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Delaware
|
| |
8071
|
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26-1911522
|
|
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(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
|
Jonathan L. Kravetz
Megan N. Gates Daniel H. Follansbee Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. One Financial Center Boston, MA 02111 (617) 542-6000 |
| |
Edwin M. O’Connor
Seo Salimi Goodwin Procter LLP 620 Eighth Avenue New York, New York 10018 (212) 813-8800 |
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|
Large accelerated filer
☐
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Accelerated filer
☐
|
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Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
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| | | |
Emerging growth company
☒
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Title of Securities being Registered
|
| | |
Proposed Maximum
Aggregate Offering Price(1) |
| | |
Amount of
Registration Fee(2) |
| |||
Class A Common Stock, $0.0001 par value per share
|
| | |
$75,000,000
|
| | | | $ | 8,182.50 | | |
| | |
Page
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| | | | F-1 | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
|
2021
|
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2020
|
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2020
|
| |
2019
|
| ||||||||||||||
| | |
(in thousands, except share and per share amounts)
|
| |||||||||||||||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||||||||
Statements of Operations and Comprehensive Loss
Data: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 13 | | | | | $ | 8 | | | | | $ | 25 | | | | | $ | 36 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 5 | | | | | | 3 | | | | | | 11 | | | | | | 18 | | |
Research and development
|
| | | | 2,396 | | | | | | 2,050 | | | | | | 7,782 | | | | | | 9,353 | | |
Selling and marketing
|
| | | | 1,350 | | | | | | 868 | | | | | | 3,645 | | | | | | 2,963 | | |
General and administrative
|
| | | | 2,287 | | | | | | 1,379 | | | | | | 6,558 | | | | | | 4,278 | | |
Total operating expenses
|
| | | | 6,038 | | | | | | 4,300 | | | | | | 17,996 | | | | | | 16,612 | | |
Loss from operations
|
| | | | (6,025) | | | | | | (4,292) | | | | | | (17,971) | | | | | | (16,576) | | |
Interest expense
|
| | | | (307) | | | | | | (437) | | | | | | (1,839) | | | | | | (1,972) | | |
Other income (expense), net
|
| | | | (27) | | | | | | 33 | | | | | | (38) | | | | | | 2,027 | | |
Net loss and comprehensive loss
|
| | | $ | (6,359) | | | | | $ | (4,696) | | | | | $ | (19,848) | | | | | $ | (16,521) | | |
Net loss per share attributable to common stockholders, basic and diluted(1)
|
| | | $ | (1.71) | | | | | $ | (1.48) | | | | | $ | (6.14) | | | | | $ | (5.24) | | |
Weighted-average common shares outstanding, basic and diluted(1)
|
| | | | 3,725,328 | | | | | | 3,171,251 | | | | | | 3,234,476 | | | | | | 3,153,654 | | |
Pro forma net loss per share, basic and diluted (unaudited)(1)
|
| | | $ | (0.17) | | | | | | | | | | | $ | (0.56) | | | | | | | | |
Pro forma weighted-average common shares outstanding, basic and diluted (unaudited)(1)
|
| | | | 37,645,659 | | | | | | | | | | | | 35,756,690 | | | | | | | | |
| | |
As of March 31, 2021
(unaudited) |
| |||||||||||||||
|
Actual
|
| |
Pro forma(1)
|
| |
Pro forma
as adjusted(2) |
| |||||||||||
| | |
(in thousands)
|
| |||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 60,016 | | | | | $ | 98,816 | | | | | $ | | | |
Working capital(3)
|
| | | $ | 56,709 | | | | | $ | 95,509 | | | | | $ | | | |
Total assets
|
| | | $ | 62,744 | | | | | $ | 101,544 | | | | | $ | | | |
Convertible preferred stock
|
| | | $ | 188,343 | | | | | $ | — | | | | | $ | | | |
Accumulated deficit
|
| | | $ | (137,818) | | | | | $ | (137,818) | | | | | $ | | | |
Total stockholders’ (deficit) equity
|
| | | $ | (130,390) | | | | | $ | 97,247 | | | | | $ | | | |
| | |
As of March 31, 2021
(unaudited) |
| |||||||||||||||
(in thousands, except share and per share data)
|
| |
Actual
|
| |
Pro forma
|
| |
Pro forma as
adjusted(1) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 60,016 | | | | | $ | 98,816 | | | | | $ | | | |
Loans payable
|
| | | | 1,050 | | | | | | 1,050 | | | | | | | | |
Preferred stock warrant liability
|
| | | | 494 | | | | | | — | | | | | | | | |
Capital lease obligation
|
| | | | 179 | | | | | | 179 | | | | | | | | |
Convertible Preferred Stock: | | | | | | | | | | | | | | | | | | | |
Junior convertible preferred stock, par value of $0.0001; 22,047,294 shares authorized, actual, 20,414,766 shares issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted.
|
| | | | 77,844 | | | | | | — | | | | | | | | |
Senior convertible preferred stock, par value of $0.0001; 24,496,040 shares authorized, actual, 22,195,278 shares issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted.
|
| | | | 110,499 | | | | | | — | | | | | | | | |
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value: 75,000,000 shares
authorized, actual, 4,120,842 shares issued and outstanding, actual; 80,000,000 shares authorized, pro forma; 53,682,978 shares issued and outstanding, pro forma; shares authorized, pro forma as adjusted; shares issued and outstanding, pro forma as adjusted. |
| | | | — | | | | | | 5 | | | | | | | | |
Class B common stock, $0.0001 par value: 3,000,000 shares authorized, actual, no shares issued and outstanding, actual; 3,000,000 shares authorized, pro forma; no shares issued and outstanding, pro forma; shares authorized, pro forma as adjusted; shares issued and outstanding, pro forma as adjusted
|
| | | | — | | | | | | — | | | | | | | | |
Additional paid-in capital
|
| | | | 7,428 | | | | | | 235,060 | | | | | | | | |
Accumulated deficit
|
| | | | (137,818) | | | | | | (137,818) | | | | | | | | |
Total stockholders’ (deficit) equity
|
| | | | (130,390) | | | | | | 97,247 | | | | | | | | |
Total capitalization
|
| | | $ | 57,953 | | | | | $ | 97,247 | | | | | | | | |
|
Assumed initial public offering price per share of our common stock
|
| | | $ | | | | | | | | | |
|
Historical net tangible book value (deficit) per share as of March 31, 2021, before giving effect to this offering
|
| | | | | | | | | $ | (31.98) | | |
|
Increase in historical net tangible book value per share attributable to the pro forma transactions described in the preceding paragraphs
|
| | | | | | | | | $ | 33.77 | | |
|
Pro forma net tangible book value per share as of March 31, 2021
|
| | | | | | | | | $ | 1.79 | | |
|
Increase in net tangible book value per share attributable to new investors participating in this offering
|
| | | | | | | | | | | | |
| Pro forma as adjusted net tangible book value per share after giving effect to this offering | | | | | | | | | | | | | |
|
Dilution per share to new investors participating in this offering
|
| | | $ | | | | | | | | | |
| | |
Shares
Purchased |
| |
Total Consideration
|
| |
Weighted
Average Price/ Share |
| ||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||
Existing stockholders
|
| | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
Investors participating in this offering
|
| | | | | | | % | | | | | $ | | | | | | | % | | | | | $ | | | |
Total
|
| | | | | | | 100% | | | | | $ | | | | | | | 100% | | | | | $ | | | |
| | |
Three Months Ended March 31,
|
| |||||||||||||||
|
2021
|
| |
2020
|
| |
Change
|
| |||||||||||
|
(in thousands)
(unaudited) |
| |||||||||||||||||
Revenue
|
