|
Delaware
|
| |
2836
|
| |
84-1771427
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
|
Effie Toshav, Esq.
Robert A. Freedman, Esq. Julia Forbess, Esq. Ryan Mitteness, Esq. Fenwick & West LLP 555 California Street San Francisco, California 94104 (415) 875-2300 |
| |
Charles S. Kim
Brian Leaf Divakar Gupta Cooley LLP 4401 Eastgate Mall San Diego, California 92121 (858) 550-6000 |
|
|
Large accelerated filer ☐
|
| |
Accelerated filer ☐
|
| |
Non-accelerated filer ☒
|
| |
Smaller reporting company ☒
|
|
| | | | | | | | | |
Emerging growth company ☒
|
|
| | ||||||||||||||
Title of Each Class of Securities to be Registered
|
| | |
Proposed
Maximum Aggregate Offering Price(1)(2) |
| | |
Amount of
Registration Fee |
| ||||||
Common Stock, par value $0.0001 per share
|
| | | | $ | 100,000,000 | | | | | | $ | 10,910 | | |
| | |
Page
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| | | | 180 | | | |
| | | | F-1 | | |
(in thousands except share and per share data)
|
| |
Inception through
December 31, |
| |
Year ended
December 31, |
| |
Three months ended March 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
Statement of Operations Data
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 5,338 | | | | | $ | 15,476 | | | | | $ | 1,488 | | | | | $ | 4,134 | | |
General and administrative
|
| | | | 544 | | | | | | 1,800 | | | | | | 471 | | | | | | 952 | | |
Total operating expenses
|
| | | | 5,882 | | | | | | 17,276 | | | | | | 1,959 | | | | | | 5,086 | | |
Loss from operations
|
| | | | (5,882) | | | | | | (17,276) | | | | | | (1,959) | | | | | | (5,086) | | |
Other income (expense), net
|
| | | | — | | | | | | 11 | | | | | | 1 | | | | | | (5) | | |
Net loss
|
| | | $ | (5,882) | | | | | $ | (17,265) | | | | | $ | (1,958) | | | | | $ | (5,091) | | |
Net loss per share, basic and diluted(1)
|
| | | $ | (1.87) | | | | | $ | (5.16) | | | | | $ | (0.59) | | | | | $ | (1.50) | | |
Weighted average common shares outstanding, basic and diluted(1)
|
| | | | 3,143,631 | | | | | | 3,345,901 | | | | | | 3,333,333 | | | | | | 3,383,333 | | |
Pro forma net loss per share attributable to
common stockholders, basic and diluted |
| | | | | | | | | $ | (0.25) | | | | | | | | | | | $ | (0.07) | | |
Pro forma weighted average common shares
outstanding, basic and diluted |
| | | | | | | | | | 69,839,790 | | | | | | | | | | | | 69,877,222 | | |
| | |
As of March 31, 2021
|
| |||||||||||||||
(in thousands)
|
| |
Actual
|
| |
Pro forma(1)
|
| |
Pro forma as
Adjusted(2)(3) |
| |||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 69,912 | | | | | $ | 69,912 | | | | | $ | | | |
Working capital(4)
|
| | | | 68,444 | | | | | | 68,444 | | | | | | | | |
Total assets
|
| | | | 71,762 | | | | | | 71,762 | | | | | | | | |
Total convertible preferred stock
|
| | | | 97,188 | | | | | | — | | | | | | | | |
Total stockholders’ (deficit) equity
|
| | | | (28,105) | | | | | | 69,083 | | | | | | | | |
| | |
As of March 31, 2021
|
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma as
Adjusted(1) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 69,912 | | | | | $ | 69,912 | | | | | $ | | | |
Convertible preferred stock (Series A and B), $0.0001 par value; 66,493,889 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma; no shares authorized, issued or outstanding, pro forma as adjusted
|
| | | | 97,188 | | | | | | — | | | | | | | | |
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 86,000,000 shares authorized,
3,533,333 shares issued and 3,400,000 shares outstanding, actual; 500,000,000 shares authorized, 70,027,222 shares issued and 69,893,889 issued and outstanding, pro forma; 500,000,000 shares authorized, shares issued and shares outstanding, pro forma as adjusted |
| | | | — | | | | | | 7 | | | | | | | | |
Additional paid-in capital
|
| | | | 133 | | | | | | 97,314 | | | | | | | | |
Accumulated deficit
|
| | | | (28,238) | | | | | | (28,238) | | | | | | | | |
Total stockholders’ (deficit) equity
|
| | | | (28,105) | | | | | | 69,083 | | | | | | | | |
Total capitalization
|
| | | $ | 69,083 | | | | | $ | 69,083 | | | | | $ | | | |
|
|
Assumed initial public offering price, per share
|
| | | | | | | | | $ | | | |
|
Historical net tangible book deficit per share as of March 31, 2021
|
| | | | (8.11) | | | | | | | | |
|
Increase attributable to pro forma adjustments
|
| | | | 9.09 | | | |
|
| |||
|
Pro forma net tangible book value per share as of March 31, 2021
|
| | | | 0.98 | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to new investors in
this offering |
| | | | | | | | | | | | |
|
Pro forma as adjusted net tangible book value per share after this offering
|
| | | | | | | | | | | | |
|
Dilution per share to new investors in this offering
|
| | | | | | | | | | | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Weighted-Average
Price Per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing stockholders
|
| | | | 70,027,222 | | | | | | % | | | | | $ | 97,650 | | | | | | % | | | | | $ | 1.39 | | |
New investors
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | | | | 100.0% | | | | | $ | | | | | | 100.0% | | | | | | | | |
| | |
Inception
Through December 31, |
| |
Year Ended
December 31, |
| |
Three months ended
