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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/26/21 Akoya Biosciences, Inc. S-1 21:8M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: S-1 Registration Statement (General Form) HTML 1.48M 2: EX-3.1 Articles of Incorporation/Organization or Bylaws HTML 135K 3: EX-3.2 Articles of Incorporation/Organization or Bylaws HTML 104K 4: EX-3.3 Articles of Incorporation/Organization or Bylaws HTML 31K 5: EX-3.4 Articles of Incorporation/Organization or Bylaws HTML 96K 6: EX-10.1 Material Contract HTML 135K 13: EX-10.10 Material Contract HTML 28K 14: EX-10.11 Material Contract HTML 106K 15: EX-10.12 Material Contract HTML 130K 16: EX-10.13 Material Contract HTML 130K 17: EX-10.14 Material Contract HTML 549K 18: EX-10.15 Material Contract HTML 139K 19: EX-10.16 Material Contract HTML 28K 7: EX-10.4 Material Contract HTML 58K 8: EX-10.5 Material Contract HTML 21K 9: EX-10.6 Material Contract HTML 12K 10: EX-10.7 Material Contract HTML 16K 11: EX-10.8 Material Contract HTML 22K 12: EX-10.9 Material Contract HTML 155K 20: EX-21.1 Subsidiaries List HTML 8K 21: EX-23.1 Consent of Expert or Counsel HTML 8K
tm212065-5_s1 - none - 21.5626069s |
|
Delaware
|
| |
3826
|
| |
47-5586242
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
| | | |
|
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)(2) |
| | |
Amount of
Registration Fee |
|
Common Stock, par value $0.00001 per share
|
| | |
$115,000,000
|
| | |
$12,546.50
|
|
| | |
Per Share
|
| |
Total
|
| ||||||
Initial public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1)
|
| | | $ | | | | | $ | | | ||
Proceeds, before expenses, to Akoya Biosciences, Inc.
|
| | | $ | | | | | $ | | | |
| J.P. Morgan | | | Morgan Stanley | | |
Piper Sandler
|
| |
Canaccord Genuity
|
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 11 | | | |
| | | | 57 | | | |
| | | | 59 | | | |
| | | | 60 | | | |
| | | | 61 | | | |
| | | | 64 | | | |
| | | | 66 | | | |
| | | | 68 | | | |
| | | | 85 | | | |
| | | | 104 | | | |
| | | | 111 | | | |
| | | | 120 | | | |
| | | | 123 | | | |
| | | | 125 | | | |
| | | | 131 | | | |
| | | | 133 | | | |
| | | | 137 | | | |
| | | | 147 | | | |
| | | | 147 | | | |
| | | | 147 | | | |
| | | | F-1 | | |
| | |
Year ended December 31
|
| | |||||||||||
($ in thousands, except share and per share data)
|
| |
2020
|
| |
2019
|
| | ||||||||
Consolidated statements of operations | | | | | | | | | | | | | | | ||
Revenue:
|
| | | | | | | | | | | | | | ||
Product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | | | ||
Service and other revenue
|
| | | | 9,005 | | | | | | 5,892 | | | | ||
Total revenue
|
| | | | 42,443 | | | | | | 42,236 | | | | ||
Cost of goods sold:
|
| | | | | | | | | | | | | | ||
Cost of product revenue
|
| | | | 12,584 | | | | | | 15,447 | | | | ||
Cost of and other service revenue
|
| | | | 3,951 | | | | | | 2,126 | | | | ||
Total cost of goods sold
|
| | | | 16,535 | | | | | | 17,573 | | | | ||
Gross profit
|
| | | | 25,908 | | | | | | 24,663 | | | | ||
Operating expenses: | | | | | | | | | | | | | | | ||
Selling, general and administrative
|
| | | | 23,982 | | | | | | 26,351 | | | | ||
Research and development
|
| | | | 9,603 | | | | | | 8,761 | | | | ||
Change in fair value of contingent consideration
|
| | | | 519 | | | | | | (1,201) | | | | ||
Depreciation and amortization
|
| | | | 3,815 | | | | | | 3,055 | | | | ||
Total operating expenses
|
| | | | 37,919 | | | | | | 36,966 | | | | ||
Loss from operations
|
| | | | (12,011) | | | | | | (12,303) | | | | | |
Other income (expense): | | | | | | | | | | | | | | | ||
Interest expense
|
| | | | (2,723) | | | | | | (1,881) | | | | ||
Change in fair value of warrant liability
|
| | | | (298) | | | | | | — | | | | ||
Loss on extinguishment of debt
|
| | | | (1,671) | | | | | | — | | | | ||
Other income (expense), net
|
| | | | 39 | | | | | | (373) | | | | ||
Loss before provision for income taxes
|
| | | | (16,664) | | | | | | (14,557) | | | | ||
Provision for income taxes
|
| | | | (42) | | | | | | (194) | | | | ||
Net loss
|
| | | $ | (16,706) | | | | | $ | (14,751) | | | | ||
Net loss per share attributable to common stockholders, basic and diluted(1)
|
| | | $ | (3.94) | | | | | $ | (3.45) | | | | ||
Weighted-average shares outstanding, basic and diluted(1)
|
| | | | 5,523,458 | | | | | | 5,303,199 | | | |
| | |
As of December 31, 2020
|
| | | |||||||||||||||||||
| | |
Actual
|
| |
Pro Forma(1)
|
| |
Pro Forma As
Adjusted(2) |
| | | |||||||||||||
| | |
(in thousands)
|
| | | | | | | |||||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | ||||
Cash, cash equivalents, and restricted cash – long term
|
| | | $ | 17,508 | | | | | $ | | | | | $ | | | | | ||||||
Working capital(3)
|
| | | | 11,534 | | | | | | | | | | | | | | | | | ||||
Total assets
|
| | | | 77,660 | | | | | | | | | | | | | | | | | ||||
Deferred revenue
|
| | | | 4,852 | | | | | | | | | | | | | | | | | ||||
Current portion of long-term debt
|
| | | | 1,032 | | | | | | | | | | | | | | | | | ||||
Long-term debt, net of current portion and debt discount
|
| | | | 33,488 | | | | | | | | | | | | | | | | | ||||
Total redeemable convertible preferred stock
|
| | | | 69,107 | | | | | | | | | | | | | | | | | ||||
Convertible preferred stock
|
| | | | 1,253 | | | | | | | | | | | | | | | | | ||||
Accumulated deficit
|
| | | | (52,280) | | | | | | | | | | | | | | | | | ||||
Total stockholders’ (deficit) equity
|
| | | | (51,026) | | | | | | — | | | | | | — | | | | |
| | |
As of December 31, 2020
|
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
as Adjusted(1) |
| |||||||||
| | |
(unaudited)
(in thousands, except share and per share data) |
| |||||||||||||||
Cash and cash equivalents
|
