| Delaware (State or other jurisdiction of incorporation or organization) | | | 2836 (Primary Standard Industrial Classification Code Number) | | | 82-5462585 (I.R.S. Employer Identification Number) | |
| Joshua A. Kaufman Jaime L. Chase Joshua Rottner Cooley LLP 55 Hudson Yards New York, New York 10001 (212) 479-6000 | | | Patrick McCall Chief Financial Officer IN8bio, Inc. 79 Madison Avenue New York, New York 10016 (646) 600-6438 | | | Nathan Ajiashvili Latham & Watkins LLP New York, New York (212) | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ Emerging growth company ☒ | |
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Title of each Class of Securities to be Registered | | | | Proposed Maximum Aggregate Offering Price(1)(2) | | | | Amount of Registration Fee(3) | | | | | Amount to be Registered(1) | | | | Proposed Maximum Offering Price Per Share(2) | | | | Proposed Maximum Aggregate Offering Price(1)(2) | | | | Amount of Registration Fee(3) | |
Common Stock, $0.0001 par value per share | | | | $69,000,000 | | | | $7,528 | | | | | 4,600,000 | | | | $12.00 | | | | $55,200,000 | | | | $6,023 | |
| | | Per share | | | Total | | ||||||
Initial public offering price | | | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1) | | | | $ | | | | | $ | | | ||
Proceeds to us, before expenses | | | | $ | | | | | $ | | | |
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| | | | F-1 | | |
| | Years Ended December 31, | | | Years Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Research and development | | | $ | 2,358 | | | | $ | 5,378 | | | | | $ | 2,358 | | | | $ | 5,378 | | | | $ | 1,052 | | | | $ | 1,245 | | | ||||||
General and administrative | | | | 2,708 | | | | | 3,179 | | | | | | 2,708 | | | | | 3,179 | | | | | 639 | | | | | 1,118 | | | ||||||
Loss on disposal of property and equipment | | | | 68 | | | | | — | | | | | | 68 | | | | | — | | | | | — | | | | | — | | | ||||||
Total operating expenses | | | | 5,134 | | | | | 8,557 | | | | | | 5,134 | | | | | 8,557 | | | | | 1,691 | | | | | 2,363 | | | ||||||
Loss from operations | | | | (5,134) | | | | | (8,557) | | | | | | (5,134) | | | | | (8,557) | | | | | (1,691) | | | | | (2,363) | | | ||||||
Net loss | | | $ | (5,134) | | | | $ | (8,557) | | | | | $ | (5,134) | | | | $ | (8,557) | | | | $ | (1,691) | | | | $ | (2,363) | | | ||||||
Net loss attributable to common stockholders(1) | | | $ | (5,912) | | | | $ | (10,340) | | | | | $ | (5,912) | | | | $ | (10,340) | | | | $ | (1,951) | | | | $ | (3,069) | | | ||||||
Net loss per share attributable to common stockholders: basic and diluted | | | $ | (1.85) | | | | $ | (3.02) | | | | | $ | (1.85) | | | | $ | (3.02) | | | | $ | (0.59) | | | | $ | (0.82) | | | ||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders: basic and diluted | | | | 3,188,165 | | | | | 3,419,075 | | | | | | 3,188,165 | | | | | 3,419,075 | | | | | 3,305,367 | | | | | 3,764,488 | | | ||||||
Pro forma net loss attributable to common stockholders(1) | | | | | | | | | (8,557) | | | | | | | | | | $ | (8,557) | | | | | | | | | $ | (2,363) | | | ||||||
Pro forma net loss per share attributable to common stockholders (unaudited): basic and diluted (1) | | | | | | | | $ | (0.91) | | | | | | | | | | $ | (0.91) | | | | | | | | | $ | (0.16) | | | ||||||
Weighted-average shares used to compute pro forma net loss per share attributable to common stockholders (unaudited): basic and diluted (1) | | | | | | | | | 9,382,360 | | | | | | | | | | | 9,382,360 | | | | | | | | | | 14,754,553 | | |
| | | As of December 31, 2020 | | |||||||||||||||
(in thousands) | | | Actual | | | Pro Forma(1) | | | Pro Forma As Adjusted(2)(3) | | |||||||||
| | | | | | | | | (unaudited) | | | (unaudited) | | ||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 17,994 | | | | | $ | 17,994 | | | | | $ | | | |
Working capital(4) | | | | | 15,572 | | | | | | 15,572 | | | | | | | | |
Total assets | | | | | 20,910 | | | | | | 20,910 | | | | | | | | |
Preferred stock | | | | | 34,900 | | | | | | — | | | | | | — | | |
Total stockholders’ (deficit) equity | | | | | (16,579) | | | | | | 18,321 | | | | | | | | |
| | | As of March 31, 2021 | | |||||||||||||||
(in thousands) | | | Actual | | | Pro Forma(1) | | | Pro Forma As Adjusted(2)(3) | | |||||||||
| | | | | | | | | (unaudited) | | | (unaudited) | | ||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | 15,052 | | | | | $ | 15,052 | | | | | $ | 53,208 | | |
Working capital(4) | | | | | 12,310 | | | | | | 12,310 | | | | | | 51,714 | | |
Total assets | | | | | 20,423 | | | | | | 20,423 | | | | | | 55,445 | | |
Preferred stock | | | | | 34,900 | | | | | | — | | | | | | — | | |
Total stockholders’ (deficit) equity | | | | | (18,581) | | | | | | 16,319 | | | | | | 52,589 | | |
| | As of December 31, 2020 | | | As of March 31, 2021 | | ||||||||||||||||||||||||||||||||
(in thousands, except share and per share amounts) | | Actual | | Pro Forma | | Pro Forma As Adjusted(1) | | | Actual | | Pro Forma | | Pro Forma As Adjusted(1) | | ||||||||||||||||||||||||
Cash | | | $ | 17,994 | | | | $ | 17,994 | | | | $ | | | | | $ | 15,052 | | | | $ | 15,052 | | | | $ | 53,208 | | | |||||||
Convertible preferred stock, Series A, par value, $0.0001 per share; 27,564,260 shares authorized, 9,993,727 shares issued and outstanding, actual; 27,564,260 shares authorized and no shares issued or outstanding, pro forma; no shares authorized, issued or outstanding, pro forma as adjusted | | | $ | 34,900 | | | | $ | — | | | | | | $ | 34,900 | | | | $ | — | | | | | — | | | ||||||||||
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Preferred stock, par value $0.0001 per share; no shares authorized, issued and outstanding, actual; 10,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | ||||||||||
Common stock, par value $0.0001 per share; 50,700,000 shares authorized, 3,764,488 shares issued and outstanding, actual; 50,700,000 shares authorized and 14,754,553 shares issued and outstanding, pro forma; 490,000,000 shares authorized and shares issued and outstanding, pro forma as adjusted | | | | 1 | | | | | 1 | | | | ||||||||||||||||||||||||||
Common stock, par value $0.0001 per share; 50,700,000 shares authorized, 3,764,488 shares issued and outstanding, actual; 50,700,000 shares authorized and 14,754,553 shares issued and outstanding, pro forma; 490,000,000 shares authorized and 18,754,553 shares issued and outstanding, pro forma as adjusted | | | | 1 | | | | | 1 | | | | | 5 | | | ||||||||||||||||||||||
Additional paid-in capital | | | | 1,458 | | | | | 36,358 | | | | | | | 1,819 | | | | | 36,719 | | | | | 72,985 | | | ||||||||||
Accumulated deficit | | | | (18,038) | | | | | (18,038) | | | | | | | | | | (20,401) | | | | | (20,401) | | | | | (20,401) | | | |||||||
Total stockholders’ (deficit) equity | | | | (16,579) | | | | | 18,321 | | | | | | | | | | (18,581) | | | | | 16,319 | | | | | 52,589 | | | |||||||