March 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Seribantumab | | | | $ | 4,163 | | | | | $ | 12,387 | | | | | $ | 709 | | | | | $ | 3,327 | | |
Unallocated and other research and development
expenses |
| | | | 1,026 | | | | | | 1,844 | | | | | | 656 | | | | | | 259 | | |
Unallocated personnel costs (including stock based compensation)
|
| | | | 149 | | | | | | 1,245 | | | | | | 123 | | | | | | 548 | | |
Total research and development expenses
|
| | | $ | 5,338 | | | | | $ | 15,476 | | | | | $ | 1,488 | | | | | $ | 4,134 | | |
|
| | |
Three months ended
March 31, |
| | |||||||||||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| | |||||||||||
| | |
(in thousands)
|
| | | | |||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | ||
Research and development
|
| | | $ | 1,488 | | | | | $ | 4,134 | | | | | $ | 2,646 | | | | ||
General and administrative
|
| | | | 471 | | | | | | 952 | | | | | | 481 | | | | ||
Total operating expenses
|
| | | | 1,959 | | | | | | 5,086 | | | | | | 3,127 | | | | ||
Loss from operations
|
| | | | (1,959) | | | | | | (5,086) | | | | | | (3,127) | | | | ||
Other income (expense), net
|
| | | | 1 | | | | | | (5) | | | | | | (6) | | | | ||
Net loss
|
| | | $ | (1,958) | | | | | $ | (5,091) | | | | | $ | (3,133) | | | | ||
|
| | |
Inception through
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| |
Change
|
| | |||||||||||
| | |
(in thousands)
|
| | | | |||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | ||
Research and development
|
| | | $ | 5,338 | | | | | $ | 15,476 | | | | | $ | 10,138 | | | | ||
General and administrative
|
| | | | 544 | | | | | | 1,800 | | | | | | 1,256 | | | | ||
Total operating expenses
|
| | | | 5,882 | | | | | | 17,276 | | | | | | 11,394 | | | | ||
Loss from operations
|
| | | | (5,882) | | | | | | (17,276) | | | | | | (11,394) | | | | ||
Other income, net
|
| | | | − | | | | | | 11 | | | | | | 11 | | | | ||
Net loss
|
| | | $ | (5,882) | | | | | $ | (17,265) | | | | | $ | (11,383) | | | | ||
|
| | |
Inception Through
|
| |
Year Ended
|
| |
Three months ended
March 31, |
| | | |||||||||||||||||||
| | |
December 31, 2019
|
| |
December 31, 2020
|
| |
2020
|
| |
2021
|
| | | ||||||||||||||||
| | |
(in thousands)
|
| | | | ||||||||||||||||||||||||
Statement of cash flows data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash used in operating activities
|
| | | $ | (5,450) | | | | | $ | (12,298) | | | | | $ | (1,593) | | | | | $ | (9,477) | | | | | ||||
Cash used in investing activities
|
| | | | — | | | | | | (71) | | | | | | — | | | | | | — | | | | | ||||
Cash provided by (used in) financing activities
|
| | | | 7,190 | | | | | | 90,029 | | | | | | 25,183 | | | | | | (11) | | | | | ||||
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 1,740 | | | | | $ | 77,660 | | | | | $ | 23,590 | | | | | $ | (9,488) | | | | | ||||
|
Grant Date
|
| |
Number of Shares
Subject to Options Granted |
| |
Per Share
Exercise Price of Options |
| |
Fair value of
common stock per share on date of option grant |
| |||||||||
September 17, 2019 – June 16, 2020
|
| | | | 3,484,168 | | | | | $ | 0.10 | | | | | $ | 0.10 | | |
December 30, 2020
|
| | | | 4,157,370 | | | | | $ | 0.32 | | | | | $ | 0.32 | | |
March 3, 2021
|
| | | | 167,602 | | | | | $ | 0.32 | | | | | $ | 0.32 | | |
May 7, 2021
|
| | | | 2,546,428 | | | | | $ | 0.73 | | | | | $ | 0.73 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers: | | | | | | | |
Shawn Leland, Pharm.D, R.Ph. | | |
37
|
| | President, Chief Executive Officer and Director | |
Eric J. Hall | | |
66
|
| | Interim Chief Financial Officer | |
Non-Employee Directors: | | | | | | | |
Steven A. Elms | | |
57
|
| | Chairman of the Board, Director | |
R. Michael Carruthers | | |
63
|
| | Director | |
Timothy Clackson, Ph.D. | | |
55
|
| | Director | |
Richard Gaster, M.D., Ph.D. | | |
37
|
| | Director | |
Lori Hu | | |
36
|
| | Director | |
Andrew Phillips, Ph.D.(4) | | |
50
|
| | Director | |
Colin Walsh, Ph.D. | | |
36
|
| | Director | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Option
Awards ($)(1) |
| |
All other
compensation ($) |
| |
Total ($)
|
| ||||||||||||
Steven A. Elms
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Timothy Clackson, Ph.D.
|
| | | | — | | | | | | 10,008 | | | | | | — | | | | | | 10,008 | | |
Richard Gaster, M.D., Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lori Hu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andrew Phillips, Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Colin Walsh, Ph.D.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name and Principal Position
|
| |
Salary ($)
|
| |
Non-equity
incentive plan compensation ($)(1) |
| |
Option
Awards ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total ($)
|
| |||||||||||||||
Shawn Leland, Pharm.D., R.Ph.(4)
President and Chief Executive Officer |
| | | | 315,000 | | | | | | 135,847 | | | | | | 571,367 | | | | | | 1,895 | | | | | | 1,024,109 | | |
Steven A. Elms(5)
Former Chief Executive Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant
Date(1) |
| |
Number of
Securities Underlying Unexercised Options Exercisable |
| |
Number of
Securities Underlying Unexercised Options Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Shawn Leland, Pharm.D., R.Ph.
