| | |
Per share
|
| |
Total
|
| ||||||
Initial public offering price | | | | $ | 20.00 | | | | | $ | 211,000,000 | | |
Underwriting discounts and commissions(1) | | | | $ | 1.40 | | | | | $ | 14,770,000 | | |
Proceeds to us before expenses | | | | $ | 18.60 | | | | | $ | 196,230,000 | | |
|
| J.P. Morgan | | |
BofA Securities
|
| |
SVB Leerink
|
| |
Piper Sandler
|
|
| | |
Page
|
| |||
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| | | | 150 | | | |
| | | | 162 | | | |
| | | | 173 | | | |
| | | | 176 | | | |
| | | | 178 | | | |
| | | | 183 | | | |
| | | | 186 | | | |
| | | | 190 | | | |
| | | | 201 | | | |
| | | | 202 | | | |
| | | | 203 | | | |
| | | | F-1 | | |
(in thousands, except share and per share data)
|
| |
March 31,
|
| |
December 31,
2020 |
| |
Successor
period from June 21, 2019 (Inception) to December 31, 2019 |
| |
Predecessor
period from January 1, 2019 to June 20, 2019 |
| ||||||||||||||||||
|
2021
|
| |
2020
|
| ||||||||||||||||||||||||||
Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 15,374 | | | | | $ | 7,943 | | | | | $ | 39,681 | | | | | $ | 10,107 | | | | | $ | 4,159 | | |
General and administrative
|
| | | | 2,688 | | | | | | 2,050 | | | | | | 9,495 | | | | | | 3,622 | | | | | | 2,145 | | |
Write off of in-process research and development asset
|
| | | | — | | | | | | — | | | | | | 4,722 | | | | | | 225,946 | | | | | | — | | |
Total operating expenses
|
| | | | 18,062 | | | | | | 9,993 | | | | | | 53,898 | | | | | | 239,675 | | | | | | 6,304 | | |
Loss from operations
|
| | | | (18,062) | | | | | | (9,993) | | | | | | (53,898) | | | | | | (239,675) | | | | | | (6,304) | | |
Interest expense
|
| | | | (314) | | | | | | — | | | | | | (381) | | | | | | — | | | | | | — | | |
Other income, net
|
| | | | 28 | | | | | | 320 | | | | | | 704 | | | | | | 908 | | | | | | 302 | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | | | | $ | (53,575) | | | | | $ | (238,767) | | | | | $ | (6,002) | | |
Net loss per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted(1)
|
| | | $ | (2.39) | | | | | $ | (1.29) | | | | | $ | (7.16) | | | | | $ | (31.91) | | | | | $ | (1.00) | | |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted(1)
|
| | | | 7,677,196 | | | | | | 7,481,861 | | | | | | 7,481,861 | | | | | | 7,481,861 | | | | | | 5,973,228 | | |
Pro forma net loss per share attributable to common stockholders – basic and diluted (unaudited)(2)
|
| | | $ | (0.44) | | | | | | | | | | | $ | (1.29) | | | | | | | | | | | | | | |
Pro forma weighted-average number of common shares – basic and diluted (unaudited)(2)
|
| | | | 41,803,724 | | | | | | | | | | | | 41,608,389 | | | | | ||||||||||
|
| | |
March 31,
2021 |
| |
December 31,
|
| ||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 79,483 | | | | | $ | 27,211 | | | | | $ | 44,064 | | |
Working capital(1)
|
| | | | 172,387 | | | | | | 66,685 | | | | | | 81,128 | | |
Total assets
|
| | | | 286,055 | | | | | | 106,776 | | | | | | 90,896 | | |
Convertible preferred stock
|
| | | | 339,389 | | | | | | 179,761 | | | | | | 179,761 | | |
Accumulated deficit
|
| | | | (310,690) | | | | | | (292,342) | | | | | | (238,767) | | |
Total stockholders’ deficit
|
| | | | (91,557) | | | | | | (106,412) | | | | | | (91,859) | | |
(in thousands, except share and per share amounts)
|
| |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
as Adjusted |
| |||||||||
Cash, cash equivalents and short-term investments
|
| | | $ | 182,942 | | | | | $ | 182,942 | | | | | $ | 375,173 | | |
Long-term debt
|
| | | | 9,711 | | | | | | 9,711 | | | | | | 9,711 | | |
Stockholders’ deficit: | | | | | | | | | | | | | | | | | | | |
Series A preferred stock, $0.0001 par value: 35,000,000 shares
|
| | | | 34,922 | | | | | | | | | | | | | | |
authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | | | | | | | | | | | | | | | |
Series B preferred stock, $0.0001 par value: 26,143,790 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 144,839 | | | | | | | | | | | | | | |
Series C preferred stock, $0.0001 par value: 24,721,999 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 159,628 | | | | | | | | | | | | | | |
Common stock, $0.0001 par value, 125,236,190 shares authorized; 7,872,533 shares issued and outstanding, actual; 300,000,000 shares authorized and 41,999,061 shares issued and outstanding pro forma; 300,000,000 shares authorized and 52,549,061 shares issued and outstanding pro forma as adjusted
|
| | | | 1 | | | | | | 4 | | | | | | 5 | | |
Additional paid-in capital
|
| | | | 219,158 | | | | | | 558,544 | | | | | | 750,774 | | |
Accumulated deficit
|
| | | | (310,690) | | | | | | (310,690) | | | | | | (310,690) | | |
Accumulated other comprehensive loss
|
| | | | (26) | | | | | | (26) | | | | | | (26) | | |
Total capitalization
|
| | | $ | 257,543 | | | | | $ | 257,543 | | | | | $ | 449,774 | | |
|
|
Initial public offering price per share
|
| |
|
| | | $ | 20.00 | | |
|
Historical net tangible book value (deficit) per share as of March 31, 2021
|
| | | | | | $ | (11.63) | | |
|
Pro forma increase in net tangible book value per share as of March 31, 2021 attributable to
the pro forma transactions described above |
| | | | | | | 17.53 | | |
|
Pro forma net tangible book value per share as of March 31, 2021 before giving effect to this offering
|
| | | | | | | 5.90 | | |
|
Increase in pro forma net tangible book value per share attributable to new investors participating in this offering
|
| | | | | | | 2.47 | | |
|
Pro forma as adjusted net tangible book value per share immediately after this offering
|
| | | | | | | 8.37 | | |
|
Dilution per share to new investors participating in this offering
|
| | | | | | $ | 11.63 | | |
|
| | |
Shares purchased
|
| |
Total consideration
|
| | | | | | | ||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Average price
per share |
| |||||||||||||||
Existing stockholders
|
| | | | 41,999,061 | | | | | | 80% | | | | | $ | 340,000,000 | | | | | | 62% | | | | | $ | 8.10 | | |
New investors
|
| | | | 10.550,000 | | | | | | 20% | | | | | $ | 211,000,000 | | | | | | 38% | | | | | $ | 20.00 | | |
Total
|
| | | | 52,549,061 | | | | | | 100% | | | | | $ | 551,000,000 | | | | | | 100% | | | | | | | | |
| | |
March 31,
|
| |
December 31,
2020 |
| |
Successor
Period from June 21, 2019 (Inception) to December 31, 2019 |
| |
Predecessor
Period from January 1, 2019 to June 20, 2019 |
| ||||||||||||||||||
(in thousands, except share and per share data)
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||||||||
Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 15,374 | | | | | $ | 7,943 | | | | | $ | 39,681 | | | | | $ | 10,107 | | | | | $ | 4,159 | | |
General and administrative
|
| | | | 2,688 | | | | | | 2,050 | | | | | | 9,495 | | | | | | 3,622 | | | | | | 2,145 | | |
Write off of in-process research and development asset
|
| | | | — | | | | | | — | | | | | | 4,722 | | | | | | 225,946 | | | | | | — | | |
Total operating expenses
|
| | | | 18,062 | | | | | | 9,993 | | | | | | 53,898 | | | | | | 239,675 | | | | | | 6,304 | | |
Loss from operations
|
| | | | (18,062) | | | | | | (9,993) | | | | | | (53,898) | | | | | | (239,675) | | | | | | (6,304) | | |
Interest expense
|
| | | | (314) | | | | | | — | | | | | | (381) | | | | | | — | | | | | | — | | |
Other income, net
|
