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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 June 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: 001-38118

 

DERMTECH, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

84-2870849

(State or other jurisdiction of

incorporation or organization)

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

11099 N. Torrey Pines Road, Suite 100

La Jolla, CA

92037

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (858) 450-4222

 

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, par value $0.0001 per share

 

DMTK

 

The Nasdaq Capital 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 July 30, 2021, the registrant had 29,610,337 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations

2

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity

4

 

Condensed Consolidated Statements of Stockholders’ Equity

5

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

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

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

PART II.

OTHER INFORMATION

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 6.

Exhibits

38

 

Signatures

39

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

DERMTECH, INC.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

 

 

 

June 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

229,609

 

 

$

24,248

 

Short-term marketable securities

 

 

38,644

 

 

 

39,529

 

Accounts receivable

 

 

2,185

 

 

 

1,480

 

Inventory

 

 

497

 

 

 

104

 

Prepaid expenses and other current assets

 

 

1,313

 

 

 

1,521

 

Total current assets

 

 

272,248

 

 

 

66,882

 

Property and equipment, net

 

 

3,285

 

 

 

2,731

 

Other assets

 

 

167

 

 

 

167

 

Total assets

 

$

275,700

 

 

$

69,780

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,104

 

 

$

1,573

 

Accrued compensation

 

 

3,167

 

 

 

2,075

 

Accrued liabilities

 

 

887

 

 

 

763

 

Short-term deferred revenue

 

 

1,372

 

 

 

905

 

Current portion of capital lease obligations

 

 

112

 

 

 

109

 

Total current liabilities

 

 

7,642

 

 

 

5,425

 

Warrant liability

 

 

577

 

 

 

1,650

 

Long-term deferred revenue

 

 

2

 

 

 

639

 

Long-term capital lease obligations, less current portion

 

 

170

 

 

 

226

 

Total liabilities

 

 

8,391

 

 

 

7,940

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value per share; 50,000,000 shares authorized

   as of June 30, 2021 and December 31, 2020; 29,607,394 and 20,740,413 shares

   issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

3

 

 

 

2

 

Additional paid-in capital

 

 

427,503

 

 

 

189,868

 

Accumulated other comprehensive income/(loss)

 

 

2

 

 

 

(1

)

Accumulated deficit

 

 

(160,199

)

 

 

(128,029

)

Total stockholders’ equity

 

 

267,309

 

 

 

61,840

 

Total liabilities and stockholders’ equity

 

$

275,700

 

 

$

69,780

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

1


DERMTECH, INC.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assay revenue

 

$

2,910

 

 

$

648

 

 

$

5,100

 

 

$

1,445

 

Contract revenue

 

 

209

 

 

 

196

 

 

 

543

 

 

 

956

 

Total revenues

 

 

3,119

 

 

 

844

 

 

 

5,643

 

 

 

2,401

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of assay revenue

 

 

2,604

 

 

 

1,416

 

 

 

4,575

 

 

 

2,578

 

Cost of contract revenue

 

 

20

 

 

 

29

 

 

 

51

 

 

 

70

 

Total cost of revenues

 

 

2,624

 

 

 

1,445

 

 

 

4,626

 

 

 

2,648

 

Gross profit/(loss)

 

 

495

 

 

 

(601

)

 

 

1,017

 

 

 

(247

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

7,907

 

 

 

3,433

 

 

 

14,419

 

 

 

6,377

 

Research and development

 

 

3,594

 

 

 

864

 

 

 

5,845

 

 

 

1,761

 

General and administrative

 

 

6,301

 

 

 

4,529

 

 

 

11,473

 

 

 

8,043

 

Total operating expenses

 

 

17,802

 

 

 

8,826

 

 

 

31,737

 

 

 

16,181

 

Loss from operations

 

 

(17,307

)

 

 

(9,427

)

 

 

(30,720

)

 

 

(16,428

)

Other income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

35

 

 

 

10

 

 

 

69

 

 

 

10

 

Change in fair value of warrant liability

 

 

170

 

 

 

(180

)

 

 

(1,519

)

 

 

(76

)

Total other income/(expense)

 

 

205

 

 

 

(170

)

 

 

(1,450

)

 

 