| | | $ | 17,006 | | | | | $ | | | | | $ | | | ||
Current portion of long-term debt
|
| | | $ | 1,032 | | | | | $ | | | | | $ | — | | | |
Long-term debt, net of current portion and debt discount
|
| | | $ | 33,488 | | | | | $ | | | | | $ | — | | | |
Redeemable convertible preferred stock,
|
| | | | — | | | | | | — | | | | | | | | |
Series B Redeemable Convertible Preferred Stock, $0.00001 par value; 13,715,330 shares authorized, issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted
|
| | | | 11,500 | | | | | | | | | | | | | | |
Series C Redeemable Convertible Preferred Stock, $0.00001 par value; 26,732,361 shares authorized, issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted
|
| | | | 30,107 | | | | | | | | | | | | | | |
Series D Redeemable Convertible Preferred Stock, $0.00001 par value; 16,758,996 shares authorized; 16,390,217 shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted
|
| | | | 27,500 | | | | | | | | | | | | | | |
| | |
As of December 31, 2020
|
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
as Adjusted(1) |
| |||||||||
| | |
(unaudited)
(in thousands, except share and per share data) |
| |||||||||||||||
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Series A Convertible Preferred Stock, $0.00001 par value;
5,013,333 shares authorized, issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted |
| | | | 1,253 | | | | | | | | | | | | | | |
Class A Common Stock, $0.00001 par value; 62,220,020 shares authorized; 0 shares issued and outstanding, actual; 500,000,000 shares authorized, shares issued and outstanding, pro forma; shares authorized, shares issued and outstanding, pro forma as adjusted
|
| | | | — | | | | | | | | | | | | | | |
Class B Common Stock, $0.00001 par value; 16,822,202 shares authorized; 5,973,605 shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma as adjusted
|
| | | | 1 | | | | | | | | | | | | | | |
Preferred Stock, $0.00001 par value; no shares
authorized, issued and outstanding, actual; 10,000,000 shares authorized and no shares issued and outstanding, pro forma and pro forma as adjusted |
| | | | — | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | — | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (52,280) | | | | | | | | | | | | | | |
Total stockholders’ (deficit) equity
|
| | | | (51,026) | | | | | | | | | | | | | | |
Total capitalization
|
| | | $ | 52,601 | | | | | $ | | | | | $ | | | ||
|
| | |
Without Over-allotment
|
| |
With Over-allotment
|
| ||||||
Assumed initial public offering price per share
|
| | | $ | | | | | | $ | | | |
Historical net tangible book value per share as of December 31, 2020
|
| | | $ | | | | | $ | | | | |
Pro forma net tangible book value per share as of December 31, 2020
|
| | | $ | | | | | $ | | | | |
Increase in pro forma net tangible book value per share attributable to this offering
|
| | | $ | | | | | | $ | | | |
Pro forma as adjusted net tangible book value per share after this offering
|
| | | $ | | | | | | $ | | | |
Dilution per share to new investors in this offering
|
| | | $ | | | | | | $ | | |
| | |
Shares purchased
|
| |
Total consideration
|
| |
Average
price per share |
| | |||||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| | | | ||||||||||||||||||
Existing investors
|
| | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | | |||||
New investors in this offering
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Total
|
| | | $ | | | | | | 100% | | | | | $ | | | | | | 100% | | | | | | % | | | |
| | |
Year ended
December 31, |
| |||||||||
($ in thousands, except share and per share data)
|
| |
2020
|
| |
2019
|
| ||||||
Consolidated statements of operations | | | | | | | | | | | | | |
Revenue:
|
| | | | | | | | | | | | |
Product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | |
Service and other revenue
|
| | | | 9,005 | | | | | | 5,892 | | |
Total revenue
|
| | | | 42,443 | | | | | | 42,236 | | |
Cost of goods sold:
|
| | | | | | | | | | | | |
Cost of product revenue
|
| | | | 12,584 | | | | | | 15,447 | | |
Cost of service and other revenue
|
| | | | 3,951 | | | | | | 2,126 | | |
Total cost of goods sold
|
| | | | 16,535 | | | | | | 17,573 | | |
Gross profit
|
| | | | 25,908 | | | | | | 24,663 | | |
Operating expenses:
|
| | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 23,982 | | | | | | 26,351 | | |
Research and development
|
| | | | 9,603 | | | | | | 8,761 | | |
Change in fair value of contingent consideration
|
| | | | 519 | | | | | | (1,201) | | |
Depreciation and amortization
|
| | | | 3,815 | | | | | | 3,055 | | |
Total operating expenses
|
| | | | 37,919 | | | | | | 36,966 | | |
Loss from operations
|
| | | | (12,011) | | | | | | (12,303) | | |
Other income (expense):
|
| | | | | | | | | | | | |
Interest expense, net
|
| | | | (2,723) | | | | | | (1,881) | | |
Change in fair value of warrant liability
|
| | | | (298) | | | | | | — | | |
Loss on extinguishment of debt
|
| | | | (1,671) | | | | | | — | | |
Other (expense) income, net
|
| | | | 39 | | | | | | (373) | | |
Loss before provision for income taxes
|
| | | | (16,664) | | | | | | (14,557) | | |
Provision for income taxes
|
| | | | (42) | | | | | | (194) | | |
Net loss
|
| | | $ | (16,706) | | | | | $ | (14,751) | | |
Net loss per share attributable to common stockholders, basic and diluted(1)
|
| | | $ | (3.94) | | | | | $ | (3.45) | | |
Weighted-average shares outstanding, basic and diluted(1)
|
| | | | 5,523,458 | | | | | | 5,303,199 | | |
| | |
December 31,
|
| |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Consolidated balance sheet data: | | | | | | | | | | | | | |
Cash, cash equivalents, certificates of deposit, and restricted cash – long
term |
| | | $ | 17,508 | | | | | $ | 22,160 | | |
Working capital(1)
