| | |
Per share
|
| |
Total
|
| ||||||
Initial public offering price | | | | $ | 10.00 | | | | | $ | 40,000,000 | | |
Underwriting discounts and commissions(1) | | | | $ | 0.70 | | | | | $ | 2,800,000 | | |
Proceeds to us, before expenses | | | | $ | 9.30 | | | | | $ | 37,200,000 | | |
| | |
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| | | | F-1 | | |
| | |
Years Ended
December 31, |
| |
Three Months
Ended March 31, |
| ||||||||||||||||||
(in thousands, except share and per share data)
|
| |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,358 | | | | | $ | 5,378 | | | | | $ | 1,052 | | | | | $ | 1,245 | | |
General and administrative
|
| | | | 2,708 | | | | | | 3,179 | | | | | | 639 | | | | | | 1,118 | | |
Loss on disposal of property and
equipment |
| | | | 68 | | | | | | — | | | | | | — | | | | | | — | | |
Total operating expenses
|
| | | | 5,134 | | | | | | 8,557 | | | | | | 1,691 | | | | | | 2,363 | | |
Loss from operations
|
| | | | (5,134) | | | | | | (8,557) | | | | | | (1,691) | | | | | | (2,363) | | |
Net loss
|
| | | $ | (5,134) | | | | | $ | (8,557) | | | | | $ | (1,691) | | | | | $ | (2,363) | | |
Net loss attributable to common stockholders(1)
|
| | | $ | (5,912) | | | | | $ | (10,340) | | | | | $ | (1,951) | | | | | $ | (3,069) | | |
Net loss per share attributable to common stockholders: basic and
diluted |
| | | $ | (1.85) | | | | | $ | (3.02) | | | | | $ | (0.59) | | | | | $ | (0.82) | | |
Weighted-average shares used to compute net
loss per share attributable to common stockholders: basic and diluted |
| | | | 3,188,165 | | | | | | 3,419,075 | | | | | | 3,305,367 | | | | | | 3,764,488 | | |
Pro forma net loss attributable to common
stockholders(1) |
| | | | | | | | | $ | (8,557) | | | | | | | | | | | $ | (2,363) | | |
Pro forma net loss per share attributable to common stockholders (unaudited): basic and diluted(1)
|
| | | | | | | | | $ | (0.91) | | | | | | | | | | | $ | (0.16) | | |
Weighted-average shares used to compute pro forma net loss per share attributable to common stockholders (unaudited): basic and diluted(1)
|
| | | | | | | | | | 9,382,360 | | | | | | | | | | | | 14,754,553 | | |
| | |
As of March 31, 2021
|
| |||||||||||||||
(in thousands)
|
| |
Actual
|
| |
Pro
Forma(1) |
| |
Pro Forma
As Adjusted(2) |
| |||||||||
| | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 15,052 | | | | | $ | 15,052 | | | | | $ | 49,488 | | |
Working capital(3)
|
| | | | 12,310 | | | | | | 12,310 | | | | | | 47,994 | | |
Total assets
|
| | | | 20,423 | | | | | | 20,423 | | | | | | 51,725 | | |
Preferred stock
|
| | | | 34,900 | | | | | | — | | | | | | — | | |
Total stockholders’ (deficit) equity
|
| | | | (18,581) | | | | | | 16,319 | | | | | | 48,869 | | |
| | |
As of March 31, 2021
|
| |||||||||||||||
(in thousands, except share and per share amounts)
|
| |
Actual
|
| |
Pro
Forma |
| |
Pro Forma
As Adjusted(1) |
| |||||||||
Cash
|
| | | $ | 15,052 | | | | | $ | 15,052 | | | | | $ | 49,489 | | |
Convertible preferred stock, Series A, par value, $0.0001 per share; 27,564,260 shares authorized, 9,993,727 shares issued and outstanding, actual; 27,564,260 shares authorized and no shares issued or outstanding, pro forma; no shares authorized, issued or outstanding, pro forma as adjusted
|
| | | $ | 34,900 | | | | | $ | — | | | | | | — | | |
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Preferred stock, par value $0.0001 per share; no shares authorized, issued and outstanding, actual; 10,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted
|
| | | | — | | | | | | — | | | | | | — | | |
Common stock, par value $0.0001 per share; 50,700,000 shares
authorized, 3,764,488 shares issued and outstanding, actual; 50,700,000 shares authorized and 14,754,553 shares issued and outstanding, pro forma; 490,000,000 shares authorized and 18,754,553 shares issued and outstanding, pro forma as adjusted |
| | | | 1 | | | | | | 1 | | | | | | 5 | | |
Additional paid-in capital
|
| | | | 1,819 | | | | | | 36,719 | | | | | | 69,265 | | |
Accumulated deficit
|
| | | | (20,401) | | | | | | (20,401) | | | | | | (20,401) | | |
Total stockholders’ (deficit) equity
|
| | | | (18,581) | | | | | | 16,319 | | | | | | 48,869 | | |
Total capitalization
|
| | | $ | 16,319 | | | | | $ | 16,319 | | | | | $ | 48,869 | | |
|
Initial public offering price per share
|
| |
|
| | | $ | 10.00 | | | |||
|
Historical net tangible book deficit per share as of March 31, 2021
|
| | | $ | (6.20) | | | | | | | | |
|
Pro forma increase in net tangible book value per share as of March 31, 2021 attributable to the pro forma transactions described above
|
| | | | 6.98 | | | | | | | | |
|
Pro forma net tangible book value per share as of March 31, 2021
|
| | | | 0.78 | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to new investors
participating in this offering |
| | | | 1.74 | | | |
|
| |||
|
Pro forma as adjusted net tangible book value per share after this offering
|
| | | | | | | | | | 2.52 | | |
|
Dilution per share to new investors participating in this offering
|
| | | | | | | | | $ | 7.48 | | |
