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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 |
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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
☒
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Smaller Reporting Company
☒
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Emerging Growth Company
☒
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Title of Each Class
of Securities to be Registered |
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share(2) |
| | |
Proposed Maximum
Aggregate Offering Price(3) |
| | |
Amount of
Registration Fee(4) |
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Common Stock, par value $0.0001 per share
|
| | |
8,222,500
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| | | | $ | 15.00 | | | | | | $ | 123,337,500 | | | | | | $ | 13,456.13 | | |
| TABLE OF CONTENTS | | | |||||
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| | | | | F-1 | | |
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YEAR ENDED
DECEMEBER 31, |
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Three Months ENDED
MARCH 31, |
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2019
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2020
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2020
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2021
|
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(in thousands, except share and per share amounts)
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(unaudited)
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Statements of Operations and Comprehensive
Loss Data: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 3,112 | | | | | $ | 7,940 | | | | | $ | 1,206 | | | | | $ | 2,196 | | |
General and administrative
|
| | | | 218 | | | | | | 949 | | | | | | 152 | | | | | | 584 | | |
Total operating expensess
|
| | | | 3,330 | | | | | | 8,889 | | | | | | 1,358 | | | | | | 2,780 | | |
Provision for income taxes
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Loss from operations
|
| | | | (3,331) | | | | | | (8,889) | | | | | | (1,358) | | | | | | (2,780) | | |
Other income (expense), net
|
| | | | 1 | | | | | | (722) | | | | | | (78) | | | | | | (1) | | |
Net loss and comprehensive loss
|
| | | $ | (3,330) | | | | | $ | (9,611) | | | | | $ | (1,436) | | | | | $ | (2,781) | | |
Net loss per share, basic and diluted(1)(3)
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| | | $ | (13.79) | | | | | $ | (40.31) | | | | | $ | (5.95) | | | | | $ | (11.49) | | |
Weighted-average shares of common stock outstanding, basic and diluted(1)(3)
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| | | | 241,467 | | | | | | 242,232 | | | | | | 241,467 | | | | | | 243,076 | | |
Pro forma net loss per share, basic and diluted(2)(3)
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| | | | | | | | | $ | (4.11) | | | | | | | | | | | $ | (0.62) | | |
Pro forma weighted-average shares of common stock outstanding, basic and diluted(2)(3)
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| | | | | | | | | | 2,374,927 | | | | | | | | | | | | 4,496,704 | | |
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As of March 31, 2021
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Actual
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Pro Forma(1)
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Pro Forma as
Adjusted(2) |
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(in thousands)
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(unaudited)
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Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
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| | | $ | 8,641 | | | | | $ | 64,178 | | | | | $ | 154,181 | | |
Working capital(3)
|
| | | | 7,822 | | | | | | 63,359 | | | | | | 153,362 | | |
Total assets
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| | | | 9,948 | | | | | | 65,485 | | | | | | 155,181 | | |
Total liabilities
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| | | | 1,782 | | | | | | 1,782 | | | | | | 1,782 | | |
Convertible preferred stock
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| | | | 24,281 | | | | | | — | | | | | | — | | |
Total accumulated deficit
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| | | | (16,201) | | | | | | (16,201) | | | | | | (16,201) | | |
Total shareholders’ (deficit) equity
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| | | | (16,115) | | | | | | 63,703 | | | | | | 153,706 | | |
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As of March 31, 2021
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Actual
|
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Pro Forma
|
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Pro Forma as
Adjusted(1) |
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(in thousands, except share and per share amounts)
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Cash
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| | | $ | 8,641 | | | | | $ | 64,178 | | | | | $ | 154,181 | | |
Series A redeemable convertible preferred shares, $0.0001 par value: 40,052,154 shares authorized; 10,713,808 issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
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| | | | 20,281 | | | | | | — | | | | | | — | | |
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
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| | | | 4,000 | | | | | | — | | | | | | — | | |
Shareholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Common stock, $0.0001 par value: 50,000,000 shares
authorized, 243,076 issued and outstanding, actual; 150,000,000 shares authorized, 14,425,930 issued and outstanding, pro forma; 150,000,000 shares authorized, 21,575,930 shares issued and outstanding, pro forma as adjusted |
| | | | — | | | | | | 4 | | | | | | 5 | | |
Additional paid-in capital
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| | | | 86 | | | | | | 79,900 | | | | | | 169,902 | | |
Accumulated deficit
|
| | | | (16,201) | | | | | | (16,201) | | | | | | (16,201) | | |
Total shareholders’ (deficit) equity
|
| | | | (16,115) | | | | | | 63,703 | | | | | | 153,706 | | |
Total capitalization
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| | | $ | 8,166 | | | | | $ | 63,703 | | | | | $ | 153,706 | | |
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Assumed initial public offering price per share
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| | | | | | | | | $ | 14.00 | | |
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Historical net tangible book value per share as of March 31, 2021
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| | | $ | (66.30) | | | | | | | | |
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Increase in net tangible book value per share attributable to the pro forma adjustments described above
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| | | $ | 70.72 | | | | | | | | |
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Pro forma net tangible book value per share as of March 31, 2021, before giving
effect to this offering |
| | | $ | 4.42 | | | | | | | | |
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Increase in pro forma net tangible book value per share attributable to investors purchasing shares in this offering
|
| | | $ | 2.70 | | | | | | | | |
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Pro forma as adjusted net tangible book value per share immediately after this offering
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| | | | | | | | | $ | 7.12 | | |
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Dilution in pro forma as adjusted net tangible book value per share to new investors
purchasing shares in this offering |
| | | | | | | | | $ | 6.88 | | |
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Shares Purchased
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Total Consideration
|
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Average Price
Per Share |
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Number
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Percent
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Amount
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Percent
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Existing stockholders
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| | | | 14,425,930 | | | | | | 66.9% | | | | | $ | 79,105,029 | | | | | | 44.1% | | | | | $ | 5.48 | | |
New investors
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| | | | 7,150,000 | | | | | | 33.1% | | | | | $ | 100,100,000 | | | | | | 55.9% | | | | | $ | 14.00 | | |
Total
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| | | | 21,575,930 | | | | | | 100.0% | | | | | $ | 179,205,029 | | | | | | 100.0% | | | | | $ | 8.31 | | |
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THREE MONTHS ENDED MARCH 31,
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2020
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2021
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CHANGE
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(Unaudited)
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Operating expenses: | | | | | |||||||||||||||
Research and development
|
| | | $ | 1,206 | | | | | $ | 2,196 | | | | | $ | 990 | | |
General and administrative
|
| | | | 152 | | | | | | 584 | | | | | | 432 | | |
Total operating expenses
|
| | | | 1,358 | | | | | | 2,780 | | | | | | 1,422 | | |
Loss from operations
|
| | | | (1,358) | | | | | | (2,780) | | | | | | (1,422) | | |
Other expense: | | | | | |||||||||||||||
Interest expense
|
| | | | (38) | | | | | | — | | | | | | 38 | | |
Change in fair value of convertible promissory notes
|
| | | | (40) | | | | | | — | | | | | | 40 | | |
Other expense
|
| | | | — | | | | | | (1) | | | | | | (1) | | |
Total other expense
|
| | | | (78) | | | | | | (1) | | | | | | 77 | | |
Net loss and comprehensive loss
|
| | | $ | (1,436) | | | | | $ | (2,781) | | | | | $ | (1,345) | | |
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Years Ended December 31,
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2019
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2020
|
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Change
|
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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) | | |
|