UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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, 2020
OR
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☐ |
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: 001-39323
VAXCYTE, INC.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware |
46-4233385 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
|
353 Hatch Drive Foster City, California |
94404 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (650) 837-0111
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common Stock, $0.001 par value per share |
|
PCVX |
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The Nasdaq Stock Market LLC |
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.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☐ |
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|||
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Non-accelerated filer |
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☒ |
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Smaller reporting company |
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☒ |
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Emerging growth company |
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☒ |
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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 11, 2020, the registrant had 50,949,711 shares of common stock, $0.001 par value per share, outstanding.
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Page |
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PART I. |
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Item 1. |
Financial Statements (unaudited) |
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1 |
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2 |
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Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
3 |
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5 |
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6 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 |
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Item 3. |
29 |
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Item 4. |
30 |
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PART II. |
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Item 1. |
31 |
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Item 1A. |
31 |
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Item 2. |
75 |
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Item 3. |
75 |
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Item 4. |
75 |
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Item 5. |
75 |
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Item 6. |
76 |
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77 |
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i
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
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• |
our expectations regarding the potential benefits, spectrum coverage and immunogenicity of our vaccine candidates; |
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• |
our expectations regarding our preclinical study results potentially being predictive of clinical study results; |
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• |
our belief that our pneumococcal conjugate vaccine candidates could receive regulatory approval based on a demonstration of non-inferiority to the standard of care using well-defined surrogate immune endpoints rather than requiring clinical field efficacy studies; |
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• |
the timing of the initiation, progress and potential results of our preclinical studies, clinical trials and our research and development programs; |
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• |
our ability to advance vaccine candidates into, and successfully complete, preclinical studies and clinical trials; |
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• |
the commercialization of our vaccine candidates, if approved; |
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• |
estimates of our total addressable market, future revenue, expenses, capital requirements and our needs for additional financing; |
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• |
our ability to compete effectively with existing competitors and new market entrants; |
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• |
our ability to establish and maintain intellectual property protection for our products or avoid claims of infringement; |
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• |
our manufacturing capabilities and the scalable nature of our manufacturing process; |
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• |
potential effects of extensive government regulation; |
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• |
the pricing, coverage and reimbursement of our vaccine candidates, if approved; |
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• |
our ability and the ability of our third-party contract manufacturers to operate and continue operations in light of the COVID-19 pandemic; |
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• |
our ability to hire and retain key personnel; |
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• |
our ability to obtain additional financing; |
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• |
