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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Resonant Inc | NASDAQ:RESN | 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% | 4.48 | 4.93 | 4.26 | 0 | 01:00:00 |
x
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐
|
Transition Report Pursuant Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
|
45-4320930
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $0.001 par value
|
|
RESN
|
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
ý
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
ý
|
|
|
|
Emerging growth company
|
ý
|
|
|
Page No.
|
|
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||
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||
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||
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||
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||
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|
|
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|
|
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|
|
|
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|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
REVENUES
|
|
$
|
79,000
|
|
|
$
|
115,000
|
|
|
$
|
276,000
|
|
|
$
|
396,000
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||
Research and development
|
|
4,609,000
|
|
|
3,584,000
|
|
|
13,628,000
|
|
|
10,185,000
|
|
||||
Sales, marketing and administration
|
|
2,952,000
|
|
|
3,002,000
|
|
|
8,931,000
|
|
|
8,500,000
|
|
||||
TOTAL OPERATING EXPENSES
|
|
7,561,000
|
|
|
6,586,000
|
|
|
22,559,000
|
|
|
18,685,000
|
|
||||
NET OPERATING LOSS
|
|
(7,482,000
|
)
|
|
(6,471,000
|
)
|
|
(22,283,000
|
)
|
|
(18,289,000
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest and investment income
|
|
42,000
|
|
|
177,000
|
|
|
220,000
|
|
|
323,000
|
|
||||
Other expense
|
|
(7,000
|
)
|
|
8,000
|
|
|
(18,000
|
)
|
|
4,000
|
|
||||
TOTAL OTHER INCOME, NET
|
|
35,000
|
|
|
185,000
|
|
|
202,000
|
|
|
327,000
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
LOSS BEFORE INCOME TAXES
|
|
(7,447,000
|
)
|
|
(6,286,000
|
)
|
|
(22,081,000
|
)
|
|
(17,962,000
|
)
|
||||
Provision for (benefit from) income taxes
|
|
—
|
|
|
(11,000
|
)
|
|
1,000
|
|
|
(19,000
|
)
|
||||
NET LOSS
|
|
$
|
(7,447,000
|
)
|
|
$
|
(6,275,000
|
)
|
|
$
|
(22,082,000
|
)
|
|
$
|
(17,943,000
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment, net of tax
|
|
(16,000
|
)
|
|
10,000
|
|
|
(10,000
|
)
|
|
(5,000
|
)
|
||||
COMPREHENSIVE LOSS
|
|
$
|
(7,463,000
|
)
|
|
$
|
(6,265,000
|
)
|
|
$
|
(22,092,000
|
)
|
|
$
|
(17,948,000
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
NET LOSS PER SHARE - BASIC AND DILUTED
|
|
$
|
(0.26
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.78
|
)
|
|
$
|
(0.73
|
)
|
Weighted average shares outstanding — basic and diluted
|
|
29,169,495
|
|
|
27,006,046
|
|
|
28,295,248
|
|
|
24,645,658
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total
Stockholders’
Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||
Balance, January 1, 2019
|
27,391,290
|
|
|
$
|
27,000
|
|
|
$
|
115,450,000
|
|
|
$
|
(92,564,000
|
)
|
|
$
|
(15,000
|
)
|
|
$
|
22,898,000
|
|
Vesting of restricted stock units
|
116,997
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,040,000
|
|
|
—
|
|
|
—
|
|
|
1,040,000
|
|
|||||
Exercise of warrants
|
140,000
|
|
|
—
|
|
|
400,000
|
|
|
—
|
|
|
—
|
|
|
400,000
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,137,000
|
)
|
|
—
|
|
|
