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Delaware
(State or other jurisdiction of
incorporation or organization) |
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2834
(Primary Standard Industrial
Classification Code Number) |
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83-1377888
(I.R.S. Employer
Identification Number) |
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Edwin M. O’Connor, Esq.
Alicia M. Tschirhart, Esq. Goodwin Procter LLP 100 Northern Avenue Boston, MA 02210 (617) 570-1000 |
| |
Peter N. Handrinos. Esq.
Wesley C. Holmes, Esq. Latham & Watkins LLP 200 Clarendon Street Boston, MA 02116 (617) 948-6000 |
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Large Accelerated Filer
☐
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| |
Accelerated Filer
☐
|
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|
Non-Accelerated Filer
☒
|
| |
Smaller Reporting Company
☒
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| | | |
Emerging Growth Company
☒
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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
|
| | |
$
|
| | | | $ | | |
| TABLE OF CONTENTS | | | |||||
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| | | | | F-1 | | |
| | |
YEAR ENDED DECEMBER 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
(in thousands,
except share and per share amounts) |
| |||||||||||
Statements of Operations and Comprehensive Loss Data: | | | | | | | | | | | | | |
Operating expenses:
|
| | | | | | | | | | | | |
Research and development
|
| | | $ | 3,112 | | | | | $ | 7,940 | | |
General and administrative
|
| | | | 218 | | | | | | 949 | | |
Total operating expenses
|
| | | | 3,330 | | | | | | 8,889 | | |
Provision for income taxes
|
| | | | 1 | | | | | | — | | |
Loss from operations
|
| | | | (3,331) | | | | | | (8,889) | | |
Other income (expense), net
|
| | | | 1 | | | | | | (722) | | |
Net loss and comprehensive loss
|
| | | $ | (3,330) | | | | | $ | (9,611) | | |
Net loss per share, basic and diluted(1)
|
| | | $ | (4.44) | | | | | $ | (12.98) | | |
Weighted-average shares of common stock outstanding, basic and diluted(1)
|
| | | | 750,000 | | | | | | 752,377 | | |
Pro forma net loss per share, basic and diluted(2)
|
| | | | | | | | | $ | | | |
Pro forma weighted-average shares of common stock outstanding, basic and diluted(2)
|
| | | | | | | | | | | | |
|
| | |
As of December 31, 2020
|
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|
Actual
|
| |
Pro Forma(1)
|
| |
Pro Forma as
Adjusted(2) |
| |||||
|
(in thousands)
|
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| | | | | | | | |
(unaudited)
|
| |||
Balance Sheet Data: | | | | | | | | | | | | | |
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 4,573 | | | | | | | | |
Working capital(3). . . . . . . . . . . . . . . . . . . . . .
|
| | | | 2,902 | | | | | | | | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 4,715 | | | | | | | | |
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 1,774 | | | | | | | | |
Convertible preferred stock . . . . . . . . . . . . . .
|
| | | | 16,285 | | | | | | | | |
Total accumulated deficit . . . . . . . . . . . . . . . .
|
| | | | (13,407) | | | | | | | | |
Total stockholders’ deficit . . . . . . . . . . . . . . . .
|
| | | | (13,344) | | | | | | | | |
| | |
As of December 31, 2020
|
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|
Actual
|
| |
Pro Forma
|
| |
Pro Forma as
Adjusted (1) |
| |||||||||||
| | | | | | |
(unaudited)
|
| |||||||||||
|
(in thousands, except share and per share amounts)
|
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Cash | | | | $ | 4,573 | | | | | | | | | | $ | — | | | |
Series A redeemable convertible preferred shares, $0.0001 par value: 40,052,154 shares authorized, 6,489,534 issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 12,285 | | | | | | | | | | | | | | |
Series seed redeemable convertible preferred shares, $0.0001 par value: 4,000,000 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 4,000 | | | | | | | | | | | | | | |
Stockholders’ deficit: | | | | | | | | | | | | | | | | | | | |
Common Stock, $0.0001 par value: 50,000,000 shares authorized, 755,000 issued and outstanding, actual; shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | — | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 63 | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (13,407) | | | | | | | | | | | | | | |
Total stockholders’ deficit
|
| | | | (13,344) | | | | | | | | | | | | | | |
Total capitalization
|
| | | $ | 2,941 | | | | | | | | | | | | | | |
|
|
Assumed initial public offering price per share
|
| | | $ | | | | | | | | | |
|
Historical net tangible book value per share as of December 31, 2020
|
| | | $ | (17.67) | | | | | | | | |
|
Increase in net tangible book value per share attributable to the pro forma adjustments described above
|
| | | $ | | | | | | | | | |
|
Pro forma net tangible book value per share as of December 31, 2020, before giving effect to this offering
|
| | | $ | | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to investors purchasing shares in this offering
|
| | | $ | | | | | | | | | |
|
Pro forma as adjusted net tangible book value per share immediately after this offering
|
| | | | | | | | | | | | |
|
Dilution in pro forma as adjusted net tangible book value per share to new investors
purchasing shares in this offering |
| | | | | | | | | | | | |
|
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
Per Share |
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| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
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Existing stockholders
|
| | | | | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
New investors
|
| | | | | | | | | | | | | | | | | | | | | | | | | $ | | | |||
Total
|
| | | | | | | | | 100.0% | | | | | $ | | | | | | 100.0% | | | | | | | | | ||
|
| | |
Years Ended December 31,
|
| | | | | | | |||||||||
| | |
2019
|
| |
2020
|
| |
Change
|
| |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 3,112 | | | | | $ | 7,940 | | | | | $ | 4,828 | | |
General and administrative
|
| | | | 218 | | | | | | 949 | | | | | | 731 | | |
Total operating expenses
|
| | | | 3,330 | | | | | | 8,889 | | | | | | 5,559 | | |
Provision for income taxes
|
| | | | 1 | | | | | | — | | | | | | (1) | | |
Loss from operations
|
| | | | (3,331) | | | | | | (8,889) | | | | | | (5,558) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | — | | | | | | (75) | | | | | | (75) | | |
Change in fair value of convertible promissory notes
|
| | | | — | | | | | | (644) | | | | | | (644) | | |
Other income (expense)
|
| | | | 1 | | | | | | (3) | | | | | | (4) | | |
Total other income (expense)
|
| | | | 1 | | | | | | (722) | | | | | | (723) | | |
Net loss and comprehensive loss
|
| | | $ | (3,330) | | | | | $ | (9,611) | | | | | $ | (6,281) | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
Net cash used in operating activities
|
| | | $ | (2,781) | | | | | $ | (7,859) | | |
Net cash provided by financing activities
|
| | | | 2,500 | | | | | | 8,918 | | |
Net (decrease) increase in cash
|
| | | $ | (281) | | | | | $ | 1,059 | | |
|