|
| | | | 11,534 | | | | | | 19,719 | | |
Total assets
|
| | | | 77,660 | | | | | | 89,413 | | |
Deferred revenue
|
| | | | 4,852 | | | | | | 5,280 | | |
Current portion of long-term debt
|
| | | | 1,032 | | | | | | — | | |
Long-term debt, net of current portion and debt discount
|
| | | | 33,488 | | | | | | 24,466 | | |
Total redeemable convertible preferred stock
|
| | | | 69,107 | | | | | | 64,347 | | |
Convertible preferred stock
|
| | | | 1,253 | | | | | | 1,253 | | |
Accumulated deficit
|
| | | | (52,280) | | | | | | (31,413) | | |
Total stockholders’ deficit
|
| | | | (51,026) | | | | | | (30,159) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | | | |
2019
|
| |||||||
Instrument Placements:
|
| | | | 118 | | | | | | 146 | | |
| | |
Year ended December 31,
|
| |||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Product and service revenue: | | | | | | | | | | | | | |
Product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | |
Service revenue and other
|
| | | | 9,005 | | | | | | 5,892 | | |
Total revenue
|
| | | $ | 42,443 | | | | | $ | 42,236 | | |
| | |
Year ended December 31,
|
| |||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | |
Service and other revenue
|
| | | | 9,005 | | | | | | 5,892 | | |
Total revenue
|
| | | | 42,443 | | | | | | 42,236 | | |
Cost of goods sold: | | | | | | | | | | | | | |
Cost of product revenue
|
| | | $ | 12,584 | | | | | $ | 15,447 | | |
Cost of service and other revenue
|
| | | | 3,951 | | | | | | 2,126 | | |
Total cost of goods sold
|
| | | | 16,535 | | | | | | 17,573 | | |
Gross profit
|
| | | | 25,908 | | | | | | 24,663 | | |
Operating expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 23,982 | | | | | | 26,351 | | |
Research and development
|
| | | | 9,603 | | | | | | 8,761 | | |
Change in fair value of contingent consideration
|
| | | | 519 | | | | | | (1,201) | | |
Depreciation and amortization
|
| | | | 3,815 | | | | | | 3,055 | | |
Total operating expenses
|
| | | | 37,919 | | | | | | 36,966 | | |
Loss from operations
|
| | | | (12,011) | | | | | | (12,303) | | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (2,723) | | | | | | (1,881) | | |
Change in fair value of warrant liability
|
| | | | (298) | | | | | | — | | |
Loss on extinguishment of debt
|
| | | | (1,671) | | | | | | — | | |
Other (expense) income, net
|
| | | | 39 | | | | | | (373) | | |
Loss before provision for income taxes
|
| | | | (16,664) | | | | | | (14,557) | | |
Provision for income taxes
|
| | | | (42) | | | | | | (194) | | |
Net loss
|
| | | $ | (16,706) | | | | | $ | (14,751) | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | | | | | (2,906) | | | | | | (8)% | | |
Service and other revenue
|
| | | | 9,005 | | | | | | 5,892 | | | | | | 3,113 | | | | | | 53% | | |
Total revenue
|
| | | $ | 42,443 | | | | | $ | 42,236 | | | | | | 207 | | | | | | 0% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Cost of product revenue
|
| | | $ | 12,584 | | | | | $ | 15,447 | | | | | $ | (2,863) | | | | | | (19)% | | |
Cost of service and other revenue
|
| | | | 3,951 | | | | | | 2,126 | | | | | | 1,825 | | | | | | 86% | | |
Total cost of goods sold
|
| | | $ | 16,535 | | | | | $ | 17,573 | | | | | $ | (1,038) | | | | | | (6)% | | |
Gross profit
|
| | | $ | 25,908 | | | | | $ | 24,663 | | | | | $ | 1,245 | | | | | | 5% | | |
Gross margin
|
| | | | 61% | | | | | | 58% | | | | | | | | | | | | | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Selling, general and administrative
|
| | | $ | 23,982 | | | | | $ | 26,351 | | | | | $ | (2,369) | | | | | | (9)% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Research and development
|
| | | $ | 9,603 | | | | | $ | 8,761 | | | | | $ | 842 | | | | | | 10% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Change in fair value of contingent consideration
|
| | | $ | 519 | | | | | $ | (1,201) | | | | | $ | 1,720 | | | | | | (143)% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Depreciation and amortization
|
| | | $ | 3,815 | | | | | $ | 3,055 | | | | | $ | 760 | | | | | | 25% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Interest expense
|
| | | $ | 2,723 | | | | | $ | 1,881 | | | | | $ | 842 | | | | | | 45% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Change in fair value of warrant liability
|
| | | $ | 298 | | | | | $ | — | | | | | $ | 298 | | | | | | 100% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Loss on extinguishment of debt
|
| | | $ | 1,671 | | | | | $ | —- | | | | | $ | 1,671 | | | | | | 100% | | |
| | |
Year ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands, except percentages)
|
| |
2020
|
| |
2019
|
| |
Amount
|
| |
%
|
| ||||||||||||
Other income (expense), net
|
| | | $ | 39 | | | | | $ | (373) | | | | | $ | 412 | | | | | | (110)% | | |
| | |
Year ended
December 31, |
| |||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Net cash (used in) provided by: | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (6,843) | | | | | $ | (13,776) | | |
Investing activities
|
| | | | 6,728 | | | | | | (12,892) | | |
Financing activities
|
| | | | 5,486 | | | | | | 28,561 | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
| | | $ | 5,371 | | | | | $ | 1,893 | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Executive Officers | | | | | | | |
| |
52
|
| | President and Chief Executive Officer and Director | | |
| |
56
|
| | Chief Financial Officer | | |
Niro Ramachandran, Ph.D.
|
| |
46
|
| | Chief Business Officer | |
Frederic Pla, Ph.D.
|
| |
62
|
| | Chief Operating Officer | |
Non-Employee Directors | | | | | | | |
Garry Nolan, Ph.D.
|
| |
59
|
| | Director | |
Thomas Raffin, M.D.
|
| |
73
|
| | Director | |
| |
64
|
| | Director | | |
| |
64
|
| | Director | | |
Matt Winkler, Ph.D.