(66

)

Net loss

 

$

(17,102

)

 

$

(9,597

)

 

$

(32,170

)

 

$

(16,494

)

Weighted average shares outstanding used in computing net

   loss per share, basic and diluted

 

 

28,979,148

 

 

 

16,149,496

 

 

 

28,070,539

 

 

 

14,625,069

 

Net loss per share of common stock outstanding, basic and

   diluted

 

$

(0.59

)

 

$

(0.59

)

 

$

(1.15

)

 

$

(1.13

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

2


DERMTECH, INC.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(17,102

)

 

$

(9,597

)

 

$

(32,170

)

 

$

(16,494

)

Unrealized gain/(loss) on available-for-sale marketable securities

 

 

(6

)

 

 

 

 

 

3

 

 

 

 

Comprehensive loss

 

$

(17,108

)

 

$

(9,597

)

 

$

(32,167

)

 

$

(16,494

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

3


 

DERMTECH, INC.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity

(in thousands, except share and per share data)

(Unaudited)

 

 

 

Series A

convertible

preferred stock

 

 

 

Series B-1

convertible

preferred stock

 

 

 

Series B-2

convertible

preferred stock

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Total

stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

equity

 

Balance, December 31, 2019

 

 

1,231

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

12,344,818

 

 

$

1

 

 

$

103,412

 

 

$

(91,552

)

 

$

11,861

 

Issuance of common stock

   at $10.50 per share, net

   of $2.0 million in

   issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,467,724

 

 

 

 

 

 

23,891

 

 

 

 

 

 

23,891

 

Issuance of Series B-1 convertible

   preferred stock at $10,500 per

   share, net of $2.6 million in

   issuance costs

 

 

 

 

 

 

 

 

 

3,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,971

 

 

 

 

 

 

30,971

 

Issuance of Series B-2 convertible

   preferred stock at $10,500 per

   share, net of $0.4 million in

   issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

524

 

 

 

 

 

 

 

 

 

 

 

 

 

5,071

 

 

 

 

 

 

5,071

 

Issuance of common stock

   from option exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85,061

 

 

 

 

 

 

253

 

 

 

 

 

 

253

 

Issuance of common stock

   from warrant exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,098

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Issuance costs in connection

   with Form S-1 registration

   statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

 

 

 

(77

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,022

 

 

 

 

 

 

1,022

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,897

)

 

 

(6,897

)

Balance, March 31, 2020

 

 

1,231

 

 

$

 

 

 

 

3,199

 

 

$

 

 

 

 

524

 

 

$

 

 

 

 

14,899,701

 

 

$

1

 

 

$

164,554

 

 

$

(98,449

)

 

$

66,106

 

Conversion of Series B-1 convertible

   preferred stock to common stock

 

 

 

 

 

 

 

 

 

(3,199

)

 

 

 

 

 

 

 

 

 

 

 

 

 

3,198,949

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Issuance of common stock

   from option exercises and RSU releases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,277

 

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Issuance of common stock

   from warrant exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,437

 

 

 

 

 

 

471

 

 

 

 

 

 

471

 

Issuance costs in connection

   with Form S-1 registration

   statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,125

 

 

 

 

 

 

1,125

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,597

)

 

 

(9,597

)

Balance, June 30, 2020

 

 

1,231

 

 

$

 

 

 

 

 

 

$

 

 

 

 

524

 

 

$

 

 

 

 

18,229,364

 

 

$

2

 

 

$

166,268

 

 

$

(108,046

)

 

$

58,224

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

4


 

DERMTECH, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share and per share data)

(Unaudited)

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

other

comprehensive

 

 

Accumulated

 

 

Total

stockholders’

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

income/(loss)

 

 

deficit

 

 

equity

 

Balance, December 31, 2020

 

 

20,740,413

 

 

$

2

 

 

$

189,868

 

 

$

(1

)

 

$

(128,029

)

 

$

61,840

 

Issuance of common stock at a price of $29.50,

   net of $9.1 million in issuance costs

 

 

4,872,881

 

 

 

1

 

 

 

134,581

 

 

 

 

 

 

 

 

 

134,582

 

Issuance of common stock from option exercises

   and RSU releases