| | | $ | 13 | | | | | $ | 8 | | | | | $ | 5 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 5 | | | | | | 3 | | | | | | 2 | | |
Research and development
|
| | | | 2,396 | | | | | | 2,050 | | | | | | 346 | | |
Selling and marketing
|
| | | | 1,350 | | | | | | 868 | | | | | | 482 | | |
General and administrative
|
| | | | 2,287 | | | | | | 1,379 | | | | | | 908 | | |
Total operating expenses
|
| | | | 6,038 | | | | | | 4,300 | | | | | | 1,738 | | |
Loss from operations
|
| | | | (6,025) | | | | | | (4,292) | | | | | | (1,733) | | |
Interest expense
|
| | | | (307) | | | | | | (437) | | | | | | 130 | | |
Other income (expense), net
|
| | | | (27) | | | | | | 33 | | | | | | (60) | | |
Net loss and comprehensive loss
|
| | | $ | (6,359) | | | | | $ | (4,696) | | | | | $ | (1,663) | | |
| | |
Three Months Ended March 31,
|
| |
Change
|
| ||||||||||||
|
2021
|
| |
2020
|
| ||||||||||||||
| | |
(in thousands)
(unaudited) |
| |||||||||||||||
Research and Development | | | | | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Clinical studies
|
| | | $ | 693 | | | | | $ | 640 | | | | | $ | 53 | | |
Research and bioinformatics
|
| | | | 732 | | | | | | 655 | | | | | | 77 | | |
Laboratory operations
|
| | | | 971 | | | | | | 755 | | | | | | 216 | | |
Total research and development expenses
|
| | | $ | 2,396 | | | | | $ | 2,050 | | | | | $ | 346 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Revenue
|
| | | $ | 25 | | | | | $ | 36 | | | | | $ | (11) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 11 | | | | | | 18 | | | | | | (7) | | |
Research and product development
|
| | | | 7,782 | | | | | | 9,353 | | | | | | (1,571) | | |
Selling and marketing
|
| | | | 3,645 | | | | | | 2,963 | | | | | | 682 | | |
General and administrative
|
| | | | 6,558 | | | | | | 4,278 | | | | | | 2,280 | | |
Total operating expenses
|
| | | | 17,996 | | | | | | 16,612 | | | | | | 1,384 | | |
Loss from operations
|
| | | | (17,971) | | | | | | (16,576) | | | | | | (1,395) | | |
Interest expense
|
| | | | (1,839) | | | | | | (1,972) | | | | | | 133 | | |
Other income (expense), net
|
| | | | (38) | | | | | | 2,027 | | | | | | (2,065) | | |
Net loss and comprehensive, loss
|
| | | $ | (19,848) | | | | | $ | (16,521) | | | | | $ | (3,327) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Research and Development | | | | | | | | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Clinical studies
|
| | | $ | 2,557 | | | | | $ | 4,537 | | | | | $ | (1,980) | | |
Research and bioinformatics
|
| | | | 2,473 | | | | | | 2,157 | | | | | | 316 | | |
Laboratory operations
|
| | | | 2,752 | | | | | | 2,659 | | | | | | 93 | | |
Total research and development expenses
|
| | | $ | 7,782 | | | | | $ | 9,353 | | | | | $ | (1,571) | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Interest income
|
| | | $ | 42 | | | | | $ | 64 | | |
Fair value remeasurements
|
| | | | (80) | | | | | | (129) | | |
Grant income
|
| | | | — | | | | | | 17 | | |
Other gains (losses), net
|
| | | | — | | | | | | 2,075 | | |
Other income (expense), net
|
| | | $ | (38) | | | | | $ | 2,027 | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||
|
(in thousands)
(unaudited) |
| |
(in thousands)
|
| ||||||||||||||||||||
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (6,950) | | | | | $ | (4,615) | | | | | $ | (16,868) | | | | | $ | (19,324) | | |
Investing activities
|
| | | | (41) | | | | | | (8) | | | | | | (149) | | | | | | (6) | | |
Financing activities
|
| | | | 53,474 | | | | | | 10,667 | | | | | | 9,160 | | | | | | 33,049 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 46,483 | | | | | $ | 6,044 | | | | | $ | (7,857) | | | | | $ | 13,719 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less Than
1 Year |
| |
1-3 Years
|
| |
3-5 Years
|
| |
More than
5 Years |
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Bank Loan (including interest and fees)(1)
|
| | | $ | 3,159 | | | | | $ | 3,159 | | | | | | — | | | | | | — | | | | | | — | | |
Convertible Note (including interest)(2)
|
| | | | 5,490 | | | | | | 5,490 | | | | | | — | | | | | | — | | | | | | — | | |
PPP loan payable (including interest)(3)
|
| | | $ | 1,065 | | | | | | 709 | | | | | | 356 | | | | | | | | | | | | | | |
Operating leases(4)
|
| | | | 1,099 | | | | | | 545 | | | | | | 554 | | | | | | — | | | | | | — | | |
Capital leases(5)
|
| | | | 215 | | | | | | 80 | | | | | | 135 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 11,028 | | | | | $ | 9,983 | | | | | $ | 1,045 | | | | | | — | | | | | | — | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Executive Officers: | | | | | | | | | | |
Gregory C. Critchfield, M.D., M.S.
|
| | | | 69 | | | | Chairman, President and Chief Executive Officer | |
Jay Moyes
|
| | | | 67 | | | | Chief Financial Officer | |
John J. Boniface, Ph.D.
|
| | | | 59 | | | | Chief Scientific Officer | |
Douglas Fisher, M.D.
|
| | | | 45 | | | | Chief Business Officer | |
John Peltier, Ph.D.
|
| | | | 58 | | | | Senior Vice President of Lab Operations | |
Thomas Garite
|
| | | | 77 | | | | Vice President, Clinical Sciences | |
Nadia Altomare
|
| | | | 51 | | | | Chief Commercial Officer | |
Nichole L. Martin
|
| | | | 43 | | | |
Vice President of Quality/Regulatory and HIPAA Privacy Officer
|
|
Benjamin G. Jackson
|
| | | | 42 | | | | General Counsel | |
Non-Employee Directors: | | | | |||||||
Dennis Farrar
|
| | | | 83 | | | | Director | |
Joshua Phillips
|
| | | | 54 | | | | Director | |
Mansoor Raza Mirza, M.D.
|
| | | | 59 | | | | Director | |
Ryan Trimble
|
| | | | 69 | | | | Director | |
Kim Kamdar, Ph.D.
|
| | | | 54 | | | | Director | |
Michael F. Minahan
|
| | | | 61 | | | | Director | |
Elizabeth Canis
|
| | | | 50 | | | | Director | |
Marcus Wilson, Pharm.D.
|
| | | | 58 | | | | Director | |
Charles D. Kennedy, M.D.
|
| | | | 58 | | | | Director | |
Joseph Siletto
|
| | | | 52 | | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) (2) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||
Gregory C. Critchfield, M.D., M.S.
President and Chief Executive Officer |
| | | | 2020 | | | | | | 400,000 | | | | | | 410,727 | | | | | | 113,831 | | | | | | — | | | | | | 924,558 | | |
Nadia Altomare
Chief Commercial Officer |
| | | | 2020 | | | | | | 340,616 | | | | | | 78,901 | | | | | | 70,000 | | | | | | — | | | | | | 489,517 | | |
John J. Boniface, Ph.D.
Chief Scientific Officer |
| | | | 2020 | | | | | | 316,685 | | | | | | 136,729 | | | | | | 70,000 | | | | | | — | | | | | | 523,414 | | |
Garrett K. Lam, M.D.
Former Chief Medical Officer |
| | | | 2020 | | | | | | 364,000 | | | | | | 49,060 | | | | | | 70,000 | | | | | | 182,000(3) | | | | | | 665,060 | | |
| | |
Option Awards(1)(2)
|
| |||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Gregory C. Critchfield, M.D., M.S.
|
| | | | 20 | | | | | | — | | | | | $ | 100.00 | | | | | | 3/7/2021 | | |
| | | | | 40 | | | | | | — | | | | | $ | 100.00 | | | | | | 4/29/2021 | | |
| | | | | 421,052 | | | | | | 26,040 | | | | | $ | 0.95 | | | | | | 5/28/2027 | | |
| | | | | 177,876 | | | | | | — | | | | | $ | 0.95 | | | | | | 5/28/2027 | | |
| | | | | — | | | | | | 363,887 | | | | | $ | 0.85 | | | | | | 2/27/2030 | | |
| | | | | 200,250 | | | | | | 397,063 | | | | | $ | 0.85 | | | | | | 2/27/2030 | | |
Nadia Altomare
|
| | | | 315,789 | | | | | | 46,875 | | | | | $ | 0.95 | | | | | | 5/18/2027 | | |
| | | | | 87,336 | | | | | | — | | | | | $ | 0.95 | | | | | | 5/18/2027 | | |
| | | | | — | | | | | | 146,548 | | | | | $ | 0.85 | | | | | | 2/27/2030 | | |
| | | | | 38,542 | | | | | | | | | | | $ | 0.85 | | | | | | 2/27/2030 | | |
John J. Boniface, Ph.D.
