| Delaware (State or other jurisdiction of incorporation or organization) | | | 3841 (Primary Standard Industrial Classification Code Number) | | | 47-5178400 (I.R.S. Employer Identification Number) | |
| Oded Har-Even, Esq. Ron Ben-Bassat, Esq. Sullivan & Worcester LLP 1633 Broadway New York, NY 10019 (212) 660-3060 | | | Thomas Ruggia Chief Executive Officer Samsara Vision, Inc. 27 Route 202, Suites 8 & 9, PO Box 705 Far Hills, NJ 07931 (877) 997-4448 | | | Matthew W. Mamak, Esq. Alston & Bird LLP 90 Park Avenue New York, NY 10016 (212) 210-9470 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ | | | Emerging Growth Company ☒ | |
| | | Per Share | | | Total | | ||||||
Initial public offering price | | | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1) | | | | $ | | | | | $ | | | ||
Proceeds to us, before expenses | | | | $ | | | | | $ | | | |
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| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||
U.S. dollars in thousands, except share and per share data | | 2021 | | 2020 | | | | 2021 | | 2020 | | | ||||||||||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Revenues | | | $ | 39 | | | | $ | — | | | | | | $ | 39 | | | | $ | — | | | | ||||||||
Cost of revenues | | | | (7) | | | | | — | | | | | | | (7) | | | | | — | | | | ||||||||
Gross profit | | | | 32 | | | | | — | | | | | | | 32 | | | | | — | | | | ||||||||
Research and development expenses | | | | 4,227 | | | | | 2,652 | | | | | | | 4,227 | | | | | 2,652 | | | | ||||||||
Sales and marketing expenses | | | | 2,098 | | | | | 272 | | | | | | | 2,098 | | | | | 272 | | | | ||||||||
General and administrative expenses | | | | 2,916 | | | | | 3,237 | | | | | | | 2,916 | | | | | 3,237 | | | | ||||||||
Total operating expenses | | | | 9,241 | | | | | 3,237 | | | | | | | 9,241 | | | | | 6,161 | | | | ||||||||
Operating loss | | | | 9,209 | | | | | 6,161 | | | | | | | 9,209 | | | | | 6,161 | | | | ||||||||
Finance (income) expenses | | | | (1,033) | | | | | 38 | | | | | | | (1,033) | | | | | 38 | | | | ||||||||
Loss attributable to the Company’s stockholders (1) | | | $ | 8,176 | | | | $ | 6,199 | | | | ||||||||||||||||||||
Basic and diluted loss per share attributable to the Company’s stockholders | | | $ | (0.91) | | | | $ | (0.69) | | | | ||||||||||||||||||||
Weighted average stock outstanding(1) | | | | 9,004,950 | | | | | 9,004,950 | | | |
| | | Year Ended December 31, | | ||||||||||||
U.S. dollars in thousands, except share and per share data | | | 2021 | | | 2020 | | | ||||||||
Loss attributable to the Company’s stockholders(1) | | | | $ | 8,176 | | | | | $ | 6,199 | | | | ||
Basic and diluted loss per share attributable to the Company’s stockholders | | | | $ | (0.91) | | | | | $ | (0.69) | | | | ||
Weighted average stock outstanding(1) | | | | | 9,004,950 | | | | | | 9,004,950 | | | | ||
|
U.S. dollars in thousands | | | As of December 31, 2021 | | |||||||||||||||
| | | Actual | | | Pro forma(1) | | | Pro forma as Adjusted(2)(3) | | |||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents and restricted cash | | | | $ | 2,877 | | | | | $ | 2,877 | | | | | | 15,896 | | |
Working capital (deficit)(4) | | | | | 1,865 | | | | | | 1,865 | | | | | | 15,257 | | |
Total assets | | | | | 3,665 | | | | | | 3,665 | | | | | | 16,311 | | |
Convertible Series A preferred stock | | | | | 3,216 | | | | | | — | | | | | | — | | |
Additional paid-in capital | | | | | 131,897 | | | | | | 145,612 | | | | | | 158,631 | | |
Accumulated deficit | | | | | (143,480) | | | | | | (143,480) | | | | | | (143,480) | | |
Total stockholders’ equity (deficit) | | | | $ | (11,583) | | | | | $ | 2,133 | | | | | $ | 15,152 | | |
| | | As of December 31, 2021 Unaudited | | |||||||||||||||
U.S. dollars in thousands | | | Actual | | | Pro forma | | | Pro forma as adjusted(1) | | |||||||||
