As filed with the Securities and Exchange Commission on March 10, 2020
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Satsuma Pharmaceuticals, Inc.
(Exact name of Registrant as specified in its charter)
Delaware | 2834 | 81-3039831 | ||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification Number) |
400 Oyster Point Boulevard, Suite 221
South San Francisco, CA 94080
(650) 410-3200
(Address, including zip code, and telephone number, including area code, of Registrants principal executive offices)
2016 Equity Incentive Plan,
2019 Incentive Award Plan,
2019 Employee Stock Purchase Plan
(Full Title of the Plan)
John Kollins
President and Chief Executive Officer
Satsuma Pharmaceuticals, Inc.
400 Oyster Point Boulevard, Suite 221
South San Francisco, CA 94080
(650) 410-3200
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Brian J. Cuneo Alan C. Mendelson Miles P. Jennings Latham & Watkins LLP 140 Scott Drive Menlo Park, California 94025 Telephone: (650) 328-4600 |
Tom ONeil Chief Financial Officer Satsuma Pharmaceuticals, Inc. 400 Oyster Point Boulevard, Suite 221 South San Francisco, CA 94080 Telephone: (650) 410-3200 |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||
Emerging growth company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
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Title of Each Class of Securities to be Registered |
Amount to be Registered(1) |
Proposed
Maximum
Per Share(2) |
Proposed
Maximum
Price Per Share |
Amount of
Registration Fee |
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Common Stock, $0.0001 par value per share |
695,281(3) | $26.42 | $18,369,324.02 | $2,384.34 | ||||
Common Stock, $0.0001 par value per share |
173,820(4) | $26.42 | $4,592,324.40 | $596.09 | ||||
Total: |
869,101 | $26.42 | $22,961,648.42 | $2,980.43 | ||||
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(1) |
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this registration statement shall also cover any additional shares of the Registrants common stock that become issuable under the 2019 Incentive Award Plan (the 2019 Plan) and the 2019 Employee Stock Purchase Plan (the ESPP) by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrants receipt of consideration which would increase the number of outstanding shares of common stock. |
(2) |
This estimate is made pursuant to Rule 457(c) and Rule 457(h) of the Securities Act solely for purposes of calculating the registration fee. The Proposed Maximum Offering Price Per Share for shares available for future grant is the average of the high and low prices for the registrants common stock as reported on The Nasdaq Global Market on March 9, 2020, which is $26.42. |
(3) |
Represents the additional shares of common stock available for future issuance under the 2019 Plan resulting from an annual increase as of January 1, 2020. |
(4) |
Represents the additional shares of common stock available for future issuance under the ESPP resulting from an annual increase as of January 1, 2020. |
Proposed sale to take place as soon after the effective date of the
registration statement as awards under the plans are exercised and/or vest.
EXPLANATORY NOTE
This Registration Statement on Form S-8 is being filed for the purpose of registering an additional 869,101 shares of the Registrants common stock issuable under the following employee benefit plans for which Registration Statement of the Registrant on Form S-8 (File No. 333-233808) is effective: (i) the 2019 Incentive Award Plan, as a result of the operation of an automatic annual increase provision therein, which added 695,281 shares of common stock, and (ii) the 2019 Employee Stock Purchase Plan, as a result of the operation of an automatic annual increase provision therein, which added 173,820 shares of common stock.
INCORPORATION BY REFERENCE OF CONTENTS OF REGISTRATION STATEMENT ON
FORM S-8
Pursuant to Instruction E of Form S-8, the contents of the Registration Statements on Form S-8 filed with the Securities and Exchange Commission on September 17, 2019 (File No. 333-233808) is incorporated by reference herein.
Exhibit Index
# |
Indicates management contract or compensatory plan. |
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in [South San Francisco, California].
Satsuma Pharmaceuticals, Inc. | ||||||
Date: March 10, 2020 | By: |
/s/ John Kollins |
||||
John Kollins Chief Executive Officer |
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each John Kollins and Tom ONeil his or her true and lawful attorneys-in-fact and agents, with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that all said attorneys-in-fact and agents, or their, his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on behalf of the Registrant, in the capacities and on the dates indicated.
