<SEC-DOCUMENT>0001140361-21-002736.txt : 20210414
<SEC-HEADER>0001140361-21-002736.hdr.sgml : 20210414
<ACCEPTANCE-DATETIME>20210129172350
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-21-002736
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gain Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001819411
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				851726310
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		4800 HAMPDEN LANE
		STREET 2:		SUITE 200
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		(301) 500-1556

	MAIL ADDRESS:	
		STREET 1:		4800 HAMPDEN LANE
		STREET 2:		SUITE 200
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
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  <div style="text-align: center; line-height: 19.4pt; font-family: 'Times New Roman',Times,serif; font-variant: small-caps;"><a name="RemoveLetterheadSpace"></a>Skadden, Arps, Slate, Meagher &amp; Flom llp</div>
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            <div style="text-align: center; line-height: 11.4pt;">ONE MANHATTAN WEST</div>
            <div style="text-align: center; line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font>NEW YORK, NY 10001</div>
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            <div style="text-align: center; line-height: 11.4pt;">TEL: (212) 735-3000</div>
            <div style="text-align: center; line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font>FAX: (212) 735-2000</div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
            <div style="text-align: center; line-height: 11.4pt;">www.skadden.com</div>
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            <div style="text-align: center; line-height: 11.4pt;">FIRM/AFFILIATE OFFICES</div>
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            <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif;">January 29, 2021</div>
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            <div style="line-height: 11.4pt;"><u>BY HAND AND EDGAR</u></div>
            <div style="line-height: 11.4pt;"><font style="line-height: 11.4pt;">&#160;</font></div>
            <div style="line-height: 11.4pt;">Securities and Exchange Commission</div>
            <div style="line-height: 11.4pt;">Division of Corporation Finance</div>
            <div style="line-height: 11.4pt;">100 F Street, N.E.</div>
            <div style="line-height: 11.4pt;">Washington, DC 20549-3561</div>
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            <div style="font-family: 'Times New Roman', Times, serif;">Attn:</div>
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            <div style="font-family: 'Times New Roman', Times, serif;">Margaret Schwartz</div>
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          <td colspan="2" style="width: 84.74%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">Tim Buchmiller<br>
            </div>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Re:</div>
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            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Gain Therapeutics, Inc.</div>
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment No. 1 to Draft Registration Statement on Form S-1</div>
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Submitted January 8, 2021</div>
            <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">CIK No. 0001819411</div>
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  <br>
  <div style="text-indent: 36pt;">On behalf of our client, Gain Therapeutics, Inc., a Delaware corporation (the &#8220;<u>Company</u>&#8221;), we hereby provide responses to comments received from the staff (the &#8220;<u>Staff</u>&#8221;) of the Securities and Exchange
    Commission (the &#8220;<u>Commission</u>&#8221;) by letter dated January 19, 2021 (the &#8220;<u>Comment Letter</u>&#8221;) with respect to the above-referenced Draft Registration Statement on Form S-1 confidentially submitted to the Commission on January 8, 2021 (the &#8220;<u>Registration




      Statement</u>&#8221;).</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt;">Concurrently with the submission of this letter, the Company is confidentially submitting, through the Commission&#8217;s Electronic Data Gathering, Analysis and Retrieval (&#8220;<u>EDGAR</u>&#8221;) system, an amendment to the Draft
    Registration Statement (the &#8220;<u>Amendment</u>&#8221;) in response to the Staff&#8217;s comments and to reflect certain other changes.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt;">The headings and paragraph numbers in this letter correspond to those contained in the Comment Letter and, to facilitate the Staff&#8217;s review, we have reproduced the text of the Staff&#8217;s comments in bold and italics below.
    All references to page numbers and captions (other than those in the Staff&#8217;s comments and unless otherwise stated) correspond to the page numbers and captions in the Amendment.</div>
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  <div>Securities and Exchange Commission</div>
  <div>January 29, 2021</div>
  <div>Page 2</div>
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  <br>
  <div style="font-weight: bold;"><u>Summary, page 1</u></div>
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          <td style="width: 36pt; vertical-align: top; font-style: normal; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">We note from your response to prior comment 5 that "Lead Optimization" is the final step in early stage drug discovery. Please tell us why Lead-Op should not be included in your pipeline table
              on page 4 as part of the Discovery phase or revise your table as appropriate. Please also ensure that you have defined &#8220;Lead-Op&#8221; in your prospectus summary. We also note that your pipeline table currently includes four separate columns in the
              Discovery and Pre-Clinical phases, and that those columns are wider than the three clinical phases that appear in your table. Since this could give investors the impression that your product candidates are farther along in the process, please
              revise your table to make a more balanced presentation.</div>
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    <div><br>
    </div>
    <div style="text-indent: 0pt; margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 4, 68 and 69 to include the Lead OP column within the Discovery category in our pipeline
      chart and to provide a definition for Lead OP.</div>
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          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-size: 12pt; font-style: italic; font-weight: bold;"><font style="font-size: 10pt; font-style: normal;">2</font><font style="font-size: 10pt; font-style: normal;">.</font></td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">We note your response to our prior comment number 6. If you intend to retain the undisclosed target in your pipeline table then please revise the disclosure to describe the program and the
              terms of the agreement with Sumitomo Dainippon Pharma.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 4, 8, 69 and 79.</div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">We note your response to prior comment 8 and the related revised disclosure. Since it is not clear from your current disclosure why the named academic partners are individually material to
              your business, please either remove this disclosure or explain why it is appropriate to reference these arrangements in the Summary. To the extent they are sufficiently material for disclosure in the Summary section, please revise your