| | |
Shares Purchased
|
| |
Total
Consideration |
| |
Average
Price Per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing stockholders
|
| | | | 14,754,553 | | | | | | 78.7% | | | | | $ | 35,559,158 | | | | | | 47.1% | | | | | $ | 2.41 | | |
New investors
|
| | | | 4,000,000 | | | | | | 21.3 | | | | | | 40,000,000 | | | | | | 52.9 | | | | | | 10.00 | | |
Total
|
| | | | 18,754,553 | | | | | | 100% | | | | | $ | 75,559,158 | | | | | | 100.0% | | | | | $ | 4.03 | | |
| | |
Three Months Ended March 31,
|
| | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| | | | | | | |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 1,052 | | | | | $ | 1,245 | | | | | $ | 193 | | |
General and administrative
|
| | | | 639 | | | | | | 1,118 | | | | | | 479 | | |
Total operating expenses
|
| | | | 1,691 | | | | | | 2,363 | | | | | | 672 | | |
Loss from operations
|
| | | | (1,691) | | | | | | (2,363) | | | | | | (672) | | |
Net loss
|
| | | $ | (1,691) | | | | | $ | (2,363) | | | | | $ | (672) | | |
| | |
Three Months Ended March 31,
|
| | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| | | | | | | |||||||||
Direct research and development expenses: | | | | | | | | | | | | | | | | | | | |
INB-100
|
| | | $ | 102 | | | | | $ | 67 | | | | | $ | (35) | | |
INB-200
|
| | | | 3 | | | | | | 7 | | | | | | 4 | | |
Unallocated expenses | | | | | | | | | | | | | | | | | | | |
Preclinical
|
| | | | 291 | | | | | | 166 | | | | | | (125) | | |
Personnel expenses(1)
|
| | | | 439 | | | | | | 712 | | | | | | 273 | | |
Facility related and other
|
| | | | 217 | | | | | | 293 | | | | | | 76 | | |
Total research and development expenses
|
| | | $ | 1,052 | | | | | $ | 1,245 | | | | | $ | 193 | | |
| | |
Year ended December 31,
|
| | | | | | | |||||||||
| | |
2019
|
| |
2020
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| | | | | | | |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,358 | | | | | $ | 5,378 | | | | | $ | 3,020 | | |
General and administrative
|
| | | | 2,708 | | | | | | 3,179 | | | | | | 471 | | |
Loss on disposal of equipment
|
| | | | 68 | | | | | | — | | | | | | (68) | | |
Total operating expenses
|
| | | | 5,134 | | | | | | 8,557 | | | | | | 3,423 | | |
Loss from operations
|
| | | | (5,134) | | | | | | (8,557) | | | | | | (3,423) | | |
Net loss
|
| | | $ | (5,134) | | | | | $ | (8,557) | | | | | $ | (3,423) | | |
| | |
Year ended December 31,
|
| | | | | | | |||||||||
| | |
2019
|
| |
2020
|
| |
Change
|
| |||||||||
| | |
(in thousands)
|
| | | | | | | |||||||||
Direct research and development expenses: | | | | | | | | | | | | | | | | | | | |
INB-100
|
| | | $ | — | | | | | $ | 706 | | | | | $ | 706 | | |
INB-200
|
| | | | — | | | | | | 689 | | | | | | 689 | | |
Unallocated expenses | | | | | | | | | | | | | | | | | | | |
Preclinical
|
| | | | 595 | | | | | | 1,319 | | | | | | 724 | | |
Personnel expenses(1)
|
| | | | 1,144 | | | | | | 1,687 | | | | | | 543 | | |
Facility related and other
|
| | | | 619 | | | | | | 977 | | | | | | 358 | | |
Total research and development expenses
|
| | | $ | 2,358 | | | | | $ | 5,378 | | | | | $ | 3,020 | | |
| | |
Year ended December 31,
|
| |
Three Months Ended
March 31, |
| ||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |
(in thousands)
|
| ||||||||||||||||||
Net cash used in operating activities
|
| | | $ | (4,801) | | | | | $ | (7,133) | | | | | $ | (1,623) | | | | | $ | (2,507) | | |
Net cash provided by investing activities
|
| | | | 356 | | | | | | — | | | | | | — | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | 65 | | | | | | 24,517 | | | | | | 5,680 | | | | | | (435) | | |
Net (decrease) increase in cash and restricted cash
|
| | | $ | (4,380) | | | | | $ | 17,384 | | | | | $ | 4,057 | | | | | $ | (2,942) | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 Year |
| |
1 to 3
Years |
| |
4 to 5
Years |
| |
More than
5 Years |
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Operating lease commitments
|
| | | $ | 2,266 | | | | | $ | 832 | | | | | $ | 1,157 | | | | | $ | 277 | | | | | $ | — | | |
Total
|
| | | $ | 2,266 | | | | | $ | 832 | | | | | $ | 1,157 | | | | | $ | 277 | | | | | $ | — | | |
Grant Date
|
| |
Number of Common
Shares Subject to Options Granted |
| |
Exercise
Price per Common Share |
| |
Estimated
Per-Share Fair Value of Options |
| |
Estimated
Fair Value per Common Share at Grant Date |
| ||||||||||||
February 3, 2020
|
| | | | 1,825 | | | | | $ | 1.10 | | | | | $ | 0.96 | | | | | $ | 1.10 | | |
May 5, 2020
|
| | | | 28,287 | | | | | $ | 1.23 | | | | | $ | 0.96 | | | | | $ | 1.23 | | |
October 5, 2020
|
| | | | 896,628 | | | | | $ | 6.74 | | | | | $ | 4.79 | | | | | $ | 6.74 | | |
October 15, 2020
|
| | | | 3,066 | | | | | $ | 6.74 | | | | | $ | 4.79 | | | | | $ | 6.74 | | |
February 1, 2021
|
| | | | 305,132 | | | | | $ | 5.36 | | | | | $ | 4.02 | | | | | $ | 5.36 | | |
NAME
|
| |
AGE
|
| |
POSITION(S)
|
| |||
Executive Officers and Key Employee
|
| | | | | | | | | |
William Ho
|
| | | | 45 | | | | President, Chief Executive Officer and Director | |
Lawrence Lamb, Ph.D.
