ࡱ; YV  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUXZRoot Entry  \pCalc Ba=( =@ 8X@"1Calibri1Arial1Arial1Arial1Calibri1Calibri General3._(\$* #,##0_);_(\$* \(#,##0\);_(\$* \-_);_(@_) #,##0\(#,##0_);[RED]\(#,##0\)!"($"#,##0_);[RED]"($"#,##0\)'""($"#,##0.00_);[RED]"($"#,##0.00\) #,##0.00                + ) , *   ( " " *8   # #4 # #8   ( # "8 #4 #4 (    "8 " ` .+condensed balance sheets"6condensed statements of op"L=condensed statements of re"Mcondensed statements of ca6Ynet loss per shareL]net loss per share-1Vcnet loss per share-2hnet loss per share-3"~lnotes to condensed financi$pnotes to condensed financi-1$,tnotes to condensed financi-2"wcomparison of the three mo"Lresearch and development e$research and development e-1"liquidity and capital reso exhibit index$phasebio pharmaceuticals inc&Jphasebio pharmaceuticals inc-1&phasebio pharmaceuticals inc-2&zphasebio pharmaceuticals inc-3TP     3  @@   CONDENSED BALANCE SHEETSMarch31, 2019December31, 2018AssetsCurrent assets:Cash and cash equivalentsRestricted cashOther receivable!Prepaid expenses and other assetsTotal current assetsProperty and equipment, net#Operating lease right-of-use assets Other assets Total assets$Liabilities and stockholders' equityCurrent liabilities:!Current portion of long-term debt$-Accounts payable.Accrued expenses and other current liabilitiesTotal current liabilitiesLong-term debtOperating lease liabilities Deferred rentTotal liabilities&Commitments and contingencies (Note 7)Stockholders equity:Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2019 and December 31, 2018; zero shares issued and outstanding at March 31, 2019 and December 31, 2018Common stock, $0.001 par value; 200,000,000 shares authorized; 24,528,392 shares issued and 24,498,425 shares outstanding at March 31, 2019; 24,528,242 shares issued and 24,498,275 shares outstanding at December 31, 2018QTreasury stock, at cost, 29,967 shares as of March 31, 2019 and December 31, 2018Additional paid-in capitalAccumulated deficitTotal stockholders equity*Total liabilities and stockholders' equity$CONDENSED STATEMENTS OF OPERATIONSThree Months Ended March31,20192018 Grant revenue$ Operating expenses:Research and developmentGeneral and administrativeTotal operating expensesLoss from operationsOther income (expense):Interest incomeInterest expense)Change in fair value of warrant liability,Change in fair value of derivative liabilityTotal other income (expense)Net loss,Net loss per common share, basic and diluted=Weighted average common shares outstanding, basic and dilutedaCONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY (DEFICIT)Stockholders' Equity (Deficit)Redeemable Convertible AdditionalTotalPreferred Stock Common StockTreasury StockPaid-in Accumulated Stockholders'SharesAmountCapitalDeficitEquity (Deficit)Balance at December31, 2018!Issuance of common stock warrantsExercises of stock optionsStock-based compensationBalance at March31, 2019Balance at December31, 2017>Accretion of redeemable preferred stock to redemption valueBalance at March31, 2018"CONDENSED STATEMENTS OF CASH FLOWSOperating activitiesKAdjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortizationNon-cash interest expense&Change in fair value warrant liability)Change in fair value derivative liability,Changes in operating assets and liabilities:Accrued expenses%Net cash used in operating activitiesInvesting activities#Purchases of property and equipment%Net cash used in investing activitiesFinancing activitiesLong-term borrowings, netRepayments of long-term debt%Net cash used in financing activities)Net decrease in cash and cash equivalentsICash, cash equivalents and restricted cash at the beginning of the periodCCash, cash equivalents and restricted cash at the end of the period%Supplemental disclosure for cash flowCash paid for interestFSupplemental disclosure of non-cash investing and financing activities5Accrued interest on term loan refinanced to principal-Issuance of warrants in conjunction with debt"Debt refinanced with new term loanZInitial recognition of operating lease