kod-10q_20190930.htm

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, 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.

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 31, 2019, the registrant had 37,058,168 shares of common stock, $0.0001 par value per share, outstanding.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.

Forward-looking statements include all statements that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, or similar expressions and comparable terminology intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties, including those set forth under the section of this Quarterly Report on Form 10-Q titled “Part II, Item 1A — Risk Factors” and elsewhere in this report. Forward-looking statements include, but are not limited to, statements about:

All forward-looking statements are based on information available to us on the date of this Quarterly Report on Form 10-Q and we will not update any of the forward-looking statements after the date of this Quarterly Report on Form 10-Q, except as required by law. Our actual results could differ materially from those discussed in this Quarterly Report on Form 10-Q. The forward-looking statements contained in this Quarterly Report on Form 10-Q, and other written and oral forward-looking statements made by us from time to time, are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements, and you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. Factors that might cause such a difference include, but are not limited to, those discussed in the following discussion and within the section of this Quarterly Report on Form 10-Q titled “Part II, Item 1A — Risk Factors”.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

All brand names or trademarks appearing in this report are the property of their respective holders. Unless the context requires otherwise, references in this report to “Kodiak” the “Company,” “we,” “us,” and “our” refer to Kodiak Sciences Inc.

	September 30, 2019			December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	37,033		$	88,254
Marketable securities		23,571			—
Prepaid expenses and other current assets		440			2,195
Total current assets		61,044			90,449
Restricted cash		140			140
Property and equipment, net		1,114			1,097
Operating lease right-of-use asset		1,887			—
Other assets		4,731			503
Total assets	$	68,916		$	92,189
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,670		$	1,050
Accrued and other current liabilities		5,210			3,776
Operating lease liability		421			—
Total current liabilities		7,301			4,826
Operating lease liability, net of current portion		1,616			—
Other liabilities		308			530
Total liabilities		9,225			5,356
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $0.0001 par value, 490,000,000 shares authorized at September 30, 2019 and December 31, 2018; 37,008,997 and 36,829,857 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively		4			4
Additional paid-in capital		202,183			197,595
Accumulated other comprehensive loss		19			—
Accumulated deficit		(142,515	)		(110,766	)
Total stockholders’ equity		59,691			86,833
Total liabilities and stockholders’ equity	$	68,916		$	92,189

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Operating expenses
Research and development	$	10,115		$	4,709		$	24,676		$	11,942
General and administrative		2,617			1,671			8,330			5,075
Total operating expenses		12,732			6,380			33,006			17,017
Loss from operations		(12,732	)		(6,380	)		(33,006	)		(17,017	)
Interest income		354			—			1,265			—
Interest expense (includes $1,076 and $2,944 attributable to related parties for the three and nine months ended September 30, 2018, respectively)		(2	)		(1,982	)		(8	)		(5,329	)
Other income (expense), net (includes $1,129 and $2,714 other expense attributable to related parties for the three and nine months ended September 30, 2018, respectively)		—			(2,090	)		—			(4,435	)
Net loss	$	(12,380	)	$	(10,452	)	$	(31,749	)	$	(26,781	)
Net loss per common share, basic and diluted	$	(0.33	)	$	(1.33	)	$	(0.85	)	$	(3.45	)
Weighted-average common shares outstanding used in computing net loss per common share, basic and diluted		37,330,066			7,851,560			37,291,328			7,764,888
Other comprehensive income
Change in unrealized gains related to available-for-sale debt securities, net of tax		7			—			19			—
Total other comprehensive income		7			—			19			—
Comprehensive loss	$	(12,373	)	$	(10,452	)	$	(31,730	)	$	(26,781	)

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

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

	Redeemable Convertible Preferred Stock				Common Stock				Additional Paid-In		Accumulated Other Comprehensive		Accumulated			Total Stockholders’ Equity
	Shares		Amount		Shares		Amount		Capital		Income (Loss)		Deficit			(Deficit)
Balances at December 31, 2018		—	$	—		36,829,857	$	4	$	197,595	$	—	$	(110,766	)	$	86,833
Issuance of common stock upon exercise of stock options		—		—		80,000		—		83		—		—			83
Stock-based compensation expense		—		—		—		—		1,157		—		—			1,157
Other comprehensive income		—		—		—		—		—		6		—			6
Net loss		—		—		—		—		—		—		(7,984	)		(7,984	)
Balances at March 31, 2019		—		—		36,909,857		4		198,835		6		(118,750	)		80,095
Issuance of common stock upon exercise of stock options		—		—		21,284		—		59		—		—			59
Stock-based compensation expense		—		—		—		—		1,244		—		—			1,244
Other comprehensive income		—		—		—		—		—		6		—			6
Net loss		—		—		—		—		—		—		(11,385	)		(11,385	)
Balances at June 30, 2019		—		—		36,931,141		4		200,138		12		(130,135	)		70,019
Issuance of common stock upon exercise of stock options		—		—		77,855		—		272		—		—			272
Issuance of common stock upon exercise of common stock warrant		—		—		1		—		—		—		—			—
Stock-based compensation expense		—		—		—		—		1,773		—		—			1,773
Other comprehensive income		—		—		—		—		—		7		—			7
Net loss		—		—		—		—		—		—		(12,380	)		(12,380	)
Balances at September 30, 2019		—	$	—		37,008,997	$	4	$	202,183	$	19	$	(142,515	)	$	59,691

