| 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 ☒ | |
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Title of each Class of Securities to be Registered | | | | Proposed Maximum Aggregate Offering Price(1) | | | | Amount of Registration Fee(2) | | | | | 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 | | | | | $ | 86,250,000 | | | | | | $ | 9,409.88 | | | | | | | | 5,390,625 | | | | | | $ | 17.00 | | | | | | $ | 91,640,625 | | | | | | $ | 9,998 | | |
| | | Per share | | | Total | | ||||||
Initial public offering price | | | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1) | | | | $ | | | | | $ | | | ||
Proceeds to us, before expenses | | | | $ | | | | | $ | | | |
| Barclays | | | Cantor | | | Mizuho Securities | |
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| | | | F-1 | | |
| | Years Ended December 31, | | Six Months Ended June 30, | | | Years Ended December 31, | | Six Months Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | | 2018 | | 2019 | | 2019 | | 2020 | | | 2018 | | 2019 | | 2019 | | 2020 | | ||||||||||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Research and development | | | $ | 581 | | | | $ | 2,358 | | | | $ | 928 | | | | $ | 2,836 | | | | | $ | 581 | | | | $ | 2,358 | | | | $ | 928 | | | | $ | 2,836 | | | ||||||||
General and administrative | | | | 1,423 | | | | | 2,708 | | | | | 1,432 | | | | | 1,729 | | | | | | 1,423 | | | | | 2,708 | | | | | 1,432 | | | | | 1,729 | | | ||||||||
Loss on disposal of property and equipment | | | | — | | | | | 68 | | | | | 67 | | | | | — | | | | | | — | | | | | 68 | | | | | 67 | | | | | — | | | ||||||||
Total operating expenses | | | | 2,004 | | | | | 5,134 | | | | | 2,427 | | | | | 4,565 | | | | | | 2,004 | | | | | 5,134 | | | | | 2,427 | | | | | 4,565 | | | ||||||||
Loss from operations | | | | (2,004) | | | | | (5,134) | | | | | (2,427) | | | | | (4,565) | | | | | | (2,004) | | | | | (5,134) | | | | | (2,427) | | | | | (4,565) | | | ||||||||
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) | | | | $ | (2,427) | | | | $ | (4,565) | | | | | $ | (2,081) | | | | $ | (5,134) | | | | $ | (2,427) | | | | $ | (4,565) | | | ||||||||
Net loss attributable to common stockholders(1) | | | $ | (2,509) | | | | $ | (5,912) | | | | $ | (2,813) | | | | $ | (5,129) | | | | | $ | (2,509) | | | | $ | (5,912) | | | | $ | (2,813) | | | | $ | (5,129) | | | ||||||||
Net loss per share attributable to common stockholders: basic and diluted (1) | | | $ | (0.29) | | | | $ | (0.68) | | | | $ | (0.32) | | | | $ | (0.55) | | | | | $ | (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) | | | | 8,592,581 | | | | | 8,734,704 | | | | | 8,692,902 | | | | | 9,267,216 | | | | | | 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 | | | | | $ | | | | | $ | | | ||
Working capital(4) | | | | | 1,458 | | | | | | | | | | | | | | |
Total assets | | | | | 3,647 | | | | | | | | | | | | | | |
Warrant liability | | | | | 829 | | | | | ||||||||||
Preferred stock | | | | | 14,357 | | | | | | | | | | | | | | |
Total stockholders’ (deficit) equity | | | | | (13,522) | | | | | | | | | | | | | | |
| | | 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 | | | As of June 30, 2020 | | ||||||||||||||||||||||||||||||||
(in thousands, except share and per share amounts) | | Actual | | Pro Forma | | Pro Forma As Adjusted(1) | | | Actual | | Pro Forma | | Pro Forma As Adjusted(1) | | ||||||||||||||||||||||||
Cash | | | $ | 3,180 | | | | $ | | | | $ | | | | | $ | 3,180 | | | | $ | 23,280 | | | | $ | 90,830 | | | ||||||||
Convertible preferred stock, Series A, par value, $0.0001 per share; 13,241,000 shares authorized, 11,638,238 shares issued and outstanding, actual; shares authorized and no shares issued or outstanding, pro forma; no shares authorized, issued or outstanding, pro forma as adjusted | | | | 14,357 | | | | | — | | | | | — | | | ||||||||||||||||||||||
