x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 42-2518457 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||||||||
9119 Gaither Road | |||||||||||
Gaithersburg, | MD | 20877 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||
Common Stock, $0.0001 par value per share | NEXI | The Nasdaq Global Market |
Large accelerated filer | o | Accelerated filer | ||||||||||||||
Non-accelerated filer | x | Smaller reporting company | ||||||||||||||
Emerging growth company |
Page | ||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 24,503,334 | $ | 30,326,352 | |||||||
Marketable securities | 40,506,415 | 51,491,942 | |||||||||
Restricted cash | 67,500 | 67,500 | |||||||||
Prepaid expenses and other current assets | 6,822,410 | 4,394,916 | |||||||||
Total current assets | 71,899,659 | 86,280,710 | |||||||||
Property and equipment, net | 4,475,089 | 4,427,307 | |||||||||
Operating lease right-of-use assets | 1,345,681 | — | |||||||||
Other non-current assets | 593,525 | 324,099 | |||||||||
Total assets | $ | 78,313,954 | $ | 91,032,116 | |||||||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,007,994 | $ | 1,045,159 | |||||||
Accrued expenses | 4,497,425 | 6,170,709 | |||||||||
Operating lease liabilities, current | 585,916 | — | |||||||||
Total current liabilities | 7,091,335 | 7,215,868 | |||||||||
Operating lease liabilities, net of current portion | 829,440 | — | |||||||||
Deferred rent, net of current portion | — | 55,581 | |||||||||
Total liabilities | 7,920,775 | 7,271,449 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Stockholders’ equity | |||||||||||
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 22,841,794 issued and outstanding as of March 31, 2022 and 22,828,904 shares issued and outstanding as of December 31, 2021. | 2,284 | 2,283 | |||||||||
Additional paid-in-capital | 213,177,933 | 211,498,827 | |||||||||
Accumulated other comprehensive (loss) income | (20,578) | 3,012 | |||||||||
Accumulated deficit | (142,766,460) | (127,743,455) | |||||||||
Total stockholders’ equity | 70,393,179 | 83,760,667 | |||||||||
Total liabilities and stockholders’ equity | $ | 78,313,954 | $ | 91,032,116 |
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 63,816,106 | $ | 5,031,079 | ||||
Marketable securities | 38,979,670 | — | ||||||
Restricted cash | 67,500 | 67,500 | ||||||
Prepaid expenses and other current assets | 8,327,117 | 3,293,858 | ||||||
Total current assets | 111,190,393 | 8,392,437 | ||||||
Property and equipment, net | 4,148,875 | 2,885,260 | ||||||
Other non-current assets | 53,373 | 23,373 | ||||||
Total assets | $ | 115,392,641 | $ | 11,301,070 | ||||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,169,660 | $ | 2,760,129 | ||||
Accrued expenses | 2,469,942 | 2,603,027 | ||||||
Derivative liability | — | 1,702,359 | ||||||
Other current liabilities | 843,619 | 843,619 | ||||||
Convertible notes issued to related parties | — | 7,324,267 | ||||||
Convertible notes | — | 11,793,397 | ||||||
Total current liabilities | 5,483,221 | 27,026,798 | ||||||
Deferred rent, net of current portion | 23,529 | |||||||
Other non-current liabilities | — | 4,935 | ||||||
Total liabilities | 5,483,221 | 27,055,262 | ||||||
Commitments and contingencies | 0 | 0 | ||||||
Redeemable convertible preferred stock | ||||||||
Series A Redeemable Convertible Preferred Stock, $0.0001 par value, 0 shares outstanding as of June 30, and 121,735,303 shares authorized, issued and outstanding as of December 31, 2020. Liquidation value of $42,314,789 as of December 31, 2020. | — | 35,047,435 | ||||||
Series A-2 Redeemable Convertible Preferred Stock, $0.0001 par value, 0 shares outstanding as of June 30,and 28,384,899 shares authorized, 22,047,361 shares issued and outstanding as of December 31, 2020. value of $8,683,746 as of December 31, 2020.Liquidation | — | 7,685,865 | ||||||
Series A-3 Redeemable Convertible Preferred Stock, $0.0001 par value, 0 shares outstanding as of June 30,and 34,061,879 shares authorized, 31,209,734 shares issued and outstanding as of December 31, 2020. value of $11,699,176 as of December 31, 2020.Liquidation | — | 10,887,449 | ||||||
Total redeemable convertible preferred stock | — | 53,620,749 | ||||||
