Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-29959 | |
Entity Registrant Name | CASSAVA SCIENCES INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1911336 | |
Entity Address, Address Line One | 7801 N. Capital of Texas Highway | |
Entity Address, Address Line Two | Suite 260 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78731 | |
City Area Code | 512 | |
Local Phone Number | 501-2444 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | sava | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,008,654 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0001069530 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 282,192 | $ 93,506 |
Other current assets | 1,574 | 488 |
Total current assets | 283,766 | 93,994 |
Operating lease right-of-use assets | 274 | 295 |
Property and equipment, net | 10 | 11 |
Total assets | 284,050 | 94,300 |
Current liabilities: | ||
Accounts payable | 864 | 911 |
Accrued development expense | 1,553 | 719 |
Accrued compensation and benefits | 99 | 83 |
Operating lease liabilities, current | 84 | 58 |
Other current liabilities | 50 | 94 |
Total current liabilities | 2,650 | 1,865 |
Operating lease liabilities, non-current | 213 | 235 |
Total liabilities | 2,863 | 2,100 |
Commitments and contingencies (Notes 5 and 7) | ||
Stockholders' equity: | ||
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding | ||
Common stock, $.001 par value; 120,000,000 shares authorized; 40,008,654 and 35,237,987 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 40 | 35 |
Additional paid-in capital | 459,594 | 267,086 |
Accumulated deficit | (178,447) | (174,921) |
Total stockholders' equity | 281,187 | 92,200 |
Total liabilities and stockholders' equity | $ 284,050 | $ 94,300 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 40,008,654 | 35,237,987 |
Common stock, shares outstanding | 40,008,654 | 35,237,987 |
Condensed Statements Of Operati
Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses: | ||
Research and development, net of grant reimbursement | $ 2,529 | $ 544 |
General and administrative | 1,004 | 778 |
Gain on sale of property and equipment | (100) | |
Total operating expenses | 3,533 | 1,222 |
Operating loss | (3,533) | (1,222) |
Interest income | 7 | 72 |
Net loss | $ (3,526) | $ (1,150) |
Net loss per share, basic and diluted | $ (0.09) | $ (0.05) |
Shares used in computing net loss per share, basic and diluted | 37,721 | 24,481 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (3,526) | $ (1,150) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 250 | 270 |
Depreciation and amortization | 1 | 14 |
Gain on sale of property and equipment | (100) | |
Changes in operating assets and liabilities: | ||
Other current assets | 185 | (9) |
Operating lease right-of-use assets and liabilities | 25 | |
Accounts payable | (47) | 155 |
Accrued development expense | 834 | (390) |
Accrued compensation and benefits | 16 | 14 |
Other current liabilities | (44) | 2 |
Net cash used in operating activities | (2,306) | (1,194) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 100 | |
Net cash provided by investing activities | 100 | |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 475 | |
Proceeds from exercise of common stock warrants | 692 | 3,613 |
Proceeds from registered direct offering, net of issuance costs | 189,825 | |
Net cash provided by financing activities | 190,992 | 3,613 |
Net increase in cash and cash equivalents | 188,686 | 2,519 |
Cash and cash equivalents at beginning of period | 93,506 | 23,081 |
Cash and cash equivalents at end of period | 282,192 | $ 25,600 |
Supplemental cash flow information: | ||
Receivable from exercise of stock options | $ 1,271 |
General And Liquidity
General And Liquidity | 3 Months Ended |
Mar. 31, 2021 | |
General And Liquidity [Abstract] | |
General And Liquidity | Note 1. General and Liquidity Cassava Sciences, Inc. (the “Company”) discovers and develops proprietary pharmaceutical product candidates that may offer significant improvements to patients and healthcare professionals. The Company generally focuses its discovery and product development efforts on disorders of the nervous system. The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year 2021 . For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Coronavirus Disease 2019 (COVID-19) The widespread outbreak of a novel infectious disease called Coronavirus Disease 2019, or COVID-19, has not significantly impacted the Company’s operations or financial condition as of April 2 9 , 2021 . However, this pandemic has created a dynamic and uncertain situation in the national economy. The Company continues to closely monitor the latest information to make timely, informed business decisions and public disclosures regarding the potential impact of pandemic on its operations and financial condition. The scope of pandemic is unprecedented and its long-term impact on the Company’s operations and financial condition cannot be reasonably estimated at this time. Liquidity The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $178.4 million at March 31, 2021. The Company expects its cash requirements to be significant in the future. The amount and timing of the Company’s future cash requirements will depend on regulatory and market acceptance of its product candidates and the resources it devotes to researching and developing, formulating, manufacturing, commercializing and supporting its products. The Company may seek additional funding through public or private financing in the future, if such funding is available and on terms acceptable to the Company. There are no assurances that additional financing will be available on favorable terms, or at all. However, management believes that the current working capital position will be sufficient to meet the Company’s working capital needs for at least the next 12 months. