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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alliqua Biomedical, Inc. | NASDAQ:ALQA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.6867 | 2.61 | 2.65 | 0 | 01:00:00 |
|
Delaware
|
| |
2834
|
| |
58-2349413
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Laura A. Berezin
John T. McKenna Cooley LLP 3175 Hanover Street Palo Alto, CA 94304 (650) 843-5000 |
| |
Rick A. Werner
Haynes and Boone, LLP 30 Rockefeller Plaza, 26th Floor New York, NY 10112 (212) 659-7300 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
|
Emerging growth company
☐
|
| | | |
| | ||||||||||||
Title of Each Class of Securities to be Registered
|
| |
Proposed Maximum Aggregate
Offering Price(1) |
| |
Amount of
Registration Fee(1) |
| ||||||
Common stock, par value $0.001 per share
|
| | | $ | 10,125,000 | | | | | | | | |
Common warrants to purchase shares of common stock and common stock issuable upon exercise thereof
|
| | | $ | 10,125,000 | | | | | | | | |
Pre-funded warrants to purchase shares of common stock and common stock issuable upon exercise thereof
|
| | | $ | 10,125,000(2) | | | | |||||
Placement agent warrants to purchase shares of common stock and common stock issuable upon exercise thereof
|
| | | $ | 759,375(3) | | | | | | | | |
Total
|
| | | $ | 31,134,375(4) | | | | | $ | 4,042 | | |
| | |
PER SHARE
|
| |
PER
PRE-FUNDED WARRANT |
| |
PER
COMMON WARRANT |
| |
TOTAL(2)
|
| ||||||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Placement agent’s fees(1)
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds, before expenses, to us
|
| | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | |
| | |
Page
|
| |||
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| | | | 8 | | | |
| | | | 40 | | | |
| | | | 42 | | | |
| | | | 43 | | | |
| | | | 44 | | | |
Capitalization | | | | | 45 | | |
Dilution | | | | | 47 | | |
| | | | 49 | | | |
| | | | 50 | | | |
| | | | 63 | | | |
| | | | 95 | | | |
| | | | 100 | | | |
| | | | 104 | | | |
| | | | 108 | | | |
| | | | 111 | | | |
| | | | 114 | | | |
| | | | 118 | | | |
| | | | 121 | | | |
| | | | 128 | | | |
| | | | 133 | | | |
| | | | 133 | | | |
| | | | 133 | | | |
| | | | 134 | | | |
| | | | F-1 | | |
| | |
June 30, 2019
|
| |||||||||||||||
| | |
Actual
|
| |
Pro
Forma |
| |
Pro Forma
As Adjusted(1) |
| |||||||||
| | |
(unaudited)
(in thousands, except share data) |
| |||||||||||||||
Cash and cash equivalents
|
| | | $ | 24 | | | | | $ | 24 | | | | | $ | 8,188 | | |
Convertible promissory notes(2)
|
| | | $ | 5,497 | | | | | $ | — | | | | | $ | — | | |
Term loan, net of discount
|
| | | $ | 2,390 | | | | | $ | 2,390 | | | | | $ | 2,390 | | |
Stockholders’ equity: | | | | | | | | | | | | | | | |||||
Common stock, $0.001 par value per share, 95,000,000 shares
authorized, actual, pro forma and pro forma as adjusted; 5,807,877 shares outstanding, actual; 10,682,621 shares outstanding, pro forma; and 18,182,621 shares outstanding, pro forma as adjusted |
| | | | 6 | | | | | | 11 | | | | | | 18 | | |
Additional paid-in capital
|
| | | | 35,160 | | | | | | 41,736 | | | | | | 49,893 | | |
Accumulated deficit
|
| | | | (44,417) | | | | | | (44,417) | | | | | | (44,417) | | |
Total stockholders’ equity (deficit)
|
| | | $ | (9,251) | | | | | $ | (2,670) | | | | | $ | 5,494 | | |
Total capitalization
|
| | | $ | (1,364) | | | | | $ | (280) | | | | | $ | 7,884 | | |
|
Assumed combined public offering price per share and accompanying common warrant
|
| | | | | | | | | $ | 1.35 | | |
|
Pro forma net tangible book deficit per share as of June 30, 2019
|
| | | $ | (1.74) | | | | | | | | |
|
Increase in pro forma as adjusted net tangible book value per share attributable to new investors purchasing shares in this offering
|
| | | | 2.00 | | | | | | | | |
|
Pro forma as adjusted net tangible book value per share after this offering
|
| | | | | | | | | | 0.26 | | |
|
Dilution in pro forma net tangible book value per share to new investors in this offering
|
| | | | | | | | | $ | 1.09 | | |
| | |
Years Ended December 31,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2017
|
| |
2018
|
| |
2018
|
| |
2019
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||
Direct research and development expenses by program: | | | | | | | | | | | | | | | | | | | | | | | | | |
ADYX-005 TKA
|
| | | $ | — | | | | | $ | 185 | | | | | $ | — | | | | | $ | 892 | | |
ADYX-004 TKA
|
| | | | 6,201 | | | | | | 95 | | | | | | 87 | | | | | | 2 | | |
AYX Platform
|
| | | | 607 | | | | | | 125 | | | | | | 57 | | | | | | 918 | | |
ADYX-006 Mastectomy
|
| | | | — | | | | | | 26 | | | | | | — | | | | | | 455 | | |
ADYX-003 TKA
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
twoXAR Platform
|
| | | | — | | | | | | — | | | | | | — | | | | | | 75 | | |
| | |
Years Ended December 31,
|
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2017
|
| |
2018
|
| |
2018
|
| |
2019
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||
Internal research and development costs
|
| | | | 1,913 | | | | | | 1,706 | | | | | | 1,125 | | | | | | 884 | | |
Total research and development expenses
|
| | | $ | 8,722 | | | | | $ | 2,137 | | | | | $ | 1,269 | | | | | $ | 3,226 | | |
|
| | |
Six Months Ended June 30,
|
| | ||||||||||||||
| | |
2018
|
| |
2019
|
| |
Dollar Change
|
| |||||||||
| | |
(unaudited)
|
| | ||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 1,269 | | | | | $ | 3,226 | | | | | $ | 1,957 | | |
General and administrative
|
| | | | 1,292 | | | | | | 2,317 | | | | | | 1,025 | | |
Grant reimbursements
|
| | | | — | | | | | | (1,198) | | | | | | (1,198) | | |
Total operating expenses, net
|
| | | | 2,561 | | | | | | 4,345 | | | | | | 1,784 | | |
Loss from operations
|
| | | | (2,561) | | | | | | (4,345) | | | | | | (1,784) | | |
Interest expense, net
|
| | | | (445) | | | | | | (2,641) | | | | | | (2,196) | | |
Other income (expense), net
|
| | | | 60 | | | | | | (94) | | | | | | (154) | | |
Loss from continuing operations
|
| | | | (2,946) | | | | | | (7,080) | | | | | | (4,134) | | |
Loss from discontinued operations
|
| | | | — | | | | | | (58) | | | | | | (58) | | |