Cash and cash equivalents and restricted cash | | | | $ | 2,877 | | | | | $ | 2,877 | | | | | $ | 15,896 | | |
Convertible loan | | | | | 10,500 | | | | | | — | | | | | | — | | |
Convertible preferred stock (Series A), par value $0.0001 per share; 9,000,000 shares authorized, 9,000,000 shares issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted | | | | | 3,216 | | | | | | — | | | | | | — | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 90,000,000 shares authorized, actual; 4,950 shares issued and outstanding, actual; 90,000,000 shares authorized, pro forma and pro forma as adjusted; 18,335,271 shares issued and outstanding, pro forma; 20,835,271 shares issued and shares outstanding, pro forma as adjusted | | | | | (*) | | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 131,897 | | | | | | 145,612 | | | | | | 158,631 | | |
Accumulated deficit | | | | | (143,480) | | | | | | (143,480) | | | | | | (143,480) | | |
Total stockholders’ equity (deficit) | | | | | (11,583) | | | | | | 2,133 | | | | | | 15,152 | | |
Total capitalization | | | | $ | (8,367) | | | | | $ | 2,133 | | | | | $ | 15,152 | | |
| | | Year Ended December 31, | | |||||||||
U.S. dollars in thousands, except share and per share data | | | 2021 | | | 2020 | | ||||||
| | | | | | | | | | | | | |
Consolidated Statement of Operations Data: | | | | | | | | | | | | | |
Revenues | | | | $ | 39 | | | | | $ | — | | |
Cost of revenues | | | | | (7) | | | | | | — | | |
Gross profit | | | | | 32 | | | | | | — | | |
Research and development expenses | | | | | 4,277 | | | | | | 2,652 | | |
Sales and marketing | | | | | 2,098 | | | | | | 272 | | |
General and administrative expenses | | | | | 2,916 | | | | | | 3,237 | | |
Total operating expenses | | | | | 9,241 | | | | | | 6,161 | | |
Operating loss | | | | | 9,209 | | | | | | 6,161 | | |
Finance (income) expenses | | | | | (1,033) | | | | | | 38 | | |
Loss attributable to the Company’s stockholders(1) | | | | $ | 8,176 | | | | | $ | 6,199 | | |
Basic and diluted loss per share attributable to the Company’s stockholders | | | | $ | 0.91 | | | | | $ | 0.69 | | |
Weighted average stock outstanding(1) | | | | | 9,004,950 | | | | | | 9,004,950 | | |
U.S. dollars in thousands | | | December 31, 2021 | | | |||||
| | | | | | | | | ||
Consolidated Statements of Financial Position Data: | | | | | | | | | | |
Cash and cash equivalents and restricted cash | | | | $ | 2,877 | | | | ||
Total assets | | | | | 3,665 | | | | ||
Additional paid-in capital | | | | | 131,897 | | | | ||
Accumulated deficit | | | | | (143,480) | | | | ||
Total stockholders’ equity (deficit) | | | | $ | (11,583) | | | |
| Assumed public offering price per share, the midpoint of the estimated price range set forth on the cover page of this prospectus | | | | $ | 6.00 | | |
| Historical adjusted net tangible book value per share as of December 31, 2021 | | | | $ | 0.12 | | |
| Increase in net tangible book value per share attributable to new investors in this offering | | | | $ | 0.61 | | |
| As adjusted net tangible book value per share after offering | | | | $ | 0.73 | | |
| Dilution in tangible book value per share to new investors | | | | $ | 5.27 | | |
| | | Shares | | | Total Consideration | | | Average Price Per Common Stock | | |||||||||||||||||||||
| Number | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||||
Existing stockholders | | | | | 18,335,271 | | | | | | 88% | | | | | $ | 130,000 | | | | | | 89.7% | | | | | $ | 7.09 | | |
New investors | | | | | 2,500,000 | | | | | | 12% | | | | | $ | 15,000 | | | | | | 10.3% | | | | | $ | 6.00 | | |
Total | | | | | 20,835,271 | | | | | | 100.0% | | | | | $ | 145,000 | | | | | | 100.0% | | | | | $ | 6.96 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||
