UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
OR
☐ |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-39513
Outset Medical, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
20-0514392 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
3052 Orchard Dr. San Jose, California |
95134 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (669) 231-8200
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
OM |
|
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☐ |
|
|
|
|
|||
Non-accelerated filer |
|
☒ |
|
Smaller reporting company |
|
☐ |
|
|
|
|
|
|
|
Emerging growth company |
|
☒ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
As of October 30, 2020, the registrant had 42,700,611 shares of common stock, $0.001 par value per share, outstanding.
|
|
|
Page |
PART I. |
|
1 |
|
Item 1. |
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
|
4 |
|
|
6 |
|
|
|
8 |
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
19 |
Item 3. |
|
28 |
|
Item 4. |
|
28 |
|
PART II. |
|
29 |
|
Item 1. |
|
29 |
|
Item 1A. |
|
29 |
|
Item 2. |
|
69 |
|
Item 3. |
|
69 |
|
Item 4. |
|
69 |
|
Item 5. |
|
69 |
|
Item 6. |
|
70 |
|
|
71 |
i
Summary of the Material Risks Associated with Our Business
Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating it. These risks include, but are not limited to, the following:
|
• |
We have a history of net losses, and we expect to continue to incur losses for the foreseeable future. If we ever achieve profitability, we may not be able to sustain it. |
|
• |
We may not be able to sufficiently reduce costs in the manufacturing and production of the Tablo system to achieve sustainable gross margins. |
|
• |
The commercial success of Tablo will depend upon attaining significant market acceptance among providers and patients. |
|
• |
We currently derive substantially all of our revenue from the sale of Tablo and associated consumables and are therefore highly dependent on Tablo for our success. |
|
• |
Our ability to generate revenue from home-based dialysis is subject to certain risks and uncertainties, including around the adoption of Tablo in the home setting. |
|
• |
We depend upon third-party suppliers, including contract manufacturers and single source suppliers, making us vulnerable to supply problems and price fluctuations. |
|
• |
We may experience manufacturing disruptions. |
|
• |
We need to ensure strong product performance and reliability to maintain and grow our business. |
|
• |
A pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide, including the outbreak of the novel strain of coronavirus disease, COVID-19, could adversely affect our business. |
|
• |
If we are unable to continue to innovate and improve Tablo, we could lose customers or market share. |
|
• |
We face competition from many sources, including larger companies, and we may be unable to compete successfully. |
|
• |
We may face additional costs, loss of revenue, significant liabilities, harm to our brand, decreased use of our platform and business disruption if there are any security or data privacy breaches or other unauthorized or improper access. |
The summary risk factors described above should be read together with the text of the full risk factors below, in the section entitled “Risk Factors” in Part II, Item 1.A. and the other information set forth in this Quarterly Report on Form 10-Q, including our consolidated financial statements and the related notes, as well as in other documents that we file with the Securities and Exchange Commission. The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not precisely known to us, or that we currently deem to be immaterial may also materially adversely affect our business, results of operations and financial condition.
Outset Medical, Inc.
