| Delaware (State or other jurisdiction of incorporation or organization) | | | 2836 (Primary Standard Industrial Classification Code Number) | | | 83-4066827 (I.R.S. Identification Number) | |
| Kingsley L. Taft Laurie A. Burlingame Goodwin Procter LLP 100 Northern Ave. Boston, MA 02210 (617) 570-1000 | | | Brent B. Siler Divakar Gupta Richard Segal Madison A. Jones Cooley LLP 55 Hudson Yards New York, NY 10001 (212) 479-6000 | |
| Large Accelerated Filer ☐ | | | Accelerated Filer ☐ | |
| Non-Accelerated Filer ☒ | | | Smaller Reporting Company ☐ | |
| | | | Emerging Growth Company ☒ | |
Title of each Class of Securities to be Registered | | | | Proposed Maximum Aggregate Offering Price(1)(2) | | | | Amount of Registration Fee(3) | | ||||||
Common Stock, par value $0.0001 per share | | | | | $ | 115,000,000 | | | | | | $ | 13,938 | | |
| Title of Each Class of Securities to be Registered | | | | Amount to be Registered(1) | | | | Proposed Maximum Offering Price Per Share(2) | | | | Proposed Maximum Aggregate Offering Price(2) | | | | Amount of Registration Fee(3)(4) | | ||||||||||||
| Common Stock, par value $0.0001 per share | | | | | | 10,350,000 | | | | | | $ | 18.00 | | | | | | $ | 186,300,000 | | | | | | $ | 22,580 | | |
| | | Per share | | | Total | | |||
Initial public offering price | | | $ | | | | $ | | | |
Underwriting discounts and commissions(1) | | | $ | | | | $ | | | |
Proceeds to SpringWorks Therapeutics, Inc., before expenses | | | $ | | | | $ | | |
| J.P. Morgan | | | Goldman Sachs & Co. LLC | | | Cowen | |
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(In thousands, except unit and per unit and share and per share data) | | Period from August 18, 2017 (Inception) to December 31, 2017 | | Year Ended December 31, 2018 | | | Six months ended June 30, | | | Period from August 18, 2017 (inception) to December 31, 2017 | | Year Ended December 31, 2018 | | | Six months ended June 30, | | ||||||||||||||||||||||||||||||||||
| 2018 | | 2019 | | | 2018 | | 2019 | | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Research and development | | | $ | 2,799 | | | | $ | 9,898 | | | | $ | 2,786 | | | | $ | 19,628 | | | | | $ | 2,799 | | | | $ | 9,898 | | | | $ | 2,786 | | | | $ | 19,628 | | | ||||||||
General and administrative | | | | | 1,861 | | | | | 8,593 | | | | | 4,028 | | | | | 6,911 | | | | | | | 1,861 | | | | | 8,593 | | | | | 4,028 | | | | | 6,911 | | | ||||||
Total operating expenses | | | | | 4,660 | | | | | 18,491 | | | | | 6,814 | | | | | 26,539 | | | | | | | 4,660 | | | | | 18,491 | | | | | 6,814 | | | | | 26,539 | | | ||||||
Loss from operations | | | | (4,660) | | | | | (18,491) | | | | | (6,814) | | | | | (26,539) | | | | | | (4,660) | | | | | (18,491) | | | | | (6,814) | | | | | (26,539) | | | ||||||||
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Interest income, net | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | ||||||
Total other Income | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | ||||||
Net loss | | | | | (4,639) | | | | | (17,813) | | | | | (6,590) | | | | | (25,256) | | | | | | | (4,639) | | | | | (17,813) | | | | | (6,590) | | | | | (25,256) | | | ||||||
Net gain attributable to extinguishment of Series A convertible preferred shares and Junior Series A convertible preferred shares | | | | | — | | | | | — | | | | | — | | | | | 7,729 | | | | | | | — | | | | | — | | | | | — | | | | | 7,729 | | | ||||||
Net loss attributable to common stockholders | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (17,527) | | | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (17,527) | | | ||||||
Net loss per common unit, basic and diluted(1) | | | | | | | | | $ | (7.94) | | | | $ | (5.71) | | | | | | | | | | | | | | | | $ | (52.24) | | | | $ | (37.60) | | | | | | | | ||||||
Net loss per common share attributable to common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | $ | (3.41) | | | | | | | | | | | | | | | | | | | | | $ | (22.47) | | | ||||||
Weighted average common units outstanding, basic and diluted(1) | | | | | | | | | | 2,244,215 | | | | | 1,153,592 | | | | | | | | | | | | | | | | | 341,014 | | | | | 175,291 | | | | | | | | ||||||
Weighted average common shares, outstanding, basic and diluted | | | | | | | | | | — | | | | | | | | | | 5,133,617 | | | | | | | | | | | | — | | | | | | | | | | 780,066 | | | ||||||
Pro forma net loss per share, basic and diluted (unaudited)(2) | | | | | | | | | $ | (0.30) | | | | | | | | | $ | (0.12) | | | | | | | | | | | $ | (2.00) | | | | | | | | | $ | (0.79) | | | ||||||
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(2) | | | | | | | | | 58,749,660 | | | | | | | | | | 146,069,969 | | | | | | | | | | | 8,927,163 | | | | | | | | | | 22,195,710 | | |
| | | As of June 30, 2019 | | | | As of June 30, 2019 | | ||||||||||||||||||||||||||||||
(in thousands) | | Actual | | Pro forma(1) | | Pro forma as adjusted(2)(3) | | | Actual | | Pro forma(1) | | Pro forma as adjusted(2)(3) | | ||||||||||||||||||||||||
Balance sheet data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash and cash equivalents | | | $ | 185,291 | | | | $ | 185,291 | | | | $ | | | | | $ | 185,291 | | | | $ | 185,291 | | | | $ | 324,248 | | | |||||||
Working capital(4) | | | | 178,152 | | | | | 178,152 | | | | | | | | | | | 178,152 | | | | | 178,152 | | | | | 317,109 | | | ||||||
Total assets | | | | 194,632 | | | | | 194,632 | | | | | | | | | | | 194,632 | | | | | 194,632 | | | | | 333,589 | | | ||||||
Convertible preferred shares | | | | 217,290 | | | | | — | | | | | | | | | | | 217,290 | | | | | — | | | | | — | | | ||||||
Accumulated deficit | | | | (39,979) | | | | | (39,979) | | | | | | | | | | | (39,979) | | | | | (39,979) | | | | | (39,979) | | | ||||||
Stockholders’ (deficit) equity | | | | (33,657) | | | | | 183,633 | | | | | | | | | | | (33,657) | | | | | 183,633 | | | | | 322,591 | | |
| | | As of June 30, 2019 | | | | As of June 30, 2019 | | ||||||||||||||||||||||||||||||
(in thousands, except per share data) | | Actual | | Pro Forma | | Pro forma as adjusted(1) | | | Actual | | Pro Forma | | Pro forma as adjusted(1) | | ||||||||||||||||||||||||
Cash and cash equivalents | | | | $ | 185,291 | | | | $ | 185,291 | | | | $ | | | | | | $ | 185,291 | | | | $ | 185,291 | | | | $ | 324,248 | | | |||||
Series A convertible preferred stock, $0.0001 par value; 103,000,000 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted | | | $ | 92,700 | | | | $ | — | | | | $ | — | | | | | $ | 92,700 | | | | $ | — | | | | $ | — | | | ||||||
Series B convertible preferred stock, $0.0001 par value, net of issuance cost; 86,639,279 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted | | | | 124,590 | | | | | — | | | | | — | | | | | | 124,590 | | | | | — | | | | | — | | | ||||||
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Junior Series A convertible preferred stock, $0.0001 par value; 6,437,500 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted | | | | 3,882 | | | | ��� | — | | | | | — | | | | | | 3,882 | | | | | — | | | | | — | | | ||||||
Preferred stock, $0.0001 par value; no shares authorized, issued or outstanding, actual; 10,000,000 shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Common stock, $0.0001 par value, 232,788,672 authorized, 20,326,427 shares issued and outstanding, actual; 150,000,000 shares authorized, pro forma and pro forma as adjusted; shares issued and outstanding, pro forma; shares issued and outstanding, pro forma as adjusted | | | | — | | | | | 20 | | | | | | | | ||||||||||||||||||||||