Net loss
|
| | | $ | (2,946) | | | | | $ | (7,138) | | | | | $ | (4,192) | | |
| | |
Years Ended December 31,
|
| | ||||||||||||||
| | |
2017
|
| |
2018
|
| |
Dollar Change
|
| |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 8,722 | | | | | $ | 2,137 | | | | | $ | (6,585) | | |
General and administrative
|
| | | | 2,341 | | | | | | 2,982 | | | | | | 641 | | |
Total operating expenses
|
| | | | 11,063 | | | | | | 5,119 | | | | | | (5,944) | | |
Loss from operations
|
| | | | (11,063) | | | | | | (5,119) | | | | | | 5,944 | | |
Interest expense, net
|
| | | | (515) | | | | | | (992) | | | | | | (477) | | |
Other income
|
| | | | 17 | | | | | | 126 | | | | | | 109 | | |
Net loss
|
| | | $ | (11,561) | | | | | $ | (5,985) | | | | | $ | 5,576 | | |
| | |
Years Ended
December 31, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2017
|
| |
2018
|
| |
2018
|
| |
2019
|
| ||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Net cash used in operating activities
|
| | | $ | (10,183) | | | | | $ | (6,019) | | | | | $ | (3,527) | | | | | $ | (4,223) | | |
Net cash used in investing activities
|
| | | | (3) | | | | | | (5) | | | | | | — | | | | | | — | | |
Net cash (used) provided by financing activities
|
| | | | (59) | | | | | | 3,610 | | | | | | 884 | | | | | $ | 2,559 | | |
Net decrease in cash and cash equivalents
|
| | | $ | (10,245) | | | | | $ | (2,414) | | | | | $ | (2,643) | | | | | $ | (1,664) | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less
Than 1 Year |
| |
1 – 3
Years |
| |
3 – 5
Years |
| |
More
Than 5 years |
| |||||||||||||||
Term loan and interest(1)
|
| | | $ | 4,683 | | | | | $ | 4,683 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Convertible promissory notes and interest(2)
|
| | | | 4,712 | | | | | | 4,712 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease commitments(3)
|
| | | | 239 | | | | | | — | | | | | | 239 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 9,634 | | | | | $ | 9,395 | | | | | $ | 239 | | | | | $ | — | | | | | $ | — | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less
Than 1 Year |
| |
1 – 3
Years |
| |
3 – 5
Years |
| |
More
Than 5 years |
| |||||||||||||||
Term loan and interest(1)
|
| | | $ | 3,135 | | | | | $ | 3,135 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Convertible promissory notes and interest(2)
|
| | | | 5,941 | | | | | | 5,941 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease commitments(3)
|
| | | | 1,006 | | | | | | 346 | | | | | | 463 | | | | | | 197 | | | | | | — | | |
Total
|
| | | $ | 10,082 | | | | | $ | 9,422 | | | | | $ | 463 | | | | | $ | 197 | | | | | $ | — | | |
Procedure classes
|
| |
Inpatient
Procedures HCUP NIS 2014 |
| |
ASC/Outpatient
Procedures HCUP SASD 2014 |
| |
Total
Procedures |
| |||||||||
TKA (incl. revisions)
|
| | | | 755,226 | | | | | | 83,255 | | | | | | 838,481 | | |
Lower extremity orthopedic surgeries
|
| | | | 742,295 | | | | | | 44,339 | | | | | | 786,634 | | |
Hip arthroplasty (incl. revisions and partial arthroplasties)
|
| | | | 521,080 | | | | | | 21,678 | | | | | | 542,758 | | |
Spine/Back
|
| | | | 844,161 | | | | | | 322,679 | | | | | | 1,166,840 | | |
Other orthopedic procedures
|
| | | | 1,390,091 | | | | | | 927,404 | | | | | | 2,317,495 | | |
Chest/lung/thoracotomy
|
| | | | 381,145 | | | | | | 50,901 | | | | | | 432,046 | | |
Breast procedures
|
| | | | 69,790 | | | | | | 817,511 | | | | | | 887,301 | | |
Abdominal
|
| | | | 527,410 | | | | | | 660,044 | | | | | | 1,187,454 | | |
Cardiac
|
| | | | 432,310 | | | | | | 43,527 | | | | | | 475,837 | | |
Genital/urinary
|
| | | | 471,050 | | | | | | 524,039 | | | | | | 995,089 | | |
Hernia
|
| | | | 166,885 | | | | | | 856,442 | | | | | | 1,023,327 | | |
Lower gastrointestinal
|
| | | | 612,310 | | | | | | 122,088 | | | | | | 734,398 | | |
OB/Gyn
|
| | | | 821,665 | | | | | | 828,702 | | | | | | 1,650,367 | | |
Upper gastrointestinal
|
| | | | 430,035 | | | | | | 92,784 | | | | | | 522,819 | | |
Vascular
|
| | | | 1,333,795 | | | | | | 338,927 | | | | | | 1,672,723 | | |
Other
|
| | | | — | | | | | | 829,343 | | | | | | 829,343 | | |
Total | | | | | 9,499,248 | | | | | | 6,563,663 | | | | | | 16,062,912 | | |
Study Number(s)
|
| |
Dose
|
| |
Number of Subjects Receiving
Dose |
|
ADYX-001
|
| |
1.25 mg/3 mL
|
| |
5
|
|
ADYX-001
|
| |
5 mg/3 mL
|
| |
5
|
|
ADYX-001
|
| |
20 mg/3 mL
|
| |
5
|
|
ADYX-001
|
| |
80 mg/3 mL
|
| |
5
|
|
ADYX-002
|
| |
110 mg/3 mL
|
| |
13
|
|
ADYX-001 and ADYX-002
|
| |
330 mg/3 mL
|
| |
46
|
|
ADYX-003 and ADYX-004
|
| |
660 mg/6 mL
|
| |
147
|
|
ADYX-003
|
| |
1,100 mg/10 mL
|
| |
38
|
|
|
Figure 2
ADYX-003 Least Squares Means Estimate for NRS Pain During the 5 and 15-Meter Walk Tests (Imputation Method 1, mITT Population) |
| |
Figure 3
ADYX-003 Least Squares Means Estimate for NRS Pain at Rest (mITT Population) |
|
|
|
| |
|
|
|
Imputation Method 1: If the walk test was not
completed due to pain or the entire distance was not completed due to pain, the worst possible pain score (10) was used. mITT: Modified intent to treat population |
| |
mITT: Modified intent to treat population
|
|
| | |
PCS Score ≥20
|
| |
PCS Score <20
|
| |
Overall
|
| |||||||||||||||||||||||||||
Endpoint Statistic
|
| |
Brivoligide
660 mg/6 mL (N=25) |
| |
Placebo
6 mL (N=27) |
| |
Brivoligide
660 mg/6 mL (N=82) |
| |
Placebo
6 mL (N=76) |
| |
Brivoligide
660 mg/6 mL (N=107) |
| |
Placebo
6 mL (N=103) |
| ||||||||||||||||||
N
|
| | | | 25 | | | | | | 27 | | | | | | 82 | | | | | | 76 | | | | | | 107 | | | | | | 103 | | |
N of Censored
|
| | | | 4 | | | | | | 4 | | | | | | 18 | | | | | | 13 | | | | | | 22 | | | | | | 17 | | |
Days to NRS pain score ≤3 for derived
worst pain |
| | | | | | | ||||||||||||||||||||||||||||||
25th Percentile
|
| | | | 8.0 | | | | | | 24.0 | | | | | | 14.0 | | | | | | 13.0 | | | | | | 13.0 | | | | | | 14.0 | | |
Median
|
| | | | 15.0 | | | | | | 41.0 | | | | | | 31.0 | | | | | | 29.0 | | | | | | 27.0 | | | | | | 31.0 | | |
75th Percentile
|
| | | | 47.0 | | | | | | 70.0 | | | | | | 62.0 | | | | | | 48.0 | | | | | | 59.0 | | | | | | 62.0 | | |
P-value
|
| | | | 0.184 | | | | | | 0.432 | | | | | | 0.542 | | | | | |
