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Share Name | Share Symbol | Market | Type |
---|---|---|---|
T2 Biosystems Inc | NASDAQ:TTOO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0388 | -1.06% | 3.6112 | 3.00 | 3.80 | 3.85 | 3.60 | 3.70 | 199,459 | 05:00:04 |
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Delaware
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20-4827488
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(State or other jurisdiction
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(I.R.S. Employer
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of incorporation or organization)
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Identification No.)
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101 Hartwell Avenue
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Lexington, Massachusetts
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02421
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer ☐
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Accelerated filer ☒
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Non-accelerated filer ☐
(Do not check if a smaller reporting company)
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Smaller reporting company ☐
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Emerging growth company ☒
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Page
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March 31, 2017
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December 31, 2016
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||||
Assets
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Current assets:
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Cash and cash equivalents
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$
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58,822
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$
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73,488
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Accounts receivable
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409
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327
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Prepaid expenses and other current assets
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931
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820
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Inventories, net
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489
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803
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Total current assets
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60,651
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75,438
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Property and equipment, net
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14,468
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13,589
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Restricted cash
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260
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260
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Other assets
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280
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281
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Total assets
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$
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75,659
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$
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89,568
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Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$
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1,161
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$
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962
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Accrued expenses and other current liabilities
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4,060
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4,908
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Current portion of notes payable
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1,316
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1,269
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Deferred revenue
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2,127
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2,445
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Current portion of lease incentives
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249
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301
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Total current liabilities
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8,913
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9,885
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Notes payable, net of current portion
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39,750
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39,504
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Lease incentives, net of current portion
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791
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792
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Other liabilities
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175
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49
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Commitments and contingencies
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Stockholders’ equity:
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Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2017 and December 31, 2016
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—
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—
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Common stock, $0.001 par value; 200,000,000 shares authorized; 30,594,342 and 30,482,712 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively
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31
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30
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Additional paid-in capital
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244,391
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242,997
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Accumulated deficit
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(218,392
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)
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(203,689
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)
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Total stockholders’ equity
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26,030
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39,338
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Total liabilities and stockholders’ equity
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$
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75,659
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$
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89,568
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Three Months Ended
March 31, |
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2017
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2016
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||||
Revenue:
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Product revenue
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$
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631
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$
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437
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Research revenue
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310
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659
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Total revenue
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941
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1,096
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Costs and expenses:
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Cost of product revenue
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1,627
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1,026
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Research and development
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6,585
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6,589
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Selling, general and administrative
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5,874
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6,204
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Total costs and expenses
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14,086
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13,819
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Loss from operations
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(13,145
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)
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(12,723
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)
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Interest expense, net
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(1,637
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)
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(735
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)
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Other income, net
