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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 June 30, 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: 001-39333

Forma Therapeutics Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	37-1657129
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
300 North Beacon Street, Suite 501 Watertown, Massachusetts	02472
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 679-1970

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

FMTX

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 ☒ 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.

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 1, 2022, the registrant had 47,852,557 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION	6
Item 1.	Financial Statements (Unaudited)	6
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations and Comprehensive Loss	7
	Condensed Consolidated Statements of Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27
PART II.	OTHER INFORMATION	28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	82
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83
Signatures		84

Summary of the Material and Other Risks Associated with Our Business

Our business is subject to numerous material and other risks and uncertainties that you should be aware of in evaluating our business. These risks include, but are not limited to, the following:


	∎		We are a clinical-stage biopharmaceutical company with a limited operating history and have not generated any revenue to date from drug sales and may never become profitable.
	∎		We have incurred significant operating losses in recent periods and anticipate that we will incur continued losses for the foreseeable future.
	∎		We will require additional capital to finance our operations, which may not be available to us on acceptable terms, or at all. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, scale back or discontinue some of our product candidate development programs or pre-commercialization efforts.
	∎		We depend heavily on the success of our product candidates, etavopivat and FT-7051. We cannot be certain that we will be able to obtain regulatory approval for, or successfully commercialize, any of our current or future product candidates.
	∎		If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.
	∎		Rare hematologic diseases may have relatively low prevalence and it may be difficult to identify patients with the driver of the disease, which may lead to delays in enrollment for our trials.
	∎		Business interruptions resulting from the COVID-19 global pandemic or similar public health crises could cause a disruption to the development to our product candidates and adversely impact our business.
	∎		Our current or future product candidates may cause adverse or other undesirable side effects that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.
	∎		If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals both for our current or future product candidates, we will not be able to commercialize, or will be delayed in commercializing, our current or future product candidates, and our ability to generate revenue will be materially impaired.
	∎		Even if we receive regulatory approval for any of our current or future product candidates, we will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. Additionally, our current or future product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our drugs.
	∎		Manufacturing our current or future product candidates is complex and we may encounter difficulties in production. If we encounter such difficulties, our ability to provide supply of our current or future product candidates for preclinical studies and clinical trials or for commercial purposes could be delayed or stopped.
	∎		Even if we receive marketing approval for our current or future product candidates, our current or future product candidates may not achieve broad market acceptance, which would limit the revenue that we generate from their sales.
	∎		We rely, and expect to continue to rely, on third parties to conduct our ongoing and planned clinical trials for our current and future product candidates. If these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain marketing approval for or commercialize our current and potential future product candidates and our business could be substantially harmed.
	∎		If we are unable to obtain and maintain patent and other intellectual property protection for our technology and product candidates or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize technology and drugs similar or identical to ours, and our ability to successfully commercialize our technology and drugs may be impaired.

The material and other risks summarized above should be read together with the text of the full risk factors below and in the other information set forth in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and the related notes, as well as in other documents that we file with the U.S. Securities and Exchange Commission, or the SEC. If any such material and other risks and uncertainties actually occur, our business, prospects, financial condition and results of operations could be materially and adversely affected. The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial may also materially adversely affect our business, prospects, financial condition and results of operations.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties and other 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 these forward-looking statements. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:


	∎		the timing and the success of preclinical studies and clinical trials of etavopivat and FT-7051 and any other product candidates, including the availability, timing and announcement of data and results of such studies and trials;
	∎		the initiation of any clinical trials of etavopivat and FT-7051 and any other product candidates;


	∎		our need to raise additional funding before we can expect to generate any revenues from product sales;


	∎		our ability to conduct successful clinical trials or obtain regulatory approval for etavopivat and FT-7051 or any other product candidates that we may identify or develop;


	∎		our heavy dependence upon the success of our research to generate and advance additional product candidates;


	∎		our ability to establish an adequate safety and efficacy profile for etavopivat, FT-7051 or any other product candidates that we may pursue;


	∎		the implementation of our strategic plans for our business, any product candidates we may develop and any companion diagnostics;


	∎		our intellectual property position, including the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and any companion diagnostics;