U.S. dollars in thousands, except share and per share data | | 2021 | | 2020 | | | 2021 | | 2020 | | ||||||||||||||||
Revenues | | | $ | — | | | | $ | 39 | | | | | $ | 39 | | | | $ | — | | | ||||
Cost of revenues | | | | (7) | | | | | — | | | | | | (7) | | | | | — | | | ||||
Gross profit | | | $ | — | | | | $ | 32 | | | | | $ | 32 | | | | $ | — | | |
| | | Year Ended December 31, | | |||||||||
U.S. dollars in thousands | | | 2021 | | | 2020 | | ||||||
Clinical trials | | | | $ | 1,141 | | | | | $ | 534 | | |
Salaries and related expenses | | | | | 1,351 | | | | | | 980 | | |
Materials | | | | | 409 | | | | | | 81 | | |
Rent and maintenance | | | | | 325 | | | | | | 344 | | |
Quality assurance expenses | | | | | 772 | | | | | | 561 | | |
Outsource services and other | | | | | 229 | | | | | | 152 | | |
Total | | | | $ | 4,227 | | | | | $ | 2,652 | | |
| | | Year Ended December 31, | | |||||||||
U.S. dollars in thousands | | | 2021 | | | 2020 | | ||||||
| | | | | | | | | | | | | |
Salaries and related expenses | | | | $ | 487 | | | | | $ | 150 | | |
Outside services expenses | | | | | 1,532 | | | | | | 101 | | |
Travel expenses | | | | | — | | | | | | — | | |
Rent and maintenance | | | | | 3 | | | | | | 15 | | |
Other | | | | | 76 | | | | | | 6 | | |
Total | | | | $ | 2,098 | | | | | $ | 272 | | |
| | | Year Ended December 31, | | |||||||||
U.S. dollars in thousands | | | 2021 | | | 2020 | | ||||||
Salaries and related expenses | | | | $ | 1,845 | | | | | $ | 1,731 | | |
Office rental, maintenance and depreciation | | | | | 276 | | | | | | 179 | | |
Professional services | | | | | 301 | | | | | | 278 | | |
Patents | | | | | 124 | | | | | | 88 | | |
Travel expenses | | | | | 5 | | | | | | 34 | | |
Other | | | | | 365 | | | | | | 927 | | |
Total | | | | $ | 2,916 | | | | | $ | 3,237 | | |
| | | Year Ended December 31, | | |||||||||
U.S. dollars in thousands | | | 2021 | | | 2020 | | ||||||
Revenues | | | | $ | 39 | | | | | $ | — | | |
Cost of revenues | | | | | (7) | | | | | | — | | |
Gross profit | | | | | 32 | | | | | | — | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development expenses | | | | | 4,227 | | | | | | 2,652 | | |
Selling, general and administrative expenses | | | | | 5,014 | | | | | | 3,509 | | |
Operating loss | | | | | 9,209 | | | | | | 6,161 | | |
Financial (income) expenses, net | | | | | (1,033) | | | | | | 38 | | |
Loss before taxes on income | | | | | 8,176 | | | | | | 6,199 | | |
Income tax expense (benefit) | | | | | — | | | | | | — | | |
Total comprehensive loss | | | | $ | 8,176 | | | | | $ | 6,199 | | |
| | | Year Ended December 31, | | |||||||||
U.S. dollars in thousands | | | 2021 | | | 2020 | | ||||||
Operating activities | | | | $ | (9,270) | | | | | $ | (5,749) | | |
Investing activities | | | | $ | — | | | | | $ | — | | |
Financing activities | | | | $ | 9,745 | | | | | $ | 7,625 | | |
Net increase in cash and cash equivalents | | | | $ | 475 | | | | | $ | 1,876 | | |
U.S. dollars in thousands | | | Total | | | Less than 1 year | | | 1 – 3 years | | | 3 – 5 years | | | More than 5 years | | |||||||||||||||
Annual lease payments(1) | | | | $ | 538 | | | | | $ | 457 | | | | | $ | 81 | | | | | $ | — | | | | | $ | — | | |
Severance pay(2) | | | | $ | 119 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 119 | | |
| | | | $ | 657 | | | | | $ | 457 | | | | | $ | 81 | | | | | $ | — | | | | | $ | 119 | | |
| Product | | | ‘161 Patent | |
| NG Si IMT 3X | | | |
| Product | | | Disclosure of the ‘161 Patent | |
| SING IMT Injector tip (Tip Assembly, PN-RM00985-01) | | | | |
| Ss | | | | |
| Tsert Injector | | | |
Name | | | Age | | | Position | |
Thomas Ruggia | | | 44 | | | President and Chief Executive Officer and Director | |
Joshua Fox | | | 51 | | | Chief Financial Officer | |
Steve DeNelsky | | | 53 | | | Director | |
