Filing identity and reporting period
The provided filing is Avista Public Acquisition Corp. II’s unaudited Form 10-Q for the quarter ended June 30, 2021—not an Omniab, Inc. filing. Avista was a newly formed blank-check company seeking a business combination and had not begun operations by quarter-end.
Financial performance and position
- For the three months ended June 30, 2021, formation and operating costs and net loss were $2,185. From inception on February 5 through June 30, net loss was $9,971. No operating revenue was reported; basic and diluted loss per share rounded to $0.00.
- At June 30, cash was $36,145; deferred offering costs were $597,270; total assets were $633,415. Total liabilities were $618,386, including a $175,000 related-party promissory note and $443,381 of accrued offering costs. Shareholders’ equity was $15,029.
- From inception through June 30, net cash used in operating activities was $5, and financing activities provided $36,150. The filing reports no market or interest-rate risk at quarter-end and no off-balance-sheet arrangements.
- There is no meaningful prior-year comparable operating period in the filing; the company was incorporated in February 2021.
Subsequent events, outlook, and risks
- After quarter-end, Avista completed its IPO on August 12, 2021: 23 million units at $10 each, generating $230 million gross proceeds. With a concurrent $12.35 million private-warrant sale, $235.75 million was placed in trust. The company said approximately $1.7 million would be available outside the trust for operating and transaction-search costs.
- The $175,000 sponsor note outstanding at June 30 was repaid on August 12. Underwriters received $4.6 million at IPO closing; another $8.05 million in deferred commissions is payable only if a business combination closes.
- Avista had 18 months from the IPO closing to complete a business combination. If it fails, public shares are to be redeemed from the trust, subject to the filing’s terms, while warrants expire worthless. The filing does not identify a target or provide operating guidance.
- Management stated that IPO proceeds and potential sponsor-affiliate loans alleviated substantial doubt about liquidity. COVID-19 could affect the company’s financial position or target search, but the specific impact was not determinable.
Investor verification points
- Confirm the intended issuer: this document is for Avista Public Acquisition Corp. II, not Omniab, Inc.
- Review the IPO closing, trust funding, outside-trust cash, and repayment of the sponsor note in subsequent filings.
- Verify the business-combination deadline, redemption provisions, deferred underwriting commission, and any later target transaction or financing.