Total capitalization | | | $ | 18,321 | | | | $ | 18,321 | | | | $ | | | | | $ | 16,319 | | | | $ | 16,319 | | | | $ | 52,589 | | |
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| | Shares Purchased | | Total Consideration | | | Average Price Per Share | | | Shares Purchased | | Total Consideration | | | Average Price Per Share | | ||||||||||||||||||||||||||||||||||||||||||||||
| | Number | | Percent | | Amount | | Percent | | | Number | | Percent | | Amount | | Percent | | ||||||||||||||||||||||||||||||||||||||||||||
Existing stockholders | | | | 14,754,553 | | | | | 75.9% | | | | $ | 35,559,158 | | | | | 32.2% | | | | $ | 2.41 | | | | | | 14,754,553 | | | | | 78.7% | | | | $ | 35,559,158 | | | | | 44.7% | | | | $ | 2.41 | | | ||||||||||
New investors | | | | | | | | | | | | | | | | | | | | | | | | | 4,000,000 | | | | | 21.3 | | | | | 44,000,000 | | | | | 55.3 | | | | | 11.00 | | | |||||||||||||||
Total | | | | | | | | % | | | | $ | | | | | % | | | | $ | | | | | | 18,754,553 | | | | | 100% | | | | $ | 79,559,158 | | | | | 100.0% | | | | $ | 4.24 | | |
| | | Three Months Ended March 31, | | | | | | | | |||||||||
| | | 2020 | | | 2021 | | | Change | | |||||||||
| | | (in thousands) | | | | | | | | |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | $ | 1,052 | | | | | $ | 1,245 | | | | | $ | 193 | | |
General and administrative | | | | | 639 | | | | | | 1,118 | | | | | | 479 | | |
Total operating expenses | | | | | 1,691 | | | | | | 2,363 | | | | | | 672 | | |
Loss from operations | | | | | (1,691) | | | | | | (2,363) | | | | | | (672) | | |
Net loss | | | | $ | (1,691) | | | | | $ | (2,363) | | | | | $ | (672) | | |
| | | Three Months Ended March 31, | | | | | | | | |||||||||
| | | 2020 | | | 2021 | | | Change | | |||||||||
| | | (in thousands) | | | | | | | | |||||||||
Direct research and development expenses: | | | | | | | | | | | | | | | | | | | |
INB-100 | | | | $ | 102 | | | | | $ | 67 | | | | | $ | (35) | | |
INB-200 | | | | | 3 | | | | | | 7 | | | | | | 4 | | |
Unallocated expenses | | | | | | | | | | | | | | | | | | | |
Preclinical | | | | | 291 | | | | | | 166 | | | | | | (125) | | |
Personnel expenses(1) | | | | | 439 | | | | | | 712 | | | | | | 273 | | |
Facility related and other | | | | | 217 | | | | | | 293 | | | | | | 76 | | |
Total research and development expenses | | | | $ | 1,052 | | | | | $ | 1,245 | | | | | $ | 193 | | |
| | Year ended December 31, | | | | | | | | Year ended December 31, | | | | | | | ||||||||||||||||||||||
| | 2019 | | 2020 | | Change | | | 2019 | | 2020 | | Change | | ||||||||||||||||||||||||
| | | | | | (in thousands) | | | | | | | ||||||||||||||||||||||||||
| | (in thousands) | | | | | | | ||||||||||||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Research and development | | | $ | 2,358 | | | | $ | 5,378 | | | | $ | 3,020 | | | | | $ | 2,358 | | | | $ | 5,378 | | | | $ | 3,020 | | | ||||||
General and administrative | | | | 2,708 | | | | | 3,179 | | | | | 471 | | | | | | 2,708 | | | | | 3,179 | | | | | 471 | | | ||||||
Loss on disposal of equipment | | | | 68 | | | | | — | | | | | (68) | | | | | | 68 | | | | | — | | | | | (68) | | | ||||||
Total operating expenses | | | | 5,134 | | | | | 8,557 | | | | | 3,423 | | | | | | 5,134 | | | | | 8,557 | | | | | 3,423 | | | ||||||
Loss from operations | | | | (5,134) | | | | | (8,557) | | | | | (3,423) | | | | | | (5,134) | | | | | (8,557) | | | | | (3,423) | | | ||||||
Net loss | | | $ | (5,134) | | | | $ | (8,557) | | | | $ | (3,423) | | | | | $ | (5,134) | | | | $ | (8,557) | | | | $ | (3,423) | | |
| | Year ended December 31, | | | | | | | | | Year ended December 31, | | | | | | | ||||||||||||||||||||||||
| | 2019 | | 2020 | | Change | | | | 2019 | | 2020 | | Change | | ||||||||||||||||||||||||||
| | | | | | (in thousands) | | | | | | | | | |||||||||||||||||||||||||||
| | (in thousands) | | | | | | | |||||||||||||||||||||||||||||||||
Direct research and development expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
INB-100 | | | $ | — | | | | $ | 706 | | | | $ | 706 | | | | | | $ | — | | | | $ | 706 | | | | $ | 706 | | | ||||||||
INB-200 | | | | — | | | | | 689 | | | | | 689 | | | | | | | — | | | | | 689 | | | | | 689 | | | ||||||||
Unallocated expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Preclinical | | | | 595 | | | | | 1,319 | | | | | 724 | | | | | | | 595 | | | | | 1,319 | | | | | 724 | | | ||||||||
Personnel expenses(1) | | | | 1,144 | | | | | 1,687 | | | | | 543 | | | | | | | 1,144 | | | | | 1,687 | | | | | 543 | | | ||||||||
Facility related and other | | | | 619 | | | | | 977 | | | | | 358 | | | | | | | 619 | | | | | 977 | | | | | 358 | | | ||||||||
Total research and development expenses | | | $ | 2,358 | | | | $ | 5,378 | | | | $ | 3,020 | | | | | | $ | 2,358 | | | | $ | 5,378 | | | | $ | 3,020 | | |
| | Year ended December 31, | | | Year ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | (in thousands) | | ||||||||||||||||||||||||||||||
Net cash used in operating activities | | | $ | (4,801) | | | | $ | (7,133) | | | | | $ | (4,801) | | | | $ | (7,133) | | | | $ | (1,623) | | | | $ | (2,507) | | | ||||||
Net cash provided by investing activities | | | | 356 | | | | | — | | | | | | 356 | | | | | — | | | | | — | | | | | — | | | ||||||
Net cash provided by financing activities | | | | 65 | | | | | 24,517 | | | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | | | | 65 | | | | | 24,517 | | | | | 5,680 | | | | | (435) | | | |||||||||||||||||
Net (decrease) increase in cash and restricted cash | | | $ | (4,380) | | | | $ | 17,384 | | | | | $ | (4,380) | | | | $ | 17,384 | | | | $ | 4,057 | | | | $ | (2,942) | | |
| | Payments Due by Period | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | | Less than 1 Year | | 1 to 3 Years | | 4 to 5 Years | | More than 5 Years | | | Total | | Less than 1 Year | | 1 to 3 Years | | 4 to 5 Years | | More than 5 Years | | ||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease commitments. | | | $ | 2,266 | | | | $ | 832 | | | | $ | 1,157 | | | | $ | 277 | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Operating lease commitments | | | $ | 2,266 | | | | $ | 832 | | | | $ | 1,157 | | | | $ | 277 | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Total | | | $ | 2,266 | | | | $ | 832 | | | | $ | 1,157 | | | | $ | 277 | | | | $ | — | | | | | $ | 2,266 | | | | $ | 832 | | | | $ | 1,157 | | | | $ | 277 | | | | $ | — | | |
Grant Date | | | Number of Common Shares Subject to Options Granted | | | Exercise Price per Common Share | | | Estimated Per-Share Fair Value of Options | | | Estimated Fair Value per Common Share at Grant Date | | ||||||||||||
February 3, 2020 | | | | | 1,825 | | | | | $ | 1.10 | | | | | $ | 0.96 | | | | | $ | 1.10 | | |
May 5, 2020 | | | | | 28,287 | | | | | $ | 1.23 | | | | | $ | 0.96 | | | | | $ | 1.23 | | |