(7,137,000
|
)
|
|||||
Foreign currency translation adjustment, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
|
(10,000
|
)
|
|||||
Balance, March 31, 2019
|
27,648,287
|
|
|
$
|
27,000
|
|
|
$
|
116,890,000
|
|
|
$
|
(99,701,000
|
)
|
|
$
|
(25,000
|
)
|
|
$
|
17,191,000
|
|
Vesting of restricted stock units
|
334,774
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,460,000
|
|
|
—
|
|
|
—
|
|
|
1,460,000
|
|
|||||
Exercise of warrants
|
346,809
|
|
|
1,000
|
|
|
986,000
|
|
|
—
|
|
|
—
|
|
|
987,000
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,498,000
|
)
|
|
—
|
|
|
(7,498,000
|
)
|
|||||
Foreign currency translation adjustment, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,000
|
|
|
16,000
|
|
|||||
Balance, June 30, 2019
|
28,329,870
|
|
|
$
|
28,000
|
|
|
$
|
119,336,000
|
|
|
$
|
(107,199,000
|
)
|
|
$
|
(9,000
|
)
|
|
$
|
12,156,000
|
|
Vesting of restricted stock units
|
198,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,351,000
|
|
|
—
|
|
|
—
|
|
|
1,351,000
|
|
|||||
Issuance of common stock
|
3,960,560
|
|
|
4,000
|
|
|
9,936,000
|
|
|
—
|
|
|
—
|
|
|
9,940,000
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,447,000
|
)
|
|
—
|
|
|
(7,447,000
|
)
|
|||||
Foreign currency translation adjustment, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,000
|
)
|
|
(16,000
|
)
|
|||||
Balance, September 30, 2019
|
32,489,179
|
|
|
$
|
32,000
|
|
|
$
|
130,623,000
|
|
|
$
|
(114,646,000
|
)
|
|
$
|
(25,000
|
)
|
|
$
|
15,984,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Total
Stockholders’
Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||
Balance, January 1, 2018
|
19,511,276
|
|
|
$
|
20,000
|
|
|
$
|
88,447,000
|
|
|
$
|
(67,748,000
|
)
|
|
$
|
(7,000
|
)
|
|
$
|
20,712,000
|
|
Vesting of restricted stock units
|
184,818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,108,000
|
|
|
—
|
|
|
—
|
|
|
1,108,000
|
|
|||||
Sales of common stock, net of offering costs
|
5,714,286
|
|
|
6,000
|
|
|
18,375,000
|
|
|
—
|
|
|
—
|
|
|
18,381,000
|
|
|||||
Exercise of warrants
|
15,000
|
|
|
—
|
|
|
43,000
|
|
|
—
|
|
|
—
|
|
|
43,000
|
|
|||||
Common stock issued in exchange of warrants
|
242,913
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,716,000
|
)
|
|
—
|
|
|
(5,716,000
|
)
|
|||||
Foreign currency translation adjustment, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,000
|
|
|
21,000
|
|
|||||
Balance, March 31, 2018
|
25,668,293
|
|
|
$
|
26,000
|
|
|
$
|
107,973,000
|
|
|
$
|
(73,464,000
|
)
|
|
$
|
14,000
|
|
|
$
|
34,549,000
|
|
Vesting of restricted stock units
|
293,998
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,639,000
|
|
|
—
|
|
|
—
|
|
|
1,639,000
|
|
|||||
Sales of common stock, net of offering costs
|
857,142
|
|
|
1,000
|
|
|
2,808,000
|
|
|
—
|
|
|
—
|
|
|
2,809,000
|
|
|||||
Exercise of warrants
|
74,142
|
|
|
—
|
|
|
217,000
|
|
|
—
|
|
|
—
|
|
|
217,000
|
|
|||||
Exercise of stock options
|
4,692
|
|
|
—
|
|
|
14,000
|
|
|
—
|
|
|
—
|
|
|
14,000
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,952,000
|
)
|
|
—
|
|
|
(5,952,000
|
)
|
|||||
Foreign currency translation adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,000
|
)
|
|
(36,000
|
)
|
|||||
Balance, June 30, 2018
|
26,898,267
|
|
|
$
|
27,000
|
|
|
$
|
112,651,000
|
|
|
$
|
(79,416,000
|
)
|
|
$
|
(22,000
|
)
|
|
$
|
33,240,000
|
|
Vesting of restricted stock units
|
142,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,349,000
|
|
|
—
|
|
|
—
|
|
|
1,349,000
