UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-38841
Precision BioSciences, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware |
20-4206017 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
302 East Pettigrew St., Suite A-100 Durham, North Carolina |
27701 |
|
(Address of principal executive offices) |
(Zip Code) |
(919) 314-5512
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Stock, par value $0.000005 per share |
DTIL |
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
|
Non-accelerated filer |
☒ |
|
Smaller reporting company |
☒ |
|
|
|
|
Emerging growth company |
☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 6, 2019, the registrant had 50,787,317 shares of common stock, $0.000005 par value per share, outstanding.
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Page |
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PART I. |
5 |
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Item 1. |
5 |
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5 |
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6 |
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Condensed Consolidated Statements of Changes In Stockholders’ Equity (Deficit) |
7 |
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|
9 |
|
|
|
Notes to Unaudited Condensed Consolidated Financial Statements |
10 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
24 |
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Item 3. |
37 |
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Item 4. |
37 |
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PART II. |
38 |
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Item 1. |
38 |
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Item 1A. |
38 |
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Item 2. |
90 |
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Item 3. |
90 |
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Item 4. |
90 |
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Item 5. |
90 |
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Item 6. |
91 |
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92 |
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2
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of present and historical facts contained in this Quarterly Report on Form 10-Q, including without limitation, statements regarding our future results of operations and financial position, business strategy and approach, including related results, prospective products, planned preclinical or greenhouse studies and clinical or field trials, the status and results of our preclinical and clinical studies, expected release of interim data, expectations regarding our allogeneic chimeric antigen receptor T cell immunotherapy product candidates, capabilities of our manufacturing facility, regulatory approvals, research and development costs, expected results and likelihood of success, as well as plans and objectives of management for future operations, may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seeks,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance, or achievements, and one should avoid placing undue reliance on such statements.
Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part I. Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II. Item 1A “Risk Factors.” These risks and uncertainties include, but are not limited to:
|
• |
our ability to become profitable; |
|
• |
our ability to procure sufficient funding and requirements under our current debt instruments; |
|
• |
our limited operating history; |
|
• |
our ability to identify, develop and commercialize our product candidates; |
|
• |
our dependence on our ARCUS technology; |
|
• |
the initiation, cost, timing, progress and results of research and development activities, preclinical or greenhouse studies and clinical or field trials; |
|
• |
our or our collaborators’ ability to identify, develop and commercialize product candidates; |
|
• |
our or our collaborators’ ability to advance product candidates into, and successfully complete, clinical or field trials; |
|
• |