              disclosures in an appropriate location to disclose all material terms of those arrangements including what each partner is obligated to provide you under those arrangements.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 4 and 68.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;"><u>Listing, page 10</u></div>
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    </div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">Please identify the exchange on which you intend to list in your next amendment.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on the cover page as well as pages 11, 118 and 126 to disclose our intention to apply to list our common stock on
      the Nasdaq Global Market under the symbol &#8220;GNTX.&#8221;</div>
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  <div>Securities and Exchange Commission</div>
  <div>January 29, 2021</div>
  <div>Page 3</div>
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    <div style="color: #000000; font-weight: bold;"><u>Use of Proceeds, page 45</u></div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">As requested by prior comment 13, please revise to disclose an estimate of how far in your development of your product candidates the proceeds from this offering will allow you to reach with
              respect to each product candidate.</div>
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    </table>
    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page 46.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;"><u>Directors, page 94</u></div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">For Dr. Bj&#248;rdal, please revise to briefly discuss the specific experience, qualifications, attributes or skills that led to the conclusion she should serve as a director for your company, in
              light of your business and structure. Refer to Item 401(e)(1) of Regulation S-K.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page 95 to reflect that Dr. Bj&#248;rdal is no longer a member of the Board of Directors.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;"><u>Description of Capital Stock, page 109</u></div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">We note your response to our prior comment number 22. Your response letter states that you revised the Amendment to clarify that the U.S. federal district courts will be the exclusive forum
              for resolving complaints arising under federal securities laws. The exclusive forum provision on pages 113 and 42, however, appears to state that the exclusive forum provision does not apply to claims arising under the Exchange Act but could
              apply to a claims under the Securities Act if the suit involves other claims covered by the exclusive forum provision in addition to the Securities Act claims. Please revise to clarify whether a shareholder&#8217;s choice of forum is restricted if
              they bring an action that only includes Securities Act claims.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 43 and 117.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;"><u>GT Gain Therapeutics SA Financial Statements, page F-1</u></div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">We note that the July 2020 Transactions have now been reflected in Gain Therapeutics, Inc.'s statements for the nine months ended September 30, 2020. As such, it appears to us that the
              historical audited financial statements of GT Gain Therapeutics SA should be renamed to that of Gain Therapeutics, Inc. In this regard, we note that they are deemed to be the predecessor to Gain Therapeutics, Inc. and the stockholders&#8217; equity
              (deficit) reflected in these financial statements reflects the retroactive application of the July 2020 Transactions for all periods presented.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on pages F-1 through F-8 to reflect the above-mentioned name change in the historical audited financial statements.</div>
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  <div>Securities and Exchange Commission</div>
  <div>January 29, 2021</div>
  <div>Page 4</div>
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  <div>
    <div style="color: #000000; font-weight: bold;"><u>Condensed Consolidated Financial Statements</u></div>
    <div style="color: #000000; font-weight: bold;"><u>Statement of Stockholders' Equity (Deficit), page F-27</u></div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">Please expand your footnote disclosures to discuss the details surrounding the issuance of 1,772,736 shares of common stock as well as your related accounting. In this regard, please also
              reconcile your disclosures in Note 15. Equity Incentive Plan which indicates that, although you have issued 400,000 stock options with an average grant-date fair of $2.13 per share and a three year vesting schedule, your total stock-based
              compensation recognized for stock options was $4.2 million. We note this amount agrees to the stock compensation reflected in your statement of stockholders' equity (deficit) and assume that it may relate to the issuance of 1,772,736 shares
              of common stock. Please clarify.</div>
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    <div><br>
    </div>
    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page F-42.</div>
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    <div style="color: #000000; font-weight: bold;"><u>Exhibits</u></div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-weight: bold;">10.</td>
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            <div style="font-style: italic; font-weight: bold;">We note your response to our prior comment number 25. Your disclosure on page 105 continues to indicate that the descriptions of the Merger, and the Placement Agent Warrants and the
              subscription agreements entered into in connection with the Series B Private Placement are qualified in their entirety by reference to the terms of such agreements, which are filed as exhibits to the registration statement and are
              incorporated by reference. Please file the Placement Agent Warrant and the subscription agreements as exhibits or revise the disclosure to remove this statement and instead describe all material terms in the prospectus to the extent not
              already described. With respect to the Merger, please file the agreements evidencing the series of transactions through which GT Gain Therapeutics SA became a wholly-owned subsidiary of the company.</div>
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    <div style="margin-left: 36pt; color: #000000;">The Company respectfully acknowledges the Staff&#8217;s comment and has revised the disclosure on page 109 and has filed the corresponding Exhibits.</div>
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    <div style="text-align: center;">* * * * *</div>
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  <div>Securities and Exchange Commission</div>
  <div>January 29, 2021</div>
  <div>Page 5</div>
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  <div style="text-indent: 36pt;">Please contact me at (212) 735-3416 or Andrea.Nicolas@skadden.com if the Staff has any questions or requires additional information.</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">Very truly yours,</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">/s/ Andrea L. Nicolas</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">cc:</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">Eric Richman, Chief Executive Officer, Gain Therapeutics, Inc.</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">Michael D. Maline, Esq., DLA Piper LLP (US)<br>
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