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,275,000
|
)
|
|
—
|
|
|
(6,275,000
|
)
|
|||||
Foreign currency translation adjustments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|
10,000
|
|
|||||
Balance, September 30, 2018
|
27,040,714
|
|
|
$
|
27,000
|
|
|
$
|
114,000,000
|
|
|
$
|
(85,691,000
|
)
|
|
$
|
(12,000
|
)
|
|
$
|
28,324,000
|
|
|
Nine months ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net Loss
|
$
|
(22,082,000
|
)
|
|
$
|
(17,943,000
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
735,000
|
|
|
600,000
|
|
||
Benefit from income taxes
|
—
|
|
|
(41,000
|
)
|
||
Stock-based compensation
|
4,200,000
|
|
|
3,958,000
|
|
||
Non-cash loss on disposal of assets
|
1,000
|
|
|
8,000
|
|
||
Non-cash investment income
|
—
|
|
|
(63,000
|
)
|
||
Non-cash patent write-off
|
104,000
|
|
|
87,000
|
|
||
Right-of-use asset amortization
|
440,000
|
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(1,841,000
|
)
|
|
(2,000
|
)
|
||
Prepaid expenses and other current assets
|
102,000
|
|
|
206,000
|
|
||
Other assets
|
1,000
|
|
|
(50,000
|
)
|
||
Accounts payable
|
280,000
|
|
|
88,000
|
|
||
Accrued expenses
|
101,000
|
|
|
(82,000
|
)
|
||
Accrued salaries and payroll related expenses
|
(433,000
|
)
|
|
(437,000
|
)
|
||
Operating lease liabilities
|
(346,000
|
)
|
|
—
|
|
||
Deferred revenue
|
1,838,000
|
|
|
46,000
|
|
||
Deferred rent
|
—
|
|
|
47,000
|
|
||
Net cash used in operating activities
|
(16,900,000
|
)
|
|
(13,578,000
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||
Proceeds from sale of fixed assets
|
—
|
|
|
16,000
|
|
||
Purchases of property and equipment
|
(715,000
|
)
|
|
(865,000
|
)
|
||
Expenditures for patents
|
(306,000
|
)
|
|
(157,000
|
)
|
||
Redemption of investments held-to-maturity
|
29,295,000
|
|
|
39,590,000
|
|
||
Purchase of investments held-to-maturity
|
(12,432,000
|
)
|
|
(48,411,000
|
)
|
||
Net cash provided by (used in) investing activities
|
15,842,000
|
|
|
(9,827,000
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||
Net proceeds from the sale of common stock from private placement offering
|
9,940,000
|
|
|
—
|
|
||
Net proceeds from the sale of common stock from underwritten public offering
|
—
|
|
|
21,190,000
|
|
||
Proceeds from exercise of stock options
|
—
|
|
|
14,000
|
|
||
Proceeds from exercise of warrants
|
1,387,000
|
|
|
260,000
|
|
||
Net cash provided by financing activities
|
11,327,000
|
|
|
21,464,000
|
|
||
Effects of exchange rates on cash, cash equivalents and restricted cash
|
—
|
|
|
(2,000
|
)
|
||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
10,269,000
|
|
|
(1,943,000
|
)
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period
|
4,605,000
|
|
|
19,624,000
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period
|
$
|
14,874,000
|
|
|
$
|
17,681,000
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
||
Taxes Paid
|
$
|
1,000
|
|
|
$
|
3,000
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
|
|
|
|
||||
Restricted stock units issued in settlement of liability
|
$
|
349,000
|
|
|
$
|
1,004,000
|
|
Property and equipment included in accounts payable
|
$
|
37,000
|
|
|
$
|
124,000
|
|
Property and equipment included in accrued liabilities
|
$
|
16,000
|
|
|
$
|
282,000
|
|
Patents included in accounts payable
|
$
|
70,000
|
|
|
$
|
32,000
|
|
Patents included in accrued liabilities
|
$
|
2,000
|
|
|
$
|
—
|
|
|
September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
14,663,000
|
|
|
$
|
17,470,000
|
|
Restricted cash
|
211,000
|