| | |
PCS Score ≥20
|
| |
PCS Score <20
|
| |
Overall
|
| |||||||||||||||||||||||||||
Postoperative Duration Statistic
|
| |
Brivoligide
660 mg/6 mL (N=25) |
| |
Placebo
6 mL (N=27) |
| |
Brivoligide
660 mg/6 mL (N=82) |
| |
Placebo
6 mL (N=75) |
| |
Brivoligide
660 mg/6 mL (N=107) |
| |
Placebo
6 mL (N=102) |
| ||||||||||||||||||
48 Hours to Day 90 (with imputation)(1)
|
| | | | | | | ||||||||||||||||||||||||||||||
N
|
| | | | 25 | | | | | | 27 | | | | | | 82 | | | | | | 75 | | | | | | 107 | | | | | | 102 | | |
Mean (SD)
|
| |
225.16 (235.911)
|
| |
371.39 (340.927)
|
| |
376.08 (463.543)
|
| |
317.20 (291.180)
|
| |
340.82 (425.338)
|
| |
331.54 (304.333)
|
| ||||||||||||||||||
Median
|
| | | | 172.50 | | | | | | 228.75 | | | | | | 189.58 | | | | | | 212.92 | | | | | | 176.25 | | | | | | 220.21 | | |
(Min, Max)
|
| |
(5.2, 1148.2)
|
| |
(22.5, 1202.5)
|
| |
(0.0, 2431.7)
|
| |
(1.7, 1138.8)
|
| |
(0.0, 2431.7)
|
| |
(1.7, 1202.5)
|
| ||||||||||||||||||
P-value | | | | | | | | | | | 0.105 | | | | | | | | | | | | 0.915 | | | | | | | | | | | | 0.366 | | |
48 Hours to Day 90 (no imputation)
|
| | | | | | | ||||||||||||||||||||||||||||||
N
|
| | | | 25 | | | | | | 27 | | | | | | 82 | | | | | | 75 | | | | | | 107 | | | | | | 102 | | |
Mean (SD)
|
| |
213.66 (229.409)
|
| |
352.17 (329.340)
|
| |
355.79 (440.461)
|
| |
305.66 (281.431)
|
| |
322.58 (404.743)
|
| |
317.97 (293.900)
|
| ||||||||||||||||||
Median
|
| | | | 150.00 | | | | | | 228.75 | | | | | | 181.25 | | | | | | 182.50 | | | | | | 170.83 | | | | | | 213.13 | | |
(Min, Max)
|
| |
(5.2,1118.2)
|
| |
(22.5, 1202.5)
|
| |
(0.0,2375.4)
|
| |
(1.7,1135.1)
|
| |
(0.0,2375.4)
|
| |
(1.7,1202.5)
|
| ||||||||||||||||||
P-value
|
| | | | | | | | | | 0.115 | | | | | | | | | | | | 0.936 | | | | | | | | | | | | 0.391 | | |
Visit Mixed Effects Results(1)
|
| |
Brivoligide
660 mg/6 mL |
| |
Difference
Brivoligide – Placebo |
| |
Placebo
6 mL |
|
PCS < 20
|
| |
79
|
| | | | |
72
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | | | ||||
LS mean (95% CI)
|
| |
2.73
(1.29, 3.16) |
| | | | |
2.56
(2.10, 3.01) |
|
Difference in LS means
|
| | | | |
0.17
|
| | ||
95% CI for Difference
|
| | | | |
-0.46, 0.80
|
| | ||
P-value
|
| | | | |
0.595
|
| | ||
PCS ≥ 20
|
| |
24
|
| | | | |
26
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | ||||||
LS mean (95% CI)
|
| |
2.61
(1.82, 3.40) |
| | | | |
3.52
(2.76, 4.29) |
|
Difference in LS means
|
| | | | |
-0.91
|
| | ||
95% CI for Difference
|
| | | | |
-2.01, 0.19
|
| | ||
P-value
|
| | | | |
0.106
|
| | ||
PCS ≥ 16
|
| |
30
|
| | | | |
33
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | ||||||
LS mean (95% CI)
|
| |
2.53
(1.83, 3.23) |
| | | | |
3.61
(2.94, 4.28) |
|
Difference in LS means
|
| | | | |
-1.08
|
| | ||
95% CI for Difference
|
| | | | |
-2.05, -0.11
|
| | ||
P-value
|
| | | | |
0.029
|
| |
|
Figure 5
Combined ADYX-003 and ADYX-004 NRS during the 5 and 15-Meter Walk Test for Subjects with PCS≥16 |
| |
Figure 6
Combined ADYX-003 and ADYX-004 NRS at Rest for Subjects with PCS≥16 |
|
|
|
| |
|
|
Visit Mixed Effects Results(1)
|
| |
Brivoligide
660 mg/6 mL |
| |
Difference
Brivoligide – Placebo |
| |
Placebo
6 mL |
|
Overall
|
| |
142
|
| | | | |
118
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | | | ||||
LS mean (95% CI)
|
| |
2.51
(2.20, 2.82) |
| | | | |
2.80
(2.46, 3.14) |
|
Difference in LS means
|
| | | | |
-0.29
|
| | ||
95% CI for Difference
|
| | | | |
-0.75, 0.17
|
| | ||
P-value
|
| | | | |
0.213
|
| | ||
PCS ≥ 16
|
| |
38
|
| | | | |
42
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | ||||||
LS mean (95% CI)
|
| |
2.32
(1.72, 2.91) |
| | | | |
3.55
(2.98, 4.11) |
|
Difference in LS means
|
| | | | |
-1.23
|
| | ||
95% CI for Difference
|
| | | | |
-2.05, -0.41
|
| | ||
P-value
|
| | | | |
0.003
|
| | ||
PCS < 16
|
| |
104
|
| | | | |
76
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | ||||||
LS mean (95% CI)
|
| |
2.58
(2.22, 2.94) |
| | | | |
2.39
(1.98, 2.81) |
|
Difference in LS means
|
| | | | |
0.19
|
| | ||
95% CI for Difference
|
| | | | |
-0.36, 0.73
|
| | ||
P-value
|
| | | | |
0.506
|
| |
Visit Mixed Effects Results(1)
|
| |
Brivoligide
660 mg/6 mL |
| |
Difference
Brivoligide – Placebo |
| |
Placebo
6 mL |
|
Overall
|
| |
142
|
| | | | |
118
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | | | ||||
LS mean (95% CI)
|
| |
1.94
(1.64, 2.23) |
| | | | |
2.39
(2.06, 2.72) |
|
Difference in LS means
|
| | | | |
-0.46
|
| | ||
95% CI for Difference
|
| | | | |
-0.90, -0.01
|
| | ||
P-value
|
| | | | |
0.044
|
| | ||
PCS ≥ 16
|
| |
38
|
| | | | |
42
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | ||||||
LS mean (95% CI)
|
| |
1.77
(1.21, 2.34) |
| | | | |
3.13
(2.59, 3.67) |
|
Difference in LS means
|
| | | | |
-1.35
|
| | ||
95% CI for Difference
|
| | | | |
-2.14, -0.57
|
| | ||
P-value
|
| | | | |
0.0008
|
| | ||
PCS < 16
|
| |
104
|
| | | | |
76
|
|
Day 7 to Day 28 (Overall Treatment Effect) | | | | | ||||||
LS mean (95% CI)
|
| |
2.00
(1.65, 2.34) |
| | | | |
1.99
(1.59, 2.39) |
|
Difference in LS means
|
| | | | |
0.007
|
| | ||
95% CI for Difference
|
| | | | |
-0.52, 0.53
|
| | ||
P-value
|
| | | | |
0.980
|
| |
Name
|
| |
Age
|
| |
Position(s)
|
|
Executive Officers | | | | ||||
Rick Orr
|
| | 58 | | | President, Chief Executive Officer and Director | |
Julien Mamet, Ph.D.
|
| | 43 | | | Chief Scientific Officer and Director | |
Donald Manning, M.D., Ph.D.
|
| | 61 | | | Chief Medical Officer | |
Non-Employee Directors | | | | ||||
Dennis Podlesak(1)(2)(3)
|
| | 61 | | | Chairperson | |
Eckard Weber, M.D.(2)
|
| | 69 | | | Director | |
Stan Abel(1)(3)
|
| | 53 | | | Director | |
Gregory J. Flesher
|
| | 49 | | | Director | |
Matthew Ruth(1)
|
| | 50 | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
All Other
Compensation |
| |
Total
|
| ||||||||||||
Rick Orr
President and Chief Executive Officer |
| | | | 2018 | | | | | $ | 435,663 | | | | | $ | 37,926(1) | | | | | $ | 473,589 | | |
Julien Mamet, Ph.D.
Chief Scientific Officer |
| | | | 2018 | | | | | | 340,540 | | | | | | 37,926(1) | | | | | | 378,466 | | |
Donald Manning, M.D., Ph.D.