| | | | 28 | | | | | | 320 | | | | | | 704 | | | | | | 908 | | | | | | 302 | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | | | | $ | (53,575) | | | | | $ | (238,767) | | | | | $ | (6,002) | | |
Net loss per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted(1)
|
| | | $ | (2.39) | | | | | $ | (1.29) | | | | | $ | (7.16) | | | | | $ | (31.91) | | | | | $ | (1.00) | | |
Weighted average common shares outstanding Basic and Diluted(1)
|
| | | | 7,677,196 | | | | | | 7,481,861 | | | | | | 7,481,861 | | | | | | 7,481,861 | | | | | | 5,973,228 | | |
Pro forma net loss per share attributable to common stockholders – basic and diluted (unaudited)(2)
|
| | | $ | (0.44) | | | | | | | | | | | $ | (1.29) | | | | | ||||||||||
Pro forma weighted-average number of common shares – basic and diluted (unaudited)(2)
|
| | | | 41,803,724 | | | | | | | | | | | | 41,608,389 | | | | | ||||||||||
|
| | |
March 31,
2021 |
| |
December 31,
|
| ||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 79,483 | | | | | $ | 27,211 | | | | | $ | 44,064 | | |
Working capital(1)
|
| | | | 172,387 | | | | | | 66,685 | | | | | | 81,128 | | |
Total assets
|
| | | | 286,055 | | | | | | 106,776 | | | | | | 90,896 | | |
Convertible preferred stock
|
| | | | 339,389 | | | | | | 179,761 | | | | | | 179,761 | | |
Accumulated deficit
|
| | | | (310,690) | | | | | | (292,342) | | | | | | (238,767) | | |
Total stockholders’ deficit
|
| | | | (91,557) | | | | | | (106,412) | | | | | | (91,859) | | |
(in thousands)
|
| |
Three months ended
March 31, 2021 |
| |
Three months ended
March 31, 2020 |
| |
Change
|
| |||||||||
Operating expenses: | | | | | |||||||||||||||
Research and development
|
| | | $ | 15,374 | | | | | $ | 7,943 | | | | | $ | 7,431 | | |
General and administrative
|
| | | | 2,688 | | | | | | 2,050 | | | | | | 638 | | |
Total operating expenses
|
| | | | 18,062 | | | | | | 9,993 | | | | | | 8,069 | | |
Loss from operations
|
| | | | (18,062) | | | | | | (9,993) | | | | | | (8,069) | | |
Interest expense
|
| | | | (314) | | | | | | — | | | | | | (314) | | |
Other income, net
|
| | | | 28 | | | | | | 320 | | | | | | (292) | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | | | | $ | (8,675) | | |
|
(in thousands)
|
| |
Three months ended
March 31, 2021 |
| |
Three months ended
March 31, 2020 |
| |
Change
|
| |||||||||
Personnel and related costs
|
| | | $ | 4,789 | | | | | $ | 2,588 | | | | | $ | 2,201 | | |
Facility and other allocated costs
|
| | | | 2,075 | | | | | | 668 | | | | | | 1,407 | | |
Research and laboratory
|
| | | | 4,260 | | | | | | 1,621 | | | | | | 2,639 | | |
Collaborations
|
| | | | 2,906 | | | | | | 2,877 | | | | | | 29 | | |
Consulting
|
| | | | 691 | | | | | | 57 | | | | | | 634 | | |
Other
|
| | | | 653 | | | | | | 132 | | | | | | 521 | | |
Total research and development expense
|
| | | $ | 15,374 | | | | | $ | 7,943 | | | | | $ | 7,431 | | |
|
(in thousands)
|
| |
Successor
year ended December 31, 2020 |
| |
Successor
period from June 21, 2019 (Inception) to December 31, 2019 |
| |
Predecessor
period from January 1, 2019 to June 20, 2019 |
| |
Change
|
| ||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 39,681 | | | | | $ | 10,107 | | | | | $ | 4,159 | | | | | $ | 25,415 | | |
General and administrative
|
| | | | 9,495 | | | | | | 3,622 | | | | | | 2,145 | | | | | | 3,728 | | |
Write off of in-process research and development asset
|
| | | | 4,722 | | | | | | 225,946 | | | | | | — | | | | | | (221,224) | | |
Total operating expenses
|
| | | | 53,898 | | | | | | 239,675 | | | | | | 6,304 | | | | | | (192,081) | | |
Loss from operations
|
| | | | (53,898) | | | | | | (239,675) | | | | | | (6,304) | | | | | | 192,081 | | |
Other income, net
|
| | | | 704 | | | | | | 908 | | | | | | 302 | | | | | | (506) | | |
Interest expense
|
| | | | (381) | | | | | | — | | | | | | — | | | | | | (381) | | |
Net loss
|
| | | $ | (53,575) | | | | | $ | (238,767) | | | | | $ | (6,002) | | | | | $ | 191,194 | | |
(in thousands)
|
| |
Successor
year ended December 31, 2020 |
| |
Successor
period from June 21, 2019 to December 31, 2019 |
| |
Predecessor
period from January 1, 2019 to June 20, 2019 |
| |
Change
|
| ||||||||||||
Personnel and related costs
|
| | | $ | 14,901 | | | | | $ | 3,222 | | | | | $ | 1,686 | | | | | $ | 9,993 | | |
Facility and other allocated costs
|
| | | | 3,262 | | | | | | 179 | | | | | | 70 | | | | | | 3,012 | | |
Research and laboratory
|
| | | | 10,518 | | | | | | 2,394 | | | | | | 564 | | | | | | 7,561 | | |
Collaborations
|
| | | | 9,002 | | | | | | 3,139 | | | | | | 1,643 | | | | | | 4,220 | | |
Consulting
|
| | | | 730 | | | | | | 113 | | | | | | 92 | | | | | | 525 | | |
Other
|
| | | | 1,268 | | | | | | 1,060 | | | | | | 104 | | | | | | 104 | | |
Total research and development expense
|
| | | $ | 39,681 | | | | | $ | 10,107 | | | | | $ | 4,159 | | | | | $ | 25,415 | | |
(in thousands, except share and per share data)
|
| |
Three months ended
March 31, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss used in calculating pro forma net loss per share, basic and
diluted |
| | | $ | (18,348) | | | | | $ | (53,575) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common shares outstanding
|
| | | | 7,677,196 | | | | | | 7,481,861 | | |
Weighted-average convertible preferred stock
|
| | | | 34,126,528 | | | | | | 34,126,528 | | |
Pro forma weighted-average shares outstanding, basic and diluted
|
| | | | 41,803,724 | | | | | | 41,608,389 | | |
Pro forma net loss per share, basic and diluted
|
| | | $ | (0.44) | | | | | $ | (1.29) | | |
(in thousands)
|
| |
Three months
ended March 31, 2021 |
| |
Three months
ended March 31, 2020 |
| |
Successor
year ended December 31, 2020 |
| |
Successor
Period from June 21, 2019 to December 31, 2019 |
| |
Predecessor
period from January 1, 2019 to June 20, 2019 |
| |||||||||||||||
Net cash provided by (used in): | | | | | | | |||||||||||||||||||||||||
Operating activities
|
| | | $ | (22,179) | | | | | $ | (6,884) | | | | | $ | (41,269) | | | | | $ | (11,768) | | | | | $ | (4,400) | | |
Investing activities
|
| | | | (119,034) | | | | | | (4,178) | | | | | | (22,757) | | | | | | (19,007) | | | | | | (827) | | |
Financing activities
|
| | | | (193,485) | | | | | | — | | | | | | 47,690 | | | | | | 74,839 | | | | | | — | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash
|
| | | $ | 52,272 | | | | | $ | (11,062) | | | | | $ | (16,336) | | | | | $ | 44,064 | | | | | $ | (5,227) | | |
(in thousands)
|
| |
Payments due by period
|
| |||||||||||||||||||||||||||
|
1 year
|
| |
1 to 3 years
|
| |
3 to 5 years
|
| |
More than 5 years
|
| |
Total
|
| |||||||||||||||||
Operating leases
|
| | | $ | 1,220 | | | | | $ | 3,347 | | | | | $ | 3,629 | | | | | $ | 13,207 | | | | | $ | 21,403 | | |
Long-term debt
|
| | | | — | | | | | | 7,642 | | | | | | 2,753 | | | | | | — | | | | | | 10,395 | | |
Interest on long-term debt(1)
|
| | | | 968 | | | | | | 1,543 | | | | | | 48 | | | | | | — | | | | | | 2,560 | | |
|
Name
|
| |
Age
|
| |
Position(s)
|
|
Executive Officers | | | | | | | |
Osvaldo Flores, Ph.D.
|
| |
58
|
| |
President, Chief Executive Officer and Director
|
|
Luis Borges, Ph.D.
|
| |
59
|
| | Chief Scientific Officer | |
Michael Diem, M.D.
|
| |
52
|
| | Chief Business Officer | |
Adrienne Farid, Ph.D.
|
| |
59
|
| | Chief Operations Officer | |
Hyam Levitsky, M.D.