|
| | | | 52,000 | | | | | | — | | | | | $ | 0.35 | | | | | | 12/14/2021 | | |
| | | | | 158,000 | | | | | | — | | | | | $ | 0.35 | | | | | | 3/12/2022 | | |
| | | | | 12,150 | | | | | | — | | | | | $ | 0.35 | | | | | | 9/10/2022 | | |
| | | | | 152,564 | | | | | | — | | | | | $ | 0.44 | | | | | | 12/28/2024 | | |
| | | | | 225,030 | | | | | | 9,784 | | | | | $ | 0.95 | | | | | | 5/18/2027 | | |
| | | | | 43,917 | | | | | | 1,909 | | | | | $ | 0.95 | | | | | | 6/26/2027 | | |
| | | | | 39,232 | | | | | | 253,571 | | | | | $ | 0.85 | | | | | | 2/27/2030 | | |
| | | | | 27,497 | | | | | | — | | | | | $ | 0.85 | | | | | | 2/27/2030 | | |
Garrett K. Lam, M.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | N/A | | |
Position
|
| |
Retainer
|
|
Board Member | | | $ | |
Board Chairperson | | | | |
Audit Committee Chair | | | | |
Compensation Committee Chair | | | | |
Nominating and Corporate Governance Committee Chair | | | | |
Audit Committee Member | | | | |
Compensation Committee Member | | | | |
Nominating and Corporate Governance Committee Member
|
| | | |
Name
|
| |
Shares
|
| |
Warrants at
$4.34 |
| |
Warrants at
$5.21 |
| |
Aggregate
Purchase Price* |
| ||||||||||||
ATH Holding Company, LLC(1)
|
| | | | 2,073,733 | | | | | | 288,019 | | | | | | 288,019 | | | | | $ | 9,000,000 | | |
Entities affiliated with Blue Ox Healthcare Partners SP, LLC(2)
|
| | | | 5,385,946 | | | | | | 787,731 | | | | | | 787,731 | | | | | $ | 23,375,000 | | |
Chione Ltd.(3)
|
| | | | 867,634 | | | | | | 216,909 | | | | | | 216,909 | | | | | $ | 3,264,746 | | |
Entities affiliated with Domain Associates(4)
|
| | | | 524,981 | | | | | | 131,246 | | | | | | 131,246 | | | | | $ | 2,278,412 | | |
InterWest Partners X, L.P.(5)
|
| | | | 524,982 | | | | | | 131,246 | | | | | | 131,246 | | | | | $ | 2,278,419 | | |
Laboratory Corporation of America Holdings(6)
|
| | | | 343,248 | | | | | | 85,812 | | | | | | 85,812 | | | | | $ | 1,489,696 | | |
Entities affiliated with Catalyst Health Ventures, L.P.(7)
|
| | | | 140,899 | | | | | | 35,225 | | | | | | 35,225 | | | | | $ | 611,487 | | |
Gregory C. Critchfield, M.D., M.S.(8)
|
| | | | 59,731 | | | | | | 9,173 | | | | | | 9,173 | | | | | $ | 259,227 | | |
The Trimble Trust(9)
|
| | | | 73,545 | | | | | | 13,387 | | | | | | 13,387 | | | | | $ | 319,185 | | |
Name
|
| |
Shares
|
| |
Warrants at
$5.21 |
| |
Aggregate
Purchase Price |
| |||||||||
ATH Holding Company, LLC(1)
|
| | | | 2,504,174 | | | | | | 1,501,502 | | | | | $ | 15,000,000 | | |
Entities affiliated with Blue Ox Healthcare Partners SP, LLC(2)
|
| | | | 2,504,173 | | | | | | — | | | | | $ | 15,000,000 | | |
Entities affiliated with Baker Bros. Advisors LP(3)
|
| | | | 2,921,536 | | | | | | — | | | | | $ | 17,500,000 | | |
Vivo Capital Fund IX, L.P.(4)
|
| | | | 3,338,898 | | | | | | — | | | | | $ | 20,000,000 | | |
aMoon Growth Fund Limited Partnership(5)
|
| | | | 3,338,898 | | | | | | — | | | | | $ | 20,000,000 | | |
CHV Investments, LLC(6)
|
| | | | 333,890 | | | | | | — | | | | | $ | 2,000,000 | | |
| | |
Shares
Beneficially Owned |
| |
Percentage of Shares
Beneficially Owned |
| ||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Before
Offering |
| |
After
Offering |
| ||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | |
Entities affiliated with Blue Ox Healthcare Partners, LLC(2)
|
| | | | 9,465,582 | | | | | | 17.1% | | | | | | % | | |
ATH Holding Company, LLC(3)
|
| | | | 6,655,446 | | | | | | 11.9% | | | | | | % | | |
Entities affiliated with Domain Associates, LLC(4)
|
| | | | 5,350,138 | | | | | | 9.9% | | | | | | % | | |
InterWest Partners X, LP(5)
|
| | | | 5,285,858 | | | | | | 9.8% | | | | | | % | | |
Chione, Ltd.(6)
|
| | | | 3,792,309 | | | | | | 7.0% | | | | | | % | | |
Laboratory Corporation of America Holdings(7)
|
| | | | 3,456,048 | | | | | | 6.4% | | | | | | % | | |
Vivo Capital Fund IX, L.P.(8)
|
| | | | 3,338,898 | | | | | | 6.2% | | | | | | % | | |
aMoon Growth Fund Limited Partnership(9)
|
| | | | 3,338,898 | | | | | | 6.2% | | | | | | % | | |
Entities affiliated with Baker Bros. Advisors LP(10)
|
| | | | 2,921,536 | | | | | | 5.4% | | | | | | % | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | |
Dennis Farrar(11)
|
| | | | 731,433 | | | | | | 1.4% | | | | | | % | | |
Joshua Phillips(12)
|
| | | | 2,076,921 | | | | | | 3.9% | | | | | | % | | |
Mansoor Raza Mirza, M.D.(13)
|
| | | | 78,065 | | | | | | * | | | | | | % | | |
Ryan Trimble(14)
|
| | | | 235,827 | | | | | | * | | | | | | % | | |
Kim Kamdar, Ph.D.(15)
|
| | | | 5,363,920 | | | | | | 9.9% | | | | | | % | | |
Michael F. Minahan(16)
|
| | | | — | | | | | | * | | | | | | % | | |
Elizabeth Canis(17)
|
| | | | — | | | | | | * | | | | | | % | | |
Marcus Wilson, Pharm.D.(18)
|
| | | | — | | | | | | * | | | | | | % | | |
Joseph Siletto(19)
|
| | | | — | | | | | | * | | | | | | % | | |
Charles D. Kennedy, M.D.(20)
|
| | | | 9,465,582 | | | | | | 17.1% | | | | | | % | | |
Gregory C. Critchfield, M.D., M.S.(21)
|
| | | | 2,629,184 | | | | | | 4.8% | | | | | | % | | |
Nadia Altomare(22)
|
| | | | 522,545 | | | | | | 1.0% | | | | | | % | | |
John J. Boniface, Ph.D.(23)
|
| | | | 772,235 | | | | | | 1.4% | | | | | | % | | |
Garrett K. Lam, M.D.
|
| | | | 80,593 | | | | | | * | | | | | | % | | |
All current executive officers and directors as a group (21 persons)(24)
|
| | | | 23,358,616 | | | | | | 39.6% | | | | | | % | | |
Underwriter
|
| |
Number
of Shares |
|
Citigroup Global Markets Inc.
|
| | | |
Cowen and Company, LLC
|
| | | |
William Blair & Company, L.L.C.
|
| | | |
Total
|
| | | |
| | | | | | | | |
Total
|
| |||||||||
| | |
Per
share |
| |
No
exercise |
| |
Full
exercise |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions paid by us
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds to us, before expenses
|
| | | $ | | | | | $ | | | | | $ | | | |
| | | | | F-2 | | | |
| Financial Statements: | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| Unaudited Interim Condensed Financial Statements: | | | | | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | | |
| | | | | F-32 | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 13,533 | | | | | $ | 21,390 | | |
Accounts receivable
|
| | | | 2 | | | | | | 1 | | |
Prepaid expenses and other current assets
|
| | | | 198 | | | | | | 161 | | |
Total current assets
|
| | | | 13,733 | | | | | | 21,552 | | |
Property and equipment, net
|
| | | | 965 | | | | | | 1,635 | | |
Other assets
|
| | | | 98 | | | | | | 72 | | |
Total assets
|
| | | $ | 14,796 | | | | | $ | 23,259 | | |
Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 441 | | | | | $ | 748 | | |
Accrued and other current liabilities
|
| | | | 1,577 | | | | | | 1,303 | | |
Accrued interest on convertible note
|
| | | | 996 | | | | | | — | | |
Deferred rent, current portion
|
| | | | 130 | | | | | | 114 | | |
Capital lease obligation, current portion
|
| | | | 69 | | | | | | 72 | | |
Convertible promissory note, current portion
|
| | | | 4,353 | | | | | | — | | |
Loans payable, current portion
|
| | | | 3,676 | | | | | | 3,667 | | |
Total current liabilities
|
| | | | 11,242 | | | | | | 5,904 | | |
Deferred rent
|
| | | | 139 | | | | | | 268 | | |
Loans payable, net of current portion
|
| | | | 348 | | | | | | 1,935 | | |
Convertible promissory note, net of current portion
|
| | | | — | | | | | | 3,507 | | |
Preferred stock warrant liability
|
| | | | 474 | | | | | | 230 | | |
Capital lease obligation, net of current portion
|
| | | | 127 | | | | | | 134 | | |
Other liabilities
|
| | | | — | | | | | | 555 | | |
Total liabilities
|
| | | | 12,330 | | | | | | 12,533 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Convertible preferred stock: | | | | | | | | | | | | | |
Junior convertible preferred stock, par value of $0.0001; 20,537,294 shares authorized, 20,414,766 shares issued and outstanding as of December 31, 2020 and 2019; aggregate liquidation preference of $78,916 as of December 31, 2020 and 2019;
|
| | | | 77,844 | | | | | | 77,844 | | |
Senior convertible preferred stock, par value of $0.0001; 12,320,844 shares
authorized, 11,928,167 and 9,451,206 shares issued and outstanding as of December 31, 2020 and 2019, respectively; aggregate liquidation preference of $102,535 and $81,035 as of December 31, 2020 and 2019, respectively; |
| | | | 50,192 | | | | | | 39,506 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 55,000,000 shares authorized,3,535,688 and
