UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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: 001-39247
IMARA INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
81-1523849 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
116 Huntington Avenue, 6th Floor Boston, Massachusetts |
02116 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (617) 206-2020
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 |
|
IMRA |
|
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, a 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 |
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☐ |
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Accelerated filer |
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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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|
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|
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 ☒
As of October 30, 2020, the registrant had 17,407,441 shares of common stock, $0.001 par value per share, outstanding.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
The forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to those described under the “Risk Factors” section and include, among other things:
|
• |
the impact of the ongoing COVID-19 pandemic and our response to it; |
|
• |
the initiation, timing, progress and results of our current and future preclinical studies and clinical trials, including our ongoing Phase 2a, open label extension and Phase 2b clinical trials of IMR-687 in patients with SCD and our ongoing Phase 2b clinical trial of IMR-687 in patients with β-thalassemia; |
|
• |
our development plans regarding HFpEF; |
|
• |
our estimates regarding expenses, future revenue, timing of any future revenue, capital requirements and need for additional financing; |
|
• |
our plans to develop and, if approved, subsequently commercialize IMR-687 and any other product candidates, including in combination with other drugs and therapies; |
|
• |
the timing of and our ability to submit applications for, obtain and maintain regulatory approvals for IMR-687 and any other product candidates we may identify and pursue; |
|
• |
our expectations regarding our ability to fund our operating expenses and capital expenditure requirements with our cash, cash equivalents and investments; |
|
• |
the potential advantages or differentiating features of IMR-687 and any other product candidates we may identify and pursue; |
|
• |
the rate and degree of market acceptance and clinical utility of IMR-687 and any other product candidates we may identify and pursue; |
|
• |
our estimates regarding the potential market opportunity for IMR-687 and any other product candidates we may identify and pursue; |
|
• |
our commercialization, marketing and manufacturing capabilities and strategy; |
|
• |
our expectations regarding our ability to obtain and maintain intellectual property protection for IMR-687 and any other product candidates we may identify and pursue; |
|
• |
our ability to identify additional products, product candidates or technologies with significant commercial potential that are consistent with our commercial objectives; |
|
• |
the impact of government laws and regulations; |
|
• |
our competitive position and expectations regarding developments and projections relating to our competitors and any competing therapies that are or become available; |
|
• |
our ability to maintain and establish collaborations or obtain additional funding; and |
|
• |
our expectations regarding the time during which we will be an emerging growth company under the JOBS Act. |
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. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
We have included important factors in the cautionary statements included in this Quarterly Report on Form 10-Q, particularly in the “Risk Factors” section, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures or investments we may make or enter into.
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Page |
PART I. |
1 |
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Item 1. |
1 |
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Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 |
1 |
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2 |
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3 |
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5 |
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Notes to Unaudited Condensed Consolidated Financial Statements |
6 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
17 |
Item 3. |
26 |
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Item 4. |
26 |
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PART II. |