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; shares authorized, no shares issued or outstanding, pro forma as adjusted | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||
Common stock, par value $0.0001 per share; 27,000,000 shares authorized, 9,485,442 shares issued and outstanding, actual; shares authorized and shares issued and outstanding, pro forma; shares authorized and shares issued and outstanding, pro forma as adjusted | | | | 1 | | | | | | | | | | | | | ||||||||||||||||||||||
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 | | | | | | | | | | | | | | | | 523 | | | | | 35,808 | | | | | 103,358 | | | ||||||
Accumulated deficit | | | | (14,046) | | | | | | | | | | | | | | | | (14,046) | | | | | (14,046) | | | | | (14,046) | | | ||||||
Total stockholders’ (deficit) equity | | | | (13,522) | | | | | | | | | | | | | | | | (13,522) | | | | | 21,764 | | | | | 89,314 | | | ||||||
Total capitalization | | | $ | 835 | | | | $ | | | | $ | | | | | | $ | 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 | | | Shares Purchased | | Total Consideration | | | Average Price Per Share | | ||||||||||||||||||||||||||||||||||||||||||||||
| | Number | | Percent | | Amount | | Percent | | | Number | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||
Existing stockholders | | | | 39,655,356 | | | | | % | | | | $ | 32,959,036 | | | | | % | | | | $ | 0.83 | | | | | | 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 | | | | | | | | | 100% | | | | $ | | | | | 100% | | | | | | | | | | | 19,430,627 | | | | | 100% | | | | $ | 110,546,631 | | | | | 100% | | | | $ | 5.69 | | |
| | Years Ended December 31, | | Six Months Ended June 30, | | | Years Ended December 31, | | Six Months Ended June 30, | | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | | 2018 | | 2019 | | 2019 | | 2020 | | | 2018 | | 2019 | | 2019 | | 2020 | | ||||||||||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Research and development | | | $ | 581 | | | | $ | 2,358 | | | | $ | 928 | | | | $ | 2,836 | | | | | $ | 581 | | | | $ | 2,358 | | | | $ | 928 | | | | $ | 2,836 | | | ||||||||
General and administrative | | | | 1,423 | | | | | 2,708 | | | | | 1,432 | | | | | 1,729 | | | | | | 1,423 | | | | | 2,708 | | | | | 1,432 | | | | | 1,729 | | | ||||||||
Loss on disposal of property and equipment | | | | — | | | | | 68 | | | | | 67 | | | | | — | | | | | | — | | | | | 68 | | | | | 67 | | | | | — | | | ||||||||
Total operating expenses | | | | 2,004 | | | | | 5,134 | | | | | 2,427 | | | | | 4,565 | | | | | | 2,004 | | | | | 5,134 | | | | | 2,427 | | | | | 4,565 | | | ||||||||
Loss from operations | | | | (2,004) | | | | | (5,134) | | | | | (2,427) | | | | | (4,565) | | | | | | (2,004) | | | | | (5,134) | | | | | (2,427) | | | | | (4,565) | | | ||||||||
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) | | | | $ | (2,427) | | | | $ | (4,565) | | | | | $ | (2,081) | | | | $ | (5,134) | | | | $ | (2,427) | | | | $ | (4,565) | | | ||||||||
Net loss attributable to common stockholders(1) | | | $ | (2,509) | | | | $ | (5,912) | | | | $ | (2,813) | | | | $ | (5,129) | | | | | $ | (2,509) | | | | $ | (5,912) | | | | $ | (2,813) | | | | $ | (5,129) | | | ||||||||
Net loss per share attributable to common stockholders: basic and diluted (1) | | | $ | (0.29) | | | | $ | (0.68) | | | | $ | (0.32) | | | | $ | (0.55) | | | | | $ | (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) | | | | 8,592,581 | | | | | 8,734,704 | | | | | 8,692,902 | | | | | 9,267,216 | | | | | | 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 | | | As of December 31, | | | As of June 30, 2020 | | ||||||||||||||||||||||||||
(in thousands) | | 2018 | | 2019 | | | 2018 | | 2019 | | ||||||||||||||||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash | | | $ | 4,990 | | | | $ | 610 | | | | $ | 3,180 | | | | | $ | 4,990 | | | | $ | 610 | | | | $ | 3,180 | | | ||||||
Working capital(2) | | | | 4,653 | | | | | 116 | | | | | 1,458 | | | ||||||||||||||||||||||
Working capital(1) | | | | 4,653 | | | | | 116 | | | | | 1,458 | | | ||||||||||||||||||||||