|
| |
68
|
| | Director | |
Name and principal position
|
| |
Year
|
| |
Salary
($) |
| |
Option
awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All other
compensation ($) |
| |
Total
($) |
| ||||||||||||||||||
Brian McKelligon
Chief Executive Officer |
| | | | 2020 | | | | | | 350,000 | | | | | | 108,498 | | | | | | 57,750 | | | | | | — | | | | | | 516,248 | | |
| | | 2019 | | | | | | 333,333 | | | | | | 49,001 | | | | | | 102,000 | | | | | | — | | | | | | 484,334 | | | ||
Joseph Driscoll
Chief Financial Officer |
| | | | 2020 | | | | | | 308,605 | | | | | | 66,162 | | | | | | 56,012 | | | | | | — | | | | | | 430,779 | | |
| | | 2019 | | | | | | 237,500 | | | | | | 72,541 | | | | | | 84,915 | | | | | | — | | | | | | 394,956 | | | ||
Niro Ramachandran
Chief Business Officer |
| | | | 2020 | | | | | | 116,250(2) | | | | | | 67,041 | | | | | | 19,181 | | | | | | — | | | | | | 202,472 | | |
| | |
Option Awards(1)
|
| ||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Options
Exercise Price ($)(2) |
| |
Option
Expiration Date |
| ||||||||||||
| |
11/09/2017(3)
|
| | | | 702,801 | | | | | | 119,991 | | | | | | 0.13 | | | | | | 11/09/2027 | | | |
| | |
11/09/2017(4)
|
| | | | 274,264 | | | | | | — | | | | | | 0.13 | | | | | | 11/09/2027 | | |
| | |
05/02/2019(5)
|
| | | | 325,451 | | | | | | 253,130 | | | | | | 0.19 | | | | | | 05/02/2029 | | |
| | |
05/02/2019(4)
|
| | | | 192,860 | | | | | | — | | | | | | 0.19 | | | | | | 05/02/2029 | | |
| |
05/02/2019(5)
|
| | | | 367,952 | | | | | | 473,082 | | | | | | 0.19 | | | | | | 05/02/2029 | | | |
| | |
05/02/2019(4)
|
| | | | 311,067 | | | | | | — | | | | | | 0.19 | | | | | | 05/02/2029 | | |
Niro Ramachandran
|
| |
11/06/2020(6)
|
| | | | — | | | | | | 400,000 | | | | | | 0.39 | | | | | | 11/06/2030 | | |
Purchaser(1)
|
| |
Shares of
Series C preferred stock |
| |
Cash purchase
price |
| ||||||
Entities affiliated with Telegraph Hill Partners
|
| | | | 22,974,675 | | | | | $ | 21,915,542 | | |
The Board of Trustees of the Leland Stanford Junior University
|
| | | | 2,363,411 | | | | | $ | 2,254,458 | | |
Matt Winkler
|
| | | | 838,662 | | | | | $ | 800,000 | | |
Purchaser(1)
|
| |
Shares of
Series D preferred stock |
| |
Cash purchase
price |
| ||||||
Piper Sandler Merchant Banking Fund II, L.P.
|
| | | | 6,556,087 | | | | | $ | 10,000,000 | | |
Entities affiliated with Telegraph Hill Partners
|
| | | | 1,966,826 | | | | | $ | 3,000,000 | | |
The Board of Trustees of the Leland Stanford Junior University
|
| | | | 1,004,988 | | | | | $ | 1,532,908 | | |
Matt Winkler
|
| | | | 371,793 | | | | | $ | 567,096 | | |
Director
|
| |
Principal stockholder
|
|
Thomas Raffin | | | Funds affiliated with Telegraph Hill Partners | |
Thomas P. Schnettler | | | Piper Sandler Merchant Banking Fund II, L.P. | |
Robert Shepler | | | Funds affiliated with Telegraph Hill Partners | |
| | |
Number of
Shares Beneficially Owned Prior to Offering |
| |
Percentage of
Shares Beneficially Owned |
| |||||||||
Name of Beneficial Owner
|
| |
Prior to
this Offering |
| |
After
this Offering |
| |||||||||
5% and Greater Stockholders: | | | | | | | | | | | | | | | | |
Entities affiliated with Telegraph Hill Partners(1)
|
| | | | 36,523,336 | | | | | | 53.8% | | | | | |
Piper Sandler Merchant Banking Fund II, L.P.(2)
|
| | | | 6,556,087 | | | | | | 9.7% | | | | | |
The Board of Trustees at the Leland Stanford Junior University(3)
|
| | | | 5,228,001 | | | | | | 7.7% | | | | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | |
| | | | 1,553,767 | | | | | | 2.2% | | | | | | |
| | | | 714,062 | | | | | | 1.0% | | | | | | |
Niro Ramachandran
|
| | | | — | | | | | | — | | | | | |
Garry Nolan(6)
|
| | | | 1,645,013 | | | | | | 2.4% | | | | | |
| | | | 37,523,336 | | | | | | 55.3% | | | | | | |
Tom Schnettler(2)
|
| | | | 6,556,087 | | | | | | 9.7% | | | | | |
| | | | 500,000 | | | | | | * | | | | | | |
Matt Winkler
|
| | | | 1,820,025 | | | | | | 2.7% | | | | | |
All executive officers and directors as a group (8 persons)
|
| | | | 50,312,290 | | | | | | 71.0% | | | | | |
Name
|
| |
Number of Shares
|
| |||
J.P. Morgan Securities LLC
|
| | | | | | |
Morgan Stanley & Co. LLC
|
| | | | | | |
Piper Sandler & Co.