Stockholders’ equity (deficit) | ||||||||
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 22,628,007 issued and outstanding as of June 30, 2021 and 1,256,609 shares issued and outstanding as of December 31, 2020. | 2,263 | 126 | ||||||
Additional paid-in-capital | 207,480,819 | 8,206,938 | ||||||
Accumulated other comprehensive loss | (2,917 | ) | — | |||||
Accumulated deficit | (97,570,745 | ) | (77,582,005 | ) | ||||
Total stockholders’ equity (deficit) | 109,909,420 | (69,374,941 | ) | |||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 115,392,641 | $ | 11,301,070 | ||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue | $ | — | $ | — | |||||||
Operating expenses: | |||||||||||
Research and development | 10,448,843 | 6,012,608 | |||||||||
General and administrative | 4,604,679 | 4,057,592 | |||||||||
Total operating expenses | 15,053,522 | 10,070,200 | |||||||||
Loss from operations | (15,053,522) | (10,070,200) | |||||||||
Other income (expense): | |||||||||||
Interest income | 33,093 | 3,613 | |||||||||
Change in fair value of derivative liability | — | 2,424,877 | |||||||||
Interest expense | — | (904,119) | |||||||||
Other expense | (2,576) | (722) | |||||||||
Other income | 30,517 | 1,523,649 | |||||||||
Net loss | $ | (15,023,005) | $ | (8,546,551) | |||||||
Accumulated dividends on Redeemable Convertible Preferred Stock | — | (377,562) | |||||||||
Net loss attributable to common stockholders | $ | (15,023,005) | $ | (8,924,113) | |||||||
Basic and diluted net loss attributable to common stockholders per common share | $ | (0.66) | $ | (0.71) | |||||||
Basic and diluted weighted-average number of common shares outstanding | 22,836,781 | 12,633,123 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 8,124,973 | 4,209,261 | 14,137,581 | 8,481,428 | ||||||||||||
General and administrative | 4,038,050 | 2,565,402 | 8,095,642 | 4,653,803 | ||||||||||||
Total operating expenses | 12,163,023 | 6,774,663 | 22,233,223 | 13,135,231 | ||||||||||||
Loss from operations | (12,163,023 | ) | (6,774,663 | ) | (22,233,223 | ) | (13,135,231 | ) | ||||||||
Other (expense) income: | ||||||||||||||||
Interest income | 6,851 | 1,184 | 10,464 | 19,868 | ||||||||||||
Interest expense | (101 | ) | (183,682 | ) | (904,220 | ) | (184,671 | ) | ||||||||
Change in fair value of derivative liability | — | — | 2,424,877 | — | ||||||||||||
Other (expense) income | (25,974 | ) | 26,636 | (26,696 | ) | 54,001 | ||||||||||
Other (expense) income | (19,224 | ) | (155,862 | ) | 1,504,425 | (110,802 | ) | |||||||||
Net loss | $ | (12,182,247 | ) | $ | (6,930,525 | ) | $ | (20,728,798 | ) | $ | (13,246,033 | ) | ||||
Accumulated dividends on Redeemable Convertible Preferred Stock | — | (815,816 | ) | (377,562 | ) | $ | (1,631,632 | ) | ||||||||
Net loss attributable to commonstockholders | $ | (12,182,247 | ) | $ | (7,746,341 | ) | $ | (21,106,360 | ) | $ | (14,877,665 | ) | ||||
Basic and diluted net loss attributable to common stockholders per common share | $ | (0.54 | ) | $ | (6.17 | ) | $ | (1.20 | ) | $ | (11.86 | ) | ||||
Basic and diluted weighted-average number of common shares outstanding | 22,608,866 | 1,254,681 | 17,648,551 | 1,254,681 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net loss | $ | (12,182,247 | ) | $ | (6,930,525 | ) | $ | (20,728,798 | ) | $ | (13,246,033 | ) | ||||
Other comprehensive loss: | ||||||||||||||||
Unrealized (loss) gain on available-for-sale | (2,917 | ) | — | (2,917 | ) | (506 | ) | |||||||||
Comprehensive loss | $ | (12,185,164 | ) | $ | (6,930,525 | ) | $ | (20,731,715 | ) | $ | (13,246,539 | ) | ||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | (15,023,005) | $ | (8,546,551) | |||||||
Other comprehensive loss: | |||||||||||
Unrealized loss on available-for-sale marketable securities, net of tax | (23,590) | — | |||||||||
Comprehensive loss | $ | (15,046,595) | $ | (8,546,551) |
Redeemable Convertible Preferred Stock | Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A-2 | Series A-3 | Common Stock | Accumulated Other Comprehensive Income/ (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders Deficit | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | — | $ | — | — | $ | — | — | $ | — | 22,579,219 | $ | 2,258 | $ | 205,847,571 | $ | (85,388,498 | ) | $ | — | $ | (120,461,331 | ) | ||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 48,788 | 5 | 149,767 | — | — | 149,772 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 1,483,481 | — | — | 1,483,481 | ||||||||||||||||||||||||||||||||||||
