| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 12.50 | | | | | $ | 112,500,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.75 | | | | | $ | 6,750,000 | | |
Proceeds, before expenses, to us
|
| | | $ | 11.75 | | | | | $ | 105,750,000 | | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 12 | | | |
| | | | 65 | | | |
| | | | 67 | | | |
| | | | 68 | | | |
| | | | 69 | | | |
| | | | 70 | | | |
| | | | 71 | | | |
| | | | 73 | | | |
| | | | 84 | | | |
| | | | 143 | | |
| | |
Years Ended
December 31, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(in thousands, except share and per share data)
|
| |
2022
|
| |
2021
|
| |
2023
|
| |
2022
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
License revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,000 | | | | | $ | — | | |
Total revenue
|
| | | | — | | | | | | — | | | | | | 2,000 | | | | | | — | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 24,919 | | | | | | 19,340 | | | | | | 14,121 | | | | | | 19,072 | | |
General and administrative
|
| | | | 6,136 | | | | | | 4,379 | | | | | | 9,153 | | | | | | 4,595 | | |
Total operating expenses
|
| | | | 31,055 | | | | | | 23,719 | | | | | | 23,274 | | | | | | 23,667 | | |
Loss from operations
|
| | | | (31,055) | | | | | | (23,719) | | | | | | (21,274) | | | | | | (23,667) | | |
Other income (expense), net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of redeemable convertible preferred
stock tranche liability |
| | | | — | | | | | | (751) | | | | | | — | | | | | | — | | |
Change in fair value of redeemable convertible preferred
stock warrant liability |
| | | | 3 | | | | | | 2 | | | | | | (1) | | | | | | 3 | | |
Change in fair value of Series A common stock warrant
liability |
| | | | | | | | | | | | | | | | 4 | | | | | | — | | |
Interest income and other
|
| | | | 553 | | | | | | 26 | | | | | | 1,546 | | | | | | 360 | | |
Total other income (expense), net
|
| | | | 556 | | | | | | (723) | | | | | | 1,549 | | | | | | 363 | | |
Net loss
|
| | | $ | (30,499) | | | | | $ | (24,442) | | | | | $ | (19,725) | | | | | $ | (23,304) | | |
Other comprehensive (loss) gain | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized (loss) gain on investments in marketable
securities . |
| | | | (84) | | | | | | — | | | | | | 84 | | | | | | (162) | | |
Total other comprehensive (loss) gain
|
| | | | (84) | | | | | | — | | | | | | 84 | | | | | | (162) | | |
Comprehensive loss
|
| | | $ | (30,583) | | | | | $ | (24,442) | | | | | $ | (19,641) | | | | | $ | (23,466) | | |
| | |
Years Ended
December 31, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(in thousands, except share and per share data)
|
| |
2022
|
| |
2021
|
| |
2023
|
| |
2022
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (165.20) | | | | | $ | (199.40) | | | | | | — | | | | | $ | (126.13) | | |
Weighted-average shares outstanding used in computing
net loss per share attributable to common stockholders, basic and diluted |
| | | | 184,619 | | | | | | 122,579 | | | | | | — | | | | | | 184,756 | | |
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted
|
| | | | — | | | | | | — | | | | | $ | (3.22) | | | | | | — | | |
Weighted-average shares outstanding used in computing net loss per share attributable to Series A and Series B common stockholders, basic and diluted
|
| | | | — | | | | | | — | | | | | | 6,131,541 | | | | | | — | | |
|
| | |
As of September 30, 2023
(unaudited) |
| |||||||||
(in thousands)
|
| |
Actual
|
| |
As Adjusted(1)
|
| ||||||
Cash and cash equivalents
|
| | | $ | 101,842 | | | | | $ | 206,765 | | |
Working capital(2)
|
| | | | 97,767 | | | | | | 202,690 | | |
Total assets
|
| | | | 102,925 | | | | | | 207,848 | | |
Total liabilities
|
| | | | 5,050 | | | | | | 5,050 | | |
Series A common stock warrant liability
|
| | | | 1 | | | | | | 1 | | |
Accumulated deficit
|
| | | | (241,593) | | | | | | (241,593) | | |
Total stockholders’ equity
|
| | | | 97,875 | | | | | | 202,798 | | |
| | |
As of September 30, 2023
|
| |||||||||
(in thousands, except share and per share data)
|
| |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 101,842 | | | | | $ | 206,765 | | |
Series A common stock warrant liability
|
| | | $ | 1 | | | | | $ | 1 | | |
Series A common stock, par value $0.0001 per share; 500,000,000 shares authorized, 21,375,402 shares issued and outstanding, actual; 500,000,000 shares authorized, 30,375,402 shares issued and outstanding, as adjusted
|
| | | | 2 | | | | | | 3 | | |
Series B common stock, par value $0.0001 per share; 15,000,000 shares authorized,
1,520,490 shares issued and outstanding, actual; 15,000,000 shares authorized, 15,000,000 shares authorized, 1,520,490 shares issued and outstanding, as adjusted |
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 339,466 | | | | | | 444,388 | | |
Accumulated deficit
|
| | | | (241,593) | | | | | | (241,593) | | |
Total stockholders’ equity
|
| | | | 97,875 | | | | | | 202,798 | | |
Total capitalization
|
| | | $ | 97,876 | | | | | $ | 202,799 | | |
|
Public offering price per share
|
| | | | | | | | | $ | 12.50 | | |
|
Historical net tangible book value per share as of September 30, 2023
|
| | | $ | 4.27 | | | | | | | | |
|
Increase in net tangible book value per share as of September 30, 2023 attributable to investors purchasing shares in this offering
|
| | | | 2.09 | | | | | | | | |
|
As adjusted net tangible book value per share after this offering
|
| | | | | | | | | | 6.36 | | |
|
Dilution per share to new investors in this offering
|
| | | | | | | | | $ | 6.14 | | |
| | |
Years Ended
|
| |
Change
|
| |
% Change
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 24,919 | | | | | $ | 19,340 | | | | | $ | 5,579 | | | | | | 29% | | |
General and administrative
|
| | | | 6,136 | | | | | | 4,379 | | | | | | 1,757 | | | | | | 40% | | |
Total operating expenses
|
| | | | 31,055 | | | | | | 23,719 | | | | | | 7,336 | | | | | | 31% | | |
Loss from operations
|
| | | | (31,055) | | | | | | (23,719) | | | | | | (7,336) | | | | | | (31)% | | |
Other income (expense), net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of redeemable convertible preferred stock tranche liability
|
| | | | — | | | | | | (751) | | | | | | 751 | | | | | | 100% | | |
Change in fair value of redeemable convertible preferred stock warrant liability
|
| | | | 3 | | | | | | 2 | | | | | | 1 | | | | | | 50% | | |
Interest income and other
|
| | | | 553 | | | | | | 26 | | | | | | 527 | | | | | | nm | | |
Total other income (expense), net
|
| | | | 556 | | | | | | (723) | | | | | | 1,279 | | | | | | nm | | |
Net loss
|
| | | $ | (30,499) | | | | | $ | (24,442) | | | | | $ | (6,057) | | | | | | (25)% | | |
| | |
Three Months Ended
September 30, |
| |
Change
|
| |
% Change
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| ||||||||||||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
License revenue
|
| | | $ | 2,000 | | | | | $ | — | | | | | $ | 2,000 | | | | | | nm | | |
Total revenue
|
| | | | 2,000 | | | | | | — | | | | | | 2,000 | | | | | | nm | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 4,958 | | | | | | 6,838 | | | | | | (1,880) | | | | | | (27)% | | |
