|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
26-1756290
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
9540 Towne Centre Drive, Suite 100,
San Diego, CA
|
|
92121
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $0.0001 par value per share
|
|
BNGO
|
|
The Nasdaq Stock Market, LLC
|
Warrants to purchase Common Stock
|
|
BNGOW
|
|
The Nasdaq Stock Market, LLC
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
|
Smaller reporting company
|
x
|
|
|
|
Emerging growth company
|
x
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
June 30,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
15,294,526
|
|
|
$
|
16,522,729
|
|
Accounts receivable, net
|
4,983,510
|
|
|
4,514,333
|
|
||
Inventory
|
3,022,090
|
|
|
1,068,557
|
|
||
Prepaid expenses and other current assets
|
631,853
|
|
|
919,500
|
|
||
Total current assets
|
23,931,979
|
|
|
23,025,119
|
|
||
Property and equipment, net
|
1,278,889
|
|
|
1,777,302
|
|
||
Total assets
|
$
|
25,210,868
|
|
|
$
|
24,802,421
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity (deficit)
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
3,617,836
|
|
|
$
|
1,351,736
|
|
Accrued expenses
|
2,702,015
|
|
|
2,900,129
|
|
||
Deferred revenue
|
421,342
|
|
|
270,998
|
|
||
Line of credit
|
799,815
|
|
|
—
|
|
||
Total current liabilities
|
7,541,008
|
|
|
4,522,863
|
|
||
Long-term debt
|
18,621,696
|
|
|
9,029,374
|
|
||
Long-term deferred revenue
|
219,202
|
|
|
304,467
|
|
||
Other non-current liabilities
|
173,772
|
|
|
808,366
|
|
||
Total liabilities
|
26,555,678
|
|
|
14,665,070
|
|
||
Commitments and contingencies (Note 9)
|
|
|
|
|
|
||
Stockholders’ equity (deficit):
|
|
|
|
||||
Common stock, $0.0001 par value, 200,000,000 and 200,000,000 shares authorized at June 30, 2019 and December 31, 2018, respectively; 10,897,522 and 10,055,072 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
|
1,088
|
|
|
1,004
|
|
||
Additional paid-in capital
|
86,932,839
|
|
|
82,898,775
|
|
||
Accumulated deficit
|
(88,278,737
|
)
|
|
(72,762,428
|
)
|
||
Total stockholders’ equity (deficit)
|
(1,344,810
|
)
|
|
10,137,351
|
|
||
Total liabilities and stockholders’ equity (deficit)
|
$
|
25,210,868
|
|
|
$
|
24,802,421
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product revenue
|
$
|
2,020,398
|
|
|
$
|
3,256,023
|
|
|
$
|
3,707,984
|
|
|
$
|
4,918,245
|
|
Other revenue
|
154,237
|
|
|
133,986
|
|
|
319,397
|
|
|
240,249
|
|
||||
Total revenue
|
2,174,635
|
|
|
3,390,009
|
|
|
4,027,381
|
|
|
5,158,494
|
|
||||
Cost of revenue:
|
|
|
|
|
|
|
|
||||||||
Cost of product revenue
|
1,525,334
|
|
|
1,803,461
|
|
|
2,644,885
|
|
|
2,644,043
|
|
||||
Cost of other revenue
|
29,912
|
|
|
9,969
|
|
|
57,403
|
|
|
10,836
|
|
||||
Total cost of revenue
|
1,555,246
|
|
|
1,813,430
|
|
|
2,702,288
|
|
|
2,654,879
|
|
||||
Operating expense:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
2,407,692
|
|
|
2,098,826
|
|
|
4,507,803
|
|
|
4,465,919
|
|
||||
Selling, general and administrative