Total assets | | | | 5,895 | | | | | 1,130 | | | | | 3,647 | | | | | | 5,895 | | | | | 1,130 | | | | | 3,647 | | | ||||||
Warrant liability | | | | 829 | | | | | 829 | | | | | 829 | | | | | | 829 | | | | | 829 | | | | | 829 | | | ||||||
Preferred stock | | | | 8,896 | | | | | 8,896 | | | | | 14,357 | | | | | | 8,896 | | | | | 8,896 | | | | | 14,357 | | | ||||||
Total stockholders’ deficit | | | | (4,249) | | | | | (9,242) | | | | | (13,522) | | | | | | (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 | | | | | $ | NM | | |
INB-200 | | | | | — | | | | | | 371 | | | | | | NM | | |
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 | | |
| | | 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 | | | 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 | | | | 473,339 | | | | $ | 0.39 | | | | $ | 0.28 | | | | $ | 0.39 | | | | | | 172,768 | | | | $ | 1.07 | | | | $ | 0.78 | | | | $ | 1.07 | | | ||||||||
April 17, 2019 | | | | 111,854 | | | | $ | 0.39 | | | | $ | 0.28 | | | | $ | 0.39 | | | | | | 40,826 | | | | $ | 1.07 | | | | $ | 0.77 | | | | $ | 1.07 | | | ||||||||
April 23, 2019 | | | | 1,000 | | | | $ | 0.39 | | | | $ | 0.28 | | | | $ | 0.39 | | | | | | 365 | | | | $ | 1.07 | | | | $ | 0.78 | | | | $ | 1.07 | | | ||||||||
August 13, 2019 | | | | 202,275 | | | | $ | 0.40 | | | | $ | 0.28 | | | | $ | 0.40 | | | | | | 73,829 | | | | $ | 1.10 | | | | $ | 0.77 | | | | $ | 1.10 | | | ||||||||
February 3, 2020 | | | | 5,000 | | | | $ | 0.40 | | | | $ | 0.28 | | | | $ | 0.40 | | | | | | 1,825 | | | | $ | 1.10 | | | | $ | 0.78 | | | | $ | 1.10 | | | ||||||||
May 5, 2020 | | | | 77,500 | | | | $ | 0.45 | | | | $ | 0.28 | | | | $ | 0.45 | | | | | | 28,287 | | | | $ | 1.23 | | | | $ | 0.77 | | | | $ | 1.23 | | | ||||||||
October 5, 2020 | | | | 2,456,523 | | | | $ | 2.46 | | | | $ | 1.75 | | | | $ | 2.46 | | | | | | 896,628 | | | | $ | 6.74 | | | | $ | 4.79 | | | | $ | 6.74 | | | ||||||||
October 15, 2020 | | | | 8,400 | | | | $ | 2.46 | | | | $ | 1.75 | | | | $ | 2.46 | | | | | | 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 ($)(3) | | Total ($) | | | Year | | Salary ($)(1) | | Bonus ($)(2) | | Option Awards ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||
William Ho | | | | 2019 | | | | | 213,505 | | | | | — | | | | | — | | | | | 213,505 | | | | | | 2019 | | | | | 213,505 | | | | | — | | | | | — | | | | | 213,505 | | | ||||||||||
President and Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
President, Chief Executive Officer and Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Lawrence Lamb, Ph.D. | | | | 2019 | | | | | 240,000 | | | | | — | | | | | 112,935 | | | | | 352,935 | | | | | | 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 | | | | | | 2019 | | | | | 156,000 | | | | | 41,600 | | | | | 30,359 | | | | | 227,659 | | | ||||||||||
Vice President of Clinical Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Option Awards | | | 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 ($) | | Option Expiration Date | | | Grant Date | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Equity incentive plan awards: Number of securities underlying unexercised unearned options (#) | | Option Exercise Price ($) | | Option Expiration Date | | ||||||||||||||||||||||||||||||||||||
William Ho | | — | | | | — | | | | | — | | | | | — | | | | | — | | | — | | | — | | | | — | | | | | — | | | | | — | | | | | — | | | — | | ||||||||||||
President and Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
President, Chief Executive Officer and Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
Lawrence Lamb, Ph.D. | | November 12, 2018 | | | | 83,333 | | | | | 66,667(1) | | | | | — | | | | $ | 0.39 | | | November 11, 2028 | | | November 12, 2018 | | | | 30,415 | | | | | 24,335(1) | | | | | — | | | | $ | 1.07 | | | November 11, 2028 | | ||||||||||||