Change in unrealized loss on marketable available-for-sale | — | — | — | — | — | — | — | — | — | — | (2,917 | ) | (2,917 | ) | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (12,182,247 | ) | — | (12,182,247 | ) | ||||||||||||||||||||||||||||||||||
Balance at June 3 0 , 2021 | — | $ | — | — | $ | — | — | $ | — | 22,628,007 | $ | 2,263 | $ | 207,480,819 | $ | (97,570,745 | ) | $ | (2,917 | ) | $ | 109,909,420 | ||||||||||||||||||||||||||
Balance at March 31, 2020 | 121,735,303 | $ | 35,047,435 | 22,047,361 | $ | 7,685,865 | 31,209,734 | $ | 10,887,449 | 1,254,681 | $ | 126 | $ | 5,024,770 | $ | (54,031,516 | ) | $ | — | $ | (49,006,620 | ) | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 339,790 | — | — | 339,790 | ||||||||||||||||||||||||||||||||||||
Change in unrealized gains available-for-sale securities | — | — | — | — | — | — | — | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||
Beneficial conversion feature on convertible notes | — | — | — | — | — | — | — | — | 1,035,263 | — | — | 1,035,263 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (6,930,525 | ) | — | (6,930,525 | ) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 121,735,303 | $ 35,047,435 | 22,047,361 | $ 7,685,865 | 31,209,734 | $ 10,887,449 | 1,254,681 | $ | 126 | $ | 6,399,823 | $ | (60,962,041 | ) | — | $ | (54,562,092 | ) |
Redeemable Convertible Preferred Stock | Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A-2 | Series A-3 | Common Stock | Accumulated Other Comprehensive Income/ (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders Deficit | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 121,735,303 | $ | 35,047,435 | 22,047,361 | $ | 7,685,865 | 31,209,734 | $ | 10,887,449 | 1,256,609 | $ | 126 | $ | 8,206,938 | $ | (77,582,005 | ) | — | $ | (69,374,941 | ) | |||||||||||||||||||||||||||
Cumulative effect of adoption of accounting standard | — | — | — | — | — | — | — | — | (2,277,332 | ) | 740,058 | — | (1,537,274 | ) | ||||||||||||||||||||||||||||||||||
Issuance of Series A redeemable preferred stock upon exercise of warrants | 145,000 | 1,450 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into common stock | (121,880,303 | ) | (35,048,885 | ) | (22,047,361 | ) | (7,685,865 | ) | (31,209,734 | ) | (10,887,449 | ) | 10,144,041 | 1,014 | 53,621,185 | — | — | 53,622,199 | ||||||||||||||||||||||||||||||
Conversion of convertible debt into common stock | — | — | — | — | — | — | 3,669,010 | 367 | 30,251,689 | — | — | 30,252,056 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the initial public offering. net of transaction costs | — | — | — | — | — | — | 7,441,650 | 744 | 114,550,571 | — | — | 114,551,315 | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 113,801 | 12 | 446,843 | — | — | 446,855 | ||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | — | — | — | — | 2,896 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 2,680,925 | — | — | 2,680,925 | ||||||||||||||||||||||||||||||||||||
Change in unrealized loss on marketable available-for-sale | — | — | — | — | — | — | — | — | — | — | (2,917 | ) | (2,917 | ) | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (20,728,798 | ) | — | (20,728,798 | ) | ||||||||||||||||||||||||||||||||||
Balance at June 3 0 , 2021 | — | $ | — | — | $ | — | — | $ | — | 22,628,007 | $ | 2,263 | $ | 207,480,819 | $ | (97,570,745 | ) | $ | (2,917 | ) | $ | 109,909,420 | ||||||||||||||||||||||||||
Balance at January 1, 2020 | 121,735,303 | $ | 35,047,435 | 22,047,361 | $ | 7,685,865 | 31,209,734 | $ | 10,887,449 | 1,254,681 | $ | 126 | $ | 4,705,808 | $ | (47,716,008 | ) | $ | 506 | $ | (43,009,568 | ) | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 658,752 | — | — | 658,752 | ||||||||||||||||||||||||||||||||||||
Change in unrealized gains on marketable available-for-sale | — | — | — | — | — | — | — | — | — | — | (506 | ) | (506 | ) | ||||||||||||||||||||||||||||||||||
