☒ | 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 | 45-1306615 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||
2210 Faraday Ave., Suite 100, Carlsbad, CA | 92008 | |||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value | AFIB | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||||||||
Emerging growth company | ☒ |
Class of Common Stock | Outstanding Shares as of August 9, 2021 | |||||||||||
34,607,593 |
Page | ||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands, except share and per share amounts) | (unaudited) | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 7,127 | $ | 25,234 | |||||||
Marketable securities, short-term | 73,894 | 105,839 | |||||||||
Restricted cash | 150 | 150 | |||||||||
Accounts receivable | 3,359 | 2,160 | |||||||||
Inventory | 14,663 | 12,958 | |||||||||
Prepaid expenses and other current assets | 2,859 | 5,047 | |||||||||
Total current assets | 102,052 | 151,388 | |||||||||
Marketable securities, long-term | 0 | 8,726 | |||||||||
Property and equipment, net | 15,335 | 12,356 | |||||||||
Right-of-use assets, net | 4,841 | 1,669 | |||||||||
Intangible assets, net | 5,333 | 5,653 | |||||||||
Goodwill | 12,026 | 12,026 | |||||||||
Other assets | 1,006 | 717 | |||||||||
Total assets | $ | 140,593 | $ | 192,535 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,794 | $ | 8,266 | |||||||
Accrued liabilities | 8,908 | 7,308 | |||||||||
Contingent consideration, short-term | 2,700 | 5,400 | |||||||||
Operating lease liabilities, short-term | 454 | 933 | |||||||||
Total current liabilities | 17,856 | 21,907 | |||||||||
Operating lease liabilities, long-term | 4,798 | 1,134 | |||||||||
Long-term debt | 39,683 | 39,011 | |||||||||
Contingent consideration, long-term | 2,400 | 3,900 | |||||||||
Total liabilities | 64,737 | 65,952 | |||||||||
Commitments and contingencies (Note 12) | 0 | 0 | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 0 | 0 | |||||||||
Common stock, $0.001 par value; 260,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 28,211,626 and 27,991,425 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 28 | 28 | |||||||||
Additional paid-in capital | 494,595 | 487,290 | |||||||||
Accumulated deficit | (418,923) | (361,015) | |||||||||
Accumulated other comprehensive income | 156 | 280 | |||||||||
Total stockholders' equity | 75,856 | 126,583 | |||||||||
Total liabilities and stockholders' equity | $ | 140,593 | $ | 192,535 |
June 30, 2020 | December 31, 2019 | |||||||
(unaudited) | ||||||||
ASSETS: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 24,295 | $ | 9,452 | ||||
Marketable securities | 5,037 | 62,351 | ||||||
Restricted cash | 150 | 150 | ||||||
Accounts receivable | 860 | 263 | ||||||
Inventory | 12,266 | 8,424 | ||||||
Deferred offering costs | 2,506 | — | ||||||
Prepaid expenses and other current assets | 1,323 | 1,816 | ||||||
Total current assets | 46,437 | 82,456 | ||||||
Property and equipment, net | 7,584 | 4,427 | ||||||
Right-of-use asset, net | 2,005 | 2,341 | ||||||
Intangible assets, net | 3,890 | 4,110 | ||||||
Goodwill | 12,026 | 12,026 | ||||||
Other assets | 87 | 95 | ||||||
Total assets | $ | 72,029 | $ | 105,455 | ||||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,084 | $ | 3,882 | ||||
Accrued liabilities | 7,036 | 10,076 | ||||||
Contingent consideration, short-term | 3,500 | 8,200 | ||||||
Operating lease liabilities, short-term | 882 | 833 | ||||||
Common and preferred stock warrant liability | 10,791 | 8,919 | ||||||
Total current liabilities | 31,293 | 31,910 | ||||||
Operating lease liabilities, long-term | 1,594 | 2,054 | ||||||
Long-term debt | 38,558 | 38,244 | ||||||
Contingent consideration, long-term | 4,000 | 5,700 | ||||||
Total liabilities | 75,445 | 77,908 | ||||||
Commitments and contingencies (Note 11) | ||||||||
C onvertible preferred stock | ||||||||
Series A convertible preferred stock, $0.001 par value; 3,848,696 shares authorized as of each of June 30, 2020 and December 31, 2019; 391,210 shares issued and outstanding as of each of June 30, 2020 and December 31, 2019; liquidation preference of $3,245 as of each of June 30, 2020 and December 31, 2019 | 3,059 | 3,059 | ||||||
Series B convertible preferred stock, $0.001 par value; 30,032,100 shares authorized as of each of June 30, 2020 December 31, 2019; 3,088,444 shares issued and outstanding as of each of June 30, 2020 and December 31, 2019; liquidation preference of $41,294 as of each of June 30, 2020 and December 31, 2019 | 40,685 | 40,685 | ||||||
Series C convertible preferred stock, $0.001 par value; 48,184,000 shares authorized as of each of June 30, 2020 and December 31, 2019; 4,499,921 shares issued and outstanding as of each of June 30, 2020 and December 31, 2019; liquidation preference of $75,000 as of each of June 30, 2020 and December 31, 2019 | 74,575 | 74,575 | ||||||
Series D convertible preferred stock, $0.001 par value; 90,000,000 shares authorized as of each of June 30, 2020 and December 31, 2019; 8,593,360 and 8,200,297 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; liquidation preference of $157,348 and $136,675 as of June 30, 2020 and December 31, 2019, respectively | 142,236 | 135,039 | ||||||
Stockholders’ deficit | ||||||||
Common stock, $0.001 par value; 260,000,000 shares authorized as of each of June 30, 2020 and December 31, 2019; 775,403 and 695,902 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 1 | 1 | ||||||
Additional paid-in capital | 36,355 | 33,252 | ||||||
Accumulated deficit | (300,325 | ) | (259,034 | ) | ||||
Accumulated other comprehensive loss | (2 | ) | (30 | ) | ||||
Total stockholders’ deficit | (263,971 | ) | (225,811 | ) | ||||
Total liabilities, convertible preferred stock and stockholders’ deficit | $ | 72,029 | $ | 105,455 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands, except share and per share amounts) | (unaudited) | (unaudited) | |||||||||||||||||||||
Revenue | $ | 4,709 | $ | 1,134 | $ | 8,300 | $ | 2,717 | |||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of products sold | 7,492 | 2,663 | 14,447 | 5,857 | |||||||||||||||||||
Research and development | 9,174 | 8,176 | 18,544 | 16,149 | |||||||||||||||||||
Selling, general and administrative | 15,601 | 9,125 | 31,853 | 19,360 | |||||||||||||||||||
Change in fair value of contingent consideration | (258) | 635 | (1,411) | (1,584) | |||||||||||||||||||
Total costs and operating expenses | 32,009 | 20,599 | 63,433 | 39,782 | |||||||||||||||||||
Loss from operations | (27,300) | (19,465) | (55,133) | (37,065) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Change in fair value of warrant liability | 0 | (2,453) | 0 | (1,872) | |||||||||||||||||||
Interest income | 29 | 95 | 69 | 370 | |||||||||||||||||||
Interest expense | (1,456) | (1,370) | (2,844) | (2,724) | |||||||||||||||||||
Total other expense, net | (1,427) | (3,728) | (2,775) | (4,226) | |||||||||||||||||||
Loss before income taxes | (28,727) | (23,193) | (57,908) | (41,291) | |||||||||||||||||||
Income tax benefit | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net loss | $ | (28,727) | $ | (23,193) | $ | (57,908) | $ | (41,291) | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | 4 | (14) | 10 | (41) | |||||||||||||||||||
Foreign currency translation adjustment | 92 | 96 | (134) | 69 | |||||||||||||||||||
Comprehensive loss | $ | (28,631) | $ | (23,111) | $ | (58,032) | $ | (41,263) | |||||||||||||||
Net loss per common share, basic and diluted | $ | (1.02) | $ | (32.24) | $ | (2.06) | $ | (58.16) | |||||||||||||||