	Redeemable Convertible Preferred Stock				Common Stock				Additional Paid-In		Accumulated Other Comprehensive		Accumulated			Total Stockholders’ Equity
	Shares		Amount		Shares		Amount		Capital		Income (Loss)		Deficit			(Deficit)
Balances at December 31, 2017		12,385,154	$	50,017		7,936,434	$	1	$	584	$	—	$	(69,323	)	$	(68,738	)
Issuance of common stock upon exercise of stock options		—		—		300		—		—		—		—			—
Stock-based compensation expense		—		—		—		—		92		—		—			92
Net loss		—		—		—		—		—		—		(8,920	)		(8,920	)
Balances at March 31, 2018		12,385,154		50,017		7,936,734		1		676		—		(78,243	)		(77,566	)
Issuance of restricted stock awards		—		—		27,500		—		—		—		—			—
Stock-based compensation expense		—		—		—		—		748		—		—			748
Net loss		—		—		—		—		—		—		(7,409	)		(7,409	)
Balances at June 30, 2018		12,385,154		50,017		7,964,234		1		1,424		—		(85,652	)		(84,227	)
Issuance of common stock upon exercise of stock options		—		—		47,500		—		49		—		—			49
Stock-based compensation expense		—		—		—		—		800		—		—			800
Net loss		—		—		—		—		—		—		(10,452	)		(10,452	)
Balances at September 30, 2018		12,385,154	$	50,017		8,011,734	$	1	$	2,273	$	—	$	(96,104	)	$	(93,830	)

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

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities
Net loss	$	(31,749	)	$	(26,781	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		405			367
Non-cash interest expense and amortization of debt discount and issuance cost		—			5,295
Change in fair value of redeemable convertible preferred stock warrant liability		—			2,700
Change in fair value of derivative instrument		—			1,914
Stock-based compensation		4,174			1,549
Accretion of discount on available-for-sale securities		(195	)		—
Changes in assets and liabilities:
Prepaid expenses and other current assets		1,782			(503	)
Operating lease right-of-use asset		276			—
Other assets		(4,365	)		—
Accounts payable		620			(1,754	)
Accrued and other current liabilities		1,480			(3,511	)
Operating lease liability		(281	)		—
Other liabilities		—			33
Net cash used in operating activities		(27,853	)		(20,691	)
Cash flows from investing activities
Purchase of property and equipment		(284	)		(56	)
Purchase of available-for-sale securities		(40,231	)		—
Proceeds from maturities of available-for-sale securities		16,800			—
Net cash used in investing activities		(23,715	)		(56	)
Cash flows from financing activities
Proceeds from issuance of convertible notes (includes $9,560 from related parties for the nine months ended September 30, 2018)		—			33,000
Deferred offering costs		—			(1,815	)
Debt issuance cost		—			(140	)
Proceeds from issuance of common stock		414			49
Principal payments of capital lease		(41	)		(81	)
Principal payments of tenant improvement allowance payable		(26	)		(71	)
Net cash provided by financing activities		347			30,942
Net increase (decrease) in cash, cash equivalents and restricted cash		(51,221	)		10,195
Cash, cash equivalents and restricted cash, at beginning of period		88,394			1,535
Cash, cash equivalents and restricted cash, at end of period	$	37,173		$	11,730
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position
Cash and cash equivalents	$	37,033		$	11,590
Restricted cash		140			140
Cash, cash equivalents and restricted cash in statement of financial position	$	37,173		$	11,730

Supplemental disclosures of non-cash investing and financing information:
Issuance of derivative instrument related to convertible notes payable	$	—		$	6,603
Unpaid offering costs	$	—		$	1,577
Deferred offering costs paid in restricted stock awards	$	—		$	91

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

Kodiak Sciences Inc. (the “Company”) is a clinical stage biopharmaceutical company specializing in novel therapeutics to treat chronic, high-prevalence retinal diseases. The Company devotes substantially all of its time and efforts to performing research and development, raising capital and recruiting personnel.

In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The Company has incurred significant losses and negative cash flows from operations since inception and had an accumulated deficit of $142.5 million as of September 30, 2019. The Company had $60.6 million in cash and cash equivalents and marketable securities as of September 30, 2019. The Company has historically financed its operations primarily through the sale of redeemable convertible preferred stock, convertible notes, warrants and the sale of common stock in its initial public offering (“IPO”). To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue from product sales. Management expects operating losses to continue for the foreseeable future. The Company currently plans to raise additional funding as required based on the status of its development programs and projected cash flows, and the Company believes that its cash and cash equivalents and marketable securities as of September 30, 2019 are sufficient to fund its existing operational commitments and objectives at least through the first half of 2020. If the Company is unable to obtain other financing, the Company would be forced to delay, reduce or terminate some or all of its development programs and clinical trials or sell or license rights to its product candidates in certain territories or indications to others that may not be favorable to the Company.