David Schiff | | | 49 | | | Director | |
Thierry Clidiere(2)(4) | | | 70 | | | Director | |
Jonathan Talamo(1)(3) (4) | | | 60 | | | Director | |
Tracy Valorie(1)(2) (3) (4) | | | 52 | | | Director | |
Judy Smythe(1)(2) (3) (4) | | | 66 | | | Director | |
Name and principal position | | | Fiscal Year | | | Salary ($) | | | Bonus ($) | | | Stock awards ($) | | | Option awards ($) | | | Non-equity incentive plan compensation ($) | | | Change in Pension Value and Nonqualified deferred compensation earnings ($) | | | All other compensation ($) | | | Total ($) | | |||||||||||||||||||||||||||
Thomas Ruggia | | | | | 2020 | | | | | $ | 175,909 | | | | | | — | | | | | | — | | | | | $ | 608,798 | | | | | | — | | | | | | — | | | | | $ | 100,000 | | | | | $ | 884,707 | | |
President and Chief Executive Officer(1) | | | | | 2021 | | | | | $ | 360,000 | | | | | $ | 75,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 435,000 | | |
Richard Powers | | | | | 2020 | | | | | $ | 216,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 141,000 | | | | | $ | 357,000 | | |
Executive Vice President and Former Chief Financial Officer(2) | | | | | 2021 | | | | | $ | 54,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 47,743 | | | | | $ | 101,743 | | |
Joshua Fox | | | | | 2020 | | | | | $ | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
| | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer(3) | | | | | 2021 | | | | | $ | 300,000 | | | | | | — | | | | | $ | 299,150 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 599,150 | | |
| | | Option Awards | | | | | | | | | Stock Awards | | |||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options (Exercisable) | | | Number of Securities Underlying Unexercised Options (Unexercisable) | | | Option Exercise Price | | | Option Expiration Date | | | Equity Incentive Plan Awards: Number of Unearned Shares That Have Not Vested | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares That Have Not Vested | | |||||||||||||||
Thomas Ruggia | | | | | 438,715 | | | | | | 443,065 | | | | | | 1.08 | | | | | | 07/30/2030 | | | | | | 0 | | | | | |
President and Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Richard Powers | | | | | 129,380 | | | | | | 0 | | | | | | 0.06 | | | | | | 12/08/2025 | | | | | | 0 | | | | | |
Executive Vice President and Former Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Joshua Fox | | | | | 5,304 | | | | | | 306,452 | | | | | | 2.21 | | | | | | 01/04/2031 | | | | | | 0 | | | | | |
Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name | | | Fees earned or paid in cash ($) | | | Stock awards ($) | | | Option awards ($) | | | Non-equity incentive plan compensation ($) | | | Nonqualified deferred compensation earnings ($) | | | All other compensation ($) | | | Total ($) | | |||||||||||||||||||||
Steve DeNelsky | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thierry Clidiere | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Schiff | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Judy Smythe | | | | | — | | | | | | 60,177 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,177 | | |
Jonathan Talamo | | | | | — | | | | | | 28,829 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,829 | | |
Tracy Valorie | | | | | — | | | | | | 28,829 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,829 | | |
| | No. of Shares Beneficially Owned Prior to this Offering | | Percentage Owned Before this Offering(1) | | Percentage Owned After this Offering | | | No. of Shares Beneficially Owned Prior to this Offering | | Percentage Owned Before this Offering(1) | | Percentage Owned After this Offering | | ||||||||||||||||||||||||
Holders of more than 5% of our voting securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