Weighted average shares outstanding, basic and diluted | 28,152,305 | 719,421 | 28,092,329 | 709,961 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue | $ | 1,134 | $ | 734 | $ | 2,717 | $ | 1,521 | ||||||||
Costs and operating expenses: | ||||||||||||||||
Cost of products sold | 2,663 | 2,435 | 5,857 | 4,611 | ||||||||||||
Research and development | 8,176 | 5,247 | 16,149 | 9,624 | ||||||||||||
Selling, general and administrative | 9,125 | 6,927 | 19,360 | 11,020 | ||||||||||||
Change in fair value of contingent consideration | 635 | — | (1,584 | ) | — | |||||||||||
Total costs and operating expenses | 20,599 | 14,609 | 39,782 | 25,255 | ||||||||||||
Loss from operations | (19,465 | ) | (13,875 | ) | (37,065 | ) | (23,734 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Change in fair value of warrant liability and embedded derivative | (2,453 | ) | (1,446 | ) | (1,872 | ) | (605 | ) | ||||||||
Loss on debt extinguishment | — | (1,398 | ) | — | (1,398 | ) | ||||||||||
Interest income | 95 | 143 | 370 | 208 | ||||||||||||
Interest expense | (1,370 | ) | (13,769 | ) | (2,724 | ) | (19,511 | ) | ||||||||
Total other expense, net | (3,728 | ) | (16,470 | ) | (4,226 | ) | (21,306 | ) | ||||||||
Net loss | $ | (23,193 | ) | $ | (30,345 | ) | $ | (41,291 | ) | $ | (45,040 | ) | ||||
Other comprehensive income (loss) | ||||||||||||||||
Unrealized (loss) gain on marketable securities | (14 | ) | 6 | (41 | ) | 7 | ||||||||||
Foreign currency translation adjustment | 96 | 2 | 69 | (12 | ) | |||||||||||
Comprehensive loss | $ | (23,111 | ) | $ | (30,337 | ) | $ | (41,263 | ) | $ | (45,045 | ) | ||||
Net loss per common share, basic and diluted | $ | (32.24 | ) | $ | (45.70 | ) | $ | (58.16 | ) | $ | (68.21 | ) | ||||
Weighted-average shares outstanding, basic and diluted | 719,421 | 663,972 | 709,961 | 660,333 | ||||||||||||
(in thousands, except share amounts) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 (unaudited) | 28,113,165 | $ | 28 | $ | 490,369 | $ | (390,196) | $ | 60 | $ | 100,261 | ||||||||||||||||||||||||
Unrealized gain on marketable securities | — | — | — | — | 4 | 4 | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 92 | 92 | |||||||||||||||||||||||||||||
Stock option exercises | 71,460 | — | 450 | — | — | 450 | |||||||||||||||||||||||||||||
Stock-based compensation | 43 | — | 3,776 | — | — | 3,776 | |||||||||||||||||||||||||||||
Issuance of common stock for cashless warrant exercise | 26,958 | — | — | — | — | — | |||||||||||||||||||||||||||||
Net loss | — | — | — | (28,727) | — | (28,727) | |||||||||||||||||||||||||||||
Balance as of June 30, 2021 (unaudited) | 28,211,626 | $ | 28 | $ | 494,595 | $ | (418,923) | $ | 156 | $ | 75,856 |
(in thousands, except share amounts) | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,593,360 | $ | 142,236 | 710,841 | $ | 1 | $ | 34,993 | $ | (277,132) | $ | (84) | $ | (242,222) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | (14) | (14) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 96 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 0 | 0 | 1,157 | — | — | 1,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | — | — | — | — | — | — | — | — | 64,562 | — | 205 | — | — | 205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (23,193) | — | (23,193) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,593,360 | $ | 142,236 | 775,403 | $ | 1 | $ | 36,355 | $ | (300,325) | $ | (2) | $ | (263,971) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,593,360 | $ | 142,236 | 710,841 | $ | 1 | $ | 34,993 | $ | (277,132 | ) | $ | (84 | ) | $ | (242,222 | ) | ||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | (14 | ) | (14 | ) | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 96 | 96 | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | — | — | — | — | — | — | — | — | 64,562 | — | 205 | — | — | 205 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 1,157 | — | — | 1,157 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (23,193 | ) | — | (23,193 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,593,360 | $ | 142,236 | 775,403 | $ | 1 | $ | 36,355 | $ | (300,325 | ) | $ | (2) | $ | (263,971 | ) | |||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | — | $ | — | 656,654 | $ | 1 | $ | 30,709 | $ | (176,690 | ) | $ | 7 | $ | (145,973 | ) | |||||||||||||||||||||||||||||||
Unrealized gain on marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for cash, net of issuance costs of $274 | — | — | — | — | — | — | 2,309,959 | 38,226 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for 2018 Convertible Notes and 2019 Convertible Notes | — | — | — | — | — | — | 4,108,478 | 68,476 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 6,837 | — | 803 | — | — | 803 | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | — | — | — | — | — | — | — | — | 8,469 | — | 57 | — | — | 57 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (30,345 | ) | — | (30,345 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 6,418,437 | $ | 106,702 | 671,960 | $ | 1 | $ | 31,569 | $ | (207,035 | ) | $ | 15 | $ | (175,450 | ) | |||||||||||||||||||||||||||||||
(in thousands, except share amounts) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 27,991,425 | $ | 28 | $ | 487,290 | $ | (361,015) | $ | 280 | $ | 126,583 | ||||||||||||||||||||||||
Unrealized gain on marketable securities | — | — | — | — | 10 | 10 | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (134) | (134) | |||||||||||||||||||||||||||||
Stock option exercises | 98,969 | — | 619 | — | — | 619 | |||||||||||||||||||||||||||||
Stock-based compensation | 94,274 | — | 6,686 | — | — | 6,686 | |||||||||||||||||||||||||||||
Issuance of common stock for cashless warrant exercise | 26,958 | — | — | — | — | — | |||||||||||||||||||||||||||||
Net loss | — | — | — | (57,908) | — | (57,908) | |||||||||||||||||||||||||||||
Balance as of June 30, 2021 (unaudited) | 28,211,626 | $ | 28 | $ | 494,595 | $ | (418,923) | $ | 156 | $ | 75,856 |
(in thousands, except share amounts) | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,200,297 | $ | 135,039 | 695,902 | $ | 1 | $ | 33,252 | $ | (259,034) | $ | (30) | $ | (225,811) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | (41) | (41) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 69 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for the Biotronik Asset Purchase | — | — | — | — | — | — | 273,070 | 5,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible-preferred stock for the contingent consideration related to the Rhythm Xience Acquisition | — | — | — | — | — | — | 119,993 | 2,197 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | — | — | — | — | — | — | — | — | 64,562 | — | 205 | — | — | 205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 14,939 | — | 2,898 | — | — | 2,898 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (41,291) | — | (41,291) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,593,360 | $ | 142,236 | 775,403 | $ | 1 | $ | 36,355 | $ | (300,325) | $ | (2) | $ | (263,971) |
Series A | Series B | Series C | Series D | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,200,297 | $ | 135,039 | 695,902 | $ | 1 | $ | 33,252 | $ | (259,034) | $ | (30) | $ | (225,811) | |||||||||||||||||||||||||||||||||