|
| |
63
|
| | President of Research and Development | |
Gregory Russotti, Ph.D.
|
| |
54
|
| | Chief Technology Officer | |
Non-Employee Directors | | | | | | | |
Toshikazu Ban(4)
|
| |
60
|
| | Director | |
Kimberly Blackwell, M.D.(1)(3)
|
| |
52
|
| | Director | |
Cynthia Butitta(1)(2)
|
| |
66
|
| | Director | |
Eli Casdin(2)(3)
|
| |
48
|
| | Director | |
Juergen Eckhardt, M.D.(5)
|
| |
54
|
| | Director | |
Joseph Jimenez(2)(3)
|
| |
61
|
| | Director, Chairman of the Board | |
Alessandro Riva, M.D.(1)
|
| |
60
|
| | Director | |
Carlo Rizzuto, Ph.D.(2)(3)
|
| |
51
|
| | Director | |
Name
|
| |
Fees earned
or paid in cash ($) |
| |
Option
awards ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| ||||||||||||
Toshikazu Ban
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Juergen Eckhardt, M.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joseph Jimenez
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Carlo Rizzuto, Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Name and principal
position |
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Option
awards ($)(1) |
| |
Non-equity
incentive plan compensation ($)(2) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Osvaldo Flores, Ph.D.
|
| | | | 2020 | | | | | | 461,250 | | | | | | — | | | | | | 741,750 | | | | | | 185,400 | | | | | | 2,250 | | | | | | 1,390,650 | | |
President and Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hyam Levitsky, M.D.
|
| | | | 2020 | | | | | | 384,375(3) | | | | | | — | | | | | | — | | | | | | 115,875 | | | | | | 1,875 | | | | | | 502,125 | | |
President of R&D
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Michael Diem, M.D.
|
| | | | 2020 | | | | | | 123,958 | | | | | | 125,000(5) | | | | | | 644,258 | | | | | | 49,583 | | | | | | — | | | | | | 942,799 | | |
Chief Business
Officer(4) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Option awards
|
| |
Stock awards
|
| |||||||||||||||||||||||||||||||||||||||
Name and
Principal Position (a) |
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) (b) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) (c) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) |
| |
Option
Exercise Price ($) (e) |
| |
Option
expiration date ($) (f) |
| |
Number
of Shares or Units of Stock That Have Not Vested (#) (g) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(1) (h) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (i) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (j) |
| ||||||||||||||||||
Osvaldo Flores, Ph.D.
|
| | | | — | | | | | | 213,624(2) | | | | | | | | | | | | 1.74 | | | |
10/1/2030
|
| | | | | | | | | | | | | | | | | | |
| | | | | — | | | | | | | | | | | | 213,624(3) | | | | | | 1.74 | | | |
10/1/2030
|
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 484,791(4) | | | | | | 841,651.66 | | | | | | | | |
Hyam Levitsky, M.D.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 324,162(5) | | | | | | 562,781.25 | | | | | | | | |
Michael
Diem, M.D. |
| | | | | | | | | | | | | | | | 371,092(6) | | | | | | 1.74 | | | |
9/30/2030
|
| | | | | | | | | | | | | | | | | | |
| | |
Beneficial ownership prior to
this offering |
| |
Beneficial ownership after
this offering |
| ||||||||||||||||||
Name of Beneficial Owner
|
| |
Number of
shares beneficially owned |
| |
Percentage
of beneficial ownership |
| |
Number of
shares beneficially owned |
| |
Percentage
of beneficial ownership |
| ||||||||||||
5% and Greater Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Versant Entities(1)
|
| | | | 13,530,909 | | | | | | 30.6% | | | | | | 13,530,909 | | | | | | 24.7% | | |
FUJIFILM Cellular Dynamics, Inc.(2)
|
| | | | 6,955,207 | | | | | | 15.7% | | | | | | 6,955,207 | | | | | | 12.7% | | |
Bayer World Investments B.V.(3)
|
| | | | 11,925,838 | | | | | | 26.9% | | | | | | 11,925,838 | | | | | | 21.8% | | |
Casdin Entities(4)
|
| | | | 2,456,380 | | | | | | 5.5% | | | | | | 2,456,380 | | | | | | 4.4% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Osvaldo Flores, Ph.D.(5)
|
| | | | 1,535,343 | | | | | | 3.5% | | | | | | 1,535,343 | | | | | | 2.8% | | |
Michael Diem, M.D.(6)
|
| | | | 371,092 | | | | | | * | | | | | | 371,092 | | | | | | * | | |
Hyam Levitsky, M.D.(7)
|
| | | | 536,544 | | | | | | 1.2% | | | | | | 536,544 | | | | | | * | | |
Carlo Rizzuto, Ph.D.
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Toshikazu Ban
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Joseph Jimenez
|
| | | | 494,346 | | | | | | 1.1% | | | | | | 494,346 | | | | | | * | | |
Juergen Eckhart, M.D.
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Eli Casdin(4)
|
| | | | 2,456,380 | | | | | | 5.5% | | | | | | 2,456,380 | | | | | | 4.4% | | |
Cynthia Butitta
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Kimberly Blackwell, M.D.
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
Alessandro Riva, M.D.
|
| | | | — | | | | | | * | | | | | | — | | | | | | * | | |
All current directors and executive officers as a group
(14 persons) |
| | | | 6,869,212 | | | | | | 14.0% | | | | | | 6,869,212 | | | | | | 12.1% | | |
|
Approximate Number of Shares
|
| |
First Date Available for Sale on the Public Markets
|
|
40,088,134 shares | | |
181 days after the date of this prospectus, upon expiration of the lock-up
agreements referred to below, subject in some cases to applicable volume, manner of sale and other limitations under Rule 144 and Rule 701. |
|
Name
|
| |
Number of
shares of common stock |
| |||
J.P. Morgan Securities LLC
|
| | | | 3,428,750 | | |
BofA Securities, Inc.
|
| | | | 3,428,750 | | |
SVB Leerink LLC
|
| | | | 2,110,000 | | |
Piper Sandler & Co.
|
| | | | 1,582,500 | | |
Total
|
| | | | 10,550,000 | | |
| | |
Without
option to purchase additional shares of common stock exercise |
| |
With full
option to purchase additional shares of common stock exercise |
| ||||||
Per Common Share
|
| | | $ | 1.40 | | | | | $ | 1.40 | | |
Total
|
| | | $ | 14,770,000 | | | | | $ | 16,985,500 | | |
| | |
Successor
|
| |||||||||
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 27,211 | | | | | $ | 44,064 | | |
Short-term investments
|
| | | | 48,542 | | | | | | 37,475 | | |
Escrow deposits, current
|
| | | | 783 | | | | | | — | | |
Prepaid expenses and other current assets
|
| | | | 2,261 | | | | | | 2,583 | | |
Total current assets
|
| | | | 78,797 | | | | | | 84,122 | | |
Property and equipment, net
|
| | | | 15,385 | | | | | | 2,488 | | |
Operating lease right-of-use asset, net
|
| | | | 9,392 | | | | | | — | | |
Restricted cash
|
| | | | 517 | | | | | | — | | |
Escrow deposits, non-current
|
| | | | 723 | | | | | | — | | |
Long-term investments
|
| | | | 1,053 | | | | | | 4,080 | | |
Security deposits
|
| | | | 909 | | | | | | 206 | | |
Total assets
|
| | | $ | 106,776 | | | | | $ | 90,896 | | |
Liabilities, convertible preferred stock, and stockholders’ deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 8,082 | | | | | $ | 1,548 | | |
Accrued expenses and other liabilities
|
| | | | 4,030 | | | | | | 1,446 | | |
Total current liabilities
|
| | |
|
12,112
|
| | | |
|
2,994
|
| |
Operating lease liability, long-term
|
| | | | 11,679 | | | | |
|
—
|
| |
Long-term debt, net
|
| | | | 9,636 | | | | |
|
—
|
| |
Total liabilities
|
| | | | 33,427 | | | | | | 2,994 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
Non-cumulative convertible preferred stock, Series A, $0.0001 par value, 35,000,000 shares authorized, issued and outstanding at December 31, 2020 and 2019
|
| | | | 34,922 | | | | | | 34,922 | | |
Non-cumulative convertible preferred stock, Series B, $0.0001 par value, 26,143,790 shares authorized, issued and outstanding at December 31, 2020 and 2019
|
| | | | 144,839 | | | | | | 144,839 | | |
Stockholders' deficit | | | | | | | | | | | | | |
Common stock, $0.0001 par value, 125,236,190 shares authorized; 7,481,861 shares issued and outstanding at December 31, 2020 and 2019