|
5,056,005
|
|
|
3,489,974
|
|
|
9,846,607
|
|
|
6,385,378
|
|
||||
Total operating expense
|
7,463,697
|
|
|
5,588,800
|
|
|
14,354,410
|
|
|
10,851,297
|
|
||||
Loss from operations
|
(6,844,308
|
)
|
|
(4,012,221
|
)
|
|
(13,029,317
|
)
|
|
(8,347,682
|
)
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(565,888
|
)
|
|
(407,635
|
)
|
|
(838,392
|
)
|
|
(709,616
|
)
|
||||
Change in fair value of preferred stock warrants and expirations
|
—
|
|
|
1,517,723
|
|
|
—
|
|
|
2,470,921
|
|
||||
Loss on debt extinguishment
|
—
|
|
|
(342,164
|
)
|
|
(921,496
|
)
|
|
(342,164
|
)
|
||||
Other expense
|
(249,884
|
)
|
|
(61,673
|
)
|
|
(718,132
|
)
|
|
(221,015
|
)
|
||||
Total other income (expense)
|
(815,772
|
)
|
|
706,251
|
|
|
(2,478,020
|
)
|
|
1,198,126
|
|
||||
Loss before income taxes
|
(7,660,080
|
)
|
|
(3,305,970
|
)
|
|
(15,507,337
|
)
|
|
(7,149,556
|
)
|
||||
Provision for income taxes
|
(4,486
|
)
|
|
(5,506
|
)
|
|
(8,972
|
)
|
|
(9,282
|
)
|
||||
Net loss
|
$
|
(7,664,566
|
)
|
|
$
|
(3,311,476
|
)
|
|
$
|
(15,516,309
|
)
|
|
$
|
(7,158,838
|
)
|
Net loss per share, basic and diluted
|
$
|
(0.71
|
)
|
|
$
|
(0.98
|
)
|
|
$
|
(1.47
|
)
|
|
$
|
(1.37
|
)
|
Weighted-average common shares outstanding basic and diluted
|
10,860,055
|
|
|
3,364,128
|
|
|
10,541,563
|
|
|
5,227,448
|
|
|
Series A
Convertible Preferred
Stock
|
|
Series B
Convertible Preferred
Stock
|
|
Series B-1
Convertible Preferred
Stock
|
|
Series C
Convertible Preferred
Stock
|
|
Series D
Convertible Preferred
Stock
|
|
Series D-1
Convertible Preferred
Stock
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total
Stockholders' Equity (Deficit)
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018
|
345,587
|
|
|
$
|
61,847
|
|
|
8,058,170
|
|
|
$
|
842,845
|
|
|
3,437,950
|
|
|
$
|
359,593
|
|
|
23,357,047
|
|
|
$
|
5,547,841
|
|
|
20,652,486
|
|
|
$
|
4,838,379
|
|
|
66,141,257
|
|
|
$
|
31,359,632
|
|
|
|
77,257
|
|
|
$
|
8
|
|
|
$
|
4,038,817
|
|
|
$
|
(54,266,036
|
)
|
|
$
|
(50,227,211
|
)
|
||||
Stock option
exercises |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
237
|
|
|
—
|
|
|
305
|
|
|
—
|
|
|
305
|
|
||||||||||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
54,444
|
|
|
—
|
|
|
54,444
|
|
||||||||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,847,362
|
)
|
|
(3,847,362
|
)
|
||||||||||||||
Balance at March 31, 2018
|
345,587
|
|
|
$
|
61,847
|
|
|
8,058,170
|
|
|
$
|
842,845
|
|
|
3,437,950
|
|
|
$
|
359,593
|
|
|
23,357,047
|
|
|
$
|
5,547,841
|
|
|
20,652,486
|
|
|
$
|
4,838,379
|
|
|
66,141,257
|
|
|
$
|
31,359,632
|
|
|
|
77,494
|
|
|
$
|
8
|
|
|
$
|
4,093,566
|
|
|
$
|
(58,113,398
|
)
|
|
$
|
(54,019,824
|
)
|
||||
Stock option
exercises |
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
551
|
|
|
$
|
—
|
|
|
$
|
707
|
|
|
$
|
—
|
|
|
$
|
707
|
|
||||
Stock-based compensation
expense |
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
—
|
|
|
52,982
|
|
|
—
|
|
|
52,982
|
|
||||||||