Unrealized loss on marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | (41 | ) | (41 | ) | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | 69 | 69 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for the Biotronik Asset Purchase | — | — | — | — | — | — | 273,070 | 5,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for the contingent consideration related to the Rhythm Xience Acquisition | — | — | — | — | — | — | 119,993 | 2,197 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | — | — | — | — | — | — | — | — | 64,562 | — | 205 | — | — | 205 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 14,939 | — | 2,898 | — | — | 2,898 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (41,291 | ) | — | (41,291 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 8,593,360 | $ | 142,236 | 775,403 | $ | 1 | $ | 36,355 | $ | (300,325) | $ | (2) | $ | (263,971 | ) | ||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 388,558 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | — | $ | — | 656,654 | $ | 1 | $ | 30,150 | $ | (161,995) | $ | 20 | $ | (131,824) | |||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of Series A preferred stock for cashless warrant exercise | 2,652 | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for cash, net of issuance costs of $274 | — | — | — | — | — | — | 2,309,959 | 38,226 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D convertible preferred stock for 2018 Convertible Notes and 2019 Convertible Notes | — | — | — | — | — | — | 4,108,478 | 68,476 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 6,837 | — | 1,362 | — | — | 1,362 | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | — | — | — | — | — | — | — | — | 8,469 | — | 57 | — | — | 57 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (45,040 | ) | — | (45,040 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 (unaudited) | 391,210 | $ | 3,059 | 3,088,444 | $ | 40,685 | 4,499,921 | $ | 74,575 | 6,418,437 | $ | 106,702 | 671,960 | $ | 1 | $ | 31,569 | $ | (207,035) | $ | 15 | $ | (175,450) | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | (unaudited) | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (57,908) | $ | (41,291) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation expense | 2,747 | 978 | |||||||||
Amortization of intangible assets | 320 | 220 | |||||||||
Stock-based compensation expense | 6,686 | 2,898 | |||||||||
Amortization of premiums on marketable securities, net | 797 | 5 | |||||||||
Amortization of debt issuance costs | 672 | 314 | |||||||||
Amortization of right-of-use assets | 343 | 336 | |||||||||
Change in fair value of warrant liability | 0 | 1,872 | |||||||||
Change in fair value of contingent consideration | (1,411) | (1,584) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (1,199) | (597) | |||||||||
Inventory | (1,705) | (3,616) | |||||||||
Prepaid expenses and other current assets | 2,501 | 666 | |||||||||
Other assets | (289) | 8 | |||||||||
Accounts payable | (2,727) | 5,286 | |||||||||
Accrued liabilities | 1,600 | 155 | |||||||||
Operating lease liabilities | (342) | (411) | |||||||||
Net cash used in operating activities | (49,915) | (34,761) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of available-for-sale marketable securities | (9,134) | 0 | |||||||||
Sales of available-for-sale marketable securities | 4,590 | 17,095 | |||||||||
Maturities of available-for-sale marketable securities | 44,407 | 40,000 | |||||||||
Purchases of property and equipment | (5,841) | (4,445) | |||||||||
Net cash provided by investing activities | 34,022 | 52,650 | |||||||||
Cash flows from financing activities | |||||||||||
Payment of deferred offering costs | (10) | (701) | |||||||||
Payment of contingent consideration | (2,758) | (2,619) | |||||||||
Proceeds from stock options exercises | 619 | 205 | |||||||||
Net cash used in financing activities | (2,149) | (3,115) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (65) | 69 | |||||||||
Net change in cash, cash equivalents and restricted cash | (18,107) | 14,843 | |||||||||
Cash, cash equivalents and restricted cash, at the beginning of the period | 25,384 | 9,602 | |||||||||
Cash, cash equivalents and restricted cash, at the end of the period | $ | 7,277 | $ | 24,445 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for income taxes | $ | 38 | $ | 0 | |||||||
Cash paid for interest | $ | 2,263 | $ | 2,376 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Issuance of Series D convertible preferred stock for Biotronik asset purchase | $ | 0 | $ | 5,000 | |||||||
Issuance of Series D convertible preferred stock for Rhythm Xience Acquisition | $ | 0 | $ | 2,197 | |||||||
Change in unrealized (gain) loss on marketable securities | $ | (10) | $ | 41 | |||||||
Right-of-use assets exchanged for operating lease liabilities | $ | 3,527 | $ | 0 | |||||||
Unpaid purchases of property and equipment | $ | 58 | $ | 55 | |||||||
Unpaid deferred offering costs | $ | 313 | $ | 1,805 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (41,291 | ) | $ | (45,040 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation expense | 978 | 1,142 | ||||||
Amortization of intangible assets | 220 | — | ||||||
Stock-based compensation expense | 2,898 | 1,362 | ||||||
Accretion of discounts/(amortization of premiums) on marketable securities, net | 5 | (19 | ) | |||||
Amortization of debt issuance costs | 314 | 17,309 | ||||||
Amortization of right-of-use | 336 | 312 | ||||||
Loss on debt extinguishment | — | 1,398 | ||||||
Change in fair value of warrant liability and embedded derivative | 1,872 | 605 | ||||||
Change in fair value of contingent consideration | (1,584 | ) | — | |||||
Changes in operating assets and liabilities, net of effect from business combination: | ||||||||
Accounts receivable | (597 | ) | (280 | ) | ||||
Inventory | (3,616 | ) | (1,961 | ) | ||||
Prepaid expenses and other current assets | 666 | (43 | ) | |||||
Other assets | 8 | (12 | ) | |||||
Accounts payable | 5,286 | 1,682 | ||||||
Accrued liabilities | 155 | 1,810 | ||||||
Operating lease liabilities | (411 | ) | (349 | ) | ||||
Net cash used in operating activities | (34,761 | ) | (22,084 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of available-for-sale | — | (22,208 | ) | |||||
Sales of available-for-sale | 17,095 | — | ||||||
Maturities of available-for-sale | 40,000 | 8,100 | ||||||
Purchases of property and equipment | (4,445 | ) | (316 | ) | ||||
Cash paid, net of cash acquired for the Rhythm Xience Acquisition | — | (3,000 | ) | |||||
Net cash provided by (used in) investing activities | 52,650 | (17,424 | ) | |||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of debt and warrants | — | 77,000 | ||||||
Repayment of debt | — | (15,000 | ) | |||||
Payment of issuance and extinguishment costs related to debt | — | (2,332 | ) | |||||
Payment of contingent consideration | (2,619 | ) | — | |||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | — | 38,226 | ||||||
Payment of deferred offering costs | (701 | ) | — | |||||
Proceeds from stock options exercises | 205 | 57 | ||||||
Net cash (used in) provided by financing activities | (3,115 | ) | 97,951 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 69 | (12 | ) | |||||
Net change in cash, cash equivalents and restricted cash | 14,843 | 58,431 | ||||||
Cash, cash equivalents and restricted cash, at the beginning of the period | 9,602 | 9,775 | ||||||
Cash, cash equivalents and restricted cash, at the end of the period | $ | 24,445 | $ | 68,206 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for income taxes | $ | — | $ | — | ||||
Cash paid for interest | $ | 2,376 | $ | 1,168 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Issuance of Series D convertible preferred stock for 2018 Convertible Notes and 2019 Convertible Notes | $ | — | $ | 68,476 | ||||
Issuance of Series D convertible preferred stock for Biotronik asset purchase | $ | 5,000 | $ | — | ||||