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79
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32
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Net loss and comprehensive loss
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$
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(14,703
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)
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$
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(13,426
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)
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Net loss per share — basic and diluted
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$
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(0.48
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)
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$
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(0.55
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)
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Weighted-average number of common shares used in computing net loss per share — basic and diluted
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30,531,180
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24,218,767
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Three Months Ended
March 31, |
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2017
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2016
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Cash flows from operating activities
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Net loss
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$
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(14,703
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)
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$
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(13,426
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)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation and amortization
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694
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529
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Stock-based compensation expense
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1,157
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1,290
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Non-cash interest expense
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639
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148
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Deferred rent
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(53
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)
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(60
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)
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Changes in operating assets and liabilities:
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||||
Accounts receivable
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(82
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)
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9
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Prepaid expenses and other assets
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(111
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)
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(56
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)
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Inventories, net
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314
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(576
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)
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Accounts payable
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199
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679
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Accrued expenses and other liabilities
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(494
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)
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36
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Deferred revenue
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(318
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)
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(409
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)
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Net cash used in operating activities
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(12,758
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)
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(11,836
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)
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Cash flows from investing activities
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Purchases and manufacture of property and equipment
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(1,594
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)
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(2,158
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)
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Net cash used in investing activities
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(1,594
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)
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(2,158
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)
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Cash flows from financing activities
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Payment of offering costs for issuance of common stock in public offering
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—
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(370
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)
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Proceeds from issuance of common stock and stock options exercises, net
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339
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301
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Payments of issuance costs for notes payable
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(354
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)
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—
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Repayments of note payable
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(299
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)
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(80
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)
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Net cash used in financing activities
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(314
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)
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(149
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)
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Net decrease in cash and cash equivalents
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(14,666
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)
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(14,143
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)
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Cash and cash equivalents at beginning of period
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73,488
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73,662
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Cash and cash equivalents at end of period
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$
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58,822
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$
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59,519
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Supplemental disclosures of cash flow information
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||||
Cash paid for interest
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$
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993
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$
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517
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Supplemental disclosures of noncash investing and financing activities
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||||
Accrued property and equipment
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|
$
|
61
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|
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$
|
132
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|
|
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Balance at December 31, 2017
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
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Significant Other Observable Inputs
(Level 2)
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Significant Unobservable Inputs
(Level 3)
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||||||||
Assets:
|
|
|
|
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||||||||
Cash
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|
$
|
6,702
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$
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6,702
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$
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—
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|
$
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—
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Money market funds
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52,120