(in thousands, except per share amounts)
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
||
|
|
(Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
311,327 |
|
|
$ |
36,926 |
|
Short-term investments |
|
|
32,888 |
|
|
|
33,152 |
|
Accounts receivable, net |
|
|
7,082 |
|
|
|
3,914 |
|
Inventories |
|
|
11,810 |
|
|
|
4,596 |
|
Prepaid expenses and other current assets |
|
|
4,717 |
|
|
|
1,058 |
|
Total current assets |
|
$ |
367,824 |
|
|
$ |
79,646 |
|
Restricted cash |
|
|
33,311 |
|
|
|
743 |
|
Property and equipment, net |
|
|
14,412 |
|
|
|
7,895 |
|
Operating lease right-of-use assets |
|
|
8,498 |
|
|
|
— |
|
Other assets |
|
|
1,977 |
|
|
|
82 |
|
Total assets |
|
$ |
426,022 |
|
|
$ |
88,366 |
|
Labilities, redeemable convertible preferred stock and stockholders' equity (deficit) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,062 |
|
|
$ |
4,960 |
|
Accrued compensation and related benefits |
|
|
10,850 |
|
|
|
6,956 |
|
Accrued expenses and other current liabilities |
|
|
8,959 |
|
|
|
2,909 |
|
Accrued warranty liability |
|
|
3,258 |
|
|
|
1,702 |
|
Deferred revenue, current |
|
|
4,132 |
|
|
|
883 |
|
Operating lease liabilities, current |
|
|
782 |
|
|
|
— |
|
Term loan, current |
|
|
— |
|
|
|
7,500 |
|
Total current liabilities |
|
|
33,043 |
|
|
|
24,910 |
|
Accrued interest, noncurrent |
|
|
119 |
|
|
|
217 |
|
Deferred revenue, noncurrent |
|
|
566 |
|
|
|
134 |
|
Operating lease liabilities, noncurrent |
|
|
8,309 |
|
|
|
— |
|
Redeemable convertible preferred stock warrant liability |
|
|
— |
|
|
|
4,285 |
|
Term loan, noncurrent |
|
|
29,652 |
|
|
|
21,561 |
|
Total liabilities |
|
|
71,689 |
|
|
|
51,107 |
|
Commitments and contingencies (Note 6) |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock, $0.001 par value; no shares authorized and no shares issued and outstanding as of September 30, 2020; 154,592 shares authorized and 147,214 shares issued and outstanding as of December 31, 2019 |
|
|
— |
|
|
|
409,446 |
|
Stockholders' equity (deficit): |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of September 30, 2020 and December 31, 2019 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value; 300,000 and 240,000 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 42,701 and 922 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively |
|
|
42 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
816,306 |
|
|
|
357 |
|
Accumulated other comprehensive income |
|
|
1 |
|
|
|
22 |
|
Accumulated deficit |
|
|
(462,016 |
) |
|
|
(372,567 |
) |
Total stockholders' equity (deficit) |
|
|
354,333 |
|
|
|
(372,187 |
) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) |
|
$ |
426,022 |
|
|
$ |
88,366 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
1
Outset Medical, Inc.
Condensed Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
10,812 |
|
|
$ |
2,409 |
|
|
$ |
26,435 |
|
|
$ |
7,501 |
|
Service and other revenue |
|
|
2,944 |
|
|
|
221 |
|
|
|
6,253 |
|
|
|
492 |
|
Total revenue |
|
|
13,756 |
|
|
|
2,630 |
|
|
|
32,688 |
|
|
|
7,993 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
17,265 |
|
|
|
6,350 |
|
|
|
42,118 |
|
|
|
18,950 |
|
Cost of service and other revenue |
|
|
1,617 |
|
|
|
1,574 |
|
|
|
4,024 |
|
|
|
4,065 |
|
Total cost of revenue |
|
|
18,882 |
|
|
|
7,924 |
|
|
|
46,142 |
|
|
|
23,015 |
|
Gross profit |
|
|
(5,126 |
) |
|
|
(5,294 |
) |
|
|
(13,454 |
) |
|
|
(15,022 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
9,175 |
|
|
|
5,708 |
|
|
|
21,066 |
|
|
|
16,698 |
|
Sales and marketing |
|
|
13,344 |
|
|
|
5,009 |
|
|
|
29,870 |
|
|
|
13,376 |
|
General and administrative |
|
|
13,088 |
|
|
|
2,439 |
|
|
|
21,462 |
|
|
|
6,641 |
|
Total operating expenses |
|
|
35,607 |
|
|
|
13,156 |
|
|
|
72,398 |
|
|
|
36,715 |
|
Loss from operations |
|
|
(40,733 |
) |
|
|
(18,450 |
) |
|
|
(85,852 |
) |
|
|
(51,737 |
) |
Interest income and other income (expense), net |
|
|
(3 |
) |
|
|
569 |
|
|
|
524 |
|
|
|
2,111 |
|
Interest expense |
|
|
(428 |
) |
|
|
(1,047 |
) |
|
|
(2,461 |
) |
|
|
(3,237 |
) |
Change in fair value of redeemable convertible preferred stock warrant liability |
|
|
437 |
|
|
|
3,546 |
|
|
|
(93 |
) |
|
|
4,030 |
|
Loss on extinguishment of term loan |
|
|
(1,567 |
) |
|
|
— |
|
|
|
(1,567 |
) |
|
|
— |
|
Loss before provision for income taxes |
|
|
(42,294 |
) |
|
|
(15,382 |
) |
|
|
(89,449 |
) |
|
|
(48,833 |
) |
Provision for income taxes |
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
Net loss |
|
$ |
(42,294 |
) |
|
$ |
(15,402 |
) |
|
$ |
(89,449 |
) |
|
$ |
(48,853 |
) |
Net loss attributable to common stockholders, basic and diluted |
|
$ |
(42,294 |
) |
|
$ |
(16,666 |
) |
|
$ |
(47,281 |
) |
|
$ |
(66,015 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(3.44 |
) |
|
$ |
(18.93 |
) |
|
$ |
(6.30 |
) |
|
$ |
(78.77 |
) |
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
12,299 |
|
|
|
880 |
|
|
|
7,508 |
|
|
|
838 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
2
Outset Medical, Inc.