Common stock, $0.0001 par value, 35,372,778 authorized, 3,088,636 shares issued and outstanding, actual; 150,000,000 shares authorized, pro forma and pro forma as adjusted; 32,882,995 shares issued and outstanding, pro forma; 41,882,995 shares issued and outstanding, pro forma as adjusted | | | | — | | | | | 3 | | | | | 4 | | | ||||||||||||||||||||||
Additional paid-in capital | | | | 2,440 | | | | | 223,592 | | | | | | | | | | | 2,440 | | | | | 223,609 | | | | | 362,566 | | | ||||||
Accumulated deficit | | | | | (39,979) | | | | | (39,979) | | | | | | | | | | | | (39,979) | | | | | (39,979) | | | | | (39,979) | | | ||||
Total stockholders’ (deficit) equity | | | | | (33,657) | | | | | 183,633 | | | | | | | | | | | | (33,657) | | | | | 183,633 | | | | | 322,591 | | | ||||
Total capitalization | | | $ | 183,633 | | | | $ | 183,633 | | | | $ | | | | | | $ | 183,633 | | | | $ | 183,633 | | | | $ | 322,591 | | |
| Assumed initial public offering price per share | | | | | | | | | | $ | 17.00 | | |
| Historical net tangible book value (deficit) per share as of June 30, 2019 | | | | $ | (12.15) | | | | | | | | |
| Increase in net tangible book value per share attributable to the pro forma adjustments described above | | | | | 17.73 | | | | | | | | |
| Pro forma net tangible book value per share as of June 30, 2019 | | | | | 5.58 | | | | | | | | |
| Increase in pro forma net tangible book value per share attributable to this offering | | | | | 2.12 | | | | | | | | |
| Pro forma as adjusted net tangible book value per share after this offering | | | | | | | | | | | 7.70 | | |
| Dilution per share to new investors participating in this offering | | | | | | | | | | $ | 9.30 | | |
|
| | | Shares purchased | | Total consideration | | | Weighted average price per share | | | | Shares purchased | | Total consideration | | | Weighted average price per share | | |||||||||||||||||||||||||||||||||||||||||
| | Number | | Percent | | Amount | | Percent | | | Number | | Percent | | Amount | | Percent | | |||||||||||||||||||||||||||||||||||||||||
Existing stockholders before this offering | | | | | | % | | | | $ | �� | | | | | % | | | | $ | | | | | | 32,882,995 | | | | | 79% | | | | $ | 228,003 | | | | | 60% | | | | $ | 7.91 | | | |||||||||||
New investors participating in this offering | | | | | | | | | | | | | | | | | | | | | | | | | 9,000,000 | | | | | 21% | | | | $ | 153,000 | | | | | 40% | | | | $ | 17.00 | | | ||||||||||||
Total | | | | | | 100% | | | | $ | | | | | 100% | | | | | | | 41,882,995 | | | | | 100% | | | | $ | 381,003 | | | | | 100% | | | | $ | 9.10 | | |
(in thousands, except unit and per unit and share and per share data) | | Period from August 18, 2017 (inception) to December 31, 2017 | | Year ended December 31, 2018 | | | Six months ended June 30, | | | Period from August 18, 2017 (inception) to December 31, 2017 | | Year ended December 31, 2018 | | | Six months ended June 30, | | ||||||||||||||||||||||||||||||||||
| 2018 | | 2019 | | | 2018 | | 2019 | | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Research and development | | | $ | 2,799 | | | | $ | 9,898 | | | | $ | 2,786 | | | | $ | 19,628 | | | | | $ | 2,799 | | | | $ | 9,898 | | | | $ | 2,786 | | | | $ | 19,628 | | | ||||||||
General and administrative | | | | | 1,861 | | | | | 8,593 | | | | | 4,028 | | | | | 6,911 | | | | | | | 1,861 | | | | | 8,593 | | | | | 4,028 | | | | | 6,911 | | | ||||||
Total operating expenses | | | | | 4,660 | | | | | 18,491 | | | | | 6,814 | | | | | 26,539 | | | | | | | 4,660 | | | | | 18,491 | | | | | 6,814 | | | | | 26,539 | | | ||||||
Loss from operations | | | | (4,660) | | | | | (18,491) | | | | | (6,814) | | | | | (26,539) | | | | | | (4,660) | | | | | (18,491) | | | | | (6,814) | | | | | (26,539) | | | ||||||||
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Interest income, net | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | ||||||
Total other Income | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | ||||||
Net loss | | | | | (4,639) | | | | | (17,813) | | | | | (6,590) | | | | | (25,256) | | | | | | | (4,639) | | | | | (17,813) | | | | | (6,590) | | | | | (25,256) | | | ||||||
Net gain attributable to extinguishment of Series A convertible preferred units and Junior Series A convertible preferred units | | | | | — | | | | | — | | | | | — | | | | | 7,729 | | | | | | | — | | | | | — | | | | | — | | | | | 7,729 | | | ||||||
Net loss attributable to common stockholders | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (17,527) | | | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (17,527) | | | ||||||
Net loss per common unit, basic and diluted(1) | | | | | | | | | $ | (7.94) | | | | $ | (5.71) | | | | | | | | | | | | | | | | $ | (52.24) | | | | $ | (37.60) | | | | | | | | ||||||
Net loss per common share attributable to common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | $ | (3.41) | | | | | | | | | | | | | | | | | | | | | $ | (22.47) | | | ||||||
Weighted average common units outstanding, basic and diluted | | | | | | | | | | 2,244,215 | | | | | 1,153,592 | | | | | — | | | | | | | | | | | | 341,014 | | | | | 175,291 | | | | | — | | | ||||||
Weighted average common shares outstanding, basic and diluted | | | | | | | | | | — | | | | | | | | | | 5,133,617 | | | | | | | | | | | | — | | | | | | | | | | 780,066 | | | ||||||
Pro forma net loss per share, basic and diluted (unaudited)(2) | | | | | | | | | $ | (0.30) | | | | | | | | | $ | (0.12) | | | | | | | | | | | $ | (2.00) | | | | | | | | | $ | (0.79) | | | ||||||
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(2) | | | | | | | | | 58,749,660 | | | | | | | | | | 146,069,969 | | | | | | | | | | | 8,927,163 | | | | | | | | | | 22,195,710 | | |
| | | As of December 31, | | | As of June 30, 2019 | | ||||||||||||
(in thousands) | | | 2017 | | | 2018 | | ||||||||||||
Balance sheet data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 10,271 | | | | | $ | 45,648 | | | | | $ | 185,291 | | |
Working capital(1) | | | | | 9,888 | | | | | | 43,353 | | | | | | 178,152 | | |
Total assets | | | | | 10,582 | | | | | | 48,390 | | | | | | 194,632 | | |
Series A convertible preferred units and shares | | | | | 12,554 | | | | | | 62,930 | | | | | | 92,700 | | |
Series B convertible preferred shares | | | | | — | | | | | | — | | | | | | 124,590 | | |
Accumulated deficit | | | | | (4,639) | | | | | | (22,452) | | | | | | (39,979) | | |
Stockholders’ (deficit) | | | | | (2,625) | | | | | | (19,369) | | | | | | (33,657) | | |
(in thousands) | | | Six months ended June 30, | | | Change | | ||||||||||||
| 2018 | | | 2019 | | ||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | $ | 2,786 | | | | | $ | 19,628 | | | | | $ | 16,842 | | |
General and administrative | | | | | 4,028 | | | | | | 6,911 | | | | | | 2,883 | | |
Total operating expenses | | | | | 6,814 | | | | | | 26,539 | | | | | | 19,725 | | |
Loss from operations | | | | | (6,814) | | | | | | (26,539) | | | | | | (19,725) | | |
Other income: | | | | | | | | | | | | | | | | | | | |
Interest income, net | | | | | 224 | | | | | | 1,283 | | | | | | 1,059 | | |
Total other income, net | | | | | 224 | | | | | | 1,283 | | | | | | 1,059 | | |
Net loss | | | | $ | (6,590) | | | | | $ | (25,256) | | | | | $ | (18,666) | | |
(in thousands) | | | Six months ended June 30, | | | Change | | ||||||||||||