Chief Medical Officer |
| | | | 2018 | | | | | | 360,149 | | | | | | 37,926(1) | | | | | | 398,075 | | |
| | |
Option Awards
|
| |||||||||||||||||||||
| | |
Number of Securities
Underlying Unexercised Options (#) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |||||||||||||||
Name
|
| |
Exercisable(1)
|
| |
Unexercisable
|
| ||||||||||||||||||
Rick Orr
|
| | | | 660(6) | | | | | | — | | | | | $ | 1.39 | | | | | | 12/17/2022 | | |
| | | | | 95,416(2)(5) | | | | | | — | | | | | | 3.06 | | | | | | 12/15/2026 | | |
Julien Mamet, Ph.D.
|
| | | | 33(6) | | | | | | — | | | | | | 1.39 | | | | | | 12/17/2022 | | |
| | | | | 158,148(3)(5) | | | | | | — | | | | | | 3.06 | | | | | | 12/15/2026 | | |
Donald Manning, M.D., Ph.D.
|
| | | | 23,857(6) | | | | | | — | | | | | | 1.11 | | | | | | 3/7/2022 | | |
| | | | | 7,886(6) | | | | | | — | | | | | | 1.39 | | | | | | 7/16/2022 | | |
| | | | | 3,943(6) | | | | | | — | | | | | | 1.39 | | | | | | 12/17/2022 | | |
| | | | | 56,406(4)(5) | | | | | | — | | | | | | 3.06 | | | | | | 12/15/2026 | | |
| | |
Fees Earned or
Paid in Cash |
| |
Total
|
| ||||||
Dennis Podlesak(1)
|
| | | $ | 120,000 | | | | | $ | 120,000 | | |
Eckard Weber(2)
|
| | | | 120,000 | | | | | | 120,000 | | |
Stan Abel(3)
|
| | | | 72,000 | | | | | | 72,000 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock
Awards(1) |
| |
All Other
Compensation |
| |
Total
|
| ||||||||||||||||||
David Johnson(6)
Former President and Chief Executive Officer |
| | | | 2018 | | | | | $ | 350,000 | | | | | $ | — | | | | | $ | 279,400 | | | | | $ | 11,400(3) | | | | | $ | 640,800 | | |
| | | 2017 | | | | | | 350,000 | | | | | | 276,500(2) | | | | | | 274,000 | | | | | | 11,400(3) | | | | | | 911,900 | | | ||
Bradford Barton(6)
Former Chief Operating Officer |
| | | | 2018 | | | | | | 87,040 | | | | | | — | | | | | | 53,301 | | | | | | 263,730(5) | | | | | | 404,071 | | |
| | | 2017 | | | | | | 246,800 | | | | | | 118,310(2) | | | | | | 103,829 | | | | | | 8,400(4) | | | | | | 477,339 | | | ||
Pellegrino Pionati(6)
Former Chief Operating Officer |
| | | | 2018 | | | | | | 87,040 | | | | | | — | | | | | | 54,970 | | | | | | 263,730(5) | | | | | | 405,740 | | |
| | | 2017 | | | | | | 246,800 | | | | | | 118,310(2) | | | | | | 103,829 | | | | | | 8,400(4) | | | | | | 477,339 | | | ||
Joseph Warusz(6)
Former Chief Financial Officer, Treasurer and Secretary |
| | | | 2018 | | | | | | 281,960 | | | | | | — | | | | | | — | | | | | | — | | | | | | 281,960 | | |
| | | 2017 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Option Awards
|
| |||||||||||||||||||||
| | |
Number of Securities Underlying
Unexercised Options (#) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |||||||||||||||
Name
|
| |
Exercisable
|
| |
Unexercisable
|
| ||||||||||||||||||
David Johnson
|
| | | | 986 | | | | | | — | | | | | $ | 262.30 | | | | | | 11/29/2022 | | |
| | | | | 986 | | | | | | — | | | | | | 393.60 | | | | | | 11/29/2022 | | |
| | | | | 986 | | | | | | — | | | | | | 525.00 | | | | | | 11/29/2022 | | |
| | | | | 4,653 | | | | | | — | | | | | | 196.80 | | | | | | 2/4/2023 | | |
| | | | | 1,952 | | | | | | — | | | | | | 210.00 | | | | | | 11/14/2023 | | |
| | | | | 12,176 | | | | | | — | | | | | | 409.20 | | | | | | 12/20/2023 | | |
| | | | | 1,917 | | | | | | — | | | | | | 373.80 | | | | | | 2/6/2025 | | |
Bradford Barton
|
| | | | 914 | | | | | | — | | | | | | 262.80 | | | | | | 5/10/2023 | | |
| | | | | 914 | | | | | | — | | | | | | 328.20 | | | | | | 5/10/2023 | | |
| | | | | 914 | | | | | | — | | | | | | 393.60 | | | | | | 5/10/2023 | | |
| | | | | 914 | | | | | | — | | | | | | 525.00 | | | | | | 5/10/2023 | | |
| | | | | 914 | | | | | | — | | | | | | 656.40 | | | | | | 5/10/2023 | | |
| | | | | 1,167 | | | | | | — | | | | | | 540.00 | | | | | | 3/6/2024 | | |
| | | | | 1,917 | | | | | | — | | | | | | 373.80 | | | | | | 2/6/2025 | | |
Pellegrino Pionati
|
| | | | 1,667 | | | | | | — | | | | | | 315.00 | | | | | | 6/15/2025 | | |
Joseph Warusz
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Fees Earned or
Paid in Cash |
| |
Total
|
| ||||||
Joseph Leone
|
| | | $ | 33,750 | | | | | $ | 33,750 | | |
Gary Restani
|
| | | | 32,626 | | | | | | 32,626 | | |
Jeffrey Sklar
|
| | | | 34,500 | | | | | | 34,500 | | |
Mark Wagner
|
| | | | 27,750 | | | | | | 27,750 | | |
Purchaser
|
| |
Aggregate Principal Amount
|
| |||
Entities affiliated with Domain Associates LLC(1)
|
| | | $ | 2,350,000 | | |
TPG Biotechnology Partners IV, L.P.
|
| | | | 650,000 | | |
Purchaser
|
| |
Aggregate Principal Amount
|
| |||
Entities affiliated with Domain Associates LLC(1)
|
| | | $ | 6,350,000 | | |
| | |
Shares Beneficially
Owned Prior to this Offering |
| |
Shares Beneficially
Owned Following this Offering |
| ||||||||||||||||||
Name of Beneficial Owner
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||
5% Shareholder | | | | | | | | | | | | | | | | | | | | | |||||
Entities Affiliated with Domain Associates(1)
|
| | | | 3,058,571 | | | | | | 52.7% | | | | | | 7,933,315 | | | | | | 43.6% | | |
TPG Biotechnology Partners IV, L.P.(2)
|
| | | | 1,112,290 | | | | | | 19.2 | | | | | | 1,112,290 | | | | | | 6.1 | | |
Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | |||||
Rick Orr(3)
|
| | | | 238,166 | | | | | | 4.0 | | | | | | 238,166 | | | | | | 1.3 | | |
Donald Manning, M.D., Ph.D.(4)
|
| | | | 92,092 | | | | | | 1.6 | | | | | | 92,092 | | | | | | * | | |
|
Per share of common stock and accompanying common warrant placement agent cash
fees |
| | | $ | | | |
|
Per pre-funded warrant and accompanying common warrant placement agent cash fees
|
| | | $ | | | |
|
Total
|
| | | $ | | |
| | |
Adynxx, Inc.
(Accounting Acquirer) Historical |
| |
Alliqua
BioMedical, Inc. (Accounting Acquiree) From January 1, 2019 to May 2, 2019 |
| |
AquaMed
Spin-off |
| |
Adynxx
Transactions |
| |
Total Pro
Forma Adjustments |
| |
Notes
|
| |
Pro Forma
Combined |
| ||||||||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | 152 | | | | | $ | (152) | | | | | | — | | | | | $ | (152) | | | |
(n)
|
| | | $ | — | | |
Cost of revenues
|
| | | | — | | | | | | 300 | | | | | | (300) | | | | | | — | | | | | | (300) | | | |
(n)
|
| | | | — | | |
Gross loss
|
| | | | — | | | | | | (148) | | | | | | 148 | | | | | | — | | | | | | 148 | | | | | | | | | — | | |
Operating expenses: | | | | | | | | | ||||||||||||||||||||||||||||||||
Selling, general and administrative
|
| | | | 2,317 | | | | | | 1,070 | | | | | | (762) | | | | | | | | | | | | (762) | | | |
(n)
|
| | | | 2,625 | | |
Research and product development
|
| | | | 3,226 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 3,226 | | |
Grant reimbursement
|
| | | | (1,198) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,198) | | |
Acquisition related expenses
|
| | | | — | | | | | | 2,401 | | | | | | | | | | | | (2,401) | | | | | | (2,401) | | | |
(p)
|
| | | | — | | |
Total operating expenses
|
| | | | 4,345 | | | | | | 3,471 | | | | | | (762) | | | | | | (2,401) | | | | | | (3,163) | | | | | | | | | 4,653 | | |
Loss from operations
|
| | | | (4,345) | | | | | | (3,619) | | | | | | 910 | | | | | | 2,401 | | | | | | 3,311 | | | | | | | | | (4,653) | | |
Interest and other income (expense): | | | | | | | | | ||||||||||||||||||||||||||||||||
Interest income (expense)
|
| | | | (2,641) | | | | | | 16 | | | | | | — | | | | | | 81 | | | | | | 81 | | | |
(q)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 2,101 | | | | | | 2,101 | | | |
(r)
|
| | | | (443) | | |
Change in fair value of warrant liability
|
| | | | (94) | | | | | | — | | | | | | — | | | | | | 94 | | | | | | 94 | | | |
(o)
|
| | | | — | | |
Loss from continuing operations
|
| | | $ | (7,080) | | | | | $ | (3,603) | | | | | $ | 910 | | | | | $ | 4,677 | | | | | $ | 5,587 | | | | | | | | $ | (5,096) | | |
Net loss per share basic and diluted common share
|
| | | | | | | | ||||||||||||||||||||||||||||||||
Loss from continuing operations
|
| | | $ | (1.43) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.88) | | |
Pro forma weighted average shares outstanding
used in computing basic and diluted net loss per common share |
| | | | 4,966,491 | | | | | | | | | | | | | | | | | | | | | | | | 841,386 | | | |
(t)(u)
|
| | | | 5,807,877 | | |
|
| | |
Adynxx, Inc.