|
| | | | 67 | | | |
Executive Vice President and Chief Scientific Officer
|
|
Patrick McCall
|
| | | | 38 | | | | Chief Financial Officer | |
Kate Rochlin, Ph.D.
|
| | | | 40 | | | | Vice President, Operations and Innovation | |
Non-Employee Directors | | | | | | | | | | |
Alan S. Roemer(1)(2)
|
| | | | 51 | | | | Chairman | |
Peter Brandt(1)(3)
|
| | | | 64 | | | | Director | |
Emily T. Fairbairn(3)
|
| | | | 59 | | | | Director | |
Luba Greenwood(1)(2)
|
| | | | 42 | | | | Director | |
Travis Whitfill(2)(3)
|
| | | | 31 | | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
Total
($) |
| ||||||||||||||||||
William Ho
|
| | | | 2020 | | | | | | 279,167 | | | | | | 150,000(2) | | | | | | 874,540 | | | | | | 144,000 | | | | | | 1,447,707 | | |
President, Chief Executive Officer and former
|
| | | | 2019 | | | | | | 213,505 | | | | | | — | | | | | | — | | | | | | — | | | | | | 213,505 | | |
Chief Financial Officer
|
| | | | | | | ||||||||||||||||||||||||||||||
Lawrence Lamb, Ph.D.
|
| | | | 2020 | | | | | | 245,000 | | | | | | — | | | | | | 1,311,810 | | | | | | 120,000 | | | | | | 1,676,810 | | |
Executive Vice President and
Chief Scientific |
| | | | 2019 | | | | | | 240,000 | | | | | | — | | | | | | 112,935 | | | | | | — | | | | | | 352,935 | | |
Officer
|
| | | | | | | ||||||||||||||||||||||||||||||
Melissa Beelen(5)
|
| | | | 2020 | | | | | | 212,333 | | | | | | — | | | | | | 297,725 | | | | | | 65,000 | | | | | | 570,058 | | |
Vice President of Clinical Operations
|
| | | | 2019 | | | | | | 156,000 | | | | | | — | | | | | | 30,359 | | | | | | 41,600 | | | | | | 227,659 | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name and Principal
Position |
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
incentive plan awards: Number of securities underlying unexercised unearned options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
William Ho
|
| |
October 5, 2020
|
| | |
|
—
|
| | | | | 182,500(1) | | | | |
|
—
|
| | | | $ | 6.74 | | | |
October 4, 2030
|
|
President, Chief
Executive Officer and former Chief Financial Officer |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrence Lamb, Ph.D.
|
| |
November 12, 2018
|
| | | | 48,665 | | | | | | 6,085(2) | | | | |
|
—
|
| | | | $ | 1.07 | | | |
November 11, 2028
|
|
Executive Vice
President and Chief Scientific Officer |
| |
March 12, 2019
|
| | | | 28,216 | | | | | | 30,671(3) | | | | |
|
—
|
| | | | $ | 1.07 | | | |
March 11, 2029
|
|
|
March 12, 2019
|
| | | | — | | | | | | 22,082(4) | | | | | | 66,248(4) | | | | | $ | 1.07 | | | |
March 11, 2029
|
| ||
|
October 5, 2020
|
| | | | — | | | | | | 273,750(5) | | | | | | — | | | | | $ | 6.74 | | | |
October 4, 2030
|
| ||
Melissa Beelen
|
| |
April 17, 2019
|
| | | | 16,326 | | | | | | 22,858(6) | | | | | | — | | | | | $ | 1.07 | | | |
April 16, 2029
|
|
Vice President of Clinical Operations
|
| |
May 5, 2020
|
| | | | — | | | | | | 13,140(7) | | | | | | — | | | | | $ | 1.23 | | | |
May 4, 2030
|
|
|
May 5, 2020
|
| | | | — | | | | | | — | | | | | | 5,110(8) | | | | | $ | 1.23 | | | |
May 4, 2030
|
| ||
|
October 5, 2020
|
| | | | — | | | | | | 57,434(9) | | | | | | — | | | | | $ | 6.74 | | | |
October 4, 2030
|
|
Position
|
| |
Annual
Service Retainer |
| |
Chairperson
Additional Retainer |
| ||||||
Board of Directors
|
| | | $ | 35,000 | | | | | $ | 65,000 | | |
Audit Committee
|
| | | | 7,500 | | | | | | 15,000 | | |
Compensation Committee
|
| | | | 5,000 | | | | | | 10,000 | | |
Nominating and Corporate Governance Committee
|
| | | | 4,000 | | | | | | 8,000 | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Option
Awards(1)(4) ($) |
| |
Total
($) |
| |||||||||
Peter Brandt
|
| | | | — | | | | | | 203,848 | | | | | | 203,848 | | |
Thomas Cirrito, Ph.D.(5)
|
| | | | — | | | | | | 218,544 | | | | | | 218,544 | | |
Alan S. Roemer
|
| | | | 30,769(2) | | | | | | 1,081,960(3) | | | | | | 1,112,729 | | |
Travis Whitfill
|
| | | | — | | | | | | 10,815 | | | | | | 10,815 | | |
Name
|
| |
Outstanding
Option Awards |
| |||
Peter Brandt
|
| | | | 72,221 | | |
Thomas Cirrito, Ph.D.