|
| | | | | | |
Canaccord Genuity LLC
|
| | | | | | |
Total
|
| | | | | | |
| | |
Without
option to purchase additional shares exercise |
| |
With full
option to purchase additional shares exercise |
| ||||||
Per Share
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | | |
|
Section 96(1)(a)
|
| |
the offer, transfer, sale, renunciation or delivery is to:
(i) persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or agent;
(ii) the South African Public Investment Corporation;
(iii) persons or entities regulated by the Reserve Bank of South Africa;
(iv) authorized financial service providers under South African law;
(v) financial institutions recognized as such under South African law;
(vi) a wholly-owned subsidiary of any person or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorized portfolio manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law); or
(vii) any combination of the person in (i) to (vi); or
|
|
|
Section 96(1)(b)
|
| | the total contemplated acquisition cost of the securities, for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act. | |
| | |
Page(s)
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 17,006 | | | | | $ | 11,636 | | |
Certificates of deposit
|
| | |
|
—
|
| | | |
|
10,023
|
| |
Accounts receivable, net
|
| | |
|
6,470
|
| | | |
|
13,167
|
| |
Inventories, net
|
| | |
|
4,263
|
| | | |
|
4,093
|
| |
Prepaid expenses and other current assets
|
| | |
|
957
|
| | | |
|
1,955
|
| |
Total current assets
|
| | |
|
28,696
|
| | | |
|
40,874
|
| |
Property and equipment, net
|
| | |
|
5,528
|
| | | |
|
4,983
|
| |
Restricted cash – long term
|
| | |
|
502
|
| | | |
|
501
|
| |
Demo inventory, net
|
| | |
|
1,494
|
| | | |
|
475
|
| |
Intangible assets, net
|
| | |
|
22,714
|
| | | |
|
24,137
|
| |
Goodwill
|
| | |
|
18,262
|
| | | |
|
18,262
|
| |
Other assets
|
| | |
|
464
|
| | | |
|
181
|
| |
Total assets
|
| | | $ | 77,660 | | | | | $ | 89,413 | | |
Liabilities and stockholders’ deficit | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 5,074 | | | | | $ | 8,119 | | |
Accrued expenses and other current liabilities
|
| | |
|
7,015
|
| | | |
|
8,581
|
| |
Current portion of capital lease obligations
|
| | |
|
197
|
| | | |
|
80
|
| |
Deferred revenue
|
| | |
|
3,844
|
| | | |
|
4,375
|
| |
Current portion of long-term debt
|
| | |
|
1,032
|
| | | |
|
—
|
| |
Total current liabilities
|
| | |
|
17,162
|
| | | |
|
21,155
|
| |
Deferred revenue, net of current portion
|
| | |
|
1,008
|
| | | |
|
905
|
| |
Long-term debt, net of current portion and debt discount
|
| | |
|
33,488
|
| | | |
|
24,466
|
| |
Deferred tax liability, net
|
| | |
|
170
|
| | | |
|
163
|
| |
Capital lease obligations, net of current portion
|
| | |
|
277
|
| | | |
|
205
|
| |
Warrant liability
|
| | |
|
490
|
| | | |
|
192
|
| |
Contingent consideration liability (Note 5), net of current portion
|
| | |
|
6,984
|
| | | |
|
8,139
|
| |
Total liabilities
|
| | |
|
59,579
|
| | | |
|
55,225
|
| |
Redeemable Convertible Preferred Stock: | | | | | | | | | | | | | |
Series B Redeemable Convertible Preferred Stock, $0.00001 par value; 13,715,330
shares authorized, issued and outstanding at December 31, 2020 and 2019 (preference in liquidation of $11,500 at December 31, 2020) |
| | |
|
11,500
|
| | | |
|
10,780
|
| |
Series C Redeemable Convertible Preferred Stock, $0.00001 par value; 26,732,361
shares authorized, issued and outstanding at December 31, 2020 and 2019 (preference in liquidation of $30,107 at December 31, 2020) |
| | |
|
30,107
|
| | | |
|
28,067
|
| |
Series D Redeemable Convertible Preferred Stock, $0.00001 par value; 16,758,996
shares authorized; 16,390,217 shares issued and outstanding at December 31, 2020 and 2019 (preference in liquidation of $27,500 at December 31, 2020) |
| | |
|
27,500
|
| | | |
|
25,500
|
| |
Total redeemable convertible preferred stock
|
| | |
|
69,107
|
| | | |
|
64,347
|
| |
Stockholders’ deficit: | | | | | | | | | | | | | |
Series A Convertible Preferred Stock, $0.00001 par value; 5,013,333 shares authorized, issued and outstanding (preference in
liquidation of $1,253) at December 31, 2020 and 2019 |
| | |
|
1,253
|
| | | |
|
1,253
|
| |
Class A Common Stock, $0.00001 par value; 62,220,020 shares authorized; 0
shares issued and outstanding at December 31, 2020 and 2019 |
| | |
|
—
|
| | | |
|
—
|
| |
Class B Common Stock, $0.00001 par value; 16,822,202 shares authorized;
5,973,605 and 5,328,423 issued and outstanding at December 31, 2020 and 2019, respectively |
| | |
|
1
|
| | | |
|
1
|
| |
Additional paid in capital
|
| | |
|
—
|
| | | |
|
—
|
| |
Accumulated deficit
|
| | |
|
(52,280)
|
| | | |
|
(31,413)
|
| |
Total stockholders’ deficit
|
| | |
|
(51,026)
|
| | | |
|
(30,159)
|
| |
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit
|
| | | $ | 77,660 | | | | | $ | 89,413 | | |
| | |
Year ended
|
| |||||||||
| | | | | | ||||||||
Revenue: | | | | | | | | | | | | | |
Product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | |
Service and other revenue
|
| | |
|
9,005
|
| | | |
|
5,892
|
| |
Total revenue
|
| | |
|
42,443
|
| | | |
|
42,236
|
| |
Cost of goods sold: | | | | | | | | | | | | | |
Cost of product revenue
|
| | | $ | 12,584 | | | | | $ | 15,447 | | |
Cost of service and other revenue
|
| | |
|
3,951
|
| | | |
|
2,126
|
| |
Total cost of goods sold
|
| | | $ | 16,535 | | | | | $ | 17,573 | | |
