|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
2836
(Primary Standard Industrial Classification Code Number) |
| |
82-5462585
(I.R.S. Employer Identification Number) |
|
|
Joshua A. Kaufman
Jaime L. Chase Joshua Rottner Cooley LLP 55 Hudson Yards New York, New York 10001 (212) 479-6000 |
| |
William Ho
President and Chief Executive Officer IN8bio, Inc. 79 Madison Avenue New York, New York 10016 (646) 600-6438 |
| |
Nathan Ajiashvili
Latham & Watkins LLP 885 Third Avenue New York, New York 10022 (212) 906-2916 |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☒
Emerging growth company ☒ |
|
| | ||||||||||||||||||||||||||||
Title of each Class of Securities
to be Registered |
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share(2) |
| | |
Proposed Maximum
Aggregate Offering Price(1) |
| | |
Amount of
Registration Fee(2)(3) |
| ||||||||||||
Common Stock, $0.0001 par value per share
|
| | | | | 5,390,625 | | | | | | $ | 17.00 | | | | | | $ | 91,640,625 | | | | | | $ | 9,998 | | |
| | |
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| | | | 167 | | | |
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| | | | F-1 | | |
| | |
Years Ended
December 31, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(in thousands, except share and per share data)
|
| |
2018
|
| |
2019
|
| |
2019
|
| |
2020
|
| ||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 581 | | | | | $ | 2,358 | | | | | $ | 928 | | | | | $ | 2,836 | | |
General and administrative
|
| | | | 1,423 | | | | | | 2,708 | | | | | | 1,432 | | | | | | 1,729 | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 68 | | | | | | 67 | | | | | | — | | |
Total operating expenses
|
| | | | 2,004 | | | | | | 5,134 | | | | | | 2,427 | | | | | | 4,565 | | |
Loss from operations
|
| | | | (2,004) | | | | | | (5,134) | | | | | | (2,427) | | | | | | (4,565) | | |
Other (expense) income, net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (expense) income, net
|
| | | | (63) | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | (14) | | | | | | — | | | | | | — | | | | | | — | | |
Total other (expense) income, net
|
| | | | (77) | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (2,081) | | | | | $ | (5,134) | | | | | $ | (2,427) | | | | | $ | (4,565) | | |
Net loss attributable to common stockholders(1)
|
| | | $ | (2,509) | | | | | $ | (5,912) | | | | | $ | (2,813) | | | | | $ | (5,129) | | |
Net loss per share attributable to common stockholders: basic and diluted(1)
|
| | | $ | (0.80) | | | | | $ | (1.85) | | | | | $ | (0.89) | | | | | $ | (1.52) | | |
Weighted-average shares used to compute net loss per
share attributable to common stockholders: basic and diluted(1) |
| | | | 3,136,290 | | | | | | 3,188,165 | | | | | | 3,172,907 | | | | | | 3,382,531 | | |
Pro forma net loss attributable to common stockholders(1)
|
| | | | | | | | | $ | (5,134) | | | | | | | | | | | $ | (4,565) | | |
Pro forma net loss per share attributable to common
stockholders (unaudited): basic and diluted(1) |
| | | | | | | | | $ | (0.83) | | | | | | | | | | | $ | (0.57) | | |
Weighted-average shares used to compute pro forma
net loss per share attributable to common stockholders (unaudited): basic and diluted(1) |
| | | | | | | | | | 6,172,715 | | | | | | | | | | | | 8,053,959 | | |
| | |
As of June 30, 2020
|
| |||||||||||||||
(in thousands)
|
| |
Actual
|
| |
Pro
Forma(1) |
| |
Pro Forma
As Adjusted(2)(3) |
| |||||||||
| | | | | | | | |
(unaudited)
|
| |||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 3,180 | | | | | $ | 23,280 | | | | | $ | 90,830 | | |
Working capital(4)
|
| | | | 1,458 | | | | | | 21,558 | | | | | | 89,108 | | |
Total assets
|
| | | | 3,647 | | | | | | 23,747 | | | | | | 91,297 | | |
Warrant liability
|
| | | | 829 | | | | | | — | | | | | | — | | |
Preferred stock
|
| | | | 14,357 | | | | | | — | | | | | | — | | |
Total stockholders’ (deficit) equity
|
| | | | (13,522) | | | | | | 21,764 | | | | | | 89,314 | | |
| | |
As of June 30, 2020
|
| |||||||||||||||
(in thousands, except share and per share amounts)
|
| |
Actual
|
| |
Pro
Forma |
| |
Pro Forma
As Adjusted(1) |
| |||||||||
Cash
|
| | | $ | 3,180 | | | | | $ | 23,280 | | | | | $ | 90,830 | | |
Convertible preferred stock, Series A, par value, $0.0001 per share; 13,241,000 shares authorized, 4,242,927 shares issued and outstanding, actual; 13,241,000 shares authorized and no shares issued or outstanding, pro forma; no shares authorized, issued or outstanding, pro forma as adjusted
|
| | | | 14,357 | | | | | | — | | | | | | — | | |
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Preferred stock, par value $0.0001 per share; no shares authorized,
issued and outstanding, actual and pro forma; 10,000,000 shares authorized, no shares issued or outstanding, pro forma as adjusted |
| | | | — | | | | | | — | | | | | | — | | |
Common stock, par value $0.0001 per share; 27,000,000 shares authorized, 3,462,182 shares issued and outstanding, actual; 27,000,000 shares authorized and 14,743,127 shares issued and outstanding, pro forma; 490,000,000 shares authorized and 19,430,627 shares issued and outstanding, pro forma as adjusted
|
| | | | 1 | | | | | | 2 | | | | | | 2 | | |
Additional paid-in capital
|
| | | | 523 | | | | | | 35,808 | | | | | | 103,358 | | |
Accumulated deficit
|
| | | | (14,046) | | | | | | (14,046) | | | | | | (14,046) | | |
Total stockholders’ (deficit) equity
|
| | | | (13,522) | | | | | | 21,764 | | | | | | 89,314 | | |
Total capitalization
|
| | | $ | 835 | | | | | $ | 21,764 | | | | | $ | 89,314 | | |
|
Assumed initial public offering price per share
|
| |
|
| | | $ | 16.00 | | | |||
|
Historical net tangible book deficit per share as of June 30, 2020
|
| | | $ | (3.91) | | | | | | | | |
|
Pro forma increase in net tangible book value per share as of June 30, 2020 attributable to the pro forma transactions described above