(Accounting Acquirer) Historical |
| |
Alliqua
BioMedical, Inc. (Accounting Acquiree) |
| |
AquaMed
Spin-Off |
| |
Adynxx
Transactions |
| |
Total Pro
Forma Adjustments |
| |
Notes
|
| |
Pro Forma
Combined |
| ||||||||||||||||||
Revenue, net
|
| | | $ | — | | | | | $ | 2,216 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | |
| | | | | — | | | | | | — | | | | | | (2,216) | | | | | | — | | | | | | (2,216) | | | |
(n)
|
| | | | — | | |
Cost of revenues
|
| | | | — | | | | | | 1,720 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (1,720) | | | | | | — | | | | | | (1,720) | | | |
(n)
|
| | | | — | | |
Gross profit
|
| | | | — | | | | | | 496 | | | | | | (496) | | | | | | — | | | | | | (496) | | | | | | | | | — | | |
Operating expenses: | | | | | | | | | ||||||||||||||||||||||||||||||||
Selling, general and administrative
|
| | | | 2,982 | | | | | | 4,778 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (2,502) | | | | | | — | | | | | | (2,502) | | | |
(n)
|
| | | | 5,258 | | |
Acquisition related expenses
|
| | | | — | | | | | | 1,014 | | | | | | — | | | | | | (1,014) | | | | | | (1,014) | | | |
(p)
|
| | | | — | | |
Research and development
|
| | | | 2,137 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | 2,137 | | |
Total operating expenses
|
| | | | 5,119 | | | | | | 5,792 | | | | | | (2,502) | | | | | | (1,014) | | | | | | (3,516) | | | | | | | | | 7,395 | | |
Loss from operations
|
| | | | (5,119) | | | | | | (5,296) | | | | | | 2,006 | | | | | | 1,014 | | | | | | 3,020 | | | | | | | | | (7,395) | | |
Interest and other income (expenses): | | | | | | | | | ||||||||||||||||||||||||||||||||
Interest income (expense)
|
| | | | (980) | | | | | | 24 | | | | | | — | | | | | | 334 | | | | | | 334 | | | |
(q)
|
| | | | (622) | | |
Change in fair value of warrant liability
|
| | | | (97) | | | | | | (26) | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||
| | | | | — | | | | | | — | | | | | | — | | | | | | 97 | | | | | | 97 | | | |
(o)
|
| | | | (26) | | |
Change in fair value of derivative liability
|
| | | | 211 | | | | | | — | | | | | | — | | | | | | (211) | | | | | | (211) | | | |
(q)
|
| | | | — | | |
Loss on early extinguishment of debt, net
|
| | | | — | | | | | | (1,706) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | (1,706) | | |
Net loss from continuing operations
|
| | | $ | (5,985) | | | | | $ | (7,004) | | | | | $ | 2,006 | | | | | $ | 1,234 | | | | | $ | 3,240 | | | | | | | | $ | (9,749) | | |
Net loss per share basic and diluted common share
|
| | | | | | | | ||||||||||||||||||||||||||||||||
Loss from continuing operations
|
| | | | | | | | | $ | (8.54) | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1.68) | | |
Pro forma weighted average shares outstanding used in computing basic and diluted net loss per common share
|
| | | | | | | | | | 820,565 | | | | | | | | | | | | | | | | | | 4,987,870 | | | |
(t)
|
| | | | 5,808,435 | | |
Reconciliation of pro forma weighted average shares outstanding:
|
| | | | | | | | ||||||||||||||||||||||||||||||||
Weighted average number of shares held by Adynxx shareholders pre-merger
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 136,866,375 | | |
Conversion ratio
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(s)
|
| | | | 0.0364 | | |
Weighted average number of shares held by Adynxx shareholders post-merger
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,987,870 | | |
Weighted average number of shares held by Alliqua shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(s)
|
| | | | 820,565 | | |
Total pro forma weighted average shares outstanding
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,808,435 | | |
|
| | |
Page
|
| |||
Audited Consolidated Financial Statements for the Years Ended December 31, 2017 and 2018 | | | | | | | |
| | | | F-2 | | | |
Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2018 and 2019
|
| | | | | | |
Condensed Consolidated Financial Statements: | | | | | | | |
| | | | F-27 | | | |
| | | | F-28 | | | |
| | | | F-29 | | | |
| | | | F-30 | | | |
| | | | F-31 | | |
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 4,301 | | | | | $ | 1,887 | | |
Restricted cash
|
| | | | — | | | | | | 55 | | |
Prepaid expenses and other current assets
|
| | | | 34 | | | | | | 10 | | |
Total current assets
|
| | | | 4,335 | | | | | | 1,952 | | |
Property and equipment, net
|
| | | | 13 | | | | | | 10 | | |
Restricted cash
|
| | | | 55 | | | | | | — | | |
Other assets
|
| | | | 18 | | | | | | 18 | | |
Total assets
|
| | | $ | 4,421 | | | | | $ | 1,980 | | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit: | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 703 | | | | | $ | 491 | | |
Accrued liabilities
|
| | | | 1,158 | | | | | | 857 | | |
Operating lease liability
|
| | | | — | | | | | | — | | |
Convertible promissory notes – related party
|
| | | | — | | | | | | 4,500 | | |
Current portion of term loan, net of discount
|
| | | | 1,711 | | | | | | 3,812 | | |
Total current Liabilities
|
| | | | 3,572 | | | | | | 9,660 | | |
Term loan, net of current portion and discount
|
| | | | 2,951 | | | | | | — | | |
Warrant liability
|
| | | | 42 | | | | | | 140 | | |
Commitments and contingencies (Note 6) | | | | | | | | | | | | | |
Redeemable convertible preferred stock: | | | | | | | | | | | | | |
Series A redeemable convertible preferred stock, $0.001 par value; 57,002,183 shares authorized; 56,672,658 shares issued and outstanding as of December 31, 2017 and 2018 (liquidation value of $12,898,697 as of December 31, 2017 and 2018)
|
| | | | 12,814 | | | | | | 12,814 | | |
Series B redeemable convertible preferred stock, $0.001 par value; 51,069,262 shares authorized; 51,069,262 shares issued and outstanding as of December 31, 2017 and 2018 (liquidation value of $16,000,000 as of December 31, 2017 and 2018)
|
| | | | 15,897 | | | | | | 15,897 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.001 par value; 148,000,000 shares authorized; 19,548,969 shares issued and outstanding as of December 31, 2017 and 2018
|
| | | | 20 | | | | | | 20 | | |
Additional paid-in capital
|
| | | | 419 | | | | | | 728 | | |
Accumulated deficit
|
| | | | (31,294) | | | | | | (37,279) | | |
Total stockholders’ deficit
|
| | | | (30,855) | | | | | | (36,531) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit
|