Net loss
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,311,476
|
)
|
|
(3,311,476
|
)
|
||||||||
Balance at June 30, 2018
|
345,587
|
|
|
$
|
61,847
|
|
|
8,058,170
|
|
|
$
|
842,845
|
|
|
3,437,950
|
|
|
$
|
359,593
|
|
|
23,357,047
|
|
|
$
|
5,547,841
|
|
|
20,652,486
|
|
|
$
|
4,838,379
|
|
|
66,141,257
|
|
|
$
|
31,359,632
|
|
|
|
78,045
|
|
|
$
|
8
|
|
|
$
|
4,147,255
|
|
|
$
|
(61,424,874
|
)
|
|
$
|
(57,277,611
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Balance at January 1, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
10,055,072
|
|
|
$
|
1,004
|
|
|
$
|
82,898,775
|
|
|
$
|
(72,762,428
|
)
|
|
$
|
10,137,351
|
|
||||
Stock option
exercises |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
41,521
|
|
|
4
|
|
|
53,972
|
|
|
—
|
|
|
53,976
|
|
||||||||||||||
Stock-based compensation
expense |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
289,395
|
|
|
—
|
|
|
289,395
|
|
||||||||||||||
Issue common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
748,427
|
|
|
75
|
|
|
2,409,518
|
|
|
—
|
|
|
2,409,593
|
|
||||||||||||||
Issue warrants for debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
629,830
|
|
|
—
|
|
|
629,830
|
|
||||||||||||||
Issue stock for debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
201,789
|
|
|
—
|
|
|
201,789
|
|
||||||||||||||||||||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,851,743
|
)
|
|
(7,851,743
|
)
|
||||||||||||||
Balance at March 31, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
10,845,020
|
|
|
$
|
1,083
|
|
|
$
|
86,483,279
|
|
|
$
|
(80,614,171
|
)
|
|
$
|
5,870,191
|
|
||||
Stock option
exercises |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
8,526
|
|
|
$
|
1
|
|
|
$
|
11,083
|
|
|
$
|
—
|
|
|
$
|
11,084
|
|
||||||||||
Stock-based compensation
expense |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
335,666
|
|
|
—
|
|
|
335,666
|
|
||||||||||||||
ESPP Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
43,976
|
|
|
4
|
|
|
102,811
|
|
|
—
|
|
|
102,815
|
|
||||||||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,664,566
|
)
|
|
(7,664,566
|
)
|
||||||||||||||
Balance at June 30, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
10,897,522
|
|
—
|
|
$
|
1,088
|
|
—
|
|
$
|
86,932,839
|
|
—
|
|
$
|
(88,278,737
|
)
|
—
|
|
$
|
(1,344,810
|
)
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(15,516,309
|
)
|
|
$
|
(7,158,838
|
)
|
Adjustments to reconcile net loss to net cash used by operating activities:
|
|
|
|
||||
Depreciation
|
536,802
|
|
|
778,555
|
|
||
Change in fair value of preferred stock warrants and expirations
|
—
|
|
|
(2,470,921
|
)
|
||
Interest payment-in-kind
|
166,524
|
|
|
—
|
|
||
Stock-based compensation
|
625,061
|
|
|
107,426
|
|
||
Provision for bad debt expense
|
—
|
|
|
238,000
|
|
||
Accretion of debt discount
|
128,518
|
|
|
60,655
|
|
||
Loss on debt extinguishment
|
921,496
|
|
|
342,164
|
|
||
Long-term debt prepayment fees
|
412,000
|
|
|
—
|
|
||
Employee stock purchase plan compensation