Beneficial conversion feature on convertible notes | — | — | — | — | — | — | — | — | 1,035,263 | — | — | 1,035,263 | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (13,246,033 | ) | — | (13,246,033 | ) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 121,735,303 | $ | 35,047,435 | 22,047,361 | $ | 7,685,865 | 31,209,734 | $ | 10,887,449 | 1,254,681 | $ | 126 | $ | 6,399,823 | $ | (60,962,041 | ) | — | $ | (54,562,092 | ) |
Redeemable Convertible Preferred Stock | Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series A-2 | Series A-3 | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income/ (Loss) | Total Stockholders Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 121,735,303 | $ | 35,047,435 | 22,047,361 | $ | 7,685,865 | 31,209,734 | $ | 10,887,449 | 1,256,609 | $ | 126 | $ | 8,206,938 | $ | (77,582,005) | — | $ | (69,374,941) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of adoption of accounting standard | — | — | — | — | — | — | — | — | (2,277,332) | 740,058 | — | (1,537,274) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series A redeemable preferred stock upon exercise of warrants | 145,000 | 1,450 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into common stock | (121,880,303) | (35,048,885) | (22,047,361) | (7,685,865) | (31,209,734) | (10,887,449) | 10,144,041 | 1,014 | 53,621,185 | — | — | 53,622,199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of convertible debt into common stock | — | — | — | — | — | — | 3,669,010 | 367 | 30,251,689 | — | — | 30,252,056 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the initial public offering. net of transaction costs | — | — | — | — | — | — | 7,441,650 | 744 | 114,550,571 | — | — | 114,551,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 65,013 | 7 | 297,076 | — | — | 297,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | — | — | — | — | 2,896 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 1,197,444 | — | — | 1,197,444 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (8,546,551) | — | (8,546,551) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | — | $ | — | — | $ | — | — | $ | — | 22,579,219 | $ | 2,258 | $ | 205,847,571 | $ | (85,388,498) | $ | — | $ | 120,461,331 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | — | $ | — | — | $ | — | — | $ | — | 22,828,904 | $ | 2,283 | $ | 211,498,827 | $ | (127,743,455) | $ | 3,012 | $ | 83,760,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 12,890 | 1 | 33,254 | — | — | 33,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | 1,645,852 | — | — | 1,645,852 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on marketable available-for-sale securities | — | — | — | — | — | — | — | — | — | — | (23,590) | (23,590) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (15,023,005) | — | (15,023,005) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | — | $ | — | — | $ | — | — | $ | — | 22,841,794 | $ | 2,284 | $ | 213,177,933 | $ | (142,766,460) | (20,578) | $ | 70,393,179 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (15,023,005) | $ | (8,546,551) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 226,956 | 174,331 | |||||||||
Accretion income on available-for-sale marketable securities, net | (1,618) | — | |||||||||
Loss on asset disposal | — | (464) | |||||||||
Stock-based compensation | 1,645,852 | 1,197,444 | |||||||||
Non-cash lease expense | 121,904 | — | |||||||||
Non-cash interest expense | — | 903,919 | |||||||||
Change in fair value of derivative liability | — | (2,424,877) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses and other assets | (2,696,917) | (2,446,793) | |||||||||
Accounts payable | 955,433 | (645,847) | |||||||||
Accrued expenses, deferred rent and other | (1,596,261) | 633,307 | |||||||||
Operating lease liabilities | (107,810) | — | |||||||||
Net cash used in operating activities | (16,475,466) | (11,155,532) | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment | (344,362) | (581,228) | |||||||||
Proceeds from disposal of equipment | — | 464 | |||||||||
Purchase of marketable securities | (16,036,445) | — | |||||||||
Proceeds from maturities and sales of available-for-sale marketable securities | 27,000,000 | — | |||||||||