|
| | | | 5.39 | | | | | | | | |
|
Pro forma net tangible book value per share as of June 30, 2020
|
| | | | 1.48 | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to new investors participating in this offering
|
| | | | 3.12 | | | |
|
| |||
|
Pro forma as adjusted net tangible book value per share after this offering
|
| | | | | | | | | | 4.60 | | |
|
Dilution per share to new investors participating in this offering
|
| | | | | | | | | $ | 11.40 | | |
| | |
Shares Purchased
|
| |
Total
Consideration |
| |
Average
Price Per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing stockholders
|
| | | | 14,743,127 | | | | | | 75.9% | | | | | $ | 35,546,631 | | | | | | 32.2% | | | | | $ | 2.41 | | |
New investors
|
| | | | 4,687,500 | | | | | | 24.1 | | | | | | 75,000,000 | | | | | | 67.8 | | | | | $ | 16.00 | | |
Total
|
| | | | 19,430,627 | | | | | | 100% | | | | | $ | 110,546,631 | | | | | | 100% | | | | | $ | 5.69 | | |
| | |
Years Ended
December 31, |
| |
Six Months
Ended June 30, |
| ||||||||||||||||||
(in thousands, except share and per share data)
|
| |
2018
|
| |
2019
|
| |
2019
|
| |
2020
|
| ||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 581 | | | | | $ | 2,358 | | | | | $ | 928 | | | | | $ | 2,836 | | |
General and administrative
|
| | | | 1,423 | | | | | | 2,708 | | | | | | 1,432 | | | | | | 1,729 | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 68 | | | | | | 67 | | | | | | — | | |
Total operating expenses
|
| | | | 2,004 | | | | | | 5,134 | | | | | | 2,427 | | | | | | 4,565 | | |
Loss from operations
|
| | | | (2,004) | | | | | | (5,134) | | | | | | (2,427) | | | | | | (4,565) | | |
Other (expense) income, net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (expense) income, net
|
| | | | (63) | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | (14) | | | | | | — | | | | | | — | | | | | | — | | |
Total other (expense) income, net
|
| | | | (77) | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (2,081) | | | | | $ | (5,134) | | | | | $ | (2,427) | | | | | $ | (4,565) | | |
Net loss attributable to common stockholders(1)
|
| | | $ | (2,509) | | | | | $ | (5,912) | | | | | $ | (2,813) | | | | | $ | (5,129) | | |
Net loss per share attributable to common stockholders: basic and diluted(1)
|
| | | $ | (0.80) | | | | | $ | (1.85) | | | | | $ | (0.89) | | | | | $ | (1.52) | | |
Weighted-average shares used to compute net loss per
share attributable to common stockholders: basic and diluted(1) |
| | | | 3,136,290 | | | | | | 3,188,165 | | | | | | 3,172,907 | | | | | | 3,382,531 | | |
Pro forma net loss attributable to common stockholders(1)
|
| | | | | | | | | $ | (5,134) | | | | | | | | | | | $ | (4,565) | | |
Pro forma net loss per share attributable to common
stockholders (unaudited): basic and diluted(1) |
| | | | | | | | | $ | (0.83) | | | | | | | | | | | $ | (0.57) | | |
Weighted-average shares used to compute pro forma
net loss per share attributable to common stockholders (unaudited): basic and diluted(1) |
| | | | | | | | | | 6,172,715 | | | | | | | | | | | | 8,053,959 | | |
| | |
As of December 31,
|
| |
As of
June 30, 2020 |
| ||||||||||||
(in thousands)
|
| |
2018
|
| |
2019
|
| ||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 4,990 | | | | | $ | 610 | | | | | $ | 3,180 | | |
Working capital(1)
|
| | | | 4,653 | | | | | | 116 | | | | | | 1,458 | | |
Total assets
|
| | | | 5,895 | | | | | | 1,130 | | | | | | 3,647 | | |
Warrant liability
|
| | | | 829 | | | | | | 829 | | | | | | 829 | | |
Preferred stock
|
| | | | 8,896 | | | | | | 8,896 | | | | | | 14,357 | | |
Total stockholders’ deficit
|
| | | | (4,249) | | | | | | (9,242) | | | | | | (13,522) | | |
| | |
Six months ended June 30,
|
| | ||||||||||||||
| | |
2019
|
| |
2020
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| | ||||||||||||||
Operating expenses: | | | | | |||||||||||||||
Research and development
|
| | | $ | 928 | | | | | $ | 2,836 | | | | | $ | 1,908 | | |
General and administrative
|
| | | | 1,432 | | | | | | 1,729 | | | | | | 297 | | |
Loss on disposal of equipment
|
| | | | 67 | | | | | | — | | | | | | (67) | | |
Total operating expenses
|
| | | | 2,427 | | | | | | 4,565 | | | | | | 2,138 | | |
Loss from operations
|
| | | | (2,427) | | | | | | (4,565) | | | | | | (2,138) | | |
Net loss
|
| | | $ | (2,427) | | | | | $ | (4,565) | | | | | $ | (2,138) | | |
|
| | |
Six months ended June 30,
|
| | ||||||||||||||
| | |
2019
|
| |
2020
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| | ||||||||||||||
Direct research and development expenses: | | | | | |||||||||||||||
INB-100
|
| | | $ | — | | | | | $ | 497 | | | | | $ | 497 | | |
INB-200
|
| | | | — | | | | | | 371 | | | | | | 371 | | |
Unallocated expenses | | | | | |||||||||||||||
Preclinical
|
| | | | 290 | | | | | | 684 | | | | | | 394 | | |
Personnel expenses (including stock-based compensation)
|
| | | | 391 | | | | | | 883 | | | | | | 492 | | |
Facility related and other
|
| | | | 247 | | | | | | 401 | | | | | | 154 | | |
Total research and development expenses
|
| | | $ | 928 | | | | | $ | 2,836 | | | | | $ | 1,908 | | |
| | |
Year Ended December 31,
|
| | ||||||||||||||
| | |
2018
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 581 | | | | | $ | 2,358 | | | | | $ | 1,777 | | |
General and administrative
|
| | | | 1,423 | | | | | | 2,708 | | | | | | 1,285 | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 68 | | | | | | 68 | | |
Total operating expenses
|
| | | | 2,004 | | | | | | 5,134 | | | | | | 3,130 | | |
Loss from operations
|
| | | $ | (2,004) | | | | | $ | (5,134) | | | | | $ | (3,130) | | |
|
| | |
Year Ended
December 31, |
| | ||||||||||||||
| | |
2018
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Other (expense) income, net | | | | | | | | | | | | | | | | | | | |