General and administrative
|
| | | | 4,494 | | | | | | 848 | | | | | | 3,646 | | | | | | nm | | |
Total operating expenses
|
| | | | 9,452 | | | | | | 7,686 | | | | | | 1,766 | | | | | | 23% | | |
Loss from operations
|
| | | | (7,452) | | | | | | (7,686) | | | | | | 234 | | | | | | (3)% | | |
Other income, net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of redeemable convertible preferred stock warrant liability
|
| | | | — | | | | | | 1 | | | | | | (1) | | | | | | nm | | |
Change in fair value of Series A common stock warrant
liability |
| | | | 4 | | | | | | — | | | | | | 4 | | | | | | nm | | |
Interest income and other
|
| | | | 1,095 | | | | | | 218 | | | | | | 877 | | | | | | nm | | |
Total other income, net
|
| | | | 1,099 | | | | | | 219 | | | | | | 880 | | | | | | nm | | |
Net loss
|
| | | $ | (6,353) | | | | | $ | (7,467) | | | | | $ | 1,114 | | | | | | (15)% | | |
| | |
Nine Months Ended
September 30, |
| |
Change
|
| |
% Change
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| ||||||||||||||||||
| | |
(unaudited)
|
| | | | | | | | | | | | | |||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
License revenue
|
| | | $ | 2,000 | | | | | $ | — | | | | | $ | 2,000 | | | | | | nm | | |
Total revenue
|
| | | | 2,000 | | | | | | — | | | | | | 2,000 | | | | | | nm | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 14,121 | | | | | | 19,072 | | | | | | (4,951) | | | | | | (26)% | | |
General and administrative
|
| | | | 9,153 | | | | | | 4,595 | | | | | | 4,558 | | | | | | 99% | | |
Total operating expenses
|
| | | | 23,274 | | | | | | 23,667 | | | | | | (393) | | | | | | (2)% | | |
Loss from operations
|
| | | | (21,274) | | | | | | (23,667) | | | | | | 2,393 | | | | | | (10)% | | |
Other income, net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of redeemable convertible preferred stock warrant liability
|
| | | | (1) | | | | | | 3 | | | | | | (4) | | | | | | nm | | |
Change in fair value of Series A common stock warrant
liability |
| | | | 4 | | | | | | — | | | | | | 4 | | | | | | nm | | |
Interest income and other
|
| | | | 1,546 | | | | | | 360 | | | | | | 1,186 | | | | | | nm | | |
Total other income, net
|
| | | | 1,549 | | | | | | 363 | | | | | | 1,186 | | | | | | nm | | |
Net loss
|
| | | $ | (19,725) | | | | | $ | (23,304) | | | | | $ | 3,579 | | | | | | (15)% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Net cash (used in) provided by: | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (24,490) | | | | | $ | (21,710) | | |
Investing activities
|
| | | | (32,010) | | | | | | — | | |
Financing activities
|
| | | | (73) | | | | | | 9,739 | | |
Net decrease in cash and cash equivalents
|
| | | $ | (56,573) | | | | | $ | (11,971) | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (16,683) | | | | | $ | (17,037) | | |
Investing activities
|
| | | | 32,200 | | | | | | (37,446) | | |
Financing activities
|
| | | | 86,167 | | | | | | (18) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 101,684 | | | | | $ | (54,501) | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers and Employee Director: | | | | | | | |
David Happel | | |
61
|
| |
President, Chief Executive Officer and Director
|
|
Anthony Rimac | | |
60
|
| | Chief Financial Officer* | |
Eduardo Bruno Martins, M.D., D.Phil. | | |
61
|
| | Chief Medical Officer | |
Elizabeth Rozek, Esq. | | |
52
|
| |
General Counsel and Chief Compliance Officer
|
|
Key Employee and Director: | | | | | | | |
George Kemble, Ph.D. | | |
64
|
| | Executive Chairman of the Board | |
Non-Employee Directors: | | | | | | | |
Elizabeth Grammer, Esq.(2)(3) | | |
60
|
| | Director | |
Merdad Parsey, M.D., Ph.D.(1)(2) | | |
60
|
| | Director | |
Richard Rodgers(1)(3) | | |
57
|
| | Director | |
Beth Seidenberg, M.D.(1)(3) | | |
66
|
| | Director | |
Jinzi J. Wu, Ph.D. | | |
60
|
| | Director | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Total
($) |
| ||||||
Elizabeth Grammer(1)
|
| | | | 43,000 | | | | | | 43,000 | | |
Merdad Parsey, M.D., Ph.D(2) .
|
| | | | 41,500 | | | | | | 41,500 | | |
Gordon Ringold, Ph.D(3)
|
| | | | 31,413 | | | | | | 31,413 | | |
Richard Rodgers(4)
|
| | | | 45,000 | | | | | | 45,000 | | |
Beth Seidenberg, M.D.(5)
|
| | | | 14,375 | | | | | | 14,375 | | |
James F. Young, Ph.D.(6)
|
| | | | 31,413 | | | | | | 31,413 | | |
Jinzi J. Wu, Ph.D.(7)
|
| | | | — | | | | | | — | | |
|
Audit Committee Chairperson:
|
| | | $ | 15,000 | | |
|
Audit Committee member (other than Chairperson):
|
| | | $ | 7,500 | | |
|
Compensation Committee Chairperson:
|
| | | $ | 10,000 | | |
|
Compensation Committee member (other than Chairperson):
|
| | | $ | 5,000 | | |
|
Nominating and Corporate Governance Committee Chairperson:
|
| | | $ | 10,000 | | |
|
Nominating and Corporate Governance Committee member (other than Chairperson):
|
| | | $ | 4,500 | | |
|
Additional retainer for non-executive Chairperson of the board:
|
| | | $ | 30,000 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total ($)
|
| |||||||||||||||||||||
David Happel
President and chief executive officer |
| | | | 2023 | | | | | | 502,894 | | | | | | 1,849,734 | | | | | | — | | | | | | | | | | | | 3,564 | | | | | | 2,356,192 | | |
| | | 2022 | | | | | | 97,917 | | | | | | — | | | | | | 6,198,479 | | | | | | 211,500(6) | | | | | | 297 | | | | | | 6,508,193 | | | ||
George Kemble, Ph.D
Executive chairman and former president, chief executive officer and chief scientific officer(8) |
| | | | 2023 | | | | | | 458,630 | | | | | | 446,220 | | | | | | — | | | | | | | | | | | | 25,373(7) | | | | | | 930,223 | | |
| | | 2022 | | | | | | 404,856(9) | | | | | | — | | | | | | 129,713 | | | | | | — | | | | | | 40,297(10) | | | | | | 574,866 | | | ||
Eduardo Bruno Martins, M.D., D.Phil.,
Chief medical officer |
| | | | 2023 | | | | | | 442,930 | | | | | | 265,127 | | | | | | 594,620 | | | | | | | | | | | | 3,564 | | | | | | 1,306,241 | | |
| | | 2022 | | | | | | 411,083 | | | | | | — | | | | | | — | | | | | | 125,750 | | | | | | 297 | | | | | | 537,130 | | | ||
Dennis Hom
Former chief financial officer(12) |
| | | | 2023 | | | | | | 226,069 | | | | | | — | | | | | | — | | | | | | | | | | | | 519,438(11) | | | | | | 745,507 | | |
| | | 2022 | | | | | | 357,473 | | | | | | — | | | | | | — | | | | | | 109,351 | | | | | | 68 | | | | | | 466,892 | | |
| | |
Option Awards(1)
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||
|
Grant Date(2)
|
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) |
| |
Option
Exercise Price Per Share ($)(3) |
| |
Option
Expiration Date |
| |
Number of
shares or units of stock that have not vested (#) |
| |
Market value
of shares or units of stock that have not vested ($)(4) |
| |||||||||||||||||||||||
David Happel
|
| | | | 10/17/2022(5) | | | | | | 295,119 | | | | | | 716,707 | | | | | $ | 7.15 | | | | | | 10/16/2032 | | | | | | | | | | | | | | |
| | | 11/17/23(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 624,910 | | | | | $ | 3,387,012 | | | ||
George Kemble Ph.D.