| 2018 | | | 2019 | | ||||||||||||||
Nirogacestat | | | | $ | 1,665 | | | | | $ | 11,935 | | | | | $ | 10,270 | | |
Mirdametinib | | | | | 624 | | | | | | 5,881 | | | | | | 5,257 | | |
Other | | | | | 497 | | | | | | 1,812 | | | | | | 1,315 | | |
Total research and development expenses | | | | $ | 2,786 | | | | | $ | 19,628 | | | | | $ | 16,842 | | |
(in thousands) | | | Six months ended June 30, | | | Change | | ||||||||||||
| 2018 | | | 2019 | | ||||||||||||||
Personnel-related | | | | $ | 1,636 | | | | | $ | 2,770 | | | | | $ | 1,134 | | |
Equity-based compensation expense | | | | | 563 | | | | | | 1,060 | | | | | | 497 | | |
Professional and consulting fees | | | | | 1,627 | | | | | | 2,090 | | | | | | 463 | | |
Facility-related and other | | | | | 202 | | | | | | 991 | | | | | | 789 | | |
Total general and administrative expenses | | | | $ | 4,028 | | | | | $ | 6,911 | | | | | $ | 2,883 | | |
(in thousands, except unit and per unit data) | | | Period from August 18, 2017 (inception) to December 31, 2017 | | | Year ended December 31, 2018 | | ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | $ | 2,799 | | | | | $ | 9,898 | | |
General and administrative | | | | | 1,861 | | | | | | 8,593 | | |
Total operating expenses | | | | | 4,660 | | | | | | 18,491 | | |
Loss from operations | | | | | (4,660) | | | | | | (18,491) | | |
Other income: | | | | | | | | | | | | | |
Interest income | | | | | 21 | | | | | | 678 | | |
Total other Income | | | | | 21 | | | | | | 678 | | |
Net loss | | | | $ | (4,639) | | | | | $ | (17,813) | | |
(in thousands) | | | Period from August 18, 2017 (inception) to December 31, 2017 | | | Year ended December 31, 2018 | | ||||||
Nirogacestat | | | | $ | 1,238 | | | | | $ | 5,560 | | |
Mirdametinib | | | | | 1,045 | | | | | | 2,675 | | |
Other | | | | | 516 | | | | | | 1,663 | | |
Total research and development expenses | | | | $ | 2,799 | | | | | $ | 9,898 | | |
(in thousands) | | | Period from August 18, 2017 (inception) to December 31, 2017 | | | Year ended December 31, 2018 | | ||||||
Personnel-related | | | | $ | 911 | | | | | $ | 3,645 | | |
Equity-based compensation expense | | | | | — | | | | | | 906 | | |
Professional and consulting fees | | | | | 887 | | | | | | 3,235 | | |
Facility-related and other | | | | | 63 | | | | | | 807 | | |
Total general and administrative expenses | | | | $ | 1,861 | | | | | $ | 8,593 | | |
(in thousands) | | | Period from August 18, 2017 (inception) to December 31, 2017 | | | Year ended December 31, 2018 | | | Six months ended June 30, | | |||||||||||||||
| 2018 | | | 2019 | | ||||||||||||||||||||
Cash used in operating activities | | | | $ | (2,239) | | | | | $ | (14,706) | | | | | $ | (4,484) | | | | | $ | (20,268) | | |
Cash used in investing activities | | | | | (44) | | | | | | (293) | | | | | | (65) | | | | | | (4,046) | | |
Cash provided by financing activities | | | | | 12,554 | | | | | | 50,376 | | | | | | 50,400 | | | | | | 163,957 | | |
Net increase (decrease) in cash and cash equivalents | | | | $ | 10,271 | | | | | $ | 35,377 | | | | | $ | 45,851 | | | | | $ | 139,643 | | |
| | | Payments due by period | | |||||||||||||||||||||||||||
(in thousands) | | | Total | | | Remaining 6 months of 2019 | | | 1 to 3 years | | | 4 to 5 years | | | More than 5 years | | |||||||||||||||
Operating lease commitments(1) | | | | $ | 4,808 | | | | | $ | 660 | | | | | $ | 4,013 | | | | | $ | 135 | | | | | $ | — | | |
Total | | | | $ | 4,808 | | | | | $ | 660 | | | | | $ | 4,013 | | | | | $ | 135 | | | | | $ | — | | |
Trial Sponsor | | | Trial ID (Phase) | | | Subjects Exposed | | | Agent used in combination | |
Pfizer | | | A8641001 (Phase 1) | | | 26 NHV | | | N/A | |
| | | A8641002 (Phase 1) | | | 42 NHV | | | N/A | |
| | | A8641008 (Phase 1) | | | 10 NHV | | | N/A | |
| | | A8641014 (Phase 1) | | | 64 solid tumor patients, including 7 evaluable with desmoid tumors 8 T-ALL/LBL patients | | | N/A | |
| | | A8641016 (Phase 1b) | | | 29 metastatic TNBC or locally recurrent/advanced TNBC patients | | | Docetaxel (chemotherapeutic agent) | |
| | | A8641019 (Phase 1/2) | | | 3 treatment naïve mPDAC patients | | | Nab-paclitaxel and gemcitabine (chemotherapeutic agents) | |
| | | A8641020 (Phase 2) | | | 19 metastatic TNBC patients | | | N/A | |
NCI | | | WI180798 (Phase 2) | | | 17 desmoid tumor patients | | | N/A | |
Trial sponsor | | | Trial ID (Phase) | | | Subjects exposed | | | Agent Used in Combination | |
Pfizer | | | A4581004 (Phase 1) | | | 23 NHV | | | N/A | |
| | | A4581001 (Phase 1/2) | | | 79 solid tumor patients | | | N/A | |
| | | A4581002 (Phase 2) | | | 34 advanced NSCLC patients | | | N/A | |
| | | B1271002 (Phase 2) | | | 7 KRAS/BRAF-mutant solid tumor patients 36 KRAS-mutant CRC patients | | | N/A | |
Dana-Farber Cancer Institute | | | 13-506 (Phase 1/2) | | | 60 KRAS-mutant NSCLC and solid tumor patients | | | Palbociclib (CDK 4/6 inhibitor) | |
Netherlands Cancer Institute | | | M13DAP (Phase 1/2) | | | 36 KRAS-mutant CRC, NSCLC, PDAC patients | | | Dacomitinib (EGFR inhibitor) | |
University of Oxford | | | MErCuRIC1 (Phase 1) | | | ~25 RAS mutant and RAS wild type/aberrant cMET CRC patients | | | Crizotinib (ALK/cMET inhibitor) | |
University of Alabama at Birmingham (via Neurofibromatosis Clinical Trial Consortium) | | | WI176190 (Phase 2) | | | 19 NF1-PN patients | | | N/A | |
Name | | | Age | | | Position | | |||
Saqib Islam, J.D. | | | | | 50 | | | | Chief Executive Officer and Director | |
Francis I. Perier, Jr., M.B.A. | | | | | 59 | | | | Chief Financial Officer | |
Jens Renstrup, M.D., M.B.A. | | | | | 54 | | | | Chief Medical Officer | |
Badreddin Edris, Ph.D. | | | | | 32 | | | | Chief Business Officer | |
L. Mary Smith, Ph.D. | | | | | 52 | | | | Senior Vice President, Clinical Research and Development | |
Michael V. Greco, J.D. | | | | | 48 | | | | General Counsel and Secretary | |
Name | | | Age | | | Position | |
Daniel S. Lynch, M.B.A.(1)(2) | | | 61 | | | Chairman of the Board | |
Alan Fuhrman(1)(3) | | | 63 | | | Director | |
Carl L. Gordon, Ph.D., CFA* | | | 54 | | | Director | |
Freda Lewis-Hall, M.D., DFAPA(3) | | | 64 | | | Director | |
Deval L. Patrick, J.D.* | | | 63 | | | Director | |
Jeffrey Schwartz, M.B.A.(1)(2) | | | 40 | | | Director | |
Stephen Squinto, Ph.D.(2)(3) | | | 62 | | | Director and Acting Head of Research and Development | |
Name and Principal Position | | | Year | | | Salary ($) | | | Non-equity incentive plan compensation ($)(6) | | | Stock Awards ($)(7) | | | All Other Compensation ($) | | | Total ($) | | | ||||||||||||||||||||
Saqib Islam, J.D. Chief Executive Officer(1) | | | | | 2018 | | | | | | 406,510 | | | | | | 180,000 | | | | | | 1,181,322 | | | | | | — | | | | | | 1,767,832 | | | | ||
Daniel S. Lynch Chairman and Former Interim Chief Executive Officer (2) | | | | | 2018 | | | | | | 150,000 | | | | | | — | | | | | | 309,000 | | | | | | — | | | | | | 459,000 | | | | ||
Jens Renstrup, M.D. Chief Medical Officer(3) | | | | | 2018 | | | | | | 170,625 | | | | | | 51,288 | | | | | | 353,882 | | | | | | — | | | | | | 575,795 | | | | | |
Badreddin Edris, Ph.D. Chief Business Officer(4) | | | | | 2018 | | | | | | 112,500 | | | | | | 33,140 | | | | | | 339,900 | | | | | | 37,735(8) | | | | | | 523,275 | | | | ||
Lara S. Sullivan, M.D. Former President(5) | | | | | 2018 | | | | | | 176,458 | | | | | | 60,914 | | | | | | 703,671 | | | | | | 324,809(9) | | | | | | 1,265,852 | | | |
