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Condensed Balance Sheets |
F-2 |
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Condensed Statements of Operations and Comprehensive Income (Loss) |
F-3 |
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Condensed Statements of Convertible Preferred Stock and Stockholders’ Deficit |
F-4 |
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Condensed Statements of Cash Flows |
F-5 |
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Notes to Financial Statements (Unaudited) |
F-6 |
June 30, 2021 |
December 31, 2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Operating lease right-of-use |
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Other assets |
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Total assets |
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Liabilities, convertible preferred stock, and stockholders’ deficit |
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Current liabilities: |
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Accounts payable |
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Accrued expenses |
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Warrant liability |
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Term loans, net |
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Lease liabilities, current portion |
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Total current liabilities |
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Non-current term loans, net |
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Accrued final payment on term loans |
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Total liabilities |
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Commitments and contingencies |
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Series A convertible preferred stock, $ |
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Series B convertible preferred stock, $ |
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Series C convertible preferred stock, $ |
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Stockholders’ deficit: |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Total stockholders’ deficit |
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Total liabilities, convertible preferred stock, and stockholders’ deficit |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2020 |
2021 |
2020 |
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Collaboration revenue |
$ | — | $ | $ | — | $ | ||||||||||
Grant revenue |
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Total revenue |
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Operating expenses: |
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Research and development |
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General and administrative |
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Total operating expenses |
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Operating (loss) income |
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Other income (expense) |
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Interest income |
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Interest expense |
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Other expense |
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Loss on debt extinguishment |
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Total other expense |
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(Loss) income before income taxes |
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Income tax expense |
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Net (loss) income and comprehensive income (loss) |
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Income allocable to participating securities |
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Net (loss) income attributable to common shareholders |
$ | ( |
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Net (loss) income per share attributable to common shareholders: |
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Basic |
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Diluted |
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Weighted-average common shares outstanding: |
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Basic |
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Diluted |
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Series A |
Series B |
Series C |
Additional |
Total |
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Convertible Preferred Stock |
Convertible Preferred Stock |
Convertible Preferred Stock |
Common Stock |
Paid-in |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance at December 31, 2019 |
$ | $ | $ | $ | $ | $ | ( |
) | $ | ( |
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Stock option exercises |
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Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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Balance at March 31, 2020 |
$ | $ | $ | $ | $ | $ | ( |
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Stock option exercises |
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Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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Balance at June 30, 2020 |
$ | $ | $ | $ | $ | $ | ( |
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Balance at December 31, 2020 |
$ | $ | $ | $ | $ | $ | ( |
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Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | ( |
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Balance at March 31, 2021 |
$ | $ | $ | $ | $ | $ | ( |
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Stock option exercises |
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Stock-based compensation expense |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | ( |
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Balance at June 30, 2021 |
$ | $ | $ | $ | $ | $ | ( |
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Six Months Ended June 30, |
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2021 |
2020 |
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Operating activities: |
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Net (loss) income |
$ | ( |
) | $ | ||||
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: |
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Depreciation and amortization expense |
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Stock-based compensation |
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Loss on debt extinguishment |
— | |||||||
Loss on change in fair value of warrant liability |
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Non-cash interest expense |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
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Accounts payable |
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Accrued expenses |
( |
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Operating lease right-of-use |
( |
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Contract liabilities |
— | |||||||
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Net cash (used in) provided by operating activities |
( |
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Investing activities: |
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Proceeds from sale of fixed assets |
— | |||||||
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Net cash provided by investing activities |
— | |||||||
Financing activities: |
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Proceeds from issuance of common stock options |
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Issuance of term loans, net of issuance costs |
— | |||||||
Repayment of term loans |
( |
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Payment of offering costs |
( |
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Net cash provided by financing activities |
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Net (decrease) increase in cash and cash equivalents |
( |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
$ | $ | ||||||
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Supplemental disclosure of cash flow information |
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Interest paid |
$ | $ | ||||||
Accrued offering costs |
— | |||||||
Operating lease liabilities arising from obtaining right-of-use |
— |
Three Months Ended |
Six Months Ended |
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June 30, 2021 |
June 30, 2020 |
June 30, 2021 |
June 30, 2020 |
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Basic Net (Loss) Income per share |
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Net (loss) income |
$ | ( |
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Less: income allocated to participating securities |
( |
