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 November 12, 2020 announcing financial results for the three months ended September 30, 2020
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YIELD10 BIOSCIENCE, INC.
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November 12, 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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Three Months Ended
September 30, |
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Nine Months Ended
September 30,
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||||||||||||
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2020
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2019
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2020
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2019
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||||||||
Revenue:
|
|
|
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||||||||
Grant revenue
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$
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204
|
|
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$
|
224
|
|
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$
|
604
|
|
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$
|
666
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|
Total revenue
|
204
|
|
|
224
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|
|
604
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|
|
666
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|
||||
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|
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||||||||
Expenses:
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|
|
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|
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||||||||
Research and development
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1,300
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1,232
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|
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3,939
|
|
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3,646
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|
||||
General and administrative
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1,098
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|
|
990
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3,664
|
|
|
3,201
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|
||||
Total expenses
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2,398
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|
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2,222
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|
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7,603
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|
|
6,847
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|
||||
Loss from operations
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(2,194
|
)
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(1,998
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)
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(6,999
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)
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(6,181
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)
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||||
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|
|
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||||||||
Other income (expense):
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|
|
|
|
|
|
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||||||||
Change in fair value of warrants
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—
|
|
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—
|
|
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(957
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)
|
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—
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|
||||
Loan forgiveness income
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—
|
|
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—
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333
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|
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—
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|
||||
Other income (expense), net
|
37
|
|
|
16
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|
|
85
|
|
|
68
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|
||||
Total other income (expense)
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37
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|
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16
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|
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(539
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)
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68
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|
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Net loss before income tax expense
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(2,157
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)
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(1,982
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)
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(7,538
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)
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(6,113
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)
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Income tax expense
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(11
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)
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—
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|
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(26
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)
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—
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Net loss
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$
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(2,168
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)
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$
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(1,982
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)
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$
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(7,564
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)
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$
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(6,113
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)
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||||||||
Basic and diluted net loss per share
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$
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(0.87
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)
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$
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(6.33
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)
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$
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(3.69
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)
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$
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(20.64
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)
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||||||||
Number of shares used in per share calculations:
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||||||||
Basic and diluted
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2,492,274
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312,952
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2,050,726
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296,139
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September 30,
2020 |
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December 31,
2019 |
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Assets
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|
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Current Assets:
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Cash and cash equivalents
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$
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2,995
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|
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$
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5,417
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Short-term investments
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8,794
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5,700
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Accounts receivable
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148
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72
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Unbilled receivables
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56
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20
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Prepaid expenses and other current assets
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368
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475
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Total current assets
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12,361
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11,684
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Restricted cash
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254
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332
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Property and equipment, net
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935
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1,243
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Right-of-use assets
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2,796
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3,141
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Other assets
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300
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318
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Total assets
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$
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16,646
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$
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16,718
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
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|
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Current Liabilities:
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Accounts payable
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$
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103
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$
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279
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Accrued expenses
|
930
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1,326
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Lease liabilities
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443
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602
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Total current liabilities
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1,476
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2,207
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Lease liabilities, net of current portion
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3,283
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3,619
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Warrant liability
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—
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14,977
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Other long-term liabilities
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15
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|
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—
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Total liabilities
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4,774
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20,803
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Commitments and contingencies
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|
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Series B Convertible Preferred Stock ($0.01 par value per share); 0 and 5,750 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
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—
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—
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Stockholders’ Equity (Deficit):
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Series A Convertible Preferred Stock ($0.01 par value per share); 0 shares and 796 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
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—
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—
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Common stock ($0.01 par value per share); 60,000,000 shares authorized at September 30, 2020 and December 31, 2019; 3,330,778 and 933,423 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
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33
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9
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Additional paid-in capital
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384,465
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360,926
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Accumulated other comprehensive loss
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(168
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)
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(126
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)
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Accumulated deficit
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(372,458
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)
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(364,894
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)
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Total stockholders’ equity (deficit)
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11,872
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(4,085
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)
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Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
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$
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16,646
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$
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16,718
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Nine Months Ended
September 30, |
||||||
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2020
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2019
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Cash flows from operating activities
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|
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|
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Net loss
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$
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(7,564
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)
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$
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(6,113
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)
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Adjustments to reconcile net loss to cash used in operating activities:
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Depreciation
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137
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150
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Change in fair value of warrants
|
957
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|
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—
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Loss on disposal of fixed assets
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206
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|
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—
|
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Charge for 401(k) company common stock match
|
95
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|
|
73
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|
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Stock-based compensation
|
506
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|
|
406
|
|
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Non-cash lease expense
|
345
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|
|
456
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|
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Deferred income tax provision
|
33
|
|
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—
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|
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Changes in operating assets and liabilities:
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|
||||
Accounts receivable
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(76
|
)
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23
|
|
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Unbilled receivables
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(36
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)
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(17
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)
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Prepaid expenses and other assets
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92
|
|
|
217
|
|
||
Accounts payable
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(228
|
)
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|
(66
|
)
|
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Accrued expenses
|
(324
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)
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|
48
|
|
||
Lease liabilities
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(495
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)
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(622
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)
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Other liabilities
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15
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—
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Net cash used for operating activities
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(6,337
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)
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(5,445
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)
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|
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Cash flows from investing activities
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|
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|
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Purchase of property and equipment
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(42
|
)
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(12
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)
|
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Proceeds from sale of property and equipment
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10
|
|
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—
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Purchase of short-term investments
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(6,290
|
)
|
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(1,000
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)
|
||
Proceeds from the sale and maturity of short-term investments
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3,197
|
|
|
3,746
|
|
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Net cash (used for) provided by investing activities
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(3,125
|
)
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2,734
|
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||
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Cash flows from financing activities
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|
|
|
||||
Proceeds from warrants exercised
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1,658
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|
|
—
|
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Proceeds from public and private offerings, net of issuance costs
|
5,367
|
|
|
2,583
|
|
||
Taxes paid on employees' behalf related to vesting of stock awards
|
(17
|
)
|
|
(4
|
)
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Net cash provided by financing activities
|
7,008
|
|
|
2,579
|
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(46
|
)
|
|
(14
|
)
|
||
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
(2,500
|
)
|
|
(146
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
5,749
|
|
|
3,355
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
3,249
|
|
|
$
|
3,209
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash information:
|
|
|
|
||||
Offering costs remaining in accrued expenses
|
$
|
63
|
|
|
$
|
41
|
|