Executive Vice President and Chief Scientific Officer | | | March 12, 2019 | | | | — | | | | | 161,336(2) | | | | | — | | | | $ | 0.39 | | | March 11, 2029 | | | | March 12, 2019 | | | | — | | | | | 58,887(2) | | | | | — | | | | $ | 1.07 | | | March 11, 2029 | | ||||||||||
| March 12, 2019 | | | | — | | | | | 60,501(3) | | | | | 181,502(3) | | | | $ | 0.39 | | | March 11, 2029 | | | March 12, 2019 | | | | — | | | | | 22,082(3) | | | | | 66,248(3) | | | | $ | 1.07 | | | March 11, 2029 | | |||||||||||||
Melissa Beelen | | April 17, 2019 | | | | — | | | | | 107,354(4) | | | | | — | | | | $ | 0.39 | | | April 16, 2029 | | | 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) ($) | | Total ($) | | | Option Awards(1)(2) ($) | | Total ($) | | ||||||||||||||||
Peter Brandt | | | | 22,756 | | | | | 22,756 | | | | | | 25,113 | | | | | 25,113 | | | ||||
Thomas Cirrito, Ph.D. | | | | 9,800 | | | | | 9,800 | | | | | | 10,815 | | | | | 10,815 | | | ||||
Travis Whitfill | | | | 9,800 | | | | | 9,800 | | | | | | 10,815 | | | | | 10,815 | | |
Name | | | Outstanding Option Awards | | |||
Peter Brandt | | | | | | | |
Thomas Cirrito, Ph.D. | | | | | | | |
Travis Whitfill | | | | | | |
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 ($) | | | Series A Preferred Stock (#) | | Warrants to Purchase Series A Preferred Stock (#) | | Cancellation of Indebtedness (2018 Note Conversion($) | | Cash Purchase Price of Series A Preferred Stock ($) | | Aggregate Purchase Price ($) | | ||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Bios Equity Partners, L.P. (1) | | | | 16,058,739 | | | | | 446,715 | | | | | 1,752,744 | | | | | 19,250,000 | | | | | 21,002,744 | | | | | | 5,861,427 | | | | | 163,049 | | | | | 1,752,744 | | | | | 19,250,000 | | | | | 21,002,744 | | | ||||||||||
Entities affiliated with Emily Fairbairn (2) | | | | 8,235,413 | | | | | 69,030 | | | | | 270,850 | | | | | 10,500,000 | | | | | 10,770,850 | | | | | | 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: | | | | | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | December 31, | | | December 31, | | ||||||||||||||||||||
| | 2018 | | 2019 | | | 2018 | | 2019 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash | | | $ | 4,990 | | | | $ | 610 | | | | | $ | 4,990 | | | | $ | 610 | | | ||||
Prepaid expenses and other current assets | | | | 52 | | | | | 153 | | | | | | 52 | | | | | 153 | | | ||||
Other receivables | | | | 30 | | | | | — | | | | | | 30 | | | | | — | | | ||||
Total Current Assets | | | | 5,072 | | | | | 763 | | | | | | 5,072 | | | | | 763 | | | ||||
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Property and equipment, net | | | | 795 | | | | | 274 | | | | | | 795 | | | | | 274 | | | ||||
Other non-current assets | | | | 28 | | | | | 93 | | | | | | 28 | | | | | 93 | | | ||||
Total Non-Current Assets | | | | 823 | | | | | 367 | | | | | | 823 | | | | | 367 | | | ||||
Total Assets | | | $ | 5,895 | | | | $ | 1,130 | | | | | $ | 5,895 | | | | $ | 1,130 | | | ||||
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts payable | | | $ | 419 | | | | $ | 560 | | | | | $ | 419 | | | | $ | 560 | | | ||||
Accrued expenses and other current liabilities | | | | — | | | | | 87 | | | | | | — | | | | | 87 | | | ||||
Total Current Liabilities | | | | 419 | | | | | 647 | | | | | | 419 | | | | | 647 | | | ||||
Warrant liability | | | | 829 | | | | | 829 | | | | | | 829 | | | | | 829 | | | ||||
Total Liabilities | | | | 1,248 | | | | | 1,476 | | | | | | 1,248 | | | | | 1,476 | | | ||||
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | ||||
Convertible preferred stock, Series A, par value $0.0001 per share; 7,435,615 shares authorized, issued and outstanding, and a liquidation preference of $9,725 and $10,931 at December 31, 2018 and 2019, respectively | | | | 8,896 | | | | | 8,896 | | | |||||||||||||||
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, 8,697,956 and 8,864,862 shares issued and outstanding at December 31, 2018 and 2019, respectively | | | | 1 | | | | | 1 | | | |||||||||||||||
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 | | | | | | 97 | | | | | 238 | | | ||||