Gross profit
|
| | | $ | 25,908 | | | | | $ | 24,663 | | |
Operating expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | |
|
23,982
|
| | | |
|
26,351
|
| |
Research and development
|
| | |
|
9,603
|
| | | |
|
8,761
|
| |
Change in fair value of contingent consideration
|
| | |
|
519
|
| | | |
|
(1,201)
|
| |
Depreciation and amortization
|
| | |
|
3,815
|
| | | |
|
3,055
|
| |
Total operating expenses
|
| | |
|
37,919
|
| | | |
|
36,966
|
| |
Loss from operations
|
| | |
|
(12,011)
|
| | | |
|
(12,303)
|
| |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net
|
| | |
|
(2,723)
|
| | | |
|
(1,881)
|
| |
Change in fair value of warrant liability
|
| | |
|
(298)
|
| | | |
|
—
|
| |
Loss on extinguishment of debt
|
| | |
|
(1,671)
|
| | | |
|
—
|
| |
Other income (expense), net
|
| | |
|
39
|
| | | |
|
(373)
|
| |
Loss before provision for income taxes
|
| | | $ | (16,664) | | | | | $ | (14,557) | | |
Provision for income taxes
|
| | |
|
(42)
|
| | | |
|
(194)
|
| |
Net loss
|
| | |
|
(16,706)
|
| | | |
|
(14,751)
|
| |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (3.94) | | | | | $ | (3.45) | | |
Weighted-average shares outstanding, basic and diluted
|
| | |
|
5,523,458
|
| | | |
|
5,303,199
|
| |
| | |
Series B Redeemable
Convertible Preferred Stock |
| |
Series C Redeemable
Convertible Preferred Stock |
| |
Series D Redeemable
Convertible Preferred Stock |
| | |
Series A
Convertible Preferred Stock |
| |
Class B
Common Stock |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ deficit |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
| | | | 13,715,330 | | | | | $ | 10,060 | | | | | | 26,732,361 | | | | | $ | 26,027 | | | | | | — | | | | | | — | | | | | | | 5,013,333 | | | | | $ | 1,253 | | | | | | 5,295,194 | | | | | $ | 1 | | | | | | — | | | | | $ | (13,383) | | | | | $ | (12,129) | | |
Issuance of Series D Preferred Stock, net of issuance costs of $176
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,390,217 | | | | | | 24,824 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | |
Accretion of redeemable convertible preferred stock to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (176) | | | | | | (176) | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 33,229 | | | | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | |
Accrued dividends
|
| | | | — | | | | | | 720 | | | | | | — | | | | | | 2,040 | | | | | | — | | | | | | 500 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (157) | | | | | | (3,103) | | | | | | (3,260) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,751) | | | | | | (14,751) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 153 | | | | | | — | | | | | | 153 | | |
Balance at December 31, 2019
|
| | | | 13,715,330 | | | | | $ | 10,780 | | | | | | 26,732,361 | | | | | $ | 28,067 | | | | | | 16,390,217 | | | | | $ | 25,500 | | | | | | | 5,013,333 | | | | | $ | 1,253 | | | | | | 5,328,423 | | | | | $ | 1 | | | | | $ | — | | | | | $ | (31,413) | | | | | $ | (30,159) | | |
Exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 645,182 | | | | | | — | | | | | | 122 | | | | | | — | | | | | | 122 | | |
Accrued dividends
|
| | | | — | | | | | | 720 | | | | | | — | | | | | | 2,040 | | | | | | — | | | | | | 2,000 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (599) | | | | | | (4,161) | | | | | | (4,760) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,706) | | | | | | (16,706) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 477 | | | | | | — | | | | | | 477 | | |
Balance at December 31, 2020
|
| | | | 13,715,330 | | | | | $ | 11,500 | | | | | | 26,732,361 | | | | | $ | 30,107 | | | | | | 16,390,217 | | | | | $ | 27,500 | | | | | | | 5,013,333 | | | | | $ | 1,253 | | | | | | 5,973,605 | | | | | $ | 1 | | | | | $ | — | | | | | $ | (52,280) | | | | | $ | (51,026) | | |
| | |
Year ended
|
| |||||||||
| | | | | | ||||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | |
$
|
(16,706)
|
| | | |
$
|
(14,751)
|
| |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | |
|
3,815
|
| | | |
|
3,055
|
| |
Non-cash interest expense
|
| | |
|
316
|
| | | |
|
74
|
| |
Stock-based compensation expense
|
| | |
|
477
|
| | | |
|
153
|
| |
Paid-in-kind interest
|
| | |
|
366
|
| | | |
|
115
|
| |
Deferred tax liability
|
| | |
|
7
|
| | | |
|
156
|
| |
Change in fair value of contingent consideration
|
| | |
|
519
|
| | | |
|
(1,201)
|
| |
Change in fair value of warrant liability
|
| | |
|
298
|
| | | |
|
—
|
| |
Loss on extinguishment of debt
|
| | |
|
1,671
|
| | | |
|
—
|
| |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable, net
|
| | |
|
6,697
|
| | | |
|
(3,373)
|
| |
Prepaid expenses and other assets
|
| | |
|
56
|
| | | |
|
(1,819)
|
| |
Inventories, net
|
| | |
|
(684)
|
| | | |
|
(4,007)
|
| |
Accounts payable
|
| | |
|
(3,045)
|
| | | |
|
(49)
|
| |
Accrued expenses and other liabilities
|
| | |
|
(202)
|
| | | |
|
4,643
|
| |
Deferred revenue
|
| | |
|
(428)
|
| | | |
|
3,228
|
| |
Net cash used in operating activities
|
| | |
|
(6,843)
|
| | | |
|
(13,776)
|
| |
Investing activities | | | | | | | | | | | | | |
Purchases of certificates of deposits
|
| | |
|
—
|
| | | |
|
(10,000)
|
| |
Maturity of certificates of deposits
|
| | |
|
10,168
|
| | | |
|
—
|
| |
Interest income reinvested in certificates of deposit
|
| | |
|
(145)
|
| | | |
|
(23)
|
| |