|
| | | | 3/13/2014(5) | | | | | | 3,179 | | | | | | — | | | | | $ | 11.13 | | | | | | 3/12/2024 | | | | | | | | | | | | | | |
| | | 12/17/2014(5) | | | | | | 7,146 | | | | | | — | | | | | $ | 23.05 | | | | | | 12/16/2024 | | | | | | | | | | | | | | | ||
| | | 10/13/2015(5) | | | | | | 26,352 | | | | | | — | | | | | $ | 19.87 | | | | | | 10/12/2025 | | | | | | | | | | | | | | | ||
| | | 4/28/2019(7) | | | | | | 367,824 | | | | | | — | | | | | $ | 6.36 | | | | | | 4/27/2029 | | | | | | | | | | | | | | | ||
| | | 4/28/2019(8) | | | | | | 46,432 | | | | | | — | | | | | $ | 6.36 | | | | | | 4/27/2029 | | | | | | | | | | | | | | | ||
| | | 1/27/2021(9) | | | | | | 383,788 | | | | | | 142,544 | | | | | $ | 6.36 | | | | | | 1/26/2031 | | | | | | | | | | | | | | | ||
| | | 10/17/2022(5) | | | | | | 6,177 | | | | | | 14,996 | | | | | $ | 7.15 | | | | | | 10/16/2032 | | | | | | | | | | | | | | | ||
| | | 11/17/23(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 150,750 | | | | | $ | 817,065 | | | ||
Eduardo Bruno Martins,
M.D., D.Phil. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2/19/2021(5) | | | | | | 140,351 | | | | | | 57,781 | | | | | $ | 6.36 | | | | | | 2/18/2031 | | | | | | | | | | | | | | | ||
| | | 4/20/2023(9) | | | | | | 7,336 | | | | | | 36,673 | | | | | $ | 13.51 | | | | | | 4/20/2033 | | | | | | | | | | | | | | | ||
| | | 11/17/23(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 89,570 | | | | | $ | 485,469 | | | ||
Dennis Hom
|
| | | | 4/28/2019(10) | | | | | | 111,438 | | | | | | — | | | | | $ | 6.36 | | | | | | 9/15/2024 | | | | | | | | | | | | | | |
| | | 4/28/2019(10) | | | | | | 9,285 | | | | | | — | | | | | $ | 6.36 | | | | | | 9/15/2024 | | | | | | | | | | | | | | | ||
| | | 1/27/2021(10) | | | | | | 136,846 | | | | | | — | | | | | $ | 6.36 | | | | | | 9/15/2024 | | | | | | | | | | | | | | |
| | |
Number of Shares
Beneficially Owned Before the Offering |
| |
Percentage of Shares
Beneficially Owned Before the Offering |
| |
Percentage of Shares
Beneficially Owned After the Offering |
| |||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Series A
Common Stock |
| |
Series B
Common Stock |
| |
Series A
Common Stock |
| |
Series B
Common Stock |
| |
Series A
Common Stock |
| |
Series B
Common Stock |
| ||||||||||||||||||
Greater than 5% Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AP11 Limited(1)
|
| | | | 1,654,701 | | | | | | — | | | | | | 7.7% | | | | | | — | | | | | | 5.4% | | | | | | — | | |
FMR LLC(2)
|
| | | | 2,630,160 | | | | | | — | | | | | | 12.3% | | | | | | — | | | | | | 8.7% | | | | | | — | | |
KPCB Holdings. Inc., as nominee(3)
|
| | | | 1,899,475 | | | | | | — | | | | | | 8.9% | | | | | | — | | | | | | 6.3% | | | | | | — | | |
Entities affiliated with New Enterprise Associates 13, Limited Partnership(4)
|
| | | | 3,850,275 | | | | | | — | | | | | | 18.0% | | | | | | — | | | | | | 12.7% | | | | | | — | | |
SGMT Holdings Limited(5)
|
| | | | 1,449,543 | | | | | | — | | | | | | 6.8% | | | | | | — | | | | | | 4.8% | | | | | | — | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David Happel(6)
|
| | | | 339,470 | | | | | | — | | | | | | 1.6% | | | | | | — | | | | | | 1.1% | | | | | | — | | |
Dennis Hom(7)
|
| | | | 257,569 | | | | | | — | | | | | | 1.2% | | | | | | — | | | | | | * | | | | | | — | | |
Eduardo Bruno Martins, M.D., D.Phil.(8)
|
| | | | 157,777 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | |
George Kemble, Ph.D.(9)
|
| | | | 869,339 | | | | | | — | | | | | | 3.9% | | | | | | — | | | | | | 2.8% | | | | | | — | | |
Elizabeth Grammer, Esq(10)
|
| | | | 35,088 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | |
Merdad Parsey, M.D., Ph.D.(11)
|
| | | | 65,441 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | |
Richard Rodgers(12)
|
| | | | 49,031 | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | |
Beth Seidenberg, M.D.(13)
|
| | | | 2,054,334 | | | | | | — | | | | | | 9.6% | | | | | | — | | | | | | 6.8% | | | | | | — | | |
Jinzi J. Wu, Ph.D.(14)
|
| | | | 1,677,917 | | | | | | — | | | | | | 7.8% | | | | | | — | | | | | | 5.5% | | | | | | — | | |
All directors and executive officers as a group
(10 persons)(15) |
| | | | 5,505,966 | | | | | | — | | | | | | 23.8% | | | | | | — | | | | | | 17.1% | | | | | | — | | |
| | |
Column (A)
|
| |
Column (B)
|
| |
Column (C)
|
| |||||||||
Plan Category
|
| |
Number of Securities to be
Issued Upon Exercise of Outstanding Options, Restricted Stock Units and Other Rights |
| |
Weighted Average
Exercise Price of Outstanding Options |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) |
| |||||||||
Equity Compensation Plans Approved by Stockholders(1)
|
| | | | 4,885,917(2) | | | | | $ | 6.14 | | | | | | 1,453,558(3) | | |
Equity Compensation Plans Not Approved by Stockholders
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 4,885,917 | | | | | $ | 6.14 | | | | | | 1,453,558 | | |
Underwriter
|
| |
Number of Shares
|
| |||
Goldman Sachs & Co. LLC
|
| | | | 3,780,000 | | |
Cowen and Company, LLC
|
| | | | 2,385,000 | | |
Leerink Partners LLC
|
| | | | 2,385,000 | | |
Citizens JMP Securities, LLC
|
| | | | 450,000 | | |
Total
|
| | | | 9,000,000 | | |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | 0.75 | | | | | $ | 0.75 | | |
Total
|
| | | $ | 6,750,000 | | | | | $ | 7,762,500 | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
Audited Financial Statements as of and for the Years Ended December 31, 2022 and 2021 | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Financial Statements as of and for the Nine Months Ended September 30, 2023 and 2022
|
| | | | | | |
| | | | F-28 | | | |
| | | | F-29 | | | |
| | | | F-30 | | | |
| | | | F-32 | | | |
| | | | F-33 | | |
| | |
As of
December 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 158 | | | | | $ | 56,731 | | |
Short-term investments in marketable securities
|
| | | | 32,187 | | | | | | — | | |
Prepaid expenses and other current assets
|
| | | | 447 | | | | | | 1,932 | | |
Total current assets
|
| | | | 32,792 | | | | | | 58,663 | | |
Operating lease right-of-use assets
|
| | | | 212 | | | | | | 342 | | |
Deposits
|
| | | | 27 | | | | | | 27 | | |
Total assets
|
| | | $ | 33,031 | | | | | $ | 59,032 | | |
Liabilities, redeemable convertible preferred stock and stockholders’ deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,125 | | | | | $ | 761 | | |
Accrued expenses and other current liabilities
|
| | | | 4,021 | | | | | | 1,555 | | |
Operating lease liabilities
|
| | | | 133 | | | | | | 124 | | |
Total current liabilities
|
| | | | 5,279 | | | | | | 2,440 | | |
Long-term liabilities | | | | | | | | | | | | | |
Operating lease liabilities, less current portion
|
| | | | 78 | | | | | | 224 | | |
Redeemable convertible preferred stock warrant liability
|
| | | | 4 | | | | | | 7 | | |
Total liabilities
|
| | | | 5,361 | | | | | | 2,671 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Redeemable convertible preferred stock: $0.0001 par value; 1,373,810,170 shares authorized at December 31, 2022 and 2021; 1,373,730,625 shares issued and outstanding at December 31, 2022 and 2021; liquidation value of $232,963 at December 31, 2022 and 2021
|
| | | | 214,620 | | | | | | 214,620 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 1,608,370,000 and 1,590,550,754 shares authorized at December 31, 2022 and 2021, respectively; 185,084 and 183,457 shares issued and outstanding at December 31, 2022 and 2021, respectively
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 35,001 | | | | | | 33,109 | | |
Accumulated other comprehensive loss
|
| | | | (84) | | | | | | — | | |
Accumulated deficit
|
| | | | (221,868) | | | | | | (191,369) | | |
Total stockholders’ deficit
|
| | | | (186,950) | | | | | | (158,259) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit
|
| | | $ | 33,031 | | | | | $ | 59,032 | | |
| | |
Year ended
December 31, 2022 |
