001-33133
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04-3158289
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(Commission File Number)
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(IRS Employer Identification No.)
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19 Presidential Way, Woburn, Massachusetts
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01801
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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YTEN
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The Nasdaq Capital Market
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Exhibit
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No.
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Description
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Press Release dated March 19, 2020 announcing financial results for year ending December 31, 2019
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YIELD10 BIOSCIENCE, INC.
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March 19, 2020
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By:
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/s/ Oliver P. Peoples
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Oliver P. Peoples
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President & Chief Executive Officer
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•
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Reported encouraging results for our field tests conducted in 2019 in the U.S. and Canada. See press release issued today for details.
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•
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Outlined the plans for the 2020 field testing program including testing seed yield traits C3003 and C3004, oil boosting traits CRISPR genome-edited C3007 and the triple edit trait (C3008a, C3008b,C3009), and the compositional trait for PHB.
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•
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Completed early development milestones in the Corn Program in early 2020 and secured an agreement with a major agriculture company to advance the corn lines.
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•
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Identified and began development of eight new seed yield/oil content traits in Camelina
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•
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Appointed Sherri M. Brown, Ph.D., to the Board of Directors. Dr. Brown will also serve as the chair of the newly formed Science and Technology Committee of the Board.
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•
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Strengthened the balance sheet raising approximately $10.2 million in net proceeds in an equity offering completed in November 2019.
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•
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Expanded our research agreement with Bayer for evaluation of a new discovery related to the C3004 yield trait gene in soybean.
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•
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Signed a new research agreement with J. R. Simplot Company to evaluate novel new traits to produce high yielding, sustainable potato crop.
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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||||||||||||
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2019
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2018
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2019
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2018
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||||||||
Revenue:
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||||||||
Grant revenue
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$
|
140
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$
|
135
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$
|
806
|
|
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$
|
556
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Total revenue
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140
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135
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|
806
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|
|
556
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||||
Expenses:
|
|
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||||||||
Research and development
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1,202
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1,087
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4,848
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|
|
4,783
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|
||||
General and administrative
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1,353
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|
943
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|
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4,554
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5,092
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|
||||
Total expenses
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2,555
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2,030
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9,402
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9,875
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|
||||
Loss from operations
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(2,415
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)
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(1,895
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)
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(8,596
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)
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(9,319
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)
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||||
Other income (expense):
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||||||||
Loss on issuance of securities
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(13,018
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)
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|
—
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(13,018
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)
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—
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|
||||
Offering costs
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(1,254
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)
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—
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(1,254
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)
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—
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||||
Change in fair value of warrants
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9,541
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—
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9,541
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—
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|
||||
Interest income
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22
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|
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35
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|
|
96
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|
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158
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|
||||
Other income (expense), net
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27
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|
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(2
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)
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21
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|
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(24
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)
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||||
Total other income (expense)
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(4,682
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)
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|
33
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|
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(4,614
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)
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134
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|
||||
Net loss from operations before income tax benefit
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(7,097
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)
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(1,862
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)
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(13,210
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)
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(9,185
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)
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||||
Income tax benefit
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254
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|
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—
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|
|
254
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|
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—
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||||
Net loss
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$
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(6,843
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)
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|
$
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(1,862
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)
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$
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(12,956
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)
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$
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(9,185
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)
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|
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||||||||
Basic and diluted net loss per share
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$
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(12.02