Other (expense) income, net
|
| | | | (63) | | | | | | — | | | | | | 63 | | |
Interest expense
|
| | | | (14) | | | | | | — | | | | | | 14 | | |
Total other (expense) income, net
|
| | | | (77) | | | | | | — | | | | | | 77 | | |
Net loss
|
| | | $ | (2,081) | | | | | $ | (5,134) | | | | | $ | (3,053) | | |
|
| | |
Year Ended December 31,
|
| | | | | | | |||||||||
| | |
2018
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Clinical(1) | | | | $ | — | | | | | $ | 10 | | | | | $ | 10 | | |
Preclinical
|
| | | | 300 | | | | | | 585 | | | | | | 285 | | |
Personnel expenses (including stock-based compensation)
|
| | | | 154 | | | | | | 1,144 | | | | | | 990 | | |
Facility-related and other
|
| | | | 127 | | | | | | 619 | | | | | | 492 | | |
Total research and development expenses
|
| | | $ | 581 | | | | | $ | 2,358 | | | | | $ | 1,777 | | |
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||
| | |
2018
|
| |
2019
|
| |
2019
|
| |
2020
|
| ||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||
Net cash used in operating activities
|
| | | $ | (2,769) | | | | | $ | (4,801) | | | | | $ | (2,023) | | | | | $ | (3,265) | | |
Net cash (used in) provided by investing activities
|
| | | | (757) | | | | | | 356 | | | | | | 366 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 8,501 | | | | | | 65 | | | | | | — | | | | | | 5,835 | | |
Net increase (decrease) in cash and restricted cash
|
| | | $ | 4,975 | | | | | $ | (4,380) | | | | | $ | (1,657) | | | | | $ | 2,570 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 Year |
| |
1 to 3
Years |
| |
4 to 5
Years |
| |
More than
5 Years |
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Operating lease commitments
|
| | | $ | 1,266 | | | | | $ | 561 | | | | | $ | 705 | | | | | $ | — | | | | | $ | — | | |
Total
|
| | | $ | 1,266 | | | | | $ | 561 | | | | | $ | 705 | | | | | $ | — | | | | | $ | — | | |
Grant Date
|
| |
Number of Common
Shares Subject to Options Granted |
| |
Exercise
Price per Common Share |
| |
Estimated
Per-Share Fair Value of Options |
| |
Estimated
Fair Value per Common Share at Grant Date |
| ||||||||||||
March 12, 2019
|
| | | | 172,768 | | | | | $ | 1.07 | | | | | $ | 0.78 | | | | | $ | 1.07 | | |
April 17, 2019
|
| | | | 40,826 | | | | | $ | 1.07 | | | | | $ | 0.77 | | | | | $ | 1.07 | | |
April 23, 2019
|
| | | | 365 | | | | | $ | 1.07 | | | | | $ | 0.78 | | | | | $ | 1.07 | | |
August 13, 2019
|
| | | | 73,829 | | | | | $ | 1.10 | | | | | $ | 0.77 | | | | | $ | 1.10 | | |
February 3, 2020
|
| | | | 1,825 | | | | | $ | 1.10 | | | | | $ | 0.78 | | | | | $ | 1.10 | | |
May 5, 2020
|
| | | | 28,287 | | | | | $ | 1.23 | | | | | $ | 0.77 | | | | | $ | 1.23 | | |
October 5, 2020
|
| | | | 896,628 | | | | | $ | 6.74 | | | | | $ | 4.79 | | | | | $ | 6.74 | | |
October 15, 2020
|
| | | | 3,066 | | | | | $ | 6.74 | | | | | $ | 4.79 | | | | | $ | 6.74 | | |
NAME
|
| |
AGE
|
| |
POSITION(S)
|
| |||
Executive Officers | | | | | | | | | | |
William Ho
|
| | | | 44 | | | |
President, Chief Executive Officer, Chief Financial Officer and Director
|
|
Lawrence Lamb, Ph.D.
|
| | | | 66 | | | | Executive Vice President and Chief Scientific Officer | |
Melissa Beelen
|
| | | | 53 | | | | Vice President, Clinical Operations | |
Non-Employee Directors | | | | | | | | | | |
Alan S. Roemer(1)(2)
|
| | | | 50 | | | | Chairman | |
Peter Brandt(1)(3)
|
| | | | 63 | | | | Director | |
Thomas Cirrito, Ph.D.(1)(2)(3)
|
| | | | 47 | | | | Director | |
Travis Whitfill(2)(3)
|
| | | | 31 | | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Option
Awards ($)(3) |
| |
Total
($) |
| |||||||||||||||
William Ho
|
| | | | 2019 | | | | | | 213,505 | | | | | | — | | | | | | — | | | | | | 213,505 | | |
President, Chief Executive Officer and Chief Financial Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrence Lamb, Ph.D.
|
| | | | 2019 | | | | | | 240,000 | | | | | | — | | | | | | 112,935 | | | | | | 352,935 | | |
Executive Vice President and Chief Scientific Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Melissa Beelen(4)
|
| | | | 2019 | | | | | | 156,000 | | | | | | 41,600 | | | | | | 30,359 | | | | | | 227,659 | | |
Vice President of Clinical Operations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name and Principal Position
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
incentive plan awards: Number of securities underlying unexercised unearned options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
William Ho
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
—
|
|
President, Chief Executive
Officer and Chief Financial Officer |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrence Lamb, Ph.D.
|
| |
November 12, 2018
|
| | | | 30,415 | | | | | | 24,335(1) | | | | | | — | | | | | $ | 1.07 | | | |
November 11, 2028
|
|
Executive Vice President and Chief Scientific Officer
|
| |
March 12, 2019
|
| | | | — | | | | | | 58,887(2) | | | | | | — | | | | | $ | 1.07 | | | |
March 11, 2029
|
|
|
March 12, 2019
|
| | | | — | | | | | | 22,082(3) | | | | | | 66,248(3) | | | | | $ | 1.07 | | | |
March 11, 2029
|
| ||
Melissa Beelen
|
| |
April 17, 2019
|
| | | | — | | | | | | 39,184(4) | | | | | | — | | | | | $ | 1.07 | | | |
April 16, 2029
|
|
Vice President of Clinical
Operations |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Position
|
| |
Annual
Service Retainer |
| |
Chairperson
Additional Retainer |
| ||||||
Board of Directors
|
| | | $ | 35,000 | | | | | $ | 65,000 | | |
Audit Committee
|
| | | | 7,500 | | | | | | 15,000 | | |
Compensation Committee
|
| | | | 5,000 | | | | | | 10,000 | | |
Nominating and Corporate Governance Committee
|
| | | | 4,000 | | | | | | 8,000 | | |
Name
|
| |
Option
Awards(1)(2) ($) |
| |
Total
($) |
| ||||||
Peter Brandt
|
| | | | 25,113 | | | | | | 25,113 | | |
Thomas Cirrito, Ph.D.