|
102,815
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(469,177
|
)
|
|
228,009
|
|
||
Inventory
|
(1,953,533
|
)
|
|
(172,578
|
)
|
||
Prepaid expenses and other current assets
|
287,647
|
|
|
(697,361
|
)
|
||
Accounts payable
|
2,257,359
|
|
|
(1,058,391
|
)
|
||
Accrued expenses and other liabilities
|
(367,628
|
)
|
|
49,359
|
|
||
Net cash used in operating activities
|
(12,868,425
|
)
|
|
(9,753,921
|
)
|
||
Investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(29,649
|
)
|
|
(189,401
|
)
|
||
Net cash used in investing activities
|
(29,649
|
)
|
|
(189,401
|
)
|
||
Financing activities:
|
|
|
|
||||
Repayment of long-term debt
|
(10,812,000
|
)
|
|
(7,447,571
|
)
|
||
Proceeds from issuance of long-term debt, net of issuance costs
|
19,207,403
|
|
|
9,662,430
|
|
||
Proceeds from issuance of convertible note, net of issuance costs
|
—
|
|
|
14,329,843
|
|
||
Proceeds from borrowing on line of credit
|
1,105,745
|
|
|
—
|
|
||
Repayments of borrowing from line of credit
|
(305,930
|
)
|
|
—
|
|
||
Proceeds from sale of common stock, net of offering costs
|
2,409,593
|
|
|
—
|
|
||
Proceeds from option exercises
|
65,060
|
|
|
1,012
|
|
||
Net cash provided by financing activities
|
11,669,871
|
|
|
16,545,714
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(1,228,203
|
)
|
|
6,602,392
|
|
||
Cash and cash equivalents at beginning of period
|
16,522,729
|
|
|
1,021,897
|
|
||
Cash and cash equivalents at end of period
|
$
|
15,294,526
|
|
|
$
|
7,624,289
|
|
|
|
|
|
||||
Supplemental schedule on non-cash transactions:
|
|
|
|
||||
Property and equipment costs incurred but not paid included in accounts
payable and accrued expenses |
$
|
8,740
|
|
|
$
|
130,484
|
|
Transfer of instruments from property and equipment into inventory
|
$
|
—
|
|
|
$
|
106,617
|
|
Fair value of warrants issued with debt classified as a liability
|
$
|
629,830
|
|
|
$
|
176,813
|
|
Fair value of stock issued with debt classified as a liability
|
$
|
201,789
|
|
|
$
|
—
|
|
Final payment due in connection with the repayment of debt classified in other long-term liabilities
|
$
|
—
|
|
|
$
|
400,000
|
|
Deferred equity issuance costs in accounts payable and accrued liabilities
|
$
|
—
|
|
|
$
|
1,401,350
|
|
Debt issuance costs incurred but not paid
|
$
|
—
|
|
|
$
|
129,474
|
|
•
|
The conversion of all outstanding shares of convertible preferred stock into an aggregate
2,850,280
shares of common stock.
|
•
|
The automatic adjustment of preferred stock warrants into common stock warrants; the entire
$84,676
balance of preferred stock warrant liability was reclassified as additional paid-in-capital. In addition, the Company issued warrants to the IPO underwriters to purchase up to
115,920
shares of its common stock at fair value of
$0.4 million
.
|
•
|
The conversion of an aggregate of
$14.9 million
of outstanding convertible promissory notes and accrued interest into an aggregate of
3,239,294
shares of common stock.