| | | Stock Awards(1) | | |||||||||
Name | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares or units of stock that have not vested ($)(2) | | ||||||
Saqib Islam, J.D. | | | | | | | | | | 400,039 | | | |
| | | | | | | | | | 910,947 | | | |
Daniel S. Lynch | | | | | | | | | | | |
| | | Stock Awards(1) | | |||||||||
Name | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares or units of stock that have not vested ($)(2) | | ||||||
Jens Renstrup, M.D. | | | | | | | | | | 353,882 | | | |
Badreddin Edris, Ph.D. | | | | | | | | | | | | ||
Lara S. Sullivan, M.D. | | | | | — | | | | | | | | |
Name(1) | | | Fees Paid or Earned in Cash ($) | | | All Other Compensation ($) | | | Total ($) | | |||||||||
Carl L. Gordon, Ph.D., CFA | | | | | — | | | | | | — | | | | | | — | | |
Peter Keen(2) | | | | | — | | | | | | — | | | | | | — | | |
Freda Lewis-Hall, M.D., DFAPA | | | | | — | | | | | | — | | | | | | — | | |
Deval Patrick, J.D. | | | | | — | | | | | | — | | | | | | — | | |
Jeffrey Schwartz, M.B.A. | | | | | — | | | | | | — | | | | | | — | | |
Stephen Squinto, Ph.D.(3) | | | | | 20,000 | | | | | | 80,000 | | | | | | 100,000 | | |
| | | Member annual fee | | | Chairman additional annual fee | | ||||||
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 | | |
5% Stockholder | | | Series A Convertible Preferred Units (#) | | | Total Purchase Price ($) | | ||||||
Entities affiliated with Pfizer(1) | | | | | 20,000,000 | | | | | | 20,000,000 | | |
BC SW, LP(2) | | | | | 40,000,000 | | | | | | 40,000,000 | | |
OrbiMed Private Investments VI, LP(3) | | | | | 40,000,000 | | | | | | 40,000,000 | | |
5% Stockholder | | | Series A Convertible Preferred Units (#) | | | Total Purchase Price ($) | | ||||||
Entities affiliated with Pfizer(1) | | | | | 20,000,000 | | | | | | 20,000,000 | | |
BC SW, LP(2) | | | | | 40,000,000 | | | | | | 40,000,000 | | |
OrbiMed Private Investments VI, LP(3) | | | | | 40,000,000 | | | | | | 40,000,000 | | |
5% Stockholder | | | Series B Preferred Stock (#) | | | Total Purchase Price ($) | | ||||||
Entities affiliated with Pfizer(1) | | | | | 3,465,571 | | | | | | 5,000,125 | | |
BC SW, LP(2) | | | | | 6,931,142 | | | | | | 10,000,251 | | |
OrbiMed Private Investments VI, LP(3) | | | | | 6,931,142 | | | | | | 10,000,251 | | |
Perceptive Life Sciences Master Fund Ltd(4) | | | | | 13,862,285 | | | | | | 20,000,504 | | |
Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned Prior to Offering | | | Percentage of Shares Beneficially Owned | | ||||||||||||
| Before Offering | | | After Offering | | ||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | |
Entities affiliated with Pfizer(1) | | | | | 4,543,847 | | | | | | 13.82% | | | | | | 10.85% | | |
Entities affiliated with Bain(2) | | | | | 7,131,307 | | | | | | 21.69% | | | | | | 17.03% | | |
OrbiMed Private Investments VI, LP(3) | | | | | 7,131,307 | | | | | | 21.69% | | | | | | 17.03% | | |
Perceptive Life Sciences Master Fund Ltd.(4) | | | | | 2,106,410 | | | | | | 6.41% | | | | | | 5.03% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | |
Saqib Islam, J.D.(5) | | | | | 1,067,778 | | | | | | 3.24% | | | | | | 2.54% | | |
Jens Renstrup, M.D., M.B.A.(6) | | | | | 256,212 | | | | | | * | | | | | | * | | |
Badreddin Edris, Ph.D.(7) | | | | | 253,450 | | | | | | * | | | | | | * | | |
Daniel S. Lynch, M.B.A.(8) | | | | | 517,147 | | | | | | 1.57% | | | | | | 1.23% | | |
Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned Prior to Offering | | | Percentage of Shares Beneficially Owned | | ||||||||||||
| Before Offering | | | After Offering | | ||||||||||||||
Carl L. Gordon, Ph.D., CFA(3) | | | | | 7,131,307 | | | | | | 21.69% | | | | | | 17.03% | | |
Alan Fuhrman | | | | | — | | | | | | — | | | | | | — | | |
Freda Lewis-Hall, M.D., DFAPA(1) | | | | | 4,543,847 | | | | | | 13.82% | | | | | | 10.85% | | |
Deval L. Patrick, J.D. | | | | | — | | | | | | — | | | | | | — | | |
Jeffrey Schwartz, M.B.A.(2) | | | | | 7,131,307 | | | | | | 21.69% | | | | | | 17.03% | | |
Stephen Squinto, Ph.D.(9) | | | | | 7,278,035 | | | | | | 22.13% | | | | | | 17.38% | | |
All executive officers and directors as a group (13 persons) | | | | | 21,411,265 | | | | | | 64.58% | | | | | | 51.12% | | |
Name | | | Number of shares | |
J.P. Morgan Securities LLC | | | | |
Goldman Sachs & Co. LLC | | | | |
Cowen and Company, LLC | | | | |
Wedbush Securities Inc. | | | | |
Total | | | | |
| | | Without exercise of option to purchase additional shares | | | With full exercise of option to purchase additional shares | | ||||||
Per Share | | | | $ | | | | | $ | | | ||
Total | | | | $ | | | | | $ | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | | December 31, | | | June 30, 2019 | | Pro Forma June 30, 2019 | | | | December 31, | | | June 30, 2019 | | Pro Forma June 30, 2019 | | ||||||||||||||||||||||||||||||||
(in thousands, except share, unit, per-share and per-unit data) | | 2017 | | 2018 | | | 2017 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | (unaudited) | | (unaudited) | | | | | | | | | | | | | (unaudited) | | (unaudited) | | ||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cash and cash equivalents | | | $ | 10,271 | | | | $ | 45,648 | | | | $ | 185,291 | | | | $ | 185,291 | | | | | $ | 10,271 | | | | $ | 45,648 | | | | $ | 185,291 | | | | $ | 185,291 | | | ||||||||
Prepaid expenses and other current assets | | | | | 270 | | | | | 1,382 | | | | | 2,888 | | | | | 2,888 | | | | | | | 270 | | | | | 1,382 | | | | | 2,888 | | | | | 2,888 | | | ||||||
Total current assets | | | | | 10,541 | | | | | 47,030 | | | | | 188,179 | | | | | 188,179 | | | | | | | 10,541 | | | | | 47,030 | | | | | 188,179 | | | | | 188,179 | | | ||||||
Property and equipment, net | | | | 41 | | | | | 317 | | | | | 799 | | | | | 799 | | | | | | 41 | | | | | 317 | | | | | 799 | | | | | 799 | | | ||||||||
Equity investment in MapKure | | | | — | | | | | — | | | | | 3,500 | | | | | 3,500 | | | | | | — | | | | | — | | | | | 3,500 | | | | | 3,500 | | | ||||||||
Other assets | | | | | — | | | | | 1,043 | | | | | 2,154 | | | | | 2,154 | | | | | | | — | | | | | 1,043 | | | | | 2,154 | | | | | 2,154 | | | ||||||
Total assets | | | | $ | 10,582 | | | | $ | 48,390 | | | | $ | 194,632 | | | | $ | 194,632 | | | | | | $ | 10,582 | | | | $ | 48,390 | | | | $ | 194,632 | | | | $ | 194,632 | | | ||||||
Liabilities, Convertible Preferred Stock and Stockholders’ (Deficit) Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Accounts payable | | | $ | 283 | | | | $ | 774 | | | | $ | 2,144 | | | | $ | 2,144 | | | | | $ | 283 | | | | $ | 774 | | | | $ | 2,144 | | | | $ | 2,144 | | | ||||||||
Accrued expenses | | | | 370 | | | | | 2,568 | | | | | 7,534 | | | | | 7,534 | | | | | | 370 | | | | | 2,568 | | | | | 7,534 | | | | | 7,534 | | | ||||||||
Deferred rent | | | | | — | | | | | 335 | | | | | 349 | | | | | 349 | | | | | | | — | | | | | 335 | | | | | 349 | | | | | 349 | | | ||||||
Total current liabilities | | | | | 653 | | | | | 3,677 | | | | | 10,027 | | | | | 10,027 | | | | | | | 653 | | | | | 3,677 | | | | | 10,027 | | | | | 10,027 | | | ||||||
Long-term portion of deferred rent | | | | | — | | | | | 1,152 | | | | | 972 | | | | | 972 | | | | | | | — | | | | | 1,152 | | | | | 972 | | | | | 972 | | | ||||||
Non-current liabilities | | | | | — | | | | | 1,152 | | | | | 972 | | | | | 972 | | | | | | | — | | | | | 1,152 | | | | | 972 | | | | | 972 | | | ||||||