3,170,805 shares issued and outstanding as of December 31, 2020 and 2019, respectively |
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 5,889 | | | | | | 4,987 | | |
Accumulated deficit
|
| | | | (131,459) | | | | | | (111,611) | | |
Total stockholders’ deficit
|
| | | | (125,570) | | | | | | (106,624) | | |
Total liabilities, convertible preferred stock, and stockholders’ deficit
|
| | | $ | 14,796 | | | | | $ | 23,259 | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Revenue
|
| | | $ | 25 | | | | | $ | 36 | | |
Operating expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 11 | | | | | | 18 | | |
Research and development
|
| | | | 7,782 | | | | | | 9,353 | | |
Selling and marketing
|
| | | | 3,645 | | | | | | 2,963 | | |
General and administrative
|
| | | | 6,558 | | | | | | 4,278 | | |
Total operating expenses
|
| | | | 17,996 | | | | | | 16,612 | | |
Loss from operations
|
| | | | (17,971) | | | | | | (16,576) | | |
Interest expense
|
| | | | (1,839) | | | | | | (1,972) | | |
Other income (expense), net
|
| | | | (38) | | | | | | 2,027 | | |
Net loss and comprehensive loss
|
| | | $ | (19,848) | | | | | $ | (16,521) | | |
Net loss per share, basic and diluted
|
| | | $ | (6.14) | | | | | $ | (5.24) | | |
Weighted-average shares of common stock outstanding, basic and diluted
|
| | | | 3,234,476 | | | | | | 3,153,654 | | |
| | |
Senior Convertible
Preferred Stock |
| |
Junior Convertible
Preferred Stock |
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
| | | | — | | | | | $ | — | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | 3,126,748 | | | | | | — | | | | | $ | 3,617 | | | | | $ | (95,090) | | | | | $ | (91,473) | | |
Issuance of Series D senior convertible preferred stock at $4.34 per share, net of issuance costs and commissions of $0.4 million
|
| | | | 9,451,206 | | | | | | 39,681 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value of warrants to purchase common stock issued to investors
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 902 | | | | | | — | | | | | | 902 | | |
Fair value of warrants to purchase Series D Senior convertible preferred stock issued as commissions
|
| | |
|
—
|
| | | | | (175) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock upon exercise of stock options, and vesting of early exercised options
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | | | 44,057 | | | | | | — | | | | | | 30 | | | | | | — | | | | | | 30 | | |
Stock-based compensation expense
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 438 | | | | | | — | | | | | | 438 | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,521) | | | | | | (16,521) | | |
Balance as of December 31, 2019
|
| | | | 9,451,206 | | | | | $ | 39,506 | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | 3,170,805 | | | | | $ | — | | | | | $ | 4,987 | | | | | $ | (111,611) | | | | | $ | (106,624) | | |
Issuance of Series D senior convertible preferred stock at $4.34 per share, net of issuance costs of $0.1 million
|
| | | | 2,476,961 | | | | | | 10,686 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 364,883 | | | | | | — | | | | | | 176 | | | | | | — | | | | | | 176 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 726 | | | | | | — | | | | | | 726 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,848) | | | | | | (19,848) | | |
Balance as of December 31, 2020
|
| | | | 11,928,167 | | | | | $ | 50,192 | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | 3,535,688 | | | | | $ | — | | | | | $ | 5,889 | | | | | $ | (131,459) | | | | | $ | (125,570) | | |
| | |
Year Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (19,848) | | | | | $ | (16,521) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 895 | | | | | | 946 | | |
Stock-based compensation
|
| | | | 726 | | | | | | 438 | | |
Gain on disposal of fixed assets
|
| | | | — | | | | | | (103) | | |
Non-cash interest expense
|
| | | | 1,589 | | | | | | 1,509 | | |
Fair value adjustment to tranche forward liability
|
| | | | — | | | | | | (619) | | |
Other non-cash gain (loss)
|
| | | | 81 | | | | | | (1,328) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (2) | | | | | | 6 | | |
Prepaid expenses and other assets
|
| | | | (62) | | | | | | 23 | | |
Accounts payable
|
| | | | (307) | | | | | | (534) | | |
Deferred rent
|
| | | | (114) | | | | | | (98) | | |
Accrued and other current liabilities
|
| | | | 174 | | | | | | (3,043) | | |
Net cash used in operating activities
|
| | | | (16,868) | | | | | | (19,324) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (149) | | | | | | (109) | | |
Proceeds from disposal of property and equipment
|
| | | | — | | | | | | 103 | | |
Net cash used in investing activities
|
| | | | (149) | | | | | | (6) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from issuance of Series D convertible preferred stock, net of
issuance costs |
| | | | 10,686 | | | | | | 29,147 | | |
Proceeds allocated to issuance of common stock warrants
|
| | | | — | | | | | | 902 | | |
Proceeds from exercise of stock options
|
| | | | 176 | | | | | | 28 | | |
Proceeds from convertible notes payable
|
| | | | — | | | | | | 6,600 | | |
Proceeds from loan payable
|
| | | | 1,050 | | | | | | — | | |
Payment of loan payable
|
| | | | (2,667) | | | | | | (3,333) | | |
Capital lease principal payments
|
| | | | (85) | | | | | | (282) | | |
Payment of deferred finance fees
|
| | | | — | | | | | | (13) | | |
Net cash provided by financing activities
|
| | | | 9,160 | | | | | | 33,049 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (7,857) | | | | | | 13,719 | | |
Cash and cash equivalents at beginning of year
|
| | | | 21,390 | | | | | | 7,671 | | |
Cash and cash equivalents at end of year
|
| | | $ | 13,533 | | | | | $ | 21,390 | | |
Supplemental disclosure of cash flow information | | | | | | | | | | | | | |
Cash paid for interest expense
|
| | | $ | 250 | | | | | $ | 463 | | |
Supplemental disclosure of non-cash investing and financing information | | | | | | | | | | | | | |
Purchases of property and equipment in accounts payable and accruals
|
| | | $ | 33 | | | | | $ | 30 | | |
Warrants to purchase convertible preferred stock issued as commissions
|
| | | $ | — | | | | | $ | 175 | | |
Conversion of convertible notes and accrued interest to Series D convertible preferred stock
|
| | | $ | — | | | | | $ | 10,033 | | |
| Computer equipment | | | 3 years | |
| Software | | | 3 years | |
| Machinery and equipment | | | 5 years | |
| Furniture and fixtures | | | 5 years | |
| Leasehold improvements | | | Shorter of useful life or remaining lease term | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Computer equipment
|
| | | $ | 767 | | | | | $ | 601 | | |
Software
|
| | | | 373 | | | | | | 373 | | |
Laboratory equipment
|
| | | | 4,194 | | | | | | 4,149 | | |
Furniture and fixtures
|
| | | | 292 | | | | | | 292 | | |
Leasehold improvements
|
| | | | 701 | | | | | | 689 | | |
Total property and equipment
|
| | | | 6,327 | | | | | | 6,104 | | |
Less accumulated depreciation and amortization
|
| | | | (5,362) | | | | | | (4,469) | | |
Property and equipment, net
|
| | | $ | 965 | | | | | $ | 1,635 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Accrued paid time off
|
| | | $ | 290 | | | | | $ | 158 | | |
Accrued compensation
|
| | | | 996 | | | | | | 782 | | |
Accrued clinical studies
|
| | | | — | | | | | | 183 | | |
Unrecognized grant income
|
| | | | — | | | | | | 43 | | |
Bank loan final payment fee
|
| | | | 100 | | | | | | — | | |
Other current liabilities
|
| | | | 191 | | | | | | 137 | | |
Total accrued and other current liabilities
|
| | | $ | 1,577 | | | | | $ | 1,303 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Interest income
|
| | | $ | 42 | | | | | $ | 64 | | |
Fair value remeasurements
|
| | | | (80) | | | | | | (129) | | |
Grant income
|
| | | | — | | | | | | 17 | | |
Other gains (losses), net
|
| | | | — | | | | | | 2,075 | | |
Other income (expense), net
|
| | | $ | (38) | | | | | $ | 2,027 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |
2023 and
Thereafter |
| |
Total
|
| |||||||||||||||
Loan payable
|
| | | $ | 3,100 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,100 | | |
February 2019 Convertible Note
|
| | | $ | 4,494 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,494 | | |
Paycheck Protection Loan payable
|