|
| | | | 76,650 | | |
Travis Whitfill
|
| | | | 12,775 | | |
Alan S. Roemer
|
| | | | 225,879 | | |
Name
|
| |
Series A
Preferred Stock (#) |
| |
Warrants to
Purchase Series A Preferred Stock (#)(3) |
| |
Cancellation of
Indebtedness (2018 Note Conversion($) |
| |
Cash
Purchase Price of Series A Preferred Stock ($) |
| |
Aggregate
Purchase Price ($) |
| |||||||||||||||
Entities affiliated with Bios Equity Partners, L.P.(1)
|
| | | | 5,861,427 | | | | | | 163,049 | | | | | | 1,752,744 | | | | | | 19,250,000 | | | | | | 21,002,744 | | |
Entities affiliated with Emily T. Fairbairn(2)
|
| | | | 3,005,920 | | | | | | 25,195 | | | | | | 270,850 | | | | | | 10,500,000 | | | | | | 10,770,850 | | |
| | |
Number of
Shares Beneficially Owned |
| |
Percentage of
Shares Beneficially Owned |
| ||||||
| | |
Before
Offering |
| |
After
Offering |
| ||||||
Greater than 5% Stockholders: | | | | | | | | | | | | | |
Entities affiliated with Bios Equity Partners, L.P.(1)
|
| | | | 6,625,102 | | | |
44.9%
|
| |
35.3%
|
|
Transcend Partners Opportunity Fund LLC(2)
|
| | | | 3,222,485 | | | |
21.8%
|
| |
17.2%
|
|
Directors and Named Executive Officers: | | | | | | | | | | | | | |
William Ho(3)
|
| | | | 2,544,929 | | | |
17.2%
|
| |
13.6%
|
|
Lawrence Lamb, Ph.D.(4)
|
| | | | 186,637 | | | |
1.3%
|
| |
1.0%
|
|
Melissa Beelen(5)
|
| | | | 26,689 | | | |
*
|
| |
*
|
|
Peter Brandt(6)
|
| | | | 207,971 | | | |
1.4%
|
| |
1.1%
|
|
Alan S. Roemer(7)
|
| | | | 86,143 | | | |
*
|
| |
*
|
|
Emily T. Fairbairn(8)
|
| | | | 3,341,527 | | | |
22.6%
|
| |
17.8%
|
|
Luba Greenwood
|
| | | | 7,300 | | | |
*
|
| |
*
|
|
Travis Whitfill(9)
|
| | | | 12,775 | | | |
*
|
| |
*
|
|
All current executive officers and directors as a group (9 persons)(10)
|
| | | | 6,413,971 | | | |
42.8%
|
| |
33.8%
|
|
Underwriters
|
| |
Number of Shares
|
| |||
B. Riley Securities, Inc.
|
| | | | 4,000,000 | | |
Total
|
| | | | 4,000,000 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | 0.70 | | | | | $ | 0.70 | | |
Total
|
| | | $ | 2,800,000 | | | | | $ | 3,220,000 | | |
| | |
Page
|
| |||
Audited Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Interim Financial Statements | | | | | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 610 | | | | | $ | 17,994 | | |
Prepaid expenses and other current assets
|
| | | | 153 | | | | | | 150 | | |
Total Current Assets
|
| | | | 763 | | | | | | 18,144 | | |
Non-current assets | | | | | | | | | | | | | |
Property and equipment, net
|
| | | | 274 | | | | | | 186 | | |
Deferred offering costs
|
| | | | — | | | | | | 2,439 | | |
Other non-current assets
|
| | | | 93 | | | | | | 141 | | |
Total Non-Current Assets
|
| | | | 367 | | | | | | 2,766 | | |
Total Assets
|
| | | $ | 1,130 | | | | | $ | 20,910 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 560 | | | | | $ | 620 | | |
Accrued expenses and other current liabilities
|
| | | | 87 | | | | | | 1,778 | | |
Loan payable
|
| | | | — | | | | | | 174 | | |
Total Current Liabilities
|
| | | | 647 | | | | | | 2,572 | | |
Deferred rent
|
| | | | — | | | | | | 17 | | |
Warrant liability
|
| | | | 829 | | | | | | — | | |
Total Liabilities
|
| | | | 1,476 | | | | | | 2,589 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Convertible preferred stock, par value $0.0001 per share; 7,435,616 and
27,564,260 shares authorized at December 31, 2019 and 2020, respectively; 2,713,980 shares and 9,993,727 shares, issued and outstanding at December 31, 2019 and 2020, and a liquidation preference of $10,931 and $37,969 at December 31, 2019 and 2020, respectively |
| | | | 8,896 | | | | | | 34,900 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 27,000,000 and 50,700,000 shares authorized at December 31, 2019 and 2020, respectively; 3,235,671 and 3,764,488 shares issued and outstanding at December 31, 2019 and 2020, respectively
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 238 | | | | | | 1,458 | | |
Accumulated deficit
|
| | | | (9,481) | | | | | | (18,038) | | |
Total Stockholders’ Deficit
|
| | | | (9,242) | | | | | | (16,579) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit
|
| | | $ | 1,130 | | | | | $ | 20,910 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,358 | | | | | $ | 5,378 | | |
General and administrative
|
| | | | 2,708 | | | | | | 3,179 | | |
Loss on disposal of property and equipment
|
| | | | 68 | | | | | | — | | |
Total operating expenses
|
| | | | 5,134 | | | | | | 8,557 | | |
Loss from operations
|
| | | | (5,134) | | | | | | (8,557) | | |
Net loss
|
| | | $ | (5,134) | | | | | $ | (8,557) | | |
Net loss attributable to common stockholders – basic and diluted (Note 12)
|
| | | $ | (5,912) | | | | | $ | (10,340) | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (1.85) | | | | | $ | (3.02) | | |
Weighted-average shares of common stock – basic and diluted
|
| | | | 3,188,165 | | | | | | 3,419,075 | | |
| | |
Convertible Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid- in-Capital |
| |
Accumulated
Deficit |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Series A
|
| |
Class A
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2019
|
| | | | 2,713,980 | | | | | $ | 8,896 | | | | | | 3,174,751 | | | | | $ | 1 | | | | | $ | 97 | | | | | $ | (4,347) | | | | | $ | (4,249) | | |
Exercise of common stock – Class A
|