October 5, 2020 | | | | | 896,628 | | | | | $ | 6.74 | | | | | $ | 4.79 | | | | | $ | 6.74 | | |
October 15, 2020 | | | | | 3,066 | | | | | $ | 6.74 | | | | | $ | 4.79 | | | | | $ | 6.74 | | |
February 1, 2021 | | | | | 305,132 | | | | | $ | 5.36 | | | | | $ | 4.02 | | | | | $ | 5.36 | | |
NAME | | | AGE | | | POSITION(S) | | |||
Executive Officers and Key Employee | | | | | | | | | | |
William Ho | | | | | 45 | | | | President, Chief Executive Officer and Director | |
Lawrence Lamb, Ph.D. | | | | | 67 | | | | Executive Vice President and Chief Scientific Officer | |
Patrick McCall | | | | | 38 | | | | Chief Financial Officer | |
Kate Rochlin, Ph.D. | | | | | 40 | | | | Vice President, Operations and Innovation | |
Non-Employee Directors | | | | | | | | | | |
Alan S. Roemer(1)(2) | | | | | 51 | | | | Chairman | |
Peter Brandt(1)(3) | | | | | | | | Director | | |
| | | | | | | Director | | ||
Luba Greenwood(1)(2) | | | | | 42 | | | | Director | |
Travis Whitfill(2)(3) | | | | | 31 | | | | Director | |
Name and Principal Position | | Year | | Salary ($)(1) | | Bonus ($) | | Option Awards ($)(3) | | Non-Equity Incentive Plan Compensation ($)(4) | | Total ($) | | | Year | | Salary ($)(1) | | Bonus ($) | | Option Awards ($)(3) | | Non-Equity Incentive Plan Compensation ($)(4) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
William Ho | | | | 2020 | | | | | 279,167 | | | | | 150,000(2) | | | | | 874,540 | | | | | 144,000 | | | | | 1,447,707 | | | | | | 2020 | | | | | 279,167 | | | | | 150,000(2) | | | | | 874,540 | | | | | 144,000 | | | | | 1,447,707 | | | ||||||||||||
President, Chief Executive Officer and former | | | | 2019 | | | | | 213,505 | | | | | — | | | | | — | | | | | — | | | | | 213,505 | | | | | | 2019 | | | | | 213,505 | | | | | — | | | | | — | | | | | — | | | | | 213,505 | | | ||||||||||||
Chief Financial Officer | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lawrence Lamb, Ph.D. | | | | 2020 | | | | | 245,000 | | | | | — | | | | | 1,311,810 | | | | | 120,000 | | | | | 1,676,810 | | | | | | 2020 | | | | | 245,000 | | | | | — | | | | | 1,311,810 | | | | | 120,000 | | | | | 1,676,810 | | | ||||||||||||
Executive Vice President and Chief Scientific | | | | 2019 | | | | | 240,000 | | | | | — | | | | | 112,935 | | | | | — | | | | | 352,935 | | | | | | 2019 | | | | | 240,000 | | | | | — | | | | | 112,935 | | | | | — | | | | | 352,935 | | | ||||||||||||
Officer | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Melissa Beelen | | | | 2020 | | | | | 212,333 | | | | | — | | | | | 297,725 | | | | | 65,000 | | | | | 570,058 | | | | | | 2020 | | | | | 212,333 | | | | | — | | | | | 297,725 | | | | | 65,000 | | | | | 570,058 | | | ||||||||||||
Vice President of Clinical Operations | | | | 2019 | | | | | 156,000 | | | | | — | | | | | 30,359 | | | | | 41,600 | | | | | 227,659 | | | | | | 2019 | | | | | 156,000 | | | | | — | | | | | 30,359 | | | | | 41,600 | | | | | 227,659 | | |
| | | Option Awards | | |||||||||||||||||||||||||||
Name and Principal Position | | | Grant Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity incentive plan awards: Number of securities underlying unexercised unearned options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | ||||||||||||
William Ho | | | October 5, 2020 | | | | | — | | | | | | 182,500(1) | | | | | | — | | | | | $ | 6.74 | | | | October 4, 2030 | |
President, Chief Executive Officer and former Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lawrence Lamb, Ph.D. | | | November 12, 2018 | | | | | 48,665 | | | | | | 6,085(2) | | | | | | — | | | | | $ | 1.07 | | | | November 11, 2028 | |
Executive Vice President and Chief Scientific Officer | | | March 12, 2019 | | | | | 28,216 | | | | | | 30,671(3) | | | | | | — | | | | | $ | 1.07 | | | | March 11, 2029 | |
| March 12, 2019 | | | | | — | | | | | | 22,082(4) | | | | | | 66,248(4) | | | | | $ | 1.07 | | | | March 11, 2029 | | ||
| October 5, 2020 | | | | | — | | | | | | 273,750(5) | | | | | | — | | | | | $ | 6.74 | | | | October 4, 2030 | | ||
Melissa Beelen | | | April 17, 2019 | | | | | 16,326 | | | | | | 22,858(6) | | | | | | — | | | | | $ | 1.07 | | | | April 16, 2029 | |
Vice President of Clinical Operations | | | May 5, 2020 | | | | | — | | | | | | 13,140(7) | | | | | | — | | | | | $ | 1.23 | | | | May 4, 2030 | |
| May 5, 2020 | | | | | — | | | | | | — | | | | | | 5,110(8) | | | | | $ | 1.23 | | | | May 4, 2030 | | ||
| October 5, 2020 | | | | | — | | | | | | 57,434(9) | | | | | | — | | | | | $ | 6.74 | | | | October 4, 2030 | |
Position | | | Annual Service Retainer | | | Chairperson Additional Retainer | | ||||||
Board of Directors | | | | $ | 35,000 | | | | | $ | 65,000 | | |
Audit Committee | | | | | 7,500 | | | | | | 15,000 | | |
Compensation Committee | | | | | 5,000 | | | | | | 10,000 | | |
Nominating and Corporate Governance Committee | | | | | 4,000 | | | | | | 8,000 | | |
Name | | Fees Earned or Paid in Cash ($) | | Option Awards(1)(4) ($) | | Total ($) | | | Fees Earned or Paid in Cash ($) | | Option Awards(1)(4) ($) | | Total ($) | | ||||||||||||||||||||||||
Peter Brandt | | | | — | | | | | 203,848 | | | | | 203,848 | | | | | | — | | | | | 203,848 | | | | | 203,848 | | | ||||||
Thomas Cirrito, Ph.D. | | | | — | | | | | 218,544 | | | | | 218,544 | | | | | | — | | | | | 218,544 | | | | | 218,544 | | | ||||||
Alan S. Roemer | | | | 30,769(2) | | | | | 1,081,960(3) | | | | | 1,112,729 | | | | | | 30,769(2) | | | | | 1,081,960(3) | | | | | 1,112,729 | | | ||||||
Travis Whitfill | | | | — | | | | | 10,815 | | | | | 10,815 | | | | | | — | | | | | 10,815 | | | | | 10,815 | | |
Name | | | Outstanding Option Awards | | |||
Peter Brandt | | | | | 72,221 | | |
Thomas Cirrito, Ph.D. | | | | | 76,650 | | |
Travis Whitfill | | | | | 12,775 | | |
Alan S. Roemer | | | | | 225,879 | | |
Name | | Series A Preferred Stock (#) | | Warrants to Purchase Series A Preferred Stock (#)(3) | | Cancellation of Indebtedness (2018 Note Conversion($) | | Cash Purchase Price of Series A Preferred Stock ($) | | Aggregate Purchase Price ($) | | | Series A Preferred Stock (#) | | Warrants to Purchase Series A Preferred Stock (#)(3) | | Cancellation of Indebtedness (2018 Note Conversion($) | | Cash Purchase Price of Series A Preferred Stock ($) | | Aggregate Purchase Price ($) | | ||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Bios Equity Partners, L.P. (1) | | | | 5,861,427 | | | | | 163,049 | | | | | 1,752,744 | | | | | 19,250,000 | | | | | 21,002,744 | | | | | | 5,861,427 | | | | | 163,049 | | | | | 1,752,744 | | | | | 19,250,000 | | | | | 21,002,744 | | | ||||||||||
Entities affiliated with Emily Fairbairn (2) | | | | 3,005,920 | | | | | 25,195 | | | | | 270,850 | | | | | 10,500,000 | | | | | 10,770,850 | | | ||||||||||||||||||||||||||||||||||||