| |
Year ended
December 31, 2021 |
| ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | $ | 24,919 | | | | | $ | 19,340 | | |
General and administrative
|
| | | | 6,136 | | | | | | 4,379 | | |
Total operating expenses
|
| | | | 31,055 | | | | | | 23,719 | | |
Loss from operations
|
| | | | (31,055) | | | | | | (23,719) | | |
Other income (expense), net: | | | | | | | | | | | | | |
Change in fair value of redeemable convertible preferred stock tranche liability
|
| | | | — | | | | | | (751) | | |
Change in fair value of redeemable convertible preferred stock warrants
|
| | | | 3 | | | | | | 2 | | |
Interest income and other
|
| | | | 553 | | | | | | 26 | | |
Total other income (expense), net
|
| | | | 556 | | | | | | (723) | | |
Net loss
|
| | | $ | (30,499) | | | | | $ | (24,442) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Net unrealized loss on investments in marketable securities
|
| | | | (84) | | | | | | — | | |
Total other comprehensive loss
|
| | | | (84) | | | | | | — | | |
Comprehensive loss
|
| | | $ | (30,583) | | | | | $ | (24,442) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (165.20) | | | | | $ | (199.40) | | |
Weighted-average shares outstanding used in computing net loss per share
attributable to common stockholders, basic and diluted |
| | | | 184,619 | | | | | | 122,579 | | |
| | |
Redeemable convertible
preferred stock |
| | |
Common stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total
stockholders’ deficit |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
| | | | 1,289,245,218 | | | | | $ | 202,885 | | | | | | | 96,507 | | | | | $ | 1 | | | | | $ | 31,016 | | | | | $ | (166,927) | | | | | $ | — | | | | | $ | (135,910) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,442) | | | | | | — | | | | | | (24,442) | | |
Issuance of Series F redeemable
convertible preferred stock, net of issuance costs of $16 |
| | | | 84,485,407 | | | | | | 11,735 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 23,266 | | | | | | — | | | | | | 149 | | | | | | — | | | | | | — | | | | | | 149 | | |
Exercise of common stock warrants
|
| | | | — | | | | | | — | | | | | | | 63,684 | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | 40 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,904 | | | | | | — | | | | | | — | | | | | | 1,904 | | |
Balance at December 31, 2021
|
| | | | 1,373,730,625 | | | | | | 214,620 | | | | | | | 183,457 | | | | | | 1 | | | | | | 33,109 | | | | | | (191,369) | | | | | | — | | | | | | (158,259) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (30,499) | | | | | | — | | | | | | (30,499) | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 1,627 | | | | | | — | | | | | | 12 | | | | | | — | | | | | | — | | | | | | 12 | | |
Unrealized loss on investments in
marketable securities |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84) | | | | | | (84) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,880 | | | | | | — | | | | | | — | | | | | | 1,880 | | |
Balance at December 31, 2022
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 185,084 | | | | | $ | 1 | | | | | $ | 35,001 | | | | | $ | (221,868) | | | | | $ | (84) | | | | | $ | (186,950) | | |
| | |
Year ended
December 31, 2022 |
| |
Year ended
December 31, 2021 |
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (30,499) | | | | | $ | (24,442) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Accretion of discount on marketable securities, net
|
| | | | (212) | | | | | | — | | |
Non-cash lease expense
|
| | | | 130 | | | | | | 134 | | |
Stock-based compensation expense
|
| | | | 1,880 | | | | | | 1,904 | | |
Change in fair value of redeemable convertible preferred stock warrants
|
| | | | (3) | | | | | | (2) | | |
Change in fair value of redeemable convertible preferred stock tranche liability
|
| | | | — | | | | | | 751 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other assets
|
| | | | 1,436 | | | | | | (471) | | |
Accounts payable and accrued expenses
|
| | | | 2,915 | | | | | | 560 | | |
Operating lease liabilities
|
| | | | (137) | | | | | | (144) | | |
Net cash used in operating activities
|
| | | | (24,490) | | | | | | (21,710) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of marketable securities
|
| | | | (41,446) | | | | | | — | | |
Sales of marketable securities
|
| | | | 9,436 | | | | | | — | | |
Net cash used in investing activities
|
| | | | (32,010) | | | | | | — | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from issuance of redeemable convertible preferred stock, net
|
| | | | — | | | | | | 10,804 | | |
Proceeds from exercise of stock options and warrants
|
| | | | 12 | | | | | | 189 | | |
Payment of deferred financing costs
|
| | | | (85) | | | | | | (1,254) | | |
Net cash (used in) provided by financing activities
|
| | | | (73) | | | | | | 9,739 | | |
Net decrease in cash and cash equivalents
|
| | | | (56,573) | | | | | | (11,971) | | |
Cash and cash equivalents at the beginning of the period
|
| | | | 56,731 | | | | | | 68,702 | | |
Cash and cash equivalents at the end of the period
|
| | | $ | 158 | | | | | $ | 56,731 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Unpaid deferred financing costs included in accounts payable and accrued expenses
|
| | | $ | — | | | | | $ | 171 | | |
Right-of-use assets obtained in exchange for operating lease obligations
|
| | | $ | — | | | | | $ | 282 | | |
| | |
December 31, 2022
|
| | |||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| | ||||||||||||||
Commercial paper
|
| | | $ | 15,950 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,950 | | | | ||
Corporate debt securities
|
| | | | 12,286 | | | | | | — | | | | | | (65) | | | | | | 12,221 | | | | ||
U.S. Treasury securities
|
| | | | 4,035 | | | | | | — | | | | | | (19) | | | | | | 4,016 | | | | | |
Total
|
| | | $ | 32,271 | | | | | $ | — | | | | | $ | (84) | | | | | $ | 32,187 | | | |
| | |
December 31, 2022
|
| |||||||||||||||||||||
| | |
Total fair
value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents – money market funds
|
| | | $ | 38 | | | | | $ | 38 | | | | | $ | — | | | | | $ | — | | |
Commercial paper
|
| | | | 15,950 | | | | | | — | | | | | | 15,950 | | | | | | — | | |
Corporate debt securities
|
| | | | 12,221 | | | | | | — | | | | | | 12,221 | | | | | | — | | |
U.S. Treasury securities
|
| | | | 4,016 | | | | | | — | | | | | | 4,016 | | | | | | — | | |
Total
|
| | | $ | 32,225 | | | | | $ | 38 | | | | | $ | 32,187 | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock warrant liability
|
| | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 4 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Total fair
value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents – money market funds
|
| | | $ | 56,631 | | | | | $ | 56,631 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock warrant liability
|
| | | $ | 7 | | | | | $ | — | | | | | $ | — | | | | | $ | 7 | | |
| | |
Redeemable
convertible preferred stock warrant liability |
| |
Redeemable
convertible preferred stock tranche liability |
| ||||||
Balance – January 1, 2021
|
| | | $ | 9 | | | | | $ | — | | |
Change in fair value of redeemable convertible preferred stock warrant liability and establishment of Redeemable Convertible Preferred Stock Tranche Liability
|
| | | | (2) | | | | | | 751 | | |
Extinguishment of Redeemable Convertible Stock Tranche Liability upon
subsequent issuance of Series F redeemable convertible preferred stock |
| | | | — | | | | | | (751) | | |
Balance – December 31, 2021
|
| | | $ | 7 | | | | | $ | — | | |
Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability
|
| | | | (3) | | | | | | — | | |
Balance – December 31, 2022
|
| | | $ | 4 | | | | | $ | — | | |
| | |
As of
December 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||
Prepaid clinical expenses
|
| | | $ | 352 | | | | | $ | 423 | | |
Deferred financing costs
|