Issuance of Series D convertible preferred stock for Rhythm Xience Acquisition | $ | 2,197 | $ | — | ||||
Change in unrealized (gain) loss on marketable securities | $ | 41 | $ | (7 | ) | |||
Warrants issued in conjunction with OrbiMed debt | $ | — | $ | 872 | ||||
Right-of-use | $ | — | $ | 2,978 | ||||
Unpaid purchases of property and equipment | $ | 55 | $ | 77 | ||||
Unpaid deferred offering costs | $ | 1,805 | $ | — |
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Cash and cash equivalents | $ | 7,127 | $ | 25,234 | |||||||
Restricted cash | 150 | 150 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 7,277 | $ | 25,384 |
June 30, 2020 | December 31, 2019 | |||||||
(unaudited) | ||||||||
Cash and cash equivalents | $ | 24,295 | $ | 9,452 | ||||
Restricted cash | 150 | 150 | ||||||
Total cash, cash equivalents and restricted cash | $ | 24,445 | $ | 9,602 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Disposables | $ | 1,122 | $ | 730 | $ | 2,179 | $ | 1,512 | ||||||||
Systems | — | — | $ | 520 | — | |||||||||||
Service/Other | 12 | 4 | 18 | 9 | ||||||||||||
Total | $ | 1,134 | $ | 734 | $ | 2,717 | $ | 1,521 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Acutus Direct | |||||||||||||||||||||||
Disposables | $ | 2,816 | $ | 899 | $ | 4,599 | $ | 1,919 | |||||||||||||||
Systems | 672 | 0 | 1,285 | 520 | |||||||||||||||||||
Service/Other | 33 | 12 | 68 | 18 | |||||||||||||||||||
Total Acutus direct revenue | 3,521 | 911 | 5,952 | 2,457 | |||||||||||||||||||
Distribution agreements | 1,188 | 223 | 2,348 | 260 | |||||||||||||||||||
Total revenue | $ | 4,709 | $ | 1,134 | $ | 8,300 | $ | 2,717 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Acutus Direct | |||||||||||||||||||||||
United States | $ | 2,344 | $ | 544 | $ | 3,812 | $ | 1,313 | |||||||||||||||
Europe | 1,177 | 367 | 2,140 | 1,144 | |||||||||||||||||||
Total Acutus direct revenue | 3,521 | 911 | 5,952 | 2,457 | |||||||||||||||||||
Distribution Agreements | |||||||||||||||||||||||
United States | 143 | 15 | 256 | 15 | |||||||||||||||||||
Europe | 1,045 | 208 | 2,092 | 245 | |||||||||||||||||||
Total revenue through distribution agreements | 1,188 | 223 | 2,348 | 260 | |||||||||||||||||||
Total revenue | $ | 4,709 | $ | 1,134 | $ | 8,300 | $ | 2,717 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
United States | $ | 559 | $ | 221 | $ | 1,328 | $ | 456 | ||||||||
Europe | 575 | 513 | 1,389 | 1,065 | ||||||||||||
Total Revenue | $ | 1,134 | $ | 734 | $ | 2,717 | $ | 1,521 | ||||||||
Fair Value Measured at June 30, 2020 (unaudited) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at June 30, 2020 | |||||||||||||
Assets included in: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market securities | $ | 21,544 | $ | — | $ | — | $ | 21,544 | ||||||||
Marketable securities at fair value | ||||||||||||||||
U.S. treasury securities | — | 5,037 | — | 5,037 | ||||||||||||
Total fair value | $ | 21,544 | $ | 5,037 | $ | — | $ | 26,581 | ||||||||
Liabilities included in: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 7,500 | $ | 7,500 | ||||||||
Common and preferred stock warrant liability | — | — | 10,791 | 10,791 | ||||||||||||
Total fair value | $ | — | $ | — | $ | 18,291 | $ | 18,291 | ||||||||
Fair Value Measured at December 31, 2019 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2019 | |||||||||||||
Assets included in: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Money market securities | $ | 8,901 | $ | — | $ | — | $ | 8,901 | ||||||||
Marketable securities at fair value | ||||||||||||||||
Corporate debt securities | — | 28,224 | — | 28,224 | ||||||||||||
Asset-backed securities | — | 17,121 | — | 17,121 | ||||||||||||
U.S. treasury securities | — | 5,032 | — | 5,032 | ||||||||||||
Commercial paper | — | 11,974 | — | 11,974 | ||||||||||||
Total fair value | $ | 8,901 | $ | 62,351 | $ | — | $ | 71,252 | ||||||||
Liabilities included in: | ||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 13,900 | $ | 13,900 | ||||||||
Common and preferred stock warrant liability | — | — | 8,919 | 8,919 | ||||||||||||
Total fair value | $ | — | $ | — | $ | 22,819 | $ | 22,819 | ||||||||
Fair Value Measured as of June 30, 2021 | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at June 30, 2021 | ||||||||||||||||||||
Assets included in: | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Money market securities | $ | 4,821 | $ | 0 | $ | 0 | $ | 4,821 | |||||||||||||||
Marketable securities at fair value | |||||||||||||||||||||||
Corporate debt securities | 0 | 24,854 | 0 | 24,854 | |||||||||||||||||||
U.S. treasury securities | 0 | 20,273 | 0 | 20,273 | |||||||||||||||||||
Commercial paper | 0 | 22,191 | 0 | 22,191 | |||||||||||||||||||
Asset-backed securities | 0 | 6,576 | 0 | 6,576 | |||||||||||||||||||
Total fair value | $ | 4,821 | $ | 73,894 | $ | 0 | $ | 78,715 | |||||||||||||||
Liabilities included in: | |||||||||||||||||||||||
Contingent consideration | $ | 0 | $ | 0 | $ | 5,100 | $ | 5,100 | |||||||||||||||
Total fair value | $ | 0 | $ | 0 | $ | 5,100 | $ | 5,100 |
Fair Value Measured as of December 31, 2020 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2020 | ||||||||||||||||||||
Assets included in: | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Money market securities | $ | 19,070 | $ | 0 | $ | 0 | $ | 19,070 | |||||||||||||||
Marketable securities at fair value | |||||||||||||||||||||||
Corporate debt securities | 0 | 31,353 | 0 | 31,353 | |||||||||||||||||||
U.S. treasury securities | 0 | 20,531 | 0 | 20,531 | |||||||||||||||||||
Commercial paper | 0 | 53,955 | 0 | 53,955 | |||||||||||||||||||
Asset-backed securities | 0 | 8,726 | 0 | 8,726 | |||||||||||||||||||
Total fair value | $ | 19,070 | $ | 114,565 | $ | 0 | $ | 133,635 | |||||||||||||||
Liabilities included in: | |||||||||||||||||||||||
Contingent consideration | $ | 0 | $ | 0 | $ | 9,300 | $ | 9,300 | |||||||||||||||
Total fair value | $ | 0 | $ | 0 | $ | 9,300 | $ | 9,300 |
Contingent Consideration | |||||
Balance, December 31, 2020 | $ | 9,300 | |||
Payment of contingent consideration | (2,758) | ||||
Escrow release(1) | (31) | ||||
Change in fair value | (1,411) | ||||
Balance, June 30, 2021 (unaudited) | $ | 5,100 |
Common and Preferred Stock Warrant Liability | Contingent Consideration | Total | |||||||||||
Balance, December 31, 2019 | $ | 8,919 | $ | 13,900 | $ | 22,819 | |||||||
Payment of contingent consideration | — | (2,619 | ) | (2,619 | ) | ||||||||
Issuance of preferred stock for contingent consideration | — | (2,197 | ) | (2,197 | ) | ||||||||
Change in fair value | 1,872 | (1,584 | ) | 288 | |||||||||
Balance, June 30, 2020 (unaudited) | $ | 10,791 | $ | 7,500 | $ | 18,291 | |||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Risk-free interest rate | 0.30% | 0.20% | |||||||||
Expected term in years | 1.0 - 2.0 | 1.0 - 2.0 | |||||||||
Expected volatility | 21.2% | 17.2% |
June 30, 2020 | December 31, 2019 | |||
(unaudited) | ||||
Risk-free interest rate | 0.20% | 1.60% | ||
Expected term in years | 1.0 - 2.0 | 1.0 - 2.0 | ||
Expected volatility | 18.3% | 11.8% |
Accounts receivable, net | $ | 3 | ||
Prepaid expenses and other current assets | 8 | |||
Property and equipment, net | 3 | |||
Intangible assets | 4,360 | |||
Goodwill | 12,026 | |||
Contingent consideration | (13,400 | ) | ||
Cash consideration | $ | 3,000 | ||
June 30, 2021 (unaudited) | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Available-for-sale securities - short-term: | |||||||||||||||||||||||
Corporate debt securities | $ | 24,855 | $ | 0 | $ | (1) | $ | 24,854 | |||||||||||||||