Net cash provided by (used in) investing activities | 10,619,193 | (580,764) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from initial public offering, net of transaction costs | — | 115,503,948 | |||||||||
Proceeds from the exercise of stock options | 33,255 | 297,083 | |||||||||
Proceeds from the exercise of warrants | — | 1,450 | |||||||||
Principal payments on capital leases | — | (5,212) | |||||||||
Proceeds from the issuance of convertible notes from related parties | — | 56,500 | |||||||||
Proceeds from the issuance of convertible notes | — | 8,974,980 | |||||||||
Issuance costs associated with convertible notes | — | (20,587) | |||||||||
Proceeds from the issuance of short-term debt | — | — | |||||||||
Net cash provided by financing activities | 33,255 | 124,808,162 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (5,823,018) | 113,071,866 | |||||||||
Net cash, cash equivalents and restricted cash at beginning of period | 30,393,852 | 5,098,579 | |||||||||
Net cash, cash equivalents and restricted cash at end of period | $ | 24,570,834 | $ | 118,170,445 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid during the year for interest | $ | — | $ | 200 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Property and equipment purchases included in accounts payable and accrued expenses | $ | 62,241 | $ | 292,255 |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (20,728,798 | ) | $ | (13,246,033 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 393,875 | 290,750 | ||||||
(Gain) loss on asset disposal | (464 | ) | 398 | |||||
Stock-based compensation | 2,680,925 | 658,752 | ||||||
Non-cash interest expense | 903,919 | 140,829 | ||||||
Change in fair value of derivative liability | (2,424,877 | ) | 1,334 | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | (5,985,891 | ) | (1,191,324 | ) | ||||
Accounts payable | 172,566 | 698,078 | ||||||
Accrued expenses, deferred rent and other | 219,163 | 129,502 | ||||||
Net cash used in operating activities | (24,769,582 | ) | (12,517,714 | ) | ||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (1,634,586 | ) | (390,220 | ) | ||||
Proceeds from disposal of equipment | 464 | 550 | ||||||
Collections on employee advances | 0— | 80,224 | ||||||
Purchase of marketable securities | (38,981,461 | ) | 0— | |||||
Proceeds from maturities and sales of available-for-sale | 0— | 1,006,372 | ||||||
Net cash (used in) provided by investing activities | (40,615,583 | ) | 696,926 | |||||
Cash flows from financing activities | ||||||||
Proceeds from initial public offering, net of transaction costs | 114,721,518 | 0— | ||||||
Proceeds from the exercise of stock options | 446,855 | 0— | ||||||
Proceeds from the exercise of warrants | 1,450 | 0— | ||||||
Principal payments on capital leases | (10,524 | ) | (9,756 | ) | ||||
Proceeds from the issuance of convertible notes from related parties | 56,500 | 4,900,460 | ||||||
Proceeds from the issuance of convertible notes | 8,974,980 | 1,637,826 | ||||||
Issuance costs associated with convertible notes | (20,587 | ) | (89,895 | ) | ||||
Proceeds from the issuance of short-term debt | 0— | 843,619 | ||||||
Net cash provided by financing activities | 124,170,192 | 7,282,254 | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 58,785,027 | (4,538,534 | ) | |||||
Net cash, cash equivalents and restricted cash at beginning of period | 5,098,579 | 9,196,487 | ||||||
Net cash, cash equivalents and restricted cash at end of period | $ | 63,883,606 | $ | 4,657,953 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the year for interest | $ | 300 | $ | 1,608 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Property and equipment purchases included in accounts payable and accrued expenses | $ | 80,905 | $ | 1,487 | ||||
Deferred financing costs included in accounts payable | $ | 0— | $ | 181,377 |
March 31, 2022 | December 31, 2021 | Recurring Fair Value Measurement | |||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 7,903,843 | $ | 2,702,393 | |||||||||||||
Money market funds | 13,603,049 | 22,124,003 | Level 1 | ||||||||||||||
Fixed income debt securities | 2,996,442 | 5,499,956 | Level 2 | ||||||||||||||
Total Cash and cash equivalents | 24,503,334 | 30,326,352 | |||||||||||||||
