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
|
☐ |
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 001-39402
ANNEXON, INC.
(Exact name of Registrant as specified in its Charter)
|
Delaware |
|
27-5414423 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
180 Kimball Way, Suite 200
South San Francisco, California 94080
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (650) 822-5500
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Stock, par value $0.001 per share |
ANNX |
The Nasdaq Stock Market |
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES ☒ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
|
☐ |
|
|
Accelerated filer |
|
☐ |
|
|
|
|
|
|
|
|
|
|
Non-accelerated filer |
|
☒ |
|
|
Smaller reporting company |
|
☒ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company |
|
☒ |
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒
The number of shares of Registrant’s Common Stock outstanding as of October 31, 2020 was 38,157,618.
|
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Page |
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PART I—FINANCIAL INFORMATION |
|
|
Item 1. |
|
Condensed Consolidated Financial Statements (unaudited) |
|
|
|
|
Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 |
3 |
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
6 |
|
|
|
|
8 |
|
|
|
|
9 |
|
|
Item 2. |
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
19 |
|
Item 3. |
|
27 |
|
|
Item 4. |
|
27 |
|
|
|
|
|
|
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|
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PART II—OTHER INFORMATION |
|
|
Item 1. |
|
28 |
|
|
Item 1A. |
|
28 |
|
|
Item 2. |
|
69 |
|
|
Item 3. |
|
69 |
|
|
Item 4. |
|
69 |
|
|
Item 5. |
|
69 |
|
|
Item 6. |
|
70 |
|
|
70 |
|||
|
71 |
|||
In this Quarterly Report on Form 10-Q, “we,” “our,” “us,” “Annexon” and the “Company” refer to Annexon, Inc. and its consolidated subsidiary. Annexon, Annexon, Inc., the Annexon logo and other trade names, trademarks or service marks of Annexon are the property of Annexon, Inc. This report contains references to our trademarks and to trademarks belonging to other entities. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective holders. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
2
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(Unaudited)
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
370,686 |
|
|
$ |
43,931 |
|
|
Prepaid expenses and other current assets |
|
|
2,889 |
|
|
|
1,475 |
|
|
Total current assets |
|
|
373,575 |
|
|
|
45,406 |
|
|
Property and equipment, less accumulated depreciation of $1,695 and $1,304 as of September 30, 2020, and December 31, 2019, respectively |
|
|
2,039 |
|
|
|
2,138 |
|
|
Other long-term assets |
|
|
— |
|
|
|
2,354 |
|
|
Total assets |
|
$ |
375,614 |
|
|
$ |
49,898 |
|
|
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,954 |
|
|
$ |
2,371 |
|
|
Accrued liabilities |
|
|
4,649 |
|
|
|
2,194 |
|
|
Deferred rent, current |
|
|
385 |
|
|
|
366 |
|
|
Total current liabilities |
|
|
8,988 |
|
|
|
4,931 |
|
|
Deferred rent |
|
|
1,147 |
|
|
|
1,437 |
|
|
Total liabilities |
|
|
10,135 |
|
|
|
6,368 |
|
|
Commitments and contingencies (Note 6) |
|
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, $0.001 par value; 0 and 119,155,472 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 0 and 111,748,065 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively; liquidation preference of $0 and $137,814 as of September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
143,984 |
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 5,000,000 and 0 shares authorized as of September 30, 2020, and December 31, 2019, respectively; 0 issued and outstanding as of September 30, 2020, and December 31, 2019, respectively |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.001 par value; 300,000,000 and 150,000,000 shares authorized as of September 30, 2020, and December 31, 2019, respectively; 38,157,618 and 433,749 shares issued and outstanding as of September 30, 2020, and December 31, 2019, respectively |
|
|
38 |
|
|
|
4 |
|
|
Additional paid-in capital |
|
|
508,318 |
|
|
|
2,202 |
|
|
Accumulated other comprehensive loss |