Accumulated deficit | | | | (4,347) | | | | | (9,481) | | | | | | (4,347) | | | | | (9,481) | | | ||||
Total Stockholders’ Deficit | | | | (4,249) | | | | | (9,242) | | | | | | (4,249) | | | | | (9,242) | | | ||||
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | $ | 5,895 | | | | $ | 1,130 | | | | | $ | 5,895 | | | | $ | 1,130 | | |
| | Years ended December 31, | | | Years ended December 31, | | ||||||||||||||||||||
| | 2018 | | 2019 | | | 2018 | | 2019 | | ||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | ||||
Research and development | | | $ | 581 | | | | $ | 2,358 | | | | | $ | 581 | | | | $ | 2,358 | | | ||||
General and administrative | | | | 1,423 | | | | | 2,708 | | | | | | 1,423 | | | | | 2,708 | | | ||||
Loss on disposal of property and equipment | | | | — | | | | | 68 | | | | | | — | | | | | 68 | | | ||||
Total operating expenses | | | | 2,004 | | | | | 5,134 | | | | | | 2,004 | | | | | 5,134 | | | ||||
Loss from operations | | | | (2,004) | | | | | (5,134) | | | | | | (2,004) | | | | | (5,134) | | | ||||
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) | | | | | $ | (2,081) | | | | $ | (5,134) | | | ||||
Net loss attributable to common stockholders–basic and diluted (Note 13) | | | $ | (2,509) | | | | $ | (5,912) | | | | | $ | (2,509) | | | | $ | (5,912) | | | ||||
Net loss per attributable to common stockholders–basic and diluted | | | $ | (0.29) | | | | $ | (0.68) | | | |||||||||||||||
Net loss per share attributable to common stockholders–basic and diluted | | | $ | (0.80) | | | | $ | (1.85) | | | |||||||||||||||
Weighted-average shares of common stock–basic and diluted | | | | 8,592,581 | | | | | 8,734,704 | | | | | | 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 | | | | Convertible Preferred Stock | | | | Common Stock | | Voting Stock | | | Additional Paid-in Capital | | Accumulated Deficit | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Series A | | | | Class A | | Class B | | | | Series A | | | | Class A | | Class B | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | | | Shares | | Amount | | Shares | | Amount | | Total | | | Shares | | Amount | | | | Shares | | Amount | | Shares | | Amount | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | | | | — | | | | $ | — | | | | | | | 8,528,767 | | | | $ | 1 | | | | | 599 | | | | $ | — | | | | $ | — | | | | $ | (2,266) | | | | $ | (2,265) | | | | | | — | | | | $ | — | | | | | | | 3,112,998 | | | | $ | 1 | | | | | 217 | | | | $ | — | | | | $ | — | | | | $ | (2,266) | | | | $ | (2,265) | | | ||||||||||||||||
Issuance of common stock — Class A | | | | — | | | | | — | | | | | | | 169,189 | | | | | — | | | | | — | | | | | — | | | | | 66 | | | | | — | | | | | 66 | | | | | | — | | | | | — | | | | | | | 61,753 | | | | | — | | | | | — | | | | | — | | | | | 66 | | | | | — | | | | | 66 | | | ||||||||||||||||
Cancellation of voting stock — Class B | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | (599) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | (217) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Issuance of convertible preferred stock in connection with conversion of notes payable — Series A | | | | 1,901,960 | | | | | 2,488 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 694,212 | | | | | 2,488 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Issuance of convertible preferred stock — Series A | | | | 5,533,655 | | | | | 6,408 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2,019,768 | | | | | 6,408 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Stock-based compensation expense | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 31 | | | | | — | | | | | 31 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 31 | | | | | — | | | | | 31 | | | ||||||||||||||||
Net loss | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (2,081) | | | | | (2,081) | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (2,081) | | | | | (2,081) | | | ||||||||||||||||