|
|
211,000
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
14,874,000
|
|
|
$
|
17,681,000
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Contract assets
|
|
|
|
||||
Contract assets, beginning
|
$
|
36,000
|
|
|
$
|
67,000
|
|
Contract assets at beginning of year transferred to accounts receivable
|
(36,000
|
)
|
|
(43,000
|
)
|
||
Reversal of contract assets due to changes in transaction price
|
(8,000
|
)
|
|
(24,000
|
)
|
||
Contract assets recorded on contracts during the period
|
8,000
|
|
|
3,000
|
|
||
Contract assets, ending
|
$
|
—
|
|
|
$
|
3,000
|
|
|
|
|
|
||||
Contract liabilities
|
|
|
|
||||
Contract liabilities, beginning
|
$
|
271,000
|
|
|
$
|
146,000
|
|
Recognition of revenue included in beginning of year contract liabilities
|
(199,000
|
)
|
|
(92,000
|
)
|
||
Contract liabilities, net of revenue recognized on contracts during the period
|
2,037,000
|
|
|
132,000
|
|
||
Foreign currently translation
|
$
|
—
|
|
|
$
|
1,000
|
|
Contract liabilities, ending
|
$
|
2,109,000
|
|
|
$
|
187,000
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue by geographic region:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
79,000
|
|
|
$
|
96,000
|
|
|
$
|
276,000
|
|
|
$
|
338,000
|
|
Switzerland
|
—
|
|
|
19,000
|
|
|
—
|
|
|
58,000
|
|
||||
Total revenue
|
$
|
79,000
|
|
|
$
|
115,000
|
|
|
$
|
276,000
|
|
|
$
|
396,000
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue by source:
|
|
|
|
|
|
|
|
||||||||
Design services
|
$
|
70,000
|
|
|
$
|
85,000
|
|
|
$
|
252,000
|
|
|
$
|
276,000
|
|
Royalties
|
9,000
|
|
|
30,000
|
|
|
24,000
|
|
|
120,000
|
|
||||
Total revenue
|
$
|
79,000
|
|
|
$
|
115,000
|
|
|
$
|
276,000
|
|
|
$
|
396,000
|
|
|
Issued and
Outstanding
Warrants as of
January 1, 2018
|
|
Warrants
Exercised/
Expired
|
|
Issued and Outstanding Warrants as of September 30, 2018
|
|||
Bridge Warrants
|
249,999
|
|
|
(249,999
|
)
|
(1)
|
—
|
|
Consulting Warrants
|
12,223
|
|
|
(5,556
|
)
|
(2)
|
6,667
|
|
Financing Warrants
|
62,530
|
|
|
—
|
|
|
62,530
|
|
Underwriting Warrants
|
310,500
|
|
|
—
|
|
|
310,500
|
|
IR Consulting Warrants
|
6,000
|
|
|
(6,000
|
)
|
(3)
|
—
|
|
Private Placement Warrants - 2016
|
891,063
|
|
|
(73,000
|
)
|
(4)
|
818,063
|
|
Underwriting Warrants - Public Offering 2016
|
122,175
|
|
|
—
|
|
|
122,175
|
|
Private Placement Warrants - September 2017
|
1,976,919
|
|
|
(10,600
|
)
|
(5)
|
1,966,319
|
|
Placement Agent Warrants
|
98,846
|
|
|
—
|
|
|
98,846
|
|
|
3,730,255
|
|
|
(345,155
|
)
|
|
3,385,100
|
|
|
Exercise Price
|
|
Expiration Date
|
|
Issued and
Outstanding
Warrants as of
January 1, 2019
|
|
Warrants
Exercised/
Expired
|
|
Issued and Outstanding Warrants as of September 30, 2019
|
|||
Consulting Warrants
|
$0.01
|
|
6/17/2020
|
|
6,667
|
|
|
—
|
|
|
6,667
|
|
Financing Warrants
|
$3.35
|
|
6/17/2020
|
|
62,530
|
|
|
—
|
|
|
62,530
|
|
Underwriting Warrants
|
$7.50
|
|
5/28/2019
|
|
310,500
|
|
|
(310,500
|
)
|
(1)
|
—
|
|
Private Placement Warrants - 2016
|
$2.86
|
|
4/25/2019
|
|
818,063
|
|
|
(818,063
|
)
|
(2)
|
—
|
|
Underwriting Warrants - Public Offering 2016
|
$4.25
|
|
9/9/2019
|
|
122,175
|
|
|
(122,175
|
)
|
(3)
|
—
|
|
Private Placement Warrants - September 2017
|
$4.85
|
|
9/28/2020
|
|
1,966,319
|
|
|
—
|
|
|
1,966,319
|
|
Placement Agent Warrants
|
$4.85
|
|
9/28/2020
|
|
98,846
|
|
|
—
|
|
|
98,846
|
|
|
|
|
|
|
3,385,100
|
|
|
(1,250,738
|
)
|
|
2,134,362
|
|
(1)
|
During the nine months ended September 30, 2019, there were 310,500 warrants that expired.
