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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number: 001-38740

Vapotherm, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

46-2259298

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

100 Domain Drive

 

Exeter, N.H.

(Address of principal executive offices)

03833

(Zip Code)

 

(603) 658-0011

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

VAPO

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No 

 

 

As of October 27, 2021, there were 26,072,567 outstanding common shares of Vapotherm, Inc.

 

 


 

 

Vapotherm, Inc.

Form 10-Q

For the Quarterly Period Ended September 30, 2021

 

TABLE OF CONTENTS

 

 

 

Page No.

Note Regarding Forward-Looking Statements

3

 

PART I. FINANCIAL INFORMATION

Item 1

Condensed Consolidated Financial Statements (interim periods unaudited)

5

 

Condensed Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

5

 

Condensed Consolidated Statements of Comprehensive Loss – Three and Nine Months ended September 30, 2021 and 2020

6

 

Condensed Consolidated Statements of Stockholders’ Equity – Three and Nine Months ended September 30, 2021 and 2020

7

 

Condensed Consolidated Statements of Cash Flows – Nine Months ended September 30, 2021 and 2020

9

 

Notes to Condensed Consolidated Financial Statements

10

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4

Controls and Procedures

37

 

 

 

PART II. OTHER INFORMATION

Item 1

Legal Proceedings

38

Item 1A

Risk Factors

38

Item 6

Exhibits

39

Exhibit Index

39

Signatures

40

__________________

We use “Vapotherm,” “Vapotherm Access,” “High Velocity Therapy,” “HVT,” “Precision Flow,” “Hi-VNI,” “OAM,” “HGE,” “Solus Medical,” and other marks as trademarks in the United States and/or in other countries. This Quarterly Report on Form 10-Q contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other entities’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other entity.

 

Unless otherwise indicated, information contained in this Quarterly Report on Form 10-Q concerning our industry and the markets in which we operate, including our general expectations, market position and market opportunity, is based on our management’s estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. We believe that the information from these third-party publications, research, surveys and studies included in this Quarterly Report on Form 10-Q is reliable. Management’s estimates are derived from publicly available information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. This data involves a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2021 and in our Quarterly Reports of Form 10-Q, including this Quarterly Report for the quarter ended September 30, 2021.

 

Unless the context requires otherwise, references to “Vapotherm,” the “Company,” “we,” “us,” and “our,” refer to Vapotherm, Inc. and our consolidated subsidiaries.

 

 

2


 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words and the use of future dates. Forward-looking statements include, but are not limited to, statements concerning:

 

estimates regarding the annual total addressable market for our Precision Flow systems, future results of operations, financial position, capital requirements and our needs for additional financing;

 

commercial success and market acceptance of our Precision Flow systems, our Oxygen Assist Module, our Vapotherm Access (formerly known as HGE Digital Health) applications and offerings, and any future products we may seek to commercialize;

 

competitive companies and technologies in our industry and our ability to compete successfully;

 

our ability to enhance our High Velocity Therapy technology, our Oxygen Assist Module, and our Vapotherm Access applications and offerings to expand our indications and to develop and commercialize additional products and services;

 

our business model and strategic plans for our products, technologies and business, including our implementation thereof;

 

the impact of the current COVID-19 pandemic and labor and hospital staffing shortages on our business and operating results;

 

our ability to accurately forecast customer demand for our products, adjust our production capacity if necessary and manage our inventory, particularly in light of the ongoing COVID-19 pandemic and current global supply chain disruptions;

 

our ability to expand, manage and maintain our direct sales and marketing organizations in the United States, Germany and United Kingdom, and to market and sell our Precision Flow systems globally and to expand our limited release and eventually to market and sell our Oxygen Assist Module throughout the United Kingdom, Europe, and the Middle East;

 

our ability to hire and retain our senior management and other highly qualified personnel;

 

our ability to obtain additional financing in the future;

 

our ability to commercialize or obtain regulatory approvals for our products, or the effect of delays in commercializing or obtaining regulatory approvals;

 

U.S. Food and Drug Administration or other United States or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the United States and international markets;

 

the timing or likelihood of regulatory filings and approvals;

 

our ability to establish, maintain, and use our intellectual property to protect our High Velocity Therapy technology, Precision Flow systems, Oxygen Assist Module, and Vapotherm Access applications and offerings or avoid claims of infringement;

 

the volatility of the trading price of our common stock; and

 

our expectations about market trends and their anticipated effect on our business and operating results.