VOT Holdings LLC(2) | | | | 14,850,000 | | | | | 99.97% | | | | | 76.76% | | | | | | 14,850,000 | | | | | 99.97% | | | | | 76.8% | | | ||||||
Directors and executive officers who are not 5% holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Thomas Ruggia | | | | 495,729(3) | | | | | 2.74% | | | | | 2.00% | | | | | | 495,729(3) | | | | | 2.74% | | | | | 2.00% | | | ||||||
Joshua Fox | | | | 94,019(4) | | | | | **% | | | | | **% | | | | | | 94,019(4) | | | | | **% | | | | | **% | | | ||||||
Steve DeNelsky | | | | 0 | | | | | 0% | | | | | | | | | | | 0 | | | | | 0% | | | | | | | | ||||||
David Schiff | | | | 0 | | | | | 0% | | | | | | | | | | | 0 | | | | | 0% | | | | | | | | ||||||
Thierry Clidiere | | | | 58,177(5) | | | | | **% | | | | | **% | | | | | | 58,177(5) | | | | | **% | | | | | **% | | | ||||||
Jonathan Talamo | | | | 14,464(6) | | | | | **% | | | | | **% | | | | | | 14,464(6) | | | | | **% | | | | | **% | | | ||||||
Tracy Valorie | | | | 14,464(7) | | | | | **% | | | | | **% | | | | | | 14,464(7) | | | | | **% | | | | | **% | | | ||||||
Judy Smythe | | | | 4,952(8) | | | | | **% | | | | | **% | | | | | | 4,952(8) | | | | | **% | | | | | **% | | | ||||||
All directors and executive officers as a group (8 persons) | | | | 681,807 | | | | | 3.77% | | | | | 2.75% | | | | | | 681,807 | | | | | 3.77% | | | | | 2.75% | | |
Underwriters | | | Number of Shares | | |||
ThinkEquity LLC | | | | | | | |
| | | | | | | |
Total | | | | | | | |
| | | | | | | | | Total | | |||
| Per Share | | | Without Over- Allotment | | | With Over- Allotment | | |||||
Public offering price | | | | $ | | | | | | | | | |
Underwriting discount ( %)(1) | | | | $ | | | | | | | | | |
Proceeds, before expenses, to us | | | | $ | | | | | | | | |
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| Haifa, Israel March 10, 2022 | | | KOST FORER GABBAY & KASIERER A Member of Ernst & Young Global | |
| | | | | | | | | December 31, | | |||||||||
| | | Note | | | 2021 | | | 2020 | | |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | | | | | | | $ | 2,706 | | | | | $ | 2,236 | | |
Restricted cash | | | | | | | | | | | 171 | | | | | | 166 | | |
Other receivables and prepaid expenses | | | | | 3 | | | | | | 122 | | | | | | 77 | | |
Inventories | | | | | | | | | | | 20 | | | | | | 27 | | |
Total current assets | | | | | | | | | | | 3,019 | | | | | | 2,506 | | |
LONG-TERM ASSETS: | | | | | | | | | | | | | | | | | | | |
Deferred offering costs | | | | | | | | | | | 373 | | | | | | — | | |
Property and equipment, net | | | | | 4 | | | | | | 14 | | | | | | 50 | | |
Severance pay fund | | | | | | | | | | | 259 | | | | | | 256 | | |
Total long-term assets | | | | | | | | | | | 646 | | | | | | 306 | | |
Total assets | | | | | | | | | | $ | 3,665 | | | | | $ | 2,812 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | |
Trade payables | | | | | | | | | | $ | 483 | | | | | $ | 655 | | |
Other accounts payable and accrued expenses | | | | | 5 | | | | | | 671 | | | | | | 612 | | |
Total current liabilities | | | | | | | | | | | 1,154 | | | | | | 1,267 | | |
NON-CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | |
Convertible loan | | | | | 6 | | | | | | 10,500 | | | | | | 3,000 | | |
Accrued severance pay | | | | | | | | | | | 378 | | | | | | 361 | | |
Total long-term liabilities | | | | | | | | | | | 10,878 | | | | | | 3,361 | | |
COMMITMENTS AND CONTINGENT LIABILITIES | | | | | 7 | | | | | | | | | | | | | | |
CONVERTIBLE PREFERRED STOCK, $0.0001 par value: series A Preferred Stock 9,000,000 shares authorized at December 31, 2021 and 2020; 9,000,000 issued and outstanding shares at December 31, 2021 and 2020 | | | | | 8 | | | | | | 3,216 | | | | | | 3,216 | | |
STOCKHOLDERS’ EQUITY (DEFICIT): | | | | | 9 | | | | | | | | | | | | | | |