Total liabilities | | | | | 653 | | | | | 4,829 | | | | | 10,999 | | | | | 10,999 | | | | | | | 653 | | | | | 4,829 | | | | | 10,999 | | | | | 10,999 | | | ||||||
Commitments and contingencies (Note 8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Convertible preferred stock | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
Series A convertible preferred units, no par value, net of issuance costs; authorized 103,000,000 units at December 31, 2017 and December 31, 2018; issued and outstanding 13,200,001 and 63,600,000 units at December 31, 2017 and December 31, 2018, respectively; no units authorized, issued and outstanding at June 30, 2019 | | | | 12,554 | | | | | 62,930 | | | | | — | | | | | — | | | | | | 12,554 | | | | | 62,930 | | | | | — | | | | | — | | | ||||||||
Series A convertible preferred stock, $0.0001 par value; no shares authorized, issued or outstanding at December 31, 2017 and December 31, 2018; 103,000,000 shares authorized, issued and outstanding at June 30, 2019; no shares authorized, issued or outstanding at June 30, 2019, pro forma | | | | — | | | | | — | | | | | 92,700 | | | | | — | | | | | | — | | | | | — | | | | | 92,700 | | | | | — | | | ||||||||
Series B Convertible preferred stock, $0.0001 par value, net of issuance costs; no shares authorized, issued or outstanding of December 31, 2017 or December 31, 2018; 86,639,279 shares authorized, issued and outstanding at June 30, 2019; no shares authorized, issued or outstanding at June 30, 2019, pro forma | | | | — | | | | | — | | | | | 124,590 | | | | | — | | | | | | — | | | | | — | | | | | 124,590 | | | | | — | | | ||||||||
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Junior Series A convertible preferred units, no par value; authorized 6,437,500 units at December 31, 2017 and December 31, 2018; issued and outstanding 6,437,500 units at December 31, 2017 and December 31, 2018; no units authorized, issued and outstanding at June 30, 2019 | | | | 2,014 | | | | | 2,014 | | | | | — | | | | | — | | | | | | 2,014 | | | | | 2,014 | | | | | — | | | | | — | | | ||||||||
Junior Series A convertible preferred stock, $0.0001 par value; no shares authorized, issued or outstanding at December 31, 2017 and December 31, 2018; 6,437,500 shares authorized, issued and outstanding at June 30, 2019; no shares authorized, issued or outstanding at June 30, 2019, pro forma | | | | — | | | | | — | | | | | 3,882 | | | | | — | | | | | | — | | | | | — | | | | | 3,882 | | | | | — | | | ||||||||
Common units, no par value; authorized 1,287,501 units authorized at December 31, 2017 and December 31, 2018; no units issued and outstanding at December 31, 2017; 1,287,500 units issued and outstanding at December 31, 2018 | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Common stock, $0.0001 par value, no shares authorized, issued or outstanding at December 31, 2017 and December 31, 2018; 232,788,672 shares authorized, 20,326,427 shares issued and outstanding, at June 30, 2019; _______ shares authorized, ________ shares issued and outstanding, pro forma at June 30, 2019 | | | | — | | | | | — | | | | | — | | | | | 20 | | | |||||||||||||||||||||||||||||
Common units, no par value; 195,638 units authorized at December 31, 2017 and December 31, 2018; no units issued and outstanding at December 31, 2017; 195,638 units issued and outstanding at December 31, 2018; no units authorized, issued and outstanding at June 30, 2019 | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Common stock, $0.0001 par value, no shares authorized, issued or outstanding at December 31, 2017 and December 31, 2018; 35,372,778 shares authorized, 3,088,636 shares issued and outstanding, at June 30, 2019; 32,882,995 shares authorized, 32,882,995 shares issued and outstanding, pro forma at June 30, 2019 | | | | — | | | | | — | | | | | — | | | | | 3 | | | |||||||||||||||||||||||||||||
Additional paid-in capital | | | | — | | | | | 1,069 | | | | | 2,440 | | | | | 223,592 | | | | | | — | | | | | 1,069 | | | | | 2,440 | | | | | 223,609 | | | ||||||||
Accumulated deficit | | | | | (4,639) | | | | | (22,452) | | | | | (39,979) | | | | | (39,979) | | | | | | | (4,639) | | | | | (22,452) | | | | | (39,979) | | | | | (39,979) | | | ||||||
Total stockholders’ (deficit) equity | | | | | (2,625) | | | | | (19,369) | | | | | (33,657) | | | | | 183,633 | | | | | | | (2,625) | | | | | (19,369) | | | | | (33,657) | | | | | 183,633 | | | ||||||
Total liabilities, convertible preferred stock and stockholders’ (deficit) equity | | | | $ | 10,582 | | | | $ | 48,390 | | | | $ | 194,632 | | | | $ | 194,632 | | | | | | $ | 10,582 | | | | $ | 48,390 | | | | $ | 194,632 | | | | $ | 194,632 | | | |
(In thousands, except unit and share data) | | Period from August 18, 2017 (Inception) to December 31, 2017 | | Year Ended December 31, 2018 | | | Six Months Ended June 30, | | | Period from August 18, 2017 (Inception) to December 31, 2017 | | Year Ended December 31, 2018 | | | Six Months Ended June 30, | | ||||||||||||||||||||||||||||||||||
| 2018 | | 2019 | | | 2018 | | 2019 | | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Research and development | | | $ | 2,799 | | | | $ | 9,898 | | | | $ | 2,786 | | | | $ | 19,628 | | | | | $ | 2,799 | | | | $ | 9,898 | | | | $ | 2,786 | | | | $ | 19,628 | | | ||||||||
General and administrative | | | | | 1,861 | | | | | 8,593 | | | | | 4,028 | | | | | 6,911 | | | | | | | 1,861 | | | | | 8,593 | | | | | 4,028 | | | | | 6,911 | | | ||||||
Total operating expenses | | | | 4,660 | | | | | 18,491 | | | | | 6,814 | | | | | 26,539 | | | | | | 4,660 | | | | | 18,491 | | | | | 6,814 | | | | | 26,539 | | | ||||||||
Loss from operations | | | | (4,660) | | | | | (18,491) | | | | | (6,814) | | | | | (26,539) | | | | | | (4,660) | | | | | (18,491) | | | | | (6,814) | | | | | (26,539) | | | ||||||||
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Interest income, net | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | ||||||
Total other Income | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | | | | | 21 | | | | | 678 | | | | | 224 | | | | | 1,283 | | | ||||||
Net loss | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (25,256) | | | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (25,256) | | | ||||||
Reconciliation of net loss to net loss attributable to common stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Net loss | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (25,256) | | | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (25,256) | | | ||||||
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred shares | | | | | — | | | | | — | | | | | — | | | | | 7,729 | | | | | | | — | | | | | — | | | | | — | | | | | 7,729 | | | ||||||
Net loss attributable to common stockholders – basic and diluted | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (17,527) | | | | | | $ | (4,639) | | | | $ | (17,813) | | | | $ | (6,590) | | | | $ | (17,527) | | | ||||||
Net loss per common unit, basic and diluted | | | | | — | | | | $ | (7.94) | | | | $ | (5.71) | | | | | | | | | | | | — | | | | $ | (52.24) | | | | $ | (37.60) | | | | | | | | ||||||
Net loss per common share attributable to common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | $ | (3.41) | | | | | | | | | | | | | | | | | | | | | $ | (22.47) | | | ||||||
Weighted average common units outstanding, basic and diluted | | | | | — | | | | | 2,244,215 | | | | | 1,153,592 | | | | | | | | | | | | — | | | | | 341,014 | | | | | 175,291 | | | | | | | | ||||||
