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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 June 30, 2021

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: 001-40629

 

CANDEL THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

52-2214851

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

117 Kendrick St, Suite 450
Needham, MA

02494

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 916-5445

 

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 $0.01 per share

 

CADL

 

The Nasdaq Global 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  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes      No  

As of August 31, 2021, the registrant had 28,689,842 shares of common stock, $0.01 par value per share, outstanding.

 

 

 


 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or Form 10-Q, including the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains express or implied forward-looking statements that are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Form 10-Q may include, but are not limited to, statements about:

 

the initiation, timing, progress, results, safety and efficacy, and cost of our research and development programs and our current and future preclinical studies and clinical trials, including statements regarding the timing of initiation and completion of studies or trials, the period during which the results of the trials will become available, and our research and development programs;

 

the ultimate impact of the current novel coronavirus, or COVID-19, pandemic, or any other health epidemic, on our business, manufacturing, clinical trials, research programs, supply chain, regulatory review, healthcare systems or the global economy as a whole;

 

risks related to the direct or indirect impact of the COVID-19 pandemic or any future large-scale adverse health event, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays in diagnoses, initiation or continuation of treatment for diseases that may be addressed by our development candidates and investigational medicines, or in patient enrollment in clinical trials, potential clinical trials, regulatory review or supply chain disruptions, and other potential impacts to our business, the effectiveness or timeliness of steps taken by us to mitigate the impact of the pandemic, and our ability to execute business continuity plans to address disruptions caused by the COVID-19 pandemic or future large-scale adverse health event;

 

our ability to obtain funding for our operations necessary to complete further development, manufacturing and commercialization of our product candidates;

 

our ability to obtain and maintain regulatory approval for any of our current or future product candidates;

 

the period of time over which we anticipate our existing cash and cash equivalents and short-term investments will be sufficient to fund our operating expenses and capital expenditure requirements;

 

our ability to identify and develop product candidates for treatment of additional disease indications;

 

the potential attributes and benefits of our product candidates;

 

the rate and degree of market acceptance and clinical utility for any product candidates we may develop;

 

the pricing and reimbursement of our product candidates, if approved;

 

the effects of competition with respect to any of our current or future product candidates, as well as innovations by current and future competitors in our industry;

 

the implementation of our strategic plans for our business, any product candidates we may develop and our;

 

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates;

 

estimates of our future expenses, revenues, capital requirements, and our needs for additional financing;

 

future agreements with third parties in connection with the manufacturing and commercialization of our product candidates, if approved;

 

the size and growth potential of the markets for our product candidates and our ability to serve those markets;

 

our financial performance;

 

regulatory developments in the United States and foreign countries;

 

our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;

 

the success of competing therapies that are or may become available;

 

our ability to attract and retain key scientific or management personnel;

 

developments relating to our competitors and our industry; and

 

other risks and uncertainties, including those discussed in Part II, Item 1A - Risk Factors in this Form 10-Q.


 

 

In some cases, forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “could,” “expects,” “intends,” “plans,” “aims,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled “Risk Factors” and elsewhere in this Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those expressed or implied by the forward-looking statements. No forward-looking statement is a promise or a guarantee of future performance.

The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q.

This Form 10-Q may include statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified the information contained in such sources.

 

 


 

 

SUMMARY OF RISK FACTORS

Our ability to implement our business strategy is subject to numerous risks that you should be aware of before making an investment decision. These risks are described more fully in Part II, Item 1A - Risk Factors in this Form 10-Q. These risks include, among others:

 

We are a biopharmaceutical company with a limited operating history and have incurred significant losses since our inception. To date, we have not generated any revenue from product sales. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years and may never achieve or maintain profitability. Our net loss was $16.2 million and $4.6 million for the six months ended June 30, 2021 and 2020, respectively.

 

We will need substantial additional funding to pursue our business objectives and continue our operations. If we are unable to raise capital when needed, we would be forced to delay, reduce or eliminate some of our product development programs or commercialization efforts.

 

Our business is dependent on the success of our lead product candidate, CAN-2409, as well as CAN-3110 and any other product candidates that we advance into the clinic. All of our product candidates will require additional development before we may be able to seek regulatory approval for and launch a product commercially.