President and Chief Executive Officer |
| | | | 09/17/2019(2) | | | | | | 529,479 | | | | | | 965,521 | | | | | | 0.10 | | | | | | 09/16/2029 | | |
| | | 12/30/2020(3) | | | | | | 0 | | | | | | 2,276,050 | | | | | | 0.32 | | | | | | 12/29/2030 | | | ||
| | | 12/30/2020(4) | | | | | | 0 | | | | | | 419,006 | | | | | | 0.32 | | | | | | 12/29/2030 | | | ||
Steven A. Elms
Former Chief Executive Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name of Stockholder
|
| |
Shares of Series A
Preferred Stock |
| |
Total
Purchase Price ($) |
| ||||||
Aisling Capital IV, LP(1)
|
| | | | 8,000,000 | | | | | | 8,000,000 | | |
Qiming U.S. Healthcare Fund II, L.P.(2)
|
| | | | 7,000,000 | | | | | | 7,000,000 | | |
Vertex Global HC Fund II Pte. Ltd.(3)
|
| | | | 7,000,000 | | | | | | 7,000,000 | | |
Entities affiliates with BVF(4)
|
| | | | 3,870,947 | | | | | | 3,870,947 | | |
Name of Stockholder
|
| |
Shares of Series B
Preferred Stock |
| |
Total Cash
Purchase Price ($) |
| ||||||
venBio Global Strategic Fund III, L.P.(1)
|
| | | | 8,380,034 | | | | | | 15,999,999 | | |
Entities affiliated with Cormorant Asset Management(2)
|
| | | | 8,380,034 | | | | | | 15,999,999 | | |
Aisling Capital IV, LP(3)
|
| | | | 1,936,834 | | | | | | 3,697,997 | | |
Qiming U.S. Healthcare Fund II, L.P.(4)
|
| | | | 1,694,730 | | | | | | 3,235,748 | | |
Vertex Global HC Fund II Pte. Ltd.(5)
|
| | | | 1,694,730 | | | | | | 3,235,748 | | |
Entities affiliated with BVF(6)
|
| | | | 968,417 | | | | | | 1,848,999 | | |
| | |
Number of shares
beneficially owned |
| |
Percentage of shares
beneficially owned (%) |
| ||||||||||||
Name of beneficial owner
|
| |
Before
offering |
| |
After
offering |
| ||||||||||||
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | |
Shawn Leland, Pharm.D., R.Ph.(1)
|
| | | | 2,768,541 | | | | | | 3.9 | | | | | | | | |
Steven A. Elms(2)
|
| | | | 11,186,834 | | | | | | 16.0 | | | | | | | | |
Eric J. Hall
|
| | | | — | | | | | | — | | | | | | — | | |
Richard Gaster, M.D., Ph.D.(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Lori Hu(4)
|
| | | | — | | | | | | — | | | | | | — | | |
Andrew Phillips, Ph.D.(5)
|
| | | | — | | | | | | — | | | | | | — | | |
Colin Walsh, Ph.D.(6)
|
| | | | — | | | | | | — | | | | | | — | | |
Timothy Clackson, Ph.D.(7)
|
| | | | 200,000 | | | | | | * | | | | | | | | |
| | |
Number of shares
beneficially owned |
| |
Percentage of shares
beneficially owned (%) |
| |||||||||
Name of beneficial owner
|
| |
Before
offering |
| |
After
offering |
| |||||||||
All executive officers and directors as a group (8 persons)
|
| | | | 14,155,375 | | | | | | 20.0 | | | | | |
Other 5% stockholders: | | | | | | | | | | | | | | | | |
Aisling Capital IV, LP(8)
|
| | | | 11,186,834 | | | | | | 16.0 | | | | | |
Entities affiliates with BVF(9)
|
| | | | 4,839,364 | | | | | | 6.9 | | | | | |
Entities affiliated with Cormorant Asset Management(10)
|
| | | | 8,380,034 | | | | | | 12.0 | | | | | |
Qiming U.S. Healthcare Fund II, L.P.(11)
|
| | | | 8,694,730 | | | | | | 12.4 | | | | | |
venBio Global Strategic Fund III, L.P.(12)
|
| | | | 8,380,034 | | | | | | 12.0 | | | | | |
Vertex Global HC Fund II Pte. Ltd.(13)
|
| | | | 8,694,730 | | | | | | 12.4 | | | | | |
Boxer Capital, LLC and affiliated entities(14)
|
| | | | 3,928,141 | | | | | | 5.6 | | | | | |
Name
|
| |
Number of
Shares |
|
J.P. Morgan Securities LLC
|
| |
|
|
Cowen and Company, LLC
|
| | | |
SVB Leerink LLC
|
| | | |
Wedbush Securities Inc.