|
| | | | 10,815 | | | | | | 10,815 | | |
Travis Whitfill
|
| | | | 10,815 | | | | | | 10,815 | | |
Name
|
| |
Outstanding Option Awards
|
| |||
Peter Brandt
|
| | | | 29,664 | | |
Thomas Cirrito, Ph.D.
|
| | | | 12,775 | | |
Travis Whitfill
|
| | | | 12,775 | | |
Name
|
| |
Series A
Preferred Stock (#) |
| |
Warrants to
Purchase Series A Preferred Stock (#) |
| |
Cancellation of
Indebtedness (2018 Note Conversion($) |
| |
Cash
Purchase Price of Series A Preferred Stock ($) |
| |
Aggregate
Purchase Price ($) |
| |||||||||||||||
Entities affiliated with Bios Equity
Partners, L.P.(1) |
| | | | 5,861,427 | | | | | | 163,049 | | | | | | 1,752,744 | | | | | | 19,250,000 | | | | | | 21,002,744 | | |
Entities affiliated with Emily Fairbairn(2)
|
| | | | 3,005,920 | | | | | | 25,195 | | | | | | 270,850 | | | | | | 10,500,000 | | | | | | 10,770,850 | | |
| | |
Number of
Shares Beneficially Owned |
| |
Percentage of
Shares Beneficially Owned |
| |||||||||
| | |
Before
Offering |
| |
After
Offering |
| |||||||||
Greater than 5% Stockholders: | | | | | | | | | | | | | | | | |
Entities affiliated with Bios Equity Partners, L.P.(1)
|
| | | | 6,625,104 | | | |
44.9%
|
| | | | 34.1% | | |
Entities affiliated with Emily Fairbairn(2)
|
| | | | 3,341,527 | | | |
22.7%
|
| | | | 17.2% | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | |
William Ho(3)
|
| | | | 2,544,929 | | | |
17.3%
|
| | | | 13.1% | | |
Lawrence Lamb, Ph.D.(4)
|
| | | | 180,552 | | | |
1.2%
|
| | | | * | | |
Melissa Beelen(5)
|
| | | | 16,326 | | | |
*
|
| | | | * | | |
Peter Brandt(6)
|
| | | | 191,771 | | | |
1.3%
|
| | | | 1.0% | | |
Thomas Cirrito, Ph.D.(7)
|
| | | | 85,775 | | | |
*
|
| | | | * | | |
Alan S. Roemer(8)
|
| | | | 48,497 | | | |
*
|
| | | | * | | |
Travis Whitfill(9)
|
| | | | 12,775 | | | |
*
|
| | | | * | | |
All current executive officers and directors as a group (7 persons)(10)
|
| | | | 3,080,625 | | | |
20.6%
|
| | | | 15.7% | | |
Underwriters
|
| |
Number of Shares
|
| |||
Barclays Capital Inc.
|
| | | | | | |
Cantor Fitzgerald & Co.
|
| | | | | | |
Mizuho Securities USA LLC
|
| | | | | | |
Total
|
| | | | 4,687,500 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | | |
| | |
PAGE
|
| |||
Audited Financial Statements for the Years Ended December 31, 2018 and 2019 | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Interim Financial Statements for the Six Months Ended June 30, 2019 and 2020:
|
| | | | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | | |
| | | | F-29 | | | |
| | | | F-30 | | |
| | |
December 31,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 4,990 | | | | | $ | 610 | | |
Prepaid expenses and other current assets
|
| | | | 52 | | | | | | 153 | | |
Other receivables
|
| | | | 30 | | | | | | — | | |
Total Current Assets
|
| | | | 5,072 | | | | | | 763 | | |
Non-current assets | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 795 | | | | | | 274 | | |
Other non-current assets
|
| | | | 28 | | | | | | 93 | | |
Total Non-Current Assets
|
| | | | 823 | | | | | | 367 | | |
Total Assets
|
| | | $ | 5,895 | | | | | $ | 1,130 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 419 | | | | | $ | 560 | | |
Accrued expenses and other current liabilities
|
| | | | — | | | | | | 87 | | |
Total Current Liabilities
|
| | | | 419 | | | | | | 647 | | |
Warrant liability
|
| | | | 829 | | | | | | 829 | | |
Total Liabilities
|
| | | | 1,248 | | | | | | 1,476 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Convertible preferred stock, Series A, par value $0.0001 per share; 7,435,615 shares authorized, and 2,713,980 shares issued and outstanding, and a liquidation preference of $9,725 and $10,931 at December 31, 2018 and 2019, respectively
|
| | | | 8,896 | | | | | | 8,896 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 27,000,000 shares authorized, 3,174,751 and 3,235,671 shares issued and outstanding at December 31, 2018 and 2019, respectively
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 97 | | | | | | 238 | | |
Accumulated deficit
|
| | | | (4,347) | | | | | | (9,481) | | |
Total Stockholders’ Deficit
|
| | | | (4,249) | | | | | | (9,242) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit
|
| | | $ | 5,895 | | | | | $ | 1,130 | | |
| | |
Years ended December 31,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | $ | 581 | | | | | $ | 2,358 | | |
General and administrative
|
| | | | 1,423 | | | | | | 2,708 | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 68 | | |
Total operating expenses
|
| | | | 2,004 | | | | | | 5,134 | | |
Loss from operations
|
| | | | (2,004) | | | | | | (5,134) | | |
Other (expense) income, net | | | | | | | | | | | | | |
Other (expense) income, net
|
| | | | (63) | | | | | | — | | |
Interest expense
|
| | | | (14) | | | | | | — | | |
Total other (expense) income, net
|
| | | | (77) | | | | | | — | | |
Net loss
|
| | | $ | (2,081) | | | | | $ | (5,134) | | |
Net loss attributable to common stockholders–basic and diluted (Note 13)
|
| | | $ | (2,509) | | | | | $ | (5,912) | | |
Net loss per share attributable to common stockholders–basic and diluted
|
| | | $ | (0.80) | | | | | $ | (1.85) | | |
Weighted-average shares of common stock–basic and diluted
|
| | | | 3,136,290 | | | | | | 3,188,165 | | |
Unaudited Pro forma net loss attributable to common stockholders–basic and
diluted |
| | | | | | | | | $ | (5,134) | | |
Unaudited Pro forma net loss per share attributable to common stockholders–
basic and diluted |
| | | | | | | | | $ | (0.83) | | |
Unaudited Pro forma weighted-average shares of common stock–basic and diluted
|
| | | | | | | | | | 6,172,715 | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Voting Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| | ||||||||||||||||||||||||||||||||||||||
