0000950170-21-003752.txt : 20211109 0000950170-21-003752.hdr.sgml : 20211109 20211109161359 ACCESSION NUMBER: 0000950170-21-003752 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 81 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211109 DATE AS OF CHANGE: 20211109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Inari Medical, Inc. CENTRAL INDEX KEY: 0001531048 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 452902923 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39293 FILM NUMBER: 211392315 BUSINESS ADDRESS: STREET 1: 6001 OAK CANYON, SUITE 100 CITY: IRVINE STATE: CA ZIP: 92618 BUSINESS PHONE: 949-923-4747 MAIL ADDRESS: STREET 1: 6001 OAK CANYON, SUITE 100 CITY: IRVINE STATE: CA ZIP: 92618 FORMER COMPANY: FORMER CONFORMED NAME: Inceptus Newco1 Inc. DATE OF NAME CHANGE: 20110923 10-Q 1 nari-20210930.htm 10-Q 10-Q
falsetrueQ3http://fasb.org/us-gaap/2021-01-31#QualifiedPlanMemberhttp://fasb.org/us-gaap/2021-01-31#QualifiedPlanMember2024-09-30P3Y--12-310001531048true0001531048us-gaap:FairValueInputsLevel1Member2020-12-310001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-01-012021-09-300001531048us-gaap:SupplierConcentrationRiskMembersrt:MinimumMembernari:AccountsPayableBenchmarkMember2020-01-012020-12-310001531048nari:SignatureBankCreditFacilityMembersrt:MaximumMember2020-12-310001531048us-gaap:LondonInterbankOfferedRateLIBORMembernari:CreditAgreementMembersrt:MaximumMembernari:BankOfAmericaCreditFacilityMembernari:LondonInterbankOfferedRateLoansMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2021-03-310001531048us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2020-12-310001531048us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300001531048nari:TermLoanTrancheOneMembernari:SignatureBankCreditFacilityMember2021-09-300001531048us-gaap:SupplierConcentrationRiskMembernari:AccountsPayableBenchmarkMember2021-01-012021-09-300001531048nari:EmployeeStockPurchasePlanMember2021-07-012021-09-300001531048nari:SignatureBankCreditFacilityMembernari:TermLoanTrancheTwoMember2020-12-310001531048us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001531048country:CA2019-03-262019-03-310001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001531048us-gaap:ManufacturingFacilityMember2020-12-310001531048nari:SignatureBankCreditFacilityMembernari:TermLoanMember2020-03-310001531048us-gaap:RedeemableConvertiblePreferredStockMember2021-04-012021-06-3000015310482021-09-300001531048us-gaap:LetterOfCreditMembernari:BankOfAmericaCreditFacilityMember2020-12-310001531048us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-07-310001531048us-gaap:RestrictedStockMember2020-01-012020-09-300001531048us-gaap:CommonStockMember2020-09-300001531048us-gaap:EquipmentMember2021-09-300001531048us-gaap:IPOMember2020-05-3100015310482020-10-310001531048us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-3000015310482020-12-012020-12-310001531048srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Member2020-12-310001531048nari:SeriesARedeemableConvertiblePreferredStockWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2020-05-210001531048us-gaap:AdditionalPaidInCapitalMember2021-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2021-09-300001531048us-gaap:RetainedEarningsMember2021-09-300001531048us-gaap:LeaseholdImprovementsMember2021-01-012021-09-300001531048us-gaap:CommonStockMember2020-04-012020-06-300001531048us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001531048nari:TwoThousandTwentyEmployeeStockPurchasePlanMember2020-05-310001531048nari:TwoThousandTwentyIncentiveAwardPlanMember2020-12-3100015310482021-04-012021-06-300001531048us-gaap:ResearchAndDevelopmentExpenseMember2020-07-012020-09-300001531048srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Member2021-01-0100015310482021-07-012021-09-300001531048us-gaap:RestrictedStockMember2021-07-012021-09-300001531048us-gaap:LetterOfCreditMembernari:BankOfAmericaCreditFacilityMember2021-09-300001531048us-gaap:LondonInterbankOfferedRateLIBORMembernari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048nari:SignatureBankCreditFacilityMember2019-12-310001531048country:CA2020-10-3100015310482020-01-012020-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2020-09-012020-09-300001531048us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-06-300001531048nari:CorporateDebtSecuritiesAndCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001531