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 217,832 | | | | | | 216,910 | | |
Subscription receivable
|
| | | | (31,900) | | | | | | (70,000) | | |
Accumulated deficit
|
| | | | (292,342) | | | | | | (238,767) | | |
Accumulated other comprehensive loss
|
| | | | (3) | | | | | | (3) | | |
Total stockholders’ deficit
|
| | | | (106,412) | | | | | | (91,859) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 106,776 | | | | | $ | 90,896 | | |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
For the Year Ended
December 31, 2020 |
| |
For the period June 21,
2019 through December 31, 2019 |
| | |
For the period January
1, 2019 through June 20, 2019 |
| |||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 39,681 | | | | | $ | 10,107 | | | | | | $ | 4,159 | | |
General and administrative
|
| | | | 9,495 | | | | | | 3,622 | | | | | | | 2,145 | | |
Write off of in-process research and development asset
|
| | | | 4,722 | | | | | | 225,946 | | | | | | | — | | |
Total operating expenses
|
| | | | 53,898 | | | | | | 239,675 | | | | | | | 6,304 | | |
Loss from operations
|
| | | | (53,898) | | | | | | (239,675) | | | | | | | (6,304) | | |
Interest expense
|
| | | | (381) | | | | | | — | | | | | | | — | | |
Other income, net
|
| | | | 704 | | | | | | 908 | | | | | | | 302 | | |
Net loss
|
| | | $ | (53,575) | | | | | $ | (238,767) | | | | | | $ | (6,002) | | |
Net loss per common share
Basic and Diluted |
| | | $ | (7.16) | | | | | $ | (31.91) | | | | | | $ | (1.00) | | |
Weighted average common shares outstanding
Basic and Diluted |
| | | | 7,481,861 | | | | | | 7,481,861 | | | | | | | 5,973,228 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (53,575) | | | | | $ | (238,767) | | | | | | $ | (6,002) | | |
Unrealized gain (loss) on short-term
investments |
| | | | 8 | | | | | | (3) | | | | | | | — | | |
Foreign currency translation adjustment
|
| | | | (8) | | | | | | — | | | | | | | — | | |
Comprehensive loss
|
| | | $ | (53,575) | | | | | $ | (238,770) | | | | | | $ | (6,002) | | |
|
| | |
Predecessor
|
| |
Successor
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| | |
Preferred Stock
|
| |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Predecessor
|
| |
Successor
|
| |
Additional
Paid-In Capital |
| |
Subscription
Receivable |
| |
Predecessor
|
| |
Successor
|
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Common
Stock |
| |
Amount
|
| |
Common
Units |
| |
Amount
|
| |
Common
Stock |
| |
Amount
|
| |
Accumulated
Deficit |
| |
Accumulated
Deficit |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018, Predecessor
|
| | | | 35,000,000 | | | | | $ | 34,922 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 5,961,607 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 154 | | | | | $ | — | | | | | $ | (1,894) | | | | | $ | — | | | | | $ | — | | | | | $ | (1,739) | | |
Issuance of common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,241 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Stock based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
14
|
| |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (6,002) | | | | | | — | | | | | | — | | | | |
|
(6,002)
|
| |
Balance, June 20, 2019, Predecessor
|
| | | | 35,000,000 | | | | | $ | 34,922 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 5,984,848 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 168 | | | | | $ | — | | | | | $ | (7,896) | | | | | $ | — | | | | | $ | — | | | | | $ | (7,727) | | |
Balance, June 21, 2019, Successor
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of common units for cash, net of equity
issuance costs |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,143,790 | | | | | | 144,839 | | | | | | — | | | | | | — | | | | | | — | | | | | | (70,000) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
74,839
|
| |
Issuance of common units for acquired assets, net
of equity issuance costs |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,226,891 | | | | | | 251,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
251,700
|
| |
Cancellation of LLC Units (Note 2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (93,370,681) | | | | | | (396,539) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(396,539)
|
| |
Capital restructuring (Note 2)
|
| | | | — | | | | | | — | | | | | | 35,000,000 | | | | | | 34,922 | | | | | | 26,143,790 | | | | | | 144,839 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,481,861 | | | | | | 1 | | | | | | 216,777 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
216,778
|
| |
Unrealized loss on short-term investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | |
|
(3)
|
| |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 133 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
133
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (238,767) | | | | | | — | | | | |
|
(238,767)
|
| |
Balance, December 31, 2019
|
| | | | — | | | | | | — | | | | | | 35,000,000 | | | | | | 34,922 | | | | | | 26,143,790 | | | | | | 144,839 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,481,861 | | | | | | 1 | | | | | | 216,910 | | | | | | (70,000) | | | | | | — | | | | | | (238,767) | | | | | | (3) | | | | | | (91,859) | | |
Receipt of subscription receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,100 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
38,100
|
| |
Unrealized gain on short-term investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | |
|
8
|
| |
Warrants on long term debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 46 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
46
|
| |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8) | | | | |
|
(8)
|
| |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 876 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
876
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (53,575) | | | | | | — | | | | |
|
(53,575)
|
| |
Balance, December 31, 2020, Successor
|
| | | | — | | | | | $ | — | | | | | | 35,000,000 | | | | | $ | 34,922 | | | | | | 26,143,790 | | | | | $ | 144,839 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 7,481,861 | | | | | $ | 1 | | | | | $ | 217,832 | | | | | $ | (31,900) | | | | | $ | — | | | | | $ | (292,342) | | | | | $ | (3) | | | | | $ | (106,412) | | |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
For the year ended
December 31, 2020 |
| |
For the period June 21,
2019 to December 31, 2019 |
| | |
For the period
January 1, 2019 to June 20, 2019 |
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (53,575) | | | | | $ | (238,767) | | | | | | $ | (6,002) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | | |
Write off of in-process research and development asset
|
| | | | 4,722 | | | | | | 225,946 | | | | | | | — | | |
Depreciation
|
| | | | 1,402 | | | | | | 179 | | | | | | | 70 | | |
Amortization of deferred financing cost
|
| | | | 92 | | | | | | — | | | | | | | — | | |
Non-cash operating lease expense
|
| | | | 352 | | | | | | — | | | | | | | — | | |
Stock based compensation
|
| | | | 876 | | | | | | 133 | | | | | | | 14 | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | | |
Escrow deposit
|
| | | | (1,506) | | | | | | — | | | | | | | — | | |
Prepaid expenses and other assets
|
| | | | (203) | | | | | | (969) | | | | | | | 832 | | |
Operating lease liability
|
| | | | 2,175 | | | | | | — | | | | | | | — | | |
Accounts payable
|
| | | | 2,062 | | | | | | 1,548 | | | | | | | (315) | | |
Accrued expenses and other liabilities
|
| | | | 2,334 | | | | | | 162 | | | | | | | 1,001 | | |
Net cash used in operating activities
|
| | | | (41,269) | | | | | | (11,768) | | | | | | | (4,400) | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | |
Acquisition of property and equipment
|
| | | | (9,825) | | | | | | (1,633) | | | | | | | (827) | | |
Payments for purchase of fixed maturity securities, available for sale
|
| | | | (49,860) | | | | | | (41,540) | | | | | | | — | | |