| | | $ | 702 | | | | | $ | 348 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,050 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets:
Cash equivalents |
| | | $ | 13,533 | | | | | | — | | | | | $ | — | | |
Liabilities:
Warrant liability |
| | | | — | | | | | | — | | | | | | 474 | | |
Total
|
| | | $ | 13,533 | | | | | | — | | | | | $ | 474 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets:
Cash equivalents |
| | | $ | 21,390 | | | | | | — | | | | | $ | — | | |
Liabilities:
Warrant liability |
| | | | — | | | | | | — | | | | | | 230 | | |
Total
|
| | | $ | 21,390 | | | | | | — | | | | | $ | 230 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Senior convertible preferred stock
|
| | | | 11,928,167 | | | | | | 9,451,206 | | |
Junior convertible preferred stock
|
| | | | 20,889,401 | | | | | | 20,889,401 | | |
Shares issuable under convertible note
|
| | | | 1,383,989 | | | | | | 1,247,663 | | |
Warrants to purchase convertible preferred stock
|
| | | | 169,533 | | | | | | 167,460 | | |
Warrants to purchase common stock
|
| | | | 4,198,770 | | | | | | 4,198,770 | | |
Options to purchase common stock
|
| | | | 8,517,220 | | | | | | 5,677,248 | | |
Common stock available for future issuance under the 2011 Equity Incentive Plan
|
| | | | 807,702 | | | | | | 93,857 | | |
Total
|
| | | | 47,894,782 | | | | | | 41,725,605 | | |
Series
|
| |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Original Issue
Price |
| |
Aggregate
Liquidation Preference |
| |
Proceeds,
net of issuance costs |
| |||||||||||||||
Series A-1 Junior Preferred Stock
|
| | | | 1,390 | | | | | | 1,390 | | | | | $ | 1,000.00 | | | | | $ | 1,390 | | | | | $ | 1,390 | | |
Series A-2 Junior Preferred Stock
|
| | | | 7,941,499 | | | | | | 7,908,277 | | | | | | 2.50 | | | | | | 19,771 | | | | | | 19,595 | | |
Series B-1 Junior Preferred Stock
|
| | | | 2,060,000 | | | | | | 2,000,000 | | | | | | 2.50 | | | | | | 5,000 | | | | | | 4,914 | | |
Series B-2 Junior Preferred Stock
|
| | | | 5,012,500 | | | | | | 5,000,000 | | | | | | 4.00 | | | | | | 20,000 | | | | | | 19,984 | | |
Series C-1 Junior Preferred Stock
|
| | | | 5,521,905 | | | | | | 5,505,099 | | | | | | 5.95 | | | | | | 32,755 | | | | | | 32,653 | | |
Series D Senior Preferred Stock
|
| | | | 12,320,844 | | | | | | 11,928,167 | | | | | | 4.34 | | | | | | 102,535 | | | | | | 50,415 | | |
Total Convertible Preferred Stock
|
| | | | 32,858,138 | | | | | | 32,342,933 | | | | | | | | | | | $ | 181,451 | | | | | $ | 128,951 | | |
Series
|
| |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Original Issue
Price |
| |
Aggregate
Liquidation Preference |
| |
Proceeds,
net of issuance costs |
| |||||||||||||||
Series A-1 Junior Preferred Stock
|
| | | | 1,390 | | | | | | 1,390 | | | | | $ | 1,000.00 | | | | | $ | 1,390 | | | | | $ | 1,390 | | |
Series A-2 Junior Preferred Stock
|
| | | | 7,941,499 | | | | | | 7,908,277 | | | | | | 2.50 | | | | | | 19,771 | | | | | | 19,595 | | |
Series B-1 Junior Preferred Stock
|
| | | | 2,060,000 | | | | | | 2,000,000 | | | | | | 2.50 | | | | | | 5,000 | | | | | | 4,914 | | |
Series B-2 Junior Preferred Stock
|
| | | | 5,012,500 | | | | | | 5,000,000 | | | | | | 4.00 | | | | | | 20,000 | | | | | | 19,984 | | |
Series C-1 Junior Preferred Stock
|
| | | | 5,521,905 | | | | | | 5,505,099 | | | | | | 5.95 | | | | | | 32,755 | | | | | | 32,652 | | |
Series D Senior Preferred Stock
|
| | | | 12,320,844 | | | | | | 9,451,206 | | | | | | 4.34 | | | | | | 81,035 | | | | | | 39,729 | | |
Total Convertible Preferred Stock
|
| | | | 32,858,138 | | | | | | 29,865,972 | | | | | | | | | | | $ | 159,951 | | | | | $ | 118,264 | | |
| | |
Number of
Shares Subject to Options Outstanding |
| |
Weighted-
Average Grant Date Fair Value |
| |
Weighted-
Average Exercise Price Per Share |
| |
Weighted-
Average Remaining Contractual Life (In Years) |
| ||||||||||||
Outstanding – December 31, 2018
|
| | | | 5,673,947 | | | | | $ | 0.43 | | | | | $ | 0.73 | | | | | | 6.86 | | |
Granted
|
| | | | 234,000 | | | | | | 0.45 | | | | | | 0.87 | | | | | | | | |
Cancelled
|
| | | | (186,642) | | | | | | 0.44 | | | | | | 0.82 | | | | | | | | |
Exercised
|
| | | | (44,057) | | | | | | 0.42 | | | | | | 0.75 | | | | | | | | |
Outstanding – December 31, 2019
|
| | | | 5,677,248 | | | | | $ | 0.42 | | | | | $ | 0.73 | | | | | | 6.04 | | |
Granted
|
| | | | 4,036,933 | | | | | | 0.45 | | | | | | 0.85 | | | | | | | | |
Cancelled
|
| | | | (750,522) | | | | | | 0.43 | | | | | | 0.80 | | | | | | | | |
Expired
|
| | | | (81,556) | | | | | | 0.62 | | | | | | 1.16 | | | | | | | | |
Exercised
|
| | | | (364,833) | | | | | | 0.28 | | | | | | 0.48 | | | | | | | | |
Outstanding – December 31, 2020
|
| | | | 8,517,220 | | | | | | 0.44 | | | | | | 0.79 | | | | | | 6.99 | | |
Vested and expected to vest at December 31, 2020
|
| | | | 8,218,460 | | | | | $ | 0.44 | | | | | $ | 0.79 | | | | | | 6.91 | | |
Vested and exercisable at
December 31, 2020 |
| | | | 4,937,617 | | | | | $ | 0.43 | | | | | $ | 0.74 | | | | | | 5.44 | | |
Non-vested options at
December 31, 2020 |
| | | | 3,579,603 | | | | | $ | 0.45 | | | | | $ | 0.85 | | | | | | | | |
| | |
Year Ended
December 31, |
| |
Year Ended
December 31, |
| ||||||
| | |
2020
|
| |
2019
|
| ||||||
Expected volatility
|
| | | | 52.8 – 62.1% | | | | | | 53.2 – 54.4% | | |
Risk-free interest rate
|
| | | | 0.4 – 1.2% | | | | | | 1.7 – 2.6% | | |
Expected term (in years)
|
| | | | 5.2 – 6.2 | | | | | | 5.5 – 6.0 | | |
Expected dividends
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Research and development expense
|
| | | $ | 208 | | | | | $ | 155 | | |
Sales and marketing expense
|
| | | | 131 | | | | | | 74 | | |
General and administrative expense
|
| | | | 320 | | | | | | 153 | | |
Total employee stock-based compensation
|
| | | $ | 659 | | | | | $ | 382 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Expected volatility
|
| | | | 54.5 – 59.5% | | | | | | 52.5 – 53.7% | | |
Risk-free interest rate
|
| | | | 0.6 – 0.9% | | | | | | 1.7 – 2.7% | | |
Expected term (in years)
|
| | | | 9.4 – 10.0 | | | | | | 9.2 – 10.0 | | |
Expected dividends
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Research and development expense
|
| | | $ | 28 | | | | | $ | 27 | | |
Sales and marketing expense
|
| | | | 9 | | | | | | 25 | | |
General and administrative expense
|
| | | | 31 | | | | | | 4 | | |
Total nonemployee stock-based compensation
|
| | | $ | 68 | | | | | $ | 56 | | |
Related
Series |
| |
Grant
Date |
| |
Number of
Warrants |
| |
Exercise
Price |
| |
Fair Value Year-Ended
December 31, |
| |||||||||||||||
|
2020
|
| |
2019
|
| |||||||||||||||||||||||
Series A-2 | | |
Sep 2012
|
| | | | 26,000 | | | | | $ | 2.50 | | | | | $ | 41 | | | | | $ | 7 | | |
Series A-2 | | |
Sep 2014
|
| | | | 7,222 | | | | | $ | 2.50 | | | | | | 13 | | | | | | 4 | | |
Series B-1 | | |
Dec 2014
|
| | | | 60,000 | | | | | $ | 2.50 | | | | | | 113 | | | | | | 30 | | |
Series B-2 | | |
Dec 2015
|
| | | | 12,500 | | | | | $ | 4.00 | | | | | | 22 | | | | | | 6 | | |
Series C-1 | | |
Mar 2017
|
| | | | 16,806 | | | | | $ | 5.95 | | | | | | 31 | | | | | | 10 | | |
Series D | | |
Jul 2019
|
| | | | 47,005 | | | | | $ | 4.34 | | | | | | 254 | | | | | | 173 | | |
Total | | | | | | | | 169,533 | | | | | | | | | | | $ | 474 | | | | | $ | 230 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Series A-2 stock price fair value
|
| | | $ | 3.41 | | | | | $ | 1.53 | | |
Series B-1 stock price fair value
|
| | | $ | 3.41 | | | | | $ | 1.53 | | |
Series B-2 stock price fair value
|
| | | $ | 3.58 | | | | | $ | 1.71 | | |
Series C-1 stock price fair value
|
| | | $ | 3.89 | | | | | $ | 2.02 | | |
Series D stock price fair value
|
| | | $ | 7.35 | | | | | $ | 5.70 | | |
Expected volatility
|
| | | | 59.5 – 72.5% | | | | | | 49.8 – 53.2% | | |
Risk-free interest rate
|
| | | | 0.1 – 0.9% | | | | | | 1.6 – 1.9% | | |
Expected term (in years)
|
| | | | 1.7 – 9.1 | | | | | | 2.7 – 9.8 | | |
Expected dividends
|
| | | $ | — | | | | | $ | — | | |
| | |
Warrant
Liability Outstanding |
| |||
Outstanding – December 31, 2018
|
| | | $ | 240 | | |
Valuation of warrants to purchase preferred stock at issuance of Series D warrants
|
| | | | 175 | | |
Net decrease in fair value of preferred stock warrants
|
| | | | (185) | | |
Outstanding – December 31, 2019
|
| | | $ | 230 | | |
Net increase in fair value of preferred stock warrants