048us-gaap:MoneyMarketFundsMemberus-gaap:CashAndCashEquivalentsMember2020-12-310001531048nari:SeriesARedeemableConvertiblePreferredStockWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2020-05-210001531048us-gaap:RevolvingCreditFacilityMembernari:SignatureBankCreditFacilityMember2021-09-300001531048srt:MaximumMember2021-09-300001531048nari:AssetsInProgressMember2021-09-300001531048us-gaap:CostOfSalesMember2021-01-012021-09-300001531048us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2020-12-310001531048us-gaap:FairValueInputsLevel2Member2021-09-300001531048nari:InceptusMedicalIncMember2020-01-012020-09-300001531048us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2020-12-310001531048us-gaap:AdditionalPaidInCapitalMember2020-09-300001531048nari:UnvestedRestrictedStockUnitsMember2021-01-012021-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-12-310001531048us-gaap:OtherAssetsMember2020-12-310001531048us-gaap:SupplierConcentrationRiskMembersrt:MinimumMembernari:AccountsPayableBenchmarkMember2021-01-012021-09-300001531048us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001531048us-gaap:RetainedEarningsMember2021-03-310001531048nari:SignatureBankCreditFacilityMembernari:TermLoanMember2019-12-310001531048nari:TwoThousandTwentyEmployeeStockPurchasePlanMember2021-09-3000015310482020-12-310001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2020-09-300001531048us-gaap:ShortTermInvestmentsMember2021-09-300001531048country:CA2021-09-300001531048us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001531048nari:TwoThousandTwentyIncentiveAwardPlanMember2021-01-012021-09-300001531048srt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001531048us-gaap:CommonStockMember2020-03-310001531048us-gaap:TechnologyEquipmentMember2020-12-310001531048us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001531048us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001531048us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2020-12-310001531048us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-07-012020-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001531048us-gaap:FurnitureAndFixturesMember2021-09-300001531048us-gaap:AdditionalPaidInCapitalMember2020-06-300001531048us-gaap:RetainedEarningsMember2020-04-012020-06-300001531048nari:FlowTrieverProductsMember2021-07-012021-09-300001531048us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001531048us-gaap:RetainedEarningsMember2020-12-310001531048nari:AccountsReceivableNetMember2020-12-310001531048nari:TwoThousandTwentyIncentiveAwardPlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001531048us-gaap:CostOfSalesMember2020-01-012020-09-3000015310482020-04-012020-06-300001531048srt:MinimumMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-09-300001531048us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001531048us-gaap:CashAndCashEquivalentsMember2021-09-300001531048nari:UnvestedRestrictedStockUnitsMember2020-07-012020-09-300001531048nari:TwoThousandTwentyIncentiveAwardPlanMember2020-01-012020-03-310001531048us-gaap:RestrictedStockUnitsRSUMembernari:TwoThousandAndElevenEquityIncentivePlanMember2019-03-012019-03-310001531048us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-09-300001531048us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-01-012020-03-310001531048us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2021-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001531048us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:RestrictedStockUnitsRSUMember2021-07-012021-07-310001531048us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001531048us-gaap:CashAndCashEquivalentsMember2020-12-310001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001531048us-gaap:ShortTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001531048us-gaap:RetainedEarningsMember2021-07-012021-09-300001531048nari:InceptusMedicalIncMember2021-01-012021-09-300001531048srt:MaximumMember2019-03-310001531048us-gaap:CostOfSalesMember2020-07-012020-09-300001531048us-gaap:LeaseholdImprovementsMember2020-12-310001531048us-gaap:CommonStockMember2020-01-012020-03-310001531048us-gaap:RetainedEarningsMember2020-06-300001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048nari:InceptusMedicalIncMember2020-07-012020-09-300001531048nari:TwoThousandTwentyEmployeeStockPurchasePlanMemberus-gaap:CommonStockMember2021-01-012021-09-300001531048us-gaap:ShortTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2020-12-310001531048us-gaap:CommonStockMember2021-06-300001531048us-gaap:FairValueMeasurementsRecurringMember2021-09-300001531048nari:RecruitingServicesMembernari:MRITheHoffmanGroupMemberus-gaap:OperatingExpenseMember2020-07-012020-09-300001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMembersrt:MinimumMember2020-07-012020-09-300001531048us-gaap:RetainedEarningsMember2021-04-012021-06-300001531048country:CA2020-10-012020-10-310001531048us-gaap:OtherLongTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:MeasurementInputRiskFreeInterestRateMembernari:SeriesBRedeemableConvertiblePreferredStockWarrantsMember2020-05-210001531048us-gaap:RetainedEarningsMember2020-07-012020-09-3000015310482020-03-310001531048us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMember2021-09-012021-09-300001531048us-gaap:CommonStockMember2020-06-300001531048us-gaap:CommonStockMember2021-03-310001531048us-gaap:FurnitureAndFixturesMember2020-12-310001531048nari:SeriesBRedeemableConvertiblePreferredStockWarrantsMember2020-05-210001531048us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001531048nari:LakeForestAndIrvineMember2021-09-300001531048nari:UnvestedRestrictedStockUnitsMember2021-07-012021-09-300001531048nari:CommonStockWarrantMember2020-06-300001531048nari:SeriesBRedeemableConvertiblePreferredStockWarrantsMemberus-gaap:MeasurementInputExpectedDividendRateMember2020-05-210001531048us-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2019-12-312020-12-310001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001531048us-gaap:CommonStockMember2021-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-04-012020-06-3000015310482021-01-012021-09-300001531048us-gaap:CommonStockMember2021-01-012021-03-310001531048nari:FlowTrieverProductsMember2021-01-012021-09-300001531048us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2020-12-310001531048nari:TwoThousandTwentyEmployeeStockPurchasePlanMember2020-05-012020-05-310001531048us-gaap:ShortTermInvestmentsMember2020-12-310001531048us-gaap:CommonStockMember2019-12-310001531048nari:SeriesARedeemableConvertiblePreferredStockWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2020-05-2100015310482020-11-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2021-06-300001531048us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-12-310001531048us-gaap:LetterOfCreditMembernari:BankOfAmericaCreditFacilityMember2021-09-012021-09-300001531048country:CA2019-03-310001531048nari:EmployeeStockPurchasePlanMember2021-01-012021-09-300001531048us-gaap:RetainedEarningsMember2020-01-012020-03-310001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMembersrt:MinimumMember2021-01-012021-09-300001531048nari:AccountsReceivableNetMember2021-09-300001531048nari:UnvestedRestrictedStockUnitsMember2020-01-012020-09-300001531048us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2021-09-300001531048nari:InceptusMedicalIncMember2021-07-012021-09-300001531048us-gaap:ShortTermInvestmentsMembernari:CorporateDebtSecuritiesAndCommercialPaperMember2021-09-300001531048us-gaap:FairValueInputsLevel3Membernari:CorporateDebtSecuritiesAndCommercialPaperMember2021-09-3000015310482020-01-012020-03-3100015310482021-11-050001531048us-gaap:FairValueInputsLevel1Membernari:CorporateDebtSecuritiesAndCommercialPaperMember2021-09-300001531048us-gaap:CashAndCashEquivalentsMemberus-gaap:USTreasurySecuritiesMember2020-12-310001531048nari:TwoThousandTwentyEmployeeStockPurchasePlanMember2021-01-012021-09-300001531048us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001531048us-gaap:AdditionalPaidInCapitalMember2020-12-310001531048us-gaap:RetainedEarningsMember2020-09-300001531048nari:ClotTrieverProductsMember2020-07-012020-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2021-01-012021-03-310001531048us-gaap:OtherLongTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:RestrictedStockMember2020-07-012020-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001531048nari:CreditAgreementMembersrt:MinimumMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048nari:ClotTrieverProductsMember2021-01-012021-09-300001531048us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-09-300001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2020-01-012020-12-310001531048nari:SignatureBankCreditFacilityMembersrt:MinimumMembernari:TermLoanMember2021-09-300001531048us-gaap:PrimeRateMembernari:SignatureBankCreditFacilityMembernari:TermLoanMember2020-12-012020-12-3100015310482021-01-010001531048us-gaap:FairValueInputsLevel2Member2020-12-310001531048us-gaap:CostOfSalesMember2021-07-012021-09-300001531048nari:CreditAgreementMemberus-gaap:FederalFundsEffectiveSwapRateMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048us-gaap:RestrictedStockMember2021-01-012021-09-300001531048nari:TwoThousandAndElevenEquityIncentivePlanMember2021-01-012021-09-300001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2020-12-310001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001531048us-gaap:FairValueInputsLevel2Membernari:CorporateDebtSecuritiesAndCommercialPaperMember2021-09-300001531048us-gaap:RetainedEarningsMember2019-12-310001531048us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-07-012020-09-300001531048country:CA2021-01-012021-09-300001531048srt:MaximumMemberus-gaap:MeasurementInputExpectedTermMembernari:SeriesBRedeemableConvertiblePreferredStockWarrantsMember2020-05-210001531048us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:EmployeeStockMember2021-01-012021-09-300001531048us-gaap:SupplierConcentrationRiskMembernari:AccountsPayableBenchmarkMember2020-01-012020-12-310001531048us-gaap:ComputerEquipmentMember2021-09-300001531048srt:MaximumMember2021-01-012021-09-300001531048nari:LakeForestAndIrvineMember2021-01-012021-09-300001531048nari:TwoThousandAndElevenEquityIncentivePlanMember2021-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2019-12-310001531048us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300001531048nari:SeriesBRedeemableConvertiblePreferredStockWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2020-05-210001531048us-gaap:LondonInterbankOfferedRateLIBORMembernari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:LondonInterbankOfferedRateLoansMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-09-3000015310482020-05-012020-05-310001531048us-gaap:ComputerEquipmentMember2020-12-3100015310482019-12-312019-12-310001531048nari:SeriesARedeemableConvertiblePreferredStockWarrantsMemberus-gaap:MeasurementInputExpectedDividendRateMember2020-05-210001531048us-gaap:LetterOfCreditMember2020-10-310001531048us-gaap:MoneyMarketFundsMemberus-gaap:CashAndCashEquivalentsMember2021-09-300001531048us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2021-09-300001531048nari:SignatureBankCreditFacilityMembersrt:MinimumMember2020-12-310001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMembersrt:MinimumMember2021-07-012021-09-300001531048us-gaap:CommonStockMember2020-12-310001531048nari:TwoThousandAndElevenEquityIncentivePlanMember2020-01-012020-12-310001531048us-gaap:FairValueInputsLevel3Member2021-09-3000015310482021-03-310001531048srt:MaximumMembernari:TwoThousandTwentyEmployeeStockPurchasePlanMember2021-01-012021-09-300001531048nari:InceptusMedicalIncMembersrt:MinimumMember2021-01-012021-09-3000015310482021-01-012021-03-310001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMember2021-07-012021-09-300001531048us-gaap:AdditionalPaidInCapitalMember2021-06-300001531048us-gaap:OtherLongTermInvestmentsMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001531048us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2020-12-310001531048us-gaap:RetainedEarningsMember2021-01-012021-03-310001531048us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001531048us-gaap:ResearchAndDevelopmentExpenseMember2021-07-012021-09-300001531048nari:FlowTrieverProductsMember2020-07-012020-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-07-012020-09-300001531048us-gaap:RetainedEarningsMember2020-03-3100015310482020-07-012020-09-300001531048us-gaap:FairValueInputsLevel1Member2021-09-300001531048nari:TwoThousandTwentyIncentiveAwardPlanMembernari:EmployeeStockPurchasePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-09-300001531048nari:RecruitingServicesMembernari:MRITheHoffmanGroupMemberus-gaap:OperatingExpenseMember2021-07-012021-09-300001531048nari:RecruitingServicesMembernari:MRITheHoffmanGroupMemberus-gaap:OperatingExpenseMember2020-01-012020-09-300001531048nari:SignatureBankCreditFacilityMembernari:TermLoanMember2020-12-012020-12-310001531048nari:TwoThousandTwentyEmployeeStockPurchasePlanMembersrt:MinimumMember2021-01-012021-09-300001531048us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2021-09-300001531048us-gaap:AccountingStandardsUpdate201807Member2020-09-300001531048us