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Use of Estimates The Company makes estimates and assumptions in preparing its condensed financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to manufacturing agreements and research collaborations. Actual results could differ from these estimates and assumptions. Cash and Cash Equivalents and Concentration of Credit Risk The Company invests in cash and cash equivalents. The Company considers highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market accounts, certificates of deposits, and treasury bills. The Company maintains its cash and cash equivalents at one financial institution. Fair Value Measurements The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs: · Level 1 includes quoted prices in active markets. The Company bases the fair value of its money market funds on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar securities , or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company bases the fair value of its certificates of deposit on Level 2 inputs . · Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any financial instruments where the fair value is based on Level 3 inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of cash and cash equivalents was based on Level 1 inputs at March 31, 2021 and December 31, 2020. Proceeds from Grants During the three months ended March 31, 2021 and 2020, the Company received reimbursements totaling $0.6 million and $1.3 million pursuant to National Institutes of Health (“NIH”) research grants, respectively. The Company records the proceeds from these grants as reductions to its research and development expenses. Stock-based Compensation The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model (“Black-Scholes”) to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria. Net Loss per Share The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options and warrants. There is no difference between the Company’s net loss and comprehensive loss. The Company included the following in the calculation of basic and diluted net loss per share (in thousands, except per share data): Three months ended March 31, 2021 2020 Numerator: Net loss $ (3,526) $ (1,150) Denominator: Shares used in computing net loss per share, basic and diluted 37,721 24,481 Net loss per share, basic and diluted $ (0.09) $ (0.05) Dilutive common stock options excluded from net loss per share, diluted 2,121 1,561 Common stock warrants excluded from net loss per share, diluted — 1,616 The Company excluded common stock options and warrants outstanding from the calculation of net loss per share, diluted, because the effect of including options and warrants outstanding would have been anti - dilutive. Fair Value of Financial Instruments Financial instruments include accounts payable and accrued liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments. Research Contract Costs and Accruals The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from actual costs. Incentive Bonus Plan In 2020, the Company established the 2020 Cash Incentive Bonus Plan (the “Plan”) to incentivize Plan participants. Awards under the Plan are accounted for as liability awards under Accounting Standards Codification ( ASC ) 718 “ Stock-based Compensation ”. The fair value of each potential Plan award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each Plan award, when a Performance Condition is considered probable of being met. See Note 7 for further discussion of the Plan. Leases The Company recognizes assets and liabilities that arise from leases. For operating leases, the Company is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments during the lease term , in the condensed balance sheets . The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company does not recognize right-of-use assets or lease liabilities. As the Company`s leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s condensed financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense. |
Stockholders' Equity And Stock-
Stockholders' Equity And Stock-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity And Stock-Based Compensation Expense [Abstract] | |