|
| | | |
Total
|
| | | |
|
| | |
Without option to
purchase additional shares exercise |
| |
With full option to
purchase additional shares exercise |
| ||||||
Per Share
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | | |
| | |
Page(s)
|
| |||
Audited financial statements from Inception through December 31, 2019 and for the year ended December 31, 2020:
|
| | |||||
| | | | F-2 | | | |
Financial Statements | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7−F-21 | | | |
Unaudited condensed interim financial statements for the three months ended March 31, 2020
and 2021: |
| | | | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26−F-35 | | |
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,740 | | | | | $ | 79,400 | | |
Prepaid expenses and other current assets
|
| | | | 174 | | | | | | 1,386 | | |
Total current assets
|
| | | | 1,914 | | | | | | 80,786 | | |
Property and equipment, net
|
| | | | — | | | | | | 56 | | |
Other assets, net
|
| | | | — | | | | | | 65 | | |
Total assets
|
| | | $ | 1,914 | | | | | $ | 80,907 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 460 | | | | | $ | 5,679 | | |
Accrued expenses
|
| | | | 137 | | | | | | 1,106 | | |
Total current liabilities
|
| | | | 597 | | | | | | 6,785 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Restricted stock repurchase liability
|
| | | | — | | | | | | 15 | | |
Total liabilities
|
| | | | 597 | | | | | | 6,800 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Series A convertible preferred stock, $0.0001 par value; 32,450,000 authorized as of
December 31, 2019 and 2020; 7,266,750 and 32,450,000 issued and outstanding as of December 31, 2019 and 2020, respectively; aggregate liquidation preference of $7,267 and $32,450 as of December 31, 2019 and 2020, respectively |
| | | | 7,190 | | | | | | 32,373 | | |
Series B convertible preferred stock, $0.0001 par value; 0 and 34,043,889 authorized,
issued and outstanding as of December 31, 2019 and 2020, respectively; aggregate liquidation preference of $0 and $65,000 as of December 31, 2019 and 2020, respectively |
| | | | — | | | | | | 64,815 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 50,000,000 and 86,000,000 shares authorized as of December 31, 2019 and 2020, respectively; 3,333,333 and 3,533,333 issued at December 31, 2019 and 2020, respectively; 3,333,333 and 3,383,333 outstanding at December 2019 and 2020, respectively
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 9 | | | | | | 66 | | |
Accumulated deficit
|
| | | | (5,882) | | | | | | (23,147) | | |
Total stockholders’ deficit
|
| | | | (5,873) | | | | | | (23,081) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 1,914 | | | | | $ | 80,907 | | |
|
| | |
Inception Through
December 31, 2019 |
| |
Year Ended
December 31, 2020 |
| ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | $ | 5,338 | | | | | $ | 15,476 | | |
General and administrative
|
| | | | 544 | | | | | | 1,800 | | |
Total operating expenses
|
| | | | 5,882 | | | | | | 17,276 | | |
Loss from operations
|
| | | | (5,882) | | | | | | (17,276) | | |
Other income, net
|
| | | | — | | | | | | 11 | | |
Net loss
|
| | | $ | (5,882) | | | | | $ | (17,265) | | |
Net loss per share, basic and diluted
|
| | | $ | (1.87) | | | | | $ | (5.16) | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 3,143,631 | | | | | | 3,345,901 | | |
|
| | |
Series A Convertible
Preferred Stock |
| |
Series B Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Issuance of Series A
convertible preferred stock, net of issuance costs of $77 |
| | | | 7,266,750 | | | | | $ | 7,190 | | | | | | — | | | | | $ | — | | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 9 | | | | | | — | | | | | | 9 | | |
Founders' shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 3,333,333 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,882) | | | | | | (5,882) | | |
Balance at December 31, 2019
|
| | | | 7,266,750 | | | | | | 7,190 | | | | | | — | | | | | | — | | | | | | | 3,333,333 | | | | | | — | | | | | | 9 | | | | | | (5,882) | | | | | | (5,873) | | |
Issuance of Series A
convertible preferred stock, net of issuance costs of $0 |
| | | | 25,183,250 | | | | | | 25,183 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series B
convertible preferred stock, net of issuance costs of $185 |
| | | | — | | | | | | — | | | | | | 34,043,889 | | | | | | 64,815 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 52 | | | | | | — | | | | | | 52 | | |
Vesting of restricted common
stock |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 50,000 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | 5 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,265) | | | | | | (17,265) | | |
Balance at December 31, 2020
|
| | | | 32,450,000 | | | | | $ | 32,373 | | | | | | 34,043,889 | | | | | $ | 64,815 | | | | | | | 3,383,333 | | | | | $ | — | | | | | $ | 66 | | | | | $ | (23,147) | | | | | $ | (23,081) | | |
|
| | |
Inception through
December 31, 2019 |
| |
Year ended
December 31, 2020 |
| | ||||||||
Operating activities | | | | | | | | | | | | | | | ||
Net loss
|
| | | $ | (5,882) | | | | | $ | (17,265) | | | | ||