Entities affiliated with Emily T. Fairbairn (2) | | | | 3,005,920 | | | | | 25,195 | | | | | 270,850 | | | | | 10,500,000 | | | | | 10,770,850 | | |
| | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | ||||||||||||
| | | Before Offering | | After Offering | | | | Before Offering | | After Offering | | ||||||||||||||
Greater than 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | ||||||
Entities affiliated with Bios Equity Partners, L.P.(1) | | | | 6,625,102 | | | 44.9% | | | | | | 6,625,102 | | | 44.9% | | 35.3% | | |||||||
Entities affiliated with Emily Fairbairn(2) | | | | 3,341,527 | | | 22.7% | | | |||||||||||||||||
Transcend Partners Opportunity Fund LLC(2) | | | | 3,222,485 | | | 21.8% | | 17.2% | | ||||||||||||||||
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | ||||||
William Ho(3) | | | | 2,544,929 | | | 17.2% | | | | | | 2,544,929 | | | 17.2% | | 13.6% | | |||||||
Lawrence Lamb, Ph.D.(4) | | | | 185,116 | | | 1.2% | | | | | | 186,637 | | | 1.3% | | 1.0% | | |||||||
Melissa Beelen(5) | | | | 19,592 | | | * | | | | | | 26,689 | | | * | | * | | |||||||
Peter Brandt(6) | | | | 202,570 | | | 1.4% | | | | | | 207,971 | | | 1.4% | | 1.1% | ��� | |||||||
Thomas Cirrito, Ph.D.(7) | | | | 93,379 | | | * | | | |||||||||||||||||
Alan S. Roemer(8) | | | | 67,320 | | | * | | | |||||||||||||||||
Alan S. Roemer(7) | | | | 86,143 | | | * | | * | | ||||||||||||||||
Emily T. Fairbairn(8) | | | | 3,341,527 | | | 22.6% | | 17.8% | | ||||||||||||||||
Luba Greenwood | | | | 7,300 | | | * | | * | | ||||||||||||||||
Travis Whitfill(9) | | | | 12,775 | | | * | | | | | | 12,775 | | | * | | * | | |||||||
All current executive officers and directors as a group (9 persons) (10) | | | | 3,125,681 | | | 20.8% | | | | | | 6,413,971 | | | 42.8% | | 33.8% | |
Underwriters | | | Number of Shares | | |||
| | | | | | | |
| | | | ||||
| | ||||||
| | | No Exercise | | | Full Exercise | | ||||||
Per Share | | | | $ | | | | | $ | | | ||
Total | | | | $ | | | | | $ | | | |
| | | Page | | |||
Audited Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Interim Financial Statements | | | | | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | |
| | Year ended December 31, | | | Year ended December 31, | | ||||||||||||||||||||
| | 2019 | | 2020 | | | 2019 | | 2020 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash | | | $ | 610 | | | | $ | 17,994 | | | | | $ | 610 | | | | $ | 17,994 | | | ||||
Prepaid expenses and other current assets | | | | 153 | | | | | 150 | | | | | | 153 | | | | | 150 | | | ||||
Total Current Assets | | | | 763 | | | | | 18,144 | | | | | | 763 | | | | | 18,144 | | | ||||
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Property and equipment, net | | | | 274 | | | | | 186 | | | | | | 274 | | | | | 186 | | | ||||
Deferred offering costs | | | | — | | | | | 2,439 | | | | | | — | | | | | 2,439 | | | ||||
Other non-current assets | | | | 93 | | | | | 141 | | | | | | 93 | | | | | 141 | | | ||||
Total Non-Current Assets | | | | 367 | | | | | 2,766 | | | | | | 367 | | | | | 2,766 | | | ||||
Total Assets | | | $ | 1,130 | | | | $ | 20,910 | | | | | $ | 1,130 | | | | $ | 20,910 | | | ||||
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts payable | | | $ | 560 | | | | $ | 620 | | | | | $ | 560 | | | | $ | 620 | | | ||||
Accrued expenses and other current liabilities | | | | 87 | | | | | 1,778 | | | | | | 87 | | | | | 1,778 | | | ||||
Loan payable | | | | — | | | | | 174 | | | | | | — | | | | | 174 | | | ||||
Total Current Liabilities | | | | 647 | | | | | 2,572 | | | | | | 647 | | | | | 2,572 | | | ||||
Deferred rent | | | | — | | | | | 17 | | | | | | — | | | | | 17 | | | ||||
Warrant liability | | | | 829 | | | | | — | | | | | | 829 | | | | | — | | | ||||
Total Liabilities | | | | 1,476 | | | | | 2,589 | | | | | | 1,476 | | | | | 2,589 | | | ||||
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | ||||
Convertible preferred stock, par value $0.0001 per share; 7,435,616 and 27,564,260 shares authorized at December 31, 2019 and 2020, respectively; 2,713,980 shares and 9,993,727 shares, issued and outstanding at December 31, 2019 and 2020, and a liquidation preference of $10,931 and $37,969 at December 31, 2019 and 2020, respectively | | | | 8,896 | | | | | 34,900 | | | | | | 8,896 | | | | | 34,900 | | | ||||
Stockholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | ||||
Common stock, par value $0.0001 per share; 27,000,000 and 50,700,000 shares authorized at December 31, 2019 and 2020, respectively; 3,235,671 and 3,764,488 shares issued and outstanding at December 31, 2019 and 2020, respectively | | | | 1 | | | | | 1 | | | | | | 1 | | | | | 1 | | | ||||
Additional paid-in capital | | | | 238 | | | | | 1,458 | | | | | | 238 | | | | | 1,458 | | | ||||
Accumulated deficit | | | | (9,481) | | | | | (18,038) | | | | | | (9,481) | | | | | (18,038) | | | ||||
Total Stockholders’ Deficit | | | | (9,242) | | | | | (16,579) | | | | | | (9,242) | | | | | (16,579) | | | ||||
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | $ | 1,130 | | | | $ | 20,910 | | | | | $ | 1,130 | | | | $ | 20,910 | | |
| | | Year ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Operating expenses | | | | | | | | | | | | | |
Research and development | | | | $ | 2,358 | | | | | $ | 5,378 | | |
General and administrative | | | | | 2,708 | | | | | | 3,179 | | |
Loss on disposal of property and equipment | | | | | 68 | | | | | | — | | |
Total operating expenses | | | | | 5,134 | | | | | | 8,557 | | |
Loss from operations | | | | | (5,134) | | | | | | (8,557) | | |
Net loss | | | | $ | (5,134) | | | | | $ | (8,557) | | |
Net loss attributable to common stockholders – basic and diluted (Note 12) | | | | $ | (5,912) | | | | | $ | (10,340) | | |
Net loss per share attributable to common stockholders – basic and diluted | | | | $ | (1.85) | | | | | $ | (3.02) | | |
Weighted-average shares of common stock – basic and diluted | | | | | 3,188,165 | | | | | | 3,419,075 | | |
| | Convertible Preferred Stock | | Common Stock | | | Additional Paid- in-Capital | | Accumulated Deficit | | Total | | | Convertible Preferred Stock | | Common Stock | | | Additional Paid- in-Capital | | Accumulated Deficit | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Series A | | Class A | | | Series A | | Class A | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | Shares | | Amount | | | Shares | | Amount | | Shares | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | | | | 2,713,980 | | | | $ | 8,896 | | | | | 3,174,751 | | | | $ | 1 | | | | $ | 97 | | | | $ | (4,347) | | | | $ | (4,249) | | | | | | 2,713,980 | | | | $ | 8,896 | | | | | 3,174,751 | | | | $ | 1 | | | | $ | 97 | | | | $ | (4,347) | | | | $ | (4,249) | | | ||||||||||||||
Exercise of common stock – Class A | | | | — | | | | | — | | | | | 60,920 | | | | | — | | | | | 65 | | | | | — | | | | | 65 | | | | | | — | | | | | — | | | | | 60,920 | | | | | — | | | | | 65 | | | | | — | | | | | 65 | | | ||||||||||||||