Common stock of $0.0001 par value per share – 90,000,000 (**) shares authorized at December 31, 2021 and 2020; 4,950 (**) shares issued and outstanding at December 31, 2021 and 2020 | | | | | | | | | | | (*) | | | | | | (*) | | |
Additional paid-in capital | | | | | | | | | | | 131,897 | | | | | | 130,272 | | |
Accumulated deficit | | | | | | | | | | | (143,480) | | | | | | (135,304) | | |
Total stockholders’ equity (deficit) | | | | | | | | | | | (11,583) | | | | | | (5,032) | | |
Total liabilities and stockholders’ equity (deficit) | | | | | | | | | | $ | 3,665 | | | | | $ | 2,812 | | |
| | | Year ended December 31 | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Revenues | | | | $ | 39 | | | | | $ | — | | |
Cost of revenues | | | | | (7) | | | | | | — | | |
Gross profit | | | | | 32 | | | | | | — | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | | 4,227 | | | | | | 2,652 | | |
Sales and marketing | | | | | 2,098 | | | | | | 272 | | |
General and administrative | | | | | 2,916 | | | | | | 3,237 | | |
Total operating expenses | | | | | 9,241 | | | | | | 6,161 | | |
Operating loss | | | | | 9,209 | | | | | | 6,161 | | |
Financial (income) expenses, net | | | | | (1,033) | | | | | | 38 | | |
Loss attributable to the Company’s stockholders | | | | $ | 8,176 | | | | | $ | 6,199 | | |
Basic and diluted loss per share attributable to the Company’s stockholders (**) | | | | $ | (0.91) | | | | | $ | (0.69) | | |
Weighted average stock outstanding (**) | | | | | 9,004,950 | | | | | | 9,004,950 | | |
| | | Series A Preferred stock | | | | Common stock | | | Additional paid-in capital | | | Accumulated deficit | | | Total stockholders’ equity (deficit) | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares** | | | Amount | | ||||||||||||||||||||||||||||||
Balance as of January 1, 2020 | | | | | 9,000,000 | | | | | $ | 3,216 | | | | | | | 4,950 | | | | | $ | (*) | | | | | $ | 125,462 | | | | | $ | (129,105) | | | | | $ | (3,643) | | |
Capital contribution from controlling shareholder | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 4,625 | | | | | | — | | | | | | 4,625 | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 185 | | | | | | — | | | | | | 185 | | |
Loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,199) | | | | | | (6,199) | | |
Balance as of December 31, 2020 | | | | | 9,000,000 | | | | | | 3,216 | | | | | | | 4,950 | | | | | | (*) | | | | | | 130,272 | | | | | | (135,304) | | | | | | (5,032) | | |
Capital contribution from controlling shareholder | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,446 | | | | | | — | | | | | | 1,446 | | |
Stock-based compensation | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 179 | | | | | | — | | | | | | 179 | | |
Loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,176) | | | | | | (8,176) | | |
Balance as of December 31, 2021 | | | | | 9,000,000 | | | | | $ | 3,216 | | | | | | | 4,950 | | | | | $ | (*) | | | | | $ | 131,897 | | | | | $ | (143,480) | | | | | $ | (11,583) | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cash flows used in operating activities: | | | | | | | | | | | | | |
Loss | | | | $ | (8,176) | | | | | $ | (6,199) | | |
Adjustments to reconcile loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 36 | | | | | | 6 | | |
Stock-based compensation | | | | | 179 | | | | | | 185 | | |
Decrease in fair value of convertible loan | | | | | (1,054) | | | | | | — | | |
Increase in accrued severance pay, net | | | | | 14 | | | | | | 19 | | |
Decrease in trade receivables | | | | | — | | | | | | 16 | | |
Increase in other receivables and prepaid expenses | | | | | (45) | | | | | | (38) | | |
Decrease in inventory | | | | | 7 | | | | | | — | | |
Increase (decrease) in trade payables | | | | | (255) | | | | | | 342 | | |
Increase (decrease) in other accounts payable and accrued expenses | | | | | 24 | | | | | | (80) | | |