Weighted average common shares outstanding, basic and diluted | | | | | | | | | | | | | | | | | | | | 5,133,617 | | | | | | | | | | | | | | | | | | | | | | 780,066 | | | ||||||
Pro forma net loss per share, basic and diluted (unaudited) | | | | | | | | | $ | (0.30) | | | | | | | | | $ | (0.12) | | | | | | | | | | | $ | (2.00) | | | | | | | | | $ | (0.79) | | | ||||||
Pro forma weighted average common shares outstanding, basic and diluted (unaudited) | | | | | | | | | | 58,749,660 | | | | | | | | | | 146,069,969 | | | | | | | | | | | | 8,927,163 | | | | | | | | | | 22,195,710 | | | |
| | | Series A convertible preferred | | Series A and B convertible preferred | | | | Junior Series A convertible preferred | | Junior Series A convertible preferred | | Common | | Common | | | Additional Paid-In Capital | | Accumulated Deficit | | Total | | | | Series A convertible preferred | | Series A and B convertible preferred | | | | Junior Series A convertible preferred | | Junior Series A convertible preferred | | Common | | Common | | | Additional Paid-In Capital | | Accumulated Deficit | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except unit, share, per-unit and per-share data) | | Units | | Amount | | Shares | | Amount | | | | Units | | Amount | | Shares | | Amount | | Units | | Amount | | Shares | | Amount | | | Units | | Amount | | Shares | | Amount | | | | Units | | Amount | | Shares | | Amount | | Units | | Amount | | Shares | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at August 18, 2017 (Inception) | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||
Issuance of Series A convertible preferred units, net of issuance costs | | | | 13,200,001 | | | | | 12,554 | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 13,200,001 | | | | | 12,554 | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||
Issuance of Junior Series A convertible preferred units | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | 6,437,500 | | | | | 2,014 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,014 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | 6,437,500 | | | | | 2,014 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,014 | | | ||||||||||||||||||||||||||||
Net Loss | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,639) | | | | | (4,639) | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,639) | | | | | (4,639) | | | ||||||||||||||||||||||||||
Balance at December 31, 2017 | | | | | 13,200,001 | | | | | 12,554 | | | | | — | | | | | — | | | | | | | 6,437,500 | | | | | 2,014 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,639) | | | | | (2,625) | | | | | | | 13,200,001 | | | | | 12,554 | | | | | — | | | | | — | | | | | | | 6,437,500 | | | | | 2,014 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,639) | | | | | (2,625) | | | ||||||||||||||||||||||||||
Issuance of Series A convertible preferred units, net | | | | 50,399,999 | | | | | 50,376 | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 50,399,999 | | | | | 50,376 | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||
Issuance of common units to founders | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,287,500 | | | | | — | | | | | — | | | | | — | | | | | 154 | | | | | — | | | | | 154 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 195,638 | | | | | — | | | | | — | | | | | — | | | | | 154 | | | | | — | | | | | 154 | | | ||||||||||||||||||||||||||||
Issuance of incentive units | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 19,121,653 | | | | | — | | | | | — | | | | | — | | | | | 915 | | | | | — | | | | | 915 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,905,572 | | | | | — | | | | | — | | | | | — | | | | | 915 | | | | | — | | | | | 915 | | | ||||||||||||||||||||||||||||
Net loss | | ��� | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (17,813) | | | | | (17,813) | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (17,813) | | | | | (17,813) | | | ||||||||||||||||||||||||||
Balance at December 31, 2018 | | | | | 63,600,000 | | | | | 62,930 | | | | | — | | | | | — | | | | | | | 6,437,500 | | | | | 2,014 | | | | | — | | | | | — | | | | | 20,409,153 | | | | | — | | | | | — | | | | | — | | | | | 1,069 | | | | | (22,452) | | | | | (19,369) | | | | | | | 63,600,000 | | | | | 62,930 | | | | | — | | | | | — | | | | | | | 6,437,500 | | | | | 2,014 | | | | | — | | | | | — | | | | | 3,101,210 | | | | | — | | | | | — | | | | | — | | | | | 1,069 | | | | | (22,452) | | | | | (19,369) | | | ||||||||||||||||||||||||||
Issuance of Series A convertible preferred shares | | | | 39,400,000 | | | | | 39,367 | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 39,400,000 | | | | | 39,367 | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||
Effects of Reorganization | | | | (103,000,000) | | | | | (102,297) | | | | | 103,000,000 | | | | | 102,297 | | | | | | | (6,437,500) | | | | | (2,014) | | | | | 6,437,500 | | | | | 2,014 | | | | | (20,326,427) | | | | | — | | | | | 20,326,427 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | (103,000,000) | | | | | (102,297) | | | | | 103,000,000 | | | | | 102,297 | | | | | | | (6,437,500) | | | | | (2,014) | | | | | 6,437,500 | | | | | 2,014 | | | | | (3,088,636) | | | | | — | | | | | 3,088,636 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||
Issuance of Series B convertible preferred units, net of $413,063 in legal costs | | | | — | | | | | — | | | | | 86,639,279 | | | | | 124,590 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 86,639,279 | | | | | 124,590 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||
Series A convertible preferred extinguishment | | | | — | | | | | — | | | | | — | | | | | (9,597) | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,597 | | | | | 9,597 | | | | | | — | | | | | — | | | | | — | | | | | (9,597) | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,597 | | | | | 9,597 | | | ||||||||||||||||||||||||||||
Junior Series A convertible preferred extinguishment | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | 1,868 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (1,868) | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | 1,868 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (1,868) | | | | | — | | | ||||||||||||||||||||||||||||
Stock compensation expense, net of forfeiture | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (82,726) | | | | | — | | | | | — | | | | | — | | | | | 1,371 | | | | | — | | | | | 1,371 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (12,570) | | | | | — | | | | | — | | | | | — | | | | | 1,371 | | | | | — | | | | | 1,371 | | | ||||||||||||||||||||||||||||
Net Income (loss) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (25,256) | | | | | (25,256) | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (25,256) | | | | | (25,256) | | | ||||||||||||||||||||||||||
Balance at June 30, 2019 . | | | | | — | | | | $ | — | | | | | 189,639,279 | | | | $ | 217,290 | | | | | | | — | | | | $ | — | | | | | 6,437,500 | | | | $ | 3,882 | | | | | — | | | | $ | — | | | | | 20,326,427 | | | | $ | — | | | | $ | 2,440 | | | | $ | (39,979) | | | | $ | (33,657) | | | | | | | — | | | | $ | — | | | | | 189,639,279 | | | | $ | 217,290 | | | | | | | — | | | | $ | — | | | | | 6,437,500 | | | | $ | 3,882 | | | | | — | | | | $ | — | | | | | 3,088,636 | | | | $ | — | | | | $ | 2,440 | | | | $ | (39,979) | | | | $ | (33,657) | | | |