| | | $ | 4,421 | | | | | $ | 1,980 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | $ | 8,722 | | | | | $ | 2,137 | | |
General and administrative
|
| | | | 2,341 | | | | | | 2,982 | | |
Total operating expenses, net
|
| | | | 11,063 | | | | | | 5,119 | | |
Loss from operations
|
| | | | (11,063) | | | | | | (5,119) | | |
Interest expense, net
|
| | | | (515) | | | | | | (992) | | |
Other income (expense), net
|
| | | | 17 | | | | | | 126 | | |
Net loss
|
| | | $ | (11,561) | | | | | $ | (5,985) | | |
For the periods ended:
|
| |
Series A Redeemable
Convertible Preferred Stock |
| |
Series B Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016
|
| | | | 56,321,165 | | | | | $ | 12,734 | | | | | | 51,069,262 | | | | | $ | 15,897 | | | | | | | 19,548,969 | | | | | $ | 20 | | | | | $ | 118 | | | | | $ | (19,733) | | | | | $ | (19,595) | | |
Exercise of warrants
|
| | | | 351,493 | | | | | | 80 | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | ||||||||||
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 301 | | | | | | — | | | | | | 301 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,561) | | | | | | (11,561) | | |
Balance, December 31, 2017
|
| | | | 56,672,658 | | | | | | 12,814 | | | | | | 51,069,262 | | | | | | 15,897 | | | | | | | 19,548,969 | | | | | | 20 | | | | | | 419 | | | | | | (31,294) | | | | | | (30,855) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 309 | | | | | | — | | | | | | 309 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,985) | | | | | | (5,985) | | |
Balance, December 31, 2018
|
| | | | 56,672,658 | | | | | $ | 12,814 | | | | | | 51,069,262 | | | | | $ | 15,897 | | | | | | | 19,548,969 | | | | | $ | 20 | | | | | $ | 728 | | | | | $ | (37,279) | | | | | $ | (36,531) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (11,561) | | | | | $ | (5,985) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | ||||||||||
Depreciation expense
|
| | | | 10 | | | | | | 8 | | |
Stock-based compensation expense
|
| | | | 301 | | | | | | 309 | | |
Changes in fair value of warrant liability
|
| | | | (12) | | | | | | 98 | | |
Accretion of final charge upon maturity of Oxford Term Loan A and B
|
| | | | 106 | | | | | | 224 | | |
Amortization of issuance cost and discounts for term loans and convertible notes
|
| | | | 54 | | | | | | 40 | | |
Non-cash interest expense on convertible promissory notes
|
| | | | — | | | | | | 126 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | 329 | | | | | | 23 | | |
Other assets
|
| | | | 1 | | | | | | — | | |
Accounts payable
|
| | | | 601 | | | | | | (212) | | |
Accrued liabilities
|
| | | | (12) | | | | | | (650) | | |
Net Cash Used in Operating Activities
|
| | | | (10,183) | | | | | | (6,019) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (3) | | | | | | (5) | | |
Net cash used in investing activities
|
| | | | (3) | | | | | | (5) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payments on term loan
|
| | | | (139) | | | | | | (890) | | |
Proceeds from exercise of warrants
|
| | | | 80 | | | | | | — | | |
Proceeds from issuance of convertible promissory notes – related party
|
| | | | — | | | | | | 4,500 | | |
Net cash provided (used) by financing activities
|
| | | | (59) | | | | | | 3,610 | | |
Net decrease in cash and cash equivalents and restricted cash
|
| | | | (10,245) | | | | | | (2,414) | | |
Cash and cash equivalents and restricted cash at beginning of year
|
| | | | 14,601 | | | | | | 4,356 | | |
Cash and cash equivalents and restricted cash at end of year
|
| | | $ | 4,356 | | | | | $ | 1,942 | | |
Other supplemental disclosure: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 355 | | | | | $ | 376 | | |
| | |
As of December 31, 2017
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial liabilities: | | | | | | ||||||||||||||||||||
Warrant liability
|
| | | $ | — | | | | | $ | — | | | | | $ | 42 | | | | | $ | 42 | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 42 | | | | | $ | 42 | | |
|
| | |
As of December 31, 2018
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial liabilities: | | | | | | ||||||||||||||||||||
Warrant liability
|
| | | $ | — | | | | | $ | — | | | | | $ | 140 | | | | | $ | 140 | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 140 | | | | | $ | 140 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Fair value, beginning of period
|
| | | $ | 54 | | | | | $ | 42 | | |
Preferred stock warrants – exercised
|
| | | | (8) | | | | | | — | | |
Change in fair value of preferred stock warrants
|
| | | | (4) | | | | | | 98 | | |
Fair value at end of period
|
| | | $ | 42 | | | | | $ | 140 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Fair value, beginning of period
|
| | | $ | — | | | | | $ | — | | |
Embedded derivative liability from the issuance of Notes
|
| | | | — | | | | | | 864 | | |
Change in value of embedded derivatives
|
| | | | — | | | | | | (211) | | |
Termination of the embedded derivative liability due to the extinguishment of the related Notes
|
| | | | — | | | | | | (653) | | |
Fair value at end of period
|
| | | $ | — | | | | | $ | — | | |
| | |
As of December 31,
|
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Furniture and fixtures
|
| | | $ | 29 | | | | | $ | 29 | | |
Office equipment
|
| | | | 2 | | | | | | 2 | | |
Computer equipment
|
| | | | 24 | | | | | | 18 | | |
Laboratory equipment
|
| | | | 2 | | | | | | 2 | | |
Total property and equipment
|
| | | | 57 | | | | | | 51 | | |
Less accumulated depreciation
|
| | | | (44) | | | | | | (41) | | |
Property and equipment, net
|
| | | $ | 13 | | | | | $ | 10 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Payroll and related expenses
|
| | | $ | 273 | | | | | $ | 241 | | |
Accrued term loan final payment
|
| | | | 197 | | | | | | 421 | | |
Accrued clinical trial expense
|
| | | | 654 | | | | | | — | | |
Professional fees and other costs
|
| | | | 34 | | | | | | 195 | | |
Total accrued liabilities
|
| | | $ | 1,158 | | | | | $ | 857 | | |
| | |
Year Ending,
December 31, 2019 |
| |||
Total principal payments
|
| | | $ | 3,833 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Convertible note payable, due on March 29, 2019, interest at 8.0% p.a.
|
| | | $ | — | | | | | $ | 1,500 | | |
Convertible note payable, due on September 27, 2019, interest at 8.0% p.a.
|
| | | | — | | | | | | 1,500 | | |
Convertible note payable, due on December 21, 2019, interest at 8.0% p.a.