	∎		the rate and degree of market acceptance and clinical utility for any product candidates we may develop;


	∎		our expectations related to estimates of our expenses, future revenues, capital requirements and our needs for additional financing;


	∎		our ability to maintain and establish partnerships and collaborations;


	∎		the potential benefits from our licenses to Rigel Pharmaceuticals Inc., Boehringer Ingelheim International GmbH and Celgene Corporation, now Bristol-Myers Squibb Company;


	∎		our financial performance, including our ability to obtain additional funding to fund our operation and complete further development and commercialization of our product candidates, when needed and if approved;


	∎		our ability to effectively manage our anticipated growth;


	∎		developments relating to our competitors and our industry, including the impact of government regulation;


	∎		our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals;


	∎		the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business operations; and


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

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. 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 with the SEC thereto completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.

The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business and the markets for our product candidates. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market, and other data from our own internal estimates and research as well as from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. While we are not aware of any misstatements regarding any third-party information presented in this Quarterly Report on Form 10-Q, their estimates, in particular, as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties and are subject to change based on various factors, including those discussed under the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FORMA THERAPEUTICS HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)


	June 30,			December 31,
	2022			2021
Assets
Current assets:
Cash and cash equivalents	$	75,136		$	77,421
Short-term marketable securities		320,767			386,805
Income tax receivable		12,054			11,988
Prepaid expenses and other current assets		18,489			10,187
Total current assets		426,446			486,401
Property and equipment, net		13,635			13,927
Long-term marketable securities		—			26,047
Operating lease right-of-use asset		22,251			22,074
Other assets		12,837			12,612
Total assets	$	475,169		$	561,061
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,040		$	4,145
Accrued expenses and other current liabilities		25,046			25,748
Operating lease liability		5,335			5,125
Income tax payable		43			70
Total current liabilities		33,464			35,088
Operating lease liability, noncurrent		27,213			27,617
Total liabilities		60,677			62,705
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 150,000,000 shares authorized at June 30, 2022 and December 31, 2021; 47,838,797 and 47,411,356 shares issued at June 30, 2022 and December 31, 2021, respectively; 47,834,542 and 47,398,238 shares outstanding at June 30, 2022 and December 31, 2021, respectively		47			47
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no shares issued or outstanding at June 30, 2022 and December 31, 2021		—			—
Additional paid-in capital		741,555			728,683
Accumulated deficit		(327,110	)		(230,374	)
Total stockholders’ equity		414,492			498,356
Total liabilities and stockholders’ equity	$	475,169		$	561,061

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

FORMA THERAPEUTICS HOLDINGS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Collaboration revenue	$	—		$	—		$	—		$	—
Operating expenses:
Research and development		39,059			31,587			70,332			57,930
General and administrative		13,939			12,471			27,075			22,338
Total operating expenses		52,998			44,058			97,407			80,268
Loss from operations		(52,998	)		(44,058	)		(97,407	)		(80,268	)
Other income:
Interest income		599			309			888			571
Other (expense) income, net		(192	)		272			(227	)		268
Total other income, net		407			581			661			839
Loss before taxes		(52,591	)		(43,477	)		(96,746	)		(79,429	)
Income tax (benefit) expense		(13	)		108			(10	)		116
Net loss and comprehensive loss	$	(52,578	)	$	(43,585	)	$	(96,736	)	$	(79,545	)
Net loss allocable to shares of common stock, basic and diluted	$	(52,578	)	$	(43,585	)	$	(96,736	)	$	(79,545	)
Net loss per share of common stock, basic and diluted	$	(1.10	)	$	(0.92	)	$	(2.03	)	$	(1.68	)
Weighted-average shares of common stock outstanding, basic and diluted		47,805,493			47,339,464			47,684,236			47,317,361

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

FORMA THERAPEUTICS HOLDINGS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

(unaudited)