Asset acquisition, net of cash acquired
|
| | | | (4,722) | | | | | | 24,166 | | | | | | | — | | |
Sale of fixed maturity securities, available for sale
|
| | | | 41,650 | | | | | | — | | | | | | | — | | |
Net cash used in investing activities
|
| | | | (22,757) | | | | | | (19,007) | | | | | | | (827) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | |
Proceeds from long-term debt and warrants, net
|
| | | | 9,734 | | | | | | — | | | | | | | — | | |
Payments of deferred financing cost
|
| | | | (144) | | | | | | | | | | | | | | | |
Proceeds from subscription receivable
|
| | | | 38,100 | | | | | | — | | | | | | | — | | |
Proceeds from issuance of common units
|
| | | | — | | | | | | 74,839 | | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 47,690 | | | | | | 74,839 | | | | | | | — | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash
|
| | | | (16,336) | | | | | | 44,064 | | | | | | | (5,227) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 44,064 | | | | | | — | | | | | | | 31,424 | | |
Cash, cash equivalents and restricted cash, end of
period |
| | | $ | 27,728 | | | | | $ | 44,064 | | | | | | $ | 26,197 | | |
Supplemental disclosure of cash and non-cash operating activities:
|
| | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 207 | | | | | $ | — | | | | | | $ | — | | |
Supplemental disclosure of non-cash investing and financing activities:
|
| | | | | | | | | | | | | | | | | | | |
Issuance of common units in exchange for asset
acquisition |
| | | $ | — | | | | | $ | 251,700 | | | | | | $ | — | | |
Purchase of property and equipment, accrued and unpaid
|
| | | $ | 4,472 | | | | | $ | — | | | | | | $ | — | | |
|
| | |
Successor
|
| |||||||||
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
Cash and cash equivalents
|
| | | $ | 27,211 | | | | | $ | 44,064 | | |
Restricted cash
|
| | | | 517 | | | | | | — | | |
Cash, cash equivalents, and restricted cash
|
| | | $ | 27,728 | | | | | $ | 44,064 | | |
| | |
As of June 21, 2019
|
| |||
Cash and cash equivalents
|
| | | $ | 25,163 | | |
IPR&D
|
| | | | 225,946 | | |
Property and equipment
|
| | | | 1,034 | | |
Other current assets
|
| | | | 578 | | |
Other non-current assets
|
| | | | 669 | | |
Current liabilities
|
| | | | (1,283) | | |
Total | | | | $ | 252,107 | | |
| | |
June 9, 2020
|
| |||
Cash paid to Sellers at close
|
| | | $ | 4,516 | | |
Seller expenses paid by the Company
|
| | | | 3 | | |
Buyer transaction expenses
|
| | | | 203 | | |
Total consideration
|
| | | $ | 4,722 | | |
IPR&D
|
| | | $ | 4,722 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents
|
| | | $ | 24,284 | | | | | | — | | | | | | — | | | | | $ | 24,284 | | |
U.S. Treasury
|
| | | | 9,525 | | | | | | — | | | | | | — | | | | | | 9,525 | | |
Corporate bonds
|
| | | | — | | | | | | 40,070 | | | | | | — | | | | | | 40,070 | | |
Total
|
| | | $ | 33,809 | | | | | $ | 40,070 | | | | | $ | — | | | | | $ | 73,879 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents
|
| | | $ | 42,010 | | | | | $ | — | | | | | $ | — | | | | | $ | 42,010 | | |
U.S. Treasury
|
| | | | 7,612 | | | | | | — | | | | | | — | | | | | | 7,612 | | |
Corporate bonds
|
| | | | — | | | | | | 33,943 | | | | | | — | | | | | | 33,943 | | |
Total
|
| | | $ | 49,622 | | | | | $ | 33,943 | | | | | $ | — | | | | | $ | 83,565 | | |
| | |
Amortized Cost
|
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
U.S. Treasury
|
| | | $ | 9,518 | | | | | $ | 7 | | | | | $ | — | | | | | $ | 9,525 | | |
Corporate bonds
|
| | | | 40,069 | | | | | | 8 | | | | | | (7) | | | | | | 40,070 | | |
Total
|
| | | $ | 49,587 | | | | | $ | 15 | | | | | $ | (7) | | | | | $ | 49,595 | | |
| | |
Amortized Cost
|
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
U.S. Treasury
|
| | | $ | 7,612 | | | | | $ | 1 | | | | | $ | (1) | | | | | $ | 7,612 | | |
Corporate bonds
|
| | | | 33,946 | | | | | | 3 | | | | | | (6) | | | | | | 33,943 | | |
Total
|
| | | $ | 41,558 | | | | | $ | 4 | | | | | $ | (7) | | | | | $ | 41,555 | | |
| | |
Successor
|
| |||||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Less than one year
|
| | | $ | 48,542 | | | | | $ | 37,475 | | |
One to five years
|
| | | | 1,053 | | | | | | 4,080 | | |
| | | | $ | 49,595 | | | | | $ | 41,555 | | |
| | |
Successor
|
| |||||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Research and development
|
| | | $ | 97 | | | | | $ | 2,140 | | |
Software licenses and other
|
| | | | 760 | | | | | | 196 | | |
Miscellaneous receivables
|
| | | | 908 | | | | | | 123 | | |
Warranties
|
| | | | 240 | | | | | | — | | |
Other
|
| | | | 256 | | | | | | 124 | | |
Total prepaid expenses and other current assets
|
| | | $ | 2,261 | | | | | $ | 2,583 | | |
| | |
Successor
|
| |||||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Lab equipment
|
| | | $ | 8,941 | | | | | $ | 2,633 | | |
Leasehold improvements
|
| | | | 1,964 | | | | | | 34 | | |
Construction in progress
|
| | | | 5,771 | | | | | | — | | |
Computer software and equipment
|
| | | | 214 | | | | | | — | | |
Furniture and fixtures
|
| | | | 76 | | | | | | — | | |
Total
|
| | | | 16,966 | | | | | | 2,667 | | |
Less: Accumulated depreciation
|
| | | | (1,581) | | | | | | (179) | | |
Property and equipment, net
|
| | | $ | 15,385 | | | | | $ | 2,488 | | |
| | |
Successor
|
| |||||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Payroll and bonuses
|
| | | $ | 3,132 | | | | | $ | 1,028 | | |
Interest
|
| | | | 82 | | | | | | — | | |
Professional and legal fees
|
| | | | 524 | | | | | | 365 | | |
Operating lease liability, current
|
| | | | 240 | | | | | | — | | |
Other
|
| | | | 52 | | | | | | 53 | | |
Total accrued expenses and other liabilities
|
| | | $ | 4,030 | | | | | $ | 1,446 | | |
| | |
Successor
|
| |||
| | |
December 31, 2020
|
| |||
Principal
|
| | | $ | 10,000 | | |
Less: Debt discount attributable to warrants, net of accretion
|
| | | | (43) | | |
Less: Unamortized deferred financing cost, net of accretion
|
| | | | (321) | | |
Long-term debt, net
|
| | | $ | 9,636 | | |
| | |
Successor
|
| |||
| | |
For the Year Ended
December 31, 2020 |
| |||
Interest expense
|
| | | $ | 289 | | |
Amortization of debt issuance costs, including end of term fee accretion
|
| | | | 92 | | |
| | | | $ | 381 | | |
| | |
Principal
Payments |
| |||
2021
|
| | | $ | — | | |
2022
|
| | | | 1,039 | | |
2023
|
| | | | 6,603 | | |
2024
|
| | | | 2,753 | | |
Total future payments
|
| | | $ | 10,395 | | |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
For the Year Ended
December 31, 2020 |
| |
Period from
June 21, 2019 through December 31, 2019 |
| | |
Period from
January 1, 2019 through June 20, 2019 |
| |||||||||
Operating lease expense: | | | | | | | | | | | | | | | | | | | | |
Fixed lease cost
|
| | | $ | 935 | | | | | $ | — | | | | | | $ | — | | |
Variable lease cost
|
| | | | 131 | | | | | | — | | | | | | | — | | |
Short term lease expense
|
| | | | 2,352 | | | | | | 379 | | | | | | | 243 | | |
Total operating lease expense
|
| | | $ | 3,418 | | | | | $ | 379 | | | | | | $ | 243 | | |
|
| | | | | |
Successor
|
|
| | |
Location in Balance Sheet
|
| |
As of December 31, 2020
|
|
Operating lease right-of-use asset, net | | |
Operating lease right-of-use asset, net
|
| | $9,392 | |
Operating lease liability, current | | |
Accrued expenses and other liabilities
|
| | $240 | |
Operating lease liability, long-term | | | Operating lease liability, long-term | | | 11,679 | |
Total operating lease liability | | | | | | $11,919 | |
| | |
Successor
|
| |||
| | |
As of December 31, 2020
|
| |||
Weighted-average remaining lease terms—operating leases
|
| |
10.2 years
|
| |||
Weighted-average discount rate—operating leases
|
| | | | 9.0% | | |
|
| | |
Successor
|
| |||
| | |
For the Year Ended
December 31, 2020 |
| |||
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 2,175 | | |
Right-of-use assets obtained in exchange for lease obligations:
|
| | | $ | 9,735 | | |
| | |
Operating Leases