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52,120
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—
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—
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||||
Restricted cash
|
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260
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|
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260
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|
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—
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—
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||||
Total
|
|
$
|
59,082
|
|
|
$
|
59,082
|
|
|
$
|
—
|
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|
$
|
—
|
|
|
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Balance at December 31, 2016
|
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Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
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Significant Other Observable Inputs
(Level 2)
|
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Significant Unobservable Inputs
(Level 3)
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||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash
|
|
$
|
16,887
|
|
|
$
|
16,887
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
|
56,601
|
|
|
56,601
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|
|
—
|
|
|
—
|
|
||||
Restricted cash
|
|
260
|
|
|
260
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
73,748
|
|
|
$
|
73,748
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Raw materials
|
|
$
|
215
|
|
|
$
|
389
|
|
Work-in-process
|
|
262
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|
|
351
|
|
||
Finished goods
|
|
12
|
|
|
63
|
|
||
Total inventories, net
|
|
$
|
489
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|
|
$
|
803
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|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Office and computer equipment
|
|
$
|
409
|
|
|
$
|
409
|
|
Software
|
|
743
|
|
|
708
|
|
||
Laboratory equipment
|
|
4,562
|
|
|
4,516
|
|
||
Furniture
|
|
200
|
|
|
200
|
|
||
Manufacturing equipment
|
|
910
|
|
|
897
|
|
||
Manufacturing tooling and molds
|
|
154
|
|
|
154
|
|
||
T2-owned instruments and components
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|
10,522
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|
|
9,119
|
|
||
Leasehold improvements
|
|
3,353
|
|
|
3,353
|
|
||
Construction in progress
|
|
1,343
|
|
|
1,299
|
|
||
|
|
22,196
|
|
|
20,655
|
|
||
Less accumulated depreciation and amortization
|
|
(7,728
|
)
|
|
(7,066
|
)
|
||
Property and equipment, net
|
|
$
|
14,468
|
|
|
$
|
13,589
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Accrued payroll and compensation
|
|
$
|
1,848
|
|
|
$
|
2,479
|
|
Accrued research and development expenses
|
|
724
|
|
|
846
|
|
||
Accrued professional services
|
|
915
|
|
|
884
|
|
||
Other accrued expenses
|
|
573
|
|
|
699
|
|
||
Total accrued expenses
|
|
$
|
4,060
|
|
|
$
|
4,908
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|
March 31, 2017
|
|
December 31, 2016
|
||||
Term loan agreement, net of deferred issuance costs of $2.9 million and $3.0 million, respectively
|
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$
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37,624
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|
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$
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37,031
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Equipment lease credit facility, net of deferred issuance cost of $40,000 and $45,000, respectively
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3,442
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|
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3,742
|
|
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Total notes payable
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41,066
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40,773
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|
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Less: current portion of notes payable
|
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(1,316
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)
|
|
(1,269
|
)
|
||
Notes payable, net of current portion
|
|
$
|
39,750
|
|
|
$
|
39,504
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|
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Number of
Shares
|
|
Weighted-Average Exercise Price Per
Share
|
|
Weighted-Average Remaining Contractual Term
(In years)
|
|
Aggregate Intrinsic
Value
|
|||||
Outstanding at December 31, 2016
|
|
4,042,627
|
|
|
$
|
8.20
|
|
|
7.05
|
|
$
|
4,091
|
|
Granted
|
|
498,450
|
|
|
5.68
|
|
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|
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|
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Exercised
|
|
(111,630
|
)
|
|
3.03
|
|
|
|
|
328
|
|
||
Forfeited
|
|
(215,608
|
)
|
|
8.60
|
|
|
|
|
|
|||
Cancelled
|
|
(61,574
|
)
|
|
15.35
|
|
|
|
|
|
|||
Outstanding at March 31, 2017
|
|
4,152,265
|
|
|
7.91
|
|
|
7.28
|
|
3,841
|
|
||
Exercisable at March 31, 2017
|
|
2,267,596
|
|
|
6.99
|
|
|
5.92
|
|
3,726
|
|
||
Vested or expected to vest at March 31, 2017
|
|
3,881,040
|
|
|
7.88
|
|
|
7.15
|
|
3,836
|
|
|
|
Three months ended
|
||||||||
|
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March 31,
|
||||||||
|
|
2017
|
|
2016
|
||||||
Weighted-average risk-free interest rate
|
|
2.02
|
%
|
|
|
|
1.52
|
%
|
|
|
Expected dividend yield
|
|
—
|
%
|
|
|
|
—
|
%
|
|
|
Expected volatility
|
|
63
|
%
|
|
|
|
60
|
%
|
|
|
Expected terms
|
|
6.0
|
|
|
years
|
|
6.0
|
|
|
years
|
|
|
|
|
|
||
|
|
Number of
Shares
|
|
Weighted-Average
Grant Date Fair Value
|
||
Nonvested at December 31, 2016
|
|
272,195
|
|
|
5.83
|
|
Granted
|
|
249,925
|
|
|
5.85
|
|
Vested
|
|
—
|
|
|
—
|
|
Forfeited
|
|
(2,000
|
)
|
|
5.83
|
|
Canceled
|
|
—
|
|
|
—
|
|
Nonvested at March 31, 2017
|
|
520,120
|
|
|
5.84
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2017
|
|
2016
|
||||
Cost of product revenue
|
|
$
|
30
|
|
|
$
|
26
|
|
Research and development
|
|
302
|
|
|
270
|
|
||
Selling, general and administrative
|
|
796
|
|
|
968
|
|
||
Total stock-based compensation expense
|
|
$
|
1,128
|
|
|
$
|
1,264
|
|
|
|
Three Months Ended
March 31, |
||||
|
|
2017
|
|
2016
|
||
Options to purchase common shares
|
|
4,152,265
|
|
|
3,887,285
|
|
Restricted stock units
|
|
520,120
|
|
|
—
|
|
Warrants to purchase common stock
|
|
528,958
|
|
|
—
|
|
Total
|
|
5,201,343
|
|
|
3,887,285
|
|
•
|
our expectation to incur losses in the future;
|
•
|
the market acceptance of our T2MR technology;
|
•
|
our ability to timely and successfully develop and commercialize our existing products and future product candidates;
|
•
|
the length of our anticipated sales cycle;
|
•
|
our ability to gain the support of leading hospitals and key thought leaders and publish the results of our clinical trials in peer-reviewed journals;
|
•
|
our ability to successfully manage our growth;
|
•
|
our future capital needs and our need to raise additional funds;
|
•
|
the performance of our diagnostics;
|
•
|
our ability to compete in the highly competitive diagnostics market;
|
•
|
our ability to obtain marketing clearance from the FDA or regulatory clearance for new product candidates in the United States or any other jurisdiction;
|
•
|
federal, state, and foreign regulatory requirements, including FDA regulation of our product candidates; and
|
•
|
our ability to protect and enforce our intellectual property rights, including our trade secret-protected proprietary rights in T2MR.
|
•
|
recurring revenue from our consumable diagnostic tests will increase and become subject to less period-to-period fluctuation;
|
•
|
consumable revenue will become an increasingly predictable and important contributor to our total revenue; and
|
•
|
we will gain economies of scale through the growth in our sales, resulting in improving gross margins and operating margins.
|
|
|
Three Months Ended
March 31, |
|
|
||||||||
|
|
2017
|
|
2016
|
|
Change
|
||||||
|
|
(in thousands)
|
||||||||||
Revenue:
|
|
|
|
|
|
|
||||||
Product revenue
|
|
$
|
631
|
|
|
$
|
437
|
|
|
$
|
194
|
|
Research revenue
|
|
310
|
|
|
659
|
|
|
(349
|
)
|
|||
Total revenue
|
|
941
|
|
|
1,096
|
|
|
(155
|
)
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|||
Cost of product revenue
|
|
1,627
|
|
|
1,026
|
|
|
601
|
|
|||
Research and development
|
|
6,585
|
|
|
6,589
|
|
|
(4
|
)
|
|||
Selling, general and administrative
|
|
5,874
|
|
|
6,204
|
|
|
(330
|
)
|
|||
Total costs and expenses
|
|
14,086
|
|
|
13,819
|
|
|
267
|
|
|||
Loss from operations
|
|
(13,145
|
)
|
|
(12,723
|
)
|
|
(422
|
)
|
|||
Interest expense, net
|
|
(1,637
|
)
|
|
(735
|
)
|
|
(902
|
)
|
|||
Other income, net
|
|
79
|
|
|
32
|
|
|
47
|
|
|||
Net loss
|
|
$
|
(14,703
|
)
|
|
$
|
(13,426
|
)
|
|
$
|
(1,277
|
)
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(in thousands)
|
||||||
Net cash used in:
|
|
|
|
|
|
|
||
Operating activities
|
|
$
|
(12,758
|
)
|
|
$
|
(11,836
|
)
|
Investing activities
|
|
(1,594
|
)
|
|
(2,158
|
)
|
||
Financing activities
|
|
(314
|
)
|
|
(149
|
)
|
||
Net decrease in cash and cash equivalents
|
|
$
|
(14,666
|
)
|
|
$
|
(14,143
|
)
|
|
T2 BIOSYSTEMS, INC.
|
|
|
|
|
Date; May 8, 2017
|
By:
|
/s/ JOHN MCDONOUGH
|
|
|
John McDonough
|
|
|
President, Chief Executive Officer and Director
|
|
|
(principal executive officer)
|
|
|
(principal financial officer)
|
|
|
|
1 Year T2 Biosystems Chart |
1 Month T2 Biosystems Chart |
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