Report of Independent Registered Public Accounting Firm |
2 | |||
Combined Consolidated Balance Sheets as of December 31, 2020 and 2019 |
4 | |||
Combined Consolidated Statements of Operations for the years ended December 31, 2020 and 2019 |
5 | |||
Combined Consolidated Statements of Comprehensive Loss for the years ended December 31, 2020 and 2019 |
6 | |||
Combined Consolidated Statements of Stockholders’ (Deficit) Equity for the years ended December 31, 2020 and 2019 |
7 | |||
Combined Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019 |
8 | |||
Notes to Combined Consolidated Financial Statements |
10 |
Description of the Matter |
As discussed in Note 9 to the combined consolidated financial statements, the Company’s Executive Chairman of the Board of Directors has a controlling interest in certain entities with which the Company has entered into material transactions including shared services agreement with NantWorks and related party notes payable with NantWorks, NantCapital, NantMobile, and NantCancerStemCell. Affiliates of such entities are also affiliates of the Company due to the common control of the Company’s Executive Chairman of the Board of Directors. Assessing the sufficiency of procedures performed to identify related parties and related party transactions and determining the identified related party transactions were properly recorded, presented and disclosed was challenging due to the nature, volume and the significance of related party transactions. |
How We Addressed the Matter in Our Audit |
The audit procedures we performed included, among others, testing the completeness and accuracy of the listing of significant related parties identified and related party transactions provided by management, and testing the manner in which related party transactions were recorded, presented and disclosed. We performed journal entry searches of identified related parties to verify completeness and accuracy of the Company’s related party transactions. We also inspected questionnaires received from the Company’s directors and officers, read employment and compensation contracts, proxy statements and other relevant filings with the Securities and Exchange Commission and other regulatory agencies that relate to the Company’s financial relationships and transactions with the Company’s executive officers and with other entities controlled by the Company’s Executive Chairman of the Board of Directors. We confirmed the transactions and/or balances, as applicable, with the related parties including amounts payable to NantWorks under the shared service agreement and related party notes payable to NantCapital, NantMobile, NantWorks and NantCancerStemCell. We also obtained the underlying agreements and assessed the associated accounting and disclosures. We designed and executed our tests of account balances and transaction details to assess potential effects on the Company’s identified related parties and related party transactions. We inquired of management and members of the Company’s audit committee regarding the completeness of the related party transactions identified. |
/s/ Ernst & Young LLP |
As of December 31, |
||||||||
2020 |
2019 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Marketable securities |
||||||||
Due from related parties |
||||||||
Prepaid expenses and other current assets (including amounts with related parties) |
||||||||
Total current assets |
||||||||
Marketable securities, noncurrent |
||||||||
Property, plant and equipment, net |
||||||||
Non-marketable equity investment (Note 4) |
||||||||
Intangible asset, net |
||||||||
Convertible note receivable |
||||||||
Operating lease right-of-use |
||||||||
Other assets (including amounts with related parties) |
||||||||
Total assets |
$ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses and other liabilities |
||||||||
Due to related parties |
||||||||
Operating lease liabilities (including amounts with related parties) |
||||||||
Total current liabilities |
||||||||
Related party notes payable |
||||||||
Operating lease liabilities, less current portion (including amounts with related parties) |
||||||||
Deferred income tax liability |
||||||||
Other liabilities |
||||||||
Total liabilities |
||||||||
Commitments and contingencies (Note 8) |
||||||||
Stockholders’ (deficit) equity: |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Accumulated other comprehensive income (loss) |