Stockholders' Equity And Stock-Based Compensation Expense | Note 3. Stockholders’ Equity and Stock-Based Compensation Expense Stockholders’ Equity Activity during the Three Months Ended March 31, 2021 and 2020 During the three months ended March 31, 2021 and 2020, the Company’s common stock outstanding and stockholders’ equity changed as follows: Common Stock Stockholders' equity (in thousands) Balance at December 31, 2019 21,841,810 $ 22,099 Stock-based compensation for: Stock options for employees — 261 Stock options for non-employees — 9 Proceeds from exercise of common stock warrants 2,888,092 3,613 Net loss — (1,150) Balance at March 31, 2020 24,729,902 $ 24,832 Balance at December 31, 2020 35,237,987 $ 92,200 Stock-based compensation for: Stock options for employees — 249 Stock options for non-employees — 1 Proceeds from exercise of common stock warrants 554,019 692 Exercise of stock options 135,015 1,746 Proceeds from registered direct offering of common stock 4,081,633 189,825 Net loss — (3,526) Balance at March 31, 2021 40,008,654 $ 281,187 2021 Registered Direct Offering On February 12, 2021, the Company completed a common stock offering pursuant to which certain investors purchased 4,081,633 shares of common stock at a price of $49.00 per share. Net proceeds of the offering were approximately $189.8 million after deducting offering expenses. At-the-Market Common Stock Offering On March 27, 2020, the Company established an at-the-market offering program (“ATM”) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $100 million in transactions pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 5, 2020 . The Company is obligated to pay a commission of 3.0% of the gross proceeds from the sale of shares of common stock in the offering. The Company is not obligated to sell any shares in the offering. There were no common stock sales under the ATM during the three months ended March 31, 2021 and 2020. Common Stock Warrants In August 2018, the Company issued warrants to purchase up to an aggregate of 9.1 million shares of its common stock in conjunction with an offering of its common stock. During the three months ended March 31, 2021, the Company received proceeds of $0.7 million from the exercise of 0.6 million shares pursuant to warrants. During the three months ended March 31, 2020, the Company received proceeds of $3.6 million from the exercise of 2.9 million shares pursuant to warrants. There were no remaining common stock warrants outstanding as of March 31, 2021. Stock Option and Performance Award Activity in 2021 During the three months ended March 31, 2021, stock options and unvested Performance Awards outstanding under the Company’s stock option plans changed as follows: Stock Options Performance Awards Outstanding as of December 31, 2020 2,817,504 138,055 Options granted 10,000 — Options exercised (163,398) — Options forfeited/canceled — — Outstanding as of March 31, 2021 2,664,106 138,055 The weighted average exercise price of options outstanding at March 31, 2021 was $10.80 . As outstanding options vest over the current remaining vesting period of 2.0 years, the Company expects to recognize non-cash expense of $1.6 million. If and when outstanding Performance Awards vest, the Company will recognize non-cash expense of $2.3 million over the implicit service period. During the three months ended March 31, 2021, there were 163,398 stock options exercised. Of the stock options exercised, 28,383 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received. Proceeds to the Company totaled $1,746,000 , including $475,000 in cash paid and $1,271,000 recorded as receivables in other current assets at March 31, 2021 due to timing differences. All such receivables related to stock option exercises were received by the Company in April 2021. There were no stock options exercised during the three months ended March 31, 2020. Stock-based Compensation Expense in 2021 During the three months ended March 31, 2021 and 2020, the Company’s stock-based compensation expenses were as follows (in thousands): Three months ended March 31, 2021 2020 Research and development $ 120 $ 115 General and administrative 130 155 Total stock-based compensation expense $ 250 $ 270 2018 Equity Incentive Plan In January 2018, the Company’s Board of Directors (the “Board”) approved the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”). The Board or a designated committee of the Board is responsible for administration of the 2018 Plan and determines the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and Performance Awards. Share-based awards generally expire 10 years from the date of grant. The 2018 Plan provides for issuance of up to 1,000,000 shares of common stock, par value $0.001 per share, subject to adjustment as provided in the 2018 Plan. When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 4. Income Taxes The Company did not provide for income taxes during the three months ended March 31, 2021, because it has projected a net loss for the full year 2021 for which any benefit will be offset by an increase in the valuation allowance . There was also no provision for income taxes for the three months ended March 31, 2020. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2021 | |
Commitments [Abstract] | |
Commitments | Note 5. Commitments Right-of-use Asset and Liability The Company has a non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires on April 30, 2024 . Future lease payments as of March 31, 2021 are as follows (in thousands): For the year ending December 31, 2021 $ 66 2022 102 2023 107 2024 36 Total future lease payments 311 Less: imputed interest (14) Total $ 297 Subsequent to March 31, 2021, the Company entered into a lease agreement for an additional 3,600 square feet of office space in Austin, Texas that expires on April 30, 2022 . Future lease payments under this lease total $64,000 . Rent expense for the three months ended March 31, 2021 and 2020 totaled $23,000 and $25,000 , respectively. There was no cash paid for operating lease liabilities during the three months ended March 31, 2021. Cash paid for operating lease liabilities during the three months ended March 31, 2020 totaled $25,000 . Other Commitments The Company conducts its product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations that are cancelable. The Company’s obligations under these contracts are largely based on services performed. The Company also had non-cancellable commitments for the manufacture of simufilam totaling $817,000 at March 31, 2021. |