the volatility of the trading price of our common stock; and |
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• |
our expectation regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act. |
ii
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
iii
Summary of Risks Affecting Our Business
Our business is subject to numerous risks and uncertainties, including those highlighted in the section titled “Risk Factors” later in this Quarterly Report on Form 10-Q. These risks include, but are not limited to, the following:
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• |
We are in the early stages of vaccine development and have a very limited operating history and no products approved for commercial sale, which may make it difficult for you to evaluate the success of our business to date and to assess our future viability; |
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• |
We have incurred significant net losses since inception and anticipate that we will continue to incur substantial net losses for the foreseeable future. We currently have no source of product revenue and may never achieve profitability. Our stock is a highly speculative investment; |
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• |
We will require substantial additional funding to finance our operations, which may not be available to us on acceptable terms, or at all. If we are unable to raise additional capital when needed, we could be forced to delay, reduce or terminate certain of our development programs or other operations; |
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• |
Our approach to the discovery and development of our vaccine candidates is based on novel technologies that are unproven, which may expose us to unforeseen risks and makes it difficult to predict the time and cost of vaccine candidate development and obtain regulatory approval; |
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• |
Our vaccine candidates have never been tested in human subjects and are in early, preclinical stages of development and may fail in development or suffer delays that materially and adversely affect their commercial viability. If we are unable to complete development of or commercialize our vaccine candidates or experience significant delays in doing so, our business would be materially harmed; |
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• |
The U.S. Food and Drug Administration (“FDA”) may disagree with our regulatory plan, and we may fail to obtain regulatory approval of our vaccine candidates; |
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• |
Our business is highly dependent on the success of VAX-24, which is in the early stages of development. If we are unable to obtain approval for VAX-24 and effectively commercialize VAX-24, our business would be significantly harmed; |
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• |
Our primary competitors have significantly greater resources and experience than we do, which may make it difficult for us to successfully develop our vaccine candidates, or may result in others discovering, developing or commercializing products before or more successfully than us; |
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• |
We may not be successful in our efforts to use our cell-free protein synthesis platform to expand our pipeline of vaccine candidates and develop marketable products; |
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• |
We currently rely on third-party manufacturing and supply partners, including Lonza Ltd. and Sutro Biopharma, Inc., to supply raw materials and components for, and manufacture of, our preclinical and clinical supplies as well as our vaccine candidates. Our inability to procure necessary raw materials or to have sufficient quantities of preclinical and clinical supplies or our vaccine candidates manufactured, or our failure to comply with applicable regulatory requirements or to supply sufficient quantities at acceptable quality levels or prices, or at all, would materially and adversely affect our business; |
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• |
Our business could be adversely affected by the effects of health epidemics, including the ongoing effects of the COVID-19 pandemic, in regions where we or third parties on which we rely have significant manufacturing facilities, concentrations of potential clinical trial sites or other business operations. The COVID-19 pandemic could materially affect our operations, including at our headquarters in the San Francisco Bay Area, as well as the business or operations of our contract manufacturers or other third parties with whom we conduct business; |
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• |
The FDA regulatory approval process is lengthy and time-consuming, and we may experience significant delays in the clinical development and regulatory approval of our vaccine candidates; and |
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• |
If we are unable to obtain and maintain patent protection for our technology and products, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets. |
iv
VAXCYTE, INC.
(in thousands, except share and per share data)
(unaudited)
|
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|
September 30, 2020 |
|
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December 31, 2019 |
|
||
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Assets |
|
|
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Current assets: |