| | | | — | | | | | | 1,425 | | |
Other
|
| | | | 95 | | | | | | 84 | | |
Total
|
| | | $ | 447 | | | | | $ | 1,932 | | |
| | |
As of
December 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||
Accrued clinical costs
|
| | | $ | 3,162 | | | | | $ | 852 | | |
Employees’ compensation
|
| | | | 636 | | | | | | 463 | | |
Accrued pre-clinical costs
|
| | | | 166 | | | | | | — | | |
Accrued deferred financing costs
|
| | | | — | | | | | | 55 | | |
Other
|
| | | | 57 | | | | | | 185 | | |
Total
|
| | | $ | 4,021 | | | | | $ | 1,555 | | |
|
2023
|
| | | $ | 157 | | |
|
2024
|
| | | | 80 | | |
|
Total lease payments
|
| | | | 237 | | |
|
Less: interest
|
| | | | (26) | | |
|
Total
|
| | | $ | 211 | | |
| | |
Year ended
December 31, 2022 |
| |
Year ended
December 31, 2021 |
| ||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
| | | | | | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 157 | | | | | $ | 157 | | |
Right-of-use assets obtained in exchange for lease obligations (non-cash):
|
| | | | | | | | | | | | |
Operating leases
|
| | | $ | — | | | | | $ | 282 | | |
| | |
As of December 31, 2022 and 2021
|
| |||||||||||||||||||||
Series
|
| |
Authorized
Shares |
| |
Issued and
Outstanding Shares |
| |
Liquidation
Preference |
| |
Carrying
Value |
| ||||||||||||
Series A
|
| | | | 23,301 | | | | | | 23,301 | | | | | $ | 233 | | | | | $ | 232 | | |
Series B
|
| | | | 3,217 | | | | | | 3,217 | | | | | | 37 | | | | | | 37 | | |
Series B-1
|
| | | | 8,827,439 | | | | | | 8,827,439 | | | | | | 7,768 | | | | | | 7,258 | | |
Series C
|
| | | | 22,732,250 | | | | | | 22,732,250 | | | | | | 20,004 | | | | | | 17,909 | | |
Series D
|
| | | | 24,509,954 | | | | | | 24,430,409 | | | | | | 21,499 | | | | | | 19,833 | | |
Series A’
|
| | | | 720,199 | | | | | | 720,199 | | | | | | — | | | | | | — | | |
Series B’
|
| | | | 1,953,304 | | | | | | 1,953,304 | | | | | | — | | | | | | — | | |
Series B-1’
|
| | | | 14,001,243 | | | | | | 14,001,243 | | | | | | — | | | | | | 2,780 | | |
Series C’
|
| | | | 1,037 | | | | | | 1,037 | | | | | | — | | | | | | — | | |
Series D’
|
| | | | 3,475,426 | | | | | | 3,475,426 | | | | | | — | | | | | | 739 | | |
Series D-1
|
| | | | 51,331,148 | | | | | | 51,331,148 | | | | | | 45,171 | | | | | | 26,894 | | |
Series E
|
| | | | 631,638,725 | | | | | | 631,638,725 | | | | | | 58,231 | | | | | | 58,496 | | |
Series F
|
| | | | 614,592,927 | | | | | | 614,592,927 | | | | | | 80,020 | | | | | | 80,442 | | |
Total
|
| | | | 1,373,810,170 | | | | | | 1,373,730,625 | | | | | $ | 232,963 | | | | | $ | 214,620 | | |
| | |
As of
December 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||
Redeemable convertible preferred stock
|
| | | | 1,322,399,477 | | | | | | 1,322,399,477 | | |
Series D redeemable convertible preferred stock warrants
|
| | | | 79,545 | | | | | | 79,545 | | |
Options authorized and available for issuance
|
| | | | 181,191 | | | | | | 810,604 | | |
Options to purchase common stock
|
| | | | 3,190,450 | | | | | | 2,138,110 | | |
Warrants to purchase common stock
|
| | | | 40,268 | | | | | | 40,268 | | |
Total
|
| | | | 1,325,890,931 | | | | | | 1,325,468,004 | | |
| | |
As of December 31, 2022 and 2021
|
| ||||||||||||||||||||||||
Issuance Date
|
| |
Number of
Warrant Shares |
| |
Exercise
Price per Share |
| |
Expiration
Date |
| |
Exercisable
for |
| |
Fair Value
on Issuance (in thousands) |
| |
Fair Value
Recorded Against |
| |||||||||
June 2013
|
| | | | 26,846 | | | | | $ | 0.79 | | | | June 2023 | | | Common | | | | $ | 339 | | | | Redeemable convertible preferred stock | |
January 2014
|
| | | | 13,422 | | | | | $ | 0.79 | | | | January 2024 | | | Common | | | | | 223 | | | | Redeemable convertible preferred stock | |
April 2015
|
| | | | 79,545 | | | | | $ | 0.88 | | | | April 2025 | | | Series D | | | | | 68 | | | | Debt | |
| | |
Number of Shares
Underlying Outstanding Options |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (in Years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding, January 1, 2022
|
| | | | 2,138,110 | | | | | $ | 7.15 | | | | | | 8.1 | | | | | $ | 4,670 | | |
Options granted
|
| | | | 1,080,304 | | | | | $ | 7.15 | | | | | | | | | | | | | | |
Options exercised
|
| | | | (1,627) | | | | | $ | 7.24 | | | | | | | | | | | | | | |
Options cancelled
|
| | | | (887) | | | | | $ | 31.46 | | | | | | | | | | | | | | |
Options expired
|
| | | | (25,450) | | | | | $ | 12.75 | | | | | | | | | | | | | | |
Outstanding, December 31, 2022
|
| | | | 3,190,450 | | | | | $ | 7.10 | | | | | | 8.1 | | | | | | 3,998 | | |
Shares vested and exercisable as of December 31, 2022
|
| | | | 1,510,555 | | | | | $ | 7.15 | | | | | | 6.8 | | | | | | 2,303 | | |
| | |
Number of
Shares Underlying Outstanding Options |
| |
Weighted-
Average Exercise Price |
| ||||||
Outstanding, January 1, 2022
|
| | | | 1,537,241 | | | | | $ | 7.95 | | |
Options granted
|
| | | | 1,061,431 | | | | | $ | 7.15 | | |
Options exercised
|
| | | | (1,627) | | | | | $ | 7.24 | | |
Options cancelled
|
| | | | (887) | | | | | $ | 31.46 | | |
Options expired
|
| | | | (25,450) | | | | | $ | 12.75 | | |
Outstanding, December 31, 2022
|
| | | | 2,570,708 | | | | | $ | 7.56 | | |
Vested, December 31, 2022
|
| | | | 1,459,480 | | | | | | | | |
| | |
Number of
Shares Underlying Outstanding Options |
| |
Weighted-
Average Exercise Price |
| ||||||
Outstanding, January 1, 2022
|
| | | | 600,869 | | | | | $ | 6.36 | | |
Options Granted
|
| | | | 18,873 | | | | | $ | 7.15 | | |
Options Exercised
|
| | | | — | | | | | | — | | |
Outstanding, December 31, 2022
|
| | | | 619,742 | | | | | $ | 6.38 | | |
Vested, December 31, 2022
|
| | | | 51,075 | | | | | | | | |
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
General and administrative
|
| | | $ | 1,204 | | | | | $ | 1,325 | | |
Research and development
|
| | | | 676 | | | | | | 579 | | |
Total stock-based compensation
|
| | | $ | 1,880 | | | | | $ | 1,904 | | |
| | |
Year Ended
December 31, 2022 |
|
Expected volatility
|
| |
88 – 90%
|
|
Risk-free interest rate
|
| |
3.0 – 4.2
|
|
Dividend yield
|
| |
—
|
|
Expected term
|
| |
5.4 – 7.0 years
|
|
| | |
Year Ended
December 31, 2021 |
|
Expected volatility
|
| |
89 – 94%
|
|
Risk-free interest rate
|
| |
0.4 – 1.3
|
|
Dividend yield
|
| |
—
|
|
Expected term
|
| |
5.0 – 6.1 years
|
|
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (30,499) | | | | | $ | (24,442) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted
|
| | | | 184,619 | | | | | | 122,579 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (165.20) | | | | | $ | (199.40) | | |
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Redeemable convertible preferred stock
|
| | | | 16,638,476 | | | | | | 16,638,476 | | |
Options to purchase common stock
|
| | | | 3,190,450 | | | | | | 2,138,110 | | |
Warrants to purchase common stock
|
| | | | 40,268 | | | | | | 40,268 | | |
Warrants to purchase redeemable convertible preferred stock
|
| | | | 79,545 | | | | | | 79,545 | | |
Total
|
| | | | 19,948,739 | | | | | | 18,896,399 | | |
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Federal income taxes at statutory rates
|
| | | | 21.00% | | | | | | 21.00% | | |
State income tax, net of federal benefit
|
| | | | 0.43 | | | | | | 0.40 | | |
Research and development credits
|
| | | | 3.48 | | | | | | 3.08 | | |
Stock-based compensation
|
| | | | (0.81) | | | | | | (1.19) | | |
Change in valuation allowance
|
| | | | (24.10) | | | | | | (22.64) | | |
Other permanent items
|
| | | | — | | | | | | (0.65) | | |
Effective income tax rate
|
| | | | —% | | | | | | —% | | |
| | |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 28,707 | | | | | $ | 28,350 | | |
Capitalized start-up costs and research expenses
|
| | | | 13,004 | | | | | | 7,358 | | |
Research and development credits
|
| | | | 4,977 | | | | | | 3,762 | | |
Accruals, reserves and other
|