|
| | | | — | | | | | | 1,500 | | |
Total
|
| | | $ | — | | | | | $ | 4,500 | | |
Year ending December 31
|
| |
Future
Commitments |
| |||
2019
|
| | | $ | 239 | | |
Total
|
| | | $ | 239 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
| | | | | | | | | | | | | |
Series A convertible preferred stock
|
| | | | 56,673 | | | | | | 56,673 | | |
Series B convertible preferred stock
|
| | | | 51,069 | | | | | | 51,069 | | |
Warrants for Series A convertible preferred stock
|
| | | | 330 | | | | | | 330 | | |
Common stock options issued and outstanding
|
| | | | 19,222 | | | | | | 19,222 | | |
Total
|
| | | | 127,294 | | | | | | 127,294 | | |
|
Issuance Date
|
| |
Expiration Date
|
| |
Exercise Price
|
| |
Number of
Shares (in thousands) |
| ||||||
November, 2015
|
| |
November, 2025
|
| | | | 0.2276 | | | | | | 198 | | |
January, 2016
|
| |
January, 2026
|
| | | | 0.2276 | | | | | | 132 | | |
Total
|
| | | | | | | | | | | | | 330 | | |
| | |
As of December 31,
|
| |||
| | |
2017
|
| |
2018
|
|
| | | | | | | |
Risk-free interest rate
|
| |
2.28%
|
| |
2.56% – 2.59%
|
|
Remaining contractual life (in years)
|
| |
7.92 – 8.08
|
| |
6.92 – 7.08
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
Expected volatility
|
| |
71.00%
|
| |
76.84%
|
|
| | | | | | | | |
Outstanding Options
|
| | | | | | | |||||||||||||||
| | |
Shares
Available For Grant |
| |
Options
Outstanding |
| |
Weighted-
Average Exercise Price Per Share |
| |
Weighted-
Average Remaining Contractual Life (in years) |
| |
Aggregate
Intrinsic Value(a) |
| |||||||||||||||
Balance at December 31, 2016
|
| | | | 5 | | | | | | 19,222 | | | | | $ | 0.10 | | | | | | 9.4 | | | | |||||
Balance at December 31, 2017
|
| | | | 5 | | | | | | 19,222 | | | | | $ | 0.10 | | | | | | 8.4 | | | | | $ | 6,639 | | |
Balance at December 31, 2018
|
| | | | 5 | | | | | | 19,222 | | | | | $ | 0.10 | | | | | | 7.4 | | | | | $ | 6,956 | | |
Vested and expected to vest as of December 31, 2018
|
| | | | | | | | | | 19,222 | | | | | $ | 0.10 | | | | | | 7.4 | | | | | $ | 6,956 | | |
Exercisable at December 31, 2018
|
| | | | | | | | | | 11,146 | | | | | $ | 0.09 | | | | | | 7.4 | | | | | $ | 4,119 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2017
|
| |
2018
|
| ||||||
Net operating loss carry forward
|
| | | $ | 6,158 | | | | | $ | 7,051 | | |
Research and development credits
|
| | | | 1,284 | | | | | | 1,601 | | |
Accruals and reserves
|
| | | | 99 | | | | | | 142 | | |
Fixed assets
|
| | | | — | | | | | | 1 | | |
Total deferred tax asset
|
| | | | 7,541 | | | | | | 8,795 | | |
Valuation allowance
|
| | | | (7,541) | | | | | | (8,795) | | |
Net deferred tax asset
|
| | | $ | — | | | | | $ | — | | |
| | |
Years Ended
December 31, 2018 |
| |||
Balance at December 31, 2017
|
| | | $ | 331 | | |
Changes related to prior year positions
|
| | | | 330 | | |
Increases related to current year positions
|
| | | | 42 | | |
Balance at December 31, 2018
|
| | | $ | 703 | | |
| | |
December 31,
2018 |
| |
June 30,
2019 |
| ||||||
Assets: | | | | ||||||||||
Current assets | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 1,887 | | | | | $ | 24 | | |
Restricted cash
|
| | | | 55 | | | | | | 254 | | |
Prepaid expenses and other current assets
|
| | | | 10 | | | | | | 1,622 | | |
Total current assets
|
| | | | 1,952 | | | | | | 1,900 | | |
Property and equipment, net
|
| | | | 10 | | | | | | 6 | | |
Right of use asset, net
|
| | | | — | | | | | | 779 | | |
Other assets
|
| | | | 18 | | | | | | 18 | | |
Total assets
|
| | | $ | 1,980 | | | | | $ | 2,703 | | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit: | | | | ||||||||||
Current liabilities | | | | ||||||||||
Accounts payable
|
| | | $ | 491 | | | | | $ | 1,748 | | |
Accrued liabilities
|
| | | | 857 | | | | | | 1,480 | | |
Current portion of operating lease liability
|
| | | | — | | | | | | 346 | | |
Convertible promissory notes - related party
|
| | | | 4,500 | | | | | | 5,497 | | |
Current portion of term loan, net of discount
|
| | | | 3,812 | | | | | | 2,390 | | |
Total current liabilities
|
| | | | 9,660 | | | | | | 11,461 | | |
Operating lease liability, net of current portion
|
| | | | — | | | | | | 493 | | |
Warranty liability
|
| | | | 140 | | | | | | — | | |
Commitments and contingencies (Note 7)
|
| | | ||||||||||
Redeemable convertible preferred stock | | | | ||||||||||
Series A redeemable convertible preferred stock, $0.001 par value; 2,046,378 shares authorized, 2,034,548 shares issued and outstanding at December 31, 2018, 0 shares authorized, issued and outstanding at June 30, 2019 (unaudited)
|
| | | | 12,814 | | | | | | — | | |
Series B redeemable convertible preferred stock, $0.001 par value; 1,833,387 shares authorized, issued and outstanding at December 31, 2018, 0 shares authorized, issued and outstanding at June 30, 2019 (unaudited);
|
| | | | 15,897 | | | | | | — | | |
Stockholders’ deficit | | | | ||||||||||
Preferred stock, $0.001 par value; 1,000,000 shares authorized no shares issued or outstanding
|
| | | | — | | | | | | — | | |
Common stock, $0.001 par value; 5,313,200 shares authorized, 701,808 shares issued and outstanding at December 31, 2018, 95,000,000 shares authorized, 5,807,877 shares issued and outstanding at June 30, 2019 (unaudited)
|
| | | | 1 | | | | | | 6 | | |
Additional paid-in capital
|
| | | | 747 | | | | | | 35,160 | | |
Accumulated deficit
|
| | | | (37,279) | | | | | | (44,417) | | |
Total stockholders’ deficit
|
| | | | (36,531) | | | | | | (9,251) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit
|
| | | $ | 1,980 | | | | | $ | 2,703 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Operating expenses | | | | ||||||||||
Research and development
|
| | | $ | 1,269 | | | | | $ | 3,226 | | |
General and administrative
|
| | | | 1,292 | | | | | | 2,317 | | |
Grant reimbursements
|
| | | | — | | | | | | (1,198) | | |
Total operating expenses, net
|
| | | | 2,561 | | | | | | 4,345 | | |
Loss from operations
|
| | | | (2,561) | | | | | | (4,345) | | |
Interest expense, net
|
| | | | (445) | | | | | | (2,641) | | |
Other income (expense), net
|
| | | | 60 | | | | | | (94) | | |
Loss from continuing operations
|
| | | | (2,946) | | | | | | (7,080) | | |
Loss from discontinued operations
|
| | | | — | | | | | | (58) | | |
Net loss
|
| | | $ | (2,946) | | | | | $ | (7,138) | | |
Net loss per basic and diluted share: | | | | ||||||||||
Loss from continuing operations
|
| | | $ | (0.64) | | | | | $ | (1.43) | | |
Loss from discontinued operations
|
| | | | — | | | | | | (0.01) | | |
Net loss per basic and diluted share
|
| | | $ | (0.64) | | | | | $ | (1.44) | | |
Weighted-average number of common shares outstanding – basic and diluted
|
| | | | 4,569,742 | | | | | | 4,966,491 | | |
| | |
Series A Redeemable
Convertible Preferred Stock |
| |
Series B Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018
|
| | | | 2,034,548 | | | | | $ | 12,814 | | | | | | 1,833,387 | | | | | $ | 15,897 | | | | | | | 701,808 | | | | | $ | 1 | | | | | $ | 747 | | | | | $ | (37,279) | | | | | $ | (36,531) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 84 | | | | | | — | | | | | | 84 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,462) | | | | | | (2,462) | | |
Balance, March 31, 2019
|
| | | | 2,034,548 | | | | | $ | 12,814 | | | | | | 1,833,387 | | | | | $ | 15,897 | | | | | | | 701.808 | | | | | $ | 1 | | | | | $ | 831 | | | | | $ | (39,741) | | | | | $ | (38,909) | | |
Conversion of convertible notes into convertible preferred stock
|
| | | | — | | | | | | — | | | | | | 367,041 | | | | | | 3,203 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Recognition of beneficial conversion feature upon conversion of convertible notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,101 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Conversion of of convertible preferred stock into common stock
|
| | | | (2,034,548) | | | | | | (12,814) | | | | | | (2,200,428) | | | | | | (21,201) | | | | | | | 4,234,976 | | | | | | 4 | | | | | | 34,011 | | | | | | — | | | | | | 34,015 | | |
Issuance of common stock for merger
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 854,017 | | | | | | 1 | | | | | | 1 | | | | | | — | | | | | | 2 | | |