| | | | — | | | | | | — | | | | | | 60,920 | | | | | | — | | | | | | 65 | | | | | | — | | | | | | 65 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76 | | | | | | — | | | | | | 76 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,134) | | | | | | (5,134) | | |
Balance at December 31, 2019
|
| | | | 2,713,980 | | | | | | 8,896 | | | | | | 3,235,671 | | | | | | 1 | | | | | | 238 | | | | | | (9,481) | | | | | | (9,242) | | |
Issuance of common stock – Class A
|
| | | | — | | | | | | — | | | | | | 227,010 | | | | | | — | | | | | | 499 | | | | | | — | | | | | | 499 | | |
Issuance of common stock – Class A in relation to license agreement
|
| | | | — | | | | | | — | | | | | | 89,629 | | | | | | — | | | | | | 103 | | | | | | — | | | | | | 103 | | |
Issuance of common stock – Class A in relation to legal settlement
|
| | | | — | | | | | | — | | | | | | 200,750 | | | | | | — | | | | | | 248 | | | | | | — | | | | | | 248 | | |
Exercise of common stock option – Class A
|
| | | | — | | | | | | — | | | | | | 11,428 | | | | | | — | | | | | | 13 | | | | | | — | | | | | | 13 | | |
Issuance of convertible preferred stock – Series A, net of $81 issuance cost
|
| | | | 7,048,351 | | | | | | 25,175 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of warrants into convertible preferred stock – Series A
|
| | | | 231,396 | | | | | | 829 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 357 | | | | | | — | | | | | | 357 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,557) | | | | | | (8,557) | | |
Balance at December 31, 2020
|
| | | | 9,993,727 | | | | | $ | 34,900 | | | | | | 3,764,488 | | | | | $ | 1 | | | | | $ | 1,458 | | | | | $ | (18,038) | | | | | $ | (16,579) | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (5,134) | | | | | $ | (8,557) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 96 | | | | | | 88 | | |
Loss on disposal of property and equipment
|
| | | | 68 | | | | | | — | | |
Non-cash stock-based compensation
|
| | | | 76 | | | | | | 357 | | |
Non-cash stock issuance related to license agreement
|
| | | | — | | | | | | 103 | | |
Non-cash stock issuance related to legal settlement
|
| | | | — | | | | | | 248 | | |
Deferred rent
|
| | | | — | | | | | | 17 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (100) | | | | | | 3 | | |
Other non-current assets
|
| | | | (65) | | | | | | (48) | | |
Other receivable
|
| | | | 30 | | | | | | — | | |
Accounts payable
|
| | | | 141 | | | | | | (160) | | |
Accrued expenses and other current liabilities
|
| | | | 87 | | | | | | 816 | | |
Net cash used in operating activities
|
| | | | (4,801) | | | | | | (7,133) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (330) | | | | | | — | | |
Proceeds from disposal of property and equipment
|
| | | | 686 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 356 | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options
|
| | | | 65 | | | | | | 13 | | |
Proceeds from issuance of common stock
|
| | | | — | | | | | | 499 | | |
Proceeds from issuance of loan
|
| | | | — | | | | | | 174 | | |
Proceeds from issuance of preferred stock, net of $81 of issuance costs
|
| | | | — | | | | | | 25,175 | | |
Payment of deferred offering costs
|
| | | | — | | | | | | (1,344) | | |
Net cash provided by financing activities
|
| | | | 65 | | | | | | 24,517 | | |
Net (decrease) increase in cash and restricted cash
|
| | | | (4,380) | | | | | | 17,384 | | |
Cash and restricted cash, beginning of year
|
| | | | 4,990 | | | | | | 610 | | |
Cash and restricted cash, end of year
|
| | | $ | 610 | | | | | $ | 17,994 | | |
Supplemental disclosure of noncash financing activities | | | | | | | | | | | | | |
Deferred offering costs included in accounts payable and accrued expenses
|
| | | $ | — | | | | | $ | 1,095 | | |
Exercise of convertible preferred stock warrants
|
| | | | — | | | | | | 829 | | |
| | |
Estimated Useful Life
|
|
Computer equipment
|
| |
3 years
|
|
Laboratory equipment
|
| |
3-5 years
|
|
Description
|
| |
December 31,
2019 |
| |
Quoted prices
active markets for identical assets (Level 1) |
| |
Significant other
observable inputs (Level 2) |
| |
Significant other
observable inputs (Level 3) |
| ||||||||||||
Liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
Total financial liabilities
|
| | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Machinery and equipment
|
| | | $ | 443 | | | | | $ | 443 | | |
Less accumulated depreciation
|
| | | | (169) | | | | | | (257) | | |
Property and equipment, net
|
| | | $ | 274 | | | | | $ | 186 | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Accrued offering costs
|
| | | $ | — | | | | | $ | 876 | | |
Accrued clinical trials
|
| | | | — | | | | | | 376 | | |
Accrued compensation
|
| | | | 87 | | | | | | 400 | | |
Accrued other
|
| | | | — | | | | | | 126 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 87 | | | | | $ | 1,778 | | |
| | |
Year of
Maturity |
| |
Interest
Rate |
| |
Outstanding
Principal |
| |||||||||
Loan payable
|
| | | | 2022 | | | | | | 1.00% | | | | | $ | 174 | | |
Total loan payable
|
| | | | | | | | | | | | | | | | 174 | | |
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average contractual term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of January 1, 2019
|
| | | | 237,773 | | | | | $ | 1.07 | | | | | | 9.86 | | | | | $ | — | | |
Granted
|
| | | | 287,788 | | | | | $ | 1.08 | | | | | | 9.32 | | | | | | | | |