| | |
Series A
|
| | |
Class A
|
| |
Class B
|
| | ||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
Balance at January 1, 2018
|
| | | | — | | | | | $ | — | | | | | | | 3,112,998 | | | | | $ | 1 | | | | | | 217 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,266) | | | | | $ | (2,265) | | |
Issuance of common stock — Class A
|
| | | | — | | | | | | — | | | | | | | 61,753 | | | | | | — | | | | | | — | | | | | | — | | | | | | 66 | | | | | | — | | | | | | 66 | | |
Cancellation of voting stock — Class B
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (217) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of convertible preferred stock in connection with conversion of notes payable — Series A
|
| | | | 694,212 | | | | | | 2,488 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of convertible preferred stock — Series A
|
| | | | 2,019,768 | | | | | | 6,408 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31 | | | | | | — | | | | | | 31 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,081) | | | | | | (2,081) | | |
Balance at December 31, 2018
|
| | | | 2,713,980 | | | | | | 8,896 | | | | | | | 3,174,751 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 97 | | | | | | (4,347) | | | | | | (4,249) | | |
Exercise of common stock options
|
| | | | — | | | | | | — | | | | | | | 60,920 | | | | | | — | | | | | | — | | | | | | — | | | | | | 65 | | | | | | — | | | | | | 65 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76 | | | | | | — | | | | | | 76 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,134) | | | | | | (5,134) | | |
Balance at December 31, 2019
|
| | | | 2,713,980 | | | | | $ | 8,896 | | | | | | | 3,235,671 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | $ | 238 | | | | | $ | (9,481) | | | | | $ | (9,242) | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,081) | | | | | $ | (5,134) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 96 | | | | | | 96 | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 68 | | |
Amortization of deferred finance costs
|
| | | | 4 | | | | | | — | | |
Non-cash stock-based compensation
|
| | | | 31 | | | | | | 76 | | |
Non-cash stock issuance related to license agreement
|
| | | | 66 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (34) | | | | | | (100) | | |
Other non-current assets
|
| | | | (28) | | | | | | (65) | | |
Other receivable
|
| | | | (30) | | | | | | 30 | | |
Accounts payable
|
| | | | (152) | | | | | | 141 | | |
Accrued expenses and other current liabilities
|
| | | | (641) | | | | | | 87 | | |
Net cash used in operating activities
|
| | | | (2,769) | | | | | | (4,801) | | |
Cash flows from investing activities
|
| | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (757) | | | | | | (330) | | |
Proceeds from disposal of property and equipment
|
| | | | — | | | | | | 686 | | |
Net cash (used in) provided by investing activities
|
| | | | (757) | | | | | | 356 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from exercise of stock options
|
| | | | — | | | | | | 65 | | |
Proceeds from issuance of preferred stock — Series A
|
| | | | 7,237 | | | | | | — | | |
Proceeds from issuance of convertible notes payable — 2018A
|
| | | | 2,067 | | | | | | — | | |
Repayments of notes payable — 2016A
|
| | | | (680) | | | | | | — | | |
Repayment of promissory note
|
| | | | (123) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 8,501 | | | | | | 65 | | |
Net increase (decrease) in cash
|
| | | | 4,975 | | | | | | (4,380) | | |
Cash, beginning of the year
|
| | | | 15 | | | | | | 4,990 | | |
Cash, end of the year
|
| | | $ | 4,990 | | | | | $ | 610 | | |
Supplemental disclosure of cash flow data | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 15 | | | | | $ | — | | |
Supplemental disclosure of noncash financing activities
|
| | | | | | | | | | | | |
Conversion of 2016A notes payable and accrued interest to 2018A convertible notes payable
|
| | | $ | 417 | | | | | $ | — | | |
Conversion of 2018A convertible notes payable and accrued interest to preferred stock — Series A
|
| | | $ | 2,071 | | | | | $ | — | | |
Issuance of Series A Preferred Stock Warrants in connection with the issuance of Series A Preferred Stock
|
| | | $ | 829 | | | | | $ | — | | |
| | |
Estimated Useful Life
|
|
Computer equipment
|
| |
3 years
|
|
Laboratory equipment
|
| |
3 - 5 years
|
|
Description
|
| |
December 31,
2018 |
| |
Quoted prices
active markets for identical assets (Level 1) |
| |
Significant other
observable inputs (Level 2) |
| |
Siginificant other
observable inputs (Level 3) |
| ||||||||||||
Liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
Total financial liabilities
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
|
Description
|
| |
December 31,
2019 |
| |
Quoted prices
active markets for identical assets (Level 1) |
| |
Significant other
observable inputs (Level 2) |
| |
Siginificant other
observable inputs (Level 3) |
| ||||||||||||
Liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
Total financial liabilities
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Prepaid expenses
|
| | | $ | 15 | | | | | $ | 105 | | |
Other current assets
|
| | | | 37 | | | | | | 48 | | |
Total prepaid expenses and other current assets
|
| | | $ | 52 | | | | | $ | 153 | | |
|
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Machinery and equipment
|
| | | $ | 928 | | | | | $ | 443 | | |
Less accumulated depreciation
|
| | | | (133) | | | | | | (169) | | |
Property and Equipment, net
|
| | | $ | 795 | | | | | $ | 274 | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Accrued compensation
|
| | | $ | — | | | | | $ | 87 | | |
Total accrued expenses and other current liabilities
|
| | | $ | — | | | | | $ | 87 | | |