	Common Stock				Additional Paid-In		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Equity
Balance at December 31, 2020		47,248,685	$	47	$	705,607	$	(57,410	)	$	648,244
Exercise of options to purchase common stock		68,389		—		333		—			333
Vesting of restricted common stock		11,501		—		—		—			—
Equity-based compensation		—		—		3,848		—			3,848
Net loss and comprehensive loss		—		—		—		(35,960	)		(35,960	)
Balance at March 31, 2021		47,328,575	$	47	$	709,788	$	(93,370	)	$	616,465
Exercise of options to purchase common stock		17,652		—		92		—			92
Vesting of restricted common stock		8,652		—		—		—			—
Equity-based compensation		—		—		6,423		—			6,423
Net loss and comprehensive loss		—		—		—		(43,585	)		(43,585	)
Balance at June 30, 2021		47,354,879	$	47	$	716,303	$	(136,955	)	$	579,395

Balance at December 31, 2021		47,398,238	$	47	$	728,683	$	(230,374	)	$	498,356
Exercise of options to purchase common stock		131,788		—		741		—			741
Vesting of restricted common stock		4,413		—		—		—			—
Vesting of restricted stock units		228,244		—		—		—			—
Equity-based compensation		—		—		6,254		—			6,254
Net loss and comprehensive loss		—		—		—		(44,158	)		(44,158	)
Balance at March 31, 2022		47,762,683	$	47	$	735,678	$	(274,532	)	$	461,193
Exercise of options to purchase common stock		27,016		—		88		—			88
Vesting of restricted common stock		3,268		—		—		—			—
Vesting of restricted stock units		41,575		—		—		—			—
Equity-based compensation		—		—		5,789		—			5,789
Net loss and comprehensive loss		—		—		—		(52,578	)		(52,578	)
Balance at June 30, 2022		47,834,542	$	47	$	741,555	$	(327,110	)	$	414,492

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

FORMA THERAPEUTICS HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended June 30,
	2022			2021
Cash flows from operating activities
Net loss	$	(96,736	)	$	(79,545	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,353			360
Non-cash operating lease expense		555			642
Gain on lease modification		—			(287	)
Equity-based compensation		12,043			10,271
(Accretion) amortization of marketable securities		(165	)		761
Loss on disposal and sale of property and equipment		—			17
Changes in operating assets and liabilities:
(Increase) decrease in income taxes receivable		(66	)		1,207
(Increase) in prepaid expenses and other current assets		(8,328	)		(2,180	)
(Increase) in other assets		—			(2,555	)
(Decrease) increase in accounts payable		(1,082	)		721
(Decrease) in accrued expenses and other current liabilities		(706	)		(2,117	)
(Decrease) in income taxes payable		(27	)		(189	)
(Decrease) in operating lease liability		(900	)		(882	)
Net cash used in operating activities		(94,059	)		(73,776	)
Cash flows from investing activities
Purchases of held-to-maturity marketable securities		(209,581	)		(397,222	)
Proceeds from maturity and redemption of marketable securities		301,831			239,440
Purchases of property and equipment		(1,061	)		(183	)
Net cash provided by (used in) investing activities		91,189			(157,965	)
Cash flows from financing activities
Payment of deferred offering costs		(206	)		—
Proceeds from exercise of options to purchase common stock		829			425
Payment of public offering costs		—			(500	)
Net cash provided by (used in) financing activities		623			(75	)
Net decrease in cash, cash equivalents and restricted cash		(2,247	)		(231,816	)
Cash, cash equivalents and restricted cash, beginning of the period		79,538			285,159
Cash, cash equivalents and restricted cash, end of the period	$	77,291		$	53,343
Supplemental disclosure of non-cash activities:
Operating lease right-of-use asset recognized upon adoption of Topic 842	$	—		$	7,478
Operating lease right-of-use asset obtained in exchange for operating lease liability	$	1,115		$	—
Deferred offering costs included in accrued expenses	$	4		$	—

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

FORMA THERAPEUTICS HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 1—Organization and Nature of Business

Forma Therapeutics Holdings, Inc. and its wholly-owned subsidiaries, hereinafter collectively, “the Company”, is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers.

On June 23, 2020, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 15,964,704 shares of its common stock at a public offering price of $20.00 per share, resulting in net proceeds of $293.3 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of preferred stock automatically converted into 20,349,223 shares of common stock; all issued shares of enterprise junior stock automatically converted into 2,124,845 and 103,007 shares of common stock and restricted common stock, respectively; and all outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase an aggregate of 70,133 shares of common stock with an exercise price of $5.13 per share.