our or our collaborators’ ability to obtain and maintain regulatory approval of future product candidates, and any related restrictions, limitations and/or warnings in the label of an approved product candidate; |
|
• |
the regulatory landscape that will apply to our and our collaborators’ development of product candidates; |
|
• |
our ability to achieve our anticipated operating efficiencies as we commence manufacturing operations at our new facility; |
|
• |
our ability to obtain and maintain intellectual property protection for our technology and any of our product candidates; the potential for off-target editing or other adverse events, undesirable side effects or unexpected characteristics associated with any of our product candidates; |
|
• |
the success of our existing collaboration agreements; our ability to enter into new collaboration arrangements; |
3
|
• |
competition in the genome editing, biopharmaceutical, biotechnology and agricultural biotechnology fields; |
|
• |
potential manufacturing problems associated with any of our product candidates; |
|
• |
pending and potential liability lawsuits and penalties related to our technology and our product candidates; and |
|
• |
our current and future relationships with third parties. |
Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
You should read this Quarterly Report on Form 10-Q and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
4
Precision Biosciences, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
|
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
206,265 |
|
|
$ |
103,193 |
|
|
Accounts receivable |
|
|
250 |
|
|
|
523 |
|
|
Prepaid expenses |
|
|
10,738 |
|
|
|
8,913 |
|
|
Other current assets |
|
|
2,248 |
|
|
|
3,046 |
|
|
Total current assets |
|
|
219,501 |
|
|
|
115,675 |
|
|
Property, equipment, and software—net |
|
|
38,959 |
|
|
|
21,147 |
|
|
Intangible assets—net |
|
|
1,446 |
|
|
|
1,466 |
|
|
Other assets |
|
|
392 |
|
|
|
312 |
|
|
Total assets |
|
$ |
260,298 |
|
|
$ |
138,600 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,465 |
|
|
$ |
2,218 |
|
|
Accrued compensation |
|
|
2,961 |
|
|
|
965 |
|
|
Accrued clinical and research and development expenses |
|
|
3,556 |
|
|
|
1,569 |
|
|
Accrued other expenses and other current liabilities |
|
|
1,977 |
|
|
|
887 |
|
|
Deferred revenue |
|
|
10,767 |
|
|
|
8,436 |
|
|
Total current liabilities |
|
|
23,726 |
|
|
|
14,075 |
|
|
Deferred revenue—noncurrent |
|
|
77,887 |
|
|
|
82,807 |
|
|
Deferred rent—noncurrent |
|
|
2,897 |
|
|
|
1,758 |
|
|
Total liabilities |
|
|
104,510 |
|
|
|
98,640 |
|
|
Commitments and contingencies (Note 4) |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Series A convertible preferred stock; $0.0001 par value—25,650,000 shares authorized, issued and outstanding as of December 31, 2018 |
|
|
— |
|
|
|
3 |
|
|
Series B convertible preferred stock; $0.0001 par value— 21,956,100 shares authorized; 21,956,095 shares issued and outstanding as of December 31, 2018 |
|
|
— |
|
|
|
2 |
|
|
Preferred stock, $0.0001 par value— 10,000,000 shares authorized as of September 30, 2019 and no shares authorized as of December 31, 2018; no shares issued and outstanding as of September 30, 2019 |
|
|
— |
|
|
|
— |
|
|
Common stock; $0.000005 par value— 200,000,000 shares authorized, 51,470,176 shares issued and 50,659,704 shares outstanding as of September 30, 2019; 130,000,000 shares authorized, 16,717,117 shares issued and 15,906,645 shares outstanding as of December 31, 2018 |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
312,891 |
|
|
|
126,094 |
|
|
Accumulated deficit |
|
|
(156,151 |
) |
|
|
(85,187 |
) |
|
Treasury stock |
|
|
(952 |
) |
|
|
(952 |
) |
|
Total stockholders’ equity |
|
|
155,788 |
|
|
|
39,960 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
260,298 |
|
|
$ |
138,600 |
|
See notes to condensed consolidated financial statements
5
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
Revenue |
|
$ |
4,865 |
|
|
$ |
2,541 |
|
|
$ |
15,716 |
|
|
$ |
5,943 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
19,791 |
|
|
|
9,737 |
|
|
|
62,512 |
|
|
|
28,723 |
|
|
General and administrative |
|
|
7,052 |
|
|
|
3,251 |
|
|
|
18,547 |
|
|
|
9,027 |
|
|
Total operating expenses |
|
|
26,843 |
|
|
|
12,988 |
|
|
|
81,059 |
|
|
|
37,750 |
|
|
Loss from operations |