right-of-use assets and operating lease liabilities3Accretion of redeemable convertible preferred stock@Purchases of property and equipment included in accounts payableNet Loss Per ShareAs of March31,&Redeemable convertible preferred stockCommon stock options!Warrants to purchase common stock;Warrants to purchase redeemable convertible preferred stock)Fair Value Measurements at Reporting DateLevel 1Level 2Level 3As of March31, 2019:Cash equivalentsAs of December31, 2018:As of Lab equipment)Computer hardware, software and telephoneFurniture and fixturesLeasehold improvementsLess accumulated depreciation"Accrued clinical and related costs&Accrued compensation and related costsAccrued interest%Operating lease liability, short-term Accrued other'Notes to Condensed Financial StatementsYears Ending December 31,2019 (remaining nine months)2020202120222023 ThereafterYear Ending December 31,Total future lease paymentsLess: Present value adjustmentThree Months Ended March31,Total stock-based compensation<Comparison of the Three Months Ended March 31, 2019 and 2018Change Research and Development Expense$Preclinical and clinical development!Compensation and related benefitsFacilities expenseOther'Total research and development expenses5External research and development expense by program:PB2452PB1046-Unallocated research and development expense:)Compensation and stock-based compensationOther research and developmentLiquidity and Capital ResourcesEXHIBIT INDEXIncorporated by ReferenceExhibit Number Exhibit TitleFormFile No.Exhibit Filing DateSAmended and Restated Certificate of Incorporation of PhaseBio Pharmaceuticals, Inc.8-K 001-38697October 22, 2018=Amended and Restated Bylaws of PhaseBio Pharmaceuticals, Inc.S-1/A 333-227474October 5, 2018Form of Warrant to Purchase Shares of Series B Redeemable Convertible Preferred Stock, issued by PhaseBio Pharmaceuticals, Inc. on December 22, 2009.S-1September 21, 2018Warrant to Purchase Shares of Series C-1 Redeemable Convertible Preferred Stock, issued by PhaseBio Pharmaceuticals, Inc. to Silicon Valley Bank on October 18, 2017.Fourth Amended and Restated Investor Rights Agreement, by and among PhaseBio Pharmaceuticals, Inc. and certain of its stockholders, dated August 27, 2018.~Warrant to Purchase Shares of Common Stock, issued by PhaseBio Pharmaceuticals, Inc. to Silicon Valley Bank on March 25, 2019.10-KMarch 26, 2019Warrant to Purchase Shares of Common Stock, issued by PhaseBio Pharmaceuticals, Inc. to WestRiver Innovation Lending Fund VIII, L.P. on March 25, 2019.Loan and Security Agreement, dated as of March 25, 2019, by and among PhaseBio Pharmaceuticals, Inc. and Silicon Valley Bank and WestRiver Innovation Lending Fund VIII, L.P.10.2 zMaster Services Agreement, dated as of November 14, 2018, by and between PhaseBio Pharmaceuticals, Inc. and BioVectra Inc.10.3+6Non-Employee Director Compensation Policy, as amended. March 4, 201910.4 Eighth Amendment to License Agreement, dated as of March 5, 2019, by and between PhaseBio Pharmaceuticals, Inc. and Duke University April 9, 201931.1#Certification of Chief Executive Officer and President (Principal Executive Officer), pursuant to Section302 of the Sarbanes-Oxley Act of 2002.31.2#Certification of Chief Financial Officer (Principal Financial Officer), pursuant to Section302 of the Sarbanes-Oxley Act of 2002.32.1#*Certification of Chief Executive Officer (Principal Executive Officer),pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002.32.2#*Certification of Chief Financial Officer (Principal Financial Officer),pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002101.INS#XBRL Instance Document.101.SCH#(XBRL Taxonomy Extension Schema Document.101.CAL#6XBRL Taxonomy Extension Calculation Linkbase Document.101.DEF#5XBRL Taxonomy Extension Definition Linkbase Document.101.LAB#0XBRL Taxonomy Extension Label Linkbase Document.101.PRE#7XBRL Taxonomy Extension Presentation Linkbase Document.Phasebio Pharmaceuticals INCDate: May 9, 2019By:/s/ Jonathan P. MowJonathan P. 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