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average contractual term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of January 1, 2018
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Granted
|
| | | | 237,773 | | | | | $ | 1.07 | | | | | | 9.86 | | | | | | — | | |
Outstanding as of December 31, 2018
|
| | | | 237,773 | | | | | $ | 1.07 | | | | | | 9.86 | | | | | $ | — | | |
Granted
|
| | | | 287,788 | | | | | $ | 1.08 | | | | | | 9.32 | | | | | | — | | |
Exercised
|
| | | | (60,921) | | | | | $ | 1.08 | | | | | | 0.91 | | | | | | — | | |
Cancelled, forfeited or expired
|
| | | | (102,029) | | | | | $ | 1.08 | | | | | | 9.33 | | | | | | — | | |
Outstanding as of December 31, 2019
|
| | | | 362,611 | | | | | $ | 1.08 | | | | | | 9.22 | | | | | $ | 5 | | |
Exercisable at December 31, 2019
|
| | | | 135,602 | | | | | $ | 1.08 | | | | | | 9.08 | | | | | $ | 4 | | |
Nonvested at December 31, 2019
|
| | | | 227,009 | | | | | $ | 1.08 | | | | | | 9.29 | | | | | $ | 1 | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
|
Expected dividend yield
|
| |
0%
|
| |
0%
|
|
Expected volatility
|
| |
81.7% – 100.1%
|
| |
81.9% – 90.1%
|
|
Risk-free interest rate
|
| |
2.6% – 3.1%
|
| |
1.6% – 2.5%
|
|
Expected average life (in years)
|
| |
5.0 – 9.86
|
| |
5.98 – 8.97
|
|
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Research and development
|
| | | $ | 11 | | | | | $ | 50 | | |
General and administrative
|
| | | | 20 | | | | | | 26 | | |
Total
|
| | | $ | 31 | | | | | $ | 76 | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Current provision (benefit): | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | |
Deferred provision (benefit): | | | | | | | | | | | | | |
Federal
|
| | | | (381) | | | | | | (845) | | |
State
|
| | | | (272) | | | | | | (600) | | |
| | | | | (653) | | | | | | (1,445) | | |
Change in valuation allowance
|
| | | | 653 | | | | | | 1,445 | | |
Income tax benefit
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
U.S. Federal statutory rate
|
| | | | 21% | | | | | | 21% | | |
State taxes, net of Federal benefit
|
| | | | 10% | | | | | | 10% | | |
Non-deductible expenses
|
| | | | 0% | | | | | | (1)% | | |
Change in valuation allowance
|
| | | | (31)% | | | | | | (30)% | | |
Effective rate
|
| | | | 0% | | | | | | 0% | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Stock-based compensation
|
| | | $ | 6 | | | | | $ | 14 | | |
Net operating loss carryforwards and alternative minimum tax
credits |
| | | | 1,374 | | | | | | 2,089 | | |
Total deferred tax assets
|
| | | | 1,380 | | | | | | 2,103 | | |
Deferred tax liabilites: | | | | | | | | | | | | | |
Property and equipment
|
| | | | (27) | | | | | | (5) | | |
Total deferred tax liabilities
|
| | | | (27) | | | | | | (5) | | |
Valuation allowance
|
| | | | (1,353) | | | | | | (2,098) | | |
Deferred tax assets (liabilities), net
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,081) | | | | | $ | (5,134) | | |
Less: Accruals of dividends of preferred stock
|
| | | | (428) | | | | | | (778) | | |
Net loss attributable to common stockholders–basic and diluted
|
| | | $ | (2,509) | | | | | $ | (5,912) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common stock outstanding
|
| | | | 3,136,290 | | | | | | 3,188,165 | | |
Net loss per share attributable to common stockholders–basic and diluted
|
| | | $ | (0.80) | | | | | $ | (1.85) | | |
| | |
December 31,
2018 |
| |
December 31,
2019 |
| ||||||
Convertible preferred stock on an if converted basis
|
| | | | 2,999,149 | | | | | | 2,999,149 | | |
Stock options to purchase common stock
|
| | | | 237,773 | | | | | | 362,611 | | |
Warrants to purchase common stock
|
| | | | 231,396 | | | | | | 231,396 | | |
Common stock subject to future vesting
|
| | | | 26,104 | | | | | | — | | |
| | |
Year Ended
December 31, 2019 |
| |||
| | |
(unaudited)
|
| |||
Numerator: | | | | | | | |
Net loss attributable to common stockholders—basic and diluted
|
| | | $ | (5,912) | | |
Plus: accruals of dividends of preferred stock
|
| | | | 778 | | |
Pro forma net loss attribuatible to common stockholders—basic and diluted
|
| | | $ | (5,134) | | |
Denominator: | | | | | | | |
Weighted-average common stock outstanding—basic and diluted
|
| | | | 3,188,165 | | |
Pro forma adjustment to reflect automatic conversion of convertible preferred stock to common stock upon the completion of the proposed initial public offering
|
| | | | 2,984,550 | | |
Pro forma weighted-average common stock outstanding—basic and diluted
|
| | | | 6,172,715 | | |
Pro forma net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (0.83) | | |
| | |
Amounts
|
| |||
2020
|
| | | $ | 561 | | |
2021
|
| | | | 547 | | |
2022
|
| | | | 158 | | |
Total Minimum Payments
|
| | | $ | 1,266 | | |
| | |
December 31,
2019 |
| |
June 30, 2020
|
| |
Pro Forma
June 30, 2020 |
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 610 | | | | | $ | 3,180 | | | | | $ | 23,280 | | |
Prepaid expenses and other current assets
|
| | | | 153 | | | | | | 145 | | | | | | 145 | | |
Total Current Assets
|
| | | | 763 | | | | | | 3,325 | | | | | | 23,425 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 274 | | | | | | 230 | | | | | | 230 | | |
Other non-current assets
|
| | | | 93 | | | | | | 92 | | | | | | 92 | | |
Total Non-Current Assets
|
| | | | 367 | | | | | | 322 | | | | | | 322 | | |
Total Assets
|
| | | $ | 1,130 | | | | | $ | 3,647 | | | | | | 23,747 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 560 | | | | | $ | 561 | | | | | | 561 | | |
Accrued expenses and other current liabilities
|
| | | | 87 | | | | | | 1,248 | | | | | | 1,248 | | |
Loan payable, current
|
| | | | — | | | | | | 58 | | | | | | 58 | | |
Total Current Liabilities
|
| | | | 647 | | | | | | 1,867 | | | | | | 1,867 | | |