|
| |||
2021
|
| | | $ | 1,220 | | |
2022
|
| | | | 1,594 | | |
2023
|
| | | | 1,753 | | |
2024
|
| | | | 1,801 | | |
2025
|
| | | | 1,828 | | |
Thereafter
|
| | | | 13,207 | | |
Total lease payments
|
| | | | 21,403 | | |
Less: Imputed Interest
|
| | | | (9,484) | | |
Total
|
| | | $ | 11,919 | | |
| | | | | | | | |
Weighted Average
|
| |||||||||
| | |
Shares
|
| |
Exercise Price
|
| |
Remaining
Contractual Term (years) |
| |||||||||
Outstanding January 1, 2020
|
| | | | 1,746,030 | | | | | $ | 0.68 | | | | | | 9.45 | | |
Granted
|
| | | | 2,437,336 | | | | | | 1.36 | | | | | | — | | |
Exercised—vested
|
| | | | (142,468) | | | | | | 1.03 | | | | | | — | | |
Exercised—unvested
|
| | | | (157,446) | | | | | | 1.03 | | | | | | — | | |
Forfeited
|
| | | | (632) | | | | | | 1.03 | | | | | | — | | |
Cancelled
|
| | | | (491) | | | | | | 1.03 | | | | | | — | | |
Outstanding, December 31, 2020
|
| | | | 3,882,329 | | | | | $ | 1.06 | | | | | | 9.11 | | |
Exercisable at December 31, 2020, Successor
|
| | | | 2,377,182 | | | | | $ | 1.06 | | | | | | 8.93 | | |
|
| | | | | | | | |
Weighted Average
|
| |||||||||
| | |
Shares
|
| |
Exercise Price
|
| |
Remaining
Contractual Term (years) |
| |||||||||
Outstanding January 1, 2019, Predecessor
|
| | | | — | | | | | $ | — | | | | | | — | | |
Granted
|
| | | | 766,988 | | | | | | 0.03 | | | | | | | | |
Outstanding June 21, 2019, Successor
|
| | | | 766,988 | | | | | | 0.03 | | | | | | — | | |
Granted
|
| | | | 1,336,841 | | | | | | 1.03 | | | | | | — | | |
Exercised—vested
|
| | | | (74,446) | | | | | | 0.03 | | | | | | — | | |
Exercised—unvested
|
| | | | (283,353) | | | | | | 0.03 | | | | | | — | | |
Outstanding, December 31, 2019
|
| | | | 1,746,030 | | | | | $ | 0.68 | | | | | | 9.45 | | |
Exercisable at December 31, 2019, Successor
|
| | | | 1,508,531 | | | | | $ | 0.75 | | | | | | 9.44 | | |
|
| | |
Successor
|
| |||||||||
| | |
Year ended
December 31, 2020 |
| |
Period ended
June 21, 2019 through December 31, 2019 |
| ||||||
Expected dividend rate
|
| | | | — | | | | | | — | | |
Expected option term (years)
|
| | | | 5.85 | | | | | | 5.97 | | |
Expected volatility
|
| | | | 68.38% | | | | | | 65.63% | | |
Risk-free interest rate
|
| | | | 0.58% | | | | | | 1.77% | | |
| | |
Shares
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||
Unvested January 1, 2019, Predecessor
|
| | | | 1,704,256 | | | | | $ | 0.03 | | |
Issued
|
| | | | 278,905 | | | | | | 0.03 | | |
Vested
|
| | | | (23,241) | | | | | | 0.03 | | |
Unvested June 21, 2019, Successor
|
| | | | 1,959,920 | | | | | $ | 0.03 | | |
Issued
|
| | | | 571,407 | | | | | | 1.03 | | |
Repurchased
|
| | | | (298,080) | | | | | | 0.03 | | |
Vested
|
| | | | (516,456) | | | | | | 0.03 | | |
Total Unvested December 31, 2019, Successor
|
| | | | 1,716,791 | | | | | | 0.35 | | |
Vested
|
| | | | (663,289) | | | | | | 0.38 | | |
Total Unvested December 31, 2020, Successor
|
| | | | 1,053,502 | | | | | $ | 0.35 | | |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
For the Year Ended
December 31, 2020 |
| |
For the period June
21, 2019 through December 31, 2019 |
| | |
For the period
January 1, 2019 through June 20, 2019 |
| |||||||||
Numerator | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (53,575) | | | | | $ | (238,767) | | | | | | $ | (6,002) | | |
Denominator | | | | | | | | | | | | | | | | | | | | |
Weighted-average common share for basic
and diluted net loss per share |
| | | | 7,481,861 | | | | | | 7,481,861 | | | | | | | 5,973,228 | | |
Basic and diluted net loss per common share
|
| | | $ | (7.16) | | | | | $ | (31.91) | | | | | | $ | (1.00) | | |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
For the Year Ended
December 31, 2020 |
| |
For the period June
21, 2019 through December 31, 2019 |
| | |
For the period
January 1, 2019 through June 20, 2019 |
| |||||||||
Stock options to purchase common stock
|
| | | | 3,882,328 | | | | | | 1,746,030 | | | | | | | 766,988 | | |
Early exercised stock options subject to future
vesting |
| | | | 330,629 | | | | | | 283,353 | | | | | | | — | | |
Restricted stock award subject to future vesting
|
| | | | 1,053,502 | | | | | | 1,716,791 | | | | | | | 1,959,920 | | |
Warrants on long term debt
|
| | | | 16,112 | | | | | | — | | | | | | | — | | |
Convertible preferred stock
|
| | | | 61,143,790 | | | | | | 61,143,790 | | | | | | | 35,000,000 | | |
Total
|
| | | | 66,426,361 | | | | | | 64,889,964 | | | | | | | 37,726,908 | | |
|
| | |
March 31, 2021
(unaudited) |
| |
December 31,
2020 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 79,483 | | | | | $ | 27,211 | | |
Short-term investments
|
| | | | 103,459 | | | | | | 48,542 | | |
Escrow deposits, current
|
| | | | 377 | | | | | | 783 | | |
Prepaid expenses and other current assets
|
| | | | 1,980 | | | | | | 2,261 | | |
Total current assets
|
| | | | 185,299 | | | | | | 78,797 | | |
Property and equipment, net
|
| | | | 20,657 | | | | | | 15,385 | | |
Deferred offering costs
|
| | | | 2,119 | | | | | | — | | |
Operating lease right-of-use asset, net
|
| | | | 12,460 | | | | | | 9,392 | | |
Restricted cash
|
| | | | 517 | | | | | | 517 | | |
Escrow deposits, non-current
|
| | | | 723 | | | | | | 723 | | |
Long-term investments
|
| | | | 63,138 | | | | | | 1,053 | | |
Security deposits
|
| | | | 1,142 | | | | | | 909 | | |
Total assets
|
| | | $ | 286,055 | | | | | $ | 106,776 | | |
Liabilities, convertible preferred stock, and stockholders’ deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 8,816 | | | | | $ | 8,082 | | |
Accrued expenses and other liabilities
|
| | | | 3,815 | | | | | | 4,030 | | |
Deposit liability
|
| | | | 281 | | | | | | — | | |
Total current liabilities
|
| | |
|
12,912
|
| | | |
|
12,112
|
| |
Operating lease liability, long-term
|
| | | | 14,745 | | | | | | 11,679 | | |
Deposit liability, non-current
|
| | | | 855 | | | | | | — | | |
Long-term debt, net
|
| | | | 9,711 | | | | | | 9,636 | | |
Total liabilities
|
| | | | 38,223 | | | | | | 33,427 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
Non-cumulative convertible preferred stock, Series A, $0.0001 par value, 35,000,000 shares authorized, issued and outstanding at March 31, 2021 and December 31, 2020
|
| | | | 34,922 | | | | | | 34,922 | | |
Non-cumulative convertible preferred stock, Series B, $0.0001 par value, 26,143,790 shares authorized, issued and outstanding at March 31, 2021 and December 31, 2020
|
| | | | 144,839 | | | | | | 144,839 | | |
Non-cumulative convertible preferred stock, Series C, $0.0001 par value, 24,721,999 and 0 shares authorized, issued and outstanding at March 31, 2021 and December 31, 2020, respectively
|
| | | | 159,628 | | | | | | — | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.0001 par value, 125,236,190 shares authorized; 7,872,533 and 7,481,861 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 219,158 | | | | | | 217,832 | | |
Subscription receivable
|
| | | | — | | | | | | (31,900) | | |
Accumulated deficit
|
| | | | (310,690) | | | | | | (292,342) | | |
Accumulated other comprehensive loss
|
| | | | (26) | | | | | | (3) | | |
Total stockholders’ deficit
|
| | | | (91,557) | | | | | | (106,412) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 286,055 | | | | | $ | 106,776 | | |
| | |
Three Months Ended
March 31, 2021 (unaudited) |
| |
Three Months Ended
March 31, 2020 (unaudited) |
| ||||||
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | $ | 15,374 | | | | | $ | 7,943 | | |
General and administrative
|
| | | | 2,688 | | | | | | 2,050 | | |
Total operating expenses
|
| | | | 18,062 | | | | | | 9,993 | | |
Loss from operations
|
| | | | (18,062) | | | | | | (9,993) | | |
Interest expense
|
| | | | (314) | | | | | | — | | |
Other income, net
|
| | | | 28 | | | | | | 320 | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | |
Net loss per common share | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (2.39) | | | | | $ | (1.29) | | |