|
(2)
|
During the nine months ended September 30, 2019, there were 485,000 warrants exercised for cash, 44,928 warrants that were exercised through a cashless exercise which netted 1,809 shares being issued and 288,135 warrants that expired.
|
|
Nine Months Ended September 30,
|
||||
|
2019
|
|
2018
|
||
Common stock warrants
|
2,134,362
|
|
|
3,385,100
|
|
Common stock options
|
1,338,603
|
|
|
1,234,967
|
|
Non-vested restricted stock unit awards
|
2,672,087
|
|
|
2,071,299
|
|
Total shares excluded from net loss per share attributable to common stockholders
|
6,145,052
|
|
|
6,691,366
|
|
|
|
Stock Option Grants Awarded During the Nine Months Ended September 30, 2019
|
|
Stock Option Grants Awarded During the Nine Months Ended September 30, 2018
|
Stock Price
|
|
$1.52 to $3.26
|
|
$4.12 to $5.96
|
Dividend Yield
|
|
0.00%
|
|
0.00%
|
Expected Volatility
|
|
70%
|
|
70%
|
Risk-free interest rate
|
|
1.47% - 2.62%
|
|
2.50% - 2.98%
|
Expected Life
|
|
7 years
|
|
7 years
|
|
Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Remaining
Life In
Years
|
|||||
Outstanding, January 1, 2019
|
1,255,280
|
|
|
$
|
4.82
|
|
|
$
|
3.03
|
|
|
7.75
|
Granted
|
127,000
|
|
|
2.72
|
|
|
1.83
|
|
|
9.59
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
||
Canceled / Forfeited
|
(43,677
|
)
|
|
4.56
|
|
|
2.90
|
|
|
—
|
||
Outstanding, September 30, 2019
|
1,338,603
|
|
|
$
|
4.63
|
|
|
$
|
2.92
|
|
|
7.10
|
|
Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Weighted
Average
Remaining
Life In
Years
|
|||||
Exercisable, January 1, 2019
|
843,019
|
|
|
$
|
5.02
|
|
|
$
|
3.13
|
|
|
7.23
|
Vested
|
129,372
|
|
|
4.07
|
|
|
2.57
|
|
|
7.22
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
||
Canceled / Forfeited
|
(15,242
|
)
|
|
4.57
|
|
|
2.76
|
|
|
—
|
||
Exercisable, September 30, 2019
|
957,149
|
|
|
$
|
4.90
|
|
|
$
|
3.06
|
|
|
6.49
|
Options Outstanding
|
|
Options Exercisable
|
||||||
Exercise
Price
|
|
Outstanding
Number of
Options
|
|
Weighted
Average
Remaining
Life In
Years
|
|
Exercisable
Number
of Options
|
||
$1.52 – $3.15
|
|
283,183
|
|
|
6.58
|
|
138,521
|
|
$3.25 – $4.92
|
|
613,620
|
|
|
7.42
|
|
441,094
|
|
$5.01 – $6.00
|
|
281,500
|
|
|
5.34
|
|
234,095
|
|
$6.18 – $7.20
|
|
70,000
|
|
|
5.41
|
|
58,757
|
|
$7.54 – $7.80
|
|
67,800
|
|
|
5.43
|
|
62,182
|
|
$8.06 – $12.98
|
|
22,500
|
|
|
5.30
|
|
22,500
|
|
|
|
1,338,603
|
|
|
6.49
|
|
957,149
|
|
|
Number of
Restricted Share
Units
|
|
Weighted-
Average
Grant-Date Fair
Value Per Share
|
|||
Outstanding at January 1, 2019
|