On December 15, 2020, the Company completed a follow-on public offering in which the Company issued and sold 6,095,000 shares of its common stock at a public offering price of $45.25 per share, resulting in net proceeds of $258.6 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.

On July 26, 2021, the Company filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”), which was automatically declared effective on July 26, 2021 (File No. 333-258174), as amended by Post-Effective Amendment No. 1 and Post-Effective Amendment No. 2 on Form S-3 filed on March 1, 2022, in relation to the registration of up to $400.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof (the “2021 Shelf”). The Company also simultaneously entered into a Sales Agreement ("Sales Agreement") with SVB Leerink LLC (the "Sales Agent") to provide for the offering, issuance and sale of up to an aggregate amount of $200.0 million of common stock from time to time in “at-the-market” offerings, with $150.0 million of common stock currently registered under the 2021 Shelf, and subject to the limitations thereof. The Company will pay to the Sales Agent cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the Sales Agreement. As of the date of this Quarterly Report on Form 10-Q, the Company has not made any sales of its common stock under the Sales Agreement.

Liquidity
The Company is focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products.

The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products.

The Company has determined that its cash, cash equivalents and marketable securities of $395.9 million as of June 30, 2022 will be sufficient to fund its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and the completion of the IPO and follow-on public offering. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2022. The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all.

Note 2—Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The condensed consolidated financial statements include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Significant Accounting Policies
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021, and in the opinion of the Company’s management, reflect all adjustments which are necessary to present fairly the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. Such adjustments are of a normal and recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Cash, Cash Equivalents and Restricted Cash

The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. The carrying amounts of the Company’s cash equivalents approximate their fair value due to their short-term nature.

Amounts in restricted cash consist of letters of credit and a security deposit to secure the Company’s facilities. Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2022 and 2021 to the condensed consolidated statements of cash flows (in thousands):


	June 30,
	2022		2021
Cash and cash equivalents	$	75,136	$	50,873
Restricted cash		2,155		2,470
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows	$	77,291	$	53,343

Marketable Securities

Marketable securities generally consist of U.S. Treasury securities, debt securities of U.S. Government agencies and corporate entities and commercial paper. The objectives for holding investments are to invest the Company’s excess cash resources in investment vehicles that provide a better rate of return compared to an interest-bearing bank account with limited risk to the principal invested. Marketable securities with original maturities of greater than 90 days and remaining maturities of less than one year from the balance sheet date are classified as short-term marketable securities. Marketable securities with remaining maturities of greater than one year from the balance sheet date are classified as long-term marketable securities. All investments are classified as held-to-maturity marketable securities as the Company does not have intent to sell these securities and it is more likely than not the Company will not be required to sell such investments before recovery of their amortized cost basis. Held-to-maturity securities are stated at their amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the condensed consolidated statements of operations and comprehensive loss.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with the equity holders. There was no difference between net loss and comprehensive loss presented in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2022 and 2021.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11, ASU No. 2020-02 and ASU No. 2022-02 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Although earlier adoption is permitted, the Company plans to adopt ASU 2016-13 on January 1, 2023. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures.

Note 3—Fair Value of Financial Assets

The following tables present information about the Company’s assets that are measured or disclosed at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	Fair Value Measurements at the Reporting Date Using
	June 30, 2022		Quoted Prices In Active Markets Using Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets—Cash equivalents
Repurchase agreement	$	25,000	$	—	$	25,000	$	—
Commercial paper		16,952		—		16,952		—
Money market funds		29,906		29,906		—		—
Assets—Short-term marketable securities
U.S. Government agency securities		9,881		—		9,881		—
U.S. Treasury securities		72,228		72,228		—		—
Commercial paper		208,014		—		208,014		—
Corporate debt securities		28,843		—		28,843		—
Total	$	390,824	$	102,134	$	288,690	$	—