Restricted cash | 67,500 | 67,500 | |||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 24,570,834 | $ | 30,393,852 |
June 30, 2021 | December 31, 2020 | Recurring Fair Value Measurement | ||||||||||
Cash and cash equivalents: | ||||||||||||
Cash | $ | 251,862 | $ | 105,888 | ||||||||
Money market funds | 44,665,609 | 4,925,191 | Level 1 | |||||||||
Fixed income debt securities | 18,898,635 | 0 | Level 2 | |||||||||
Total Cash and cash equivalent s | 63,816,106 | 5,031,079 | ||||||||||
Restricted cash | 67,500 | 67,500 | ||||||||||
Total cash , cash equivalents, and restricted cash | $ | 63,883,606 | $ | 5,098,579 | ||||||||
Balance as of December 31, 2020 | $ | 1,702,359 | ||
Fair value of derivative liabilities issued | 722,518 | |||
Incremental expense related to fair value changes in derivative liabilities | (2,424,877 | ) | ||
Balance as of June 30, 2021 | $ | 0 | ||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Money market funds | $ | 44,665,609 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Fixed income debt securities | 18,898,635 | — | — | — | — | |||||||||||||||||||
$ | 44,665,609 | $ | 18,898,635 | |||||||||||||||||||||
Liability | ||||||||||||||||||||||||
Derivative liability | — | — | — | — | — | $ | 1,702,359 | |||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,702,359 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Money market funds | $ | 13,603,049 | $ | — | $ | — | $ | 22,124,003 | $ | — | $ | — | |||||||||||||||||||||||
Fixed income debt securities | — | 43,502,857 | — | — | 56,991,897 | — | |||||||||||||||||||||||||||||
$ | 13,603,049 | $ | 43,502,857 | $ | — | $ | 22,124,003 | $ | 56,991,897 | $ | — |
March 31, 2022 | December 31, 2021 | ||||||||||
Prepaid research and development expenses | $ | 3,663,880 | $ | 3,375,388 | |||||||
Prepaid maintenance agreements | 153,476 | 132,104 | |||||||||
Prepaid insurance | 2,571,256 | 479,393 | |||||||||
Prepaid other | 306,767 | 308,842 | |||||||||
Other current assets | 127,031 | 99,189 | |||||||||
Total prepaid expenses and other current assets | $ | 6,822,410 | $ | 4,394,916 |
June 30, 2021 | December 31, 2020 | |||||||
Prepaid research and development expenses | $ | 5,946,498 | $ | 1,894,785 | ||||
Prepaid maintenance agreements | 230,394 | 144,575 | ||||||
Prepaid insurance | 1,945,516 | 98,421 | ||||||
Prepaid other | 144,580 | 124,929 | ||||||
Deferred financing costs | — | 952,633 | ||||||
Other current assets | 60,129 | 78,515 | ||||||
Total prepaid expenses and other current assets | $ | 8,327,117 | $ | 3,293,858 | ||||
March 31, 2022 | December 31, 2021 | ||||||||||
Laboratory equipment | $ | 6,199,779 | $ | 5,943,501 | |||||||
Computer equipment and software | 500,972 | 486,822 | |||||||||
Furniture and fixtures | 47,877 | 47,877 | |||||||||
Leasehold improvements | 234,457 | 230,148 | |||||||||
6,983,085 | 6,708,348 | ||||||||||
Less accumulated depreciation and amortization | (2,507,996) | (2,281,041) | |||||||||
Total Property and equipment, net | $ | 4,475,089 | $ | 4,427,307 |
June 30, 2021 | December 31, 2020 | |||||||
Laboratory equipment | $ | 5,047,152 | $ | 3,801,545 | ||||
Computer equipment and software | 389,495 | 305,214 | ||||||
Furniture and fixtures | 47,877 | 47,877 | ||||||
Leasehold improvements | 209,338 | 153,965 | ||||||
Assets under construction | 271,103 | 0 | ||||||
5,964,965 | 4,308,601 | |||||||
Less accumulated depreciation and amortization | (1,816,090 | ) | (1,423,341 | ) | ||||
Total Property and equipment, net | $ | 4,148,875 | $ | 2,885,260 | ||||
June 30, 2021 | December 31, 2020 | |||||||
Accrued professional fees | $ | 207,033 | $ | 135,033 | ||||
Accrued salaries, benefits and related expenses | 1,896,677 | 1,924,405 | ||||||
Accrued severance | 0 | 26,724 | ||||||
Accrued interest | 3,491 | 408,315 | ||||||
Other accrued expenses | 362,741 | 108,550 | ||||||
Total accrued expenses | $ | 2,469,942 | $ | 2,603,027 | ||||
March 31, 2022 | December 31, 2021 | ||||||||||
Accrued research and development costs | $ | 2,084,028 | $ | 2,611,380 | |||||||
Accrued professional fees | 659,784 | 384,254 | |||||||||
Accrued salaries, benefits and related expenses | 1,628,703 | 3,143,602 | |||||||||
Other accrued expenses | 124,910 | 31,473 | |||||||||