The uncertainties inherent in the Company’s future operations and in its ability to obtain additional funding raise substantial doubt about its ability to continue as a going concern beyond one year from the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim periods and, in the opinion of management, include all normal and recurring adjustments which are necessary to present fairly the Company's financial position and results of operations for the reported periods.

These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2018 and notes thereto, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 27, 2019. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2019, or for any future period.

The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and expenses during the reporting period. Actual results could differ from those estimates.

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2019 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, except as noted below with respect to the Company’s lease and marketable securities accounting policies and as noted within the “Recent Accounting Pronouncements – Recently Adopted Accounting Pronouncements” section.

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment. The Company has elected not to recognize leases with terms of one year or less on the balance sheet.

The Company invests excess cash balances in short-term marketable securities. The investments in marketable securities are classified as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase. Debt securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expensed over the life of the instrument. Equity securities with readily determinable fair values are also carried at fair value with unrealized gains and losses included in other income (expense), net. Realized gains and losses on both debt and equity securities are determined using the specific identification method and are included in other income (expense), net.

If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, marks the investment to market through a charge to the Company’s statement of operations and comprehensive loss.

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In July 2018, the FASB issued ASU 2018-10, Leases (Topic 842), Codification Improvements, and ASU 2018-11, Leases (Topic 842), Targeted Improvements. ASU 2018-10 clarified certain provisions and corrected unintended applications of the guidance such as the application of implicit rate, lessee reassessment of lease classification, and certain transition adjustments that should be recognized to earnings rather than to stockholders' equity. ASU 2018-11 provided an alternative transition method and practical expedient for separating contract components for the adoption of Topic 842. ASU 2016-02, ASU 2018-10, and ASU 2018-11 (collectively, "the new lease standards") superseded the previous leases standard, ASC 840 Leases.

The Company adopted the new lease standards as of January 1, 2019 using the modified retrospective approach to recognize a cumulative-effect adjustment on the effective date and to not adjust financial information and disclosures required under the new lease standards for comparative prior periods. The Company did not elect for the package of practical expedients and assessed all contracts at the transition date. The Company did not utilize the practical expedient which allows the use of hindsight in determining lease term and assessing impairment in right-of-use assets. The Company elected to apply the practical expedient and accounted for each lease component and related non-lease component as one single component. The Company elected not to recognize leases with terms of one year or less on the balance sheet.

The adoption of the new lease standards on January 1, 2019 resulted in the initial recognition of right-of-use asset of $2.2 million and operating lease liability of $2.3 million related to the operating lease for the Company’s office and laboratory space in Palo Alto, California on the consolidated balance sheets with no material impact to the consolidated statements of operations, stockholders’ equity or cash flows. Refer to Note 6.

In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815) (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. This update simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. Down round features are common in warrants, preferred shares, and convertible debt instruments issued by private companies and early-stage public companies. This update requires companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. ASU 2017-11 is effective for interim and annual periods beginning after December 15, 2018. The Company adopted this new guidance as of January 1, 2019, which did not result in a material impact on its consolidated financial statements and related disclosures.

In June 2018, the FASB issued ASU 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for interim and annual periods beginning after December 15, 2018. The Company adopted this new guidance as of January 1, 2019, which did not result in a material impact on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 362): Measurement of Credit Losses on Financial Statements, which intends to improve financial reporting by requiring earlier recognition of credit losses on certain financial assets, such as available-for-sale debt securities. The standard is effective for interim and annual periods after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of the FASB’s disclosure framework project. The standard is effective for interim and annual periods beginning after December 15, 2019. The standard specifies certain amendments which should be applied prospectively while all other amendments should be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation, set-up, and other upfront costs incurred in cloud computing arrangements. The standard is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.

The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands):

Delaware	27-0476525
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2631 Hanover Street Palo Alto, California	94304
(Address of principal executive offices)	(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001	KOD	The Nasdaq Stock Market LLC

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss	2
	Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)	3
	Condensed Consolidated Statements of Cash Flows	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
PART II.	OTHER INFORMATION	34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 3.	Defaults Upon Senior Securities	70
Item 4.	Mine Safety Disclosures	70
Item 5.	Other Information	70
Item 6.	Exhibits	71
Signatures		72

	September 30, 2019		December 31, 2018
Accrued research and development	$	3,090	$	1,387
Accrued salaries and benefits		1,824		2,061
Accrued legal fees		91		82
Accrued professional fees		80		117
Accrued other liabilities		125		129
Total accrued and other current liabilities	$	5,210	$	3,776

	Fair Value Measurements at September 30, 2019
	Quoted Price in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash equivalents:
Money market funds	$	36,654	$	—	$	—	$	36,654
Marketable securities:
Commercial paper		—		11,809		—		11,809
Corporate notes		—		11,762		—		11,762
Total	$	36,654	$	23,571	$	—	$	60,225

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

Emerging growth company	☒