Condensed Statements of Comprehensive Loss
(Unaudited)
(in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net loss |
|
$ |
(42,294 |
) |
|
$ |
(15,402 |
) |
|
$ |
(89,449 |
) |
|
$ |
(48,853 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
|
1 |
|
|
|
(8 |
) |
|
|
(21 |
) |
|
|
102 |
|
Comprehensive loss |
|
$ |
(42,293 |
) |
|
$ |
(15,410 |
) |
|
$ |
(89,470 |
) |
|
$ |
(48,751 |
) |
The accompanying notes are an integral part of these unaudited condensed financial statements.
3
Outset Medical, Inc.
Condensed Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited)
(in thousands)
|
|
Redeemable Convertible Preferred Stock |
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ Equity |
|
||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Deficit |
|
|
(Deficit) |
|
||||||||
Balance December 31, 2019 |
|
|
147,214 |
|
|
$ |
409,446 |
|
|
|
|
922 |
|
|
$ |
1 |
|
|
$ |
357 |
|
|
$ |
22 |
|
|
$ |
(372,567 |
) |
|
$ |
(372,187 |
) |
Issuance of Series E redeemable convertible preferred stock, net of issuance costs |
|
|
57,782 |
|
|
|
126,758 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock on settlement of accrued dividend |
|
|
— |
|
|
|
(41,763 |
) |
|
|
|
4,850 |
|
|
|
5 |
|
|
|
41,758 |
|
|
|
— |
|
|
|
— |
|
|
|
41,763 |
|
Deemed dividend on settlement of accrued dividend |
|
|
— |
|
|
|
(42,530 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
42,530 |
|
|
|
— |
|
|
|
— |
|
|
|
42,530 |
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
4 |
|
|
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
580 |
|
|
|
— |
|
|
|
— |
|
|
|
580 |
|
Unrealized loss on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35 |
) |
|
|
— |
|
|
|
(35 |
) |
Adjustment to redemption value on redeemable convertible preferred stock |
|
|
— |
|
|
|
362 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(362 |
) |
|
|
— |
|
|
|
— |
|
|
|
(362 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,650 |
) |
|
|
(20,650 |
) |
Balance March 31, 2020 |
|
|
204,996 |
|
|
|
452,273 |
|
|
|
|
5,776 |
|
|
|
6 |
|
|
|
84,877 |
|
|
|
(13 |
) |
|
|
(393,217 |
) |
|
|
(308,347 |
) |
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
26 |
|
|
|
— |
|
|
|
80 |
|
|
|
— |
|
|
|
— |
|
|
|
80 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
683 |
|
|
|
— |
|
|
|
— |
|
|
|
683 |
|
Unrealized gain on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
13 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,505 |
) |
|
|
(26,505 |
) |
Balance June 30, 2020 |
|
|
204,996 |
|
|
|
452,273 |
|
|
|
|
5,802 |
|
|
|
6 |
|
|
|
85,640 |
|
|
|
— |
|
|
|
(419,722 |
) |
|
|
(334,076 |
) |
Issuance of common stock upon net exercises of Series B redeemable convertible preferred stock warrants |
|
|
— |
|
|
|
— |
|
|
|
|
65 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cash exercises of Series C redeemable convertible preferred stock warrants |
|
|
1,655 |
|
|
|
4,288 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Conversion of Series A redeemable convertible preferred stock warrants to common stock warrants |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,252 |
|
|
|
— |
|
|
|
— |
|
|
|
1,252 |
|
Conversion of redeemable convertible preferred stock to common stock upon initial public offering |