|
|
(78 |
) |
|
|
(80 |
) |
|
Accumulated deficit |
|
|
(142,799 |
) |
|
|
(102,580 |
) |
|
Total stockholders’ equity (deficit) |
|
|
365,479 |
|
|
|
(100,454 |
) |
|
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
375,614 |
|
|
$ |
49,898 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
3
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
11,775 |
|
|
$ |
7,089 |
|
|
$ |
31,279 |
|
|
$ |
17,729 |
|
|
General and administrative |
|
|
3,810 |
|
|
|
1,981 |
|
|
|
8,999 |
|
|
|
5,660 |
|
|
Total operating expenses |
|
|
15,585 |
|
|
|
9,070 |
|
|
|
40,278 |
|
|
|
23,389 |
|
|
Loss from operations |
|
|
(15,585 |
) |
|
|
(9,070 |
) |
|
|
(40,278 |
) |
|
|
(23,389 |
) |
|
Loss on remeasurement of redeemable convertible preferred stock liability |
|
|
— |
|
|
|
(1,340 |
) |
|
|
— |
|
|
|
(5,670 |
) |
|
Other (expense) income, net |
|
|
(52 |
) |
|
|
224 |
|
|
|
64 |
|
|
|
821 |
|
|
Net loss before taxes |
|
|
(15,637 |
) |
|
|
(10,186 |
) |
|
|
(40,214 |
) |
|
|
(28,238 |
) |
|
Provision for income taxes |
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
|
|
3 |
|
|
Net loss |
|
|
(15,638 |
) |
|
|
(10,188 |
) |
|
|
(40,219 |
) |
|
|
(28,241 |
) |
|
Accretion on redeemable convertible preferred stock |
|
|
(145 |
) |
|
|
(281 |
) |
|
|
(705 |
) |
|
|
(815 |
) |
|
Deemed dividend – beneficial conversion feature on redeemable convertible preferred stock |
|
|
(6,219 |
) |
|
|
— |
|
|
|
(6,219 |
) |
|
|
— |
|
|
Net loss attributable to common stockholders |
|
$ |
(22,002 |
) |
|
$ |
(10,469 |
) |
|
$ |
(47,143 |
) |
|
$ |
(29,056 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.77 |
) |
|
$ |
(24.14 |
) |
|
$ |
(4.79 |
) |
|
$ |
(67.04 |
) |
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
28,465,156 |
|
|
|
433,749 |
|
|
|
9,845,754 |
|
|
|
433,406 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
4
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(Unaudited)
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Net loss |
|
$ |
(15,638 |
) |
|
$ |
(10,188 |
) |
|
$ |
(40,219 |
) |
|
$ |
(28,241 |
) |
|
Other comprehensive gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
4 |
|
|
|
(7 |
) |
|
|
2 |
|
|
|
(17 |
) |
|
Comprehensive loss |
|
$ |
(15,634 |
) |
|
$ |
(10,195 |
) |
|
$ |
(40,217 |
) |
|
$ |
(28,258 |
) |
See accompanying notes to unaudited condensed consolidated financial statements.
5
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands, except share amounts)
(Unaudited)
|
|
|
Redeemable Convertible Preferred Stock |
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
||||||||||||||
|
|
|
Shares |
|
|
Cost |
|
|
|
Shares |
|
|
Cost |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Equity (Deficit) |
|
||||||||
|
Balances as of December 31, 2019 |
|
|
111,748,065 |
|
|
$ |
143,984 |
|
|
|
|
433,749 |
|
|
$ |
4 |
|
|
$ |
2,202 |
|
|
$ |
(80 |
) |
|
$ |
(102,580 |
) |
|
$ |
(100,454 |
) |
|
Accretion on redeemable convertible preferred stock |
|
|
— |
|
|
|
279 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(279 |
) |
|
|
— |
|
|
|
— |
|
|
|
(279 |
) |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
663 |
|
|
|
— |
|
|
|
— |
|
|
|
663 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
— |
|
|
|
(11 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,341 |
) |
|
|
(12,341 |
) |
|
Balances as of March 31, 2020 |
|
|
111,748,065 |
|
|
|
144,263 |
|
|
|
|
433,749 |
|
|
|
4 |
|
|
|
2,586 |
|
|
|
(91 |
) |
|
|
(114,921 |
) |
|
|
(112,422 |
) |
|
Issuance of Series D redeemable convertible preferred stock, net of issuance costs of $5,193 |
|
|
71,719,859 |
|
|
|
96,807 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Beneficial conversion feature on Series D redeemable convertible preferred stock |
|
|
— |
|
|
|
(6,297 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
6,297 |
|
|
|
— |
|
|
|
— |
|
|
|
6,297 |
|
|
Accretion on redeemable convertible preferred stock |
|
|
— |
|
|
|
281 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(281 |
) |
|
|
— |
|
|
|
— |
|
|
|
(281 |
) |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
763 |
|
|
|
— |
|
|
|
|
|
|
763 |
|
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,240 |
) |
|
|