Stock-based compensation expense | | | | — | | | | | — | | | | | — | | | | | — | | | | | 76 | | | | | — | | | | | 76 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 76 | | | | | — | | | | | 76 | | | ||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,134) | | | | | (5,134) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,134) | | | | | (5,134) | | | ||||||||||||||
Balance at December 31, 2019 | | | | 2,713,980 | | | | | 8,896 | | | | | 3,235,671 | | | | | 1 | | | | | 238 | | | | | (9,481) | | | | | (9,242) | | | | | | 2,713,980 | | | | | 8,896 | | | | | 3,235,671 | | | | | 1 | | | | | 238 | | | | | (9,481) | | | | | (9,242) | | | ||||||||||||||
Issuance of common stock – Class A | | | | — | | | | | — | | | | | 227,010 | | | | | — | | | | | 499 | | | | | — | | | | | 499 | | | | | | — | | | | | — | | | | | 227,010 | | | | | — | | | | | 499 | | | | | — | | | | | 499 | | | ||||||||||||||
Issuance of common stock – Class A in relation to license agreement | | | | — | | | | | — | | | | | 89,629 | | | | | — | | | | | 103 | | | | | — | | | | | 103 | | | | | | — | | | | | — | | | | | 89,629 | | | | | — | | | | | 103 | | | | | — | | | | | 103 | | | ||||||||||||||
Issuance of common stock – Class A in relation to legal settlement | | | | — | | | | | — | | | | | 200,750 | | | | | — | | | | | 248 | | | | | — | | | | | 248 | | | | | | — | | | | | — | | | | | 200,750 | | | | | — | | | | | 248 | | | | | — | | | | | 248 | | | ||||||||||||||
Exercise of common stock option – Class A | | | | — | | | | | — | | | | | 11,428 | | | | | — | | | | | 13 | | | | | — | | | | | 13 | | | | | | — | | | | | — | | | | | 11,428 | | | | | — | | | | | 13 | | | | | — | | | | | 13 | | | ||||||||||||||
Issuance of convertible preferred stock – Series A, net of $81 issuance cost | | | | 7,048,351 | | | | | 25,175 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 7,048,351 | | | | | 25,175 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
Exercise of warrants into convertible preferred stock – Series A | | | | 231,396 | | | | | 829 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 231,396 | | | | | 829 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
Stock-based compensation expense | | | | — | | | | | — | | | | | — | | | | | — | | | | | 357 | | | | | — | | | | | 357 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 357 | | | | | — | | | | | 357 | | | ||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (8,557) | | | | | (8,557) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (8,557) | | | | | (8,557) | | | ||||||||||||||
Balance at December 31, 2020 | | | | 9,993,727 | | | | $ | 34,900 | | | | | 3,764,488 | | | | $ | 1 | | | | $ | 1,458 | | | | $ | (18,038) | | | | $ | (16,579) | | | | | | 9,993,727 | | | | $ | 34,900 | | | | | 3,764,488 | | | | $ | 1 | | | | $ | 1,458 | | | | $ | (18,038) | | | | $ | (16,579) | | |
| | | Year ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (5,134) | | | | | $ | (8,557) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 96 | | | | | | 88 | | |
Loss on disposal of property and equipment | | | | | 68 | | | | | | — | | |
Non-cash stock-based compensation | | | | | 76 | | | | | | 357 | | |
Non-cash stock issuance related to license agreement | | | | | — | | | | | | 103 | | |
Non-cash stock issuance related to legal settlement | | | | | — | | | | | | 248 | | |
Deferred rent | | | | | — | | | | | | 17 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets | | | | | (100) | | | | | | 3 | | |
Other non-current assets | | | | | (65) | | | | | | (48) | | |
Other receivable | | | | | 30 | | | | | | — | | |
Accounts payable | | | | | 141 | | | | | | (160) | | |
Accrued expenses and other current liabilities | | | | | 87 | | | | | | 816 | | |
Net cash used in operating activities | | | | | (4,801) | | | | | | (7,133) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property and equipment | | | | | (330) | | | | | | — | | |
Proceeds from disposal of property and equipment | | | | | 686 | | | | | | — | | |
Net cash provided by investing activities | | | | | 356 | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options | | | | | 65 | | | | | | 13 | | |
Proceeds from issuance of common stock | | | | | — | | | | | | 499 | | |
Proceeds from issuance of loan | | | | | — | | | | | | 174 | | |
Proceeds from issuance of preferred stock, net of $81 of issuance costs | | | | | — | | | | | | 25,175 | | |
Payment of deferred offering costs | | | | | — | | | | | | (1,344) | | |
Net cash provided by financing activities | | | | | 65 | | | | | | 24,517 | | |
Net (decrease) increase in cash and restricted cash | | | | | (4,380) | | | | | | 17,384 | | |
Cash and restricted cash, beginning of year | | | | | 4,990 | | | | | | 610 | | |
Cash and restricted cash, end of year | | | | $ | 610 | | | | | $ | 17,994 | | |
Supplemental disclosure of noncash financing activities | | | | | | | | | | | | | |
Deferred offering costs included in accounts payable and accrued expenses | | | | $ | — | | | | | $ | 1,095 | | |
Exercise of convertible preferred stock warrants | | | | | — | | | | | | 829 | | |
| | | Year ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (5,134) | | | | | $ | (8,557) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 96 | | | | | | 88 | | |
Loss on disposal of property and equipment | | | | | 68 | | | | | | — | | |
Non-cash stock-based compensation | | | | | 76 | | | | | | 357 | | |
Non-cash stock issuance related to license agreement | | | | | — | | | | | | 103 | | |
Non-cash stock issuance related to legal settlement | | | | | — | | | | | | 248 | | |
Deferred rent | | | | | — | | | | | | 17 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets | | | | | (100) | | | | | | 3 | | |
Other non-current assets | | | | | (65) | | | | | | (48) | | |
Other receivable | | | | | 30 | | | | | | — | | |
Accounts payable | | | | | 141 | | | | | | (160) | | |
Accrued expenses and other current liabilities | | | | | 87 | | | | | | 816 | | |
Net cash used in operating activities | | | | | (4,801) | | | | | | (7,133) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property and equipment | | | | | (330) | | | | | | — | | |
Proceeds from disposal of property and equipment | | | | | 686 | | | | | | — | | |
Net cash provided by investing activities | | | | | 356 | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options | | | | | 65 | | | | | | 13 | | |
Proceeds from issuance of common stock | | | | | — | | | | | | 499 | | |
Proceeds from issuance of loan | | | | | — | | | | | | 174 | | |
Proceeds from issuance of preferred stock, net of $81 of issuance costs | | | | | — | | | | | | 25,175 | | |
Payment of deferred offering costs | | | | | — | | | | | | (1,344) | | |
Net cash provided by financing activities | | | | | 65 | | | | | | 24,517 | | |