|
|
(21,978 |
) |
|
|
(10,447 |
) |
|
|
(65,343 |
) |
|
|
(31,807 |
) |
|
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of convertible note payable |
|
|
— |
|
|
|
— |
|
|
|
(9,758 |
) |
|
|
— |
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(182 |
) |
|
|
— |
|
|
Interest income |
|
|
1,236 |
|
|
|
691 |
|
|
|
3,322 |
|
|
|
1,213 |
|
|
Total other income (expense), net |
|
|
1,236 |
|
|
|
691 |
|
|
|
(6,618 |
) |
|
|
1,213 |
|
|
Net loss and net loss attributable to common stockholders |
|
$ |
(20,742 |
) |
|
$ |
(9,756 |
) |
|
$ |
(71,961 |
) |
|
$ |
(30,594 |
) |
|
Net loss per share attributable to common stockholders- basic and diluted |
|
$ |
(0.41 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.85 |
) |
|
$ |
(1.94 |
) |
|
Weighted average shares of common stock outstanding- basic and diluted |
|
|
50,623,665 |
|
|
|
15,816,748 |
|
|
|
39,002,304 |
|
|
|
15,751,091 |
|
See notes to condensed consolidated financial statements
6
Condensed Consolidated Statements of Changes in
Stockholders’ Equity (Deficit)
(In thousands, except share amounts)
(Unaudited)
|
|
|
Series A Convertible Preferred Stock |
|
|
Series B Convertible Preferred Stock |
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Treasury |
|
|
Total Stockholder's Equity |
|
|||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Stock |
|
|
(Deficit) |
|
||||||||||
|
Balance- January 1, 2019 |
|
|
25,650,000 |
|
|
$ |
3 |
|
|
|
21,956,095 |
|
|
$ |
2 |
|
|
|
16,717,117 |
|
|
|
|
$ |
— |
|
|
$ |
126,094 |
|
|
$ |
(85,187 |
) |
|
$ |
(952 |
) |
|
$ |
39,960 |
|
|
Adjustment to beginning accumulated deficit from adoption of ASU 2014-09 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
997 |
|
|
|
— |
|
|
|
997 |
|
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
145,975 |
|
|
|
|
|
— |
|
|
|
107 |
|
|
|
— |
|
|
|
— |
|
|
|
107 |
|
|
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
1,549 |
|
|
|
|
|
|
|
|
|
|
|
1,549 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
(31,783 |
) |
|
|
— |
|
|
|
(31,783 |
) |
|
Balance- March 31, 2019 |
|
|
25,650,000 |
|
|
$ |
3 |
|
|
|
21,956,095 |
|
|
$ |
2 |
|
|
|
16,863,092 |
|
|
|
|
$ |
— |
|
|
$ |
127,750 |
|
|
$ |
(115,973 |
) |
|
$ |
(952 |
) |
|
$ |
10,830 |
|
|
Conversion of convertible preferred stock into common stock upon initial public offering |
|
|
(25,650,000 |
) |
|
|
(3 |
) |
|
|
(21,956,095 |
) |
|
|
(2 |
) |
|
|
22,301,190 |
|
|
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock upon conversion of convertible notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,921,461 |
|
|
|
|
|
— |
|
|
|
49,490 |
|
|
|
— |
|
|
|
— |
|
|
|
49,490 |
|
|
Issuance of common stock in initial public offering, net of discounts and issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,085,000 |
|
|
|
|
|
— |
|
|
|
130,543 |
|
|
|
— |
|
|
|
— |
|
|
|
130,543 |
|
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
230,272 |
|
|
|
|
|
— |
|
|
|
272 |
|
|
|
|
|
|
|
|
|
|
|
272 |
|
|
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
2,279 |
|
|
|
— |
|
|
|
— |
|
|
|
2,279 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
(19,436 |
) |
|
|
— |
|
|
|
(19,436 |
) |
|
Balance- June 30, 2019 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
51,401,015 |
|
|
|
|
$ |
— |
|
|
$ |
310,339 |
|
|
$ |
(135,409 |
) |
|
$ |
(952 |
) |
|
$ |
173,978 |
|
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,161 |
|
|
|
|
|
— |
|
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
61 |
|
|
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
2,491 |
|
|
|
— |
|
|
|
— |
|
|
|
2,491 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
(20,742 |
) |
|
|
— |
|
|
|
(20,742 |
) |
|
Balance- September 30, 2019 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
51,470,176 |
|
|
|
|
$ |
— |
|
|
$ |
312,891 |
|
|
$ |
(156,151 |
) |
|
$ |
(952 |
) |
|
$ |
155,788 |
|
7
Condensed Consolidated Statements of Changes in
Stockholders’ Equity (Deficit)
(In thousands, except share amounts)
(Unaudited)
|
|
|
Series A Convertible Preferred Stock |
|
|
Series B Convertible Preferred Stock |
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Treasury |
|
|
Total Stockholder's Equity |
|
|||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Stock |