( |
) | ||||||
Total ImmunityBio stockholders’ (deficit) equity |
( |
) | ||||||
Noncontrolling interests |
||||||||
Total stockholders’ (deficit) equity |
( |
) | ||||||
Total liabilities and stockholders’ (deficit) equity |
$ | $ | ||||||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Revenue |
$ | $ | ||||||
Operating expenses: |
||||||||
Research and development (including amounts with related parties) |
||||||||
Selling, general and administrative (including amounts with related parties) |
||||||||
Impairment of intangible assets |
||||||||
Total operating expenses |
||||||||
Loss from operations |
( |
) | ( |
) | ||||
Other income (expense): |
||||||||
Interest and investment income, net |
||||||||
Interest expense (including amounts with related parties) |
( |
) | ( |
) | ||||
Other income (expense), net (including amounts with related parties) |
( |
) | ||||||
Total other expense |
( |
) | ( |
) | ||||
Loss before income taxes and noncontrolling interest |
( |
) | ( |
) | ||||
Income tax benefit |
||||||||
Net loss |
( |
) | ( |
) | ||||
Net loss attributable to noncontrolling interests, net of tax |
( |
) | ( |
) | ||||
Net loss attributable to ImmunityBio common stockholders |
$ | ( |
) | $ | ( |
) | ||
Net loss per ImmunityBio common share - basic and diluted: |
$ | ( |
) | $ | ( |
) | ||
Weighted-average number of common shares used in computing net loss per share - basic and diluted |
||||||||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Other comprehensive income, net of income taxes: |
||||||||
Net unrealized gains on available-for-sale |
||||||||
Foreign currency translation adjustment |
( |
) | ||||||
Reclassification of net realized losses on available-for-sale |
||||||||
Total other comprehensive income |
||||||||
Comprehensive loss |
( |
) | ( |
) | ||||
Less: comprehensive loss attributable to noncontrolling interests |
( |
) | ( |
) | ||||
Comprehensive loss attributable to ImmunityBio common stockholders |
$ | ( |
) | $ | ( |
) | ||
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive (Loss) Income |
Total ImmunityBio Stockholders’ (Deficit) Equity |
Noncontrolling Interests |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||
Shares |
Amount |
|||||||||||||||||||||||||||||||
Balance as of December 31, 2018 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Issuance of common stock for equity investment |
||||||||||||||||||||||||||||||||
Stock-based compensation expense |
— | |||||||||||||||||||||||||||||||
Exercise of warrants |
||||||||||||||||||||||||||||||||
Exercise of stock options |
||||||||||||||||||||||||||||||||
Vesting of restricted stock units (RSUs) |
||||||||||||||||||||||||||||||||
Net share settlement for RSUs vesting and warrant exercises |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Cumulative effect of the adoption of the new lease standard |
— | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Deconsolidation of Precision Biologics |
— | |||||||||||||||||||||||||||||||
Other comprehensive income, net |
— | |||||||||||||||||||||||||||||||
Net loss |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||
Balance as of December 31, 2019 |
( |
) |
( |
) |
||||||||||||||||||||||||||||
Issuance of common stock, net of $ |
||||||||||||||||||||||||||||||||
Stock-based compensation expense |
— | |||||||||||||||||||||||||||||||
Exercise of stock options |
||||||||||||||||||||||||||||||||
Vesting of RSUs |
||||||||||||||||||||||||||||||||
Net share settlement for RSU vesting and option exercises |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Other comprehensive income |
— | |||||||||||||||||||||||||||||||
Net loss |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||
Balance as of December 31, 2020 |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Operating activities: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
||||||||
Loss on impairment of intangible assets |
||||||||
Non-cash interest items, net, including related parties |
( |
) | ||||||
Non-cash lease expense related to operating lease right-of-use |
||||||||
Stock-based compensation expense |
||||||||
Unrealized loss on non-marketable equity investment |
— | |||||||
Amortization of net premiums and discounts on marketable debt securities |
||||||||
Unrealized (gain) loss on marketable equity securities |
( |
) | ||||||
Deferred tax |