U.S. treasury securities | 20,270 | 3 | 0 | 20,273 | |||||||||||||||||||
Commercial paper | 22,191 | 0 | 0 | 22,191 | |||||||||||||||||||
Asset-backed securities | 6,576 | 0 | 0 | 6,576 | |||||||||||||||||||
Total available-for-sale securities | $ | 73,892 | $ | 3 | $ | (1) | $ | 73,894 | |||||||||||||||
June 30, 2020 (unaudited) | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Available-for-sale securities - short-term : | ||||||||||||||||
U.S. treasury securities | $ | 5,033 | $ | 4 | $ | — | $ | 5,037 | ||||||||
Total available-for-sale | $ | 5,033 | $ | 4 | $ | — | $ | 5,037 | ||||||||
December 31, 2019 | ||||||||||||||||
Amortized | Gross Gains | Gross Losses | Fair | |||||||||||||
Available-for-sale securities - short-term: | ||||||||||||||||
Corporate debt securities | $ | 28,204 | $ | 20 | $ | — | $ | 28,224 | ||||||||
Asset-backed securities | 17,108 | 13 | — | 17,121 | ||||||||||||
U.S. treasury securities | 5,020 | 12 | — | 5,032 | ||||||||||||
Commercial paper | 11,974 | — | — | 11,974 | ||||||||||||
Total available-for-sale | $ | 62,306 | $ | 45 | $ | — | $ | 62,351 | ||||||||
December 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Available-for-sale securities - short-term: | |||||||||||||||||||||||
Corporate debt securities | $ | 31,359 | $ | 0 | $ | (6) | $ | 31,353 | |||||||||||||||
U.S. treasury securities | 20,533 | 0 | (2) | 20,531 | |||||||||||||||||||
Commercial paper | 53,955 | 0 | 0 | 53,955 | |||||||||||||||||||
Total available-for-sale securities - short-term | 105,847 | 0 | (8) | 105,839 | |||||||||||||||||||
Asset-backed securities, long-term | 8,726 | 0 | 0 | 8,726 | |||||||||||||||||||
Total available-for-sale securities | $ | 114,573 | $ | 0 | $ | (8) | $ | 114,565 |
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | ||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Raw materials | $ | 6,468 | $ | 5,492 | Raw materials | $ | 6,469 | $ | 7,960 | ||||||||||
Work in process | 1,353 | 1,605 | Work in process | 2,322 | 1,267 | ||||||||||||||
Finish goods | 4,445 | 1,327 | |||||||||||||||||
Finished goods | Finished goods | 5,872 | 3,731 | ||||||||||||||||
Total inventory | $ | 12,266 | $ | 8,424 | Total inventory | $ | 14,663 | $ | 12,958 | ||||||||||
Six months ending December 31, 2021 | $ | 255 | |||
Year ending December 31, 2022 | 477 | ||||
Year ending December 31, 2023 | 236 | ||||
Year ending December 31, 2024 | 161 | ||||
Year ending December 31, 2025 | 69 | ||||
Lease receivable | $ | 1,198 |
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Medical diagnostic equipment | $ | 16,636 | $ | 13,242 | |||||||
Furniture and fixtures | 426 | 388 | |||||||||
Office equipment | 1,539 | 1,392 | |||||||||
Laboratory equipment and software | 4,289 | 3,491 | |||||||||
Leasehold improvements | 589 | 608 | |||||||||
Construction in process | 1,573 | 468 | |||||||||
Total property and equipment | 25,052 | 19,589 | |||||||||
Less: accumulated depreciation | (9,717) | (7,233) | |||||||||
Property and equipment, net | $ | 15,335 | $ | 12,356 |
June 30, 2020 | December 31, 2019 | |||||||
(unaudited) | ||||||||
Medical diagnostic equipment | $ | 7,180 | $ | 5,492 | ||||
Furniture and fixtures | 388 | 159 | ||||||
Office equipment | 1,377 | 1,321 | ||||||
Laboratory equipment and software | 3,380 | 2,807 | ||||||
Leasehold improvements | 595 | 507 | ||||||
Construction in process | 102 | 306 | ||||||
Total property and equipment | 13,022 | 10,592 | ||||||
Less: accumulated depreciation | (5,438 | ) | (6,165 | ) | ||||
Property and equipment, net | $ | 7,584 | $ | 4,427 | ||||
Goodwill | Intangible Assets | |||||||
Balance at December 31, 2019 | $ | 12,026 | $ | 4,110 | ||||
Amortization expense | — | (220 | ) | |||||
Balance at June 30, 2020 (unaudited) | $ | 12,026 | $ | 3,890 | ||||
Estimated Useful Life (in years) | Weighted Average Remaining Life (in years) | Intangible Assets | Accumulated Amortization | June 30, 2020 | ||||||||||||
(unaudited) | ||||||||||||||||
Developed technology | 10 | 9.1 | $ | 4,200 | $ | (390 | ) | $ | 3,810 | |||||||
Trademarks and trade names | 0.5 | — | 60 | (60 | ) | — | ||||||||||
Customer-related intangible | 5 | 4 | 100 | (20 | ) | 80 | ||||||||||
Total | $ | 4,360 | $ | (470 | ) | $ | 3,890 | |||||||||
Goodwill | Intangible Assets | ||||||||||
Balance, December 31, 2020 | $ | 12,026 | $ | 5,653 | |||||||
Amortization expense | — | (320) | |||||||||
Balance, June 30, 2021 (unaudited) | $ | 12,026 | $ | 5,333 |
Estimated Useful Life (in years) | Weighted Average Remaining Life (in years) | Intangible Assets | Accumulated Amortization | June 30, 2021 | |||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Developed technology | 10.0 | 8.1 | $ | 4,200 | $ | (810) | $ | 3,390 | |||||||||||||||||||||
Customer-related intangible | 5.0 | 3.0 | 100 | (40) | 60 | ||||||||||||||||||||||||
Licensed intangibles | 10.0 | 9.4 | 2,000 | (117) | 1,883 | ||||||||||||||||||||||||
Total | $ | 6,300 | $ | (967) | $ | 5,333 |
Estimated Useful Life (in years) | Weighted Average Remaining Life (in years) | Intangible Assets | Accumulated Amortization | December 31, 2019 | ||||||||||||||||
Developed technology | 10 | 9.5 | $ | 3,600 | $ | (180 | ) | $ | 3,420 | |||||||||||
In-process technology | indefinite | 600 | — | 600 | ||||||||||||||||
Trademarks and trade names | 0.5 | — | 60 | (60 | ) | — | ||||||||||||||
Customer-related intangible | 5 | 4.5 | 100 | (10 | ) | 90 | ||||||||||||||
Total | $ | 4,360 | $ | (250 | ) | $ | 4,110 | |||||||||||||
Estimated Useful Life (in years) | Weighted Average Remaining Life (in years) | Intangible Assets | Accumulated Amortization | December 31, 2020 | |||||||||||||||||||||||||
Developed technology | 10.0 | 8.6 | $ | 4,200 | $ | (600) | $ | 3,600 | |||||||||||||||||||||
Customer-related intangible | 5.0 | 3.5 | 100 | (30) | 70 | ||||||||||||||||||||||||
Licensed intangibles | 10.0 | 9.9 | 2,000 | (17) | 1,983 | ||||||||||||||||||||||||
Total | $ | 6,300 | $ | (647) | $ | 5,653 |
Developed Technology | Customer- Related Intangible | Licensed Intangibles | Total Amortization | ||||||||||||||||||||
Six months ending December 31, 2021 | $ | 210 | $ | 10 | $ | 100 | $ | 320 | |||||||||||||||
Year ending December 31, 2022 | 420 | 20 | 200 | 640 | |||||||||||||||||||
Year ending December 31, 2023 | 420 | 20 | 200 | 640 | |||||||||||||||||||
Year ending December 31, 2024 | 420 | 10 | 200 | 630 | |||||||||||||||||||
Year ending December 31, 2025 | 420 | 0 | 200 | 620 | |||||||||||||||||||
Thereafter | 1,500 | 0 | 983 | 2,483 | |||||||||||||||||||
Total | $ | 3,390 | $ | 60 | $ | 1,883 | $ | 5,333 |
Developed Technology | Customer-Related Intangible | Total Amortization | |||||||||||
Six months ending December 31, 2020 | $ | 210 | $ | 10 | $ | 220 | |||||||
Year ending December 31, 2021 | 420 | 20 | 440 | ||||||||||
Year ending December 31, 2022 | 420 | 20 | 440 | ||||||||||
Year ending December 31, 2023 | 420 | 20 | 440 | ||||||||||
Year ending December 31, 2024 | 420 | 10 | 430 | ||||||||||
Thereafter | 1,920 | 0 | 1,920 | ||||||||||
Total | $ | 3,810 | $ | 80 | $ | 3,890 | |||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Compensation and related expenses | $ | 6,806 | $ | 6,250 | |||||||
Professional fees | 447 | 120 | |||||||||
Deferred revenue | 304 | 301 | |||||||||
Sales and use tax | 218 | 169 | |||||||||
Clinical studies | 520 | 91 | |||||||||
Other | 613 | 377 | |||||||||
Total accrued liabilities | $ | 8,908 | $ | 7,308 |
June 30, 2020 | December 31, 2019 | |||||||
(unaudited) | ||||||||
Biotronik Asset Acquisition - accrued purchase price | $ | — | $ | 5,000 | ||||