|
|
|
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Cash and cash equivalents |
|
$ |
397,048 |
|
|
$ |
58,976 |
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Prepaid expenses and other current assets |
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|
3,787 |
|
|
|
2,747 |
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Total current assets |
|
|
400,835 |
|
|
|
61,723 |
|
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Property and equipment, net |
|
|
2,539 |
|
|
|
3,391 |
|
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Other assets |
|
|
442 |
|
|
|
584 |
|
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Total assets |
|
$ |
403,816 |
|
|
$ |
65,698 |
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|
|
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|
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|
|
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Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) |
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|
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Current liabilities: |
|
|
|
|
|
|
|
|
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Accounts payable |
|
$ |
10,685 |
|
|
$ |
3,376 |
|
|
Accrued compensation |
|
|
1,490 |
|
|
|
414 |
|
|
Accrued manufacturing expenses |
|
|
24,540 |
|
|
|
5,777 |
|
|
Accrued expenses (including related party accrual of $134 and $15 as of September 30, 2020 and December 31, 2019, respectively) |
|
|
2,870 |
|
|
|
1,305 |
|
|
Deferred rent — current portion |
|
|
27 |
|
|
|
19 |
|
|
Lease liability — current portion |
|
|
— |
|
|
|
161 |
|
|
Total current liabilities |
|
|
39,612 |
|
|
|
11,052 |
|
|
Deferred rent — long-term portion |
|
|
1 |
|
|
|
17 |
|
|
Redeemable convertible preferred stock warrant liability |
|
|
— |
|
|
|
450 |
|
|
Other liabilities |
|
|
128 |
|
|
|
242 |
|
|
Total liabilities |
|
|
39,741 |
|
|
|
11,761 |
|
|
|
|
|
|
|
|
|
|
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|
Commitments and contingencies (Note 5) |
|
|
|
|
|
|
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|
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Redeemable Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
Series A redeemable convertible preferred stock, $0.001 par value; 10,502,804 shares authorized at September 30, 2020 and December 31, 2019; no and 6,225,719 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively; liquidation value of $0 and $26,887 at September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
24,967 |
|
|
Series B redeemable convertible preferred stock, $0.001 par value; 11,449,515 shares authorized at September 30, 2020 and December 31, 2019; no and 6,786,896 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively; liquidation value of $0 and $60,150 at September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
55,151 |
|
|
Series C redeemable convertible preferred stock, $0.001 par value; 12,545,824 and 14,010,043 shares authorized at September 30, 2020 and December 31, 2019, respectively; no and 7,377,480 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively; liquidation value of $0 and $85,000 at September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
80,192 |
|
|
Stockholders' Equity (Deficit) |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value — 10,000,000 and no shares authorized at September 30, 2020 and December 31, 2019, respectively; no shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.001 par value — 500,000,000 and 52,000,000 shares authorized at September 30, 2020 and December 31, 2019, respectively; 50,949,490 and 4,059,909 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively |
|
|
54 |
|
|
|
7 |
|
|
Additional paid-in capital |
|
|
541,848 |
|
|
|
2,967 |
|
|
Accumulated deficit |
|
|
(177,827 |
) |
|
|
(109,347 |
) |
|
Total stockholders' equity (deficit) |
|
|
364,075 |
|
|
|
(106,373 |
) |
|
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) |
|
$ |
403,816 |
|
|
$ |
65,698 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
1
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(unaudited)
|
|
|
Three Months Ended September 30, |
|
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Nine Months Ended September 30, |
|
||||||||||
|
|
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2020 |
|
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2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development (including related party expenses of $143 and $1,011 for the three months ended September 30, 2020 and 2019, respectively, and $458 and $1,123 for the nine months ended September 30, 2020 and 2019, respectively) |
|
$ |
16,410 |
|
|
$ |
9,630 |
|
|
$ |
58,903 |
|
|
$ |
32,225 |
|
|
General and administrative |
|
|
4,898 |
|
|
|
2,510 |
|
|
|
11,225 |
|
|
|
6,089 |
|
|
Total operating expenses |
|
|
21,308 |
|
|
|
12,140 |
|
|
|
70,128 |
|
|
|
38,314 |
|
|
Loss from operations |
|
|
(21,308 |
) |
|
|
(12,140 |
) |
|
|
(70,128 |
) |
|
|
(38,314 |
) |
|
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(9 |
) |
|
|
(7 |
) |
|
|
(33 |
) |
|
Interest income |
|
|
33 |
|
|
|
120 |
|
|
|
212 |
|
|
|
537 |
|
|
Grant income |
|
|
787 |
|
|
|
54 |
|
|
|
2,152 |
|
|
|
54 |
|
|
Foreign currency transaction losses |
|
|
(530 |
) |
|
|
(186 |
) |
|
|
(709 |
) |
|
|
(417 |
) |
|
Change in fair value of the redeemable convertible preferred stock tranche liability |
|
|
— |
|
|
|
844 |
|
|
|
— |
|
|
|
2,520 |
|
|
Total other income (expense), net |