Equity issuance costs paid in stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 17,076 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Impact of change of warrants subject to fair value measure to equity warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 234 | | | | | | — | | | | | | 234 | | |
Spin-off of AquaMed
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 84 | | | | | | — | | | | | | 84 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,676) | | | | | | (4,676) | | |
Balance, June 30, 2019
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | | 5,807,877 | | | | | $ | 6 | | | | | $ | 35,160 | | | | | $ | (44,417) | | | | | $ | (9,251) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Cash flows from operating activities: | | | | ||||||||||
Net loss
|
| | | $ | (2,946) | | | | | $ | (7,138) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | ||||||||||
Depreciation expense
|
| | | | 4 | | | | | | 4 | | |
Stock-based compensation expense
|
| | | | 150 | | | | | | 168 | | |
Changes in fair value of warrant liability
|
| | | | 1 | | | | | | 95 | | |
Changes in fair value of derivative liability
|
| | | | (60) | | | | | | — | | |
Accretion of final charge upon maturity of Oxford Term Loan A and B
|
| | | | 94 | | | | | | 148 | | |
Amortization of issuance cost and discounts for term loans and convertible notes
|
| | | | 130 | | | | | | 16 | | |
Non-cash interest expense on convertible promissory notes
|
| | | | 31 | | | | | | 2,304 | | |
Non-cash operating lease cost
|
| | | | — | | | | | | 140 | | |
Changes in operating assets and liabilities:
|
| | | ||||||||||
Prepaid expenses and other current assets
|
| | | | (12) | | | | | | (1,611) | | |
Other assets
|
| | | | — | | | | | | 57 | | |
Accounts payable
|
| | | | (607) | | | | | | 1,255 | | |
Accrued liabilities
|
| | | | (312) | | | | | | 475 | | |
Lease liability
|
| | | | — | | | | | | (136) | | |
Net cash used in operating activities
|
| | | | (3,527) | | | | | | (4,223) | | |
Cash flows from investing activities: | | | | ||||||||||
Net cash used in investing activities
|
| | | | — | | | | | | — | | |
Cash flows from financing activities: | | | | ||||||||||
Payments on term loan
|
| | | | (616) | | | | | | (1,437) | | |
Proceeds from issuance of convertible promissory notes - related party
|
| | | | 1,500 | | | | | | 3,996 | | |
Net cash provided by financing activities
|
| | | | 884 | | | | | | 2,559 | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (2,643) | | | | | | (1,664) | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 4,356 | | | | | | 1,942 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 1,713 | | | | | $ | 278 | | |
Other supplemental disclosure: | | | | ||||||||||
Cash paid for interest
|
| | | $ | 190 | | | | | $ | 173 | | |
Non-cash investing and financing activities: | | | | ||||||||||
Right-of-use assets obtained in exchange for operating lease obligations(1)
|
| | | $ | — | | | | | $ | 227 | | |
Reclassification of warrant liability to paid in capital
|
| | | $ | — | | | | | $ | 234 | | |
Conversion of convertible preferred stock into common stock
|
| | | $ | — | | | | | $ | 34,015 | | |
| | |
As of December 31, 2018
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial liabilities | | | | | | ||||||||||||||||||||
Warrant liability
|
| | | $ | — | | | | | $ | — | | | | | $ | 140 | | | | | $ | 140 | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 140 | | | | | $ | 140 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Fair value, beginning of period
|
| | | $ | 42 | | | | | $ | 140 | | |
Change in fair value of preferred stock warrants
|
| | | | — | | | | | | 94 | | |
Exchange of warrants upon Merger
|
| | | | — | | | | | | (234) | | |
Fair value at end of period
|
| | | $ | 42 | | | | | $ | — | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2019
|
| ||||||
Fair value, beginning of period
|
| | | $ | — | | | | | $ | — | | |
Embedded derivative liability from the issuance of Notes
|
| | | | 496 | | | | | | — | | |
Change in value of embedded derivatives
|
| | | | (60) | | | | | | — | | |
Fair value at end of period
|
| | | $ | 436 | | | | | $ | — | | |
| | |
December 31,
2018 |
| |
June 30,
2019 |
| ||||||
Furniture and fixtures
|
| | | $ | 29 | | | | | $ | 29 | | |
Office equipment
|
| | | | 2 | | | | | | 2 | | |
Computer equipment
|
| | | | 18 | | | | | | 18 | | |
Laboratory equipment
|
| | | | 2 | | | | | | 2 | | |
Total property and equipment
|
| | | | 51 | | | | | | 51 | | |
Less accumulated depreciation
|
| | | | (41) | | | | | | (45) | | |
Property and equipment, net
|
| | | $ | 10 | | | | | $ | 6 | | |
| | |
December 31,
2018 |
| |
June 30,
2019 |
| ||||||
Prepaid clinical trial expenses
|
| | | $ | 5 | | | | | $ | 435 | | |
Equity issuance costs
|
| | | | — | | | | | | 343 | | |
Prepaid insurance
|
| | | | — | | | | | | 670 | | |
Other prepaid expenses
|
| | | | 5 | | | | | | 174 | | |
Total prepaid and other current assets
|
| | | $ | 10 | | | | | $ | 1,622 | | |
|
| | |
December 31,
2018 |
| |
June 30,
2019 |
| ||||||
Payroll and related expenses
|
| | | $ | 241 | | | | | $ | 508 | | |
Accrued term loan final payment
|
| | | | 421 | | | | | | 569 | | |
Accrued clinical trial expense
|
| | | | — | | | | | | 8 | | |
Professional fees and other costs
|
| | | | 195 | | | | | | 395 | | |
Total accrued liabilities
|
| | | $ | 857 | | | | | $ | 1,480 | | |
| | |
December 31,
2018 |
| |
June 30,
2019 |
| ||||||
Convertible note payable, due on March 29, 2019
|
| | | $ | 1,500 | | | | | $ | — | | |
Convertible note payable, due on September 27, 2019
|
| | | | 1,500 | | | | | | — | | |
Convertible note payable, due on December 21, 2019
|
| | | | 1,500 | | | | | | 1,500 | | |
Convertible note payable, due on March 29, 2020
|
| | | | — | | | | | | 1,500 | | |
Convertible note payable, due on April 26, 2020
|
| | | | — | | | | | | 2,000 | | |
Convertible note payable, due on May 29, 2020
|
| | | | — | | | | | | 500 | | |
Total
|
| | | $ | 4,500 | | | | | $ | 5,500 | | |
Period ending December 31
|
| |
Future
Commitments |
| |||
2019 (remaining 6 months)
|
| | | $ | 232 | | |
2020
|
| | | | 227 | | |
2021
|
| | | | 232 | | |
2022
|
| | | | 236 | | |
2023
|
| | | | 80 | | |
Total future minimum lease payments
|
| | | | 1,007 | | |
Less: imputed interest
|
| | | | (167) | | |
Total
|
| | | $ | 840 | | |
| | |
Number of
Options |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Life In Years |
| |
Intrinsic Value
|
| ||||||||||||
Outstanding, December 31, 2018
|
| | | | 690 | | | | | $ | 2.76 | | | | | ||||||||||
Alliqua options assumed in Merger
|
| | | | 58 | | | | | | 289.76 | | | | | ||||||||||
Exercised
|
| | | | — | | | | | | — | | | | | ||||||||||
Cancelled
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Outstanding, June 30, 2019
|
| | | | 748 | | | | | $ | 24.95 | | | | | | 6.2 | | | | | $ | 188 | | |
Exercisable, June 30, 2019
|
| | | | 530 | | | | | $ | 33.93 | | | | | | 5.7 | | | | | $ | 188 | | |
|
Range of Exercise Price
|
| |
Options Outstanding
|
| |
Options Exercisable
|
| ||||||||||||||||||||||||
|
Weighted
Average Exercise Price |
| |
Outstanding
Number of Options |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Remaining Life In Years |
| |
Exercisable
Number of Options |
| ||||||||||||||||||
|
$1.11 – $1.38
|
| | | $ | 1.11 | | | | | | 73 | | | | | $ | 1.11 | | | | | | 2.5 | | | | | | 73 | | |
|
1.39 – 3.05
|
| | | | 1.39 | | | | | | 37 | | | | | | 1.39 | | | | | | 3.2 | | | | | | 37 | | |
|
3.06 – 20.99
|
| | | | 3.06 | | | | | | 580 | | | | | | 3.06 | | | | | | 7.5 | | | | | | 362 | | |
|
21.00 – 656.40
|
| | | | 289.81 | | | | | | 58 | | | | | | 289.81 | | | | | | 0.7 | | | | | | 58 | | |
| | | | | $ | 24.95 | | | | | | 748 | | | | | $ | 24.95 | | | | | | 5.7 | | | | | | 530 | | |
Item
|
| |
Amount
|
| |||
SEC registration fee
|
| | | $ | 3,894 | | |
FINRA filing fee
|
| | | | 5,000 | | |
Printing and engraving expenses
|
| | | | 145,000 | | |
Legal fees and expenses
|
| | | | 700,000 | | |
Accounting fees and expenses
|
| | | | 200,000 | | |
Blue Sky fees and expenses
|
| | | | 10,000 | | |
Transfer agent and registrar fees and expenses
|
| | | | 10,000 | | |
Miscellaneous
|
| | | | 26,106 | | |
Total
|
| | | $ | 1,100,000 | | |
1 Year Alliqua, Inc. Chart |
1 Month Alliqua, Inc. Chart |
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