SEC Comment Letter 0000000000-22-013911 to Gracell Biotechnologies Inc. (CIK 0001826492)
Gracell Biotechnologies Inc. (CIK 0001826492)
Date: Dec. 27, 2022 · CIK: 0001826492 · Accession: 0000000000-22-013911
AI Filing Summary & Sentiment
File numbers found in text: 001-39838
Referenced dates: November 15, 2020
Letter
United States securities and exchange commission logo December 27, 2022 Yili Kevin Xie Chief Financial Officer Gracell Biotechnologies Inc. Building 12, Block B, Phase II Biobay Industrial Park 218 Sangtian St. Suzhou Industrial Park, 215123 People’s Republic of China Re:Gracell Biotechnologies Inc. Form 20-F for Fiscal Year Ended December 31, 2021 Filed April 22, 2022 File No. 001-39838 Dear Yili Kevin Xie: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to the comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to the comment, we may have additional comments. Form 20-F for the Fiscal Year Ended December 31, 2021 Item 5. Operating and Financial Review and Prospects A. Operating Results Comparison of Years Ended December 31, 2020 and 2021 Research and Development Expenses, page 174 1.You state that research and development activities are central to the Company's business model and are expected to increase substantially in the future. In this regard, please disclose costs incurred during each period presented for each of your key research and development projects and provide other quantitative or qualitative disclosure that increases transparency as to the type of research and development expenses incurred. We
FirstName LastNameYili Kevin Xie Comapany NameGracell Biotechnologies Inc. December 27, 2022 Page 2 FirstName LastName Yili Kevin Xie Gracell Biotechnologies Inc. December 27, 2022 Page 2 note that this information had been requested in our comment letters dated November 15, 2020 and December 12, 2020 and included in your Registration Statement on Form F-1 that was declared effective on January 7, 2021.
In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Ibolya Ignat at 202-551-3636 or Franklin Wyman at 202-551-3660 with any questions. Sincerely, Division of Corporation Finance Office of Life Sciences
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United States securities and exchange commission logo
December 27, 2022
Yili Kevin Xie
Chief Financial Officer
Gracell Biotechnologies Inc.
Building 12, Block B, Phase II
Biobay Industrial Park
218 Sangtian St.
Suzhou Industrial Park, 215123
People’s Republic of China
Re:Gracell Biotechnologies Inc.
Form 20-F for Fiscal Year Ended December 31, 2021
Filed April 22, 2022
File No. 001-39838
Dear Yili Kevin Xie:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment. In our comment, we may ask you to provide us
with information so we may better understand your disclosure.
Please respond to the comment within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to the comment, we may have additional comments.
Form 20-F for the Fiscal Year Ended December 31, 2021
Item 5. Operating and Financial Review and Prospects
A. Operating Results
Comparison of Years Ended December 31, 2020 and 2021
Research and Development Expenses, page 174
1.You state that research and development activities are central to the Company's business
model and are expected to increase substantially in the future. In this regard, please
disclose costs incurred during each period presented for each of your key research and
development projects and provide other quantitative or qualitative disclosure that
increases transparency as to the type of research and development expenses incurred. We
FirstName LastNameYili Kevin Xie
Comapany NameGracell Biotechnologies Inc.
December 27, 2022 Page 2
FirstName LastName
Yili Kevin Xie
Gracell Biotechnologies Inc.
December 27, 2022
Page 2
note that this information had been requested in our comment letters dated November 15,
2020 and December 12, 2020 and included in your Registration Statement on Form F-1
that was declared effective on January 7, 2021.
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
You may contact Ibolya Ignat at 202-551-3636 or Franklin Wyman at 202-551-3660 with
any questions.
Sincerely,
Division of Corporation Finance
Office of Life Sciences