|
|
(206,651 |
) |
|
|
(456,561 |
) |
|
|
|
26,167 |
|
|
|
26 |
|
|
|
456,535 |
|
|
|
— |
|
|
|
— |
|
|
|
456,561 |
|
Issuance of common stock upon initial public offering, net of issuance costs |
|
|
— |
|
|
|
— |
|
|
|
|
10,294 |
|
|
|
10 |
|
|
|
254,795 |
|
|
|
— |
|
|
|
— |
|
|
|
254,805 |
|
Reclassification of redeemable convertible preferred stock warrant liability to equity |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
3,126 |
|
|
|
— |
|
|
|
— |
|
|
|
3,126 |
|
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
373 |
|
|
|
— |
|
|
|
1,050 |
|
|
|
— |
|
|
|
— |
|
|
|
1,050 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
13,908 |
|
|
|
— |
|
|
|
— |
|
|
|
13,908 |
|
Unrealized gain on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,294 |
) |
|
|
(42,294 |
) |
Balance September 30, 2020 |
|
|
— |
|
|
$ |
— |
|
|
|
|
42,701 |
|
|
$ |
42 |
|
|
$ |
816,306 |
|
|
$ |
1 |
|
|
$ |
(462,016 |
) |
|
$ |
354,333 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements.
4
Outset Medical, Inc.
Condensed Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited)
(in thousands)
|
|
Redeemable Convertible Preferred Stock |
|
|
|
Common Stock |
|
|
Additional Paid-in |
|
|
Accumulated Other Comprehensive Income |
|
|
Accumulated |
|
|
Total Stockholders’ Equity |
|
||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
(Loss) |
|
|
Deficit |
|
|
(Deficit) |
|
||||||||
Balance December 31, 2018 |
|
|
147,214 |
|
|
$ |
392,284 |
|
|
|
|
789 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
(60 |
) |
|
$ |
(287,891 |
) |
|
$ |
(287,950 |
) |
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
25 |
|
|
|
— |
|
|
|
76 |
|
|
|
— |
|
|
|
— |
|
|
|
76 |
|
Common stock warrant exercises |
|
|
— |
|
|
|
— |
|
|
|
|
9 |
|
|
|
— |
|
|
|
76 |
|
|
|
— |
|
|
|
— |
|
|
|
76 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
239 |
|
|
|
— |
|
|
|
— |
|
|
|
239 |
|
Unrealized gain on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82 |
|
|
|
— |
|
|
|
82 |
|
Adjustment to redemption value on redeemable convertible preferred stock |
|
|
— |
|
|
|
7,870 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(391 |
) |
|
|
— |
|
|
|
(7,479 |
) |
|
|
(7,870 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,422 |
) |
|
|
(16,422 |
) |
Balance March 31, 2019 |
|
|
147,214 |
|
|
|
400,154 |
|
|
|
|
823 |
|
|
|
1 |
|
|
|
— |
|
|
|
22 |
|
|
|
(311,792 |
) |
|
|
(311,769 |
) |
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
54 |
|
|
|
— |
|
|
|
162 |
|
|
|
— |
|
|
|
— |
|
|
|
162 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
161 |
|
|
|
— |
|
|
|
— |
|
|
|
161 |
|
Unrealized gain on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
28 |
|
Adjustment to redemption value on redeemable convertible preferred stock |
|
|
— |
|
|
|
8,028 |
|
|
|
|
— |
|
|
|
— |
|
|
|
(323 |
) |
|
|
— |
|
|
|
(7,705 |
) |
|
|
(8,028 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,029 |
) |
|
|
(17,029 |
) |
Balance June 30, 2019 |
|
|
147,214 |
|
|
|
408,182 |
|
|
|
|
877 |
|
|
|
1 |
|
|
|
— |
|
|
|
50 |
|
|
|
(336,526 |
) |
|
|
(336,475 |
) |
Stock option exercises |
|
|
— |
|
|
|
— |
|
|
|
|
5 |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
— |
|
|
|