|
|
(Deficit) |
|
||||||||||
|
Balance- January 1, 2018 |
|
|
25,650,000 |
|
|
$ |
3 |
|
|
|
— |
|
|
$ |
— |
|
|
|
16,496,801 |
|
|
$ |
— |
|
|
$ |
13,691 |
|
|
$ |
(39,111 |
) |
|
$ |
(952 |
) |
|
$ |
(26,369 |
) |
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,802 |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
151 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,012 |
) |
|
|
— |
|
|
|
(9,012 |
) |
|
Balance- March 31, 2018 |
|
|
25,650,000 |
|
|
$ |
3 |
|
|
|
— |
|
|
$ |
— |
|
|
|
16,526,603 |
|
|
$ |
— |
|
|
$ |
13,900 |
|
|
$ |
(48,161 |
) |
|
$ |
(952 |
) |
|
$ |
(35,210 |
) |
|
Issuance of Series B convertible preferred stock, net of issuance costs |
|
|
— |
|
|
|
— |
|
|
|
17,579,843 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
87,824 |
|
|
|
— |
|
|
|
— |
|
|
|
87,826 |
|
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
65,449 |
|
|
|
— |
|
|
|
62 |
|
|
|
— |
|
|
|
— |
|
|
|
62 |
|
|
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
254 |
|
|
|
— |
|
|
|
— |
|
|
|
254 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,826 |
) |
|
|
— |
|
|
|
(11,826 |
) |
|
Balance- June 30, 2018 |
|
|
25,650,000 |
|
|
$ |
3 |
|
|
|
17,579,843 |
|
|
$ |
2 |
|
|
|
16,592,052 |
|
|
$ |
— |
|
|
$ |
102,040 |
|
|
$ |
(59,987 |
) |
|
$ |
(952 |
) |
|
$ |
41,106 |
|
|
Issuance of Series B convertible preferred stock, net of issuance costs |
|
|
— |
|
|
|
— |
|
|
|
4,376,252 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,917 |
|
|
|
— |
|
|
|
— |
|
|
$ |
21,917 |
|
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44,763 |
|
|
|
— |
|
|
|
27 |
|
|
|
— |
|
|
|
— |
|
|
|
27 |
|
|
Share-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
292 |
|
|
|
— |
|
|
|
— |
|
|
|
292 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,756 |
) |
|
|
— |
|
|
|
(9,756 |
) |
|
Balance- September 30, 2018 |
|
|
25,650,000 |
|
|
$ |
3 |
|
|
|
21,956,095 |
|
|
$ |
2 |
|
|
|
16,636,815 |
|
|
$ |
— |
|
|
$ |
124,276 |
|
|
$ |
(69,743 |
) |
|
$ |
(952 |
) |
|
$ |
53,586 |
|
See notes to condensed consolidated financial statements
8
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
For the Nine Months Ended September 30, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(71,961 |
) |
|
$ |
(30,594 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,508 |
|
|
|
1,555 |
|
|
Share-based compensation |
|
|
6,319 |
|
|
|
697 |
|
|
Loss on disposal of assets |
|
|
22 |
|
|
|
8 |
|
|
Non-cash interest expense |
|
|
182 |
|
|
|
— |
|
|
Change in fair value of convertible notes payable |
|
|
9,758 |
|
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
(1,826 |
) |
|
|
(8,634 |
) |
|
Accounts receivable |
|
|
273 |
|
|
|
(6,523 |
) |
|
Other assets and other current assets |
|
|
(601 |
) |
|
|
(349 |
) |
|
Accounts payable |
|
|
597 |
|
|
|
953 |
|
|
Accrued other expenses and other current liabilities |
|
|
4,862 |
|
|
|
2,780 |
|
|
Deferred revenue |
|
|
(1,592 |
) |
|
|
1,296 |
|
|
Net cash used in operating activities |
|
|
(50,459 |
) |
|
|
(38,811 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Acquisition of license rights |
|
|
— |
|
|
|
(1,400 |
) |
|
Purchases of property, equipment and software |
|
|
(19,137 |
) |
|
|
(4,407 |
) |
|
Proceeds from disposal of assets |
|
|
— |
|
|
|
15 |
|
|
Net cash used in investing activities |
|
|
(19,137 |
) |
|
|
(5,792 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from stock option exercises |
|
|
440 |
|
|
|
109 |
|
|
Issuance of Series B convertible preferred stock, net of issuance costs |
|
|
— |
|
|
|
109,741 |
|
|
Deferred offering costs |
|
|
(2,507 |
) |
|
|
(481 |
) |
|
Issuance of convertible notes |
|
|
39,550 |
|
|
|
— |
|
|
Proceeds from IPO, net of underwriting discounts and commissions |
|
|
135,185 |
|
|
|
— |
|
|
Net cash provided by financing activities |
|
|
172,668 |
|
|
|
109,369 |
|
|
Net increase in cash and cash equivalents |
|
|
103,072 |
|
|
|
64,766 |
|
|
Cash and cash equivalents—beginning of period |
|
|
103,193 |
|
|
|
62,802 |
|
|
Cash and cash equivalents —end of period |
|
$ |
206,265 |
|
|
$ |
127,568 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of noncash financing and investing activities: |
|
|
|
| ||||