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Materials and supplies
|
$
|
908,755
|
|
|
$
|
161,468
|
|
Finished goods
|
2,113,335
|
|
|
907,089
|
|
||
Total
|
$
|
3,022,090
|
|
|
$
|
1,068,557
|
|
|
June 30,
2019 |
|
June 30,
2018 |
||
Series A convertible preferred stock
|
—
|
|
|
8,074
|
|
Series B convertible preferred stock
|
—
|
|
|
188,275
|
|
Series B-1 convertible preferred stock
|
—
|
|
|
80,327
|
|
Series C convertible preferred stock
|
—
|
|
|
545,728
|
|
Series D convertible preferred stock
|
—
|
|
|
482,529
|
|
Series D-1 convertible preferred stock
|
—
|
|
|
1,545,347
|
|
Preferred warrants
|
—
|
|
|
869,814
|
|
Common stock options
|
1,716,719
|
|
|
416,937
|
|
Common warrants
|
4,224,494
|
|
|
—
|
|
Total
|
5,941,213
|
|
|
4,137,031
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||
|
June 30,
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
15,294,526
|
|
|
$
|
15,294,526
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets
|
$
|
15,294,526
|
|
|
$
|
15,294,526
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
December 31,
|
|
Quoted Prices
in Active
Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
16,522,729
|
|
|
$
|
16,522,729
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets
|
$
|
16,522,729
|
|
|
$
|
16,522,729
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Prepayment to supplier
|
$
|
—
|
|
|
$
|
74,685
|
|
Prepaid insurance
|
166,342
|
|
|
460,684
|
|
||
Other current assets
|
465,511
|
|
|
384,131
|
|
||
Total
|
$
|
631,853
|
|
|
$
|
919,500
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Computer and office equipment
|
$
|
476,402
|
|
|
$
|
476,402
|
|
Lab equipment
|
4,567,104
|
|
|
4,437,794
|
|
||
Service equipment placed at customer sites
|
58,902
|
|
|
149,823
|
|
||
Leasehold improvements
|
1,875,647
|
|
|
1,875,647
|
|
||
|
6,978,055
|
|
|
6,939,666
|
|
||
Less accumulated depreciation and amortization
|
(5,699,166
|
)
|
|
(5,162,364
|
)
|
||
|
$
|
1,278,889
|
|
|
$
|
1,777,302
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Accrued compensation expenses
|
$
|
1,553,276
|
|
|
$
|
1,832,630
|
|
Accrued professional services
|
85,997
|
|
|
76,224
|
|
||
Accrued royalties
|
58,795
|
|
|
119,630
|
|
||
Accrued other
|
1,003,947
|
|
|
871,645
|
|
||
Total
|
$
|
2,702,015
|
|
|
$
|
2,900,129
|
|
|
December 31,
2018 |
||
Term loan face value
|
$
|
10,000,000
|
|
Fair value of warrant
|
(176,813
|
)
|
|
End of term charge
|
(400,000
|
)
|
|
Capitalized debt issuance costs
|
(499,354
|
)
|
|
Accretion of debt issuance costs and end of term charge
|
87,859
|
|
|
Accretion of warrant fair value
|
17,682
|
|
|
Balance
|
9,029,374
|
|
|
Less current portion
|
—
|
|
|
Long-term debt
|
$
|
9,029,374
|
|
|
June 30,
2019 |
||
Term loan face value
|
$
|
20,000,000
|
|
Warrants issued
|
(629,830
|
)
|
|
Stock discount issued
|
(201,789
|
)
|
|
Capitalized debt issuance costs
|
(792,597
|
)
|
|
Interest payment-in-kind
|
166,524
|
|
|
Accretion of debt discount
|
79,388
|
|
|
Balance
|
18,621,696
|
|
|
Less current portion
|
—
|
|
|
Long-term debt
|
$
|
18,621,696
|
|
|
|
||
2019
|
$
|
615,959
|
|
2020
|
1,505,249
|
|
|
2021
|
1,964,030
|
|
|
2022
|
9,875,878
|
|
|
2023-2024
|
14,941,449
|
|
|
Total minimum loan payments
|
$
|
28,902,565
|
|
Unamortized interest
|
(7,986,041
|
)
|
|
Accretion of debt discount
|
79,388
|
|
|
End of term charge
|
(750,000
|
)
|
|
Warrants issued
|
(629,830
|
)
|
|
Stock discount issued
|
(201,789
|
)
|
|
Capitalized debt issuance costs and end of term charge
|
(792,597
|
)
|
|
Term loan
|
18,621,696
|
|
|
Less current portion
|
—
|
|
|
Long-term debt
|
$
|
18,621,696
|
|
•
|
the lowest sale price of the Company’s common stock on the purchase date; or
|
•
|
the average of the three lowest closing sale prices for the Company’s common stock during the ten consecutive trading days ending on the trading day immediately preceding the purchase date.
