Rapid Micro Biosystems, Inc 8-K, filed Mar 4, 2022

Rapid Micro Biosystems, Inc. (RPID)

8-K 2022-03-04 For: 2022-03-04

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Added on April 06, 2026

About this 8-K

Rapid Micro Biosystems, Inc filed this 8-K on March 4, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	001-40592	20-8121647
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation or organization)	File Number)	Identification No.)

	1001 Pawtucket Boulevard West, Suite 280
	Lowell, Massachusetts 01854
	(Address of principal executive offices) (Zip Code)

	978-349-3200
	(Registrant’s telephone number, include area code)


Title of each class	Trading Symbols	Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share	RPID	The Nasdaq Global Select Market


Exhibit No.		Description
99.1*		Press Release of Rapid Micro Biosystems, Inc. dated March 4, 2022
104		Cover Page Interactive Data File (formatted as inline XBRL).


	RAPID MICRO BIOSYSTEMS, INC.

Date: March 4, 2022	By:	/s/ Sean Wirtjes
		Sean Wirtjes
		Chief Financial Officer


	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020


Revenue:
Product revenue	$	2,882	$	4,071	$	15,512	$	10,992
Service revenue		1,973		1,031		6,125		3,091
Non-commercial revenue		353		136		1,595		1,994
Total revenue		5,208		5,238		23,232		16,077
Costs and operating expenses:
Cost of product revenue		5,534		7,098		23,434		18,642
Cost of service revenue		1,925		908		5,922		3,386
Cost of non-commercial revenue		335		388		1,617		2,120
Research and development		2,855		1,625		9,781		6,531
Sales and marketing		3,355		1,813		11,815		5,962
General and administrative		5,760		3,121		17,895		9,976
Total costs and operating expenses		19,764		14,953		70,464		46,617
Loss from operations		(14,556)		(9,715)		(47,232)		(30,540)
Other income (expense):
Interest expense		(19)		(984)		(2,650)		(3,447)
Change in fair value of preferred stock warrant liability		—		(618)		(19,643)		(69)
Loss on extinguishment of debt		—		—		(3,100)		(2,910)
Other income (expense)		4		(2)		(808)		22
Total other expense, net		(15)		(1,604)		(26,201)		(6,404)
Loss before income taxes		(14,571)		(11,319)		(73,433)		(36,944)
Income tax expense		34		20		91		134
Net loss		(14,605)		(11,339)		(73,524)		(37,078)
Accretion of redeemable convertible preferred stock to redemption value		—		(863)		(1,761)		(3,745)
Cumulative redeemable convertible preferred stock dividends		—		(1,411)		(2,747)		(4,398)
Net loss attributable to common stockholders — basic and diluted	$	(14,605)	$	(13,613)	$	(78,032)	$	(45,221)
Net loss per share attributable to Class A and Class B common stockholders — basic and diluted	$	(0.35)	$	(36.66)	$	(3.94)	$	(126.11)
Weighted average common shares outstanding — basic and diluted		41,858,094		371,354		19,783,539		358,582


	December 31,		December 31,
	2021		2020

Assets
Current assets:
Cash and cash equivalents	$	178,387	$	30,079
Short-term investments		15,110		14,998
Accounts receivable		5,005		4,988
Inventory		15,671		8,965
Prepaid expenses and other current assets		3,951		3,120
Total current assets		218,124		62,150
Property and equipment, net		11,304		7,052
Long-term investments		9,966		—
Other long-term assets		1,491		695
Restricted cash		284		100
Total assets	$	241,169	$	69,997
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	3,944	$	4,468
Accrued expenses and other current liabilities		10,917		6,654
Deferred revenue		3,305		4,423
Total current liabilities		18,166		15,545
Preferred stock warrant liability		—		4,117
Notes payable, net of unamortized discount		—		24,810
Deferred rent, long term		813		705
Other long-term liabilities		1,210		—
Total liabilities		20,189		45,177
Redeemable convertible preferred stock		—		151,826
Total stockholders’ equity (deficit)		220,980		(127,006)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$	241,169	$	69,997


	Year Ended December 31,
	2021		2020

Cash flows from operating activities:
Net loss	$	(73,524)	$	(37,078)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		1,529		1,509
Stock-based compensation expense		1,843		533
Change in fair value of preferred stock warrant liability		19,643		69
Provision recorded for inventory		60		154
Noncash interest expense		390		2,023
Gain on disposal of property and equipment		(18)		—
Accretion on investments		(3)		—
Loss on extinguishment of debt		3,100		2,910
Other, net		14		(17)
Changes in operating assets and liabilities
Accounts receivable		(17)		(1,361)
Inventory		(6,766)		(3,367)
Prepaid expenses and other current assets		(1,105)		(1,325)
Other long-term assets		(851)		(363)
Accounts payable		(524)		978
Accrued expenses and other current liabilities		2,305		1,775
Deferred revenue		(1,117)		2,542
Deferred rent, long term		107		22
Other long-term liabilities		(30)		—
Net cash used in operating activities		(54,964)		(30,996)

Cash flows from investing activities:
Purchases of property and equipment		(3,217)		(690)
Proceeds from sale of property and equipment		20		—
Purchases of investments		(25,092)		(24,980)
Maturity of investments		15,000		10,000
Net cash used in investing activities		(13,289)		(15,670)

Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		79,743		49,935
Proceeds from issuance of Class A common stock upon stock option exercise		403		72
Proceeds from issuance of restricted Class A stock award		523		—
Proceeds from initial public offering of Class A and Class B common stock, net of issuance costs		164,100		—