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-09-300001531048us-gaap:AdditionalPaidInCapitalMember2021-03-310001531048us-gaap:CommonStockMember2021-04-012021-06-300001531048us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001531048us-gaap:IPOMember2020-05-312020-05-310001531048srt:MinimumMember2021-01-012021-09-300001531048nari:TwoThousandTwentyIncentiveAwardPlanMember2021-09-300001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMember2021-01-012021-09-300001531048us-gaap:EmployeeStockMember2021-07-012021-09-300001531048us-gaap:RetainedEarningsMember2021-06-300001531048us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-09-300001531048us-gaap:AccountingStandardsUpdate201912Member2021-09-3000015310482020-05-310001531048us-gaap:OtherAssetsMember2021-09-300001531048us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-09-300001531048us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMembersrt:MinimumMember2020-01-012020-09-300001531048us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-09-300001531048us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001531048us-gaap:SupplierConcentrationRiskMemberus-gaap:CostOfGoodsProductLineMember2020-01-012020-09-300001531048us-gaap:AdditionalPaidInCapitalMember2020-03-310001531048nari:ClotTrieverProductsMember2021-07-012021-09-300001531048us-gaap:FairValueInputsLevel1Memberus-gaap:OtherLongTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2020-12-310001531048us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001531048us-gaap:EmployeeStockMember2020-01-012020-09-300001531048us-gaap:RedeemableConvertiblePreferredStockMember2021-07-012021-09-300001531048us-gaap:AdditionalPaidInCapitalMember2019-12-310001531048nari:SeriesARedeemableConvertiblePreferredStockWarrantsMember2020-05-210001531048country:CA2019-03-012019-03-310001531048nari:SignatureBankCreditFacilityMembernari:TermLoanMember2021-12-012021-12-310001531048us-gaap:ManufacturingFacilityMember2021-09-300001531048nari:TwoThousandTwentyIncentiveAwardPlanMember2020-03-310001531048us-gaap:RedeemableConvertiblePreferredStockMember2020-03-310001531048us-gaap:EmployeeStockMember2020-07-012020-09-3000015310482021-06-300001531048us-gaap:FairValueInputsLevel3Member2020-12-310001531048us-gaap:CommonStockMember2020-07-012020-09-300001531048nari:AssetsInProgressMember2020-12-310001531048us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001531048nari:ClotTrieverProductsMember2020-01-012020-09-300001531048nari:CreditAgreementMembersrt:MaximumMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-012021-09-300001531048us-gaap:RestrictedStockUnitsRSUMember2019-03-012019-03-310001531048nari:MRITheHoffmanGroupMember2020-12-310001531048us-gaap:TechnologyEquipmentMember2021-09-300001531048us-gaap:OverAllotmentOptionMember2020-05-012020-05-310001531048nari:TwoThousandTwentyIncentiveAwardPlanMembersrt:MaximumMember2020-01-012020-03-310001531048us-gaap:LeaseholdImprovementsMember2021-09-300001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001531048us-gaap:FairValueMeasurementsRecurringMember2020-12-310001531048us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001531048nari:TwoThousandAndElevenEquityIncentivePlanMember2020-12-310001531048nari:MRITheHoffmanGroupMember2021-09-300001531048nari:RecruitingServicesMembernari:MRITheHoffmanGroupMemberus-gaap:OperatingExpenseMember2021-01-012021-09-3000015310482019-12-310001531048us-gaap:FairValueInputsLevel2Memberus-gaap:OtherLongTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2021-09-300001531048us-gaap:CommonStockMember2021-07-012021-09-3000015310482020-06-300001531048nari:CashSecuredLetterOfCreditMember2020-12-310001531048us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001531048nari:FlowTrieverProductsMember2020-01-012020-09-3000015310482020-10-012020-10-310001531048nari:InceptusMedicalIncMembersrt:MaximumMember2021-01-012021-09-3000015310482020-05-312020-05-3100015310482020-09-300001531048srt:MinimumMemberus-gaap:MeasurementInputExpectedTermMembernari:SeriesBRedeemableConvertiblePreferredStockWarrantsMember2020-05-210001531048us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001531048nari:CreditAgreementMembernari:BankOfAmericaCreditFacilityMembernari:SeniorSecuredRevolvingCreditFacilityMember2021-09-30nari:Segmentxbrli:purenari:Vendorxbrli:sharesnari:Customernari:Warehouseiso4217:USDxbrli:sharesnari:LetterOfCreditiso4217:USDnari:ExtensionPeriod