|
|
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at January 1, 2019
|
1,282,847
|
|
$
|
6.90
|
|
|
9.2
|
|
|
|||
Granted
|
545,374
|
|
|
4.15
|
|
|
|
|
|
|||
Exercised
|
(50,047
|
)
|
|
1.30
|
|
|
|
|
|
|||
Cancelled/Expired
|
(61,455
|
)
|
|
15.06
|
|
|
|
|
|
|||
Outstanding at June 30, 2019
|
1,716,719
|
|
$
|
5.99
|
|
|
9.0
|
|
$
|
366,055
|
|
|
Vested and exercisable at June 30, 2019
|
566,997
|
|
$
|
6.86
|
|
|
8.4
|
|
$
|
248,379
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Research and development
|
$
|
57,687
|
|
|
$
|
9,253
|
|
|
$
|
110,590
|
|
|
$
|
18,867
|
|
General and administrative
|
277,979
|
|
|
43,728
|
|
|
514,471
|
|
|
88,559
|
|
||||
Total stock-based compensation expense
|
$
|
335,666
|
|
|
$
|
52,981
|
|
|
$
|
625,061
|
|
|
$
|
107,426
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
Risk-free interest rate
|
2.0
|
%
|
|
—
|
|
|
2.4
|
%
|
|
2.5
|
%
|
Expected volatility
|
65.2-66.1%
|
|
|
—
|
|
|
64.3-67.3%
|
|
|
63.0
|
%
|
Expected term (in years)
|
5.4
|
|
|
—
|
|
|
5.0
|
|
|
4.0
|
|
Expected dividend yield
|
0.0
|
%
|
|
—
|
|
|
0.0
|
%
|
|
0.0
|
%
|
|
June 30, 2019
|
|
Stock options issued and outstanding
|
1,716,719
|
|
Authorized for future stock awards, option grants, or employee stock purchase program
|
432,935
|
|
Common Warrants
|
4,224,494
|
|
Total
|
6,374,148
|
|
Year Ending December 31,
|
Gross Payments
|
|
|
Scheduled Sublease Payments
|
|
|
Net Payments
|
|
|||
2019 (6 months remaining)
|
$
|
431,328
|
|
|
$
|
(222,170
|
)
|
|
$
|
209,158
|
|
2020
|
902,412
|
|
|
(464,334
|
)
|
|
438,078
|
|
|||
Total minimum lease payments
|
$
|
1,333,740
|
|
|
$
|
(686,504
|
)
|
|
$
|
647,236
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Product revenue
|
$
|
2,020,398
|
|
|
$
|
3,256,023
|
|
|
$
|
3,707,984
|
|
|
$
|
4,918,245
|
|
Other revenue
|
154,237
|
|
|
133,986
|
|
|
319,397
|
|
|
240,249
|
|
||||
Total
|
$
|
2,174,635
|
|
|
$
|
3,390,009
|
|
|
$
|
4,027,381
|
|
|
$
|
5,158,494
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||||||||||
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|||||||||||||
North America
|
$
|
1,379,346
|
|
|
64
|
%
|
|
$
|
1,518,347
|
|
|
45
|
%
|
|
$
|
2,218,654
|
|
|
55
|
%
|
|
$
|
2,553,428
|
|
|
49
|
%
|
EMEIA
|
506,583
|
|
|
23
|
%
|
|
1,029,380
|
|
|
30
|
%
|
|
1,424,913
|
|
|
35
|
%
|
|
1,128,510
|
|
|
21
|
%
|
||||
Asia Pacific
|
288,706
|
|
|
13
|
%
|
|
842,282
|
|
|
25
|
%
|
|
383,814
|
|
|
10
|
%
|
|
1,476,556
|
|
|
30
|
%
|
||||
Total
|
$
|
2,174,635
|
|
|
100
|
%
|
|
$
|
3,390,009
|
|
|
100
|
%
|
|
$
|
4,027,381
|
|
|
100
|
%
|
|
$
|
5,158,494
|
|
|
100
|
%
|
|
Three Months Ended June 30,
|
|
Period-to-Period Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Product revenue
|
$
|
2,020,398