Total accrued expenses | $ | 4,497,425 | $ | 6,170,709 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Research and development expenses | $ | 1,132,762 | $ | 204,330 | |||||||
General and administrative expenses | 513,090 | 993,114 | |||||||||
Total stock-based compensation expense | $ | 1,645,852 | $ | 1,197,444 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Research and development expenses | $ | 648,783 | $ | 83,707 | $ | 853,114 | $ | 166,450 | ||||||||
General and administrative expenses | 834,698 | 256,083 | 1,827,811 | 492,302 | ||||||||||||
Total stock-based compensation expense | $ | 1,483,481 | $ | 339,790 | $ | 2,680,925 | $ | 658,752 | ||||||||
�� |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (millions) | ||||||||||||||||||||
Outstanding as of January 1, 2022 | 3,305,291 | $ | 9.62 | ||||||||||||||||||||
Granted | 27,500 | 2.91 | |||||||||||||||||||||
Exercised | (12,890) | 2.58 | |||||||||||||||||||||
Cancelled | (73,903) | 3.05 | |||||||||||||||||||||
Forfeited | (303,130) | 15.76 | |||||||||||||||||||||
Outstanding as of March 31, 2022 | 2,942,868 | $ | 9.12 | 6.5 | 1.7 | ||||||||||||||||||
Vested or expected to vest as of March 31, 2022 | 2,942,868 | $ | 9.12 | 6.5 | 1.7 | ||||||||||||||||||
Exercisable as of March 31, 2022 | 1,981,477 | $ | 6.46 | 5.2 | 1.7 | ||||||||||||||||||
Shares unvested as of March 31, 2022 | 961,391 | $ | 14.62 | 9.0 | 0.1 |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (millions) | |||||||||||||
Outstanding as of January 1, 2021 | 2,233,185 | $ | 3.52 | |||||||||||||
Granted | 1,369,713 | 17.20 | ||||||||||||||
Exercised | (113,801 | ) | 3.95 | |||||||||||||
Cancelled | (1,699 | ) | 4.78 | |||||||||||||
Forfeited | (195,031 | ) | 4.82 | |||||||||||||
Outstanding as of June 30, 2021 | 3,292,367 | $ | 9.12 | 7.9 | 24.9 | |||||||||||
Vested or expected to vest as of June 30, 2021 | 3,292,367 | $ | 9.12 | 7.9 | 24.9 | |||||||||||
Exercisable as of June 30, 2021 | 1,718,339 | $ | 3.25 | 6.5 | 22.5 | |||||||||||
Shares unvested as of June 30, 2021 | 1,574,028 | $ | 15.53 | 9.5 | 2.5 |
2022 | 2021 | ||||||||||
Expected volatility | 78.8% to 79.0% | 79.8% to 81.0% | |||||||||
Risk-free interest rate | 1.5% to 1.7% | 0.6% to 0.7% | |||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||
Expected term | 6.1 years | 5.5 to 6.0 years |
2021 | 2020 | |||||||
Expected volatility | 79.5% to 81.1 | % | 100 | % | ||||
Risk-free interest rate | 0.6% to 1.1 | % | 0.7% to 0.74 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
Expected term | 5.5 to 6.0 years | 5.3 to 6.0 years |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | (15,023,005) | $ | (8,546,551) | |||||||
Accumulated dividends on Redeemable Convertible Preferred Stock | — | (377,562) | |||||||||
Net loss attributable to common stockholders | $ | (15,023,005) | $ | (8,924,113) | |||||||
Basic and diluted net loss per common share | $ | (0.66) | $ | (0.71) | |||||||
Basic and diluted weighted average common shares outstanding | 22,836,781 | 12,633,123 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net loss | $ | (12,182,247 | ) | $ | (6,930,525 | ) | $ | (20,728,798 | ) | $ | (13,246,033 | ) | ||||
Accumulated dividends on Redeemable Convertible Preferred Stock | 0 | (815,816 | ) | (377,562 | ) | (1,631,632 | ) | |||||||||
Net loss attributable to common stockholders | $ | (12,182,247 | ) | $ | (7,746,341 | ) | $ | (21,106,360 | ) | $ | (14,877,665 | ) | ||||
Basic and diluted net loss per common share | $ | (0.54 | ) | $ | (6.17 | ) | $ | (1.20 | ) | $ | (11.86 | ) | ||||
Basic and diluted weighted average common shares outstanding | 22,608,866 | 1,254,681 | 17,648,551 | 1,254,681 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Stock options | 2,942,868 | 3,146,048 | |||||||||
Redeemable convertible preferred stock | — | 4,733,929 | |||||||||
Convertible debt | — | 2,059,100 | |||||||||
Warrants | — | 611 | |||||||||
Total | 2,942,868 | 9,939,688 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Stock options | 3,292,367 | 2,240,118 | 3,292,367 | 2,240,118 | ||||||||||||
Redeemable convertible preferred stock | 0 | 10,135,735 | 2,353,887 | 10,135,735 | ||||||||||||
Convertible debt | 0 | 477,467 | 1,024,736 | 237,414 | ||||||||||||