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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: 001-39293

 

Inari Medical, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-2902923

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

6001 Oak Canyon, Suite 100

Irvine, California

92618

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (877) 923-4747

 

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

 

NARI

 

The Nasdaq Global Select Market

 

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.

 

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 November 5, 2021, the registrant had 50,204,758 shares of common stock, $0.001 par value per share, outstanding.

 

 


Table of Contents

 

 

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

2

 

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit)

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2.

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

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

31

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Mine Safety Disclosures

32

Item 5.

Other Information

32

Item 6.

Exhibits

33

Signatures

34

 

i


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” "can," “will,” “would,” “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. All statements other than statements of historical facts contained in this Quarterly Report, including without limitation statements regarding our business model and strategic plans for our products, technologies and business, including our implementation thereof, the impact on our business, financial condition and results of operations from the ongoing and global COVID-19 pandemic, or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide, the timing of and our ability to obtain and maintain regulatory approvals, our commercialization, marketing and manufacturing capabilities and strategy, our expectations about the commercial success and market acceptance of our products, the sufficiency of our cash, cash equivalents and short-term investments, and the plans and objectives of management for future operations and capital expenditures are forward-looking statements.

 

The forward-looking statements in this Quarterly Report are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties, and assumptions, including those described under the sections in this Quarterly Report entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

 

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. 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. We intend the forward-looking statements contained in this Quarterly Report to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

 

 

ii


 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited).

Inari Medical, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share data and par value)

(unaudited)

 

 

September 30,
2021

 

 

December 31,
2020

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

81,158

 

 

$

114,229

 

Short-term investments

 

 

81,436

 

 

 

49,981

 

Accounts receivable, net

 

 

38,916

 

 

 

28,008

 

Inventories, net

 

 

19,499

 

 

 

10,597

 

Prepaid expenses and other current assets

 

 

7,141

 

 

 

2,808

 

Restricted cash

 

 

 

 

 

50

 

Total current assets

 

 

228,150

 

 

 

205,673

 

Property and equipment, net

 

 

14,748

 

 

 

7,498

 

Long-term investments

 

 

6,002

 

 

 

 

Operating lease right-of-use assets

 