27 |
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Item 1A. |
27 |
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Item 2. |
71 |
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Item 6. |
72 |
|
73 |
i
IMARA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
34,158 |
|
|
$ |
4,936 |
|
Short-term investments |
|
|
61,931 |
|
|
|
23,971 |
|
Prepaid expenses and other current assets |
|
|
3,622 |
|
|
|
1,717 |
|
Total current assets |
|
|
99,711 |
|
|
|
30,624 |
|
Property and equipment, net |
|
376 |
|
|
|
442 |
|
|
Other assets |
|
88 |
|
|
|
2,232 |
|
|
Total assets |
|
$ |
100,175 |
|
|
$ |
33,298 |
|
LIABILITIES, CONVERTIBLE PREFERRED STOCK & STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,886 |
|
|
$ |
1,658 |
|
Accrued expenses and other current liabilities |
|
|
3,424 |
|
|
|
2,540 |
|
Total current liabilities |
|
|
5,310 |
|
|
|
4,198 |
|
Deferred rent |
|
167 |
|
|
|
184 |
|
|
Total liabilities |
|
|
5,477 |
|
|
|
4,382 |
|
Commitments and contingencies (Note 7) |
|
|
|
|
|
|
|
|
Convertible preferred stock, $0.001 par value per share; no shares authorized, issued or outstanding as of September 30, 2020; 70,378,661 shares authorized and 60,533,313 shares issued and outstanding as of December 31, 2019 |
|
|
— |
|
|
|
77,764 |
|
Stockholders’ equity (deficit): |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued or outstanding as of September 30, 2020; no shares authorized, issued or outstanding as of December 31, 2019 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value per share; 200,000,000 and 100,000,000 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 17,377,067 and 702,510 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively |
|
18 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
179,251 |
|
|
|
5,872 |
|
Accumulated other comprehensive income |
|
|
24 |
|
|
|
32 |
|
Accumulated deficit |
|
|
(84,595 |
) |
|
|
(54,753 |
) |
Total stockholders’ equity (deficit) |
|
|
94,698 |
|
|
|
(48,848 |
) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) |
|
$ |
100,175 |
|
|
$ |
33,298 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
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2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
9,533 |
|
|
$ |
5,141 |
|
|
$ |
23,195 |
|
|
$ |
13,067 |
|
General and administrative |
|
|
2,961 |
|
|
|
1,741 |
|
|
|
6,953 |
|
|
|
3,566 |
|
Total operating expenses |
|
|
12,494 |
|
|
|
6,882 |
|
|
|
30,148 |
|
|
|
16,633 |
|
Loss from operations |
|
|
(12,494 |
) |
|
|
(6,882 |
) |
|
|
(30,148 |
) |
|
|
(16,633 |
) |
Total other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
126 |
|
|
|
254 |
|
|
|
368 |
|
|
|
414 |
|
Other income (expense) |
|
|
(55 |
) |
|
|
6 |
|
|
|
(62 |
) |
|
|
6 |
|
Total other income (net) |
|
|
71 |
|
|
|
260 |
|
|
|
306 |
|
|
|
420 |
|
Net loss |
|
$ |
(12,423 |
) |
|
$ |
(6,622 |
) |
|
$ |
(29,842 |
) |
|
$ |
(16,213 |
) |
Accretion of Series B convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
(7,858 |
) |
|
|
— |
|
Net loss attributable to common stockholders—basic and diluted |
|
$ |
(12,423 |
) |
|
$ |
(6,622 |
) |
|
$ |
(37,700 |
) |
|
$ |
(16,213 |
) |
Weighted-average common shares outstanding—basic and diluted |
|
|
17,349,813 |
|
|
|
702,510 |
|
|
|
12,696,368 |
|
|
|
702,510 |
|
Net loss per share attributable to common stockholders—basic and diluted |
|
$ |
(0.72 |
) |
|
$ |
(9.43 |
) |
|
$ |
(2.97 |
) |
|
$ |
(23.08 |
) |
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,423 |
) |
|
$ |
(6,622 |
) |
|
$ |
(29,842 |
) |
|
$ |
(16,213 |
) |
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on investments (net) |
|
|
(24 |
) |
|
|
30 |
|
|
|
(8 |
) |
|
|
30 |
|
Comprehensive loss |
|
$ |
(12,447 |
) |
|
$ |
(6,592 |
) |
|
$ |
(29,850 |
) |
|
$ |
(16,183 |
) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
(in thousands, except share and per share data)
(Unaudited)
|
|
CONVERTIBLE PREFERRED STOCK |
|
|
|
COMMON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
SERIES SEED $0.001 PAR VALUE |
|
|
SERIES A $0.001 PAR VALUE |
|
|
SERIES B $0.001 PAR VALUE |
|
|
|
STOCK $0.001 PAR VALUE |
|
|
ADDITIONAL PAID-IN |
|
|
ACCUMULATED OTHER COMPREHENSIVE |
|
|
ACCUMULATED |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
||||||||||||||||||||||||
|
|
SHARES |
|
|
AMOUNT |
|
|
SHARES |
|
|
AMOUNT |
|
|
SHARES |
|
|
AMOUNT |
|
|
|
SHARES |
|
|
AMOUNT |
|
|
CAPITAL |
|
|
INCOME (LOSS) |
|
|
DEFICIT |
|
|
(DEFICIT) |
|
||||||||||||
Balance at December 31, 2018 |
|
|
2,712,960 |
|
|
$ |
1,460 |
|
|
|
31,499,040 |
|
|
$ |
30,729 |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
702,510 |
|
|
$ |
1 |
|
|
$ |
4,973 |
|
|
$ |
— |
|
|
$ |
(31,290 |
) |
|
$ |
(26,316 |
) |