1,921,594
|
|
|
$
|
4.78
|
|
Granted
|
1,553,475
|
|
|
2.95
|
|
|
Vested
|
(650,520
|
)
|
|
4.15
|
|
|
Forfeited
|
(152,462
|
)
|
|
4.25
|
|
|
Outstanding at September 30, 2019
|
2,672,087
|
|
|
$
|
3.69
|
|
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||
Research and development
|
|
$
|
703,000
|
|
|
$
|
686,000
|
|
|
$
|
2,026,000
|
|
|
$
|
2,033,000
|
|
Sales, marketing and administration
|
|
686,000
|
|
|
682,000
|
|
|
2,174,000
|
|
|
1,925,000
|
|
||||
Total stock-based compensation
|
|
$
|
1,389,000
|
|
|
$
|
1,368,000
|
|
|
$
|
4,200,000
|
|
|
$
|
3,958,000
|
|
|
Balance Sheet Line Item
|
|
September 30, 2019
|
|
|
Operating lease assets
|
Operating lease right-of-use assets
|
|
$
|
2,642,000
|
|
Current operating lease liabilities
|
Operating lease liabilities, current
|
|
$
|
600,000
|
|
Noncurrent operating lease liabilities
|
Operating lease liabilities
|
|
$
|
2,217,000
|
|
Total operating lease liabilities
|
N/A
|
|
$
|
2,817,000
|
|
|
|
September 30, 2019
|
Weighted average remaining lease term (years)
|
|
4.47
|
Weighted average discount rate (%)
|
|
4.75
|
|
|
September 30, 2019
|
|
|
October 1, 2019 through December 31, 2019
|
|
$
|
179,000
|
|
2020
|
|
726,000
|
|
|
2021
|
|
748,000
|
|
|
2022
|
|
557,000
|
|
|
2023
|
|
555,000
|
|
|
2024
|
|
376,000
|
|
|
Total minimum lease payments
|
|
3,141,000
|
|
|
Less: imputed interest
|
|
(324,000
|
)
|
|
Total operating lease liabilities
|
|
$
|
2,817,000
|
|
|
December 31, 2018
|
||
2019
|
$
|
658,000
|
|
2020
|
726,000
|
|
|
2021
|
748,000
|
|
|
2022
|
557,000
|
|
|
2023
|
555,000
|
|
|
2024
|
376,000
|
|
|
Future minimum obligations
|
$
|
3,620,000
|
|
Exhibit
|
|
|
|
Incorporated by Reference
|
|
Filed
|
||||||
Number
|
|
Exhibit Description
|
|
Form
|
|
File Number
|
|
Exhibit
|
|
Filing Date
|
|
Herewith
|
3.1.1
|
|
|
8-K
|
|
001-36467
|
|
3.1
|
|
6/5/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1.2
|
|
|
8-K
|
|
001-36467
|
|
3.1
|
|
6/12/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
8-K
|
|
001-36467
|
|
3.2
|
|
6/5/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1#
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
*
|
Portions of this exhibit have been omitted pursuant to Rule 601(b)(10)(iv) of Regulation S-K.
|
Date:
|
November 7, 2019
|
Resonant Inc.
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Martin S. McDermut
|
|
|
|
Martin S. McDermut
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Resonant Chart |
1 Month Resonant Chart |
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