|
| | | | 244 | | |
Outstanding – December 31, 2020
|
| | | $ | 474 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |
2024 and
Thereafter |
| |
Total
|
| |||||||||||||||
Operating leases
|
| | | $ | 545 | | | | | $ | 554 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,099 | | |
Capital leases
|
| | | | 80 | | | | | | 80 | | | | | | 55 | | | | | | — | | | | | | 215 | | |
Total
|
| | | $ | 625 | | | | | $ | 634 | | | | | $ | 55 | | | | | $ | — | | | | | $ | 1,314 | | |
| | | | | |
2020
|
| |
2019
|
| ||||||
Current:
|
| | Federal | | | | $ | — | | | | | $ | — | | |
| | | State | | | | | — | | | | | | — | | |
| | | Total current provision | | | | $ | — | | | | | $ | — | | |
Deferred
|
| | Federal | | | | $ | 3,658 | | | | | $ | 3,535 | | |
| | | State | | | | | 1,498 | | | | | | 1,142 | | |
| | |
Change in valuation allowance
|
| | | | (5,156) | | | | | | (4,676) | | |
| | | Total deferred provision | | | | $ | — | | | | | $ | — | | |
Total Income tax benefit (provision)
|
| | | | | | $ | — | | | | | $ | — | | |
| | | | | |
2020
|
| |
2019
|
| ||||||||||||||||||
Computed Federal income tax benefit (expense) at the statutory rate
|
| | | | | | $ | 4,167 | | | | | | 21.00% | | | | | $ | 3,469 | | | | | | 21.00% | | |
R&D credits
|
| | | | | | | 304 | | | | | | 1.53% | | | | | | 351 | | | | | | 2.15% | | |
Equity-based expenses
|
| | | | | | | (136) | | | | | | -0.68% | | | | | | (34) | | | | | | -0.21% | | |
State income taxes, net of federal benefit
|
| | | | | | | 1,065 | | | | | | 5.36% | | | | | | 958 | | | | | | 5.79% | | |
State net operating loss carryforward true up
|
| | | | | | | 49 | | | | | | 0.25% | | | | | | (127) | | | | | | -0.77% | | |
Other
|
| | | | | | | (294) | | | | | | -1.48% | | | | | | 58 | | | | | | 0.35% | | |
Valuation allowance
|
| | | | | | | (5,156) | | | | | | -25.98% | | | | | | (4,676) | | | | | | -28.31% | | |
Income tax benefit (provision)
|
| | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 31,234 | | | | | $ | 26,607 | | |
R&D
|
| | | | 2,033 | | | | | | 1,729 | | |
Accruals and reserves
|
| | | | 419 | | | | | | 338 | | |
Deferred revenue
|
| | | | — | | | | | | 11 | | |
Equity-based compensation
|
| | | | 220 | | | | | | 169 | | |
Other
|
| | | | 2 | | | | | | 2 | | |
Total deferred tax asset before allowance
|
| | | $ | 33,908 | | | | | $ | 28,856 | | |
Less: valuation allowance
|
| | | | (33,864) | | | | | | (28,708) | | |
Total deferred tax asset
|
| | | | 44 | | | | | | 148 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (44) | | | | | | (148) | | |
Net deferred tax assets
|
| | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Balance at the beginning of the year
|
| | | $ | 1,152 | | | | | $ | 918 | | |
Gross increases – prior period
|
| | | | — | | | | | | — | | |
Gross increases – current period
|
| | | | 202 | | | | | | 234 | | |
Balance at the end of the year
|
| | | $ | 1,354 | | | | | $ | 1,152 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Net loss
|
| | | $ | (19,848) | | | | | $ | (16,521) | | |
Weighted average common stock outstanding, basic and diluted
|
| | | | 3,234,476 | | | | | | 3,153,654 | | |
Net loss per share – basic and diluted
|
| | | $ | (6.14) | | | | | $ | (5.24) | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Senior convertible preferred stock
|
| | | | 11,928,167 | | | | | | 9,451,206 | | |
Junior convertible preferred stock
|
| | | | 20,889,401 | | | | | | 20,889,401 | | |
Shares issuable under convertible note
|
| | | | 1,383,989 | | | | | | 1,247,663 | | |
Warrants to purchase convertible preferred stock
|
| | | | 169,533 | | | | | | 167,460 | | |
Warrants to purchase common stock
|
| | | | 4,198,770 | | | | | | 4,198,770 | | |
Options to purchase common stock
|
| | | | 8,517,220 | | | | | | 5,677,248 | | |
Total
|
| | | | 47,087,080 | | | | | | 41,631,748 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 60,016 | | | | | $ | 13,533 | | |
Accounts receivable
|
| | | | 8 | | | | | | 2 | | |
Prepaid expenses and other current assets
|
| | | | 421 | | | | | | 198 | | |
Total current assets
|
| | | | 60,445 | | | | | | 13,733 | | |
Property and equipment, net
|
| | | | 826 | | | | | | 965 | | |
Other assets
|
| | | | 1,473 | | | | | | 98 | | |
Total assets
|
| | | $ | 62,744 | | | | | $ | 14,796 | | |
Liabilities, Convertible Preferred Stock, and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 829 | | | | | $ | 441 | | |
Accrued and other current liabilities
|
| | | | 2,001 | | | | | | 1,577 | | |
Accrued interest on convertible note
|
| | | | — | | | | | | 996 | | |
Deferred rent, current portion
|
| | | | 134 | | | | | | 130 | | |
Capital lease obligation, current portion
|
| | | | 70 | | | | | | 69 | | |
Convertible promissory note, current portion
|
| | | | — | | | | | | 4,353 | | |
Loans payable, current portion
|
| | | | 702 | | | | | | 3,676 | | |
Total current liabilities
|
| | | | 3,736 | | | | | | 11,242 | | |
Deferred rent
|
| | | | 104 | | | | | | 139 | | |
Loans payable, net of current portion
|
| | | | 348 | | | | | | 348 | | |
Preferred stock warrant liability
|
| | | | 494 | | | | | | 474 | | |
Capital lease obligation, net of current portion
|
| | | | 109 | | | | | | 127 | | |
Total liabilities
|
| | | | 4,791 | | | | | | 12,330 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Convertible preferred stock: | | | | | | | | | | | | | |
Junior convertible preferred stock, par value of $0.0001; 22,047,294 shares authorized, 20,414,766 shares issued and outstanding as of March 31, 2021 and December 31, 2020; aggregate liquidation preference of $78,916 as of March 31, 2021
|
| | | | 77,844 | | | | | | 77,844 | | |
Senior convertible preferred stock, par value of $0.0001; 24,496,040 and
12,320,844 shares authorized as of March 31, 2021 and December 31, 2020, respectively; 22,195,278 and 11,928,167 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $164,035 as of March 31, 2021 |
| | | | 110,499 | | | | | | 50,192 | | |
Stockholders’ deficit: Common stock, $0.0001 par value; 78,000,000 and 55,000,000 shares authorized as of March 31, 2021 and December 31, 2020, respectively; 4,120,842 and 3,535,688 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 7,428 | | | | | | 5,889 | | |
Accumulated deficit
|
| | | | (137,818) | | | | | | (131,459) | | |
Total stockholders’ deficit
|
| | | | (130,390) | | | | | | (125,570) | | |
Total liabilities, convertible preferred stock, and stockholders’ deficit
|
| | | $ | 62,744 | | | | | $ | 14,796 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 13 | | | | | $ | 8 | | |
Operating expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 5 | | | | | | 3 | | |
Research and development
|
| | | | 2,396 | | | | | | 2,050 | | |
Selling and marketing
|
| | | | 1,350 | | | | | | 868 | | |
General and administrative
|
| | | | 2,287 | | | | | | 1,379 | | |
Total operating expenses
|
| | | | 6,038 | | | | | | 4,300 | | |
Loss from operations
|
| | | | (6,025) | | | | | | (4,292) | | |
Interest expense
|
| | | | (307) | | | | | | (437) | | |
Other income (expense), net
|
| | | | (27) | | | | | | 33 | | |
Net loss and comprehensive loss
|
| | | $ | (6,359) | | | | | $ | (4,696) | | |
Net loss per share, basic and diluted
|
| | | $ | (1.71) | | | | | $ | (1.48) | | |
Weighted-average shares of common stock outstanding, basic and diluted
|
| | | | 3,725,328 | | | | | | 3,171,251 | | |
| | |
Senior Convertible
Preferred Stock |
| |
Junior Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | 11,928,167 | | | | | $ | 50,192 | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | | 3,535,688 | | | | | $ | — | | | | | $ | 5,889 | | | | | $ | (131,459) | | | | | $ | (125,570) | | |
Issuance of Series E senior convertible preferred stock at $5.99 per share, net of issuance costs of $0.1 million
|
| | | | 10,267,111 | | | | | | 60,307 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value of warrants to purchase common stock issued to
investor |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,071 | | | | | | — | | | | | | 1,071 | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 585,154 | | | | | | — | | | | | | 229 | | | | | | — | | | | | | 229 | | |
Stock-based compensation
expense |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 239 | | | | | | — | | | | | | 239 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,359) | | | | | | (6,359) | | |