Balance at December 31, 2018 | | | | 7,435,615 | | | | | 8,896 | | | | | | | 8,697,956 | | | | | 1 | | | | | — | | | | | — | | | | | 97 | | | | | (4,347) | | | | | (4,249) | | | | | | 2,713,980 | | | | | 8,896 | | | | | | | 3,174,751 | | | | | 1 | | | | | — | | | | | — | | | | | 97 | | | | | (4,347) | | | | | (4,249) | | | ||||||||||||||||
Exercise of common stock options | | | | — | | | | | — | | | | | | | 166,906 | | | | | — | | | | | — | | | | | — | | | | | 65 | | | | | — | | | | | 65 | | | | | | — | | | | | — | | | | | | | 60,920 | | | | | — | | | | | — | | | | | — | | | | | 65 | | | | | — | | | | | 65 | | | ||||||||||||||||
Stock-based compensation expense | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 76 | | | | | — | | | | | 76 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 76 | | | | | — | | | | | 76 | | | ||||||||||||||||
Net loss | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,134) | | | | | (5,134) | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,134) | | | | | (5,134) | | | ||||||||||||||||
Balance at December 31, 2019 | | | | 7,435,615 | | | | $ | 8,896 | | | | | | | 8,864,862 | | | | $ | 1 | | | | | — | | | | $ | — | | | | $ | 238 | | | | $ | (9,481) | | | | $ | (9,242) | | | | | | 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 | | | December 31, 2018 | | December 31, 2019 | | ||||||||||||||||
Prepaid expenses | | | $ | 15 | | | | $ | 105 | | | | | $ | 15 | | | | $ | 105 | | | ||||
Other current assets | | | | 37 | | | | | 48 | | | | | | 37 | | | | | 48 | | | ||||
Total prepaid expenses and other current assets | | | $ | 52 | | | | $ | 153 | | | | | $ | 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 | | | Options | | Weighted- average exercise price | | Weighted- average contractual term (in years) | | Aggregate Intrinsic Value | | ||||||||||||||||||||||||||||||||
Outstanding as of January 1, 2018 | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | ||||||||
Granted | | | | 651,438 | | | | | 0.39 | | | | | 9.86 | | | | | — | | | | | | 237,773 | | | | $ | 1.07 | | | | | 9.86 | | | | | — | | | ||||||||
Outstanding as of December 31, 2018 | | | | 651,438 | | | | | 0.39 | | | | | 9.86 | | | | $ | — | | | | | | 237,773 | | | | $ | 1.07 | | | | | 9.86 | | | | $ | — | | | ||||||||
Granted | | | | 788,468 | | | | | 0.40 | | | | | 9.32 | | | | | — | | | | | | 287,788 | | | | $ | 1.08 | | | | | 9.32 | | | | | — | | | ||||||||
Exercised | | | | (166,906) | | | | | 0.40 | | | | | 0.91 | | | | | — | | | | | | (60,921) | | | | $ | 1.08 | | | | | 0.91 | | | | | — | | | ||||||||
Cancelled, forfeited or expired | | | | (279,532) | | | | | 0.40 | | | | | 9.33 | | | | | — | | | | | | (102,029) | | | | $ | 1.08 | | | | | 9.33 | | | | | — | | | ||||||||
Outstanding as of December 31, 2019 | | | | 993,468 | | | | $ | 0.40 | | | | | 9.22 | | | | $ | 5 | | | | | | 362,611 | | | | $ | 1.08 | | | | | 9.22 | | | | $ | 5 | | | ||||||||
Exercisable at December 31, 2019 | | | | 371,519 | | | | $ | 0.40 | | | | | 9.08 | | | | $ | 4 | | | | | | 135,602 | | | | $ | 1.08 | | | | | 9.08 | | | | $ | 4 | | | ||||||||
Nonvested at December 31, 2019 | | | | 621,949 | | | | $ | 0.40 | | | | | 9.29 | | | | $ | 1 | | | | | | 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 | | | December 31, 2018 | | December 31, 2019 | | ||||||||||||||||
Research and development | | | $ | 11 | | | | $ | 50 | | | | | $ | 11 | | | | $ | 50 | | | ||||
Administrative | | | | 20 | | | | | 26 | | | |||||||||||||||
General and administrative | | | | 20 | | | | | 26 | | | |||||||||||||||
Total | | | $ | 31 | | | | $ | 76 | | | | | $ | 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 | | ||||||
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 | | | December 31, 2018 | | December 31, 2019 | | ||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (2,081) | | | | $ | (5,134) | | | | | $ | (2,081) | | | | $ | (5,134) | | | ||||