Reconciliation of net loss to net cash used in operating activities: | | | | | | | | | | | | | | | ||
Stock-based compensation
|
| | | | 9 | | | | | | 52 | | | | ||
Depreciation expense
|
| | | | — | | | | | | 15 | | | | ||
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | ||
Prepaid expenses and other current assets
|
| | | | (174) | | | | | | (1,212) | | | | ||
Other assets, net
|
| | | | — | | | | | | (65) | | | | | |
Accounts payable
|
| | | | 460 | | | | | | 5,219 | | | | ||
Accrued expenses
|
| | | | 137 | | | | | | 958 | | | | ||
Net cash used in operating activities
|
| | | | (5,450) | | | | | | (12,298) | | | | ||
Investing activities | | | | | | | | | | | | | | | ||
Purchases of property and equipment
|
| | | | — | | | | | | (71) | | | | ||
Net cash used in investing activities
|
| | | | — | | | | | | (71) | | | | ||
Financing activities | | | | | | | | | | | | | | | ||
Proceeds from the issuance of restricted common stock
|
| | | | — | | | | | | 20 | | | | ||
Proceeds from the issuance of convertible preferred stock
|
| | | | 7,267 | | | | | | 90,183 | | | | ||
Cash paid for issuance costs of convertible preferred stock
|
| | | | (77) | | | | | | (174) | | | | ||
Net cash provided by financing activities
|
| | | | 7,190 | | | | | | 90,029 | | | | ||
Increase in cash and cash equivalents
|
| | | | 1,740 | | | | | | 77,660 | | | | ||
Cash and cash equivalents, beginning of period and year
|
| | | | — | | | | | | 1,740 | | | | ||
Cash and cash equivalents, end of period and year
|
| | | $ | 1,740 | | | | | $ | 79,400 | | | | ||
Supplemental disclosure of non-cash financing activities | | | | | | | | | | | | | | | ||
Issuance costs in accrued expenses
|
| | | $ | — | | | | | $ | 11 | | | | ||
|
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Cost
|
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair Value
|
| ||||||||||||
Money market funds included in cash and cash equivalents
|
| | | $ | 76,013 | | | | | $ | — | | | | | $ | — | | | | | $ | 76,013 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Money market funds included in cash and cash equivalents
|
| | | $ | 76,013 | | | | | $ | — | | | | | $ | — | | | | | $ | 76,013 | | |
| | | | | |
December 31,
|
| |||||||||
| | |
Estimated
Useful Life |
| |
2019
|
| |
2020
|
| ||||||
Computer software
|
| | 4 years | | | | $ | — | | | | | $ | 71 | | |
Less: Accumulated depreciation
|
| | | | | | | — | | | | | | (15) | | |
Property and equipment, net
|
| | | | | | $ | — | | | | | $ | 56 | | |
|
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Accrued preclinical and clinical trial costs
|
| | | $ | 12 | | | | | $ | 505 | | |
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Accrued compensation
|
| | | | 125 | | | | | | 429 | | |
Accrued consulting
|
| | | | — | | | | | | 127 | | |
Accrued professional services
|
| | | | — | | | | | | 28 | | |
Accrued other
|
| | | | — | | | | | | 17 | | |
Total accrued expenses
|
| | | $ | 137 | | | | | $ | 1,106 | | |
|
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Carrying Value
|
| |
Liquidation
preference |
| |
Conversion
Price (per share) |
| |||||||||||||||
Series A
|
| | | | 32,450,000 | | | | | | 7,266,750 | | | | | $ | 7,190 | | | | | $ | 7,267 | | | | | $ | 1.00 | | |
Balance at December 31, 2019
|
| | | | 32,450,000 | | | | | | 7,266,750 | | | | | $ | 7,190 | | | | | $ | 7,267 | | | | | | | | |
|
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Carrying Value
|
| |
Liquidation
Preference |
| |
Conversion
Price (per share) |
| |||||||||||||||
Series A
|
| | | | 32,450,000 | | | | | | 32,450,000 | | | | | $ | 32,373 | | | | | $ | 32,450 | | | | | $ | 1.00 | | |
Series B
|
| | | | 34,043,889 | | | | | | 34,043,889 | | | | | | 64,815 | | | | | | 65,000 | | | | | $ | 1.9093 | | |
Balance at December 31, 2020
|
| | | | 66,493,889 | | | | | | 66,493,889 | | | | | $ | 97,188 | | | | | $ | 97,450 | | | | | | | | |
|
| | |
Inception
Through December 31, 2019 |
| |
Year Ended
December 31, 2020 |
| ||||||
Research and development
|
| | | $ | 2 | | | | | $ | 24 | | |
General and administrative
|
| | | | 7 | | | | | | 28 | | |
Stock-based compensation expense included in operating expenses
|
| | | $ | 9 | | | | | $ | 52 | | |
|
| | |
Options
|
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Granted
|
| | | | 1,942,292 | | | | | $ | 0.10 | | | | | | | | | | | | | | |
Outstanding at December 31, 2019
|
| | | | 1,942,292 | | | | | $ | 0.10 | | | | | | 9.72 | | | | | $ | — | | |
Granted
|
| | | | 5,699,246 | | | | | $ | 0.26 | | | | | | | | | | | | | | |
Early exercise
|
| | | | (200,000) | | | | | | 0.10 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020
|
| | | | 7,441,538 | | | | | $ | 0.22 | | | | | | 9.54 | | | | | $ | 723 | | |
Vested at December 31, 2020
|
| | | | 678,576 | | | | | $ | 0.10 | | | | | | 9.72 | | | | | $ | 149 | | |
Vested and expected to vest at December 31, 2020
|
| | | | 7,022,532 | | | | | $ | 0.22 | | | | | | 9.51 | | | | | $ | 723 | | |
|
| | |
Inception
Through December 31, 2019 |
| |
Year Ended
December 31, 2020 |
| |||
Risk-free interest rate
|
| | | | 1.71% | | | |
0.2%−0.75%
|
|
Volatility
|
| | | | 72% | | | |
74%−79%
|
|
Dividend yield