 

42,855

 

 

 

 

Deposits and other assets

 

 

672

 

 

 

583

 

Restricted cash

 

 

 

 

 

338

 

Total assets

 

$

292,427

 

 

$

214,092

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

 

5,083

 

 

 

3,047

 

Payroll-related accruals

 

 

16,987

 

 

 

8,198

 

Accrued expenses and other current liabilities

 

 

6,583

 

 

 

2,593

 

Operating lease liabilities, current portion

 

 

857

 

 

 

 

Total current liabilities

 

 

29,510

 

 

 

13,838

 

Operating lease liabilities, noncurrent portion

 

 

28,547

 

 

 

 

Total liabilities

 

 

58,057

 

 

 

13,838

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares
   issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.001 par value, 300,000,000 shares
   authorized as of September 30, 2021 and December 31, 2020;
50,144,590 
   and
49,251,614 shares issued and outstanding as of September 30, 2021 and
   December 31, 2020, respectively

 

 

50

 

 

 

49

 

Additional paid in capital

 

 

253,256

 

 

 

227,624

 

Accumulated other comprehensive (loss) income

 

 

(246

)

 

 

4

 

Accumulated deficit

 

 

(18,690

)

 

 

(27,423

)

Total stockholders' equity

 

 

234,370

 

 

 

200,254

 

Total liabilities and stockholders' equity

 

$

292,427

 

 

$

214,092

 

 

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

1


 

Inari Medical, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

72,916

 

 

$

38,715

 

 

$

193,766

 

 

$

91,059

 

Cost of goods sold

 

 

7,040

 

 

 

3,228

 

 

 

16,477

 

 

 

9,420

 

Gross profit

 

 

65,876

 

 

 

35,487

 

 

 

177,289

 

 

 

81,639

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

12,499

 

 

 

5,217

 

 

 

32,292

 

 

 

11,863

 

Selling, general and administrative

 

 

56,104

 

 

 

23,080

 

 

 

135,899

 

 

 

58,353

 

Total operating expenses

 

 

68,603

 

 

 

28,297

 

 

 

168,191

 

 

 

70,216

 

(Loss) income from operations

 

 

(2,727

)

 

 

7,190

 

 

 

9,098

 

 

 

11,423

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

27

 

 

 

208

 

 

 

130

 

 

 

409

 

Interest expense

 

 

(73

)

 

 

(251

)

 

 

(220

)

 

 

(1,060

)

Change in fair value of warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

(3,317

)

Other income (expense)

 

 

30

 

 

 

(651

)

 

 

(4

)

 

 

(651

)

Total other expenses

 

 

(16

)

 

 

(694

)

 

 

(94

)

 

 

(4,619

)

(Loss) income before income taxes

 

 

(2,743

)

 

 

6,496

 

 

 

9,004

 

 

 

6,804

 

Provision for income taxes

 

 

61

 

 

 

 

 

 

271

 

 

 

 

Net (loss) income

 

$

(2,804

)

 

$

6,496

 

 

$

8,733

 

 

$

6,804

 

Other comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(146

)

 

 

 

 

 

(269

)

 

 

 

Unrealized gain on available-for-sale securities

 

 

7

 

 

 

 

 

 

19

 

 

 

 

Total other comprehensive loss

 

 

(139

)

 

 

 

 

 

(250

)

 

 

 

Comprehensive (loss) income

 

$

(2,943

)

 

$

6,496

 

 

$

8,483

 

 

$

6,804

 

Net (loss) income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.06

)

 

$

0.13

 

 

$

0.18

 

 

$

0.26

 

Diluted

 

$

(0.06

)

 

$

0.12

 

 

$

0.16

 

 

$

0.14

 

Weighted average common shares used to compute net
      (loss) income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

50,001,996

 

 

 

48,335,443

 

 

 

49,664,037

 

 

 

26,423,681

 

Diluted

 

 

50,001,996

 

 

 

55,355,846

 

 

 

55,511,061

 

 

 

49,940,409

 

 

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

2


 

Inari Medical, Inc.