Payroll and related expenses | 3,869 | 3,785 | ||||||
Professional fees | 1,850 | 188 | ||||||
Deferred revenue | 88 | 311 | ||||||
Other | 1,229 | 792 | ||||||
Total accrued liabilities | $ | 7,036 | $ | 10,076 | ||||
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
2019 Credit Agreement (1) | $ | 44,550 | $ | 44,550 | |||||||
Total debt, gross | 44,550 | 44,550 | |||||||||
Less: Unamortized debt discount and fees | (4,867) | (5,539) | |||||||||
Total long-term debt | $ | 39,683 | $ | 39,011 |
June 30, 2020 | December 31, 2019 | |||||||
(unaudited) | ||||||||
2019 Credit Agreement (1) | $ | 44,550 | $ | 44,550 | ||||
Total debt, gross | 44,550 | 44,550 | ||||||
Less: Unamortized debt discount and fees | (5,992 | ) | (6,306 | ) | ||||
Total long-term debt | $ | 38,558 | $ | 38,244 | ||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||
(unaudited) | |||||||||||
Operating cash flows from operating leases | $ | 439 | $ | 507 | |||||||
Weighted average remaining lease term – operating leases (in years) | 3.9 | 1.8 | |||||||||
Weighted average discount rate – operating leases | 7.0 | % | 7.0 | % |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Operating cash flows used in operating leases | $ | 507 | $ | 477 | ||||
Right-of-use | $ | — | $ | 2,978 | ||||
Weighted-average remaining lease term – operating leases | 1.8 years | 2.3 years | ||||||
Weighted-average discount rate – operating leases | 7.0 | % | 7.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operating leases | ||||||||||||||||
Operating lease cost | $ | 216 | $ | 216 | $ | 432 | $ | 432 | ||||||||
Variable lease cost | 92 | 40 | 165 | 104 | ||||||||||||
Total rent expense | $ | 308 | $ | 256 | $ | 597 | $ | 536 | ||||||||
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Operating leases | |||||||||||||||||||||||
Operating lease cost | $ | 237 | $ | 216 | $ | 454 | $ | 432 | |||||||||||||||
Variable lease cost | 77 | 92 | 160 | 165 | |||||||||||||||||||
Total rent expense | $ | 314 | $ | 308 | $ | 614 | $ | 597 |
Six months ending December 31, 2021 | $ | 433 | |||
Year ending December 31, 2022 | 897 | ||||
Year ending December 31, 2023 | 1,129 | ||||
Year ending December 31, 2024 | 1,161 | ||||
Year ending December 31, 2025 | 1,151 | ||||
Thereafter | 2,406 | ||||
Total | 7,177 | ||||
Less: present value discount | (1,925) | ||||
Operating lease liabilities | $ | 5,252 |
Six months ending December 31, 2020 | $ | 507 | ||
Year ending December 31, 2021 | 1,044 | |||
Year ending December 31, 2022 | 1,074 | |||
Year ending December 31, 2023 | 51 | |||
Year ending December 31, 2024 | 51 | |||
Total | 2,727 | |||
Less: present value discount | (251 | ) | ||
Operating lease liabilities | $ | 2,476 | ||
Equity Upon Exercise (After Conversion) | Exercise Price | Expiration Date | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Warrants issued in 2015 | Common stock | $ | 5.25 | 1/30/25 | 3,808 | 3,808 | |||||||||||||||||||||||
Warrants issued with 2018 Convertible Notes | Common stock | $ | 0.10 | 6/7/28 | 346,689 | 373,810 | |||||||||||||||||||||||
Warrants issued with 2018 Term Loan | Common stock | $ | 16.67 | 7/31/28 | 26,998 | 26,998 | |||||||||||||||||||||||
Warrants issued with 2019 Credit Agreement | Common stock | $ | 16.67 | 5/20/29 | 419,992 | 419,992 | |||||||||||||||||||||||
Total Warrants | 797,487 | 824,608 |
Equity Upon Exercise | Exercise | Expiration | June 30, 2020 | December 31, 2019 | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
Warrants issued in 2015 | Common Stock | $ | 5.25 | 1/30/25 | 7,616 | 7,616 | ||||||||||||||
Warrants issued with 2018 Convertible Notes | Common Stock | $ | 0.10 | 6/7/28 | 501,946 | 501,946 | ||||||||||||||
Warrants issued with 2018 Term Loan | Series D convertible preferred | | $ | 16.67 | 7/31/28 | 26,998 | 26,998 | |||||||||||||
Warrants issued with 2019 Credit Agreement | Series D convertible preferred | | $ | 16.67 | 5/20/29 | 419,992 | 419,992 | |||||||||||||
Total Warrants | 956,552 | 956,552 | ||||||||||||||||||
Warrants | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | |||||||||||||||
Balance - December 31, 2020 | 824,608 | $ | 9.10 | 7.9 | |||||||||||||
Exercised | (27,121) | 0.10 | 6.9 | ||||||||||||||
Balance - June 30, 2021 | 797,487 | $ | 9.41 | 7.4 |
Series | Conversion Price | |||
Series A convertible preferred stock | $ | 8.295 | ||
Series B convertible preferred stock | $ | 13.370 | ||
Series C convertible preferred stock | $ | 16.667 | ||
Series D convertible preferred stock | $ | 16.667 |
Series | Conversion Price | ||||
Series A convertible preferred stock | $ | 8.295 | |||
Series B convertible preferred stock | $ | 13.370 | |||
Series C convertible preferred stock | $ | 16.667 | |||
Series D convertible preferred stock | $ | 16.667 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Risk-free interest rate | 0.76% - 1.39% | 0.90% | |||||||||
Expected dividend yield | 0 | 0 | |||||||||
Expected term in years | 7.0 | 7.0 | |||||||||
Expected volatility | 60.0% - 84.0% | 70.0% |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Risk-free interest rate | 0.90% | 2.0% - 2.1 % | ||||||
Expected dividend yield | — | — | ||||||
Expected term in years | 7.0 | 6.38 - 10.00 | ||||||
Expected volatility | 70.0% | 80.0% |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic (in | |||||||||||||
Outstanding as of December 31, 2019 | 2,041,205 | $ | 9.52 | 7.7 | $ | 7,857 | ||||||||||
Options granted | 867,031 | 14.81 | ||||||||||||||
Option exercised | (111,936 | ) | 7.73 | |||||||||||||
Options forfeited | (200,213 | ) | 12.01 | |||||||||||||
Outstanding as of June 30, 2020 (unaudited) | 2,596,087 | $ | 11.17 | 7.8 | $ | 17,816 | ||||||||||
Options vested and exercisable as of June 30, 2020 (unaud i ted) | 1,138,429 | $ | 8.34 | 6.1 | $ | 11,037 | ||||||||||
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding as of December 31, 2020 | 3,403,607 | $ | 13.32 | 8.1 | $ | 52,866 | |||||||||||||||||
Options granted | 940,406 | 14.10 | |||||||||||||||||||||
Options exercised | (98,969) | 6.25 | $ | 2,010 | |||||||||||||||||||
Options forfeited | (52,472) | 17.32 | |||||||||||||||||||||
Outstanding as of June 30, 2021 | 4,192,572 | $ | 13.62 | 8.1 | $ | 15,964 | |||||||||||||||||
Options vested and exercisable as of June 30, 2021 (unaudited) | 1,625,259 | $ | 10.61 | 6.6 | $ | 10,480 |
Number of Shares | Weighted Average Grant Price | ||||||||||
Unvested as of December 31, 2020 | 545,466 | $ | 16.53 | ||||||||
Granted | 484,468 | 14.25 | |||||||||
Forfeited | (28,495) | 17.84 | |||||||||
Vested | (94,119) | 13.38 | |||||||||
Unvested as of June 30, 2021 (unaudited) | 907,320 | $ | 15.60 |
Number of Shares | Weighted Average Grant Price | ||||||||||
Unvested as of December 31, 2020 | 0 | $ | 0 | ||||||||
Granted | 186 | 14.75 | |||||||||
Vested | (186) | 14.75 | |||||||||
Unvested as of June 30, 2021 (unaudited) | 0 | $ | 0 |
Number of Shares | Weighted Average Grant Price | |||||||
Unvested as of December 31, 2019 | — | $ | — | |||||
Granted | 14,945 | 14.81 | ||||||
Vested | (14,945 | ) | 14.81 | |||||
Unvested as of June 30, 2020 (unaudited) | — | $ | — | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Cost of products sold | $ | 204 | $ | 58 | $ | 347 | $ | 166 | |||||||||||||||
Research and development | 598 | 167 | 1,015 | 378 | |||||||||||||||||||
Selling, general and administrative | 2,861 | 932 | 5,129 | 2,354 | |||||||||||||||||||
Total stock-based compensation | $ | 3,663 | $ | 1,157 | $ | 6,491 | $ | 2,898 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Cost of products sold | $ | 58 | $ | 54 | $ | 166 | $ | 106 | ||||||||