Exercised
|
| | | | (60,921) | | | | | $ | 1.08 | | | | | | 0.91 | | | | | | | | |
Cancelled
|
| | | | (102,029) | | | | | $ | 1.08 | | | | | | 9.33 | | | | | | | | |
Outstanding as of December 31, 2019
|
| | | | 362,611 | | | | | $ | 1.08 | | | | | | 9.22 | | | | | $ | 5 | | |
Granted
|
| | | | 929,806 | | | | | $ | 6.56 | | | | | | 9.74 | | | | | | | | |
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average contractual term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Exercised
|
| | | | (11,428) | | | | | $ | 1.09 | | | | | | 8.78 | | | | | | | | |
Cancelled
|
| | | | (33,831) | | | | | $ | 1.08 | | | | | | 9.02 | | | | | | | | |
Outstanding as of December 31, 2020
|
| | | | 1,247,158 | | | | | $ | 5.16 | | | | | | 9.34 | | | | | $ | 1,486 | | |
Exercisable at December 31, 2020
|
| | | | 149,686 | | | | | $ | 1.78 | | | | | | 8.28 | | | | | $ | 562 | | |
Nonvested at December 31, 2020
|
| | | | 1,097,472 | | | | | $ | 5.63 | | | | | | 9.49 | | | | | $ | 924 | | |
|
| | |
December 31,
2019 |
| |
December 31,
2020 |
|
Expected dividend yield
|
| |
—
|
| |
—
|
|
Expected volatility
|
| |
81.9% – 90.1%
|
| |
83.3% – 90.9%
|
|
Risk-free interest rate
|
| |
1.6% – 2.5%
|
| |
0.3% – 1.4%
|
|
Expected average life (in years)
|
| |
5.98 – 8.97
|
| |
4.25 – 9.34
|
|
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Research and development
|
| | | $ | 50 | | | | | $ | 192 | | |
General and administrative
|
| | | | 26 | | | | | | 165 | | |
Total
|
| | | $ | 76 | | | | | $ | 357 | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Current provision (benefit): | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total
|
| | | | — | | | | | | — | | |
Deferred provision (benefit): | | | | | | | | | | | | | |
Federal
|
| | | | (845) | | | | | | (1,569) | | |
State
|
| | | | (600) | | | | | | (1,116) | | |
Total
|
| | | | (1,445) | | | | | | (2,685) | | |
Change in valuation allowance
|
| | | | 1,445 | | | | | | 2,685 | | |
Income tax provision (benefit)
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
U.S Federal statutory rate
|
| | | | 21% | | | | | | 21% | | |
State taxes, net of Federal Benefit
|
| | | | 10% | | | | | | 10% | | |
Non-deductible expenses
|
| | | | (1)% | | | | | | 0% | | |
Change in valuation allowance
|
| | | | (30)% | | | | | | (31)% | | |
Effective rate
|
| | | | 0% | | | | | | 0% | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Stock-based compensation
|
| | | $ | 14 | | | | | $ | 155 | | |
Net operating loss carryforwards and alternative minimum tax credits
|
| | | | 2,089 | | | | | | 4,667 | | |
Total deferred tax assets
|
| | | | 2,103 | | | | | | 4,822 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Property and equipment
|
| | | | (5) | | | | | | (38) | | |
Total deferred tax liabilities
|
| | | | (5) | | | | | | (38) | | |
Valuation allowance
|
| | | | (2,098) | | | | | | (4,784) | | |
Deferred tax assets (liabilities), net
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (5,134) | | | | | $ | (8,557) | | |
Less: Accruals of dividends of preferred stock
|
| | | | (778) | | | | | | (1,783) | | |
Net loss attributable to common stockholders – basic and diluted
|
| | | $ | (5,912) | | | | | $ | (10,340) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common stock outstanding
|
| | | | 3,188,165 | | | | | | 3,419,075 | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (1.85) | | | | | $ | (3.02) | | |
| | |
December 31,
2019 |
| |
December 31,
2020 |
| ||||||
Convertible preferred stock on an if converted basis
|
| | | | 2,999,149 | | | | | | 9,993,727 | | |
Stock options to purchase common stock
|
| | | | 362,611 | | | | | | 1,247,158 | | |
Warrants to purchase preferred stock
|
| | | | 231,396 | | | | | | — | | |
| | |
Amounts
|
| |||
2021
|
| | | $ | 832 | | |
2022
|
| | | | 562 | | |
2023
|
| | | | 365 | | |
2024
|
| | | | 230 | | |
2025
|
| | | | 236 | | |
Thereafter
|
| | | | 41 | | |
Total minimum payments
|
| | | $ | 2,266 | | |
| | |
As of
|
| |||||||||
| | |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||
| | | | | | | | |
(unaudited)
|
| |||
Assets | | | | | | | | | | | | | |
Current assets
|
| | | | | | | | | | | | |
Cash
|
| | | $ | 17,994 | | | | | $ | 15,052 | | |
Prepaid expenses and other current assets
|
| | | | 150 | | | | | | 320 | | |
Total Current Assets
|
| | | | 18,144 | | | | | | 15,372 | | |
Non-current assets
|
| | | | | | | | | | | | |
Property and equipment, net
|
| | | | 186 | | | | | | 164 | | |
Deferred offering costs
|
| | | | 2,439 | | | | | | 3,134 | | |
Right of use assets – financing leases
|
| | | | — | | | | | | 819 | | |
Right of use assets – operating leases
|
| | | | — | | | | | | 793 | | |
Other non-current assets
|
| | | | 141 | | | | | | 141 | | |
Total Non-Current Assets
|
| | | | 2,766 | | | | | | 5,051 | | |
Total Assets
|
| | | $ | 20,910 | | | | | $ | 20,423 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 620 | | | | | $ | 660 | | |
Accrued expenses and other current liabilities
|
| | | | 1,778 | | | | | | 1,632 | | |
Short-term financing lease liabilities
|
| | | | — | | | | | | 466 | | |
Short-term operating lease liabilities
|
| | | | — | | | | | | 130 | | |
Loan payable, current
|
| | | | 174 | | | | | | 174 | | |
Total Current Liabilities
|
| | | | 2,572 | | | | | | 3,062 | | |
Deferred rent
|
| | | | 17 | | | | | | — | | |