3


 

 

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on February 24, 2021 and in our other filings with the SEC, including this Quarterly Report on Form 10-Q. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. Any forward-looking statements made herein speak only as of the date of this Quarterly Report on Form 10-Q, and you should not rely on forward-looking statements as predictions of future events. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

4


 

PART I. FINANCIAL INFORMATION

 

ITEM 1.        FINANCIAL STATEMENTS

 

VAPOTHERM, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

70,335

 

 

$

113,683

 

Accounts receivable, net

 

 

20,812

 

 

 

23,488

 

Inventories

 

 

24,730

 

 

 

19,873

 

Prepaid expenses and other current assets

 

 

5,924

 

 

 

5,041

 

Total current assets

 

 

121,801

 

 

 

162,085

 

Property and equipment, net

 

 

21,727

 

 

 

20,573

 

Operating lease right-of-use assets

 

 

6,956

 

 

 

8,260

 

Restricted cash

 

 

253

 

 

 

1,853

 

Goodwill

 

 

13,996

 

 

 

16,226

 

Intangible assets, net

 

 

4,877

 

 

 

5,694

 

Other long-term assets

 

 

1,201

 

 

 

967

 

Total assets

 

$

170,811

 

 

$

215,658

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,143

 

 

$

4,967

 

Contract liabilities

 

 

2,190

 

 

 

2,977

 

Accrued expenses and other current liabilities

 

 

28,830

 

 

 

34,033

 

Total current liabilities

 

 

35,163

 

 

 

41,977

 

Long-term loans payable, net

 

 

39,707

 

 

 

39,653

 

Revolving loan facility

 

 

1,726

 

 

 

4,888

 

Deferred income tax liabilities

 

 

8

 

 

 

6

 

Other long-term liabilities

 

 

11,978

 

 

 

15,229

 

Total liabilities

 

 

88,582

 

 

 

101,753

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Preferred stock ($0.001 par value) 25,000,000 shares authorized; no shares issued

   and outstanding as of September 30, 2021 and December 31, 2020

 

 

-

 

 

 

-

 

Common stock ($0.001 par value) 175,000,000 shares authorized as of

   September 30, 2021 and December 31, 2020, 26,043,578 and 25,722,984

   shares issued and outstanding as of September 30, 2021 and

   December 31, 2020, respectively

 

 

26

 

 

 

26

 

Additional paid-in capital

 

 

440,367

 

 

 

430,781

 

Accumulated other comprehensive income

 

 

19

 

 

 

41

 

Accumulated deficit

 

 

(358,183

)

 

 

(316,943

)

Total stockholders' equity

 

 

82,229

 

 

 

113,905

 

Total liabilities and stockholders’ equity

 

$

170,811

 

 

$

215,658

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

Vapotherm, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

2021

 

 

2020

 

Net revenue

 

$

38,115

 

 

$

30,559

 

$

91,048

 

 

$

84,826

 

Cost of revenue

 

 

19,291

 

 

 

15,049

 

 

45,649

 

 

 

42,491

 

Gross profit

 

 

18,824

 

 

 

15,510

 

 

45,399

 

 

 

42,335

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,979

 

 

 

4,745

 

 

13,466

 

 

 

12,002

 

Sales and marketing

 

 

20,465

 

 

 

15,932

 

 

47,169

 

 

 

44,107

 

General and administrative

 

 

7,262

 

 

 

6,047

 

 

23,948

 

 

 

16,925

 

Total operating expenses

 

 

31,706

 

 

 

26,724

 

 

84,583

 

 

 

73,034

 

Loss from operations

 

 

(12,882

)

 

 

(11,214

)

 

(39,184

)

 

 

(30,699

)

Other (expense) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency gain (loss)

 

 

(58

)

 

 

38

 

 

(188

)

 

 

37

 

Interest income

 

 

21

 

 

 

42

 

 

74

 

 

 

227

 

Interest expense

 

 

(647

)

 

 

(1,308

)

 

(1,960

)

 

 

(3,898

)

Other

 

 

-

 

 

 

-

 

 

18

 

 

 

15

 

Net loss

 

$

(13,566

)

 

$

(12,442

)

$

(41,240

)

 

$

(34,318

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(40

)

 

 

34

 

 

(22

)

 

 

(41

)

Total other comprehensive income (loss)

 

$

(40

)

 

$

34

 

$

(22

)

 

$

(41

)

Total comprehensive loss

 

$

(13,606

)

 

$

(12,408

)

$

(41,262

)

 

$

(34,359

)

Net loss per share - basic and diluted

 

$

(0.52

)

 

$

(0.49

)

$

(1.59

)

 

$

(1.48

)

Weighted-average number of shares used in calculating net

   loss per share, basic and diluted

 

 

25,987,648

 

 

 

25,578,328

 

 

25,891,045

 

 

 

23,192,703

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

6


 

 

VAPOTHERM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

25,722,984

 

 

$

26

 

 

$

430,781

 

 

$

41

 

 

$

(316,943

)

 

$

113,905

 