(in thousands, except unit and per-unit data) | | | Period from August 18, 2017 (Inception) to December 31, 2017 | | | Year Ended December 31, 2018 | | | Six Months Ended June 30, | | |||||||||||||||
| 2018 | | | 2019 | | ||||||||||||||||||||
Operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | | $ | (4,639) | | | | | $ | (17,813) | | | | | $ | (6,590) | | | | | $ | (25,256) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation expense | | | | | 3 | | | | | | 17 | | | | | | 6 | | | | | | 64 | | |
Stock compensation expense | | | | | — | | | | | | 1,069 | | | | | | 609 | | | | | | 1,371 | | |
Non-cash license expense | | | | | 2,014 | | | | | | — | | | | | | — | | | | | | — | | |
Changes in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Prepaid expenses and other current assets | | | | | (270) | | | | | | (1,112) | | | | | | 35 | | | | | | (1,506) | | |
Other assets | | | | | — | | | | | | (1,043) | | | | | | (503) | | | | | | (1,111) | | |
Accounts payable | | | | | 283 | | | | | | 491 | | | | | | 871 | | | | | | 1,370 | | |
Accrued expenses | | | | | 370 | | | | | | 2,198 | | | | | | 1,088 | | | | | | 4,966 | | |
Deferred rent | | | | | — | | | | | | 1,487 | | | | | | — | | | | | | (166) | | |
Net cash used in operating activities | | | | | (2,239) | | | | | | (14,706) | | | | | | (4,484) | | | | | | (20,268) | | |
Investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (44) | | | | | | (293) | | | | | | (65) | | | | | | (546) | | |
Investment in MapKure | | | | | — | | | | | | — | | | | | | — | | | | | | (3,500) | | |
Net cash used in investing activities | | | | | (44) | | | | | | (293) | | | | | | (65) | | | | | | (4,046) | | |
Financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of Series A convertible preferred units, net of issuance costs | | | | | 12,554 | | | | | | 50,376 | | | | | | 50,400 | | | | | | 39,367 | | |
Junior Series A convertible preferred units | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Proceeds from issuance of Series B convertible preferred units, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | 124,590 | | |
Net cash provided by financing activities | | | | | 12,554 | | | | | | 50,376 | | | | | | 50,400 | | | | | | 163,957 | | |
Net increase in cash and cash equivalents | | | | | 10,271 | | | | | | 35,377 | | | | | | 45,851 | | | | | | 139,643 | | |
Cash and cash equivalents, beginning of period | | | | | — | | | | | | 10,271 | | | | | | 10,271 | | | | | | 45,648 | | |
Cash and cash equivalents, end of period | | | | $ | 10,271 | | | | | $ | 45,648 | | | | | $ | 56,122 | | | | | $ | 185,291 | | |
|
| | | December 31, | | | June 30, 2019 (unaudited) | | ||||||||||||
(in thousands) | | | 2017 | | | 2018 | | ||||||||||||
Leasehold improvements | | | | $ | — | | | | | $ | 293 | | | | | $ | 731 | | |
Computer equipment | | | | | 26 | | | | | | 27 | | | | | | 121 | | |
Furniture | | | | | 18 | | | | | | 18 | | | | | | 31 | | |
| | | | | 44 | | | | | | 338 | | | | | | 883 | | |
Less accumulated depreciation | | | | | (3) | | | | | | (21) | | | | | | (84) | | |
| | | | $ | 41 | | | | | $ | 317 | | | | | $ | 799 | | |
|
| | | December 31, | | | June 30, 2019 (unaudited) | | ||||||||||||
(in thousands) | | | 2017 | | | 2018 | | ||||||||||||
Accrued professional fees | | | | $ | 129 | | | | | $ | 1,040 | | | | | $ | 802 | | |
Accrued compensation and benefits | | | | | 189 | | | | | | 1,178 | | | | | | 1,118 | | |
Accrued other | | | | | 52 | | | | | | 350 | | | | | | 5,614 | | |
| | | | $ | 370 | | | | | $ | 2,568 | | | | | $ | 7,534 | | |
|
| | Number of Units | | Weighted Average Grant Date Fair Value | | | Number of Units | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Outstanding at December 31, 2017 | | | | — | | | | $ | — | | | | | | — | | | | $ | — | | | ||||
Granted | | | | 21,657,689 | | | | | 0.17 | | | | | | 3,290,929 | | | | | 1.12 | | | ||||
Vested | | | | (2,644,420) | | | | | 0.16 | | | | | | (401,824) | | | | | 1.05 | | | ||||
Forfeited | | | | | (2,536,036) | | | | | | 0.14 | | | | | | | (385,361) | | | | | | 0.92 | | |
Unvested and outstanding at December 31, 2018 | | | | 16,477,233 | | | | | 0.19 | | | | | | 2,503,744 | | | | | 1.25 | | | ||||
Vested | | | | (1,501,854) | | | | | 0.12 | | | | | | (228,209) | | | | | 0.81 | | | ||||
Forfeited | | | | | (82,726) | | | | | | 0.22 | | | | | | | (12,570) | | | | | | 1.45 | | |
Unvested and outstanding at March 29, 2019 (unaudited) | | | | | 14,892,653 | | | | | | 0.18 | | | | | | | 2,262,965 | | | | | | 1.24 | | | |
| | Number of Award | | Weighted Average Exercise Price | | | Number of Award | | Weighted Average Exercise Price | | ||||||||||||||||
Outstanding at December 31, 2017 and December 31, 2018 | | | | — | | | | $ | — | | | | | | — | | | | $ | — | | | ||||
Granted | | | | 976,795 | | | | | 0.25 | | | | | | 148,415 | | | | | 1.65 | | | ||||
Forfeited | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | |
Outstanding at March 29, 2019 (unaudited) | | | | | 976,795 | | | | | 0.25 | | | | | | | 148,415 | | | | | 1.65 | | | |
| | Number of Shares | | Weighted Average Grant Date Fair Value | | | Number of Shares | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Unvested and outstanding at March 29, 2019 (unaudited) | | | | | 14,892,653 | | | | | $ | 0.18 | | | | | | | 2,262,965 | | | | | $ | 1.24 | | |
Granted | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Vested | | | | (949,491) | | | | | 0.17 | | | | | | (144,276) | | | | | 1.11 | | | ||||
Forfeited | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | |
Unvested and outstanding at June 30, 2019 (unaudited) | | | | | 13,943,162 | | | | | | 0.19 | | | | | | | 2,118,689 | | | | | | 1.25 | | | |
| | Number of Award | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (Years) | | Aggregate Intrinsic Value | | | Number of Award | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (Years) | | Aggregate Intrinsic Value | | ||||||||||||||||||||||||||||||||
Outstanding at March 29, 2019 (unaudited) | | | | 976,795 | | | | $ | 0.25 | | | | | | | | | $ | — | | | | | | 148,415 | | | | $ | 1.65 | | | | | | | | | $ | — | | | ||||||||
Granted | | | | 15,408,671 | | | | | 0.35 | | | | | | | | | | — | | | | | | 2,341,363 | | | | | 2.30 | | | | | | | | | | — | | | ||||||||
Cancelled/Forfeited | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Outstanding at June 30, 2019 (unaudited) | | | | 16,385,466 | | | | | 0.34 | | | | | 9.8 | | | | | 17,040,885 | | | | | | 2,489,778 | | | | | 2.24 | | | | | 9.8 | | | | | 17,034,513 | | | ||||||||
Exercisable, June 30, 2019 (unaudited) | | | | 970,023 | | | | | 0.35 | | | | | 9.8 | | | | | 999,124 | | | | | | 147,397 | | | | | 2.30 | | | | | 9.8 | | | | | 999,614 | | | ||||||||
Vested and expected to vest, June 30, 2019 (unaudited) | | | | 16,385,466 | | | | | 0.34 | | | | | 9.8 | | | | | 17,040,885 | | | | | | 2,489,778 | | | | | 2.24 | | | | | 9.8 | | | | | 17,034,513 | | |
| | | Period from August 18, 2017 (inception) to December 31, 2017 | | | Year Ended December 31, 2018 | | | Six Months Ended June 30, | | |||||||||||||||
| 2018 | | | 2019 | | ||||||||||||||||||||
Research and development | | | | $ | — | | | | | $ | 164 | | | | | $ | 46 | | | | | $ | 311 | | |
General and administrative | | | | | — | | | | | | 751 | | | | | | 408 | | | | | | 1,060 | | |
Total equity compensation expenses | | | | $ | — | | | | | $ | 915 | | | | | $ | 454 | | | | | $ | 1,371 | | |
|