Long-term financing lease liabilities
|
| | | | — | | | | | | 309 | | |
Long-term operating lease liabilities
|
| | | | — | | | | | | 733 | | |
Total Liabilities
|
| | | | 2,589 | | | | | | 4,104 | | |
Commitments and Contingencies
|
| | | | | | | | | | | | |
Convertible preferred stock, par value $0.0001 per share; 27,564,260 shares authorized, 9,993,727 shares, issued and outstanding at December 31, 2020 and March 31, 2021, and a liquidation preference of $37,969 and $38,676 at December 31, 2020 and March 31, 2021, respectively
|
| | | | 34,900 | | | | | | 34,900 | | |
Stockholders’ Deficit
|
| | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 50,700,000 shares authorized, 3,764,488 shares issued and outstanding at December 31, 2020 and March 31, 2021
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 1,458 | | | | | | 1,819 | | |
Accumulated deficit
|
| | | | (18,038) | | | | | | (20,401) | | |
Total Stockholders’ Deficit
|
| | | | (16,579) | | | | | | (18,581) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’
Deficit |
| | | $ | 20,910 | | | | | $ | 20,423 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | $ | 1,052 | | | | | $ | 1,245 | | |
General and administrative
|
| | | | 639 | | | | | | 1,118 | | |
Total operating expenses
|
| | | | 1,691 | | | | | | 2,363 | | |
Loss from operations
|
| | | | (1,691) | | | | | | (2,363) | | |
Net loss
|
| | | $ | (1,691) | | | | | $ | (2,363) | | |
Net loss attributable to common stockholders – basic and diluted
(Note 10) |
| | | $ | (1,951) | | | | | $ | (3,069) | | |
Net loss per share attributable to common stockholders – basic and
diluted |
| | | $ | (0.59) | | | | | $ | (0.82) | | |
Weighted-average shares of common stock – basic and diluted
|
| | | | 3,305,367 | | | | | | 3,764,488 | | |
| | |
Convertible Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid-in- Capital |
| |
Accumulated
Deficit |
| |
Total
|
| | | | |||||||||||||||||||||||||||||||||
| | |
Series A
|
| |
Class A
|
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | | | | | | | | ||||||||||||||||||||||||||||||
Balance at January 1, 2020
|
| | | | 2,713,980 | | | | | $ | 8,896 | | | | | | 3,235,671 | | | | | $ | 1 | | | | | $ | 238 | | | | | $ | (9,481) | | | | | $ | (9,242) | | | | | | ||||||
Issuance of common stock – Class A in relation to license agreement
|
| | | | — | | | | | | — | | | | | | 44,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Issuance of common stock – Class A
|
| | | | — | | | | | | — | | | | | | 182,500 | | | | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | | | | | ||||||
Issuance of convertible preferred stock – Series A, net of $16 issuance cost
|
| | | | 1,533,947 | | | | | | 5,480 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18 | | | | | | — | | | | | | 18 | | | | | | ||||||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,691) | | | | | | (1,691) | | | | | | ||||||
Balance at March 31, 2020
(unaudited) |
| | | | 4,247,927 | | | | | $ | 14,376 | | | | | | 3,462,182 | | | | | $ | 1 | | | | | $ | 456 | | | | | $ | (11,172) | | | | | $ | (10,715) | | | | | | ||||||
Balance at January 1, 2021
|
| | | | 9,993,727 | | | | | $ | 34,900 | | | | | | 3,764,488 | | | | | $ | 1 | | | | | $ | 1,458 | | | | | $ | (18,038) | | | | | $ | (16,579) | | | | | | ||||||
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 361 | | | | | | — | | | | | | 361 | | | | | | ||||||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,363) | | | | | | (2,363) | | | | | | ||||||
Balance at March 31, 2021 (unaudited)
|
| | | | 9,993,727 | | | | | $ | 34,900 | | | | | | 3,764,488 | | | | | $ | 1 | | | | | $ | 1,819 | | | | | $ | (20,401) | | | | | $ | (18,581) | | | | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,691) | | | | | $ | (2,363) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 22 | | | | | | 22 | | |
Non-cash stock-based compensation
|
| | | | 18 | | | | | | 361 | | |
Amortization of financing lease right-of-use assets
|
| | | | — | | | | | | 113 | | |
Amortization of operating lease right-of-use assets
|
| | | | — | | | | | | 30 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | 65 | | | | | | (162) | | |
Other non-current assets
|
| | | | (48) | | | | | | (52) | | |
Accounts payable
|
| | | | (60) | | | | | | (180) | | |
Accrued expenses and other current liabilities
|
| | | | 71 | | | | | | (298) | | |
Short-term operating lease liabilities
|
| | | | — | | | | | | 57 | | |
Long-term operating lease liabilities
|
| | | | — | | | | | | (35) | | |
Net cash used in operating activities
|
| | | | (1,623) | | | | | | (2,507) | | |
Cash flows from financing activities
|
| | | | | | | | | | | | |
Proceeds from exercise of common stock options – Class A
|
| | | | 200 | | | | | | — | | |
Proceeds from issuance of preferred stock – Series A, net of $16 of issuance costs
|
| | | | 5,480 | | | | | | — | | |
Payments of financing lease obligations
|
| | | | — | | | | | | (112) | | |
Payment of deferred offering costs
|
| | | | — | | | | | | (323) | | |
Net cash provided by (used in) financing activities
|
| | | | 5,680 | | | | | | (435) | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 4,057 | | | | | | (2,942) | | |
Cash and restricted cash, beginning of period
|
| | | | 610 | | | | | | 17,994 | | |
Cash and restricted cash, end of period
|
| | | $ | 4,667 | | | | | $ | 15,052 | | |