Signature |
Title |
Date |
||
/s/ John Kollins John Kollins |
President and Chief Executive Officer and Director (Principal Executive Officer) |
March 10, 2020 | ||
/s/ Tom ONeil Tom ONeil |
Chief Financial Officer (Principal Financial and Accounting Officer) |
March 10, 2020 | ||
/s/ Heath Lukatch Heath Lukatch |
Director | March 10, 2020 | ||
/s/ Thomas B. King Thomas B. King |
Director | March 10, 2020 | ||
/s/ Michael Riebe Michael Riebe |
Director | March 10, 2020 | ||
/s/ Elisabeth Sandoval Elisabeth Sandoval |
Director | March 10, 2020 | ||
/s/ Rajeev Shah |
Director | March 10, 2020 | ||
Rajeev Shah | ||||
/s/ Ken Takanashi |
Director | March 10, 2020 | ||
Ken Takanashi |
Exhibit 5.1
140 Scott Drive | ||||
Menlo Park, California 94025 | ||||
Tel: +1.650.328.4600 Fax: +1.650.463.2600 | ||||
www.lw.com
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FIRM / AFFILIATE OFFICES | |||
Beijing | Moscow | |||
Boston | Munich | |||
Brussels | New York | |||
Century City | Orange County | |||
Chicago | Paris | |||
Dubai | Riyadh | |||
March 10, 2020 | Düsseldorf | San Diego | ||
Frankfurt | San Francisco | |||
Hamburg | Seoul | |||
Hong Kong | Shanghai | |||
Houston | Silicon Valley | |||
London | Singapore | |||
Los Angeles | Tokyo | |||
Madrid | Washington, D.C. | |||
Milan |
Satsuma Pharmaceuticals, Inc.
400 Oyster Point Boulevard, Suite 221
South San Francisco, CA 94080
Re: |
Registration Statement on Form S-8; 869,101 shares of Common Stock of Satsuma Pharmaceuticals, Inc., par value $0.0001 per share |
Ladies and Gentlemen:
We have acted as special counsel to Satsuma Pharmaceuticals, Inc., a Delaware corporation (the Company), in connection with the registration by the Company of an aggregate of 869,101 shares of common stock of the Company, par value $0.0001 per share (the Common Stock), consisting of 695,281 shares of Common Stock (the 2019 Plan Shares) issuable under the 2019 Incentive Award Plan (the 2019 Plan) and 173,820 shares of Common Stock (the ESPP Shares and, together with the 2019 Plan Shares, the Shares) issuable under the 2019 Employee Stock Purchase Plan (the ESPP and together with the 2019 Plan, the Plans).
The Shares are included in a registration statement on Form S-8 under the Securities Act of 1933, as amended (the Act), filed with the Securities and Exchange Commission (the Commission) on March 10, 2020 (the Registration Statement). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the related prospectuses, other than as expressly stated herein with respect to the issuance of the Shares.
As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware (the DGCL), and we express no opinion with respect to any other laws.
March 10, 2020
Page 2
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers and have been issued by the Company against payment therefor in the circumstances contemplated by the Plans, assuming in each case that the individual issuances, grants or awards under the Plans are duly authorized by all necessary corporate action and duly issued, granted or awarded and exercised in accordance with the requirements of law and the Plans (and the agreements and awards duly adopted thereunder and in accordance therewith), the issuance and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and non-assessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL.
This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
Very truly yours, |
/s/ Latham & Watkins LLP |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
The Board of Directors
Satsuma Pharmaceuticals, Inc.:
We consent to the use of our report with respect to the balance sheets of Satsuma Pharmaceuticals, Inc. as of December 31, 2019 and 2018, and the related statements of operations and comprehensive loss, convertible preferred stock and stockholders equity (deficit), and cash flows for each of the years in the three-year period ended December 31, 2019, and the related notes, incorporated by reference herein.
/s/ KPMG LLP
San Diego, California
March 10, 2020