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit)

(in thousands, except share data)

(unaudited)

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional Paid In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance, December 31,
  2020

 

 

 

 

$

 

 

 

49,251,614

 

 

$

49

 

 

$

227,624

 

 

$

4

 

 

$

(27,423

)

 

$

200,254

 

Options exercised for
 common stock

 

 

 

 

 

 

 

 

296,019

 

 

 

1

 

 

 

380

 

 

 

 

 

 

 

 

 

381

 

Issuance of common
 stock under employee
 stock purchase plan

 

 

 

 

 

 

 

 

36,881

 

 

 

 

 

 

1,882

 

 

 

 

 

 

 

 

 

1,882

 

Issuance of common
 stock upon vesting
 of restricted stock
 units, net of shares
 withheld for taxes

 

 

 

 

 

 

 

 

901

 

 

 

 

 

 

(49

)

 

 

 

 

 

 

 

 

(49

)

Share-based
 compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,836

 

 

 

 

 

 

 

 

 

3,836

 

Other comprehensive
 loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(162

)

 

 

 

 

 

(162

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,469

 

 

 

7,469

 

Balance, March 31, 2021

 

 

 

 

 

 

 

 

49,585,415

 

 

 

50

 

 

 

233,673

 

 

 

(158

)

 

 

(19,954

)

 

 

213,611

 

Options exercised for
 common stock

 

 

 

 

 

 

 

 

213,605

 

 

 

 

 

 

193

 

 

 

 

 

 

 

 

 

193

 

Issuance of common
 stock upon vesting
 of restricted stock
 units, net of shares
 withheld for taxes

 

 

 

 

 

 

 

 

29,809

 

 

 

 

 

 

(706

)

 

 

 

 

 

 

 

 

(706

)

Share-based
 compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,604

 

 

 

 

 

 

 

 

 

4,604

 

Other comprehensive
 income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

51

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,068

 

 

 

4,068

 

Balance, June 30, 2021

 

 

 

 

 

 

 

 

49,828,829

 

 

 

50

 

 

 

237,764

 

 

 

(107

)

 

 

(15,886

)

 

 

221,821

 

Options exercised for
 common stock

 

 

 

 

 

 

 

 

150,662

 

 

 

 

 

 

159

 

 

 

 

 

 

 

 

 

159

 

Issuance of common
 stock under employee
 stock purchase plan

 

 

 

 

 

 

 

 

48,168

 

 

 

 

 

 

3,676

 

 

 

 

 

 

 

 

 

3,676

 

Issuance of common
 stock upon vesting
 of restricted stock
 units, net of shares
 withheld for taxes

 

 

 

 

 

 

 

 

116,931

 

 

 

 

 

 

(842

)

 

 

 

 

 

 

 

 

(842

)

Share-based
 compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,499

 

 

 

 

 

 

 

 

 

12,499

 

Other comprehensive
 loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(139

)

 

 

 

 

 

(139

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,804

)

 

 

(2,804

)

Balance, September 30,
  2021

 

 

 

 

$

 

 

 

50,144,590

 

 

$

50

 

 

$

253,256

 

 

$

(246

)

 

$

(18,690

)

 

$

234,370

 

 

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional Paid In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance, December 31,
  2019

 

 

31,968,570

 

 

$

54,170

 

 

 

6,720,767

 

 

$

7

 

 

$

2,061

 

 

$

 

 

$

(41,212

)

 

 

(39,144

)

Options exercised for
 common stock

 

 

 

 

 

 

 

 

58,498

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

22

 

Share-based
 compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

495

 

 

 

 

 

 

 

 

 

495

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,112

 

 

 

4,112

 

Balance, March 31, 2020

 

 

31,968,570

 

 

 

54,170

 

 

 

6,779,265

 

 

 

7