( |
) | ( |
) | ||||
Loss on impairment of fixed assets |
||||||||
Other |
||||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses and other current assets |
||||||||
Other assets |
( |
) | ( |
) | ||||
Accounts payable |
||||||||
Accrued expenses and other liabilities |
( |
) | ||||||
Due to related parties |
( |
) | ||||||
Operating lease liabilities |
( |
) | ( |
) | ||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
Investing activities: |
||||||||
Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
Proceeds from sales of property and equipment |
— | |||||||
Purchase of non-marketable equity security |
( |
) | ||||||
Payment to Precision to facilitate deconsolidation |
( |
) | ||||||
Purchases of marketable debt securities, available-for-sale |
( |
) | ( |
) | ||||
Maturities of marketable debt securities |
||||||||
Proceeds from sales of marketable debt securities |
||||||||
Net cash (used in) provided by investing activities |
( |
) | ||||||
Financing activities: |
||||||||
Proceeds from equity offerings, net of issuance costs |
||||||||
Proceeds from issuance of related party promissory notes |
||||||||
Proceeds from exercises of stock options |
||||||||
Proceeds from exercises of warrants |
||||||||
Repurchase of common stock |
( |
) | ||||||
Net share settlement for RSUs vesting and option exercises |
( |
) | ( |
) | ||||
Net cash provided by financing activities |
||||||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) | ( |
) | ||||
Net change in cash, cash equivalents and restricted cash |
( |
) | ( |
) | ||||
Cash, cash equivalents, and restricted cash, beginning of the period |
||||||||
Cash, cash equivalents, and restricted cash, end of the period |
$ | $ | ||||||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Reconciliation of cash, cash equivalents, and restricted cash, end of the period: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Cash, cash equivalents, and restricted cash, end of the period |
$ | $ | ||||||
Supplemental disclosure of cash flow information: |
||||||||
Cash paid during the period for: |
||||||||
Interest |
$ | $ | ||||||
Income taxes |
$ | $ | ||||||
Supplemental disclosure of non-cash activities: |
||||||||
Issuance of equity for warrant exercises via reduction of related party promissory notes |
$ | $ | ||||||
Property and equipment purchases included in accounts payable, accrued expenses, and due to related parties |
$ | $ | ||||||
Cashless exercise of stock options |
$ | $ | ||||||
Right-of-use |
$ | $ | ||||||
Conversion of convertible notes and accrued interest into investment in non-marketable equity security (Note 4) |
$ | $ | ||||||
Unrealized (losses) gains on marketable debt securities |
$ | ( |
) | $ |
Buildings |
||
Software |
||
Laboratory equipment |
||
Furniture & fixtures |
||
IT equipment |
||
Leasehold improvements |
• | Level 1— Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, the valuation of these products does not entail a significant degree of judgment. Our Level 1 assets consist of bank deposits and money market funds. |
• | Level 2— Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities. Our Level 2 assets consist of corporate debt securities including commercial paper, government-sponsored securities and corporate bonds, as well as foreign municipal securities. |
• | Level 3— Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Outstanding options |
||||||||
Outstanding RSUs |
||||||||
Outstanding related party warrants |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
United States |
$ | $ | ||||||
Europe |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Prepaid preclinical and clinical trial services - with related party (Note 9) |
$ | $ | ||||||
Insurance claim receivable |
||||||||
Insurance premium financing asset |
||||||||
Prepaid manufacturing services |
||||||||
Prepaid insurance |
||||||||
Prepaid services |
||||||||
Prepaid license fees |
||||||||
Interest receivable - marketable debt securities |
||||||||
Grant receivable |
||||||||
Prepaid equipment maintenance |
||||||||
Prepaid supplies - with related party (Note 9) |
||||||||
Laboratory equipment deposit |
||||||||
Prepaid rent |
||||||||
Other |
||||||||
|
|
|
|
|||||
Prepaid expenses and other current assets |
$ | $ | ||||||
|
|
|
|
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Leasehold improvements |
$ | $ | ||||||
Equipment |
||||||||