Research and development | 167 | 150 | 378 | 292 | ||||||||||||
Selling, general and administrative | 932 | 599 | 2,354 | 964 | ||||||||||||
Total stock-based compensation | $ | 1,157 | $ | 803 | $ | 2,898 | $ | 1,362 | ||||||||
Six Months Ended June 30, | |||||||||||
Shares issuable upon: | 2021 | 2020 | |||||||||
(unaudited) | |||||||||||
Conversion of Series A preferred stock | 0 | 391,210 | |||||||||
Conversion of Series B preferred stock | 0 | 3,088,444 | |||||||||
Conversion of Series C preferred stock | 0 | 4,499,921 | |||||||||
Conversion of Series D preferred stock | 0 | 8,593,360 | |||||||||
Exercise of stock options | 4,192,572 | 2,596,087 | |||||||||
Exercise of common stock warrants | 797,487 | 509,562 | |||||||||
Exercise of preferred stock warrants | 0 | 446,990 | |||||||||
Vesting of PSUs and RSUs | 907,320 | 0 | |||||||||
Total | 5,897,379 | 20,125,574 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Shares issuable upon conversion of Series A Preferred Stock | 391,210 | 391,210 | ||||||
Shares issuable upon conversion of Series B Preferred Stock | 3,088,444 | 3,088,444 | ||||||
Shares issuable upon conversion of Series C Preferred Stock | 4,499,921 | 4,499,921 | ||||||
Shares issuable upon conversion of Series D Preferred Stock | 8,593,360 | 6,418,437 | ||||||
Shares issuable upon exercise of stock options | 2,596,087 | 1,751,616 | ||||||
Shares issuable upon exercise of common stock warrants | 509,562 | 509,562 | ||||||
Shares issuable upon exercise of preferred stock warrants | 446,990 | 446,990 | ||||||
Total | 20,125,574 | 17,106,180 | ||||||
As of June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Acutus Direct | |||||||||||
US | 42 | 20 | |||||||||
Europe | 18 | 18 | |||||||||
Total Acutus Direct | 60 | 38 | |||||||||
Biotronik | 10 | — | |||||||||
Total installed base | 70 | 38 |
As of June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Acutus Direct | ||||||||
US | 20 | 8 | ||||||
Europe | 18 | 18 | ||||||
Total Acutus Direct | 38 | 26 | ||||||
Biotronik | — | — | ||||||
Total net system placements | 38 | 26 | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Acutus Direct | |||||||||||||||||||||||
US | 3 | 7 | 5 | 10 | |||||||||||||||||||
Europe | 2 | — | 4 | 1 | |||||||||||||||||||
Total Acutus Direct | 5 | 7 | 9 | 11 | |||||||||||||||||||
Net systems to Biotronik | 3 | — | 3 | — | |||||||||||||||||||
Total net system placements | 8 | 7 | 12 | 11 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Acutus Direct | ||||||||||||||||
US | 7 | 1 | 10 | 3 | ||||||||||||
Europe | — | 2 | 1 | 2 | ||||||||||||
Total Acutus Direct | 7 | 3 | 11 | 5 | ||||||||||||
Biotronik | — | — | — | — | ||||||||||||
Total net system placements | 7 | 3 | 11 | 5 | ||||||||||||
Three Months Ended June 30, | Change | Three Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | $ | % | (dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||
(Unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,134 | $ | 734 | $ | 400 | 54 | % | $ | 4,709 | $ | 1,134 | $ | 3,575 | 315 | % | |||||||||||||||||||||||
Costs and operating expenses: | Costs and operating expenses: | ||||||||||||||||||||||||||||||||||||||
Costs of products sold (1) | 2,663 | 2,435 | 228 | 9 | % | ||||||||||||||||||||||||||||||||||
Research and development (1) | 8,176 | 5,247 | 2,929 | 56 | % | ||||||||||||||||||||||||||||||||||
Selling, general and administrative (1) | 9,125 | 6,927 | 2,198 | 32 | % | ||||||||||||||||||||||||||||||||||
Costs of products sold(2) | Costs of products sold(2) | 7,492 | 2,663 | 4,829 | 181 | % | |||||||||||||||||||||||||||||||||
Research and development(2) | Research and development(2) | 9,174 | 8,176 | 998 | 12 | % | |||||||||||||||||||||||||||||||||
Selling, general and administrative(2) | Selling, general and administrative(2) | 15,601 | 9,125 | 6,476 | 71 | % | |||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | 635 | — | 635 | NM | Change in fair value of contingent consideration | (258) | 635 | (893) | (141) | % | |||||||||||||||||||||||||||||
Total operating expenses | 20,599 | 14,609 | 5,990 | 41 | % | ||||||||||||||||||||||||||||||||||
Total costs and operating expenses | Total costs and operating expenses | 32,009 | 20,599 | 11,410 | 55 | % | |||||||||||||||||||||||||||||||||
Loss from operations | (19,465 | ) | (13,875 | ) | (5,590 | ) | 40 | % | Loss from operations | (27,300) | (19,465) | (7,835) | 40 | % | |||||||||||||||||||||||||
Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liability and embedded derivative | (2,453 | ) | (1,446 | ) | (1,007 | ) | 70 | % | |||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | (1,398 | ) | 1,398 | (100 | %) | |||||||||||||||||||||||||||||||||
Change in fair value of warrant liability | Change in fair value of warrant liability | — | (2,453) | 2,453 | * | ||||||||||||||||||||||||||||||||||
Interest income | 95 | 143 | (48 | ) | (34 | %) | Interest income | 29 | 95 | (66) | (69) | % | |||||||||||||||||||||||||||
Interest expense | (1,370 | ) | (13,769 | ) | 12,399 | (90 | %) | Interest expense | (1,456) | (1,370) | (86) | 6 | % | ||||||||||||||||||||||||||
Total other expense, net | (3,728 | ) | (16,470 | ) | 12,742 | (77 | %) | Total other expense, net | (1,427) | (3,728) | 2,301 | (62) | % | ||||||||||||||||||||||||||
Net loss | $ | (23,193 | ) | $ | (30,345 | ) | $ | 7,152 | (24 | %) | Net loss | $ | (28,727) | $ | (23,193) | $ | (5,534) | 24 | % | ||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | (14 | ) | 6 | (20 | ) | NM | |||||||||||||||||||||||||||||||||
Unrealized (loss) gain on marketable securities | Unrealized (loss) gain on marketable securities | 4 | (14) | 18 | * | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 96 | 2 | 94 | NM | Foreign currency translation adjustment | 92 | 96 | (4) | (4) | % | |||||||||||||||||||||||||||||
Comprehensive loss | $ | (23,111 | ) | $ | (30,337 | ) | $ | 7,226 | (24 | %) | Comprehensive loss | $ | (28,631) | $ | (23,111) | $ | (5,520) | 24 | % | ||||||||||||||||||||
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Acutus Direct | |||||||||||
Disposables | $ | 2,816 | $ | 899 | |||||||
Systems | 672 | — | |||||||||
Service/Other | 33 | 12 | |||||||||
Total Acutus direct revenue | 3,521 | 911 | |||||||||
Distribution agreements | 1,188 | 223 | |||||||||
Total revenue | $ | 4,709 | $ | 1,134 |
Three Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Cost of products sold | $ | 58 | $ | 54 | ||||
Research and development | 167 | 150 | ||||||
Selling, general and administrative | 932 | 599 | ||||||
Total stock-based compensation | $ | 1,157 | $ | 803 | ||||
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Acutus Direct | |||||||||||
United States | $ | 2,344 | $ | 544 | |||||||
Europe | 1,177 | 367 | |||||||||
Total Acutus direct revenue | 3,521 | 911 | |||||||||
Distribution Agreements | |||||||||||
United States | 143 | 15 | |||||||||
Europe | 1,045 | 208 | |||||||||
Total revenue through distribution agreements | 1,188 | 223 | |||||||||
Total revenue | $ | 4,709 | $ | 1,134 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Cost of products sold | $ | 223 | $ | 58 | |||||||
Research and development | 630 | 167 | |||||||||
Selling, general and administrative | 2,923 | 932 | |||||||||
Total stock-based compensation | $ | 3,776 | $ | 1,157 |
Three Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(Unaudited) | ||||||||
Acutus Direct | ||||||||
Disposables | $ | 899 | $ | 705 | ||||
Systems | — | — | ||||||
Service/Other | 12 | 4 | ||||||
Total Acutus direct revenue | 911 | 709 | ||||||
Distribution agreements | 223 | 25 | ||||||