Loan payable, noncurrent
|
| | | | — | | | | | | 116 | | | | | | 116 | | |
Warrant liability
|
| | | | 829 | | | | | | 829 | | | | | | — | | |
Total Liabilities
|
| | | | 1,476 | | | | | | 2,812 | | | | | | 1,983 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | |
Convertible Preferred stock, Series A, par value $0.0001 per share;
13,241,000 shares authorized, 2,713,980 shares and 4,247,927 shares, issued and outstanding at December 31, 2019 and June 30, 2020, and a liquidation preference of $10,931 and $16,991 at December 31, 2019 and June 30, 2020, respectively |
| | | | 8,896 | | | | | | 14,357 | | | | | | — | | |
Stockholders’ Deficit | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 27,000,000 shares authorized, 3,235,671 and 3,462,182 shares issued and outstanding at December 31, 2019 and June 30, 2020, respectively
|
| | | | 1 | | | | | | 1 | | | | | | 2 | | |
Additional paid-in capital
|
| | | | 238 | | | | | | 523 | | | | | | 35,808 | | |
Accumulated deficit
|
| | | | (9,481) | | | | | | (14,046) | | | | | | (14,046) | | |
Total Stockholders’ Deficit
|
| | | | (9,242) | | | | | | (13,522) | | | | | | 21,764 | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit
|
| | | $ | 1,130 | | | | | $ | 3,647 | | | | | | 23,747 | | |
| | |
Six months ended June 30,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | $ | 928 | | | | | $ | 2,836 | | |
General and administrative
|
| | | | 1,432 | | | | | | 1,729 | | |
Loss on disposal of property and equipment
|
| | | | 67 | | | | | | — | | |
Total operating expenses
|
| | | | 2,427 | | | | | | 4,565 | | |
Loss from operations
|
| | | | (2,427) | | | | | | (4,565) | | |
Net loss
|
| | | $ | (2,427) | | | | | $ | (4,565) | | |
Net loss attributable to common stockholders—basic and diluted (Note 10)
|
| | | $ | (2,813) | | | | | $ | (5,129) | | |
Net loss per share attributable to common stockholders—basic and diluted
|
| | | $ | (0.89) | | | | | $ | (1.52) | | |
Weighted-average shares of common stock—basic and diluted
|
| | | | 3,172,907 | | | | | | 3,382,531 | | |
Pro forma net loss attributable to common stockholders—basic and diluted
|
| | | | | | | | | $ | (4,565) | | |
Pro forma net loss per share attributable to common stockholders—basic and diluted
|
| | | | | | | | | $ | (0.57) | | |
Pro forma weighted-average shares of common stock—basic and diluted
|
| | | | | | | | | | 8,053,959 | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Series A
|
| | |
Class A
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | | 2,713,980 | | | | | $ | 8,896 | | | | | | | 3,235,671 | | | | | $ | 1 | | | | | $ | 238 | | | | | $ | (9,481) | | | | | $ | (9,242) | | |
Issuance of common stock—Class A
|
| | | | — | | | | | | — | | | | | | | 226,511 | | | | | | — | | | | | | 247 | | | | | | — | | | | | | 247 | | |
Issuance of convertible preferred stock—Series A, net of $36 issuance costs
|
| | | | 1,533,947 | | | | | | 5,461 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 38 | | | | | | — | | | | | | 38 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,565) | | | | | | (4,565) | | |
Balance at June 30, 2020 (unaudited)
|
| | | | 4,247,927 | | | | | $ | 14,357 | | | | | | | 3,462,182 | | | | | $ | 1 | | | | | $ | 523 | | | | | $ | (14,046) | | | | | $ | (13,522) | | |
Balance at December 31, 2018
|
| | | | 2,713,980 | | | | | $ | 8,896 | | | | | | | 3,174,750 | | | | | $ | 1 | | | | | $ | 97 | | | | | $ | (4,347) | | | | | $ | (4,249) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 32 | | | | | | — | | | | | | 32 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,427) | | | | | | (2,427) | | |
Balance at June 30, 2019 (unaudited)
|
| | | | 2,713,980 | | | | | $ | 8,896 | | | | | | | 3,174,750 | | | | | $ | 1 | | | | | $ | 129 | | | | | $ | (6,774) | | | | | $ | (6,644) | | |
| | |
Six months ended June 30,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,427) | | | | | $ | (4,565) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 50 | | | | | | 44 | | |
Loss on disposal of property and equipment
|
| | | | 67 | | | | | | — | | |
Non-cash stock-based compensation
|
| | | | 32 | | | | | | 38 | | |
Non-cash stock issuance related to license agreement
|
| | | | — | | | | | | 47 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (66) | | | | | | 8 | | |
Other non-current assets
|
| | | | (45) | | | | | | 1 | | |
Other receivable
|
| | | | 30 | | | | | | — | | |
Accounts payable
|
| | | | 336 | | | | | | 1 | | |
Accrued expenses and other current liabilities
|
| | | | — | | | | | | 1,161 | | |
Net cash used in operating activities
|
| | | | (2,023) | | | | | | (3,265) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (251) | | | | | | — | | |
Proceeds from disposal of property and equipment
|
| | | | 617 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 366 | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from issuance of common stock
|
| | | | — | | | | | | 200 | | |
Proceeds from issuance of loan
|
| | | | — | | | | | | 174 | | |
Proceeds from issuance of preferred stock—Series A (net of issuance costs)
|
| | | | — | | | | | | 5,461 | | |
Net cash provided by financing activities
|
| | | | — | | | | | | 5,835 | | |
Net (decrease) increase in cash
|
| | | | (1,657) | | | | | | 2,570 | | |
Cash, beginning of period
|
| | | | 4,990 | | | | | | 610 | | |
Cash, end of period
|
| | | $ | 3,333 | | | | | $ | 3,180 | | |
Description
|
| |
December 31,
2019 |
| |
Quoted prices
active markets for identical assets (Level 1) |
| |
Significant other
observable inputs (Level 2) |
| |
Siginificant other
observable inputs (Level 3) |
| ||||||||||||
Liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
Total financial liabilities
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
|
Description