Buildings |
||||||||
Software |
||||||||
Furniture & fixtures |
||||||||
Construction in progress |
||||||||
|
|
|
|
|||||
Subtotal |
||||||||
Less: accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Property and equipment, net |
$ | $ | ||||||
|
|
|
|
As of December 31, |
||||||||
2020 |
2019 |
|||||||
VAT receivable |
$ | $ | ||||||
Security deposits |
||||||||
Prepaid software license fees |
||||||||
Restricted cash |
||||||||
Prepaid preclinical and clinical trial services - with related party (Note 9) |
||||||||
Due from related party |
||||||||
Others |
||||||||
|
|
|
|
|||||
Other assets |
$ | $ | ||||||
|
|
|
|
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Accrued professional and service fees |
$ | $ | ||||||
Accrued dissenting shares (Note 8) |
||||||||
Accrued bonus |
||||||||
Accrued preclinical and clinical trial costs |
||||||||
Accrued research and development costs |
||||||||
Accrued compensation |
||||||||
Financing obligation - current portion |
||||||||
Accrued contingent consideration payable |
||||||||
Accrued laboratory equipment and supplies |
||||||||
Accrued capital expenditures |
||||||||
Deferred revenue |
||||||||
Accrued franchise, sales, use and property taxes |
||||||||
Accrued other |
||||||||
Accrued expenses and other liabilities |
$ | $ | ||||||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Interest income |
$ | $ | ||||||
Unrealized gain (loss) from equity securities |
$ | $ | ( |
) | ||||
Investment (amortization expense) accretion income, net |
( |
) | ||||||
Net realized (losses) on investments |
( |
) | ( |
) | ||||
$ | $ | |||||||
December 31, 2020 |
||||||||||||||||||||
Weighted- Average Remaining Contractual Life (in years) |
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
||||||||||||||||
Current: |
||||||||||||||||||||
Corporate debt securities |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Mutual funds |
||||||||||||||||||||
Current portion |
( |
) | ||||||||||||||||||
Noncurrent: |
||||||||||||||||||||
Foreign bonds |
||||||||||||||||||||
Noncurrent portion |
||||||||||||||||||||
Total |
$ | $ | $ | ( |
) | $ | ||||||||||||||
December 31, 2019 |
||||||||||||||||
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
|||||||||||||
Current: |
||||||||||||||||
Corporate debt securities |
$ | $ | $ | ( |
) | $ | ||||||||||
Foreign government bonds |
||||||||||||||||
Government-sponsored securities |
( |
) | ||||||||||||||
Mutual funds |
||||||||||||||||
Current portion |
( |
) | ||||||||||||||
Noncurrent: |
||||||||||||||||
Corporate debt securities |
( |
) | ||||||||||||||
Foreign bonds |
||||||||||||||||
Noncurrent portion |
( |
) | ||||||||||||||
Total |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2020 |
||||||||||||||||
Less than 12 months |
More than 12 months |
|||||||||||||||
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
|||||||||||||
Corporate debt securities |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
Total |
$ |
$ |
( |
) |
$ |
$ |
||||||||||
December 31, 2019 |
||||||||||||||||
Less than 12 months |
More than 12 months |
|||||||||||||||
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
|||||||||||||
Corporate debt securities |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Government-sponsored securities |
( |
) | ||||||||||||||
Total |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Gross Realized Gains |
Gross Realized Losses |
Net Realized Gains (Losses) |
||||||||||
2020 |
$ | $ | ( |
) | $ | ( |
) | |||||
2019 |
$ | $ | ( |
) | $ | ( |
) |
Fair Value Measurements as of December 31, 2020 |
||||||||||||||||
Total |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
Assets: |
||||||||||||||||
Current: |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
Mutual funds |
||||||||||||||||
Equity securities |
||||||||||||||||
Corporate debt securities |
||||||||||||||||
Noncurrent: |
||||||||||||||||
Foreign bonds |
||||||||||||||||
Total assets measured at fair value |
$ | $ | $ | $ | ||||||||||||
Liabilities: |
||||||||||||||||
Contingent consideration obligation (1) |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
Fair Value Measurements as of December 31, 2019 |
||||||||||||||||
Total |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
Assets: |
||||||||||||||||
Current: |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
Corporate debt securities |
||||||||||||||||
Foreign government bonds |