(12,240 |
) |
|
Balances as of June 30, 2020 |
|
|
183,467,924 |
|
|
|
235,054 |
|
|
|
|
433,749 |
|
|
|
4 |
|
|
|
9,365 |
|
|
|
(82 |
) |
|
|
(127,161 |
) |
|
|
(117,874 |
) |
|
Conversion of redeemable convertible preferred stock to common stock upon initial public offering |
|
|
(183,467,924 |
) |
|
|
(241,418 |
) |
|
|
|
20,824,938 |
|
|
|
21 |
|
|
|
241,397 |
|
|
|
— |
|
|
|
— |
|
|
|
241,418 |
|
|
Deemed dividend of beneficial conversion feature on conversion of redeemable convertible preferred stock |
|
|
— |
|
|
|
6,219 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(6,219 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,219 |
) |
|
Accretion on redeemable convertible preferred stock |
|
|
— |
|
|
|
145 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(145 |
) |
|
|
— |
|
|
|
— |
|
|
|
(145 |
) |
|
Issuance of common stock in connection with initial public offering, net of issuance costs of $24.7 million |
|
|
— |
|
|
|
— |
|
|
|
|
16,889,403 |
|
|
|
13 |
|
|
|
262,427 |
|
|
|
— |
|
|
|
— |
|
|
|
262,440 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,471 |
|
|
|
— |
|
|
|
— |
|
|
|
1,471 |
|
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
9,528 |
|
|
|
— |
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
22 |
|
||
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,638 |
) |
|
|
(15,638 |
) |
|
Balances as of September 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
|
38,157,618 |
|
|
$ |
38 |
|
|
$ |
508,318 |
|
|
$ |
(78 |
) |
|
$ |
(142,799 |
) |
|
$ |
365,479 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
6
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands, except share amounts)
(Unaudited)
|
|
|
Redeemable Convertible Preferred Stock |
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
||||||||||||||
|
|
|
Shares |
|
|
Cost |
|
|
|
Shares |
|
|
Cost |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Equity (Deficit) |
|
||||||||
|
Balances as of December 31, 2018 |
|
|
89,525,848 |
|
|
$ |
102,082 |
|
|
|
|
432,309 |
|
|
$ |
4 |
|
|
$ |
1,257 |
|
|
$ |
(66 |
) |
|
$ |
(65,397 |
) |
|
$ |
(64,202 |
) |
|
Accretion on redeemable convertible preferred stock |
|
|
— |
|
|
|
262 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(262 |
) |
|
|
— |
|
|
|
— |
|
|
|
(262 |
) |
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
1,440 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
466 |
|
|
|
— |
|
|
|
— |
|
|
|
466 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
(6 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,652 |
) |
|
|
(8,652 |
) |
|
Balances as of March 31, 2019 |
|
|
89,525,848 |
|
|
|
102,344 |
|
|
|
|
433,749 |
|
|
|
4 |
|
|
|
1,464 |
|
|
|
(72 |
) |
|
|
(74,049 |
) |
|
|
(72,653 |
) |
|
Accretion on redeemable convertible preferred stock |
|
|
— |
|
|
|
272 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(272 |
) |
|
|
— |
|
|
|
— |
|
|
|
(272 |
) |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
437 |
|
|
|
— |
|
|
|
|
|
|
|
437 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
(4 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,401 |
) |
|
|
(9,401 |
) |
|
Balances as of June 30, 2019 |
|
|
89,525,848 |
|
|
|
102,616 |
|
|
|
|
433,749 |
|
|
|
4 |
|
|
|
1,629 |
|
|
|
(76 |
) |
|
|
(83,450 |
) |
|
|
(81,893 |
) |
|
Issuance of Series C redeemable convertible preferred stock, net of issuance costs of $3 and the value of the redeemable convertible preferred stock liability of $10,810 |
|
|
22,222,217 |
|
|
|
40,807 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Accretion on redeemable convertible preferred stock |
|
|
— |
|
|
|
281 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(281 |
) |
|
|
— |
|
|
|
— |
|
|
|
(281 |
) |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
610 |
|
|
|
— |
|
|
|
|
|
|
|
610 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
(7 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,188 |
) |
|
|
(10,188 |
) |
|
Balances as of September 30, 2019 |
|
|
111,748,065 |
|
|
$ |
143,704 |
|
|
|
|
433,749 |
|
|
$ |
4 |
|
|
$ |
1,958 |
|
|
$ |
(83 |
) |
|
$ |
(93,638 |
) |
|
$ |
(91,759 |
) |
See accompanying notes to unaudited condensed consolidated financial statements.