|
| | | | 0.00% | | | |
0.00%
|
|
Expected term (years)
|
| | | | 6 | | | |
3−6
|
|
| | |
Inception
Through December 31, 2019 |
| |
Year Ended
December 31, 2020 |
| ||||||
Profit before tax at federal statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State tax benefit, net of federal benefit
|
| | | | 0.0% | | | | | | 0.3% | | |
Research and development credit carryovers
|
| | | | 0.0% | | | | | | 1.7% | | |
Permanent differences
|
| | | | (0.7)% | | | | | | (0.6)% | | |
Change in valuation allowance
|
| | | | (20.3)% | | | | | | (22.4)% | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | 0.0% | | |
|
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Deferred tax assets and (liabilities) | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 545 | | | | | $ | 4,138 | | |
Research and development credit
|
| | | | — | | | | | | 295 | | |
Intangible assets
|
| | | | — | | | | | | 664 | | |
Gross deferred tax asset
|
| | | | 545 | | | | | | 5,097 | | |
Valuation allowance
|
| | | | (512) | | | | | | (5,083) | | |
Net deferred tax asset
|
| | | | 33 | | | | | | 14 | | |
Stock-based compensation
|
| | | | — | | | | | | (2) | | |
Intangible assets
|
| | | | (33) | | | | | | — | | |
Fixed assets
|
| | | | — | | | | | | (12) | | |
Deferred tax liabilities
|
| | | | (33) | | | | | | (14) | | |
Net deferred tax asset (liability)
|
| | | $ | — | | | | | $ | — | | |
|
| | |
Inception
Through December 31, 2019 |
| |
Year Ended
December 31, 2020 |
| ||||||
Net loss
|
| | | $ | (5,882) | | | | | $ | (17,265) | | |
Weighted average common stock outstanding, basic and diluted
|
| | | | 3,143,631 | | | | | | 3,345,901 | | |
Net loss per share, basic and diluted
|
| | | $ | (1.87) | | | | | $ | (5.16) | | |
|
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Convertible preferred shares
|
| | | | 7,266,750 | | | | | | 66,493,889 | | |
Outstanding stock options
|
| | | | 1,942,292 | | | | | | 7,441,538 | | |
Unvested restricted stock
|
| | | | — | | | | | | 150,000 | | |
| | | | | 9,209,042 | | | | | | 74,085,427 | | |
|
| | |
December 31,
|
| |
March 31,
|
| ||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 79,400 | | | | | $ | 69,912 | | |
Prepaid expenses and other current assets
|
| | | | 1,386 | | | | | | 1,198 | | |
Total current assets
|
| | | | 80,786 | | | | | | 71,110 | | |
Property and equipment, net
|
| | | | 56 | | | | | | 52 | | |
Other non-current assets
|
| | | | 65 | | | | | | 600 | | |
Total assets
|
| | | $ | 80,907 | | | | | $ | 71,762 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 5,679 | | | | | $ | 672 | | |
Accrued expenses
|
| | | | 1,106 | | | | | | 1,994 | | |
Total current liabilities
|
| | | | 6,785 | | | | | | 2,666 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Restricted stock repurchase liability
|
| | | | 15 | | | | | | 13 | | |
Total liabilities
|
| | | | 6,800 | | | | | | 2,679 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Series A convertible preferred stock, $0.0001 par value; 32,450,000 authorized,
issued and outstanding as of December 31, 2020 and March 31, 2021; aggregate liquidation preference of $32,450 as of December 31, 2020 and March 31, 2021 |
| | | | 32,373 | | | | | | 32,373 | | |
Series B convertible preferred stock, $0.0001 par value; 34,043,889 authorized,
issued and outstanding as of December 31, 2020 and March 31, 2021; aggregate liquidation preference of $65,000 as of December 31, 2020 and March 31, 2021 |
| | | | 64,815 | | | | | | 64,815 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 86,000,000 shares authorized as of December 31, 2020 and March 31, 2021; 3,533,333 issued as of December 31, 2020 and March 31, 2021; 3,383,333, and 3,400,000 outstanding as of December 31, 2020 and March 31, 2021, respectively
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 66 | | | | | | 133 | | |
Accumulated deficit
|
| | | | (23,147) | | | | | | (28,238) | | |
Total stockholders’ deficit
|
| | | | (23,081) | | | | | | (28,105) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 80,907 | | | | | $ | 71,762 | | |
|
| | |
Three months ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | $ | 1,488 | | | | | $ | 4,134 | | |
General and administrative
|
| | | | 471 | | | | | | 952 | | |
Total operating expenses
|
| | | | 1,959 | | | | | | 5,086 | | |
Loss from operations
|
| | | | (1,959) | | | | | | (5,086) | | |
Other income (expense), net
|
| | | | 1 | | | | | | (5) | | |
Net loss
|
| | | $ | (1,958) | | | | | $ | (5,091) | | |
Net loss per share, basic and diluted
|
| | | $ | (0.59) | | | | | $ | (1.50) | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 3,333,333 | | | | | | 3,383,333 | | |
|
| | |
Series A Convertible
Preferred Stock |
| |
Series B Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at
December 31, 2019 |
| | | | 7,266,750 | | | | | $ | 7,190 | | | | | | — | | | | | $ | — | | | | | | | 3,333,333 | | | | | $ | — | | | | | $ | 9 | | | | | $ | (5,882) | | | | | $ | (5,873) | | |
Issuance of Series A convertible preferred stock, net of issuance costs of $0
|
| | | | 25,183,250 | | | | | | 25,183 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 9 | | | | | | — | | | | | | 9 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,958) | | | | | | (1,958) | | |