	Fair Value Measurements at the Reporting Date Using
	December 31, 2021		Quoted Prices In Active Markets Using Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets—Cash equivalents
Repurchase agreement	$	25,000	$	—	$	25,000	$	—
Money market funds		49,957		49,957		—		—
Assets—Short-term marketable securities
U.S. Government agency securities		40,022		—		40,022		—
U.S. Treasury securities		27,972		27,972		—		—
Commercial paper		268,472		—		268,472		—
Corporate debt securities		50,271		—		50,271		—
Assets—Long-term marketable securities
U.S. Government agency securities		1,991		—		1,991		—
U.S. Treasury securities		23,958		23,958		—		—
Total	$	487,643	$	101,887	$	385,756	$	—

During the six months ended June 30, 2022 and twelve months ended December 31, 2021 there were no transfers into or out of Level 3.

The Company’s Level 2 investments classified as cash equivalents and marketable securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs.

Note 4—Marketable Securities

The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the condensed consolidated balance sheets as they are considered held-to-maturity securities.

The Company’s investments by type consisted of the following (in thousands):


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Assets
U.S. Government agency securities	$	9,999	$	—	$	(118	)	$	9,881
U.S. Treasury securities		72,977		—		(749	)		72,228
Commercial paper		208,756		30		(772	)		208,014
Corporate debt securities		29,035		—		(192	)		28,843
Total	$	320,767	$	30	$	(1,831	)	$	318,966


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Assets
U.S. Government agency securities	$	42,032	$	—	$	(19	)	$	42,013
U.S. Treasury securities		52,048		—		(118	)		51,930
Commercial paper		268,471		38		(37	)		268,472
Corporate debt securities		50,301		—		(30	)		50,271
Total	$	412,852	$	38	$	(204	)	$	412,686

As marketable securities are considered held-to-maturity, the unrealized gains and losses are not recorded within the condensed consolidated financial statements.

As of June 30, 2022 and December 31, 2021, the Company held 45 and 34 investments, respectively, in an unrealized loss position with an aggregate fair value of $293.4 million and $219.3 million, respectively. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The Company considered the decline in market value for these investments to be primarily attributable to economic and market conditions.

Note 5—Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Manufacturing and clinical prepaid expenses	$	10,688	$	5,559
Other prepaid expenses		4,483		3,549
Other non-trade receivables		3,318		1,079
Total	$	18,489	$	10,187

Note 6—Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,			December 31,
	2022			2021
Computer and office equipment	$	1,787		$	1,593
Software		388			388
Lab equipment		1,854			1,906
Furniture and fixtures		1,368			1,248
Leasehold improvements		13,995			13,386
Construction in process		148			175
Total		19,540			18,696
Less: Accumulated depreciation		(5,905	)		(4,769	)
Total	$	13,635		$	13,927

Depreciation and amortization expense related to property and equipment for the three months ended June 30, 2022 and 2021 totaled $0.7 million and $0.2 million, respectively. For the six months ended June 30, 2022 and 2021, depreciation and amortization expense related to property and equipment totaled $1.4 million and $0.4 million, respectively.

Note 7—Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Manufacturing and clinical accruals	$	12,513	$	11,001
Employee compensation		6,991		8,508
Other research and development related accruals		2,853		3,804
Professional and consulting services		1,071		971
Other current liabilities		1,618		1,464
Total	$	25,046	$	25,748

Note 8—Commitments and Contingencies

Guarantees and Indemnification Obligations

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with any patent, copyright, trade secret or other intellectual property or personal right infringement claim by any third party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Based on historical experience and information known as of June 30, 2022 and December 31, 2021, the Company had not incurred any costs for the above guarantees and indemnities.