Balance as of March 31, 2021
|
| | | | 22,195,278 | | | | | $ | 110,499 | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | | 4,120,842 | | | | | $ | — | | | | | $ | 7,428 | | | | | $ | (137,818) | | | | | $ | (130,390) | | |
| | |
Senior Convertible
Preferred Stock |
| |
Junior Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019
|
| | | | 9,451,206 | | | | | $ | 39,506 | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | | 3,170,805 | | | | | $ | — | | | | | $ | 4,987 | | | | | $ | (111,611) | | | | | $ | (106,624) | | |
Issuance of Series D senior convertible preferred stock at $4.34 per share, net of issuance costs of $0.5 million
|
| | | | 2,476,961 | | | | | | 10,704 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,100 | | | | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | |
Stock based compensation
expense |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 135 | | | | | | — | | | | | | 135 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,696) | | | | | | (4,696) | | |
Balance as of March 31, 2020
|
| | | | 11,928,167 | | | | | $ | 50,210 | | | | | | 20,414,766 | | | | | $ | 77,844 | | | | | | | 3,171,905 | | | | | $ | — | | | | | $ | 5,123 | | | | | $ | (116,307) | | | | | $ | (111,184) | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (6,359) | | | | | $ | (4,696) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 201 | | | | | | 227 | | |
Stock-based compensation
|
| | | | 239 | | | | | | 135 | | |
Non-cash interest expense
|
| | | | 168 | | | | | | 355 | | |
Other non-cash gain (loss)
|
| | | | 19 | | | | | | (5) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (6) | | | | | | — | | |
Prepaid expenses and other assets
|
| | | | (223) | | | | | | (118) | | |
Accounts payable
|
| | | | 339 | | | | | | 94 | | |
Deferred rent
|
| | | | (31) | | | | | | (27) | | |
Accrued and other current liabilities
|
| | | | (1,297) | | | | | | (580) | | |
Net cash used in operating activities
|
| | | | (6,950) | | | | | | (4,615) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (41) | | | | | | (8) | | |
Net cash used in investing activities
|
| | | | (41) | | | | | | (8) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from issuance of Series D senior convertible preferred stock, net of issuance
costs |
| | | | — | | | | | | 10,704 | | |
Proceeds from issuance of Series E senior convertible preferred stock, net of issuance costs
|
| | | | 60,415 | | | | | | — | | |
Proceeds allocated to issuance of common stock warrants
|
| | | | 1,071 | | | | | | — | | |
Proceeds from exercise of stock options
|
| | | | 229 | | | | | | 1 | | |
Payment of convertible notes payable
|
| | | | (4,494) | | | | | | — | | |
Payment of loan payable
|
| | | | (3,100) | | | | | | — | | |
Capital lease principal payments
|
| | | | (17) | | | | | | (38) | | |
Payment of deferred offering costs
|
| | | | (630) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 53,474 | | | | | | 10,667 | | |
Net increase in cash and cash equivalents
|
| | | | 46,483 | | | | | | 6,044 | | |
Cash and cash equivalents at beginning of year
|
| | | | 13,533 | | | | | | 21,390 | | |
Cash and cash equivalents at end of period
|
| | | $ | 60,016 | | | | | $ | 27,434 | | |
Supplemental disclosure of cash flow information | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 1,277 | | | | | $ | 82 | | |
Supplemental disclosure of non-cash investing and financing information | | | | | | | | | | | | | |
Purchases of property and equipment in accounts payable and accruals
|
| | | $ | 21 | | | | | $ | 6 | | |
Series E senior convertible preferred stock offering costs included in accounts payable
and accrued liabilities |
| | | $ | 82 | | | | | $ | — | | |
Series E senior convertible preferred stock offering costs prepaid and deferred in prior
period and reclassified to Series E senior convertible preferred stock |
| | | $ | 26 | | | | | $ | — | | |
Deferred offering costs included in accounts payable and accrued liabilities
|
| | | $ | 771 | | | | | $ | — | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Computer equipment
|
| | | $ | 823 | | | | | $ | 767 | | |
Software
|
| | | | 373 | | | | | | 373 | | |
Laboratory equipment
|
| | | | 4,200 | | | | | | 4,194 | | |
Furniture and fixtures
|
| | | | 292 | | | | | | 292 | | |
Leasehold improvements
|
| | | | 701 | | | | | | 701 | | |
Total property and equipment
|
| | | | 6,389 | | | | | | 6,327 | | |
Less accumulated depreciation and amortization
|
| | | | (5,563) | | | | | | (5,362) | | |
Property and equipment, net
|
| | | $ | 826 | | | | | $ | 965 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Accrued paid time off
|
| | | $ | 394 | | | | | $ | 290 | | |
Accrued compensation
|
| | | | 605 | | | | | | 996 | | |
Accrued invoices related to proposed equity offering
|
| | | | 743 | | | | | | — | | |
Bank loan final payment fee
|
| | | | — | | | | | | 100 | | |
Other current liabilities
|
| | | | 259 | | | | | | 191 | | |
Total accrued and other current liabilities
|
| | | $ | 2,001 | | | | | $ | 1,577 | | |
| | |
March 31,
2021 |
| |
March 31,
2020 |
| ||||||
Interest income
|
| | | $ | 2 | | | | | $ | 28 | | |
Fair value remeasurements
|
| | | | (10) | | | | | | 5 | | |
Other gains (losses), net
|
| | | | (19) | | | | | | — | | |
Other income (expense), net
|
| | | $ | (27) | | | | | $ | 33 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | $ | 60,016 | | | | | | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | | — | | | | | | — | | | | | | 494 | | |
Total
|
| | | $ | 60,016 | | | | | | — | | | | | $ | 494 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | $ | 13,533 | | | | | | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | | — | | | | | | — | | | | | | 474 | | |
Total
|
| | | $ | 13,533 | | | | | | — | | | | | $ | 474 | | |
| | |
March 31, 2021
|
| |
December 31, 2020
|
| ||||||
Senior convertible preferred stock
|
| | | | 22,195,277 | | | | | | 11,928,167 | | |
Junior convertible preferred stock
|
| | | | 20,889,401 | | | | | | 20,889,401 | | |
Shares issuable under convertible note
|
| | | | — | | | | | | 1,383,989 | | |
Warrants to purchase convertible preferred stock
|
| | | | 169,533 | | | | | | 169,533 | | |
Warrants to purchase Class A common stock
|
| | | | 5,700,270 | | | | | | 4,198,770 | | |
Options to purchase Class A common stock
|
| | | | 10,308,231 | | | | | | 8,517,220 | | |
Class A common stock available for future issuance under the 2011 Equity Incentive Plan
|
| | | | 2,933,549 | | | | | | 807,702 | | |
Total
|
| | | | 62,196,261 | | | | | | 47,894,782 | | |
Series
|
| |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Original
Issue Price |
| |
Aggregate
Liquidation Preference |
| |
Proceeds,
net of issuance costs |
| |||||||||||||||
Series A-1 Junior Preferred Stock
|
| | | | 1,390 | | | | | | 1,390 | | | | | $ | 1,000.00 | | | | | $ | 1,390 | | | | | $ | 1,390 | | |
Series A-2 Junior Preferred Stock
|
| | | | 7,941,499 | | | | | | 7,908,277 | | | | | | 2.50 | | | | | | 19,771 | | | | | | 19,595 | | |
Series B-1 Junior Preferred Stock
|
| | | | 2,060,000 | | | | | | 2,000,000 | | | | | | 2.50 | | | | | | 5,000 | | | | | | 4,914 | | |
Series B-2 Junior Preferred Stock
|
| | | | 5,012,500 | | | | | | 5,000,000 | | | | | | 4.00 | | | | | | 20,000 | | | | | | 19,984 | | |
Series C-1 Junior Preferred Stock
|
| | | | 5,521,905 | | | | | | 5,505,099 | | | | | | 5.95 | | | | | | 32,755 | | | | | | 32,653 | | |
Series C-2 Junior Preferred Stock
|
| | | | 1,510,000 | | | | | | — | | | | | | 8.28 | | | | | | — | | | | | | — | | |
Series D Senior Preferred Stock
|
| | | | 11,975,172 | | | | | | 11,928,167 | | | | | | 4.34 | | | | | | 102,535 | | | | | | 50,415 | | |
Series E Senior Preferred Stock
|
| | | | 12,520,868 | | | | | | 10,267,111 | | | | | | 5.99 | | | | | | 61,500 | | | | | | 61,378 | | |
Total Convertible Preferred Stock
|
| | | | 46,543,334 | | | | | | 42,610,044 | | | | | | | | | | | $ | 242,951 | | | | | $ | 190,329 | | |
Series
|
| |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Original
Issue Price |
| |
Aggregate
Liquidation Preference |
| |
Proceeds,
net of issuance costs |
| |||||||||||||||
Series A-1 Junior Preferred Stock
|
| | | | 1,390 | | | | | | 1,390 | | | | | $ | 1,000.00 | | | | | $ | 1,390 | | | | | $ | 1,390 | | |
Series A-2 Junior Preferred Stock
|
| | | | 7,941,499 | | | | | | 7,908,277 | | | | | | 2.50 | | | | | | 19,771 | | | | | | 19,595 | | |