7
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
|
|
|
Nine Months Ended September 30, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(40,219 |
) |
|
$ |
(28,241 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
391 |
|
|
|
364 |
|
|
Stock-based compensation |
|
|
2,897 |
|
|
|
1,513 |
|
|
Change in fair value of redeemable convertible preferred stock liability |
|
|
— |
|
|
|
5,670 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
(1,414 |
) |
|
|
491 |
|
|
Other long-term assets |
|
|
96 |
|
|
|
— |
|
|
Accounts payable |
|
|
1,733 |
|
|
|
885 |
|
|
Accrued liabilities |
|
|
2,956 |
|
|
|
3 |
|
|
Deferred rent |
|
|
(271 |
) |
|
|
(254 |
) |
|
Net cash used in operating activities |
|
|
(33,831 |
) |
|
|
(19,569 |
) |
|
Investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(292 |
) |
|
|
(168 |
) |
|
Net cash used in investing activities |
|
|
(292 |
) |
|
|
(168 |
) |
|
Financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the exercise common stock options |
|
|
22 |
|
|
|
3 |
|
|
Proceeds from Paycheck Protection Program loan |
|
|
500 |
|
|
|
— |
|
|
Repayments of Paycheck Protection Program loan |
|
|
(500 |
) |
|
|
— |
|
|
Proceeds from issuance of redeemable convertible preferred stock |
|
|
102,000 |
|
|
|
29,997 |
|
|
Payments of issuance costs related to redeemable convertible preferred stock |
|
|
(5,193 |
) |
|
|
— |
|
|
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions |
|
|
267,021 |
|
|
|
— |
|
|
Payments of offering costs related to initial public offering |
|
|
(2,974 |
) |
|
|
(759 |
) |
|
Net cash provided by financing activities |
|
|
360,876 |
|
|
|
29,241 |
|
|
Net increase in cash and cash equivalents |
|
|
326,753 |
|
|
|
9,504 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
2 |
|
|
|
(17 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
43,931 |
|
|
|
44,175 |
|
|
Cash and cash equivalents at end of period |
|
$ |
370,686 |
|
|
$ |
53,662 |
|
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Reclassification of redeemable convertible preferred stock to common stock upon initial public offering |
|
$ |
241,418 |
|
|
$ |
— |
|
|
Reclassification of redeemable convertible preferred stock liability to redeemable convertible preferred stock |
|
$ |
— |
|
|
$ |
10,810 |
|
|
Accretion on redeemable convertible preferred stock |
|
$ |
705 |
|
|
$ |
815 |
|
|
Deferred offering costs included in accounts payable and accrued liabilities |
|
$ |
— |
|
|
$ |
837 |
|
|
Purchase of property and equipment included in accounts payable |
|
$ |
— |
|
|
$ |
55 |
|
|
Beneficial conversion feature recognized upon issuance of redeemable convertible preferred stock |
||||||||