Warrants | 0 | 14,480 | 304 | 14,480 | ||||||||||||
Total | 3,292,367 | 12,867,800 | 6,671,294 | 12,627,747 |
Lease costs | Statement of Operations Classification | March 31, 2022 | ||||||
Operating lease cost | Operating expenses: research and development | $ | 82,506 | |||||
Operating lease cost | Operating expenses: general and administrative | 64,151 | ||||||
$ | 146,657 |
Other information | March 31, 2022 | |||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Operating cash flows from operating leases | $ | (132,563) | ||||||
Weighted-average remaining lease term — operating leases | 2.6 years | |||||||
Weighted-average discount rate — operating leases | 6.8 | % |
Maturity of lease liabilities for the years ending December 31, | Operating Leases | |||||||
2022 (for the remaining nine months of the year ending December 31, 2022) | $ | 451,866 | ||||||
2023 | 617,999 | |||||||
2024 | 469,939 | |||||||
2025 | — | |||||||
2026 | — | |||||||
Thereafter | — | |||||||
Total lease payment | $ | 1,539,804 | ||||||
Less: imputed interest | (124,448) | |||||||
Present value of lease liabilities | $ | 1,415,356 |
For the three months ended June 30, | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||
2021 | 2020 | Change | 2022 | 2021 | |||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||
Research and development | $ | 8,125 | $ | 4,209 | $ | 3,916 | Research and development | $ | 10,449 | $ | 6,013 | $ | 4,436 | ||||||||||||||||
General and administrative | 4,038 | 2,566 | 1,472 | General and administrative | 4,605 | 4,058 | 547 | ||||||||||||||||||||||
Total operating expenses | 12,163 | 6,775 | 5,388 | Total operating expenses | 15,054 | 10,070 | 4,983 | ||||||||||||||||||||||
Loss from operations | (12,163 | ) | (6,775 | ) | (5,388 | ) | Loss from operations | (15,054) | (10,070) | (4,983) | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||||
Interest income | 7 | 1 | 6 | Interest income | 33 | 4 | 29 | ||||||||||||||||||||||
Change in fair value of derivative liability | Change in fair value of derivative liability | — | 2,425 | (2,425) | |||||||||||||||||||||||||
Interest expense | — | (184 | ) | 184 | Interest expense | — | (904) | 904 | |||||||||||||||||||||
Other (expense) income | (26 | ) | 27 | (53 | ) | ||||||||||||||||||||||||
Other (expense) income | (19 | ) | (156 | ) | 137 | ||||||||||||||||||||||||
Other expense | Other expense | (3) | (1) | (2) | |||||||||||||||||||||||||
Other income | Other income | 31 | 1,524 | (1,493) | |||||||||||||||||||||||||
Net loss | $ | (12,182 | ) | $ | (6,931 | ) | $ | (5,251 | ) | Net loss | $ | (15,023) | $ | (8,547) | $ | (6,476) | |||||||||||||
For the six months ended June 30 | ||||||||||||
2021 | 2020 | Change | ||||||||||
(in thousands) | ||||||||||||
Operating expenses | ||||||||||||
Research and development | $ | 14,138 | $ | 8,481 | $ | 5,657 | ||||||
General and administrative | 8,095 | 4,654 | 3,441 | |||||||||
Total operating expenses | 22,233 | 13,135 | 9,098 | |||||||||
Loss from operations | (22,233 | ) | (13,135 | ) | (9,098 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income | 10 | 20 | (10 | ) | ||||||||
Interest expense | (904 | ) | (185 | ) | (719 | ) | ||||||
Change in fair value of derivative liability | 2,425 | — | 2,425 | |||||||||
Other (expense) income | (27 | ) | 54 | (81 | ) | |||||||
Other income (expense) | 1,504 | (111 | ) | 1,615 | ||||||||
Net loss | $ | (20,729 | ) | $ | (13,246 | ) | $ | (7,483 | ) | |||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | (16,475) | $ | (11,156) | |||||||
Investing activities | $ | 10,619 | $ | (581) | |||||||
Financing activities | $ | 33 | $ | 124,808 | |||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (5,823) | $ | 113,072 |
2021 | 2020 | |||||||
(in thousands) | ||||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | (24.8 | ) | $ | (12.5 | ) | ||
Investing activities | (40.6 | ) | 0.7 | |||||
Financing activities | 124.2 | 7.3 | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 58.8 | $ | (4.5 | ) | |||
32.1* | ||||||||
32.2* | ||||||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended |
Date: | By: | /s/ | |||||||||||
President and Chief | |||||||||||||
Date: | By: | /s/ | |||||||||||