Balance at March 31, 2020 (unaudited)
|
| | | | 32,450,000 | | | | | $ | 32,373 | | | | | | — | | | | | $ | — | | | | | | | 3,333,333 | | | | | $ | — | | | | | $ | 18 | | | | | $ | (7,840) | | | | | $ | (7,822) | | |
Balance at
December 31, 2020 |
| | | | 32,450,000 | | | | | $ | 32,373 | | | | | | 34,043,889 | | | | | $ | 64,815 | | | | | | | 3,383,333 | | | | | $ | — | | | | | $ | 66 | | | | | $ | (23,147) | | | | | $ | (23,081) | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 65 | | | | | | — | | | | | | 65 | | |
Vesting of restricted common
stock |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 16,667 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | 2 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,091) | | | | | | (5,091) | | |
Balance at March 31, 2021 (unaudited)
|
| | | | 32,450,000 | | | | | $ | 32,373 | | | | | | 34,043,889 | | | | | $ | 64,815 | | | | | | | 3,400,000 | | | | | $ | — | | | | | $ | 133 | | | | | $ | (28,238) | | | | | $ | (28,105) | | |
|
| | |
Three months ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Operating activities | | | | ||||||||||
Net loss
|
| | | $ | (1,958) | | | | | $ | (5,091) | | |
Reconciliation of net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Stock based compensation
|
| | | | 9 | | | | | | 65 | | |
Depreciation expense
|
| | | | — | | | | | | 4 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other assets
|
| | | | 127 | | | | | | (347) | | |
Accounts payable
|
| | | | 209 | | | | | | (5,007) | | |
Accrued expenses
|
| | | | 20 | | | | | | 899 | | |
Net cash used in operating activities
|
| | | | (1,593) | | | | | | (9,477) | | |
Financing activities | | | | | | | | | | | | | |
Proceeds from the issuance of convertible preferred stock
|
| | | | 25,183 | | | | | | — | | |
Cash paid for issuance costs of convertible preferred stock
|
| | | | — | | | | | | (11) | | |
Net cash provided by (used in) financing activities
|
| | | | 25,183 | | | | | | (11) | | |
Increase (decrease) in cash and cash equivalents
|
| | | | 23,590 | | | | | | (9,488) | | |
Cash and cash equivalents, beginning of period
|
| | | | 1,740 | | | | | | 79,400 | | |
Cash and cash equivalents, end of period
|
| | | $ | 25,330 | | | | | $ | 69,912 | | |
Supplemental disclosure of non-cash financing activities | | | | | | | | | | | | | |
Deferred offering costs in accrued expenses
|
| | | $ | — | | | | | $ | 448 | | |
|
| | |
As of March 31, 2021
|
| |||||||||||||||||||||
| | |
Cost
|
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair value
|
| ||||||||||||
Money market funds included in cash and cash equivalents
|
| | | $ | 69,514 | | | | | $ | — | | | | | $ | — | | | | | $ | 69,514 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Cost
|
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair value
|
| ||||||||||||
Money market funds included in cash and cash equivalents
|
| | | $ | 76,013 | | | | | $ | — | | | | | $ | — | | | | | $ | 76,013 | | |
| | |
As of March 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Money market funds included in cash and cash equivalents
|
| | | $ | 69,514 | | | | | $ | — | | | | | $ | — | | | | | $ | 69,514 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Money market funds included in cash and cash equivalents
|
| | | $ | 76,013 | | | | | $ | — | | | | | $ | — | | | | | $ | 76,013 | | |
| | |
Estimated
useful life |
| |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||
Computer software
|
| |
4 years
|
| | | $ | 71 | | | | | $ | 71 | | |
Less: Accumulated depreciation
|
| | | | | | | (15) | | | | | | (19) | | |
Property and equipment, net
|
| | | | | | $ | 56 | | | | | $ | 52 | | |
|
| | |
December 31,
2020 |
| |
March 31,
2021 |
| ||||||
Accrued preclinical and clinical trial costs
|
| | | $ | 505 | | | | | $ | 1,285 | | |
Accrued compensation
|
| | | | 429 | | | | | | 165 | | |
Accrued consulting
|
| | | | 127 | | | | | | 51 | | |
Accrued professional services
|
| | | | 28 | | | | | | 491 | | |
Accrued other
|
| | | | 17 | | | | | | 2 | | |
Total accrued expenses
|
| | | $ | 1,106 | | | | | $ | 1,994 | | |
|
| | |
As of March 31, 2021
|
| |||||||||||||||||||||||||||
| | |
Shares
authorized |
| |
Shares
issued and outstanding |
| |
Carrying value
|
| |
Liquidation
preference |
| |
Conversion
price (per share) |
| |||||||||||||||
Series A
|
| | | | 32,450,000 | | | | | | 32,450,000 | | | | | $ | 32,373 | | | | | $ | 32,450 | | | | | $ | 1.00 | | |
Series B
|
| | | | 34,043,889 | | | | | | 34,043,889 | | | | | | 64,815 | | | | | | 65,000 | | | | | $ | 1.9093 | | |
Balance as of March 31, 2021
|
| | | | 66,493,889 | | | | | | 66,493,889 | | | | | $ | 97,188 | | | | | $ | 97,450 | | | | | | | | |
|
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Shares
Authorized |
| |
Shares Issued
and Outstanding |
| |
Carrying Value
|
| |
Liquidation
Preference |
| |
Conversion
Price (per share) |
| |||||||||||||||
Series A
|
| | | | 32,450,000 | | | | | | 32,450,000 | | | | | $ | 32,373 | | | | | $ | 32,450 | | | | | $ | 1.00 | | |
Series B
|