 

Our preclinical studies and clinical trials may fail to demonstrate adequately the safety and efficacy of any of our product candidates, which would prevent or delay development, regulatory approval, and commercialization.

 

Our product candidates are based on a novel approach to the treatment of cancer, which makes it difficult to predict the time and cost of product candidate development and subsequently obtaining regulatory approval, if at all.

 

Even if we receive marketing approval for our current or future product candidates, our current or future product candidates may not achieve broad market acceptance, which would limit the revenue that we generate from their sales.

 

The regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable. If we are not able to obtain, or experience delays in obtaining, required regulatory approvals, we will not be able to commercialize CAN-2409, CAN-3110 and future product candidates as expected, and our ability to generate revenue may be materially impaired.

 

The FDA’s agreement to a Special Protocol Assessment with respect to the study design of our Phase 3 clinical trial of CAN-2409 in newly diagnosed localized prostate cancer in intermediate and high risk patients does not guarantee any particular outcome from regulatory review, including ultimate approval, and may not lead to a successful review or approval process.

 

Changes in product candidate manufacturing or formulation may result in additional costs or delay.

 

The COVID-19 pandemic, which began in late 2019 and has spread worldwide, may affect our ability to complete our ongoing clinical trials and initiate and complete other preclinical studies, planned clinical trials or future clinical trials, disrupt regulatory activities, disrupt our manufacturing and supply chain or have other adverse effects on our business and operations. In addition, this pandemic has caused substantial disruption in the financial markets and may adversely impact economies worldwide, both of which could result in adverse effects on our business, operations and ability to raise capital.

 

If the government or third-party payors fail to provide adequate coverage, reimbursement and payment rates for our product candidates, or if health maintenance organizations or long-term care facilities choose to use therapies that are less expensive or considered a better value, our revenue and prospects for profitability will be limited.

 

If the manufacturers upon which we may rely fail to produce our product candidates in the volumes that we require on a timely basis, or fail to comply with stringent regulations applicable to biopharmaceutical manufacturers, we may face delays in the development and commercialization of, or be unable to meet demand for, our product candidates and may lose potential revenues.


 

 

The transition of our manufacturing operations to our new facility and to a third-party contract manufacturer may result in further delays or expenses, and we may not experience the anticipated operating efficiencies.

 

Our rights to develop and commercialize certain of our product candidates are subject and may in the future be subject, in part, to the terms and conditions of licenses granted to us by third parties. If we fail to comply with our obligations under our current or future intellectual property license agreements or otherwise experience disruptions to our business relationships with our current or any future licensors, we could lose intellectual property rights that are important to our business.

 

 

 


 

 

NOTE REGARDING COMPANY REFERENCES

 

Unless the context otherwise requires, the terms “Candel Therapeutics,” “the Company,” “we,” “us,” and “our” in this Form 10-Q refer to Candel Therapeutics, Inc. and its consolidated subsidiary.

 

NOTE REGARDING TRADEMARKS

 

We own or have rights to various trademarks, service marks and trade names that are used in connection with the operation of our business, including our company name, Candel Therapeutics, our logo, and the names of our Can 24009™ and Can 3110™ product candidates. This Form 10-Q may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names or products in this quarterly report on Form 10-Q is not intended to and does not imply a relationship with, or endorsement or sponsorship by, us. Solely for convenience, the trademarks, service marks and trade names referred to in this quarterly report on Form 10-Q may appear without the ®, TM or SM symbols, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable owner of these trademarks, service marks and trade names.

 

 

 

i


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

32

PART II.

OTHER INFORMATION

33

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

91

Item 3.

Defaults Upon Senior Securities

91

Item 4.

Mine Safety Disclosures

91

Item 5.

Other Information

91

Item 6.