|
|
|
$
|
3,256,023
|
|
|
$
|
(1,235,625
|
)
|
|
(37.9
|
)%
|
Other revenue
|
154,237
|
|
|
133,986
|
|
|
20,251
|
|
|
15.1
|
%
|
|||
Total revenue
|
2,174,635
|
|
|
3,390,009
|
|
|
(1,215,374
|
)
|
|
(35.9
|
)%
|
|||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|||||
Cost of product revenue
|
1,525,334
|
|
|
1,803,461
|
|
|
(278,127
|
)
|
|
(15.4
|
)%
|
|||
Cost of other revenue
|
29,912
|
|
|
9,969
|
|
|
19,943
|
|
|
200.1
|
%
|
|||
Total cost of revenue
|
1,555,246
|
|
|
1,813,430
|
|
|
(258,184
|
)
|
|
(14.2
|
)%
|
|||
Operating expense:
|
|
|
|
|
|
|
|
|
|
|||||
Research and development
|
2,407,692
|
|
|
2,098,826
|
|
|
308,866
|
|
|
14.7
|
%
|
|||
Selling, general and administrative
|
5,056,005
|
|
|
3,489,974
|
|
|
1,566,031
|
|
|
44.9
|
%
|
|||
Total operating expense
|
7,463,697
|
|
|
5,588,800
|
|
|
1,874,897
|
|
|
33.5
|
%
|
|||
Loss from operations
|
(6,844,308
|
)
|
|
(4,012,221
|
)
|
|
(2,832,087
|
)
|
|
70.6
|
%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
(565,888
|
)
|
|
(407,635
|
)
|
|
(158,253
|
)
|
|
38.8
|
%
|
|||
Change in fair value of preferred stock warrants and expirations
|
—
|
|
|
1,517,723
|
|
|
(1,517,723
|
)
|
|
(100.0
|
)%
|
|||
Loss on debt extinguishment
|
—
|
|
|
(342,164
|
)
|
|
342,164
|
|
|
100.0
|
%
|
|||
Other expense
|
(249,884
|
)
|
|
(61,673
|
)
|
|
(188,211
|
)
|
|
305.2
|
%
|
|||
Total other income (expense)
|
(815,772
|
)
|
|
706,251
|
|
|
(1,522,023
|
)
|
|
(215.5
|
)%
|
|||
Loss before income taxes
|
(7,660,080
|
)
|
|
(3,305,970
|
)
|
|
(4,354,110
|
)
|
|
131.7
|
%
|
|||
Provision for income taxes
|
(4,486
|
)
|
|
(5,506
|
)
|
|
1,020
|
|
|
(18.5
|
)%
|
|||
Net loss
|
$
|
(7,664,566
|
)
|
|
$
|
(3,311,476
|
)
|
|
$
|
(4,353,090
|
)
|
|
131.5
|
%
|
|
Six Months Ended June 30,
|
|
Period-to-Period Change
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Product revenue
|
$
|
3,707,984
|
|
|
$
|
4,918,245
|
|
|
$
|
(1,210,261
|
)
|
|
(24.6
|
)%
|
Other revenue
|
319,397
|
|
|
240,249
|
|
|
79,148
|
|
|
32.9
|
%
|
|||
Total revenue
|
4,027,381
|
|
|
5,158,494
|
|
|
(1,131,113
|
)
|
|
(21.9
|
)%
|
|||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|||||
Cost of product revenue
|
2,644,885
|
|
|
2,644,043
|
|
|
842
|
|
|
—
|
%
|
|||
Cost of other revenue
|
57,403
|
|
|
10,836
|
|
|
46,567
|
|
|
429.7
|
%
|
|||
Total cost of revenue
|
2,702,288
|
|
|
2,654,879
|
|
|
47,409
|
|
|
1.8
|
%
|
|||
Operating expense:
|
|
|
|
|
|
|
|
|
|
|||||
Research and development
|
4,507,803
|
|
|
4,465,919
|
|
|
41,884
|
|
|
0.9
|
%
|
|||
Selling, general and administrative
|
9,846,607
|
|
|
6,385,378
|
|
|
3,461,229
|
|
|
54.2
|
%
|
|||
Total operating expense
|
14,354,410
|
|
|
10,851,297
|
|
|
3,503,113
|
|
|
32.3
|
%
|
|||
Loss from operations