Issuance of common stock upon exercise of options

 

 

77,892

 

 

 

-

 

 

 

761

 

 

 

-

 

 

 

-

 

 

 

761

 

Issuance of common stock with restricted stock units and

   awards

 

 

29,699

 

 

 

-

 

 

 

47

 

 

 

-

 

 

 

-

 

 

 

47

 

Issuance of common stock for services

 

 

3,633

 

 

 

-

 

 

 

110

 

 

 

-

 

 

 

-

 

 

 

110

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

2,575

 

 

 

-

 

 

 

-

 

 

 

2,575

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

 

 

-

 

 

 

11

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,407

)

 

 

(10,407

)

Balance at March 31, 2021

 

 

25,834,208

 

 

$

26

 

 

$

434,274

 

 

$

52

 

 

$

(327,350

)

 

$

107,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of options

 

 

14,577

 

 

 

-

 

 

 

156

 

 

 

-

 

 

 

-

 

 

 

156

 

Issuance of common stock with restricted stock units and

   awards

 

 

51,617

 

 

 

-

 

 

 

44

 

 

 

-

 

 

 

-

 

 

 

44

 

Issuance of common stock under the Employee Stock

   Purchase Plan

 

 

55,558

 

 

 

-

 

 

 

851

 

 

 

-

 

 

 

-

 

 

 

851

 

Issuance of common stock for services

 

 

545

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

2,420

 

 

 

-

 

 

 

-

 

 

 

2,420

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

7

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,267

)

 

 

(17,267

)

Balance at June 30, 2021

 

 

25,956,505

 

 

$

26

 

 

$

437,758

 

 

$

59

 

 

$

(344,617

)

 

$

93,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of options

 

 

61,594

 

 

 

-

 

 

 

488

 

 

 

-

 

 

 

-

 

 

 

488

 

Issuance of common stock with restricted stock units and

   awards

 

 

24,934

 

 

 

-

 

 

 

42

 

 

 

-

 

 

 

-

 

 

 

42

 

Issuance of common stock for services

 

 

545

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

2,066

 

 

 

-

 

 

 

-

 

 

 

2,066

 

Foreign currency translation adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(40

)

 

 

-

 

 

 

(40

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,566

)

 

 

(13,566

)

Balance at September 30, 2021

 

 

26,043,578

 

 

$

26

 

 

$

440,367

 

 

$

19

 

 

$

(358,183

)

 

$

82,229

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

7


 

 

VAPOTHERM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

Additional

 

 

Accumulated

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

20,851,531

 

 

$

21

 

 

$

319,115

 

 

$

44

 

 

$

(265,441

)

 

$

53,739

 

Issuance of common stock upon exercise of options

 

 

24,687

 

 

 

-

 

 

 

40

 

 

 

-

 

 

 

-

 

 

 

40

 

Issuance of common stock with restricted stock units and

   awards

 

 

34,265

 

 

 

-

 

 

 

58

 

 

 

-

 

 

 

-

 

 

 

58

 

Issuance of common stock for services

 

 

6,666

 

 

 

-

 

 

 

77

 

 

 

-

 

 

 

-

 

 

 

77

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

1,370

 

 

 

-

 

 

 

-

 

 

 

1,370

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(71

)

 

 

-

 

 

 

(71

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,844

)

 

 

(13,844

)

Balance at March 31, 2020

 

 

20,917,149

 

 

$

21

 

 

$

320,660

 

 

$

(27

)

 

$

(279,285

)

 

$

41,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock in connection with public

   offering, net

 

 

3,852,500

 

 

 

4

 

 

 

93,823

 

 

 

-

 

 

 

-

 

 

 

93,827

 

Issuance of common stock in connection with

   at-the-market offering, net

 

 

511,648

 

 

 

1

 

 

 

9,783

 

 

 

-

 

 

 

-

 

 

 

9,784

 

Issuance of common stock under Employee Stock

   Purchase Plan

 

 

36,389

 

 

 

-

 

 

 

359

 

 

 

-

 

 

 

-

 

 

 

359

 

Issuance of common stock upon exercise of options

 

 

99,206

 

 

 

-

 

 

 

227

 

 

 

-

 

 

 

-

 

 

 

227

 

Issuance of common stock upon exercise of warrants

 

 

41,066

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock with restricted stock units and

   awards

 

 

31,114

 

 

 

-

 

 

 

53

 

 

 

-

 

 

 

-

 

 

 

53

 

Issuance of common stock for services

 

 

3,986

 

 

 

-

 

 

 

72

 

 

 

-

 

 

 

-

 

 

 

72

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

1,305

 

 

 

-

 

 

 

-

 

 

 

1,305

 

Foreign currency translation adjustment

 

 

-