Supplemental disclosure of noncash financing activities
|
| | | | | | | | | | | | |
Deferred offering costs included in accounts payable and accrued expenses
|
| | | $ | — | | | | | $ | 1,238 | | |
Initial measurement of operating lease right-of-use assets and
liabilities |
| | | $ | — | | | | | $ | 3,483 | | |
| | |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||
Machinery and equipment
|
| | | $ | 443 | | | | | $ | 443 | | |
Less accumulated depreciation
|
| | | | (257) | | | | | | (279) | | |
Property and equipment, net
|
| | | $ | 186 | | | | | $ | 164 | | |
| | |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||
Accrued offering costs
|
| | | $ | 876 | | | | | $ | 1,028 | | |
Accrued clinical trials
|
| | | | 376 | | | | | | 415 | | |
Accrued compensation
|
| | | | 400 | | | | | | 170 | | |
Accrued other
|
| | | | 126 | | | | | | 19 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 1,778 | | | | | $ | 1,632 | | |
| | |
Year of
Maturity |
| |
Interest
Rate |
| |
Outstanding
Principal |
| ||||||
Loan payable
|
| |
2022
|
| | | | 1.00% | | | | | $ | 174 | | |
Total loan payable
|
| | | | | | | | | | | | $ | 174 | | |
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average contractual term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding as of January 1, 2020
|
| | | | 362,611 | | | | | $ | 1.08 | | | | | | 9.22 | | | | | $ | 5 | | |
Granted
|
| | | | 1,825 | | | | | $ | 1.10 | | | | | | 9.85 | | | | | | | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Cancelled
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Outstanding as of March 31, 2020
|
| | | | 364,436 | | | | | $ | 1.08 | | | | | | 8.98 | | | | | $ | 8 | | |
Exercisable at March 31, 2020
|
| | | | 114,587 | | | | | $ | 1.08 | | | | | | 8.83 | | | | | $ | 2 | | |
Nonvested at March 31, 2020
|
| | | | 249,849 | | | | | $ | 1.08 | | | | | | 8.96 | | | | | $ | 6 | | |
Outstanding as of January 1, 2021
|
| | | | 1,247,158 | | | | | $ | 5.16 | | | | | | 9.34 | | | | | $ | 1,486 | | |
Granted
|
| | | | 305,152 | | | | | $ | 5.36 | | | | | | 9.84 | | | | | | | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Cancelled
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Outstanding as of March 31, 2021
|
| | | | 1,552,290 | | | | | $ | 5.20 | | | | | | 9.24 | | | | | $ | 1,486 | | |
Exercisable at March 31, 2021
|
| | | | 195,024 | | | | | $ | 2.38 | | | | | | 8.24 | | | | | $ | 643 | | |
Nonvested at March 31, 2021
|
| | | | 1,357,266 | | | | | $ | 5.61 | | | | | | 9.39 | | | | | $ | 843 | | |
| | |
March 31,
2020 |
| |
March 31,
2021 |
| ||||||
Expected dividend yield
|
| | | | — | | | | | | — | | |
Expected volatility
|
| | | | 83.3% | | | | | | 88.78% | | |
Risk-free interest rate
|
| | | | 1.40% | | | | | | 0.67% | | |
Expected average life (in years)
|
| | | | 6.08 | | | | | | 6.08 | | |
| | |
March 31,
2020 |
| |
March 31,
2021 |
| ||||||
Research and development
|
| | | $ | 16 | | | | | $ | 168 | | |
General and administrative
|
| | | | 2 | | | | | | 193 | | |
Total
|
| | | $ | 18 | | | | | $ | 361 | | |
| | |
March 31,
2020 |
| |
March 31,
2021 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,691) | | | | | $ | (2,363) | | |
Less: Accruals of dividends of preferred stock
|
| | | | (260) | | | | | | (706) | | |
Net loss attributable to common stockholders – basic and diluted
|
| | | $ | (1,951) | | | | | $ | (3,069) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common stock outstanding
|
| | | | 3,305,367 | | | | | | 3,764,488 | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (0.59) | | | | | $ | (0.82) | | |
| | |
March 31,
2020 |
| |
March 31,
2021 |
| ||||||
Convertible preferred stock on an if converted basis
|
| | | | 4,247,927 | | | | | | 9,993,727 | | |
Stock options to purchase common stock
|
| | | | 364,436 | | | | | | 1,552,290 | | |
Warrants to purchase preferred stock
|
| | | | 231,396 | | | | | | — | | |
| | |
Amounts
|
| |||
Lease Cost | | | | | | | |
Financing lease costs: | | | | | | | |
Amortization of finance right-of-use assets
|
| | | $ | 113 | | |
Interest on finance lease liabilities
|
| | | | 21 | | |
Operating lease costs
|
| | | | 52 | | |
Short-term lease costs
|
| | | | 115 | | |
Variable lease costs
|
| | | | — | | |
Total minimum payments
|
| | | $ | 301 | | |
| Other Lease Information | | | |||||
|
Cash paid for amounts included in the measurement of lease liability – finance leases
|
| | | $ | 21 | | |
|
Cash paid for amounts included in the measurement of lease liability – operating leases
|
| | | $ | 133 | | |
|
Weighted-average remaining lease term – finance leases
|
| | | | 1.86 | | |
|
Weighted-average remaining lease term – operating leases
|
| | | | 4.92 | | |
|
Weighted-average discount rate – finance leases
|
| | | | 10.2% | | |
|
Weighted-average discount rate – operating leases
|
| | | | 10.4% | | |
| | |
Financing
|
| |
Operating
|
| ||||||
2021
|
| | | $ | 400 | | | | | $ | 158 | | |
2022
|
| | | | 315 | | | | | | 216 | | |
2023
|
| | | | 132 | | | | | | 223 | | |
2024
|
| | | | — | | | | | | 230 | | |
2025
|
| | | | — | | | | | | 236 | | |
Thereafter
|
| | | | — | | | | | | 41 | | |
Total lease payments
|
| | | | 847 | | | | | | 1,104 | | |
Less: interest
|
| | | | (72) | | | | | | (241) | | |
Total lease liabilities
|
| | | $ | 775 | | | | | $ | 863 | | |
| | | |
B. Riley Securities
|
| | | |