Total revenue | $ | 1,134 | $ | 734 | ||||
Three Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(Unaudited) | ||||||||
Acutus Direct | ||||||||
United States | $ | 544 | $ | 221 | ||||
Europe | 367 | 488 | ||||||
Total Acutus direct revenue | 911 | 709 | ||||||
Distribution Agreements | ||||||||
United States | 15 | — | ||||||
Europe | 208 | 25 | ||||||
Total revenue through distribution | 223 | 25 | ||||||
Total revenue | $ | 1,134 | $ | 734 | ||||
Six Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||
(Unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||
Revenue | $ | 2,717 | $ | 1,521 | $ | 1,196 | 79 | % | $ | 8,300 | $ | 2,717 | $ | 5,583 | 205 | % | |||||||||||||||||||||||
Costs and operating expenses: | Costs and operating expenses: | ||||||||||||||||||||||||||||||||||||||
Costs of products sold (1) | 5,857 | 4,611 | 1,246 | 27 | % | ||||||||||||||||||||||||||||||||||
Research and development (1) | 16,149 | 9,624 | 6,525 | 68 | % | ||||||||||||||||||||||||||||||||||
Selling, general and administrative (1) | 19,360 | 11,020 | 8,340 | 76 | % | ||||||||||||||||||||||||||||||||||
Costs of products sold(2) | Costs of products sold(2) | 14,447 | 5,857 | 8,590 | 147 | % | |||||||||||||||||||||||||||||||||
Research and development(2) | Research and development(2) | 18,544 | 16,149 | 2,395 | 15 | % | |||||||||||||||||||||||||||||||||
Selling, general and administrative(2) | Selling, general and administrative(2) | 31,853 | 19,360 | 12,493 | 65 | % | |||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | (1,584 | ) | — | (1,584 | ) | NM | Change in fair value of contingent consideration | (1,411) | (1,584) | 173 | (11) | % | |||||||||||||||||||||||||||
Total operating expenses | 39,782 | 25,255 | 14,527 | 58 | % | ||||||||||||||||||||||||||||||||||
Total costs and operating expenses | Total costs and operating expenses | 63,433 | 39,782 | 23,651 | 59 | % | |||||||||||||||||||||||||||||||||
Loss from operations | (37,065 | ) | (23,734 | ) | (13,331 | ) | 56 | % | Loss from operations | (55,133) | (37,065) | (18,068) | 49 | % | |||||||||||||||||||||||||
Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liability and embedded derivative | (1,872 | ) | (605 | ) | (1,267 | ) | 209 | % | |||||||||||||||||||||||||||||||
Loss on debt extinguishment | — | (1,398 | ) | 1,398 | (100 | %) | |||||||||||||||||||||||||||||||||
Change in fair value of warrant liability | Change in fair value of warrant liability | — | (1,872) | 1,872 | * | ||||||||||||||||||||||||||||||||||
Interest income | 370 | 208 | 162 | 78 | % | Interest income | 69 | 370 | (301) | (81) | % | ||||||||||||||||||||||||||||
Interest expense | (2,724 | ) | (19,511 | ) | 16,787 | (86 | %) | Interest expense | (2,844) | (2,724) | (120) | 4 | % | ||||||||||||||||||||||||||
Total other expense, net | (4,226 | ) | (21,306 | ) | 17,080 | (80 | %) | Total other expense, net | (2,775) | (4,226) | 1,451 | (34) | % | ||||||||||||||||||||||||||
Net loss | $ | (41,291 | ) | $ | (45,040 | ) | $ | 3,749 | (8 | %) | Net loss | $ | (57,908) | $ | (41,291) | $ | (16,617) | 40 | % | ||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | (41 | ) | 7 | (48 | ) | NM | |||||||||||||||||||||||||||||||||
Unrealized (loss) gain on marketable securities | Unrealized (loss) gain on marketable securities | 10 | (41) | 51 | * | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 69 | (12 | ) | 81 | NM | Foreign currency translation adjustment | (134) | 69 | (203) | * | |||||||||||||||||||||||||||||
Comprehensive loss | $ | (41,263 | ) | $ | (45,045 | ) | $ | 3,782 | (8 | %) | Comprehensive loss | $ | (58,032) | $ | (41,263) | $ | (16,769) | 41 | % | ||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Acutus Direct | |||||||||||
Disposables | $ | 4,599 | $ | 1,919 | |||||||
Systems | 1,285 | 520 | |||||||||
Service/Other | 68 | 18 | |||||||||
Total Acutus direct revenue | 5,952 | 2,457 | |||||||||
Distribution agreements | 2,348 | 260 | |||||||||
Total revenue | $ | 8,300 | $ | 2,717 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Cost of products sold | $ | 166 | $ | 106 | ||||
Research and development | 378 | 292 | ||||||
Selling, general and administrative | 2,354 | 964 | ||||||
Total stock-based compensation | $ | 2,898 | $ | 1,362 | ||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Acutus Direct | |||||||||||
United States | $ | 3,812 | $ | 1,313 | |||||||
Europe | 2,140 | 1,144 | |||||||||
Total Acutus direct revenue | 5,952 | 2,457 | |||||||||
Distribution Agreements | |||||||||||
United States | 256 | 15 | |||||||||
Europe | 2,092 | 245 | |||||||||
Total revenue through distribution agreements | 2,348 | 260 | |||||||||
Total revenue | $ | 8,300 | $ | 2,717 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Cost of products sold | $ | 380 | $ | 166 | |||||||
Research and development | 1,071 | 378 | |||||||||
Selling, general and administrative | 5,235 | 2,354 | |||||||||
Total stock-based compensation | $ | 6,686 | $ | 2,898 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Acutus Direct | ||||||||
Disposables | $ | 1,919 | $ | 1,487 | ||||
Systems | 520 | — | ||||||
Service/Other | 18 | 9 | ||||||
Total Acutus direct revenue | 2,457 | 1,496 | ||||||
Distribution agreements | 260 | 25 | ||||||
Total revenue | $ | 2,717 | $ | 1,521 | ||||
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(unaudited) | ||||||||
Acutus Direct | ||||||||
United States | $ | 1,313 | $ | 456 | ||||
Europe | 1,144 | 1,040 | ||||||
Total Acutus direct revenue | 2,457 | 1,496 | ||||||
Distribution Agreements | ||||||||
United States | 15 | — | ||||||
Europe | 245 | 25 | ||||||
Total revenue through distribution | 260 | 25 | ||||||
Total revenue | $ | 2,717 | $ | 1,521 | ||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Net cash used in operating activities | $ | (49,915) | $ | (34,761) | |||||||
Net cash provided by investing activities | 34,022 | 52,650 | |||||||||
Net cash used in financing activities | (2,149) | (3,115) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (65) | 69 | |||||||||
Net change in cash, cash equivalents and restricted cash | $ | (18,107) | $ | 14,843 |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
(Unaudited) | ||||||||
Net cash used in operating activities | $ | (34,761 | ) | $ | (22,084 | ) | ||
Net cash provided by (used in) investing activities | 52,650 | (17,424 | ) | |||||
Net cash (used in) provided by financing activities | (3,115 | ) | 97,951 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 69 | (12 | ) | |||||
Net change in cash, cash equivalents and restricted cash | $ | 14,843 | $ | 58,431 | ||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
10.1 | S-1 | 333- 257844 | 10.24 | July 12, 2021 | ||||||||||||||||||||||||||||||||||
10.2 | S-1 | 333- 257844 | 10.25 | July 12, 2021 | ||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1* | X | |||||||||||||||||||||||||||||||||||||
32.2* | X | |||||||||||||||||||||||||||||||||||||
101 | The following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) the Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit), (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements (filed herewith). | |||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Acutus Medical, Inc. | |||||||||||||
(Registrant) | |||||||||||||
Date: | By: | /s/ Vince Burgess | |||||||||||
Vince Burgess | |||||||||||||
President and Chief Executive Officer | |||||||||||||
(Principal Executive Officer) | |||||||||||||
Date: | By: | /s/ | |||||||||||
David H. Roman Chief Financial Officer | |||||||||||||
(Principal Financial Officer) |