(in thousands) | | | Premises Operating Leases | | |||
Remainder of 2019 | | | | $ | 660 | | |
2020 | | | | | 1,344 | | |
2021 | | | | | 1,372 | | |
2022 | | | | | 1,297 | | |
2023 | | | | | 135 | | |
Total obligations | | | | $ | 4,808 | | |
|
| | | As of December 31, | | |||||||||
(in thousands) | | | 2017 | | | 2018 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards | | | | $ | 1,413 | | | | | $ | 3,342 | | |
Research and development credits | | | | | 53 | | | | | | 403 | | |
Deferred rent | | | | | — | | | | | | 312 | | |
Accrued expenses | | | | | 92 | | | | | | 46 | | |
Section 195 startup costs | | | | | — | | | | | | 1,270 | | |
Total deferred tax assets | | | | | 1,558 | | | | | | 5,373 | | |
Deferred tax liability | | | | | — | | | | | | — | | |
Valuation allowance | | | | | (1,558) | | | | | | (5,373) | | |
Net deferred tax assets | | | | $ | — | | | | | $ | — | | |
| | | Period from August 18, 2017 (inception) to December 31, 2017 | | | Year Ended December 31, 2018 | | ||||||
Statutory tax rate | | | | | 34.00% | | | | | | 21.00% | | |
State tax expense, net of federal benefit | | | | | 9.17 | | | | | | 0.00 | | |
Revaluation of deferred tax assets | | | | | (10.46) | | | | | | 0.00 | | |
Federal and state return to provision adjustments | | | | | 0.00 | | | | | | (1.08) | | |
Research and development credit | | | | | 0.76 | | | | | | 2.02 | | |
Other | | | | | (0.04) | | | | | | (0.04) | | |
Change in valuation allowance | | | | | (33.43) | | | | | | (21.90) | | |
Effective tax rate | | | | | 0.00% | | | | | | 0.00% | | |
(in thousands except for units and per-unit data) | | Period from August 18, 2017 (inception) to December 31, 2017 | | Year Ended December 31, 2018 | | | Period from August 18, 2017 (inception) to December 31, 2017 | | Year Ended December 31, 2018 | | ||||||||||||||||
Net loss | | | | $ | (4,639) | | | | $ | (17,813) | | | | | | $ | (4,639) | | | | $ | (17,813) | | | ||
Weighted average common units outstanding, basic and diluted | | | | | — | | | | | 2,244,215 | | | | | | | — | | | | | 341,014 | | | ||
Net loss per common unit, basic and diluted | | | $ | — | | | | $ | (7.94) | | | | | $ | — | | | | $ | (52.24) | | |
(in thousands except for shares and per unit data) | | | Six Months Ended June 30, | | | | Six Months Ended June 30, | | ||||||||||||||||||
| 2018 | | 2019 | | | 2018 | | 2019 | | |||||||||||||||||
Net loss | | | $ | (6,590) | | | | $ | (25,256) | | | | | $ | (6,590) | | | | $ | (25,256) | | | ||||
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred shares | | | | | — | | | | | 7,729 | | | | | | | — | | | | | 7,729 | | | ||
Net loss attributable to common stockholders – basic and diluted | | | | $ | (6,590) | | | | $ | (17,527) | | | | | | $ | (6,590) | | | | $ | (17,527) | | | ||
Weighted average common units and shares outstanding, basic and diluted | | | | | 1,153,592 | | | | | 5,133,617 | | | | | | | 175,291 | | | | | 780,066 | | | ||
Net loss per common unit and share, basic and diluted | | | $ | (5.71) | | | | $ | (3.41) | | | | | $ | (37.60) | | | | $ | (22.47) | | |
| | Period from August 18, 2017 (inception) to December 31, 2017 | | Year Ended December 31, 2018 | | Six Months Ended June 30, 2019 (unaudited) | | | Period from August 18, 2017 (inception) to December 31, 2017 | | Year Ended December 31, 2018 | | Six Months Ended June 30, 2019 (unaudited) | | ||||||||||||||||||||||||
Series A convertible preferred units and shares | | | | 13,200,001 | | | | | 63,600,000 | | | | | 103,000,000 | | | | | | 2,005,774 | | | | | 9,664,183 | | | | | 15,651,114 | | | ||||||
Series B convertible preferred shares | | | | — | | | | | — | | | | | 86,639,279 | | | | | | — | | | | | — | | | | | 13,165,051 | | | ||||||
Junior Series A convertible preferred units and shares | | | | 6,437,500 | | | | | 6,437,500 | | | | | 6,437,500 | | | | | | 978,194 | | | | | 978,194 | | | | | 978,194 | | | ||||||
Unvested incentive units and restricted shares | | | | — | | | | | 16,477,233 | | | | | 13,943,162 | | | | | | — | | | | | 2,503,744 | | | | | 2,118,689 | | | ||||||
Stock options issued and outstanding | | | | | — | | | | | — | | | | | 16,385,466 | | | | | | | — | | | | | — | | | | | 2,489,778 | | | ||||
Total | | | | 19,637,501 | | | | | 86,514,733 | | | | | 226,405,407 | | | | | | 2,983,968 | | | | | 13,146,121 | | | | | 34,402,826 | | |
(in thousands except share and per share data) | | Year Ended December 31, 2018 | | Six Months Ended June 30, 2019 (unaudited) | | | Year Ended December 31, 2018 | | Six Months Ended June 30, 2019 (unaudited) | | ||||||||||||||||
Numerator | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (17,813) | | | | $ | (25,256) | | | | | $ | (17,813) | | | | $ | (25,256) | | | ||||
Less net Income attributable to Extinguishment | | | | — | | | | | 7,729 | | | | | | — | | | | | 7,729 | | | ||||
Net loss attributable to common stockholders | | | | $ | (17,813) | | | | $ | (17,527) | | | | | | $ | (17,813) | | | | $ | (17,527) | | | ||
Denominator | | | | | | | | | | | | | | | | | | | | | | | ||||
Units and shares used to compute net loss per unit and share, basic and diluted | | | | 2,244,215 | | | | | 5,133,617 | | | | | | 341,014 | | | | | 780,066 | | | ||||
Pro forma adjustments to reflect assumed weighted average effect of conversion of convertible preferred stock | | | | 56,505,445 | | | | | 140,936,352 | | | | | | 8,586,149 | | | | | 21,415,644 | | | ||||
Shares used to compute pro forma net loss per share, basic and diluted | | | | | 58,749,660 | | | | | 146,069,969 | | | | | | | 8,927,163 | | | | | 22,195,710 | | | ||
Pro forma net loss per share, basic and diluted | | | $ | (0.30) | | | | $ | (0.12) | | | | | $ | (2.00) | | | | $ | (0.79) | | |
| | | Amount to be paid | | |||
SEC registration fee | | | | $ | 13,938 | | |
FINRA filing fee | | | | $ | 17,750 | | |
Nasdaq Global Market listing fee | | | | | * | | |
Printing and mailing | | | | | * | | |
Legal fees and expenses | | | | | * | | |
Accounting fees and expenses | | | | | * | | |
Transfer agent and registrar fees and expenses | | | | | * | | |
Miscellaneous | | | | | * | | |
Total | | | | $ | * | | |
| | | Amount to be paid | | |||
SEC registration fee | | | | $ | 22,580 | | |
FINRA filing fee | | | | | 28,445 | | |
Nasdaq Global Select Market listing fee | | | | | 210,000 | | |
Printing and mailing | | | | | 200,000 | | |
Legal fees and expenses | | | | | 1,700,000 | | |
Accounting fees and expenses | | | | | 1,050,000 | | |
Transfer agent and registrar fees and expenses | | | | | 25,000 | | |
Miscellaneous | | | | | 96,991 | | |
Total | | | | $ | 3,333,016 | | |
| | | | SPRINGWORKS THERAPEUTICS, INC. | | |||
| | | | By: | | | /s/ Saqib Islam | |
| | | | | | | Name: Saqib Islam, J.D. | |
| | | | | | | Title: Chief Executive Officer and Director | |
| Name | | | Title | | | Date | |
| /s/ Saqib Islam Saqib Islam, J.D. | | | Chief Executive Officer and Director (Principal Executive | | | September 12, 2019 | |
| * Francis I. Perier, Jr. | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | | |
| Daniel S. Lynch, M.B.A. | | | Chairman | | | | |
| Alan Fuhrman | | | Director | | | September 12, 2019 | |
| * Carl L. Gordon, Ph.D. | | | Director | | | | |
| Freda Lewis-Hall, M.D., DFAPA | | | Director | | | | |
| Deval Patrick, J.D. | | | Director | | | |
| ||||||||
| Jeffrey Schwartz, M.B.A. | | | Director | | | | |
| Stephen Squinto, Ph.D. | | | Director | | | | |