Net cash used in operating activities | | | | | (9,270) | | | | | | (5,749) | | |
Cash flows used in investing activities: | | | | | — | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payments of deferred offering costs | | | | | (255) | | | | | | — | | |
Capital contribution from controlling shareholder | | | | | — | | | | | | 4,625 | | |
Receipt of proceeds from convertible loan | | | | | 10,000 | | | | | | 3,000 | | |
Net cash provided by financing activities | | | | | 9,745 | | | | | | 7,625 | | |
Increase in cash and cash equivalents and restricted cash | | | | | 475 | | | | | | 1,876 | | |
Cash and cash equivalents and restricted cash at beginning of year | | | | | 2,402 | | | | | | 526 | | |
Cash and cash equivalents and restricted cash at end of year | | | | $ | 2,877 | | | | | $ | 2,402 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the year for income taxes | | | | | 1 | | | | | | 1 | | |
Supplemental disclosures of noncash investing and financing activities: | | | | | | | | | | | | | |
Deferred offering costs in accrued expenses | | | | $ | 118 | | | | | $ | — | | |
| | | % | | |||
Computers and peripheral equipment | | | | | 15 – 33 | | |
Office furniture and equipment | | | 7 | | |||
Laboratory and manufacturing equipment | | | | | 7 – 15 | | |
Leasehold improvements(*) | | | | | 17 – 33 | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||
December 31, 2020: | | | | | | | | | | | | | | | | | | | |
Convertible loan | | | | $ | — | | | | | $ | — | | | | | $ | 10,500 | | |
December 31, 2020: | | | | | | | | | | | | | | | | | | | |
Convertible loan | | | | $ | — | | | | | $ | — | | | | | $ | 3,000 | | |
| | | Convertible loan | | |||
Balance as of December 31, 2019 | | | | | — | | |
Issuance of convertible loan | | | | | 3,000 | | |
Balance as of December 31, 2020 | | | | | 3,000 | | |
Issuance of convertible loan | | | | | 8,654 | | |
Capital contribution | | | | | (100) | | |
Changes in fair value | | | | | (1,054) | | |
Balance as of December 31, 2021 | | | | $ | 10,500 | | |
| | | Year ended December 31, 2021 | | | Year ended December 31, 2020 | | ||||||
Dividend yield | | | 0% | | | 0% | | ||||||
Expected volatility | | | 82.29% – 104.99% | | | 72.65% – 73.64% | | ||||||
Risk-free interest | | | 0.5% – 1.34% | | | 0.32% | | ||||||
Expected life (in years) | | | | | 6.02 – 6.08 | | | | | | 6 – 6.25 | | |
| | | December 31, | | |||||||||
| ��� | | 2021 | | | 2020 | | ||||||
Other accounts receivable | | | | $ | 23 | | | | | $ | 26 | | |
Prepaid expenses | | | | | 99 | | | | | | 51 | | |
| | | | $ | 122 | | | | | $ | 77 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cost: | | | | | | | | | | | | | |
Computers and peripheral equipment | | | | $ | 311 | | | | | $ | 311 | | |
Office furniture and equipment | | | | | 253 | | | | | | 253 | | |
Laboratory and manufacturing equipment | | | | | 1,260 | | | | | | 1,260 | | |
Leasehold improvements | | | | | 668 | | | | | | 668 | | |
| | | | | 2,492 | | | | | | 2,492 | | |
Less – accumulated depreciation | | | | | (2,478) | | | | | | (2,442) | | |
Property and equipment, net | | | | $ | 14 | | | | | $ | 50 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Payroll and related expenses | | | | $ | 496 | | | | | $ | 409 | | |
Accrued expenses | | | | | 175 | | | | | | 203 | | |
| | | | $ | 671 | | | | | $ | 612 | | |
Year ending December 31, | | | | | | | |
2022 | | | | $ | 457 | | |
2023 | | | | | 81 | | |
| | | | $ | 538 | | |
| | | Year ended December 31, | | |||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
| | | Number of options | | | Weighted average exercise price | | | Number of options | | | Weighted average exercise price | | ||||||||||||
Outstanding at the beginning of the year | | | | | 576,284 | | | | | $ | 0.43 | | | | | | 1,563,915 | | | | | $ | 0.06 | | |