||||||||||||||||
Government-sponsored securities |
||||||||||||||||
Mutual funds |
||||||||||||||||
Equity securities |
||||||||||||||||
Noncurrent: |
||||||||||||||||
Corporate debt securities |
||||||||||||||||
Total assets measured at fair value |
$ | $ | $ | $ | ||||||||||||
Liabilities: |
||||||||||||||||
Contingent consideration obligation (1) |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
(1) | The contingent consideration obligations were related to the acquisitions of VivaBioCell, S.p.A., or VivaBioCell, and Receptome, LLC, or Receptome. The contingent consideration obligations are recorded at their estimated fair values and are revalued each reporting period until the related contingencies are resolved. The fair value measurements of these obligations are based on significant inputs not observable in the market (a Level 3 measurement within the fair value hierarchy) and are reviewed periodically by management. These inputs include the estimated probabilities and timing of achieving specified development and sales milestones, as well as the discount rate used to determine the present value of these milestones. Contingent considerations may change significantly as development progresses and additional data are obtained. Significant changes that would increase or decrease the probabilities or timing of achieving the development and sales milestones would result in a corresponding increase or decrease in the fair value of the contingent consideration obligations, which would be recognized on the combined consolidated statements of operations. During the year ended December 31, 2019, a contingent milestone had been reached which resulted in the recognition of a $ accrued expenses and other current liabilities Commitments and Contingencies |
Year ended December 31, |
||||||||
2020 |
2019 |
|||||||
Fair value, beginning of the year |
$ | ( |
) | $ | ( |
) | ||
Consideration payable |
— | ( |
) | |||||
Net changes in fair value |
||||||||
Fair value, end of the year |
$ | ( |
) | $ | ( |
) | ||
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Right-of-use |
||||||||
Operating lease right-of-use assets, net (including amounts with related parties) |
$ | $ | ||||||
Short-term lease liabilities: |
||||||||
Operating lease liabilities (including amounts with related parties) |
$ | $ | ||||||
Long-term lease liabilities: |
||||||||
Operating lease liabilities (including amounts with related parties) |
$ | $ | ||||||
Total lease liabilities: |
||||||||
Operating lease liabilities (including amounts with related parties) |
$ | $ | ||||||
Other information |
||||||||
Weighted average remaining lease term |
||||||||
Weighted average discount rate |
% | % |
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Operating lease costs |
$ | $ | ||||||
Variable lease costs |
||||||||
|
|
|
|
|||||
Total lease costs |
$ | $ | ||||||
|
|
|
|
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Cash paid for amounts included in the measurement of lease liabilities |
||||||||
Operating cash flows for operating leases |
$ | $ |
Operating Leases (a) |
||||
Years ending December 31: |
||||
2021 |
$ | |||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
Thereafter |
||||
|
|
|||
Total future minimum lease payments |
||||
Less: Interest |
||||
|
|
|||
Present value of operating lease liabilities |
$ | |||
|
|
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Due from related party–NantBio |
||||||||
Due from related party–NantOmics |
||||||||
Due from related parties–Various |
||||||||
Total due from related parties |
$ | $ | ||||||
Due to related party–NantWorks |
||||||||
Due to related party–Duley Road |
||||||||
Due to related party–NantBio |
||||||||
Due to related party–NantPharma |
||||||||
Due to related party–Immuno-Oncology Clinic, Inc. |
||||||||
Total due to related parties |
$ | $ | ||||||
Related party notes payable–NantCapital |
||||||||
Related party notes payable–NantMobile |
||||||||
Related party notes payable–NantWorks |
||||||||
Related party notes payable–NCSC |
||||||||
Total related party notes payable |
$ | $ | ||||||
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Outstanding stock options |
||||||||
Outstanding RSUs |
||||||||
Outstanding related party warrants |
||||||||
Total shares reserved for future issuance |
||||||||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Stock-based compensation expense: |