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)
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$
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(7.43
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)
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$
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(35.50
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)
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$
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(36.99
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)
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Number of shares used in per share calculations:
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||||||||
Basic & diluted
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569,207
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250,600
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364,967
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248,312
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December 31,
2019 |
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December 31,
2018 |
||||
Assets
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||||
Current Assets:
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||||
Cash and cash equivalents
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$
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5,417
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$
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3,023
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Short-term investments
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5,700
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2,746
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||
Accounts receivable
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72
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94
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Unbilled receivables
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20
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66
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Prepaid expenses and other current assets
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475
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448
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Total current assets
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11,684
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6,377
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Restricted cash
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332
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332
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Property and equipment, net
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1,243
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|
1,385
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Right-of-use assets
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3,141
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4,766
|
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Other assets
|
318
|
|
|
100
|
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Total assets
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$
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16,718
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$
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12,960
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|
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||||
Liabilities, Convertible Preferred Stock and Stockholders' (Deficit) Equity
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|
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||||
Current Liabilities:
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||||
Accounts payable
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$
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279
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$
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117
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Accrued expenses
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1,326
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|
|
680
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Lease liabilities
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602
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|
844
|
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Total current liabilities
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2,207
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1,641
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Lease liabilities, net of current portion
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3,619
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5,621
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Warrant liability
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14,977
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—
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Total liabilities
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20,803
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|
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7,262
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Commitments and contingencies
|
|
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Series B Convertible Preferred Stock ($0.01 par value per share); 5,750 and 0 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively
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—
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—
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Stockholders' (Deficit) Equity:
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|
||||
Series A Convertible Preferred Stock ($0.01 par value per share); 796 and 0 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively
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—
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—
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Common stock ($0.01 par value per share); 60,000,000 shares authorized at December 31, 2019 and 2018, respectively, and 933,423 and 250,631 shares issued and outstanding at December 31, 2019 and 2018, respectively
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9
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|
|
3
|
|
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Additional paid-in capital
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360,926
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357,743
|
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Accumulated other comprehensive loss
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(126
|
)
|
|
(110
|
)
|
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Accumulated deficit
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(364,894
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)
|
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(351,938
|
)
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Total stockholders' (deficit) equity
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(4,085
|
)
|
|
5,698
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|
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Total liabilities, convertible preferred stock and stockholders' (deficit) equity
|
$
|
16,718
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|
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$
|
12,960
|
|
|
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Years Ended December 31,
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||||||
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2019
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|
2018
|
||||
Cash flows from operating activities
|
|
|
|
|
||||
Net loss
|
|
$
|
(12,956
|
)
|
|
$
|
(9,185
|
)
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Adjustments to reconcile net loss to cash used in operating activities:
|
|
|
|
|
||||
Depreciation
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|
203
|
|
|
196
|
|
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Loss on issuance of securities
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|
13,018
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|
|
—
|
|
||
Change in fair value of warrants
|
|
(9,541
|
)
|
|
—
|
|
||
Expense for 401(k) company common stock match
|
|
98
|
|
|
102
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|
||
Stock-based compensation
|
|
656
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|
|
1,181
|
|
||
Noncash lease expense
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1,625
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|
|
588
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||
Deferred tax provision
|
|
(254
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
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|
22
|
|
|
(40
|
)
|
||
Unbilled receivables
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|
46
|
|
|
(1
|
)
|
||
Prepaid expenses and other assets
|
|
9
|
|
|
(128
|
)
|
||
Accounts payable
|
|
162
|
|
|
41
|
|
||
Accrued expenses
|
|
502
|
|
|
(1,072
|
)
|
||
Lease liabilities
|
|
(2,244
|
)
|
|
(436
|
)
|
||
Net cash used in operating activities
|
|
(8,654
|
)
|
|
(8,754
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)
|
||
|
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
||||
Purchase of property and equipment
|
|
(61
|
)
|
|
(42
|
)
|
||
Purchase of investments
|
|
(5,704
|
)
|
|
(11,496
|
)
|
||
Proceeds from sale and maturity of short-term investments
|
|
2,750
|
|
|
8,750
|
|
||
Net cash used by investing activities
|
|
(3,015
|
)
|
|
(2,788
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
||||
Proceeds from warrants exercised
|
|
—
|
|
|
124
|
|
||
Proceeds from securities offerings, net of issuance costs
|
|
14,083
|
|
|
—
|
|
||
Taxes paid on employees' behalf related to vesting of stock awards
|
|
(4
|
)
|
|
(6
|
)
|
||
Net cash provided by financing activities
|
|
14,079
|
|
|
118
|
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
|
(16
|
)
|
|
(25
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
2,394
|
|
|
(11,449
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
3,355
|
|
|
14,804
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
5,749
|
|
|
$
|
3,355
|
|
|
|
|
|
|
||||
Supplemental Cash Flow Disclosure:
|
|
|
|
|
||||
Interest paid
|
|
$
|
7
|
|
|
$
|
19
|
|
|
|
|
|
|
||||
Supplemental Disclosure of Non-cash Information:
|
|
|
|
|
||||
Right-of-use assets acquired in exchange for lease liabilities
|
|
$
|
—
|
|
|
$
|
194
|
|