| | | | 34,043,889 | | | | | | 34,043,889 | | | | | | 64,815 | | | | | | 65,000 | | | | | $ | 1.9093 | | |
Balance at December 31, 2020
|
| | | | 66,493,889 | | | | | | 66,493,889 | | | | | $ | 97,188 | | | | | $ | 97,450 | | | | | | | | |
|
| | |
Three months ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
Research and development
|
| | | $ | 3 | | | | | $ | 27 | | |
General and administrative
|
| | | | 6 | | | | | | 38 | | |
Share-based compensation expense included in operating expenses
|
| | | $ | 9 | | | | | $ | 65 | | |
|
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average remaining contractual term (years) |
| |
Aggregate
intrinsic value |
| ||||||||||||
Outstanding at December 31, 2020
|
| | | | 7,441,538 | | | | | $ | 0.22 | | | | | | 9.54 | | | | | $ | 723 | | |
Granted
|
| | | | 167,602 | | | | | | 0.32 | | | | | | | | | | | | | | |
Outstanding at March 31, 2021
|
| | | | 7,609,140 | | | | | | 0.23 | | | | | | 9.30 | | | | | $ | 3,842 | | |
Vested at March 31, 2021
|
| | | | 1,023,615 | | | | | | 0.10 | | | | | | 8.57 | | | | | $ | 645 | | |
Vested and expected to vest at March 31, 2021
|
| | | | 7,190,134 | | | | | $ | 0.22 | | | | | | 9.28 | | | | | $ | 3,670 | | |
|
| | |
Options
|
| |
Weighted-
average exercise price |
| |
Weighted-
average remaining contractual term (years) |
| |
Aggregate
intrinsic value |
| ||||||||||||
Outstanding at December 31, 2019
|
| | | | 1,942,292 | | | | | $ | 0.10 | | | | | | 9.72 | | | | | $ | — | | |
Granted
|
| | | | 894,584 | | | | | | 0.10 | | | | | | | | | | | | | | |
Outstanding at March 31, 2020
|
| | | | 2,836,876 | | | | | | 0.10 | | | | | | 9.62 | | | | | $ | — | | |
Vested at March 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
Vested and expected to vest at March 31, 2020
|
| | | | 2,836,876 | | | | | $ | 0.10 | | | | | | 9.62 | | | | | $ | — | | |
|
| | |
Three months ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
Risk-free interest rate
|
| | | | 0.75% | | | | | | 0.95% | | |
Volatility
|
| | | | 75% | | | | | | 77% | | |
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Expected term (years)
|
| | | | 6 | | | | | | 6 | | |
| | |
Three months ended March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
Net loss
|
| | | $ | (1,958) | | | | | $ | (5,091) | | |
Weighted average common stock outstanding, basic and diluted
|
| | | | 3,333,333 | | | | | | 3,383,333 | | |
Net loss per share, basic and diluted
|
| | | $ | (0.59) | | | | | $ | (1.50) | | |
|
| | |
March 31,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
Convertible preferred shares
|
| | | | 32,450,000 | | | | | | 66,493,889 | | |
Outsanding stock options
|
| | | | 2,836,876 | | | | | | 7,609,140 | | |
Unvested restricted stock
|
| | | | — | | | | | | 133,333 | | |
| | | | | 35,286,876 | | | | | | 74,236,362 | | |
|
| J.P. Morgan | | |
Cowen
|
| |
SVB Leerink
|
|
| | | |
Wedbush PacGrow
|
| | | |
| | | |
Amount
Paid or To Be Paid |
| |||
|
SEC registration fee
|
| | | $ | 10,910 | | |
|
FINRA filing fee
|
| | | | 15,500 | | |
|
Stock exchange listing fee
|
| | | | * | | |
|
Printing and engraving expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Blue Sky, qualification fees and expenses
|
| | | | * | | |
|
Transfer agent and registrar fees and expenses
|
| | | | * | | |
|
Miscellaneous expenses
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
|
Exhibit
Number |
| |
Description of Document
|
|
| 1.1* | | | Form of Underwriting Agreement. | |
| 3.1 | | | | |
| 3.2 | | | | |
| 3.3 | | | | |
| 3.4 | | | | |
| 4.1* | | | Form of Common Stock Certificate. | |
| 4.2 | | | | |
| 5.1* | | | Opinion of Fenwick & West LLP. | |
| 10.1* | | | Form of Indemnity Agreement. | |
| 10.2 | | | | |
| 10.3* | | | 2021 Equity Incentive Plan, to become effective on the date the registration statement is declared effective, and forms of award agreements. | |
| 10.4* | | | 2021 Employee Stock Purchase Plan, to become effective on the date the registration statement is declared effective, and forms of award agreements. | |
| 10.5^† | | | | |
| 10.6^† | | | | |
| 10.7^† | | | | |
| 10.8 | | | | |
| 10.9* | | | Form of Executive Officer Employment Agreement | |
| 23.1 | | | | |
| 23.2* | | | Consent of Fenwick & West LLP (included in Exhibit 5.1). | |
| 24.1 | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Shawn Leland, Pharm.D., R.Ph.
Shawn Leland, Pharm.D., R.Ph.
|
| |
President, Chief Executive Officer and Director
(Principal Executive Officer) |
| |
June 4, 2021
|
|
|
/s/ Eric J. Hall
Eric J. Hall
|
| |
(Principal Accounting and Financial Officer)
|
| |
June 4, 2021
|
|
|
/s/ Steven A. Elms
Steven A. Elms
|
| |
Chairman of the Board
|
| |
June 4, 2021
|
|
|
/s/ R. Michael Carruthers
R. Michael Carruthers
|
| |
Director
|
| |
June 4, 2021
|
|
|
/s/ Timothy Clackson, Ph.D.
Timothy Clackson, Ph.D.
|
| |
Director
|
| |
June 4, 2021
|
|
|
/s/ Richard Gaster, M.D., Ph.D.
Richard Gaster, M.D., Ph.D.
|
| |
Director
|
| |
June 4, 2021
|
|
|
/s/ Lori Hu
Lori Hu
|
| |
Director
|
| |
June 4, 2021
|
|
|
/s/ Andrew Phillips, Ph.D.
Andrew Phillips, Ph.D.
|
| |
Director
|
| |
June 4, 2021
|
|
|
/s/ Colin Walsh, Ph.D.
Colin Walsh, Ph.D.
|
| |
Director
|
| |
June 4, 2021
|
|