Note 9—Stockholders’ Equity

Common Stock Reserved for Future Issuances

As of June 30, 2022, the Company had reserved for future issuance the following number of shares of common stock:


	Number of Shares Reserved
For exercise of stock options under the 2019 Stock Incentive Plan		3,546,461
For exercise of stock options under the 2020 Stock Option and Incentive Plan		3,041,526
For restricted stock units granted under the 2020 Stock Option and Incentive Plan		1,680,687
For future issuance under the 2020 Stock Option and Incentive Plan		2,527,779
For future issuance under the 2020 Employee Stock Purchase Plan		1,314,014
Total		12,110,467

Note 10—Equity-Based Compensation

2020 Stock Option and Incentive Plan

The Company grants stock-based awards under the 2020 Stock Option and Incentive Plan (the “2020 Plan”). The Company also has stock options and restricted common stock outstanding under the 2019 Stock Incentive Plan (the “2019 Plan”) and 2012 Equity Incentive Plan, as Amended and Restated, (the “2012 Plan”) respectively, but is no longer granting awards under such plans. All shares of common stock underlying any awards that are forfeited, canceled, expired, repurchased, or otherwise terminated under the 2020 and 2019 Plans are added back to the shares of common stock available for issuance under the 2020 Plan, while all unvested shares under the 2012 Plan that are forfeited, canceled or are otherwise terminated that are reserved under the 2012 Plan are automatically retired. On January 1, 2022, the number of shares of common stock available for issuance under the 2020 Plan increased by 1,896,454 shares as a result of the automatic increase provision of the 2020 Plan. As of June 30, 2022, there were 2,527,779 shares available for future issuance under the 2020 Plan.

Equity-Based Compensation Expense

Equity-based compensation expense was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	2,702	$	2,554	$	5,413	$	4,009
General and administrative		3,087		3,869		6,630		6,262
Total	$	5,789	$	6,423	$	12,043	$	10,271

Restricted common stock	$	13	$	76	$	38	$	176
Restricted stock units		2,108		2,598		4,657		3,648
Stock options		3,668		3,749		7,348		6,447
Total	$	5,789	$	6,423	$	12,043	$	10,271

Stock Options

The following table summarizes the Company’s stock option activity under the 2019 and 2020 Plans:


	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2021		5,942,569		$	14.12		8.1	$	33,891
Granted		1,030,190			9.57
Exercised		(158,804	)		5.22
Forfeited		(225,968	)		19.28
Outstanding as of June 30, 2022		6,587,987		$	13.44		8.1	$	5,833
Exercisable as of June 30, 2022		3,156,390		$	11.64		7.7	$	3,767
Vested and expected to vest as of June 30, 2022		6,587,987		$	13.44		8.1	$	5,833

The weighted-average grant date fair value per share of stock options granted during the six months ended June 30, 2022 and 2021 was $6.63 and $23.99, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2022 and 2021 was $0.9 million and $2.7 million, respectively.

As of June 30, 2022, there was approximately $33.5 million of unrecognized equity-based compensation expense related to stock options that is expected to be recognized over a weighted-average period of approximately 2.4 years.

Stock Options Valuation

The following assumptions were used in determining the fair value of stock options presented on a weighted average basis:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Risk-free interest rate		2.96	%		1.03	%		1.97	%		0.96	%
Expected term (in years)		5.9			5.9			6.0			6.0
Expected volatility		80.4	%		77.4	%		79.9	%		77.9	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity under the 2020 Plan:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2021		817,704		$	33.31
Granted		1,221,897		$	9.47
Vested		(269,819	)	$	36.42
Forfeited		(89,095	)	$	21.32
Unvested as of June 30, 2022		1,680,687		$	16.11

The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2022 was $9.8 million. No restricted stock units vested during the six months ended June 30, 2021. The weighted-average grant date fair value of restricted stock units granted during the six months ended June 30, 2021 was $36.11 per share.

As of June 30, 2022, there was approximately $23.8 million of unrecognized equity-based compensation expense related to the restricted stock units that is expected to be recognized over a weighted-average period of approximately 3.2 years.

Restricted Common Stock

The following table summarizes the Company’s restricted common stock activity under the 2012 Plan:


	Number of Shares			Weighted Average Grant Date Fair Value
Issued and unvested as of December 31, 2021		13,118		$	4.11
Vested		(7,681	)	$	5.25
Forfeited		(1,182	)	$	1.95
Issued and unvested as of June 30, 2022		4,255		$	2.68

The aggregate fair value of restricted common stock that vested during the six months ended June 30, 2022 and 2021 was $0.1 million and $0.2 million, respectively.