Net (decrease) increase in cash and restricted cash | | | | | (4,380) | | | | | | 17,384 | | |
Cash and restricted cash, beginning of year | | | | | 4,990 | | | | | | 610 | | |
Cash and restricted cash, end of year | | | | $ | 610 | | | | | $ | 17,994 | | |
Supplemental disclosure of noncash financing activities | | | | | | | | | | | | | |
Deferred offering costs included in accounts payable and accrued expenses | | | | $ | — | | | | | $ | 1,095 | | |
Exercise of convertible preferred stock warrants | | | | | — | | | | | | 829 | | |
| | | Estimated Useful Life | |
Computer equipment | | | 3 years | |
Laboratory equipment | | | 3-5 years | |
Description | | | December 31, 2019 | | | Quoted prices active markets for identical assets (Level 1) | | | Significant other observable inputs (Level 2) | | | Significant other observable inputs (Level 3) | | ||||||||||||
Liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability | | | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
Total financial liabilities | | | | $ | 829 | | | | | $ | — | | | | | $ | — | | | | | $ | 829 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Machinery and equipment | | | | $ | 443 | | | | | $ | 443 | | |
Less accumulated depreciation | | | | | (169) | | | | | | (257) | | |
Property and equipment, net | | | | $ | 274 | | | | | $ | 186 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Accrued offering costs | | | | $ | — | | | | | $ | 876 | | |
Accrued clinical trials | | | | | — | | | | | | 376 | | |
Accrued compensation | | | | | 87 | | | | | | 400 | | |
Accrued other | | | | | — | | | | | | 126 | | |
Total accrued expenses and other current liabilities | | | | $ | 87 | | | | | $ | 1,778 | | |
| | | Year of Maturity | | | Interest Rate | | | Outstanding Principal | | |||||||||
Loan payable | | | | | 2022 | | | | | | 1.00% | | | | | $ | 174 | | |
Total loan payable | | | | | | | | | | | | | | | | | 174 | | |
| | | Options | | | Weighted- average exercise price | | | Weighted- average contractual term (in years) | | | Aggregate Intrinsic Value | | ||||||||||||
Outstanding as of January 1, 2019 | | | | | 237,773 | | | | | $ | 1.07 | | | | | | 9.86 | | | | | $ | — | | |
Granted | | | | | 287,788 | | | | | $ | 1.08 | | | | | | 9.32 | | | | | | | | |
Exercised | | | | | (60,921) | | | | | $ | 1.08 | | | | | | 0.91 | | | | | | | | |
Cancelled | | | | | (102,029) | | | | | $ | 1.08 | | | | | | 9.33 | | | | | | | | |
Outstanding as of December 31, 2019 | | | | | 362,611 | | | | | $ | 1.08 | | | | | | 9.22 | | | | | $ | 5 | | |
Granted | | | | | 929,806 | | | | | $ | 6.56 | | | | | | 9.74 | | | | | | | | |
| | | Options | | | Weighted- average exercise price | | | Weighted- average contractual term (in years) | | | Aggregate Intrinsic Value | | ||||||||||||
Exercised | | | | | (11,428) | | | | | $ | 1.09 | | | | | | 8.78 | | | | | | | | |
Cancelled | | | | | (33,831) | | | | | $ | 1.08 | | | | | | 9.02 | | | | | | | | |
Outstanding as of December 31, 2020 | | | | | 1,247,158 | | | | | $ | 5.16 | | | | | | 9.34 | | | | | $ | 1,486 | | |
Exercisable at December 31, 2020 | | | | | 149,686 | | | | | $ | 1.78 | | | | | | 8.28 | | | | | $ | 562 | | |
Nonvested at December 31, 2020 | | | | | 1,097,472 | | | | | $ | 5.63 | | | | | | 9.49 | | | | | $ | 924 | | |
|
| | | December 31, 2019 | | | December 31, 2020 | |
Expected dividend yield | | | — | | | — | |
Expected volatility | | | 81.9% – 90.1% | | | 83.3% – 90.9% | |
Risk-free interest rate | | | 1.6% – 2.5% | | | 0.3% – 1.4% | |
Expected average life (in years) | | | 5.98 – 8.97 | | | 4.25 – 9.34 | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Research and development | | | | $ | 50 | | | | | $ | 192 | | |
General and administrative | | | | | 26 | | | | | | 165 | | |
Total | | | | $ | 76 | | | | | $ | 357 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Current provision (benefit): | | | | | | | | | | | | | |
Federal | | | | $ | — | | | | | $ | — | | |
State | | | | | — | | | | | | — | | |
Total | | | | | — | | | | | | — | | |
Deferred provision (benefit): | | | | | | | | | | | | | |
Federal | | | | | (845) | | | | | | (1,569) | | |
State | | | | | (600) | | | | | | (1,116) | | |
Total | | | | | (1,445) | | | | | | (2,685) | | |
Change in valuation allowance | | | | | 1,445 | | | | | | 2,685 | | |
Income tax provision (benefit) | | | | $ | — | | | | | $ | — | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
U.S Federal statutory rate | | | | | 21% | | | | | | 21% | | |
State taxes, net of Federal Benefit | | | | | 10% | | | | | | 10% | | |
Non-deductible expenses | | | | | (1)% | | | | | | 0% | | |
Change in valuation allowance | | | | | (30)% | | | | | | (31)% | | |
Effective rate | | | | | 0% | | | | | | 0% | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Stock-based compensation | | | | $ | 14 | | | | | $ | 155 | | |
Net operating loss carryforwards and alternative minimum tax credits | | | | | 2,089 | | | | | | 4,667 | | |
Total deferred tax assets | | | | | 2,103 | | | | | | 4,822 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Property and equipment | | | | | (5) | | | | | | (38) | | |
Total deferred tax liabilities | | | | | (5) | | | | | | (38) | | |
Valuation allowance | | | | | (2,098) | | | | | | (4,784) | | |
Deferred tax assets (liabilities), net | | | | $ | — | | | | | $ | — | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss | | | | $ | (5,134) | | | | | $ | (8,557) | | |
Less: Accruals of dividends of preferred stock | | | | | (778) | | | | | | (1,783) | | |
Net loss attributable to common stockholders – basic and diluted | | | | $ | (5,912) | | | | | $ | (10,340) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common stock outstanding | | | | | 3,188,165 | | | | | | 3,419,075 | | |
Net loss per share attributable to common stockholders – basic and diluted | | | | $ | (1.85) | | | | | $ | (3.02) | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Convertible preferred stock on an if converted basis | | | | | 2,999,149 | | | | | | 9,993,727 | | |
Stock options to purchase common stock | | | | | 362,611 | | | | | | 1,247,158 | | |
Warrants to purchase preferred stock | | | | | 231,396 | | | | | | — | | |
| | | Amounts | | |||
2021 | | | | $ | 832 | | |
2022 | | | | | 562 | | |
2023 | | | | | 365 | | |
2024 | | | | | 230 | | |
2025 | | | | | 236 | | |
Thereafter | | | | | 41 | | |
Total minimum payments | | | | $ | 2,266 | | |
| | | As of | | |||||||||
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
| | | | | | | | | (unaudited) | | |||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 17,994 | | | | | $ | 15,052 | | |
Prepaid expenses and other current assets | | | | | 150 | | | | | | 320 | | |
Total Current Assets | | | | | 18,144 | | | | | | 15,372 | | |
Non-current assets | | | | | | | | | | | | | |
Property and equipment, net | | | | | 186 | | | | | | 164 | | |