Sale Of Property And Equipment
Sale Of Property And Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Sale Of Property And Equipment [Abstract] | |
Sale Of Property And Equipment | Note 6. Sale of Property and Equipment There were no sales of property and equipment during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company sold surplus manufacturing equipment to a third party and received proceeds totaling $100,000 . |
2020 Cash Incentive Bonus Plan
2020 Cash Incentive Bonus Plan | 3 Months Ended |
Mar. 31, 2021 | |
Cash Incentive Bonus Plan [Abstract] | |
2020 Cash Incentive Bonus Plan | Note 7. 2020 Cash Incentive Bonus Plan On August 26, 2020, the Board approved the Plan. The Plan was established to promote the long-term success of the Company by creating an “at-risk” cash bonus program that rewards Plan participants with additional cash compensation in lockstep with significant increases in the Company’s market capitalization. The Plan is considered “at-risk” because Plan participants will not receive a cash bonus unless the Company’s market capitalization increases significantly and certain other conditions specified in the Plan are met. Specifically, Plan participants will not be paid any cash bonuses unless (1) the Company completes a merger or acquisition transaction that constitutes a sale of ownership of the Company or its assets (a Merger Transaction) or (2) the Compensation Committee of the Board (the Compensation Committee) determines the Company has sufficient cash on hand, as defined in the Plan. Because of the inherent discretion and uncertainty regarding these requirements, the Company has concluded that a Plan grant date has not occurred as of March 31, 2021. Plan participants will be paid all earned cash bonuses in the event of a Merger Transaction. The Company’s market capitalization for purposes of the Plan is determined based on either (1) the Company’s closing price of one share on the Nasdaq Capital Market multiplied by the total issued and outstanding shares and options to purchase shares of the Company , or (2) the aggregate consideration payable to security holders of the Company in a Merger Transaction. This constitutes a market condition under applicable accounting guidance. The Plan triggers a potential cash bonus each time the Company’s market capitalization increases significantly, up to a maximum $5 billion in market capitalization. The Plan specifies 14 incremental amounts between $200 million and $5 billion (each increment, a “Valuation Milestone”). Each Valuation Milestone triggers a potential cash bonus award in a pre-set amount defined in the Plan. Each Valuation Milestone must be achieved and maintained for no less than 20 consecutive trading days for Plan participants to be eligible for a potential cash bonus award. Approximately 59% of each cash bonus award associated with a Valuation Milestone is subject to adjustment and approval by the Compensation Committee. Any amounts not awarded by the Compensation Committee are no longer available for distribution. If the Company were to exceed a $5 billion market capitalization for no less than 20 consecutive trading days, all Valuation Milestones would be deemed achieved, in which case cash bonus awards would range from a minimum of $137.4 million up to a hypothetical maximum of $322.3 million. Payment of cash bonuses is deferred until such time as (1) the Company completes a Merger Transaction, or (2) the Compensation Committee determines the Company has sufficient cash on hand to render payment (each, a “Performance Condition”), neither of which may ever occur. Accordingly, there can be no assurance that Plan participants will ever be paid a cash bonus that is awarded under the Plan, even if the Company’s market capitalization increases significantly. The Plan is accounted for as a liability award. The fair value of each Valuation Milestone award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each of the 14 Valuation Milestones, when a Performance Condition is considered probable of being met. On October 13, 2020, the Company achieved the first Valuation Milestone. Subsequently, the Compensation Committee approved a potential cash bonus award of $7.3 million in total for all Plan participants, subject to future satisfaction of a Performance Condition. During the three months ended March 31, 2021, the Company achieved eight Valuation Milestones triggering potential Company obligations to all Plan participants from a minimum of $59.9 million up to a hypothetical maximum of $145.0 million, to be determined by the Compensation Committee. However, no compensation expense has been recorded since no grant date has occurred and no Performance Conditions are considered probable of being met. There is no continuing service requirement for Plan participants once the Compensation Committee approves a cash bonus award. No actual cash payments were authorized or made to participants under the Plan during the three months ended March 31, 2021. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | Note 8. Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740) Simplifying Accounting for Income Taxes , as part of its initiative to reduce complexity in the accounting standards. The guidance amended certain disclosure requirements that had become redundant, outdated or superseded. Additionally, this guidance amends accounting for the interim period effects of changes in tax laws or rates, and simplifies aspects of the accounting for franchise taxes. The guidance is effective for annual periods beginning after December 15, 2020, including interim periods therein . The adoption of ASU 2019-12 in the first quarter of 2021 did not have a material impact on the Company’s condensed financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates The Company makes estimates and assumptions in preparing its condensed financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to manufacturing agreements and research collaborations. Actual results could differ from these estimates and assumptions. |
Cash And Cash Equivalents And Concentration Of Credit Risk | Cash and Cash Equivalents and Concentration of Credit Risk The Company invests in cash and cash equivalents. The Company considers highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market accounts, certificates of deposits, and treasury bills. The Company maintains its cash and cash equivalents at one financial institution. |
Fair Value Measurements | Fair Value Measurements The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs: · Level 1 includes quoted prices in active markets. The Company bases the fair value of its money market funds on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar securities , or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company bases the fair value of its certificates of deposit on Level 2 inputs . · Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any financial instruments where the fair value is based on Level 3 inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of cash and cash equivalents was based on Level 1 inputs at March 31, 2021 and December 31, 2020. |
Proceeds From Grants | Proceeds from Grants During the three months ended March 31, 2021 and 2020, the Company received reimbursements totaling $0.6 million and $1.3 million pursuant to National Institutes of Health (“NIH”) research grants, respectively. The Company records the proceeds from these grants as reductions to its research and development expenses. |
Stock-Based Compensation | Stock-based Compensation The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model (“Black-Scholes”) to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria. |
Net Loss Per Share | Net Loss per Share The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options and warrants. There is no difference between the Company’s net loss and comprehensive loss. The Company included the following in the calculation of basic and diluted net loss per share (in thousands, except per share data): Three months ended March 31, 2021 2020 Numerator: Net loss $ (3,526) $ (1,150) Denominator: Shares used in computing net loss per share, basic and diluted 37,721 24,481 Net loss per share, basic and diluted $ (0.09) $ (0.05) Dilutive common stock options excluded from net loss per share, diluted 2,121 1,561 Common stock warrants excluded from net loss per share, diluted — 1,616 The Company excluded common stock options and warrants outstanding from the calculation of net loss per share, diluted, because the effect of including options and warrants outstanding would have been anti - dilutive. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Financial instruments include accounts payable and accrued liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments. |
Research Contract Costs And Accruals | Research Contract Costs and Accruals The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from actual costs. |
Incentive Bonus Plan | Incentive Bonus Plan In 2020, the Company established the 2020 Cash Incentive Bonus Plan (the “Plan”) to incentivize Plan participants. Awards under the Plan are accounted for as liability awards under Accounting Standards Codification ( ASC ) 718 “ Stock-based Compensation ”. The fair value of each potential Plan award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each Plan award, when a Performance Condition is considered probable of being met. See Note 7 for further discussion of the Plan. |
Leases | Leases The Company recognizes assets and liabilities that arise from leases. For operating leases, the Company is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments during the lease term , in the condensed balance sheets . The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company does not recognize right-of-use assets or lease liabilities. As the Company`s leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s condensed financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share | Three months ended March 31, 2021 2020 Numerator: Net loss $ (3,526) $ (1,150) Denominator: Shares used in computing net loss per share, basic and diluted 37,721 24,481 Net loss per share, basic and diluted $ (0.09) $ (0.05) Dilutive common stock options excluded from net loss per share, diluted 2,121 1,561 Common stock warrants excluded from net loss per share, diluted — 1,616 |