As of June 30, 2022, there was less than $0.1 million of unrecognized equity-based compensation expense related to the restricted common stock that is expected to be recognized over a weighted-average period of less than one year.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (“ESPP”) became effective June 2020. On January 1, 2022, the number of shares of common stock available for issuance under the ESPP increased by 473,982 shares as a result of the automatic increase provision of the ESPP. As of June 30, 2022, no shares have been issued under the ESPP and 1,314,014 shares remain available for issuance. The Company initiated its first offering period under the ESPP on July 1, 2022. The offering period ends on December 30, 2022.

Note 11—Net Loss per Share

The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding at each period end, which were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Stock options		6,587,987		6,085,992		6,587,987		6,085,992
Restricted common stock		4,255		29,314		4,255		29,314
Restricted stock units		1,680,687		755,220		1,680,687		755,220

Note 12—Income Taxes

Income taxes for the three months ended June 30, 2022 and 2021 have been calculated based on an estimated annual effective tax rate and certain discrete items. For the six months ended June 30, 2022, the Company recorded an insignificant income tax (benefit). For the six months ended June 30, 2021, the Company recorded income tax expense of $0.1 million. The Company’s income tax expense for the six months ended June 30, 2021 was related to state tax expense generated against investment income and tax expense related to a provision to return adjustment on carryback claims previously filed.

Note 13—Equity Investment

The Company holds a preferred share equity investment in Valo Health, Inc. (“Valo Health”) which the Company received, among other consideration, in connection with the Company’s divesture of select hit discovery capabilities to Valo Health during the year ended December 31, 2020. As the preferred shares do not have a readily determinable fair value and the Company does not have a significant influence on the operating and financial policies of Valo Health, the Company accounted for its equity investment in Valo Health by applying the measurement alternative under ASC 321, Equity Securities (“ASC 321”). As of June 30, 2022, no impairments, nor any upward or downward adjustments have been recognized on the equity investment in Valo Health as there have been no observable price changes. The carrying value of the Company’s equity investment in Valo Health, which is classified in other assets in the condensed consolidated balance sheets, was equal to $10.0 million each as of June 30, 2022 and December 31, 2021.

Note 14—Subsequent Event

On July 27, 2022, the Company entered into an exclusive worldwide license agreement with Rigel Pharmaceuticals, Inc., or Rigel, to develop, manufacture and commercialize olutasidenib. Under the terms of the agreement, Forma will receive an upfront payment of $2.0 million and is eligible to receive (i) an additional $17.5 million upon the achievement of certain near-term regulatory, approval, and first commercial sale milestones and (ii) a total of up to $215.5 million in connection with the achievement of certain development and commercial milestones. Forma is also eligible to receive tiered royalties in the low-teens to mid-thirties.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission, or the SEC, on March 1, 2022. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis.

Overview

We are a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. Our drug discovery expertise has generated a pipeline of product candidates focused on indications with significant unmet patient need. Our pipeline consists of four product candidates, two of which we are pursuing for our development, etavopivat for the treatment of sickle cell disease, or SCD, and other hemoglobinopathies, and FT-7051 for the treatment of metastatic castration-resistant prostate cancer, or mCRPC.

Our lead product candidate, etavopivat, is a novel, oral, once-daily, potentially disease-modifying therapy initially being studied for the treatment of SCD. SCD, one of the most common single-gene disorders in the world, is a chronic hemolytic anemia that affects hemoglobin, the iron-containing protein in red blood cells, or RBCs, that delivers oxygen to cells throughout the body. SCD is often characterized by low hemoglobin levels, painful vaso-occlusive crises, or VOCs, progressive multi-organ damage and early death. Etavopivat is a potent activator of pyruvate kinase-R, or PKR, designed to improve RBC metabolism, function and survival, and potentially resulting in both increased hemoglobin levels and reduced VOCs. We have completed our evaluation of etavopivat in a multi-center, placebo-controlled Phase I trial in SCD patients ages 12 years and older. Based on the results of the Phase I trial, we opened a global pivotal Phase II/III trial, which we refer to as the Hibiscus Study, in SCD patients in late 2020 and began enrolling patients in the first quarter of 2021. In June 2021, we announced initial data from our 12-week open-label extension, or OLE, cohort of our Phase I trial studying effects of 400 mg of etavopivat once-daily on SCD patients and provided updated results in December 2021 and May 2022. We have initiated a Phase II trial in patients with either transfusion dependent SCD, transfusion dependent thalassemia, or non-transfusion dependent thalassemia. We have received Fast Track, Rare Pediatric Disease and Orphan Drug designations from the U.S. Food and Drug Administration, or FDA, for etavopivat in SCD patients. The European Medicines Agency has granted Orphan Drug designation to etavopivat for the treatment of SCD.