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Net (loss) income attributable to common shareholders |
$ | ( |
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Weighted average common shares outstanding - basic |
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Net (loss) income per share - basic |
$ | ( |
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Diluted Net (Loss) Income per share |
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Net (loss) income |
$ | ( |
) | $ | $ | ( |
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Less: income allocated to participating securities |
( |
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Net (loss) income attributable to common shareholders |
$ | ( |
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Weighted average common shares outstanding - basic |
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Weighted average effect of dilutive stock options |
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Weighted average common shares outstanding - diluted |
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Net (loss) income per share - diluted |
$ | ( |
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As of June 30, |
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2021 |
2020 |
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Series A Convertible Preferred Stock |
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Series B Convertible Preferred Stock |
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Series C Convertible Preferred Stock |
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Series C Convertible Preferred Stock Warrants |
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Stock Options Outstanding |
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Total |
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Fair Value Measurements Using |
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June 30, 2021 |
Quoted Prices in Active Markets for Identical Assets Level 1 |
Significant Other Observable Inputs Level 2 |
Significant Unobservable Inputs Level 3 |
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Assets |
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Money market funds |
$ | $ | $ | — | $ | — | ||||||||||
Total assets |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
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Preferred stock warrant liability |
$ | $ | — | $ | — | $ | ||||||||||
Total liabilities |
$ | $ | — | $ | — | $ | ||||||||||
Fair Value Measurements Using |
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December 31, 202 0 |
Quoted Prices in Active Markets for Identical Assets Level 1 |
Significant Other Observable Inputs Level 2 |
Significant Unobservable Inputs Level 3 |
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Assets |
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Money market funds |
$ | $ | $ | — | $ | — | ||||||||||
Total assets |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
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Preferred stock warrant liability |
$ | $ | — | $ | — | $ | ||||||||||
Total liabilities |
$ | $ | — | $ | — | $ | ||||||||||
June 30, 2021 |
December 31, 2020 |
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Fair value of Series C convertible preferred stock |
$ | $ | ||||||
Expected volatility |
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Risk-free interest rate |
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Expected term (in years) |
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Expected dividend yield |
— | — |
Series C Preferred Stock Warrant Liability |
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Balance at December 31, 2019 |
$ | |||
Change in fair value |
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Balance at June 30, 2020 |
$ |
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Balance at December 31, 2020 |
$ |
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Issuance of new warrants |
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Change in fair value |
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Balance at June 30, 2021 |
$ | |||
June 30, 2021 |
December 31, 2020 |
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Lab equipment |
$ | $ | ||||||
Computer and office equipment |
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Furniture and fixtures |
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Less accumulated depreciation and amortization |
( |
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$ | $ | |||||||
June 30, 2021 |
December 31, 2020 |
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Employee compensation |
$ | $ | ||||||
Research and development |
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Professional and outside services |
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Interest |
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Income taxes payable |
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Other |
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$ | $ | |||||||
Years ended December 31, |
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2023 |
$ |
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2024 |
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2025 |
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2026 |
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Unamortized debt discount |
( |
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$ |
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June 30, 2021 |
December 31, 2020 |
Exercise Price |
Expiration Date |
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Series C preferred stock warrants |
$ | |
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Series C preferred stock warrants |
$ |
Shares Authorized |
Purchase Price Per Share |
Shares Outstanding |
Liquidation Preference |
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Convertible preferred stock: |
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Series A |
$ | |
$ | |||||||||||||
Series B |
$ | $ | ||||||||||||||
Series C |
$ | $ | ||||||||||||||
Total |
$ | |||||||||||||||
Shares |
Weighted- Average Exercise Price |
Weighted- Average Remaining Contractual Term |
Aggregate Intrinsic Value |
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Outstanding at December 31, 2020 |
$ | |
$ | |||||||||||||
Granted |
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Exercised |
( |
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Cancelled |
( |
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Outstanding at June 30, 2021 |
$ | $ | |
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Vested and exercisable at June 30, 2021 |
$ | $ | ||||||||||||||
Six Months Ended June 30, | ||||
2021 |
2020 | |||
Risk-free interest rate |
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Expected volatility |
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Expected term (in years) |
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Expected dividend yield |
June 30, 2021 |
December 31, 2020 |
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Convertible preferred stock |
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Stock options issued and outstanding |
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Preferred stock warrants issued and outstanding |
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Authorized for future stock awards or option grants |
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Total |
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June 30, 2021 |
December 31, 2020 |
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Assets: |
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Operating lease right-of-use |
$ | $ | ||||||
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Total right-of-use |
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Liabilities |
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Operating lease liabilities, current |
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Operating lease liabilities, non-current |
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Total operating lease liabilities |
$ | $ | ||||||
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Remainder of 2021 |
$ | |||
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Total remaining lease payments |
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Less: imputed interest |
( |
) | ||
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Total operating lease liabilities |
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Less: current portion |
( |
) | ||
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Long-term operating lease liabilities |
$ | |||
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Weighted-average remaining lease term (in years) |
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Weighted-average discount rate |
% |