Stockholders' Equity And Stoc_2
Stockholders' Equity And Stock-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity And Stock-Based Compensation Expense [Abstract] | |
Common Stock Outstanding And Stockholders' Equity | Common Stock Stockholders' equity (in thousands) Balance at December 31, 2019 21,841,810 $ 22,099 Stock-based compensation for: Stock options for employees — 261 Stock options for non-employees — 9 Proceeds from exercise of common stock warrants 2,888,092 3,613 Net loss — (1,150) Balance at March 31, 2020 24,729,902 $ 24,832 Balance at December 31, 2020 35,237,987 $ 92,200 Stock-based compensation for: Stock options for employees — 249 Stock options for non-employees — 1 Proceeds from exercise of common stock warrants 554,019 692 Exercise of stock options 135,015 1,746 Proceeds from registered direct offering of common stock 4,081,633 189,825 Net loss — (3,526) Balance at March 31, 2021 40,008,654 $ 281,187 |
Stock Options And Unvested Performance Award Outstanding Activity | Stock Options Performance Awards Outstanding as of December 31, 2020 2,817,504 138,055 Options granted 10,000 — Options exercised (163,398) — Options forfeited/canceled — — Outstanding as of March 31, 2021 2,664,106 138,055 |
Stock-Based Compensation Expense | Three months ended March 31, 2021 2020 Research and development $ 120 $ 115 General and administrative 130 155 Total stock-based compensation expense $ 250 $ 270 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments [Abstract] | |
Future Minimum Lease Payments | For the year ending December 31, 2021 $ 66 2022 102 2023 107 2024 36 Total future lease payments 311 Less: imputed interest (14) Total $ 297 |
General And Liquidity (Narrativ
General And Liquidity (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
General And Liquidity [Abstract] | ||
Accumulated deficit | $ 178,447 | $ 174,921 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Reimbursement from National Institutes of Health research grants | $ 0.6 | $ 1.3 |
Vesting period of stock options | 4 years |
Significant Accounting Polici_5
Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss | $ (3,526) | $ (1,150) |
Denominator: | ||
Shares used in computing net loss per share, basic and diluted | 37,721 | 24,481 |
Net loss per share, basic and diluted | $ (0.09) | $ (0.05) |
Stock Option [Member] | ||
Denominator: | ||
Common stock excluded from net loss per share, diluted | 2,121 | 1,561 |
Warrants [Member] | ||
Denominator: | ||
Common stock excluded from net loss per share, diluted | 1,616 |
Stockholders' Equity And Stoc_3
Stockholders' Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($) | Feb. 12, 2021 | Mar. 27, 2020 | Jan. 31, 2018 | Aug. 31, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | May 05, 2020 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Stock options exercised | 135,015 | |||||||
Proceeds from exercise of stock options | $ 475,000 | |||||||
Cash receivable recorded as other current assets | 1,574,000 | $ 488,000 | ||||||
Net proceeds from offering | 189,825,000 | |||||||
Proceeds from exercise of warrants | $ 692,000 | $ 3,613,000 | ||||||
Vesting period of stock options | 4 years | |||||||
Non-cash stock-based compensation expense | $ 250,000 | 270,000 | ||||||
Par value per share | $ 0.001 | $ 0.001 | ||||||
2021 Registered Direct Offering [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Number of shares issued | 4,081,633 | |||||||
Price per share | $ 49 | |||||||
Net proceeds from offering | $ 189,800,000 | |||||||
ATM [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Percentage of commission in ATM offering | 3.00% | |||||||
Number of shares issued | 0 | 0 | ||||||
ATM [Member] | Maximum [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Aggregate offering price | $ 100,000,000 | |||||||
Common Stock Warrants [Member] | Warrants [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Number of shares issued | 9,100,000 | |||||||
Proceeds from exercise of warrants | $ 700,000 | $ 3,600,000 | ||||||
Number of warrants exercised | 600,000 | 2,900,000 | ||||||
Number of warrants outstanding | 0 | |||||||
2018 Equity Incentive Plan [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Expiration period | 10 years | |||||||
Par value per share | $ 0.001 | |||||||
2018 Equity Incentive Plan [Member] | Maximum [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Shares issued | 1,000,000 | |||||||
Stock Option [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Stock options exercised | 163,398 | |||||||
Stock options exercised, net settled in satisfaction of the exercise price | 28,383 | |||||||
Proceeds from stock options exercised net settled in satisfaction of the exercise price | $ 0 | |||||||
Stock Option [Member] | Stock Option And Performance Award [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Proceeds from exercise of stock options | 1,746,000 | $ 0 | ||||||
Cash | 475,000 | |||||||
Cash receivable recorded as other current assets | $ 1,271,000 | |||||||
Weighted average exercise price or options | $ 10.80 | |||||||
Vesting period of stock options | 2 years | |||||||