| | | | 1,144 | | | | | | 1,013 | | |
Lease liabilities
|
| | | | 47 | | | | | | 73 | | |
Total gross deferred assets
|
| | | | 47,879 | | | | | | 40,556 | | |
Valuation allowance
|
| | | | (47,834) | | | | | | (40,484) | | |
Total deferred tax assets
|
| | | | 45 | | | | | | 72 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Right-of-use assets
|
| | | | (45) | | | | | | (72) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Unrecognized tax benefits as of the beginning of the year
|
| | | $ | 1,035 | | | | | $ | 817 | | |
Decrease related to prior year tax positions
|
| | | | — | | | | | | (17) | | |
Increase related to current year tax positions
|
| | | | 499 | | | | | | 235 | | |
Unrecognized tax benefits as of the end of the year
|
| | | $ | 1,534 | | | | | $ | 1,035 | | |
| | |
As of
September 30, 2023 |
| |
As of
December 31, 2022 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 101,842 | | | | | $ | 158 | | |
Short-term investments in marketable securities
|
| | | | — | | | | | | 32,187 | | |
Prepaid expenses and other current assets
|
| | | | 974 | | | | | | 447 | | |
Total current assets
|
| | | | 102,816 | | | | | | 32,792 | | |
Operating lease right-of-use assets
|
| | | | 109 | | | | | | 212 | | |
Deposits
|
| | | | — | | | | | | 27 | | |
Total assets
|
| | | $ | 102,925 | | | | | $ | 33,031 | | |
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,702 | | | | | $ | 1,125 | | |
Accrued expenses and other current liabilities
|
| | | | 3,244 | | | | | | 4,021 | | |
Operating lease liabilities
|
| | | | 103 | | | | | | 133 | | |
Total current liabilities
|
| | | | 5,049 | | | | | | 5,279 | | |
Long-term liabilities | | | | | | | | | | | | | |
Operating lease liabilities, less current portion
|
| | | | — | | | | | | 78 | | |
Series A common stock warrant liability
|
| | | | 1 | | | | | | — | | |
Redeemable convertible preferred stock warrant liability
|
| | | | — | | | | | | 4 | | |
Total liabilities
|
| | | | 5,050 | | | | | | 5,361 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Redeemable convertible preferred stock: $0.0001 par value; no shares and 1,373,810,170 shares authorized at September 30, 2023 and December 31, 2022, respectively; no shares and 1,373,730,625 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively; liquidation value of $232,963 at December 31, 2022
|
| | | | — | | | | | | 214,620 | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | |
Undesignated preferred stock, $0.0001 par value; 10,000,000 shares and no shares authorized at September 30, 2023 and December 31, 2022, respectively; no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
|
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value; no shares and 1,608,370,000 shares authorized at
September 30, 2023 and December 31, 2022, respectively; no shares and 185,084 shares issued and 2023 and December 31, 2022, respectively |
| | | | — | | | | | | 1 | | |
Series A common stock, $0.0001 par value; 500,000,000 shares and no shares
authorized at September 30, 2023 and December 31, 2022, respectively; 21,375,402 shares and no shares issued and 2023 and December 31, 2022, respectively |
| | | | 2 | | | | | | — | | |
Series B common stock, $0.0001 par value; 15,000,000 shares and no shares
authorized at September 30, 2023 and December 31, 2022, respectively; 1,520,490 and no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 339,466 | | | | | | 35,001 | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | (84) | | |
Accumulated deficit
|
| | | | (241,593) | | | | | | (221,868) | | |
Total stockholders’ equity (deficit)
|
| | | | 97,875 | | | | | | (186,950) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity
(deficit) |
| | | $ | 102,925 | | | | | $ | 33,031 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
License revenue
|
| | | $ | 2,000 | | | | | $ | — | | | | | $ | 2,000 | | | | | $ | — | | |
Total revenue
|
| | | | 2,000 | | | | | | — | | | | | | 2,000 | | | | | | — | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 4,958 | | | | | | 6,838 | | | | | | 14,121 | | | | | | 19,072 | | |
General and administrative
|
| | | | 4,494 | | | | | | 848 | | | | | | 9,153 | | | | | | 4,595 | | |
Total operating expenses
|
| | | | 9,452 | | | | | | 7,686 | | | | | | 23,274 | | | | | | 23,667 | | |
Loss from operations
|
| | | | (7,452) | | | | | | (7,686) | | | | | | (21,274) | | | | | | (23,667) | | |
Other income, net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of redeemable convertible
preferred stock warrant liability |
| | | | — | | | | | | 1 | | | | | | (1) | | | | | | 3 | | |
Change in fair value of Series A common stock warrant liability
|
| | | | 4 | | | | | | — | | | | | | 4 | | | | | | — | | |
Interest income and other
|
| | | | 1,095 | | | | | | 218 | | | | | | 1,546 | | | | | | 360 | | |
Total other income, net
|
| | | | 1,099 | | | | | | 219 | | | | | | 1,549 | | | | | | 363 | | |
Net loss
|
| | | $ | (6,353) | | | | | $ | (7,467) | | | | | $ | (19,725) | | | | | $ | (23,304) | | |
Other comprehensive (loss) gain: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized (loss) gain on investments in marketable securities
|
| | | | — | | | | | | (56) | | | | | | 84 | | | | | | (162) | | |
Total other comprehensive (loss) gain
|
| | | | — | | | | | | (56) | | | | | | 84 | | | | | | (162) | | |
Comprehensive loss
|
| | | $ | (6,353) | | | | | $ | (7,523) | | | | | $ | (19,641) | | | | | $ | (23,466) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | — | | | | | $ | (40.34) | | | | | $ | — | | | | | $ | (126.13) | | |
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted
|
| | | | — | | | | | | 185,084 | | | | | | — | | | | | | 184,756 | | |
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted
|
| | | $ | (0.35) | | | | | $ | — | | | | | $ | (3.22) | | | | | $ | — | | |
Weighted-average shares outstanding used in computing net loss per share attributable to Series A and Series B common stockholders, basic and diluted
|
| | | | 18,194,682 | | | | | | — | | | | | | 6,131,541 | | | | | | — | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Series A
Common Stock |
| |
Series B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Stockholders’ (Deficit) Equity |
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 185,084 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 35,001 | | | | | $ | (221,868) | | | | | $ | (84) | | | | | $ | (186,950) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,587) | | | | | | — | | | | | | (6,587) | | |
Unrealized gain on
investments in marketable securities |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 71 | | | | | | 71 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 767 | | | | | | — | | | | | | — | | | | | | 767 | | |
Balance at March 31, 2023
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 185,084 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 35,768 | | | | | $ | (228,455) | | | | | $ | (13) | | | | | $ | (192,699) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,785) | | | | | | — | | | | | | (6,785) | | |
Exercise of common stock warrants
|
| | | | — | | | | | | — | | | | | | | 25,231 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unrealized gain on investments in
marketable securities |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | 13 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,057 | | | | | | — | | | | | | — | | | | | | 1,057 | | |
Balance at June 30, 2023
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 210,315 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 36,825 | | | | | $ | (235,240) | | | | | $ | — | | | | | $ | (198,414) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,353) | | | | | | — | | | | | | (6,353) | | |
Conversion of Redeemable
Convertible Preferred Stock to Series A and Series B Common Stock |