Less: Accruals of dividends of preferred stock | | | | (428) | | | | | (778) | | | | | | (428) | | | | | (778) | | | ||||
Net loss attributable to common stockholders–basic and diluted | | | $ | (2,509) | | | | $ | (5,912) | | | | | $ | (2,509) | | | | $ | (5,912) | | | ||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Weighted-average common stock outstanding | | | | 8,592,581 | | | | | 8,734,704 | | | | | | 3,136,290 | | | | | 3,188,165 | | | ||||
Net loss per share attributable to common stockholders–basic and diluted | | | $ | (0.29) | | | | $ | (0.68) | | | | | $ | (0.80) | | | | $ | (1.85) | | |
| | December 31, 2018 | | December 31, 2019 | | | December 31, 2018 | | December 31, 2019 | | ||||||||||||||||
Convertible preferred stock on an if converted basis | | | | 8,216,900 | | | | | 8,216,900 | | | | | | 2,999,149 | | | | | 2,999,149 | | | ||||
Stock options to purchase common stock | | | | 651,438 | | | | | 993,468 | | | | | | 237,773 | | | | | 362,611 | | | ||||
Warrants to purchase common stock | | | | 633,982 | | | | | 633,982 | | | | | | 231,396 | | | | | 231,396 | | | ||||
Common stock subject to future vesting | | | | 68,752 | | | | | — | | | | | | 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 | | ||||||
| | | | | | | | | (unaudited) | | |||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 610 | | | | | $ | 3,180 | | |
Prepaid expenses and other current assets | | | | | 153 | | | | | | 145 | | |
Total Current Assets | | | | | 763 | | | | | | 3,325 | | |
Non-current assets | | | | | | | | | | | | | |
Property and equipment, net | | | | | 274 | | | | | | 230 | | |
Other non-current assets | | | | | 93 | | | | | | 92 | | |
Total Non-Current Assets | | | | | 367 | | | | | | 322 | | |
Total Assets | | | | $ | 1,130 | | | | | $ | 3,647 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable | | | | $ | 560 | | | | | $ | 561 | | |
Accrued expenses and other current liabilities | | | | | 87 | | | | | | 1,248 | | |
Loan payable, current | | | | | — | | | | | | 58 | | |
Total Current Liabilities | | | | | 647 | | | | | | 1,867 | | |
Loan payable, noncurrent | | | | | — | | | | | | 116 | | |
Warrant liability | | | | | 829 | | | | | | 829 | | |
Total Liabilities | | | | | 1,476 | | | | | | 2,812 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Convertible Preferred stock, Series A, par value $0.0001 per share; 13,241,000 shares authorized, 7,435,615 shares and 11,638,238 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, 8,864,862 and 9,485,442 shares issued and outstanding at December 31, 2019 and June 30, 2020, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 238 | | | | | | 523 | | |
Accumulated deficit | | | | | (9,481) | | | | | | (14,046) | | |
Total Stockholders’ Deficit | | | | | (9,242) | | | | | | (13,522) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | $ | 1,130 | | | | | $ | 3,647 | | |
| | | 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 | | | | $ | (0.32) | | | | | $ | (0.55) | | |
Weighted-average shares of common stock—basic and diluted | | | | | 8,692,902 | | | | | | 9,267,216 | | |
| | | 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 | | |
| | | 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 | | | | | 7,435,615 | | | | | $ | 8,896 | | | | | | | 8,864,862 | | | | | $ | 1 | | | | | $ | 238 | | | | | $ | (9,481) | | | | | $ | (9,242) | | |
Issuance of common stock—Class A | | | | | — | | | | | | — | | | | | | | 620,580 | | | | | | — | | | | | | 247 | | | | | | — | | | | | | 247 | | |
Issuance of convertible preferred stock—Series A, net of $36 issuance costs | | | | | 4,202,623 | | | | | | 5,461 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 38 | | | | | | — | | | | | | 38 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,565) | | | | | | (4,565) | | |
Balance at June 30, 2020 (unaudited) | | | | | 11,638,238 | | | | | $ | 14,357 | | | | | | | 9,485,442 | | | | | $ | 1 | | | | | $ | 523 | | | | | $ | (14,046) | | | | | $ | (13,522) | | |