Our other product candidate, FT-7051, is a potent and selective inhibitor of CREB-binding protein/E1A binding protein p300, or CBP/p300, in clinical development for the treatment of mCRPC. Prostate cancer is reported as the second and third leading cause of cancer death for men in the United States and in Europe, respectively, and mCRPC is the most advanced form of the disease. Prostate cancer cell growth is driven by activity of the androgen receptor. Virtually all patients with advanced disease who demonstrate initial clinical responses to current treatments eventually acquire resistance to these agents. Third party studies have shown that approximately 20% to 40% of mCRPC patients who develop resistance express an androgen receptor, or AR, splice variant called AR-v7. Studies have demonstrated that CBP/p300 is a co-activator of the AR, and, therefore, we believe that inhibiting CBP/p300 may play an important role in the suppression of mCRPC in patients having AR resistant variants. The FDA cleared our investigational new drug application, or IND, for FT-7051 in April 2020, and we dosed the first patient in our Phase I trial, which we refer to as the Courage Study, in mCRPC patients in January 2021. In October 2021, initial results from eight patients in this Phase I trial were presented at the AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics. In May 2022, we announced that 25 patients have enrolled in the Phase I trial.

On July 27, 2022, we entered into an exclusive worldwide license agreement with Rigel Pharmaceuticals, Inc., to develop, manufacture and commercialize our compound, olutasidenib, a selective inhibitor of mutant isocitrate dehydrogenase 1, or mIDH1. IDH1 mutations have been shown to be oncogenic for patients with acute myeloid leukemia, or AML, and glioma. We have successfully completed a registrational Phase II trial for olutasidenib in relapsed / refractory acute myeloid leukemia, or R/R AML. In December 2021, we presented the first Phase II results of olutasidenib used in combination with azacitidine at the American Society of Hematology (ASH) Annual Meeting. We are progressing a new drug application, or NDA, for the treatment of R/R AML. We are also completing our exploratory Phase I clinical trial for olutasidenib in glioma.

Additionally, we licensed exclusively two programs each to Boehringer Ingelheim International GmbH, or Boehringer Ingelheim, and Celgene Corporation, now Bristol-Myers Squibb Company, or Bristol-Myers Squibb, based on molecules that we discovered. In May and July 2021, we received written notice from Bristol-Myers Squibb and Boehringer Ingelheim, respectively, of their termination of one of these licensed programs each. Under the remaining out-licensed programs we are eligible to receive potential clinical and commercial milestone payments plus royalties over time.

COVID-19 Pandemic

The ultimate extent of the ongoing impact of the COVID-19 global pandemic on our business, financial condition and results of operations is highly uncertain and will depend on future developments that cannot be predicted, including new information that may emerge concerning the severity of the COVID-19 pandemic, the impact of new strains of COVID-19, the effectiveness, availability and utilization of vaccines, and actions taken by government authorities and businesses to contain or prevent the further spread of COVID-19. For instance, a recurrence of COVID-19 cases or the impact of new variants of the virus could cause a more widespread or severe impact on commercial activity depending on where infection rates are highest. If we or any of the third parties with whom we engage, were to experience any additional shutdowns or other prolonged business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on our business, results of operations and financial condition. To date, many clinical trials, including ours, have been impacted by the COVID-19 pandemic, with clinical trial sites implementing new policies in response to the COVID-19 pandemic, resulting in potential delays to enrollment of clinical trials or changes in the ability to access sites participating in c

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Forma Therapeutics Holdings, Inc. 10-Q