Series B-1 Junior Preferred Stock
|
| | | | 2,060,000 | | | | | | 2,000,000 | | | | | | 2.50 | | | | | | 5,000 | | | | | | 4,914 | | |
Series B-2 Junior Preferred Stock
|
| | | | 5,012,500 | | | | | | 5,000,000 | | | | | | 4.00 | | | | | | 20,000 | | | | | | 19,984 | | |
Series C-1 Junior Preferred Stock
|
| | | | 5,521,905 | | | | | | 5,505,099 | | | | | | 5.95 | | | | | | 32,755 | | | | | | 32,653 | | |
Series C-2 Junior Preferred Stock
|
| | | | 1,510,000 | | | | | | — | | | | | | 8.28 | | | | | | — | | | | | | — | | |
Series D Senior Preferred Stock
|
| | | | 12,320,844 | | | | | | 11,928,167 | | | | | | 4.34 | | | | | | 102,535 | | | | | | 50,415 | | |
Total Convertible Preferred Stock
|
| | | | 34,368,138 | | | | | | 32,342,933 | | | | | | | | | | | $ | 181,451 | | | | | $ | 128,951 | | |
Series
|
| |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Series A-1 Junior Preferred Stock
|
| | | $ | 2.92 | | | | | $ | 2.92 | | |
Series A-2 Junior Preferred Stock
|
| | | | 2.50 | | | | | | 2.50 | | |
Series B-1 Junior Preferred Stock
|
| | | | 2.50 | | | | | | 2.50 | | |
Series B-2 Junior Preferred Stock
|
| | | | 4.00 | | | | | | 4.00 | | |
Series C-1 Junior Preferred Stock
|
| | | | 5.95 | | | | | | 5.95 | | |
Series C-2 Junior Preferred Stock
|
| | | | 8.28 | | | | | | 8.28 | | |
Series D Senior Preferred Stock
|
| | | | 4.34 | | | | | | 4.34 | | |
Series E Senior Preferred Stock
|
| | | | 5.99 | | | | |
|
—
|
| |
| | |
Number of
Shares Subject to Options Outstanding |
| |
Weighted-
Average Grant Date Fair Value |
| |
Weighted-
Average Exercise Price Per Share |
| |
Weighted-
Average Remaining Contractual Life (In Years) |
| ||||||||||||
Outstanding – December 31, 2020
|
| | | | 8,517,220 | | | | | $ | 0.44 | | | | | $ | 0.79 | | | | | | 6.99 | | |
Granted
|
| | | | 2,376,652 | | | | | | 1.47 | | | | | | 2.56 | | | | | | | | |
Expired
|
| | | | (70) | | | | | | 61.52 | | | | | | 100.00 | | | | | | | | |
Cancelled
|
| | | | (417) | | | | | | 0.49 | | | | | | 0.95 | | | | | | | | |
Exercised
|
| | | | (585,154) | | | | | | 0.25 | | | | | | 0.39 | | | | | | | | |
Outstanding – March 31, 2021
|
| | | | 10,308,231 | | | | | $ | 0.69 | | | | | $ | 1.22 | | | | | | 7.75 | | |
Vested and expected to vest at March 31, 2021
|
| | | | 9,739,423 | | | | | $ | 0.67 | | | | | $ | 1.18 | | | | | | 7.64 | | |
Vested and exercisable at March 31, 2021
|
| | | | 4,812,806 | | | | | $ | 0.46 | | | | | $ | 0.80 | | | | | | 5.88 | | |
Non-vested options at March 31, 2021
|
| | | | 5,495,425 | | | | | $ | 0.89 | | | | | $ | 1.59 | | | | | | | | |
| | |
Three months ended
March 31, |
| |||||||||
| | | | | 2021 | | | | | | 2020 | | |
Research and development expense
|
| | | $ | 64 | | | | | $ | 54 | | |
Sales and marketing expense
|
| | | | 62 | | | | | | 29 | | |
General and administrative expense
|
| | | | 113 | | | | | | 52 | | |
Total employee stock-based compensation
|
| | | $ | 239 | | | | | $ | 135 | | |
Related Series
|
| |
Grant
Date |
| |
Number of
Warrants |
| |
Exercise
Price |
| |
Fair Value as of
|
| |||||||||||||||
|
March 31,
2021 |
| |
December 31,
2020 |
| |||||||||||||||||||||||
Series A-2
|
| |
Sep 2012
|
| | | | 26,000 | | | | | $ | 2.50 | | | | | $ | 42 | | | | | $ | 41 | | |
Series A-2
|
| |
Sep 2014
|
| | | | 7,222 | | | | | $ | 2.50 | | | | | | 14 | | | | | | 13 | | |
Series B-1
|
| |
Dec 2014
|
| | | | 60,000 | | | | | $ | 2.50 | | | | | | 119 | | | | | | 113 | | |
Series B-2
|
| |
Dec 2015
|
| | | | 12,500 | | | | | $ | 4.00 | | | | | | 23 | | | | | | 22 | | |
Series C-1
|
| |
Mar 2017
|
| | | | 16,806 | | | | | $ | 5.95 | | | | | | 32 | | | | | | 31 | | |
Series D
|
| |
Feb 2020
|
| | | | 47,005 | | | | | $ | 4.34 | | | | | | 264 | | | | | | 254 | | |
Total
|
| | | | | | | 169,533 | | | | | | | | | | | $ | 494 | | | | | $ | 474 | | |
| | |
Warrant
Liability Outstanding |
| |||
Outstanding – December 31, 2020
|
| | | $ | 474 | | |
Net increase in fair value of preferred stock warrants
|
| | | | 20 | | |
Outstanding – March 31, 2021
|
| | | $ | 494 | | |
| | |
2021
|
| |
2022
|
| |
2023
|
| |
2024 and
Thereafter |
| |
Total
|
| |||||||||||||||
Operating leases
|
| | | $ | 410 | | | | | $ | 554 | | | | | $ | — | | | | | $ | — | | | | | $ | 964 | | |
Capital leases
|
| | | | 61 | | | | | | 80 | | | | | | 55 | | | | | | — | | | | | | 196 | | |
Total
|
| | | $ | 471 | | | | | $ | 634 | | | | | $ | 55 | | | | | $ | — | | | | | $ | 1,160 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (6,359) | | | | | $ | (4,696) | | |
Weighted average common stock outstanding, basic and diluted
|
| | | | 3,725,328 | | | | | | 3,171,251 | | |
Net loss per share – basic and diluted
|
| | | $ | (1.71) | | | | | $ | (1.48) | | |
| | |
March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Junior convertible preferred stock
|
| | | | 20,889,401 | | | | | | 20,889,401 | | |
Senior convertible preferred stock
|
| | | | 22,195,278 | | | | | | 11,928,165 | | |
Shares issuable under convertible note
|
| | | | — | | | | | | 1,247,663 | | |
Warrants to purchase convertible preferred stock
|
| | | | 169,533 | | | | | | 169,533 | | |
Warrants to purchase Class A common stock
|
| | | | 5,700,270 | | | | | | 4,198,770 | | |
Options to purchase Class A common stock
|
| | | | 10,308,231 | | | | | | 8,591,168 | | |
Total
|
| | | | 59,262,713 | | | | | | 47,024,700 | | |
| Citigroup | | |
Cowen
|
| |
William Blair
|
|
| | |
Amount
|
| |||
SEC registration fee
|
| | | $ | 10,910 | | |
FINRA filing fee
|
| | | | 15,500 | | |
Nasdaq Global Market initial listing fee
|
| | | | * | | |
Blue sky qualification fees and expenses
|
| | | | * | | |
Printing and engraving expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Transfer agent and registrar fees and expenses
|
| | | | * | | |
Miscellaneous expenses
|
| | | | * | | |
Total
|
| | | $ | * | | |
Exhibit
Number |
| |
Description of Exhibit
|
|
1.1* | | | Form of Underwriting Agreement. | |
3.1 | | | | |
3.2* | | | Form of Amended and Restated Certificate of Incorporation (to be effective upon completion of the offering). | |
3.3 | | | | |
3.4* | | | Form of Amended and Restated By-Laws (to be effective upon completion of this offering). | |
4.1* | | | Specimen Common Stock Certificate. | |
4.2 | | | |
Exhibit
Number |
| |
Description of Exhibit
|
|
4.3 | | | | |
4.4 | | | | |
4.5 | | | | |
5.1* | | | Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. | |
10.1* | | | Form of Indemnification Agreement. | |
10.2+ | | | | |
10.2.1 | | | Form of Stock Option Agreement under the Registrant's 2011 Employee, Director and Consultant Equity Incentive Plan | |
10.3*+ | | | 2021 Employee, Director and Consultant Equity Incentive Plan. | |
10.4*+ | | | Form of 2021 Employee Stock Purchase Plan. | |
10.5† | | | | |
10.6† | | | | |
10.7.1† | | | | |
10.7.2† | | | | |
10.7.3 | | | | |
10.8† | | | | |
10.9+ | | | | |
10.10+ | | | | |
10.11+ | | | | |
10.12+ | | | | |
10.13+ | | | | |
10.14+ | | | | |
10.15+ | | | | |
10.16+ | | | | |
10.17+ | | | | |
10.18+ | | | | |
10.18.1+
|
| | | |
10.18.2+
|
| | | |
10.18.3+
|
| | | |
10.19+ | | | |
Exhibit
Number |
| |
Description of Exhibit
|
|
10.20 | | | | |
21.1 | | | | |
23.1 | | | | |
23.3* | | | Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included in Exhibit 5.1). | |
24.1 | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Gregory C. Critchfield, M.D., M.S.
Gregory C. Critchfield, M.D., M.S.
|
| |
Chairman,
Chief Executive Officer, President and Director (Principal Executive Officer) |
| |
June 11, 2021
|
|
|
/s/ Jay Moyes
Jay Moyes
|
| |
Chief Financial Officer
(Principal Accounting Officer and Principal Financial Officer) |
| |
June 11, 2021
|
|
|
/s/ Dennis Farrar
Dennis Farrar
|
| |
Director
|
| |
June 11, 2021
|
|
|
/s/ Joshua Phillips
Joshua Phillips
|
| |
Director
|
| |
June 11, 2021
|
|
|
/s/ Mansoor Raza Mirza, M.D.
Mansoor Raza Mirza, M.D.
|
| |
Director
|
| |
June 11, 2021
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Ryan Trimble
Ryan Trimble
|
| |
Director
|
| |
June 11, 2021
|
|
|
/s/ Kim Kamdar, Ph.D.
Kim Kamdar, Ph.D.
|
| |
Director
|
| |
June 11, 2021
|
|
|
/s/ Michael F. Minahan
Michael F. Minahan
|
| |
Director
|
| |
June 11, 2021
|
|
|
/s/ Charles D. Kennedy, M.D.
Charles D. Kennedy, M.D.
|
| |
Director
|
| |
June 11, 2021
|
|
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