Exhibits

92

Signatures

93

 

 

ii


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Candel Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

JUNE 30,

2021

 

 

DECEMBER 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

24,316

 

 

$

35,053

 

Prepaid expenses and other current assets

 

 

110

 

 

 

93

 

Total current assets

 

 

24,426

 

 

 

35,146

 

Fixed assets, net

 

 

4,606

 

 

 

2,787

 

Other long-term assets

 

 

1,712

 

 

 

349

 

Total assets

 

$

30,744

 

 

$

38,282

 

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

759

 

 

$

921

 

Accrued expenses

 

 

3,511

 

 

 

3,142

 

Paycheck protection program loan

 

 

 

 

 

463

 

Other current liabilities

 

 

224

 

 

 

187

 

Total current liabilities

 

 

4,494

 

 

 

4,713

 

Deferred revenue

 

 

63

 

 

 

125

 

Deferred rent

 

 

581

 

 

 

632

 

Warrant liability

 

 

19,200

 

 

 

6,831

 

Long-term debt

 

 

521

 

 

 

483

 

Total liabilities

 

 

24,859

 

 

 

12,784

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Convertible preferred stock:

 

 

 

 

 

 

 

 

Series B convertible preferred stock, $0.01 par value; 11,155,506 shares

   authorized, issued and outstanding at June 30, 2021 and December 31,

   2020, liquidation preference of $30,896 at June 30, 2021 and

   December 31, 2020.

 

 

26,560

 

 

 

26,560

 

Series C convertible preferred stock, $0.01 par value; 6,032,170 shares

   authorized, issued and outstanding at June 30, 2021 and December 31,

   2020, liquidation preference of $22,500 at June 30, 2021 and

   December 31, 2020.

 

 

22,500

 

 

 

22,500

 

Stockholders’ deficit:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value; 75,000,000 shares authorized at June 30,

   2021 and December 31, 2020. Shares issued and outstanding

   11,731,889 and 11,635,094 at June 30, 2021 and December 31,

   2020, respectively.

 

 

117

 

 

 

116

 

Additional paid-in capital

 

 

22,437

 

 

 

20,493

 

Accumulated deficit

 

 

(65,729

)

 

 

(44,171

)

Total stockholders’ deficit

 

 

(43,175

)

 

 

(23,562

)

Total liabilities, convertible preferred stock and stockholders’

   deficit

 

$

30,744

 

 

$

38,282

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

Candel Therapeutics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

THREE MONTHS ENDED

JUNE 30,

 

 

SIX MONTHS ENDED

JUNE 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development service revenue,

   related party

 

$

31

 

 

$

31

 

 

$

63

 

 

$

63

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,292

 

 

 

1,795

 

 

 

6,048

 

 

 

3,417

 

General and administrative

 

 

2,040

 

 

 

855

 

 

 

3,972

 

 

 

1,583

 

Total operating expenses

 

 

5,332

 

 

 

2,650

 

 

 

10,020

 

 

 

5,000

 

Loss from operations

 

 

(5,301

)

 

 

(2,619

)

 

 

(9,957

)

 

 

(4,937

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant income

 

 

605

 

 

 

156

 

 

 

796

 

 

 

319

 

Interest, dividend and investment income

   (expense), net

 

 

(15

)

 

 

94

 

 

 

(28

)

 

 

22

 

Change in fair value of warrant liability

 

 

(12,369

)

 

 

(507

)

 

 

(12,369

)

 

 

(52

)

Total other income (expense), net

 

 

(11,779

)

 

 

(257

)

 

 

(11,601

)

 

 

289

 

Net loss

 

$

(17,080

)

 

$

(2,876

)

 

$

(21,558

)

 

$

(4,648

)

Other comprehensive gain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

 

 

 

 

307

 

 

 

 

 

 

73

 

Comprehensive loss

 

$

(17,080

)

 

$

(2,569

)

 

$

(21,558

)

 

$

(4,575

)

Net loss per share attributable to common stockholders,

   basic and diluted

 

$

(1.46

)

 

$

(0.25

)

 

$

(1.85

)

 

$

(0.40

)

Weighted-average shares used in computing net loss

   per share attributable to common stockholders,

   basic and diluted

 

 

11,720,530

 

 

 

11,614,754

 

 

 

11,684,374

 

 

 

11,614,551

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2


 

 

Candel ThErapeutics, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

SERIES B

CONVERTIBLE

PREFERRED STOCK

 

 

SERIES C

CONVERTIBLE

PREFERRED STOCK

 

 

 

COMMON STOCK

 