|
| |
June 30,
2020 |
| |
Quoted prices
active markets for identical assets (Level 1) |
| |
Significant other
observable inputs (Level 2) |
| |
Siginificant other
observable inputs (Level 3) |
| ||||||||||||
Liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
Total financial liabilities
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
| | |
December 31,
2019 |
| |
June 30,
2020 |
| ||||||
Machinery and equipment
|
| | | $ | 443 | | | | | $ | 443 | | |
Less accumulated depreciation
|
| | | | (169) | | | | | | (213) | | |
Property and equipment, net
|
| | | $ | 274 | | | | | $ | 230 | | |
| | |
December 31,
2019 |
| |
June 30,
2020 |
| ||||||
Accrued legal settlement
|
| | | $ | — | | | | | $ | 499 | | |
Accrued clinical trials
|
| | | | — | | | | | | 433 | | |
Accrued compensation
|
| | | | 87 | | | | | | 316 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 87 | | | | | $ | 1,248 | | |
| | |
Year of
Maturity |
| |
Interest
Rate |
| |
Outstanding
Principal |
| |||||||||
Loan payable
|
| | | | 2022 | | | | | | 1.00% | | | | | $ | 173,900 | | |
Total
|
| | | | | | | | | | | | | | | | 173,900 | | |
Short-term portion of loan payable
|
| | | | | | | | | | | | | | | | (57,581) | | |
Long-term portion, net
|
| | | | | | | | | | | | | | | $ | 116,319 | | |
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average contractual term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of January 1, 2019
|
| | | | 237,773 | | | | | $ | 1.07 | | | | | | 9.86 | | | | | $ | — | | |
Granted
|
| | | | 213,959 | | | | | | 1.07 | | | | | | 9.72 | | | | | | — | | |
Outstanding as of June 30, 2019
|
| | | | 451,732 | | | | | $ | 1.07 | | | | | | 9.53 | | | | | $ | 8 | | |
Exercisable at June 30, 2019
|
| | | | 232,451 | | | | | $ | 1.07 | | | | | | 9.49 | | | | | $ | 6 | | |
Nonvested at June 30, 2019
|
| | | | 219,281 | | | | | $ | 1.07 | | | | | | 9.57 | | | | | $ | 2 | | |
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average contractual term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of January 1, 2020
|
| | | | 362,611 | | | | | $ | 1.08 | | | | | | 9.22 | | | | | $ | 5 | | |
Granted
|
| | | | 30,112 | | | | | | 1.22 | | | | | | 9.83 | | | | | | — | | |
Outstanding as of June 30, 2020
|
| | | | 392,723 | | | | | $ | 1.09 | | | | | | 8.81 | | | | | $ | 43 | | |
Exercisable at June 30, 2020
|
| | | | 160,708 | | | | | $ | 1.07 | | | | | | 8.60 | | | | | $ | 26 | | |
Nonvested at June 30, 2020
|
| | | | 232,015 | | | | | $ | 1.10 | | | | | | 8.95 | | | | | $ | 17 | | |
| | |
June 30,
2019 |
| |
June 30,
2020 |
|
Expected dividend yield
|
| |
—
|
| |
—
|
|
Expected volatility
|
| |
84.5% - 94.1%
|
| |
83.3% - 97.7%
|
|
Risk-free interest rate
|
| |
2.0% - 2.5%
|
| |
0.5% - 1.4%
|
|
Expected average life (in years)
|
| |
5.98 - 9.37
|
| |
6.11 - 9.84
|
|
| | |
June 30,
2019 |
| |
June 30,
2020 |
| ||||||
Research and development
|
| | | $ | 19 | | | | | $ | 33 | | |
General and administrative
|
| | | | 13 | | | | | | 5 | | |
Total
|
| | | $ | 32 | | | | | $ | 38 | | |
| | |
June 30,
2019 |
| |
June 30,
2020 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,427) | | | | | $ | (4,565) | | |
Less: Accruals of dividends of preferred stock
|
| | | | (386) | | | | | | (564) | | |
Net loss attributable to common stockholders—basic and diluted
|
| | | $ | (2,813) | | | | | $ | (5,129) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common stock outstanding
|
| | | | 3,172,907 | | | | | | 3,382,531 | | |
Net loss per share attributable to common stockholders—basic and diluted
|
| | | $ | (0.89) | | | | | $ | (1.52) | | |
| | |
June 30,
2019 |
| |
June 30,
2020 |
| ||||||
Convertible preferred stock on an if converted basis
|
| | | | 2,713,980 | | | | | | 4,247,927 | | |
Stock options to purchase common stock
|
| | | | 451,732 | | | | | | 392,723 | | |
Warrants to purchase common stock
|
| | | | 231,396 | | | | | | 231,396 | | |
| | |
Six Months Ended
June 30, 2020 |
| |||
| | |
(unaudited)
|
| |||
Numerator: | | | | | | | |
Net loss attributable to common stockholders—basic and diluted
|
| | | $ | (5,129) | | |
Plus: accruals of dividends of preferred stock
|
| | | | 564 | | |
Pro forma net loss attribuatible to common stockholders—basic and diluted
|
| | | $ | (4,565) | | |
|
| | |
Six Months Ended
June 30, 2020 |
| |||
| | |
(unaudited)
|
| |||
Denominator: | | | | | | | |
Weighted-average common stock outstanding—basic and diluted
|
| | | | 3,382,531 | | |
Pro forma adjustment to reflect automatic conversion of convertible preferred
stock to common stock upon the completion of the proposed initial public offering |
| | | | 4,671,428 | | |
Pro forma weighted-average common stock outstanding—basic and diluted
|
| | | | 8,053,959 | | |
Pro forma net loss per share attributable to common stockholders—basic and
diluted |
| | | $ | (0.57) | | |
|
Item
|
| |
Amount
|
| |||
SEC registration fee
|
| | | $ | 9,998 | | |
FINRA filing fee
|
| | | | 14,246 | | |
Nasdaq listing fee
|
| | | | 150,000 | | |
Printing expenses
|
| | | | 100,000 | | |
Legal fees and expenses
|
| | | | 1,500,000 | | |
Accounting fees and expenses
|
| | | | 200,000 | | |
Miscellaneous expenses
|
| | | | 225,756 | | |
Total
|
| | | $ | 2,200,000 | | |
|
SIGNATURE
|
| |
TITLE
|
| |
DATE
|
|
|
/s/ William Ho
William Ho
|
| |
President, Chief Executive Officer,
Chief Financial Officer and Director (Principal Executive, Financial and Accounting Officer) |
| |
November 5, 2020
|
|
|
*
Alan S. Roemer
|
| |
Chairman
|
| |
November 5, 2020
|
|
|
*
Peter Brandt
|
| |
Director
|
| |
November 5, 2020
|
|
|
*
Thomas Cirrito, Ph.D.
|
| |
Director
|
| |
November 5, 2020
|
|
|
*
Travis Whitfill
|
| |
Director
|
| |
November 5, 2020
|
|
|
*By:
/s/ William Ho
William Ho
Attorney-in-Fact |
| | |