Granted | | | | | 576,284 | | | | | $ | 1.26 | | | | | | 893,767 | | | | | $ | 1.08 | | |
Forfeited | | | | | 94,027 | | | | | $ | 1.65 | | | | | | — | | | | | | — | | |
Outstanding at the end of the year | | | | | 2,939,939 | | | | | $ | 0.66 | | | | | | 2,457,682 | | | | | $ | 0.43 | | |
Number of options exercisable | | | | | 2,035,691 | | | | | $ | 0.30 | | | | | | 1,832,469 | | | | | $ | 0.21 | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Research and development expenses | | | | $ | 1 | | | | | $ | 4 | | |
Sales and marketing expenses | | | | $ | 8 | | | | | | — | | |
General and administrative expenses | | | | | 170 | | | | | | 181 | | |
| | | | $ | 179 | | | | | $ | 185 | | |
Issuance date | | | Outstanding options | | | Weighted average Exercise price | | | Exercisable options | | | Exercisable through | | |||||||||
December 2015 | | | | | 268,868 | | | | | $ | 0.06 | | | | | | 268,868 | | | | December 2025 | |
November 2021 | | | | | 44,088 | | | | | $ | 1.68 | | | | | | - | | | | October 2025 | |
| | | | | 312,956 | | | | | $ | 0.29 | | | | | | 268,868 | | | | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards | | | | $ | 16,408 | | | | | $ | 12,680 | | |
Depreciation | | | | | 1,639 | | | | | | 1,698 | | |
Allowances and reserves | | | | | 101 | | | | | | 82 | | |
Total deferred tax assets | | | | | 18,148 | | | | | | 14,460 | | |
Valuation allowance | | | | | (18,148) | | | | | | (14,460) | | |
Net deferred tax assets | | | | $ | — | | | | | $ | — | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Revenues based on customer’s location: | | | | | | | | | | | | | |
United States | | | | $ | 31 | | | | | $ | — | | |
Other | | | | | 8 | | | | | | — | | |
Total revenues | | | | $ | 39 | | | | | $ | — | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Israel | | | | $ | 14 | | | | | $ | 50 | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Customer A | | | | | 39.90% | | | | | | — | | |
Customer B | | | | | 39.90% | | | | | | — | | |
Customer C | | | | | 20.20% | | | | | | — | | |
Customer D | | | | | 100.00 | | | | | | | | |
| | | Amounts USD | | |||
Securities and Exchange Commission registration fee | | | | $ | 2,832 | | |
FINRA filing fee | | | | | 5,090 | | |
Initial listing fee | | | | | 50,000 | | |
Accountants’ fees and expenses | | | | | 80,000 | | |
Convertible note valuations | | | | | 71,000 | | |
Legal fees and expenses | | | | | 495,000 | | |
Transfer Agent’s fees and expenses | | | | | 5,000 | | |
Printing and engraving expenses | | | | | 60,000 | | |
Miscellaneous | | | | | 12,078 | | |
Total expenses | | | | $ | 781,000 | | |
| Exhibit No. | | | Description of Exhibit | |
| 1.1** | | | | |
| 3.1** | | | | |
| 3.4** | | | | |
| 4.1** | | | | |
| 4.2** | | | | |
| 5.1** | | | | |
| 10.1** | | | | |
| 10.2** | | | | |
| 10.3** | | | | |
| 10.4** | | | |
| Exhibit No. | | | Description of Exhibit | |
| 10.5** | | | | |
| 10.6** | | | | |
| 10.7** | | | | |
| 10.8** | | | | |
| 10.9** | | | | |
| 10.10** | | | | |
| 10.11** | | | | |
| 10.12** | | | | |
| 10.13** | | | | |
| 10.14** | | | | |
| 21.1** | | | | |
| 23.1** | | | | |
| 23.2** | | | | |
| 24.1** | | | | |
| 107** | | | |
| | | | SAMSARA VISION, INC. | | |||
| | | | By: | | | /s/ Thomas Ruggia Thomas Ruggia Chief Executive Officer | |
| Signature | | | Title | | | Date | |
| /s/ Thomas Ruggia Thomas Ruggia | | | Chairman of the Board of Directors, President and Chief Executive Officer | | | March | |
| /s/ Joshua Fox Joshua Fox | | | Chief Financial Officer | | | March | |
| * Steve DeNelsky | | | Director | | | March | |
| * Thierry Clidiere | | | Director | | | March | |
| * David Schiff | | | Director | | | March | |
| * Jonathan Talamo | | | Director | | | March | |
| * Tracy Valorie | | | Director | | | March | |
| * Judy Smythe | | | Director | | | March | |