Weighted average common shares outstanding | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | 7,677,196 | | | | | | 7,481,861 | | |
Other comprehensive loss | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | |
Unrealized (loss) gain on short-term investments
|
| | | | (27) | | | | | | 27 | | |
Foreign currency translation adjustment
|
| | | | 4 | | | | | | — | | |
Comprehensive loss
|
| | | $ | (18,371) | | | | | $ | (9,646) | | |
|
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred Stock |
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Subscription
Receivable |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020
|
| | | | 35,000,000 | | | | | $ | 34,922 | | | | | | 26,143,790 | | | | | $ | 144,839 | | | | | | — | | | | | $ | — | | | | | | 7,481,861 | | | | | $ | 1 | | | | | $ | 217,832 | | | | | $ | (31,900) | | | | | $ | (292,342) | | | | | $ | (3) | | | | | $ | (106,412) | | |
Receipt of subscription receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31,900 | | | | | | — | | | | | | — | | | | |
|
31,900
|
| |
Issuance of Series C preferred stock, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,721,999 | | | | | | 159,628 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Net assets contributed as result of merger
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,061 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
1,061
|
| |
Issuance of common stock upon the exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40,790 | | | | | | — | | | | | | 47 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
47
|
| |
Vesting of restricted stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 150,799 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Vesting of early exercise stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 199,083 | | | | | | — | | | | | | 123 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
123
|
| |
Unrealized loss on short-term investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (27) | | | | |
|
(27)
|
| |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | |
|
4
|
| |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 95 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
95
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,348) | | | | | | — | | | | |
|
(18,348)
|
| |
Balance, March 31, 2021
|
| | | | 35,000,000 | | | | | $ | 34,922 | | | | | | 26,143,790 | | | | | $ | 144,839 | | | | | | 24,721,999 | | | | | $ | 159,628 | | | | | | 7,872,533 | | | | | $ | 1 | | | | | $ | 219,158 | | | | | $ | — | | | | | $ | (310,690) | | | | | $ | (26) | | | | | $ | (91,557) | | |
|
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred Stock |
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Subscription
Receivable |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 35,000,000 | | | | | $ | 34,922 | | | | | | 26,143,790 | | | | | $ | 144,839 | | | | | | — | | | | | $ | — | | | | | | 7,481,861 | | | | | $ | 1 | | | | | $ | 216,910 | | | | | $ | (70,000) | | | | | $ | (238,767) | | | | | $ | (3) | | | | | $ | (91,859) | | |
Unrealized gain on short-term investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27 | | | | |
|
27
|
| |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 221 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
221
|
| |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,673) | | | | | | — | | | | |
|
(9,673)
|
| |
Balance, March 31, 2020
|
| | | | 35,000,000 | | | | | $ | 34,922 | | | | | | 26,143,790 | | | | | $ | 144,839 | | | | | | — | | | | | $ | — | | | | | | 7,481,861 | | | | | $ | 1 | | | | | $ | 217,131 | | | | | $ | (70,000) | | | | | $ | (248,440) | | | | | $ | 24 | | | | | $ | (101,284) | | |
|
| | |
Three Months Ended
March 31, 2021 (unaudited) |
| |
Three Months Ended
March 31, 2020 (unaudited) |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 718 | | | | | | 200 | | |
Amortization of deferred financing cost
|
| | | | 75 | | | | | | — | | |
Non-cash operating lease expense
|
| | | | 230 | | | | | | 59 | | |
Stock based compensation
|
| | | | 95 | | | | | | 221 | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other assets
|
| | | | 173 | | | | | | 1,583 | | |
Operating lease liability
|
| | | | 127 | | | | | | 21 | | |
Accounts payable
|
| | | | (4,938) | | | | | | 1,627 | | |
Accrued expenses and other liabilities
|
| | | | (311) | | | | | | (922) | | |
Net cash used in operating activities
|
| | | | (22,179) | | | | | | (6,884) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Acquisition of property and equipment
|
| | | | (1,884) | | | | | | (2,699) | | |
Payments for purchase of fixed maturity securities, available for sale
|
| | | | (124,850) | | | | | | (1,479) | | |
Sale of fixed maturity securities, available for sale
|
| | | | 7,700 | | | | | | — | | |
Net cash used in investing activities
|
| | | | (119,034) | | | | | | (4,178) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Payments of deferred offering costs
|
| | | | (554) | | | | | | — | | |
Proceeds from issuance of common stock
|
| | | | 47 | | | | | | — | | |
Proceeds from early exercises of common stock options, net of expense
|
| | | | 138 | | | | | | — | | |
Proceeds from subscription receivable
|
| | | | 31,900 | | | | | | — | | |
Proceeds from issuance of Series C preferred stock, net of issuance costs
|
| | | | 159,628 | | | | | | — | | |
Cash contributed as a result of merger
|
| | | | 2,326 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 193,485 | | | | | | — | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
| | | | 52,272 | | | | | | (11,062) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 27,728 | | | | | | 44,064 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 80,000 | | | | | $ | 33,002 | | |
Supplemental disclosure of cash and non-cash operating activities:
|
| | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 239 | | | | | $ | — | | |
Supplemental disclosure of non-cash investing and financing activities:
|
| | | | | | | | | | | | |
Purchase of property and equipment, accrued and unpaid
|
| | | $ | 4,107 | | | | | $ | 569 | | |
Deferred offering cost, accrued and unpaid
|
| | | $ | 1,565 | | | | | $ | — | | |
|
| | |
March 31, 2021
|
| |
December 31, 2020
|
| ||||||
Cash and cash equivalents
|
| | | $ | 79,483 | | | | | $ | 27,211 | | |
Restricted cash
|
| | | | 517 | | | | | | 517 | | |
Cash, cash equivalents, and restricted cash
|
| | | $ | 80,000 | | | | | $ | 27,728 | | |
|
| | |
March 31, 2021
|
| |
December 31, 2020
|
| ||||||
Total shares legally outstanding
|
| | | | 9,727,754 | | | | | | 8,865,992 | | |
Less: unvested early exercised shares
|
| | | | (952,518) | | | | | | (330,629) | | |
| | |
March 31, 2021
|
| |
December 31, 2020
|
| ||||||
Less: unvested restricted stock
|
| | | | (902,703) | | | | | | (1,053,502) | | |
Total shares issued and outstanding
|
| | | | 7,872,533 | | | | | | 7,481,861 | | |
|
| | |
As of June 21, 2019
|
| |||
Cash and cash equivalents
|
| | | $ | 25,163 | | |
IPR&D
|
| | | | 225,946 | | |
Property and equipment
|
| | | | 1,034 | | |
Other current assets
|
| | | | 578 | | |
Other non-current assets
|
| | | | 669 | | |
Current liabilities
|
| | | | (1,283) | | |
Total | | | | $ | 252,107 | | |
|
| | |
June 9, 2020
|
| |||
Cash paid to Sellers at close
|
| | | $ | 4,516 | | |
Seller expenses paid by the Company
|
| | | | 3 | | |
Buyer transaction expenses
|
| | | | 203 | | |
Total consideration
|
| | | $ | 4,722 | | |
IPR&D
|
| | | $ | 4,722 | | |
|
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents
|
| | | $ | 75,686 | | | | | | — | | | | | | — | | | | | $ | 75,686 | | |
U.S. Treasury
|
| | | | 11,999 | | | | | | — | | | | | | — | | | | | | 11,999 | | |
Corporate bonds
|
| | | | — | | | | | | 154,598 | | | | | | — | | | | | | 154,598 | | |
Total
|
| | | $ | 87,685 | | | | | $ | 154,598 | | | | | $ | — | | | | | $ | 242,283 | | |
|