| | | | (1,373,730,625) | | | | | | (214,620) | | | | | | | — | | | | | | — | | | | | | 15,117,912 | | | | | | 1 | | | | | | 1,520,490 | | | | | | — | | | | | | 214,619 | | | | | | — | | | | | | — | | | | | | 214,620 | | |
Reclass of Common Stock to Series A Common Stock
|
| | | | — | | | | | | — | | | | | | | (210,315) | | | | | | (1) | | | | | | 210,315 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sale of Series A Common Stock in public offering, net of issuance costs of $10,267
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 6,026,772 | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,161 | | | | | | — | | | | | | — | | | | | | 86,161 | | |
Issuance of Series A Common Stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 7,614 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 6 | | |
Exercise of common stock warrants
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 12,789 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,855 | | | | | | — | | | | | | — | | | | | | 1,855 | | |
Balance at September 30, 2023
|
| | | | — | | | | | $ | — | | | | | | | — | | | | | $ | — | | | | | | 21,375,402 | | | | | $ | 2 | | | | | | 1,520,490 | | | | | $ | — | | | | | $ | 339,466 | | | | | $ | (241,593) | | | | | $ | — | | | | | $ | 97,875 | | |
| | |
Redeemable convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 183,457 | | | | | $ | 1 | | | | | $ | 33,109 | | | | | $ | (191,369) | | | | | $ | — | | | | | $ | (158,259) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,735) | | | | | | — | | | | | | (8,735) | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 1,627 | | | | | | — | | | | | | 12 | | | | | | — | | | | | | — | | | | | | 12 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 387 | | | | | | — | | | | | | — | | | | | | 387 | | |
Balance at March 31, 2022
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 185,084 | | | | | $ | 1 | | | | | $ | 33,508 | | | | | $ | (200,104) | | | | | $ | — | | | | | $ | (166,595) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,102) | | | | | | — | | | | | | (7,102) | | |
Unrealized loss on investments in marketable securities
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (106) | | | | | | (106) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 383 | | | | | | — | | | | | | — | | | | | | 383 | | |
Balance at June 30, 2022
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 185,084 | | | | | $ | 1 | | | | | $ | 33,891 | | | | | $ | (207,206) | | | | | $ | (106) | | | | | $ | (173,420) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,467) | | | | | | — | | | | | | (7,467) | | |
Unrealized loss on investments in marketable securities
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (56) | | | | | | (56) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 389 | | | | | | — | | | | | | — | | | | | | 389 | | |
Balance at September 30, 2022
|
| | | | 1,373,730,625 | | | | | $ | 214,620 | | | | | | | 185,084 | | | | | $ | 1 | | | | | $ | 34,280 | | | | | $ | (214,673) | | | | | $ | (162) | | | | | $ | (180,554) | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (19,725) | | | | | $ | (23,304) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Accretion of discount on marketable securities, net
|
| | | | (39) | | | | | | (129) | | |
Non-cash lease expense
|
| | | | 103 | | | | | | 97 | | |
Stock-based compensation expense
|
| | | | 3,679 | | | | | | 1,159 | | |
Change in fair value of redeemable convertible preferred stock warrant liability
|
| | | | 1 | | | | | | (3) | | |
Change in fair value of Series A common stock warrant liability
|
| | | | (4) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (390) | | | | | | 1,326 | | |
Accounts payable and accrued liabilities
|
| | | | (200) | | | | | | 3,920 | | |
Operating lease liabilities
|
| | | | (108) | | | | | | (103) | | |
Net cash used in operating activities
|
| | | | (16,683) | | | | | | (17,037) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of marketable securities
|
| | | | — | | | | | | (41,446) | | |
Sales of marketable securities
|
| | | | 32,200 | | | | | | 4,000 | | |
Net cash provided (used in) by investing activities
|
| | | | 32,200 | | | | | | (37,446) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from initial public offering, net of underwriters’ commissions and discounts
|
| | | | 86,161 | | | | | | — | | |
Payment of deferred financing costs
|
| | | | — | | | | | | (30) | | |
Proceeds from exercise of stock options
|
| | | | 6 | | | | | | 12 | | |
Net cash provided by (used in) financing activities
|
| | | | 86,167 | | | | | | (18) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 101,684 | | | | | | (54,501) | | |
Cash and cash equivalents at beginning of period
|
| | | | 158 | | | | | | 56,731 | | |
Cash and cash equivalents at end of period
|
| | | $ | 101,842 | | | | | $ | 2,230 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Amortized
cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| ||||||||||||
Commercial paper
|
| | | $ | 15,950 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,950 | | |
Corporate debt securities
|
| | | | 12,286 | | | | | | — | | | | | | (65) | | | | | | 12,221 | | |
U.S. Treasury securities
|
| | | | 4,035 | | | | | | — | | | | | | (19) | | | | | | 4,016 | | |
Total
|
| | | $ | 32,271 | | | | | $ | — | | | | | $ | (84) | | | | | $ | 32,187 | | |
| | |
September 30, 2023
|
| |||||||||||||||||||||
| | |
Total
fair value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A Common Stock Warrant Liability
|
| | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | 1 | | |
| | |
December 31, 2022
|
| |||||||||||||||||||||
| | |
Total fair
value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents - money market funds
|
| | | $ | 38 | | | | | $ | 38 | | | | | $ | — | | | | | $ | — | | |
Commercial paper
|
| | | | 15,950 | | | | | | — | | | | | | 15,950 | | | | | | — | | |
Corporate debt securities
|
| | | | 12,221 | | | | | | — | | | | | | 12,221 | | | | | | — | | |
U.S. Treasury securities
|
| | | | 4,016 | | | | | | — | | | | | | 4,016 | | | | | | — | | |
Total
|
| | | $ | 32,225 | | | | | $ | 38 | | | | | $ | 32,187 | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable Convertible Preferred Stock Warrant Liability
|
| | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 4 | | |
|
Balance – January 1, 2023
|
| | |
$
|
4
|
| |
|
Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability
|
| | | | 1 | | |
|
Change in fair value of Series A Common Stock Warrant Liability
|
| | | | (4) | | |
|
Balance – September 30, 2023
|
| | |
$
|
1
|
| |
|
Balance – January 1, 2022
|
| | |
$
|
7
|
| |
|
Change in fair value of Redeemable Convertible Preferred Stock Warrant Liability
|
| | | | (3) | | |
|
Balance – December 31, 2022
|
| | |
$
|
4
|
| |
| | |
As of
September 30, 2023 |
| |
As of
December 31, 2022 |
| ||||||
Prepaid insurance
|
| | | $ | 865 | | | | | $ | 61 | | |
Prepaid clinical expenses
|
| | | | 32 | | | | | | 352 | | |
Other
|
| | | | 77 | | | | | | 34 | | |
Total
|
| | | $ | 974 | | | | | $ | 447 | | |
| | |
As of
September 30, 2023 |
| |
As of
December 31, 2022 |
| ||||||
Accrued clinical costs
|
| | | $ | 2,239 | | | | | $ | 3,162 | | |
Employees’ compensation
|
| | | | 689 | | | | | | 636 | | |
Accrued research
|
| | | | 221 | | | | | | — | | |
Accrued preclinical costs
|
| | | | — | | | | | | 166 | | |
Other
|
| | | | 95 | | | | | | 57 | | |
Total
|
| | | $ | 3,244 | | | | | $ | 4,021 | | |
| | |
September 30,
2023 |
| |||
Remainder of 2023
|
| | | $ | 27 | | |
2024
|
| | | | 79 | | |
Total lease payments
|
| | | | 106 | | |
Less: interest
|
| | | | (3) | | |
Total
|
| | | $ | 103 | | |
| | |
December 31,
2022 |
| |||
| | | | | | | |
2023
|
| | | $ | 157 | | |
2024
|
| | | | 80 | | |
Total lease payments
|
| | | | 237 | | |
Less: interest
|
| | | | (26) | | |
Total
|
| | | $ | 211 | | |
| | |
Nine Months
Ended September 30, 2023 |
| |
Nine Months