Balance at December 31, 2018 | | | | | 7,435,615 | | | | | $ | 8,896 | | | | | | | 8,697,956 | | | | | $ | 1 | | | | | $ | 97 | | | | | $ | (4,347) | | | | | $ | (4,249) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 32 | | | | | | — | | | | | | 32 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,427) | | | | | | (2,427) | | |
Balance at June 30, 2019 (unaudited) | | | | | 7,435,615 | | | | | $ | 8,896 | | | | | | | 8,697,956 | | | | | $ | 1 | | | | | $ | 129 | | | | | $ | (6,774) | | | | | $ | (6,644) | | |
| | | 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 | | |
| | | 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 | | | | | 651,438 | | | | | $ | 0.39 | | | | | | 9.86 | | | | | $ | — | | |
Granted | | | | | 586,193 | | | | | | 0.39 | | | | | | 9.72 | | | | | | — | | |
Outstanding as of June 30, 2019 | | | | | 1,237,631 | | | | | $ | 0.39 | | | | | | 9.53 | | | | | $ | 8 | | |
Exercisable at June 30, 2019 | | | | | 636,857 | | | | | $ | 0.39 | | | | | | 9.49 | | | | | $ | 6 | | |
Nonvested at June 30, 2019 | | | | | 600,774 | | | | | $ | 0.39 | | | | | | 9.57 | | | | | $ | 2 | | |
| | | Options | | | Weighted- average exercise price | | | Weighted- average contractual term (in years) | | | Aggregate Intrinsic Value | | ||||||||||||
Outstanding as of January 1, 2020 | | | | | 993,468 | | | | | $ | 0.40 | | | | | | 9.22 | | | | | $ | 5 | | |
Granted | | | | | 82,500 | | | | | | 0.45 | | | | | | 9.83 | | | | | | — | | |
Outstanding as of June 30, 2020 | | | | | 1,075,968 | | | | | $ | 0.40 | | | | | | 8.81 | | | | | $ | 43 | | |
Exercisable at June 30, 2020 | | | | | 440,310 | | | | | $ | 0.39 | | | | | | 8.60 | | | | | $ | 26 | | |
Nonvested at June 30, 2020 | | | | | 635,658 | | | | | $ | 0.40 | | | | | | 8.95 | | | | | $ | 17 | | |
| | | June 30, 2019 | | | June 30, 2020 | | ||||||
Research and development | | | | $ | 19 | | | | | $ | 33 | | |
General and administrative | | | | | 13 | | | | | | 5 | | |
Total | | | | $ | 32 | | | | | $ | 38 | | |
| | | 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 | | | June 30, 2019 | | June 30, 2020 | | ||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (2,427) | | | | $ | (4,565) | | | | | $ | (2,427) | | | | $ | (4,565) | | | ||||
Less: Accruals of dividends of preferred stock | | | | (386) | | | | | (564) | | | | | | (386) | | | | | (564) | | | ||||
Net loss attributable to common stockholders—basic and diluted | | | $ | (2,813) | | | | $ | (5,129) | | | | | $ | (2,813) | | | | $ | (5,129) | | | ||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Weighted-average common stock outstanding | | | | 8,692,902 | | | | | 9,267,216 | | | | | | 3,172,907 | | | | | 3,382,531 | | | ||||
Net loss per share attributable to common stockholders—basic and diluted | | | $ | (0.32) | | | | $ | (0.55) | | | | | $ | (0.89) | | | | $ | (1.52) | | |
| | June 30, 2019 | | June 30, 2020 | | | June 30, 2019 | | June 30, 2020 | | ||||||||||||||||
Convertible preferred stock on an if converted basis | | | | 7,435,615 | | | | | 11,638,238 | | | | | | 2,713,980 | | | | | 4,247,927 | | | ||||
Stock options to purchase common stock | | | | 1,237,631 | | | | | 1,075,968 | | | | | | 451,732 | | | | | 392,723 | | | ||||
Warrants to purchase common stock | | | | 633,982 | | | | | 633,982 | | | | | | 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 | | | | $ | 9,409 | | |
FINRA filing fee | | | | | 13,438 | | |
Nasdaq listing fee | | | | | * | | |
Printing expenses | | | | | * | | |
Legal fees and expenses | | | | | * | | |
Accounting fees and expenses | | | | | * | | |
Transfer agent fees and expenses | | | | | * | | |
Miscellaneous expenses | | | | | * | | |
Total | | | | $ | * | | |
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) | | | | |
| Alan S. Roemer | | | Chairman | | | | |
| Peter Brandt | | | Director | | | | |
| Thomas Cirrito, Ph.D. | | | Director | | | | |
| Travis Whitfill | | | Director | | | | |
| *By: /s/ William Ho William Ho Attorney-in-Fact | | | |