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash equivalents
|
| | | $ | 24,284 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,284 | | |
U.S. Treasury
|
| | | | 9,525 | | | | | | — | | | | | | — | | | | | | 9,525 | | |
Corporate bonds
|
| | | | — | | | | | | 40,070 | | | | | | — | | | | | | 40,070 | | |
Total
|
| | | $ | 33,809 | | | | | $ | 40,070 | | | | | $ | — | | | | | $ | 73,879 | | |
|
| | |
Amortized Cost
|
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
U.S. Treasury
|
| | | $ | 11,996 | | | | | $ | 3 | | | | | $ | — | | | | | $ | 11,999 | | |
Corporate bonds
|
| | | | 154,628 | | | | | | 10 | | | | | | (40) | | | | | | 154,598 | | |
Total
|
| | | $ | 166,624 | | | | | $ | 13 | | | | | $ | (40) | | | | | $ | 166,597 | | |
|
| | |
Amortized Cost
|
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
U.S. Treasury
|
| | | $ | 9,518 | | | | | $ | 7 | | | | | $ | — | | | | | $ | 9,525 | | |
Corporate bonds
|
| | | | 40,069 | | | | | | 8 | | | | | | (7) | | | | | | 40,070 | | |
Total
|
| | | $ | 49,587 | | | | | $ | 15 | | | | | $ | (7) | | | | | $ | 49,595 | | |
|
| | |
March 31, 2021
|
| |
December 31, 2020
|
| ||||||
Less than one year
|
| | | $ | 103,459 | | | | | $ | 48,542 | | |
One to five years
|
| | | | 63,138 | | | | | | 1,053 | | |
| | | | $ | 166,597 | | | | | $ | 49,595 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Research and development
|
| | | $ | 130 | | | | | $ | 97 | | |
Software licenses and other
|
| | | | 1,145 | | | | | | 760 | | |
Reimbursement receivable
|
| | | | 137 | | | | | | 908 | | |
Warranties
|
| | | | 299 | | | | | | 240 | | |
Other
|
| | | | 269 | | | | | | 256 | | |
Total prepaid expenses and other current assets
|
| | | $ | 1,980 | | | | | $ | 2,261 | | |
|
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Lab equipment
|
| | | $ | 11,427 | | | | | $ | 8,941 | | |
Leasehold improvements
|
| | | | 7,746 | | | | | | 1,964 | | |
Construction in progress
|
| | | | 3,401 | | | | | | 5,771 | | |
Computer software and equipment
|
| | | | 228 | | | | | | 214 | | |
Furniture and fixtures
|
| | | | 153 | | | | | | 76 | | |
Total
|
| | | | 22,955 | | | | | | 16,966 | | |
Less: Accumulated depreciation
|
| | | | (2,298) | | | | | | (1,581) | | |
Property and equipment, net
|
| | | $ | 20,657 | | | | | $ | 15,385 | | |
|
| | |
March 31
2021 |
| |
December 31,
2020 |
| ||||||
Payroll and bonuses
|
| | | $ | 868 | | | | | $ | 3,132 | | |
Interest
|
| | | | 82 | | | | | | 82 | | |
Professional and legal fees
|
| | | | 2,213 | | | | | | 524 | | |
Operating lease liability, current
|
| | | | 596 | | | | | | 240 | | |
Other
|
| | | | 56 | | | | | | 52 | | |
Total accrued expenses and other liabilities
|
| | | $ | 3,815 | | | | | $ | 4,030 | | |
|
| | |
March 31, 2021
|
| |
December 31, 2020
|
| ||||||
Principal
|
| | | $ | 10,000 | | | | | $ | 10,000 | | |
Less: Debt discount attributable to warrants, net of accretion
|
| | | | (39) | | | | | | (43) | | |
Less: Unamortized deferred financing cost, net of accretion
|
| | | | (250) | | | | | | (321) | | |
Long-term debt, net
|
| | | $ | 9,711 | | | | | $ | 9,636 | | |
|
| | |
For the Three
Months Ended March 31, 2021 |
| |
For the Three
Months Ended March 31, 2020 |
| ||||||
Interest expense for loan
|
| | | $ | 239 | | | | | $ | — | | |
Amortization of debt issuance costs, including end of term fee
|
| | | | | | | | | | | | |
accretion
|
| | | | 75 | | | | | | — | | |
| | | | $ | 314 | | | | | $ | — | | |
| | |
Principal Payments
|
| |||
2021
|
| | | $ | — | | |
2022
|
| | | | 1,039 | | |
2023
|
| | | | 6,603 | | |
2024
|
| | | | 2,753 | | |
2025
|
| | | | — | | |
Total future payments
|
| | | $ | 10,395 | | |
|
| | |
For the
Three Months Ended March 31, 2021 |
| |
For the
Three Months Ended March 31, 2020 |
| ||||||
Operating lease expense: | | | | | | | | | | | | | |
Fixed lease cost
|
| | | $ | 548 | | | | | $ | 126 | | |
Variable lease cost
|
| | | | 272 | | | | | | — | | |
Short term lease expense
|
| | | | 668 | | | | | | 496 | | |
Total operating lease expense
|
| | | $ | 1,488 | | | | | $ | 622 | | |
|
| | |
Location in Balance Sheet
|
| |
As of
March 31, 2021 |
| |
As of
December 31, 2020 |
| ||||||
Operating lease right-of-use asset, net
|
| |
Operating lease right-of-use asset, net
|
| | | $ | 12,460 | | | | | $ | 9,392 | | |
Operating lease liability, current
|
| |
Accrued expenses and other liabilities
|
| | | | 596 | | | | | | 240 | | |
Operating lease liability, long-term
|
| | Operating lease liability, long-term | | | | | 14,745 | | | | | | 11,679 | | |
Total operating lease liability
|
| | | | | | $ | 15,341 | | | | | $ | 11,919 | | |
|
| | |
As of March 31, 2021
|
| |
As of December 31, 2020
|
|
Weighted-average remaining lease terms—operating leases
|
| |
8.74 years
|
| |
10.2 years
|
|
Weighted-average discount rate—operating leases
|
| |
9%
|
| |
9%
|
|
| | |
For the Three
Months Ended March 31, 2021 |
| |
For the Three
Months Ended March 31, 2020 |
| ||||||
Cash paid for amounts included in the measurement of lease liabilities
|
| | | | | | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 127 | | | | | $ | 21 | | |
Right-of-use assets obtained in exchange for lease obligations:
|
| | | $ | 3,295 | | | | | $ | 2,998 | | |
| | |
Operating Leases
|
| |||
2021
|
| | | $ | 1,869 | | |
2022
|
| | | | 2,813 | | |
2023
|
| | | | 2,678 | | |
2024
|
| | | | 2,708 | | |
2025
|
| | | | 2,743 | | |
Thereafter
|
| | | | 18,300 | | |
Total lease payments
|
| | | | 31,111 | | |
Less: imputed Interest
|
| | | | (12,065) | | |
Less: tenant incentive receivable
|
| | | | (3,705) | | |
Total
|
| | | $ | 15,341 | | |
|
| | |
Three Months
Ended March 31, 2021 |
| |
Three Months
Ended March 31, 2020 |
| ||||||
Numerator | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,348) | | | | | $ | (9,673) | | |
Denominator | | | | | | | | | | | | | |
Weighted-average common share for basic and diluted net loss per
share |
| | | | 7,677,196 | | | | | | 7,481,861 | | |
Basic and diluted net loss per common share
|
| | | $ | (2.39) | | | | | $ | (1.29) | | |
|
| | |
Three Months
Ended March 31, 2021 |
| |
Three Months
Ended March 31, 2020 |
| ||||||
Stock options to purchase common stock
|
| | | | 3,419,208 | | | | | | 2,424,405 | | |
Early exercised stock options subject to future vesting
|
| | | | 952,518 | | | | | | 222,656 | | |
Restricted stock award subject to future vesting
|
| | | | 902,703 | | | | | | 1,536,337 | | |
Warrants on long term debt
|
| | | | 16,112 | | | | | | — | | |
Convertible preferred stock
|
| | | | 85,865,789 | | | | | | 61,143,790 | | |
Total
|
| | | | 91,156,330 | | | | | | 65,327,188 | | |
|
| | | | | | | | |
Weighted Average
|
| |||||||||
| | |
Shares
|
| |
Exercise Price
|
| |
Remaining
Contractual Term (years) |
| |||||||||
Outstanding January 1, 2021
|
| | | | 3,882,328 | | | | | $ | 1.06 | | | | | | 9.11 | | |
Granted
|
| | | | 420,914 | | | | | | 7.27 | | | | | | — | | |
Exercised—vested
|
| | | | (172,883) | | | | | | 1.05 | | | | | | — | | |
Exercised—unvested
|
| | | | (688,886) | | | | | | 1.42 | | | | | | — | | |
Forfeited
|
| | | | (22,265) | | | | | | 1.03 | | | | | | — | | |
Cancelled
|
| | | | — | | | | | | — | | | | | | — | | |
Outstanding, March 31, 2021
|
| | | | 3,419,208 | | | | | $ | 1.83 | | | | | | 8.94 | | |
Exercisable at March 31, 2021
|
| | | | 2,021,936 | | | | | $ | 2.23 | | | | | | 8.77 | | |
|
| | |
March 31, 2021
|
| |||
Expected dividend rate
|
| | | | — | | |
Expected option term (years)
|
| | | | 6.04 | | |
Expected volatility
|
| | | | 69.81% | | |
Risk-free interest rate
|
| | | | 1.07% | | |
| | |
Shares
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||
Total Unvested December 31, 2020
|
| | | | 1,053,502 | | | | | | 0.35 | | |
Vested
|
| | | | (150,799) | | | | | | 0.25 | | |
Total Unvested March 31, 2021
|
| | | | 902,703 | | | | | $ | 0.38 | | |
| J.P. Morgan | | |
BofA Securities
|
| |
SVB Leerink
|
| |
Piper Sandler
|
|