|
|
290 |
|
|
|
823 |
|
|
|
1,648 |
|
|
|
2,661 |
|
|
Net loss and comprehensive loss |
|
$ |
(21,018 |
) |
|
$ |
(11,317 |
) |
|
$ |
(68,480 |
) |
|
$ |
(35,653 |
) |
|
Net loss per share, basic and diluted |
|
$ |
(0.41 |
) |
|
$ |
(2.93 |
) |
|
$ |
(3.06 |
) |
|
$ |
(9.54 |
) |
|
Weighted-average shares outstanding, basic and diluted |
|
|
50,895,358 |
|
|
|
3,857,298 |
|
|
|
22,354,212 |
|
|
|
3,737,779 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
2
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands, except share data)
(unaudited)
|
|
|
Series A |
|
|
Series B |
|
|
Series C |
|
|
Series D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
||||||||||||||||||||||||||
|
|
|
Redeemable Convertible |
|
|
Redeemable Convertible |
|
|
Redeemable Convertible |
|
|
Redeemable Convertible |
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Stockholders’ |
|
||||||||||||||||||||||
|
|
|
Preferred Stock |
|
|
Preferred Stock |
|
|
Preferred Stock |
|
|
Preferred Stock |
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Equity |
|
||||||||||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
(Deficit) |
|
|||||||||||||
|
Balance — December 31, 2019 |
|
|
6,225,719 |
|
|
$ |
24,967 |
|
|
|
6,786,896 |
|
|
$ |
55,151 |
|
|
|
7,377,480 |
|
|
$ |
80,192 |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
4,059,909 |
|
|
$ |
7 |
|
|
$ |
2,967 |
|
|
$ |
(109,347 |
) |
|
$ |
(106,373 |
) |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
28,837 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
|
Issuance of common stock related to early exercised stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
14,819 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Vesting of early exercised stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
128 |
|
|
|
— |
|
|
|
128 |
|
|
Issuance of Series D redeemable convertible preferred stock, net of issuance cost of $125 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,220,242 |
|
|
|
109,875 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
372 |
|
|
|
— |
|
|
|
372 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,142 |
) |
|
|
(27,142 |
) |
|
Balance — March 31, 2020 |
|
|
6,225,719 |
|
|
|
24,967 |
|
|
|
6,786,896 |
|
|
|
55,151 |
|
|
|
7,377,480 |
|
|
|
80,192 |
|
|
|
8,220,242 |
|
|
|
109,875 |
|
|
|
|
4,103,565 |
|
|
|
7 |
|
|
|
3,516 |
|
|
|
(136,489 |
) |
|
|
(132,966 |
) |
|
Conversion of preferred stock |
|
|
(6,225,719 |
) |
|
|
(24,967 |
) |
|
|
(6,786,896 |
) |
|
|
(55,151 |
) |
|
|
(7,377,480 |
) |
|
|
(80,192 |
) |
|
|
(8,220,242 |
) |
|
|
(109,879 |
) |
|
|
|
28,610,337 |
|
|
|
29 |
|
|
|
270,161 |
|
|
|
— |
|
|
|
270,190 |
|
|
Conversion of common stock warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
30,278 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Conversion of preferred stock warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
16,591 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Warrant liability write-off |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
629 |
|
|
|
— |
|
|
|
629 |
|
|
Issuance of common stock upon initial public offering, net of issuance costs of $3,296 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
17,968,750 |
|
|
|
18 |
|
|
|
264,061 |
|
|
|
— |
|
|
|
264,079 |
|
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
152,177 |
|
|
|
— |
|
|
|
297 |
|
|
|
— |
|
|
|
297 |
|
|
Vesting of early exercised stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
12 |
|
|
Issuance of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,289 |
|
|
|
— |
|
|
|
1,289 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,320 |
) |
|
|
(20,320 |
) |
|
Balance — June 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
50,881,698 |
|
|
$ |
54 |
|
|
$ |
539,965 |
|
|
$ |
(156,809 |
) |
|
$ |
383,210 |
|
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
67,792 |
|
|
|
— |
|
|
$ |
108 |
|
|
|
|
|
|
|
108 |
|
|
Vesting of early exercised stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
Issuance costs for initial public offering |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
(72 |
) |
|
|
|
|
|
|
(72 |
) |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,838 |
|
|
|
— |
|
|
|
1,838 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,018 |
) |
|
|
(21,018 |
) |
|
Balance — September 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
50,949,490 |
|
|
$ |
54 |
|
|
$ |
541,848 |
|
|
$ |
(177,827 |
) |
|
$ |
364,075 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
3
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands, except share data)
(unaudited)
|
|
|
Series A |
|
|
Series B |
|
|
Series C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
Redeemable Convertible |
|
|
Redeemable Convertible |
|
|
Redeemable Convertible |
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Total |
|
|||||||||||||||||
|
|
|
Preferred Stock |
|
|
Preferred Stock |
|
|
Preferred Stock |
|
|
|
Common Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Stockholders’ |
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Deficit |
|
|||||||||||
|
Balance — December 31, 2018 |
|
|
6,225,719 |
|
|
$ |
24,967 |
|
|
|
6,786,896 |
|
|
$ |
55,151 |
|
|
|
3,688,740 |
|
|
$ |
37,692 |
|
|
|
|
3,757,403 |
|
|
$ |
6 |
|
|
$ |
1,339 |
|
|
$ |
(59,073 |
) |
|
$ |
(57,728 |
) |
|
Vesting of early exercised stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
266 |
|
|
|
— |
|
|
|
266 |
|
|
Net loss |
|
||||||||||||||||||||||||||||||||||||||||||||