Issuance of Series B convertible preferred stock, net of issuance costs of $274 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,316,663 |
|
|
|
43,825 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
95 |
|
|
|
— |
|
|
|
— |
|
|
|
95 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,194 |
) |
|
|
(4,194 |
) |
Balance at March 31, 2019 |
|
|
2,712,960 |
|
|
$ |
1,460 |
|
|
|
31,499,040 |
|
|
$ |
30,729 |
|
|
|
25,316,663 |
|
|
$ |
43,825 |
|
|
|
|
702,510 |
|
|
$ |
1 |
|
|
$ |
5,068 |
|
|
$ |
— |
|
|
$ |
(35,484 |
) |
|
$ |
(30,415 |
) |
Issuance of Series B convertible preferred stock, net of issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,004,650 |
|
|
|
1,750 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
197 |
|
|
|
— |
|
|
|
— |
|
|
|
197 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,397 |
) |
|
|
(5,397 |
) |
Balance at June 30, 2019 |
|
|
2,712,960 |
|
|
$ |
1,460 |
|
|
|
31,499,040 |
|
|
$ |
30,729 |
|
|
|
26,321,313 |
|
|
$ |
45,575 |
|
|
|
|
702,510 |
|
|
$ |
1 |
|
|
$ |
5,265 |
|
|
$ |
— |
|
|
$ |
(40,881 |
) |
|
$ |
(35,615 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
310 |
|
|
|
— |
|
|
|
— |
|
|
|
310 |
|
Unrealized gain on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,622 |
) |
|
|
(6,622 |
) |
Balance at September 30, 2019 |
|
|
2,712,960 |
|
|
$ |
1,460 |
|
|
|
31,499,040 |
|
|
$ |
30,729 |
|
|
|
26,321,313 |
|
|
$ |
45,575 |
|
|
|
|
702,510 |
|
|
$ |
1 |
|
|
$ |
5,575 |
|
|
$ |
30 |
|
|
$ |
(47,503 |
) |
|
$ |
(41,897 |
) |
3
|
|
CONVERTIBLE PREFERRED STOCK |
|
|
|
COMMON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
SERIES SEED $0.001 PAR VALUE |
|
|
SERIES A $0.001 PAR VALUE |
|
|
SERIES B $0.001 PAR VALUE |
|
|
|
STOCK $0.001 PAR VALUE |
|
|
ADDITIONAL PAID-IN |
|
|
ACCUMULATED OTHER COMPREHENSIVE |
|
|
ACCUMULATED |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
||||||||||||||||||||||||
|
|
SHARES |
|
|
AMOUNT |
|
|
SHARES |
|
|
AMOUNT |
|
|
SHARES |
|
|
AMOUNT |
|
|
|
SHARES |
|
|
AMOUNT |
|
|
CAPITAL |
|
|
INCOME (LOSS) |
|
|
DEFICIT |
|
|
(DEFICIT) |
|
||||||||||||
Balance at December 31, 2019 |
|
|
2,712,960 |
|
|
$ |
1,460 |
|
|
|
31,499,040 |
|
|
$ |
30,729 |
|
|
|
26,321,313 |
|
|
$ |
45,575 |
|
|
|
|
702,510 |
|
|
$ |
1 |
|
|
$ |
5,872 |
|
|
$ |
32 |
|
|
$ |
(54,753 |
) |
|
$ |
(48,848 |
) |
Issuance of Series B convertible preferred stock, net of issuance costs of $20 and beneficial conversion charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,845,348 |
|
|
|
9,271 |
|
|
|
|
— |
|
|
|
— |
|
|
|
7,858 |
|
|
|
— |
|
|
|
— |
|
|
|
7,858 |
|
Accretion of Series B converted preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,858 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(7,858 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,858 |
) |
Conversion of convertible preferred stock into common stock |
|
|
(2,712,960 |
) |
|
|
(1,460 |
) |
|
|
(31,499,040 |
) |
|
|
(30,729 |
) |
|
|
(36,166,661 |
) |
|
|
(62,704 |
) |
|
|
|
11,172,955 |
|
|
|
11 |
|
|
|
94,882 |
|
|
|
— |
|
|
|
— |
|
|
|
94,893 |
|
Initial public offering, net of underwriting discounts, commissions and offering costs of $3,885 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4,700,000 |
|
|
|
5 |
|
|
|
66,047 |
|
|
|
— |
|
|
|
— |
|
|
|
66,052 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
360 |
|
|
|
— |
|
|
|
— |
|
|
|
360 |
|
Unrealized loss on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48 |
) |
|
|
— |
|
|
|
(48 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,215 |
) |
|
|
(7,215 |
) |
Balance at March 31, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
16,575,465 |
|
|
$ |
17 |
|
|
$ |
167,161 |
|
|
$ |
(16 |
) |
|
$ |
(61,968 |
) |
|
$ |
105,194 |
|
Initial public offering, net of underwriting discounts, commissions and offering costs of $17 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
705,000 |
|
|
|
1 |
|
|
|
10,473 |
|
|
|
— |
|
|
|
— |
|
|
|
10,474 |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
44,271 |
|
|
|
— |
|
|
|
218 |
|
|
|
— |
|
|
|
— |
|
|
|
218 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
550 |
|
|
|
— |
|
|
|
— |
|
|
|
550 |
|
Unrealized gain on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
|
|
64 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,204 |
) |
|
|
(10,204 |
) |
Balance at June 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
17,324,736 |
|
|
$ |
18 |
|
|
$ |
178,402 |
|
|
$ |
48 |
|
|
$ |
(72,172 |
) |
|
$ |
106,296 |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
52,331 |
|
|
|
— |
|
|
|
207 |
|
|
|
— |
|
|
|
— |
|
|
|
207 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
642 |
|
|
|
— |
|
|
|
— |
|
|
|
642 |
|
Unrealized loss on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(24 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,423 |
) |
|
  |