 

ADDITIONAL

PAID-IN

 

 

ACCUMULATED

 

 

STOCKHOLDERS’

 

 

 

SHARES

 

 

AMOUNT

 

 

SHARES

 

 

AMOUNT

 

 

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

DEFICIT

 

 

DEFICIT

 

Balance as of

   December 31, 2020

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,635,094

 

 

$

116

 

 

$

20,493

 

 

$

(44,171

)

 

$

(23,562

)

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,410

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

Warrants exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,385

 

 

 

1

 

 

 

409

 

 

 

 

 

 

410

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,250

 

 

 

 

 

 

1,250

 

Change in fair value of

   NC Ohio Trust

   Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250

 

 

 

 

 

 

250

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,558

)

 

 

(21,558

)

Balance as of

   June 30, 2021

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,731,889

 

 

$

117

 

 

$

22,437

 

 

$

(65,729

)

 

$

(43,175

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERIES B

CONVERTIBLE

PREFERRED STOCK

 

 

SERIES C

CONVERTIBLE

PREFERRED STOCK

 

 

 

COMMON STOCK

 

 

ADDITIONAL

PAID-IN

 

 

ACCUMULATED

 

 

STOCKHOLDERS’

 

 

 

SHARES

 

 

AMOUNT

 

 

SHARES

 

 

AMOUNT

 

 

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

DEFICIT

 

 

DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31,

   2021

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,673,135

 

 

$

117

 

 

$

21,035

 

 

$

(48,649

)

 

$

(27,497

)

Warrants exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58,754

 

1

 

 

 

 

333

 

 

 

 

 

 

333

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

819

 

 

 

 

 

 

819

 

Change in fair value of

   NC Ohio Trust

   Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250

 

 

 

 

 

 

250

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,080

)

 

 

(17,080

)

Balance as of

   June 30, 2021

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,731,889

 

 

$

117

 

 

$

22,437

 

 

$

(65,729

)

 

$

(43,175

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

Candel ThErapeutics, Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

SERIES B

CONVERTIBLE

PREFERRED STOCK

 

 

SERIES C

CONVERTIBLE

PREFERRED STOCK

 

 

 

COMMON STOCK

 

 

ADDITIONAL

PAID-IN

 

 

ACCUMULATED

OTHER

COMPREHENSIVE

 

 

ACCUMULATED

 

 

STOCKHOLDERS’

 

 

 

SHARES

 

 

AMOUNT

 

 

SHARES

 

 

AMOUNT

 

 

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

LOSS

 

 

DEFICIT

 

 

DEFICIT

 

Balance as of

   December 31, 2019

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,613,737

 

 

$

116

 

 

$

18,356

 

 

$

(19

)

 

$

(26,491

)

 

$

(8,038

)

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,017

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

 

 

 

51

 

Change in fair value of

   NC Ohio Trust

   Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

220

 

 

 

 

 

 

 

 

 

220

 

Unrealized gain on

   marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

 

 

 

73

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,648

)

 

 

(4,648

)

Balance as of

   June 30, 2020

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,614,754

 

 

$

116

 

 

$

18,628

 

 

$

54

 

 

$

(31,139

)

 

$

(12,341

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERIES B

CONVERTIBLE

PREFERRED STOCK

 

 

SERIES C

CONVERTIBLE

PREFERRED STOCK

 

 

 

COMMON STOCK

 

 

ADDITIONAL

PAID-IN

 

 

ACCUMULATED

OTHER

COMPREHENSIVE

 

 

ACCUMULATED

 

 

STOCKHOLDERS’

 

 

 

SHARES

 

 

AMOUNT

 

 

SHARES

 

 

AMOUNT

 

 

 

SHARES

 

 

AMOUNT

 

 

CAPITAL

 

 

LOSS

 

 

DEFICIT

 

 

DEFICIT

 

Balance March 31,

   2020

 

 

11,155,506

 

 

$

26,560

 

 

 

6,032,170

 

 

$

22,500

 

 

 

 

11,614,754

 

 

$

116

 

 

$

18,325

 

 

$

(253

)

 

$

(28,263

)

 

$

(10,075

)

Stock-based

   compensation