Deferred offering costs | | | | | 2,439 | | | | | | 3,134 | | |
Right of use assets – financing leases | | | | | — | | | | | | 819 | | |
Right of use assets – operating leases | | | | | — | | | | | | 793 | | |
Other non-current assets | | | | | 141 | | | | | | 141 | | |
Total Non-Current Assets | | | | | 2,766 | | | | | | 5,051 | | |
Total Assets | | | | $ | 20,910 | | | | | $ | 20,423 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable | | | | $ | 620 | | | | | $ | 660 | | |
Accrued expenses and other current liabilities | | | | | 1,778 | | | | | | 1,632 | | |
Short-term financing lease liabilities | | | | | — | | | | | | 466 | | |
Short-term operating lease liabilities | | | | | — | | | | | | 130 | | |
Loan payable, current | | | | | 174 | | | | | | 174 | | |
Total Current Liabilities | | | | | 2,572 | | | | | | 3,062 | | |
Deferred rent | | | | | 17 | | | | | | — | | |
Long-term financing lease liabilities | | | | | — | | | | | | 309 | | |
Long-term operating lease liabilities | | | | | — | | | | | | 733 | | |
Total Liabilities | | | | | 2,589 | | | | | | 4,104 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Convertible preferred stock, par value $0.0001 per share; 27,564,260 shares authorized, 9,993,727 shares, issued and outstanding at December 31, 2020 and March 31, 2021, and a liquidation preference of $37,969 and $38,676 at December 31, 2020 and March 31, 2021, respectively | | | | | 34,900 | | | | | | 34,900 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share; 50,700,000 shares authorized, 3,764,488 shares issued and outstanding at December 31, 2020 and March 31, 2021 | | | | | 1 | | | | | | 1 | | |
Additional paid-in capital | | | | | 1,458 | | | | | | 1,819 | | |
Accumulated deficit | | | | | (18,038) | | | | | | (20,401) | | |
Total Stockholders’ Deficit | | | | | (16,579) | | | | | | (18,581) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | $ | 20,910 | | | | | $ | 20,423 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
| | | (unaudited) | | |||||||||
Operating expenses | | | | | | | | | | | | | |
Research and development | | | | $ | 1,052 | | | | | $ | 1,245 | | |
General and administrative | | | | | 639 | | | | | | 1,118 | | |
Total operating expenses | | | | | 1,691 | | | | | | 2,363 | | |
Loss from operations | | | | | (1,691) | | | | | | (2,363) | | |
Net loss | | | | $ | (1,691) | | | | | $ | (2,363) | | |
Net loss attributable to common stockholders – basic and diluted (Note 10) | | | | $ | (1,951) | | | | | $ | (3,069) | | |
Net loss per share attributable to common stockholders – basic and diluted | | | | $ | (0.59) | | | | | $ | (0.82) | | |
Weighted-average shares of common stock – basic and diluted | | | | | 3,305,367 | | | | | | 3,764,488 | | |
| | | Convertible Preferred Stock | | | Common Stock | | | Additional Paid-in- Capital | | | Accumulated Deficit | | | Total | | | | | |||||||||||||||||||||||||||||||||
| | | Series A | | | Class A | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | | | | | | | | | ||||||||||||||||||||||||||||||
Balance at January 1, 2020 | | | | | 2,713,980 | | | | | $ | 8,896 | | | | | | 3,235,671 | | | | | $ | 1 | | | | | $ | 238 | | | | | $ | (9,481) | | | | | $ | (9,242) | | | | | | ||||||
Issuance of common stock – Class A in relation to license agreement | | | | | — | | | | | | — | | | | | | 44,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Issuance of common stock – Class A | | | | | — | | | | | | — | | | | | | 182,500 | | | | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | | | | | ||||||
Issuance of convertible preferred stock – Series A, net of $16 issuance cost | | | | | 1,533,947 | | | | | | 5,480 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18 | | | | | | — | | | | | | 18 | | | | | | ||||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,691) | | | | | | (1,691) | | | | | | ||||||
Balance at March 31, 2020 (unaudited) | | | | | 4,247,927 | | | | | $ | 14,376 | | | | | | 3,462,182 | | | | | $ | 1 | | | | | $ | 456 | | | | | $ | (11,172) | | | | | $ | (10,715) | | | | | | ||||||
Balance at January 1, 2021 | | | | | 9,993,727 | | | | | $ | 34,900 | | | | | | 3,764,488 | | | | | $ | 1 | | | | | $ | 1,458 | | | | | $ | (18,038) | | | | | $ | (16,579) | | | | | | ||||||
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 361 | | | | | | — | | | | | | 361 | | | | | | ||||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,363) | | | | | | (2,363) | | | | | | ||||||
Balance at March 31, 2021 (unaudited) | | | | | 9,993,727 | | | | | $ | 34,900 | | | | | | 3,764,488 | | | | | $ | 1 | | | | | $ | 1,819 | | | | | $ | (20,401) | | | | | $ | (18,581) | | | | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
| | | (unaudited) | | |||||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (1,691) | | | | | $ | (2,363) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 22 | | | | | | 22 | | |
Non-cash stock-based compensation | | | | | 18 | | | | | | 361 | | |
Amortization of financing lease right-of-use assets | | | | | — | | | | | | 113 | | |
Amortization of operating lease right-of-use assets | | | | | — | | | | | | 30 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses and other current assets | | | | | 65 | | | | | | (162) | | |
Other non-current assets | | | | | (48) | | | | | | (52) | | |
Accounts payable | | | | | (60) | | | | | | (180) | | |
Accrued expenses and other current liabilities | | | | | 71 | | | | | | (298) | | |
Short-term operating lease liabilities | | | | | — | | | | | | 57 | | |
Long-term operating lease liabilities | | | | | — | | | | | | (35) | | |
Net cash used in operating activities | | | | | (1,623) | | | | | | (2,507) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from exercise of common stock options – Class A | | | | | 200 | | | | | | — | | |
Proceeds from issuance of preferred stock – Series A, net of $16 of issuance costs | | | | | 5,480 | | | | | | — | | |
Payments of financing lease obligations | | | | | — | | | | | | (112) | | |
Payment of deferred offering costs | | | | | — | | | | | | (323) | | |
Net cash provided by (used in) financing activities | | | | | 5,680 | | | | | | (435) | | |
Net increase (decrease) in cash and restricted cash | | | | | 4,057 | | | | | | (2,942) | | |
Cash and restricted cash, beginning of period | | | | | 610 | | | | | | 17,994 | | |
Cash and restricted cash, end of period | | | | $ | 4,667 | | | | | $ | 15,052 | | |
Supplemental disclosure of noncash financing activities | | | | | | | | | | | | | |
Deferred offering costs included in accounts payable and accrued expenses | | | | $ | — | | | | | $ | 1,238 | | |
Initial measurement of operating lease right-of-use assets and liabilities | | | | $ | — | | | | | $ | 3,483 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Machinery and equipment | | | | $ | 443 | | | | | $ | 443 | | |
