Morphic enters $350M equity ATM with TD Cowen, terminates prior Jefferies ATM

Morphic Holding, Inc.

New at-the-market offering with TD Cowen allows sale of up to $350M of common stock at Company's discretion.
Prior $150M Jefferies ATM terminated; $139.1M in shares had been sold, leaving $10.9M unused capacity.
TD Cowen receives 3% commission on gross proceeds; Company has no obligation to sell any shares.
Net proceeds to fund R&D, clinical trials, manufacturing, working capital, and potential acquisitions.
New $350M capacity represents a significant increase in potential equity dilution for existing shareholders.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.96

Morphic Holding, Inc. entered into TD Cowen Sales Agreement with TD Securities (USA) LLC valued at $350,000,000 (effective 2024-04-26).

Action: entry
Agreement: atm program
Counterparty: TD Securities (USA) LLC
Value: $350,000,000
Effective: 2024-04-26

Exact text from the filing

On April 26, 2024, Morphic Holding, Inc., a Delaware corporation (the "Company" or "Morphic"), entered into a Sales Agreement (the "TD Cowen Sales Agreement") with TD Securities (USA) LLC ("TD Cowen"), under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share ("Common Stock"), having an aggregate offering price of up to $350,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.96

Morphic Holding, Inc. terminated Open Market Sale Agreement SM with Jefferies LLC (effective 2024-04-25).

Action: termination
Agreement: atm program
Counterparty: Jefferies LLC
Effective: 2024-04-25

Exact text from the filing

As previously disclosed, in July 2020, the Company entered into an Open Market Sale Agreement SM (as amended by Amendment No. 1 to the Open Market Sale Agreement SM , the "Prior Agreement") with Jefferies LLC ("Jefferies") under which the Company could offer and sell, from time to time at its sole discretion, shares of Common Stock having an aggregate offering amount of up to $150,000,000 through Jefferies as sales agent. In connection with the Company's entry into the TD Cowen Sales Agreement, on April 25, 2024, the Company terminated the Prior Agreement.

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Source: SEC EDGAR

accession 0001679363-24-000039

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