|
(13,029,317
|
)
|
|
(8,347,682
|
)
|
|
(4,681,635
|
)
|
|
56.1
|
%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
(838,392
|
)
|
|
(709,616
|
)
|
|
(128,776
|
)
|
|
18.1
|
%
|
|||
Change in fair value of preferred stock warrants and expirations
|
—
|
|
|
2,470,921
|
|
|
(2,470,921
|
)
|
|
(100.0
|
)%
|
|||
Loss on debt extinguishment
|
(921,496
|
)
|
|
(342,164
|
)
|
|
(579,332
|
)
|
|
169.3
|
%
|
|||
Other expense
|
(718,132
|
)
|
|
(221,015
|
)
|
|
(497,117
|
)
|
|
224.9
|
%
|
|||
Total other income (expense)
|
(2,478,020
|
)
|
|
1,198,126
|
|
|
(3,676,146
|
)
|
|
(306.8
|
)%
|
|||
Loss before income taxes
|
(15,507,337
|
)
|
|
(7,149,556
|
)
|
|
(8,357,781
|
)
|
|
116.9
|
%
|
|||
Provision for income taxes
|
(8,972
|
)
|
|
(9,282
|
)
|
|
310
|
|
|
(3.3
|
)%
|
|||
Net loss
|
$
|
(15,516,309
|
)
|
|
$
|
(7,158,838
|
)
|
|
$
|
(8,357,471
|
)
|
|
116.7
|
%
|
Net cash provided by (used in):
|
Six Months Ended June 30,
|
|
||||||
2019
|
|
2018
|
|
|||||
|
|
|
|
|||||
Operating activities
|
$
|
(12,868,425
|
)
|
|
$
|
(9,753,921
|
)
|
|
Investing activities
|
(29,649
|
)
|
|
(189,401
|
)
|
|
||
Financing activities
|
11,669,871
|
|
|
16,545,714
|
|
|
Exhibit
Number
|
|
Description
|
3.1
(1)
|
|
|
3.2
(1)
|
|
|
4.1
(2)
|
|
|
4.2
(2)
|
|
|
4.3
(2)
|
|
|
4.4
(2)
|
|
|
4.5
(2)
|
|
|
4.6
(2)
|
|
|
4.7
(3)
|
|
|
4.8
(4)
|
|
|
4.9
(4)
|
|
|
4.10
(4)
|
|
|
10.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1*
|
|
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
(1)
|
Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the SEC on August 24, 2018.
|
(2)
|
Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-225970), as amended.
|
(3)
|
Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the SEC on November 21, 2018.
|
(4)
|
Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 14, 2019.
|
*
|
This certification is deemed not filed for purpose of section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.
|
|
BIONANO GENOMICS, INC.
|
|
|
Date: August 8, 2019
|
By: /s/ R. Erik Holmlin, Ph.D.
|
|
R. Erik Holmlin, Ph.D.
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
Date: August 8, 2019
|
By: /s/ Mike Ward
|
|
Mike Ward
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Date: August 8, 2019
|
|
|
|
/s/ R. Erik Holmlin, Ph.D.
|
|
R. Erik Holmlin, Ph.D.
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Dated: August 8, 2019
|
|
|
|
/s/ Mike Ward
|
|
Mike Ward
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
|
Dated: August 8, 2019
|
|
|
|
|
|
/s/ R. Erik Holmlin, Ph.D.
|
|
/s/ Mike Ward
|
R. Erik Holmlin, Ph.D.
|
|
Mike Ward
|
President and Chief Executive Officer
|
|
Chief Financial Officer
|
(Principal Executive Officer)
|
|
(Principal Financial and Accounting Officer
|