Ended September 30, 2022 |
| ||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
| | | | | | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 118 | | | | | $ | 118 | | |
| | |
December 31, 2022
|
| |||||||||||||||||||||
| | |
Authorized
Shares |
| |
Issued and
Outstanding Shares |
| |
Liquidation
Preference |
| |
Carrying
Value |
| ||||||||||||
Series A
|
| | | | 23,301 | | | | | | 23,301 | | | | | $ | 233 | | | | | $ | 232 | | |
Series B
|
| | | | 3,217 | | | | | | 3,217 | | | | | | 37 | | | | | | 37 | | |
Series B-1
|
| | | | 8,827,439 | | | | | | 8,827,439 | | | | | | 7,768 | | | | | | 7,258 | | |
Series C
|
| | | | 22,732,250 | | | | | | 22,732,250 | | | | | | 20,004 | | | | | | 17,909 | | |
Series D
|
| | | | 24,509,954 | | | | | | 24,430,409 | | | | | | 21,499 | | | | | | 19,833 | | |
Series A’
|
| | | | 720,199 | | | | | | 720,199 | | | | | | — | | | | | | — | | |
Series B’
|
| | | | 1,953,304 | | | | | | 1,953,304 | | | | | | — | | | | | | — | | |
Series B-1’
|
| | | | 14,001,243 | | | | | | 14,001,243 | | | | | | — | | | | | | 2,780 | | |
Series C’
|
| | | | 1,037 | | | | | | 1,037 | | | | | | — | | | | | | — | | |
Series D’
|
| | | | 3,475,426 | | | | | | 3,475,426 | | | | | | — | | | | | | 739 | | |
Series D-1
|
| | | | 51,331,148 | | | | | | 51,331,148 | | | | | | 45,171 | | | | | | 26,894 | | |
Series E
|
| | | | 631,638,725 | | | | | | 631,638,725 | | | | | | 58,231 | | | | | | 58,496 | | |
Series F
|
| | | | 614,592,927 | | | | | | 614,592,927 | | | | | | 80,020 | | | | | | 80,442 | | |
Total
|
| | | | 1,373,810,170 | | | | | | 1,373,730,625 | | | | | $ | 232,963 | | | | | $ | 214,620 | | |
| | |
As of
September 30, 2023 |
| |
As of
December 31, 2022 |
| ||||||
Options to purchase Series A common stock
|
| | | | 3,766,505 | | | | | | 3,190,450 | | |
Options authorized and available for issuance
|
| | | | 2,585,968 | | | | | | 181,191 | | |
Warrant to purchase Series A Common Stock
|
| | | | 1,000 | | | | | | — | | |
Redeemable convertible preferred stock
|
| | | | — | | | | | | 1,322,399,477 | | |
Series D redeemable convertible preferred stock warrant
|
| | | | — | | | | | | 79,545 | | |
Warrants to purchase common stock
|
| | | | — | | | | | | 40,268 | | |
Total
|
| | | | 6,353,473 | | | | | | 1,325,890,931 | | |
| | |
As of September 30, 2023
|
| ||||||||||||||||||||||||
Issuance Date
|
| |
Number of
Warrant Shares |
| |
Exercise
Price per Share |
| |
Expiration
Date |
| |
Exercisable
for |
| |
Fair Value on
Issuance (in thousands) |
| |
Fair Value
Recorded Against |
| |||||||||
April 2015
|
| | | | 1,000 | | | | | $ | 69.94 | | | | July 2026 | | |
Series A Common
|
| | | $ | 68 | | | | Debt | |
| | |
As of December 31, 2022
|
| ||||||||||||||||||||||||
Issuance Date
|
| |
Number of
Warrant Shares |
| |
Exercise
Price per Share |
| |
Expiration
Date |
| |
Exercisable
for |
| |
Fair Value on
(in thousands) |
| |
Fair Value
Recorded Against |
| |||||||||
June 2013
|
| | | | 26,846 | | | | | $ | 0.79 | | | | June 2023 | | | Common | | | | $ | 339 | | | | Redeemable convertible preferred stock | |
January 2014
|
| | | | 13,422 | | | | | | 0.79 | | | | January 2024 | | | Common | | | | | 223 | | | | Redeemable convertible preferred stock | |
April 2015
|
| | | | 79,545 | | | | | | 0.88 | | | | April 2025 | | | Series D | | | | | 68 | | | | Debt | |
| | |
Number of
Shares Underlying Outstanding Options |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (in Years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Outstanding, January 1, 2023
|
| | | | 3,190,450 | | | | | $ | 7.10 | | | | | | 8.1 | | | | | $ | 3,998 | | |
Options granted
|
| | | | 585,919 | | | | | $ | 13.51 | | | | | | | | | | | | | | |
Options exercised
|
| | | | (7,614) | | | | | | 0.79 | | | | | | | | | | | | | | |
Options cancelled
|
| | | | (498) | | | | | | 4.77 | | | | | | | | | | | | | | |
Options expired
|
| | | | (1,752) | | | | | | 0.79 | | | | | | | | | | | | | | |
Outstanding, September 30, 2023
|
| | | | 3,766,505 | | | | | $ | 8.11 | | | | | | 7.69 | | | | | $ | 17,737 | | |
Shares vested and exercisable as of September 30, 2023
|
| | | | 1,784,725 | | | | | $ | 6.98 | | | | | | 6.34 | | | | | $ | 10,206 | | |
| | |
Number of
Shares Underlying Outstanding Options |
| |
Weighted-
Average Exercise Price |
| ||||||
Outstanding, January 1, 2023
|
| | | | 2,570,708 | | | | | $ | 7.56 | | |
Options granted
|
| | | | 585,919 | | | | | | 13.51 | | |
Options exercised
|
| | | | (7,614) | | | | | | 0.79 | | |
Options cancelled
|
| | | | (498) | | | | | | 4.77 | | |
Options expired
|
| | | | (1,752) | | | | | | 0.79 | | |
Outstanding, September 30, 2023
|
| | | | 3,146,763 | | | | | $ | 8.69 | | |
Shares vested and exercisable as of September 30, 2023
|
| | | | 1,186,212 | | | | | $ | 14.42 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | | | | 2023 | | | | | | 2022 | | | | | | 2023 | | | | | | 2022 | | |
General and administrative expense
|
| | | $ | 1,649 | | | | | $ | 220 | | | | | $ | 3,103 | | | | | $ | 663 | | |
Research and development expense
|
| | | | 206 | | | | | | 169 | | | | | | 576 | | | | | | 496 | | |
Total stock-based compensation expense
|
| | | $ | 1,855 | | | | | $ | 389 | | | | | $ | 3,679 | | | | | $ | 1,159 | | |
| | |
Nine Months Ended
September 30, 2023 |
| |
Nine Months Ended
September 30, 2022 |
|
Expected volatility
|
| |
89 – 91%
|
| |
88 – 90%
|
|
Risk-free interest rate
|
| |
3.6%
|
| |
2.3 – 3.0%
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
Expected term
|
| |
5.0 – 7.0 years
|
| |
5.4 – 7.0 years
|
|
| | |
Three Months
Ended September 30, 2023 |
| |
Three Months
Ended September 30, 2022 |
| |
Nine Months
Ended September 30, 2023 |
| |
Nine Months
Ended September 30, 2022 |
| | | | | ||||||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Net loss attributable to common stockholders
|
| | | $ | — | | | | | $ | (7,467) | | | | | $ | — | | | | | $ | (23,304) | | | | | | | ||||||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Weighted-average shares outstanding used in
computing net loss per share attributable to common stockholders, basic and diluted |
| | | | — | | | | | | 185,084 | | | | | | — | | | | | | 184,756 | | | | | | | ||||||||
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | — | | | | | $ | (40.34) | | | | | $ | — | | | | | $ | (126.13) | | | | | | | ||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Net loss attributable to Series A and Series B
common stockholders |
| | | $ | (6,353) | | | | | $ | — | | | | | $ | (19,725) | | | | | $ | — | | | | | | | ||||||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Weighted-average shares outstanding used in
computing net loss per share attributable to Series A and Series B common stockholders, basic and diluted |
| | | | 18,194,682 | | | | | | — | | | | | | 6,131,541 | | | | | | — | | | | | | | ||||||||
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted
|
| | | $ | (0.35) | | | | | $ | — | | | | | $ | (3.22) | | | | | $ | — | | | | | | | | | | | | | | |
| | |
Three Months
Ended September 30, 2023 |
| |
Three Months
Ended September 30, 2022 |
| |
Nine Months
Ended September 30, 2023 |
| |
Nine Months
Ended September 30, 2022 |
| ||||||||||||
Options to purchase Series A common stock
|
| | | | 3,766,505 | | | | | | 2,198,675 | | | | | | 3,766,505 | | | | | | 2,198,675 | | |
Warrant to purchase Series A Common Stock
|
| | | | 1,000 | | | | | | — | | | | | | 1,000 | | | | | | — | | |
Redeemable convertible preferred stock
|
| | | | — | | | | | | 16,638,476 | | | | | | — | | | | | | 16,638,476 | | |
Warrants to purchase common stock
|
| | | | — | | | | | | 40,268 | | | | | | — | | | | | | 40,268 | | |
Warrant to purchase redeemable convertible preferred stock
|
| | | | — | | | | | | 79,545 | | | | | | — | | | | | | 79,545 | | |
Total
|
| | | | 3,767,505 | | | | | | 18,956,964 | | | | | | 3,767,505 | | | | | | 18,956,964 | | |