | | | (52,625) | | | | | | (28,245) | | | |
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Year Ended
March 31, |
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2021
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2020
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Change
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Direct research and development expenses by program: | | | | | | | | | | | | | | | | | | | |
RP1
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| | | $ | 27,517 | | | | | $ | 14,474 | | | | | $ | 13,043 | | |
RP2 & RP3
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| | | | 3,004 | | | | | | — | | | | | | 3,004 | | |
Unallocated research and development expenses: | | | | | | | | | | | | | | | | | — | | |
Personnel related (including stock-based compensation)
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| | | | 22,939 | | | | | | 14,646 | | | | | | 8,293 | | |
Other
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| | | | 3,294 | | | | | | 9,641 | | | | | | (6,347) | | |
Total research and development expenses
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| | | $ | 56,754 | | | | | $ | 38,761 | | | | | $ | 17,993 | | |
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Year Ended
March 31, |
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2021
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2020
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(Amounts in thousands)
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Net cash used in operating activities
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| | | $ | (61,389) | | | | | $ | (60,552) | | |
Net cash (used in) provided by investing activities
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| | | | (188,776) | | | | | | (5,233) | | |
Net cash provided by financing activities
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| | | | 372,462 | | | | | | 100,166 | | |
Effect of exchange rate changes on cash and cash equivalents
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| | | | 721 | | | | | | (135) | | |
Net increase (decrease) in cash and cash equivalents
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| | | $ | 123,018 | | | | | $ | 34,246 | | |
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Payments due by period
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Total
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Less than 1 year
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1 to 3 years
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4 to 5 years
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More than 5 years
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(Amounts in thousands)
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Manufacturing commitments(1)
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| | | | 1,651 | | | | | | 1,651 | | | | | | — | | | | | | — | | | | | | — | | |
Lease Commitments
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| | | | 63,121 | | | | | | 3,457 | | | | | | 7,170 | | | | | | 7,523 | | | | | | 44,971 | | |
Total
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| | | | 64,772 | | | | | | 5,108 | | | | | | 7,170 | | | | | | 7,523 | | | | | | 44,971 | | |
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Number of Securities to be
Issued Upon Exercise of Outstanding Options, Warrants and Rights |
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Weighted-Average Exercise
Price of Outstanding Options, Warrants and Rights |
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Number of Securities
Available for Future Issuance Under Equity Compensation Plans |
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Plan Category: | | | | | | | | | | | | | | | | | | | |
Equity compensation plans approved by stockholders
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2017 Plan
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| | | | 1,611,893 | | | | | | 2.94 | | | | | | — | | |
2018 Plan(1)
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| | | | 4,864,266 | | | | | | 16.68 | | | | | | 1,282,506 | | |
ESPP
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| | | | | | | | | | | | | | | | 1,031,868 | | |
Total
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| | | | 6,476,159 | | | | | | | | | | | | 2,314,374 | | |
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Page
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| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | |
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March 31,
2021 |
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March 31,
2020 |
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Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 182,518 | | | | | $ | 59,500 | | |
Short-term investments
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| | | | 293,784 | | | | | | 109,055 | | |
Research and development incentives receivable
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| | | | 2,953 | | | | | | 2,962 | | |
Prepaid expenses and other current assets
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| | | | 4,492 | | | | | | 2,734 | | |
Total current assets
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| | | | 483,747 | | | | | | 174,251 | | |
Property, plant and equipment, net
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| | | | 7,442 | | | | | | 6,860 | | |
Restricted cash
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| | | | 1,636 | | | | | | 1,636 | | |
Right-to-use asset – operating leases
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| | | | 5,751 | | | | | | 4,425 | | |
Right-to-use asset – financing leases
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| | | | 44,522 | | | | | | 46,925 | | |
Total assets
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| | | $ | 543,098 | | | | | $ | 234,097 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
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| | | $ | 2,355 | | | | | $ | 3,434 | | |
Accrued expenses and other current liabilities
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| | | | 8,735 | | | | | | 5,156 | | |
Operating lease liabilities, current
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| | | | 970 | | | | | | 873 | | |
Financing lease liabilities, current
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| | | | 2,487 | | | | | | 2,411 | | |
Total current liabilities
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| | | | 14,547 | | | | | | 11,874 | | |
Long term debt, net of debt discount
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| | | | — | | | | | | 9,801 | | |
Operating lease liabilities, non-current
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| | | | 5,078 | | | | | | 3,737 | | |
Financing lease liabilities, non-current
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| | | | 24,745 | | | | | | 24,967 | | |
Total liabilities
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| | | | 44,370 | | | | | | 50,379 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | |
Stockholders’ equity | | | | | | | | | | | | | |
Common stock, $0.001 par value; 150,000,000 shares authorized as of
March 31, 2021 and March 31, 2020; 46,566,481 and 36,668,743 shares issued and outstanding as of March 31, 2021 and March 31, 2020, respectively |
| | | | 47 | | | | | | 37 | | |
Additional paid-in capital
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| | | | 692,243 | | | | | | 296,961 | | |
Accumulated deficit
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| | | | (193,168) | | | | | | (112,298) | | |
Accumulated other comprehensive loss
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| | | | (394) | | | | | | (982) | | |
Total stockholders’ equity
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| | | | 498,728 | | | | | | 183,718 | | |
Total liabilities and stockholders’ equity
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| | | $ | 543,098 | | | | | $ | 234,097 | | |
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Year Ended March 31,
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2021
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2020
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Operating expenses: | | | | | | | | | | | | | | | | |
Research and development
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| | | $ | 56,754 | | | | | $ | 38,761 | | | | ||
General and administrative
|
| | | |