Non-cash stock-based compensation expense | $ 1,600,000 | |||||||
Performance Award [Member] | Stock Option And Performance Award [Member] | ||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||
Non-cash stock-based compensation expense | $ 2,300,000 |
Stockholders' Equity And Stoc_4
Stockholders' Equity And Stock-Based Compensation Expense (Common Stock Outstanding And Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Beginning balance | 35,237,987 | 21,841,810 |
Common Stock, Proceeds from exercise of common stock warrants | 554,019 | 2,888,092 |
Common Stock, Exercise of stock options | 135,015 | |
Common Stock, Proceeds from registered direct offering of common stock | 4,081,633 | |
Net loss | ||
Common Stock, Ending balance | 40,008,654 | 24,729,902 |
Stockholders' equity, Beginning balance | $ 92,200 | $ 22,099 |
Stockholders' equity, Stock-based compensation for: | 250 | 270 |
Stockholders' equity, Proceeds from exercise of common stock warrants | 692 | 3,613 |
Stockholders' equity, Exercise of stock options | 1,746 | |
Stockholders' equity, Proceeds from registered direct offering of common stock | 189,825 | |
Net loss | (3,526) | (1,150) |
Stockholders' equity, Ending balance | $ 281,187 | $ 24,832 |
Stock Option [Member] | ||
Common Stock, Stock-based compensation for: | ||
Common Stock, Exercise of stock options | 163,398 | |
Stockholders' equity, Stock-based compensation for: | $ 249 | $ 261 |
Non-Employee Stock Options [Member] | ||
Common Stock, Stock-based compensation for: | ||
Stockholders' equity, Stock-based compensation for: | $ 1 | $ 9 |
Stockholders' Equity And Stoc_5
Stockholders' Equity And Stock-Based Compensation Expense (Stock Options And Unvested Performance Award Outstanding Activity) (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options exercised | (135,015) |
Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of, Beginning | 2,817,504 |
Options granted | 10,000 |
Options exercised | (163,398) |
Options forfeited/canceled | |
Outstanding as of, Ending | 2,664,106 |
Performance Award [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of, Beginning | 138,055 |
Options granted | |
Options exercised | |
Options forfeited/cancelled | |
Outstanding as of, Ending | 138,055 |
Stockholders' Equity And Stoc_6
Stockholders' Equity And Stock-Based Compensation Expense (Stock-Based Compensation Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 250 | $ 270 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 120 | 115 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 130 | $ 155 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Income Taxes [Abstract] | |
Provision for income taxes | $ 0 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Thousands | Apr. 01, 2021USD ($)ft² | Sep. 04, 2020 | Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) |
Operating Leased Assets [Line Items] | ||||
Future lease payments | $ 311 | |||
Cash paid for operating lease liabilities | $ 25 | |||
Non-cancellable commitments | 817 | |||
Building [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Rent expense | $ 23 | $ 25 | ||
Austin [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Office space | ft² | 6,000 | |||
Lease expiration date | Apr. 30, 2024 | |||
Austin [Member] | Subsequent Event [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Office space | ft² | 3,600 | |||
Lease expiration date | Apr. 30, 2022 | |||
Future lease payments | $ 64 |
Commitments (Future Minimum Lea
Commitments (Future Minimum Lease Payments) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
For the year ending December 31, | |
2021 | $ 66 |
2022 | 102 |
2023 | 107 |
2024 | 36 |
Total future lease payments | 311 |
Less: imputed interest | (14) |
Total | $ 297 |
Sale Of Property And Equipment
Sale Of Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Sale Of Property And Equipment [Abstract] | ||
Proceeds from sale of property and equipment | $ 100 |
2020 Cash Incentive Bonus Plan
2020 Cash Incentive Bonus Plan (Narrative) (Details) - Cash Incentive Bonus Plan [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Oct. 13, 2020 | |
Cash Incentive Bonus Plan [Line Items] | ||
Percentage of each cash bonus award associated with Valuation Milestone subject to adjustment and approval | 59.00% | |
Cash bonus award | $ 7.3 | |
Payments authorized or made to participants under the Plan | $ 0 | |
Eighth Valuation Milestones [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Compensation expense | 0 | |
Minimum [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Valuation milestone amount in market capitalization | 200 | |
Minimum [Member] | Exceeds $5 Billion Market Capitalization For No Less Than 20 Consecutive Trading Days [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Cash bonus award | 137.4 | |
Minimum [Member] | Eighth Valuation Milestones [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Cash bonus award | 59.9 | |
Maximum [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Valuation milestone amount in market capitalization | 5,000 | |
Maximum [Member] | Exceeds $5 Billion Market Capitalization For No Less Than 20 Consecutive Trading Days [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Cash bonus award | 322.3 | |
Maximum [Member] | Eighth Valuation Milestones [Member] | ||
Cash Incentive Bonus Plan [Line Items] | ||
Cash bonus award | $ 145 |