Less accumulated depreciation | | | | | (257) | | | | | | (279) | | |
Property and equipment, net | | | | $ | 186 | | | | | $ | 164 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Accrued offering costs | | | | $ | 876 | | | | | $ | 1,028 | | |
Accrued clinical trials | | | | | 376 | | | | | | 415 | | |
Accrued compensation | | | | | 400 | | | | | | 170 | | |
Accrued other | | | | | 126 | | | | | | 19 | | |
Total accrued expenses and other current liabilities | | | | $ | 1,778 | | | | | $ | 1,632 | | |
| | | Year of Maturity | | | Interest Rate | | | Outstanding Principal | | ||||||
Loan payable | | | 2022 | | | | | 1.00% | | | | | $ | 174 | | |
Total loan payable | | | | | | | | | | | | | $ | 174 | | |
| | | Options | | | Weighted- average exercise price | | | Weighted- average contractual term (in years) | | | Aggregate Intrinsic Value | | ||||||||||||
Outstanding as of January 1, 2020 | | | | | 362,611 | | | | | $ | 1.08 | | | | | | 9.22 | | | | | $ | 5 | | |
Granted | | | | | 1,825 | | | | | $ | 1.10 | | | | | | 9.85 | | | | | | | | |
Exercised | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Cancelled | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Outstanding as of March 31, 2020 | | | | | 364,436 | | | | | $ | 1.08 | | | | | | 8.98 | | | | | $ | 8 | | |
Exercisable at March 31, 2020 | | | | | 114,587 | | | | | $ | 1.08 | | | | | | 8.83 | | | | | $ | 2 | | |
Nonvested at March 31, 2020 | | | | | 249,849 | | | | | $ | 1.08 | | | | | | 8.96 | | | | | $ | 6 | | |
Outstanding as of January 1, 2021 | | | | | 1,247,158 | | | | | $ | 5.16 | | | | | | 9.34 | | | | | $ | 1,486 | | |
Granted | | | | | 305,152 | | | | | $ | 5.36 | | | | | | 9.84 | | | | | | | | |
Exercised | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Cancelled | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Outstanding as of March 31, 2021 | | | | | 1,552,290 | | | | | $ | 5.20 | | | | | | 9.24 | | | | | $ | 1,486 | | |
Exercisable at March 31, 2021 | | | ��� | | 195,024 | | | | | $ | 2.38 | | | | | | 8.24 | | | | | $ | 643 | | |
Nonvested at March 31, 2021 | | | | | 1,357,266 | | | | | $ | 5.61 | | | | | | 9.39 | | | | | $ | 843 | | |
| | | March 31, 2020 | | | March 31, 2021 | | ||||||
Expected dividend yield | | | | | — | | | | | | — | | |
Expected volatility | | | | | 83.3% | | | | | | 88.78% | | |
Risk-free interest rate | | | | | 1.40% | | | | | | 0.67% | | |
Expected average life (in years) | | | | | 6.08 | | | | | | 6.08 | | |
| | | March 31, 2020 | | | March 31, 2021 | | ||||||
Research and development | | | | $ | 16 | | | | | $ | 168 | | |
General and administrative | | | | | 2 | | | | | | 193 | | |
Total | | | | $ | 18 | | | | | $ | 361 | | |
| | | March 31, 2020 | | | March 31, 2021 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss | | | | $ | (1,691) | | | | | $ | (2,363) | | |
Less: Accruals of dividends of preferred stock | | | | | (260) | | | | | | (706) | | |
Net loss attributable to common stockholders – basic and diluted | | | | $ | (1,951) | | | | | $ | (3,069) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average common stock outstanding | | | | | 3,305,367 | | | | | | 3,764,488 | | |
Net loss per share attributable to common stockholders – basic and diluted | | | | $ | (0.59) | | | | | $ | (0.82) | | |
| | | March 31, 2020 | | | March 31, 2021 | | ||||||
Convertible preferred stock on an if converted basis | | | | | 4,247,927 | | | | | | 9,993,727 | | |
Stock options to purchase common stock | | | | | 364,436 | | | | | | 1,552,290 | | |
Warrants to purchase preferred stock | | | | | 231,396 | | | | | | — | | |
| | | Amounts | | |||
Lease Cost | | | | | | | |
Financing lease costs: | | | | | | | |
Amortization of finance right-of-use assets | | | | $ | 113 | | |
Interest on finance lease liabilities | | | | | 21 | | |
Operating lease costs | | | | | 52 | | |
Short-term lease costs | | | | | 115 | | |
Variable lease costs | | | | | — | | |
Total minimum payments | | | | $ | 301 | | |
| Other Lease Information | | | |||||
| Cash paid for amounts included in the measurement of lease liability – finance leases | | | | $ | 21 | | |
| Cash paid for amounts included in the measurement of lease liability – operating leases | | | | $ | 133 | | |
| Weighted-average remaining lease term – finance leases | | | | | 1.86 | | |
| Weighted-average remaining lease term – operating leases | | | | | 4.92 | | |
| Weighted-average discount rate – finance leases | | | | | 10.2% | | |
| Weighted-average discount rate – operating leases | | | | | 10.4% | | |
| | | Financing | | | Operating | | ||||||
2021 | | | | $ | 400 | | | | | $ | 158 | | |
2022 | | | | | 315 | | | | | | 216 | | |
2023 | | | | | 132 | | | | | | 223 | | |
2024 | | | | | — | | | | | | 230 | | |
2025 | | | | | — | | | | | | 236 | | |
Thereafter | | | | | — | | | | | | 41 | | |
Total lease payments | | | | | 847 | | | | | | 1,104 | | |
Less: interest | | | | | (72) | | | | | | (241) | | |
Total lease liabilities | | | | $ | 775 | | | | | $ | 863 | | |
| | | B. Riley Securities | | | |
Item | | Amount | | | Amount | | ||||||||
SEC registration fee | | | $ | 7,528 | | | | | $ | 6,023 | | | ||
FINRA filing fee | | | | 14,246 | | | | | | 14,246 | | | ||
Nasdaq listing fee | | | | 150,000 | | | | | | 150,000 | | | ||
Printing expenses | | | | 100,000 | | | | | | 150,000 | | | ||
Legal fees and expenses | | | | 1,500,000 | | | | | | 2,850,000 | | | ||
Accounting fees and expenses | | | | 200,000 | | | | | | 900,000 | | | ||
Miscellaneous expenses | | | | 228,226 | | | | | | 579,731 | | | ||
Total | | | $ | 2,200,000 | | | | | $ | 4,650,000 | | |
Exhibit Number | | | Description | | |||
| | 1.1 | | | | | |
| | 3.1# | | | | | |
| | 3.2# | | | | | |
| | 3.3# | | | | | |
| | 3.4# | | | | | |
| | 4.1# | | | | | |
| | 4.2# | | | | | |
| | 5.1 | | | | | |
| | 10.1+# | | | | | |
| | 10.2+# | | | | | |
| | 10.3+# | | | | | |
| | 10.4+# | | | | | |
| | 10.5+# | | | | |
Exhibit Number | | | Description | | |||
| | 10.6+ | | | | | |
| | 10.7+# | | | | | |
| | 10.8†# | | | | | |
| | 10.9†# | | | | | |
| | 10.10†# | | | | | |
| | 10.11†# | | | | | |
| | 10.12†# | | | | | |
| | 10.13†# | | | | | |
| | 10.14†# | | | | | |
| | 10.15†# | | | | | |
| | 10.16+ | | | | | |
| | 10.17+ | | | | | |
| | 10.18+ | | | | | |
| | 10.19+# | | | | | |
| | 23.1* | | | | | |
| | 23.2 | | | | | |
| | 24.1# | | | | |
| SIGNATURE | | | TITLE | | | DATE | |
| /s/ William Ho William Ho | | | President, Chief Executive Officer and Director (Principal Executive Officer) | | | | |
| /s/ Patrick McCall Patrick McCall | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | | |
| * Alan S. Roemer | | | Chairman | | | | |
| * Peter Brandt | | | Director | | | | |
| * | | | Director | | | | |
| * Luba Greenwood | | | Director | | | July 22, 2021 | |
| * Travis Whitfill | | | Director | | | | |