||||||||
Employee stock options |
||||||||
Employee and Non-employee RSUs |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
|||||
Stock-based compensation expense in operating expenses: |
||||||||
Research and development |
$ | $ | ||||||
Selling, general and administrative |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
Number of Shares |
Weighted- Average Exercise Price |
Aggregate Intrinsic Value (in thousands) |
Weighted- Average Remaining Contractual Life (in years) |
|||||||||||||
Outstanding as of December 31, 2018 |
$ | $ | ||||||||||||||
Options exercised |
( |
) | $ | |||||||||||||
Options forfeited |
( |
) | $ | |||||||||||||
Options expired |
( |
) | $ | |||||||||||||
|
|
|||||||||||||||
Outstanding as of December 31, 2019 |
$ | $ | ||||||||||||||
Options granted |
$ | |||||||||||||||
Options exercised |
( |
) | $ | |||||||||||||
Options forfeited |
( |
) | $ | |||||||||||||
|
|
|||||||||||||||
Outstanding as of December 31, 2020 |
$ | $ | ||||||||||||||
|
|
|||||||||||||||
Vested and Exercisable as of December 31, 2020 |
$ | $ | ||||||||||||||
|
|
Exercise Prices |
Number Outstanding |
Weighted- Average Remaining Contractual Life (in years) |
Number Exercisable |
Weighted- Average Remaining Contractual Life (in years) |
||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
$ |
— | |||||||||||||||
$ |
||||||||||||||||
$ |
||||||||||||||||
|
|
|
|
|||||||||||||
|
|
|
|
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Expected term (in years) |
N/A | |||||||
Risk-free interest rate |
% | N/A | ||||||
Expected volatility |
% | N/A | ||||||
Dividend yield |
% | N/A | ||||||
Weighted-average grant date fair value |
$ | N/A |
Number of RSUs Outstanding |
Weighted- Average Grant Date Fair Value |
|||||||
Unvested balance as of December 31, 2018 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited/canceled |
( |
) | $ | |||||
|
|
|||||||
Unvested balance as of December 31, 2019 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited/canceled |
( |
) | $ | |||||
|
|
|||||||
Unvested balance as of December 31, 2020 |
$ | |||||||
|
|
Outstanding as of December 31, 2018 |
||||
Warrants exercised |
( |
) | ||
Outstanding as of December 31, 2019 |
||||
Warrants exercised |
||||
Outstanding as of December 31, 2020 |
||||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
U.S. loss before taxes |
$ | ( |
) | $ | ( |
) | ||
Foreign loss before taxes |
( |
) | ( |
) | ||||
Loss before income taxes |
$ | ( |
) | $ | ( |
) | ||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Current: |
||||||||
Federal |
$ | $ | ||||||
State |
( |
) | ( |
) | ||||
Foreign |
||||||||
Total current |
( |
) | ( |
) | ||||
Deferred: |
||||||||
Federal |
||||||||
State |
||||||||
Foreign |
||||||||
Total deferred |
||||||||
Income tax benefit |
$ | $ | ||||||
As of December 31, |
||||||||
2020 |
2019 |
|||||||
Deferred tax assets: |
||||||||
Net operating loss carryforwards |
$ | $ | ||||||
Stock compensation |
||||||||
Operating lease liabilities |
||||||||
Investments |
||||||||
Depreciation and amortization |
||||||||
Interest expense |
||||||||
Accrued compensation |
||||||||
Other accrued liabilities |
||||||||
Other |
||||||||
Total deferred tax assets |
||||||||
Deferred tax liabilities: |
||||||||
Indefinite lived intangibles |
( |
) | ( |
) | ||||
Operating lease right-of-use |
( |
) | ( |
) | ||||
Total deferred tax liabilities |
( |
) | ( |
) | ||||
Net deferred tax assets |
||||||||
Valuation allowance |
( |
) | ( |
) | ||||
Net deferred tax liability |
$ | ( |
) | $ | ( |
) | ||
For the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Tax computed at federal statutory rate |
% | % | ||||||
State income taxes, net of federal tax benefit |
( |
) | ||||||
Other permanent items |
( |
) | ||||||
Tax rate adjustment |
( |
) | ||||||
Research and development credits |
||||||||
Stock-based compensation |
( |
) | ||||||
Other |
( |
) | ||||||
Valuation allowance |
( |
) | ||||||
Effective income tax rate |
% | % | ||||||
Unrecognized tax benefits as of December 31, 2018 |
$ | |||
Decrease for prior year tax positions |
( |
) | ||
Increase for current year tax positions |
||||
Unrecognized tax benefits as of December 31, 2019 |
||||
Decrease for prior year tax positions |
( |
) | ||
Increase for current year tax positions |
||||
Unrecognized tax benefits as of December 31, 2020 |
$ | |||