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Delaware
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001-35558
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27-2004382
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(State or other jurisdiction
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(Commission File Number)
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IRS Employer
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of incorporation or organization)
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Identification No.)
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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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TROV
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Nasdaq Capital Market
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1
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Item 2.02
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Results of Operations and Financial Conditions
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TROVAGENE, INC.
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By:
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/s/ Thomas Adams
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Thomas Adams
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Chief Executive Officer
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2
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•
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Announced presentation of Phase 2 data demonstrating the ability of onvansertib to overcome Zytiga®-resistance and provide clinical benefit for mCRPC patients
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•
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Announced data demonstrating the effectiveness of onvansertib as a pan-KRAS inhibitor with confirmed tumor regression and clinical benefit achieved in KRAS-mutated mCRC patients
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•
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Announced positive data presented in an oral session at the American Society of Hematology (“ASH”) conference demonstrating efficacy, durability of response and safety of onvansertib in completed Phase 1b trial in AML
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•
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Announced data showing the ability of onvanserib to rescue patients previously treated with, and resistant to, venetoclax in AML
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•
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Announced positive response to treatment in Phase 2 trial of onvansertib in patients with mCRPC
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•
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Announced data presented at ESMO providing rationale for a clinical trial of onvansertib in subset of patients with Highly-Aggressive Triple Negative Breast Cancer (TNBC)
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Three Months Ended December 31,
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Year 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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||||||||
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(unaudited)
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||||||||||
Revenues:
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||||||||
Royalties
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$
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93
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$
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76
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$
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243
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$
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250
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Services
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—
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2
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|
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2
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128
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||||
Total revenues
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93
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78
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245
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378
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Costs and expenses:
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||||||||
Cost of revenues
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—
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—
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—
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597
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||||
Research and development
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2,865
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2,497
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11,162
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8,164
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||||
Selling, general and administrative
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1,517
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1,685
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5,761
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8,006
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Restructuring charges
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—
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—
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—
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664
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||||
Total operating expenses
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4,382
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4,182
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16,923
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17,431
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Loss from operations
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(4,289
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)
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(4,104
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)
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(16,678
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)
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(17,053
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)
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||||
Net interest income
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46
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75
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234
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194
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Gain from change in fair value of derivative financial instruments warrants
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1
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38
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28
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617
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Gain on extinguishment of debt
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—
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—
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—
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18
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Other (loss) income, net
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—
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(168
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)
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2
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(237
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)
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Net loss
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(4,242
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)
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(4,159
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)
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(16,414
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)
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(16,461
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)
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Preferred Stock Dividend
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(6
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)
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(6
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)
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(293
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)
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(2,794
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)
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Net loss attributable to common stockholders
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$
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(4,248
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)
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$
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(4,165
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)
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$
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(16,707
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)
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$
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(19,255
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)
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Net loss per common share - basic and diluted
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$
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(0.51
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)
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$
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(1.09
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)
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$
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(2.80
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)
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$
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(8.26
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)
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Weighted-average shares outstanding - basic and diluted
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8,329
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3,832
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5,974
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2,330
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December 31,
2019
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December 31, 2018
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||||
Assets
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Current assets:
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Cash and cash equivalents
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$
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10,195
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$
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11,453
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Accounts receivable and unbilled receivable
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204
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168
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Prepaid expenses
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955
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1,144
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Total current assets
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11,354
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12,765
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Property and equipment, net
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878
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1,304
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Operating lease right-of-use assets
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697
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—
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Other assets
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158
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|
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103
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Total Assets
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$
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13,087
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$
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14,172
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Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable
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$
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656
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$
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665
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Accrued expenses
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3,260
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|
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1,772
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Operating lease liabilities
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866
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—
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Deferred rent, current portion
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—
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486
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Total current liabilities
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4,782
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2,923
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Derivative financial instruments warrants
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4
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32
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Operating lease liabilities, net of current portion
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861
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—
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Deferred rent, net of current portion
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—
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1,091
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Other liabilities
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129
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|
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42
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Total Liabilities
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5,776
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4,088
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Stockholders' equity
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7,311
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10,084
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Total liabilities and stockholders' equity
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$
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13,087
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$
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14,172
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Year Ended
December 31,
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||||||
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2019
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2018
|
||||
Operating activities
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Net loss
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$
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(16,414
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)
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$
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(16,461
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)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation and amortization
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494
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859
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Stock based compensation expense
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885
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2,175
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Change in fair value of derivative financial instruments - warrants
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(28
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)
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(617
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)
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Release of clinical trial funding commitment
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703
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—
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Gain on extinguishment of debt
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—
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(18
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)
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Other non-cash items
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—
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|
|
610
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|
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Changes in operating assets and liabilities
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1,092
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|
|
253
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|
||
Net cash used in operating activities
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(13,268
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)
|
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(13,199
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)
|
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Investing activities:
|
|
|
|
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||||
Net proceeds from disposal (purchase) of capital equipment
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(68
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)
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23
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|
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Net cash provided (used) in investing activities
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(68
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)
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23
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|
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Financing activities:
|
|
|
|
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||||
Proceeds from sales of common stock and warrants, net of expenses
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8,818
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11,779
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Proceeds from sales of Series B Convertible Preferred Stock, net of expenses
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—
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4,387
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|
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Costs related to the clinical trial funding commitment
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(40
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)
|
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—
|
|
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Proceeds from exercise of warrants
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3,300
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|
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1,613
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Repayment of debt
|
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—
|
|
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(1,376
|
)
|
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Net cash provided by financing activities
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12,078
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|
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16,403
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|
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Net change in cash and cash equivalents
|
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(1,258
|
)
|
|
3,227
|
|
||
Cash and cash equivalents Beginning of period
|
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11,453
|
|
|
8,226
|
|
||
Cash and cash equivalents End of period
|
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$
|
10,195
|
|
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$
|
11,453
|
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