Purchases of property and equipment
|
| | |
|
(3,295)
|
| | | |
|
(2,869)
|
| |
Net cash provided by (used in) investing activities
|
| | |
|
6,728
|
| | | |
|
(12,892)
|
| |
Financing activities | | | | | | | | | | | | | |
Proceeds from issuance of Series D preferred stock, net of issuance costs
|
| | |
|
—
|
| | | |
|
24,824
|
| |
Proceeds from stock option exercises
|
| | |
|
122
|
| | | |
|
4
|
| |
Principal payments on capital leases
|
| | |
|
(191)
|
| | | |
|
(41)
|
| |
Proceeds from debt
|
| | |
|
34,976
|
| | | |
|
30,000
|
| |
Principal payments of debt
|
| | |
|
(25,000)
|
| | | |
|
(25,000)
|
| |
Payments of debt issuance costs
|
| | |
|
(532)
|
| | | |
|
(531)
|
| |
Payments of debt extinguishment costs
|
| | |
|
(1,262)
|
| | | |
|
—
|
| |
Payments of contingent consideration
|
| | |
|
(2,627)
|
| | | |
|
(695)
|
| |
Net cash provided by financing activities
|
| | |
|
5,486
|
| | | |
|
28,561
|
| |
Net increase in cash, cash equivalents, and restricted cash
|
| | |
|
5,371
|
| | | |
|
1,893
|
| |
Cash, cash equivalents, and restricted cash at beginning of year
|
| | |
|
12,137
|
| | | |
|
10,244
|
| |
Cash, cash equivalents, and restricted cash at end of year
|
| | |
|
17,508
|
| | | |
$
|
12,137
|
| |
Supplemental disclosures of cash flow information | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 2,246 | | | | | $ | 1,790 | | |
Cash paid for income taxes
|
| | |
|
—
|
| | | |
$
|
—
|
| |
Supplemental disclosures of non-cash activities | | | | | | | | | | | | | |
Purchases of property and equipment included in accounts payable and accrued expenses
|
| | | $ | 420 | | | | | $ | 937 | | |
Accretion of dividends on Series B, C, and D Preferred Stock
|
| | | $ | 4,760 | | | | | $ | 3,260 | | |
Accretion of redeemable convertible preferred stock to redemption value
|
| | | $ | — | | | | | $ | 176 | | |
Warrants issued to lender
|
| | | $ | — | | | | | $ | 192 | | |
| | |
Year ended
|
| |||||||||
| | | | | | ||||||||
Revenue | | | | | | | | | | | | | |
Product revenue
|
| | | | | | | | | | | | |
Instruments
|
| | | $ | 23,772 | | | | | $ | 26,470 | | |
Consumables
|
| | | | 8,535 | | | | | | 8,167 | | |
Standalone software products
|
| | | | 1,131 | | | | | | 1,707 | | |
Total product revenue
|
| | | $ | 33,438 | | | | | $ | 36,344 | | |
Service and other revenue
|
| | | $ | 9,005 | | | | | $ | 5,892 | | |
Total revenue
|
| | | $ | 42,443 | | | | | $ | 42,236 | | |
| | | | |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 490 | | | | | $ | — | | | | | $ | — | | | | | $ | 490 | | |
Contingent consideration – Long term portion
|
| | | $ | 6,984 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,984 | | |
| | | | $ | 7,474 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,474 | | |
| | | | |
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | 192 | | | | | $ | — | | | | | $ | — | | | | | $ | 192 | | |
Contingent consideration – Long term portion
|
| | | $ | 8,139 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,139 | | |
| | | | $ | 8,331 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,331 | | |
|
Balance as of December 31, 2018
|
| | | $ | 11,883 | | |
|
Reclassification of Q4 2019 payment to accrued expenses
|
| | | | (2,543) | | |
|
Change in contingent consideration value
|
| | | | (1,201) | | |
|
Balance as of December 31, 2019
|
| | | $ | 8,139 | | |
|
Contingent consideration paid
|
| | | | (171) | | |
|
Reclassification of Q4 2020 payment to accrued expenses
|
| | | | (1,590) | | |
|
Change in contingent consideration value
|
| | | | 606 | | |
|
Balance as of December 31, 2020
|
| | | $ | 6,984 | | |
Contingent Consideration Liability
|
| | | |
Valuation
Technique |
| |
Unobservable
Inputs |
| ||||
Revenue-based Payments
|
| | | $ | 6,984 | | | |
Discounted Cash FlowAnalysis under the Income Approach
|
| |
Revenue discount factor, discount rate
|
|
|
Balance as of December 31, 2018
|
| | | $ | — | | |
|
Issuance of warrant liability
|
| | | | 192 | | |
|
Balance as of December 31, 2019
|
| | | $ | 192 | | |
|
Change in fair value of warrant liability
|
| | | | 298 | | |
|
Balance as of December 31, 2020
|
| | | $ | 490 | | |
Warrant Liability
|
| | | |
Valuation
Technique |
| |
Unobservable
Inputs |
| ||||
Warrant to purchase 368,780 shares of Series D Preferred Stock
|
| | | $ | 490 | | | |
Black Scholes option pricing model
|
| |
Expected volatility, term,
risk-free rate |
|
| | |
Estimated Useful
Life (Years) |
| | | | | | ||||||||||
Furniture and fixtures
|
| |
7
|
| | | $ | 358 | | | | | $ | 343 | | | | ||
Computers, laptop and peripherals
|
| |
5
|
| | | | 2,367 | | | | | | 1,767 | | | | ||
Laboratory equipment
|
| |
5
|
| | | | 3,806 | | | | | | 2,661 | | | | ||
Leasehold improvements
|
| |
Shorter of the lease
life or 7 |
| | | | 1,261 | | | | | | 1,078 | | | | ||
Total property and equipment
|
| | | | | | | 7,792 | | | | | | 5,849 | | | | | |
Less: Accumulated depreciation
|
| | | | | | | (2,264) | | | | | | (866) | | | | | |
Property and equipment, net
|
| | | | | | $ | 5,528 | | | | | $ | 4,983 | | | | | |
| | |
Estimated
Life (Years) |
| |
December
2020 |
| |
December
2019 |
| ||||||
Demo inventory – gross
|
| |
3
|
| | | $ | 2,010 | | | | | $ | 694 | | |
Less: Accumulated depreciation
|
| | | | | | | (516) | | | | | | (219) | | |
Demo inventory, net
|
| | | | | | $ | 1,494 | | | | | $ | 475 | | |
| | |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |
Useful Life
(in years) |
| ||||||||||||
Customer relationships
|
| | | $ | 11,800 | | | | | | (1,774) | | | | | | 10,026 | | | | | | 15 | | |
Developed technology
|
| | | $ | 8,300 | | | | | | (1,560) | | | | | | 6,740 | | | | | | 12 | | |
Licenses
|
| | | $ | 63 | | | | | | (20) | | | | | | 43 | | | | | | 15 | | |
Trade names and trademarks
|
| | | $ | 6,300 | | | | | | (1,184) | | | | | | 5,116 | | | | | | 12 | | |
Capitalized software
|
| | | $ | 659 | | | | | | — | | | | | | 659 | | | | | | 5 | | |
Non-compete agreements
|
| | | $ | 300 | | | | | | (170) | | | | | | 130 | | | | | | 4 | | |
Total intangible assets
|
| | | $ | 27,422 | | | | | | (4,708) | | | | | | 22,714 | | | | | | | | |
| | |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |
Useful Life
(in years) |
| ||||||||||||
Customer relationships
|
| | | $ | 11,800 | | | | | $ | (989) | | | | | $ | 10,811 | | | | | | 15 | | |
Developed technology
|
| | | $ | 8,300 | | | | | | (868) | | | | | | 7,432 | | | | | | 12 | | |
Licenses
|
| | | $ | 63 | | | | | | (16) | | | | | | 47 | | | | | | 15 | | |
Trade names and trademarks
|
| | | $ | 6,300 | | | | | | (659) | | | | | | 5,641 | | | | | | 12 | | |
Non-compete agreements
|
| | | $ | 300 | | | | | | (94) | | | | | | 206 | | | | | | 4 | | |
Total intangible assets
|
| | | $ | 26,763 | | | | | $ | (2,626) | | | | | $ | 24,137 | | | | | | | | |
|
2021
|
| | | | 2,215 | | |
|
2022
|
| | | | 2,195 | | |
|
2023
|
| | | | 2,140 | | |
|
2024
|
| | | | 2,140 | | |
|
2025
|
| | | | 2,139 | | |
|
Thereafter
|
| | | | 11,885 | | |
|
Total
|
| | | $ | 22,714 | | |
| | | | | | ||||||||
Accrued payroll and compensation
|
| | | $ | 2,225 | | | | | $ | 2,991 | | |
Current portion of contingent consideration
|
| | | | 1,590 | | | | | | 2,543 | | |
Accrued inventory purchases
|
| | | | 478 | | | | | | 681 | | |
Other accrued expenses
|
| | | | 2,722 | | | | | | 2,366 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 7,015 | | | | | $ | 8,581 | | |
| | | | | | ||||||||
Innovatus Term Loan
|
| | | $ | — | | | | | $ | 25,000 | | |
Midcap Trust Term Loan
|
| | | | 32,500 | | | | | | — | | |
PPP Loan
|
| | | | 2,476 | | | | | | — | | |
Plus: Paid-in-kind interest
|
| | | | — | | | | | | 115 | | |
Total debt
|
| | | $ | 34,976 | | | | | $ | 25,115 | | |
Unamortized debt discount
|
| | | | (515) | | | | | | (687) | | |
Accretion of final fee
|
| | | | 59 | | | | | | 38 | | |
Total debt, net
|
| | | $ | 34,520 | | | | | $ | 24,466 | | |
Less amount included as short-term
|
| | | $ | (1,032) | | | | | $ | — | | |
Long-term debt, net
|
| | | $ | 33,488 | | | | | $ | 24,466 | | |
Year ended:
|
| |
Midcap Trust
Term Loan |
| |
PPP Loan
|
| ||||||
| | | $ | — | | | | | $ | 1,032 | | | |
| | | $ | — | | | | | $ | 1,238 | | | |
| | | $ | 2,708 | | | | | $ | 206 | | | |
| | | $ | 16,250 | | | | | $ | — | | | |
| | | $ | 13,542 | | | | | $ | — | | | |
Total minimum principal payments
|
| | | $ | 32,500 | | | | | $ | 2,476 | | |
| | |
Number of
Shares |
| |
Weighted-Average
Exercise Price |
| |
Weighted-Average
Remaining Contractual Term (In years) |
| |
Aggregate Intrinsic
Value |
| ||||||||||||
Outstanding at December 31, 2019
|
| | | | 7,354,987 | | | | | $ | 0.19 | | | | | | 8.9 | | | | | $ | 1,267 | | |
Granted
|
| | | | 3,058,315 | | | | | | 0.29 | | | | | | | | | | | | | | |
Exercised
|
| | | | (645,182) | | | | | | 0.19 | | | | | | | | | | | | | | |
Canceled
|
| | | | (633,191) | | | | | | 0.22 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020
|
| | | | 9,134,929 | | | | | $ | 0.22 | | | | | | 8.2 | | | | | $ | 13,882 | | |
Exercisable at December 31, 2020
|
| | | | 4,948,005 | | | | | $ | 0.17 | | | | | | 7.8 | | | | | $ | 7,765 | | |
| | | | | | ||
Weighted-average risk-free interest rate
|
| |
0.8%
|
| |
2.2%
|
|
Expected dividend yield
|
| |
0%
|
| |
0%
|
|
Expected volatility
|
| |
46.6%
|
| |
44.2%
|
|
Expected term
|
| |
5.4 years
|
| |
5.9 years
|
|
| | |
Year ended December 31,
|
| |||||||||
| | | | |
2019
|
| |||||||
Cost of goods sold
|
| | | $ | 7 | | | | | $ | 2 | | |
Selling, general and administrative
|
| | | | 347 | | | | | | 103 | | |
Research and development
|
| | | | 123 | | | | | | 48 | | |
Total stock-based compensation
|
| | | $ | 477 | | | | | $ | 153 | | |
| | | | | | ||||||||
Domestic
|
| | | | (16,781) | | | | | | (14,665) | | |
Foreign
|
| | | | 117 | | | | | | 108 | | |
Total
|
| | | $ | (16,664) | | | | | $ | (14,557) | | |
| | | | | | ||||||||
Federal
|
| | | | — | | | | | | — | | |
State
|
| | | | 5 | | | | | | 16 | | |
Foreign
|
| | | | 30 | | | | | | 23 | | |
Total current tax provision
|
| | | $ | 35 | | | | | $ | 39 | | |
Federal
|
| | | | 2 | | | | | | 64 | | |
State
|
| | | | 5 | | | | | | 91 | | |
Foreign
|
| | | | — | | | | | | — | | |
Total deferred tax provision
|
| | | $ | 7 | | | | | $ | 155 | | |
Total tax provision
|
| | | $ | 42 | | | | | $ | 194 | | |
| | |
2020
|
| |
2019
|
| ||||||
Federal statutory rate
|
| | | | 21.00% | | | | | | 21.00% | | |
State rate, net of federal benefit
|
| | | | 4.09% | | | | | | 4.98% | | |
Permanent differences
|
| | | | (1.23)% | | | | | | (0.63)% | | |
Tax credits generated
|
| | | | 7.01% | | | | | | 6.03% | | |
Change in valuation allowance
|
| | | | (24.49)% | | | | | | (23.55)% | | |
Uncertain tax positions
|
| | | | (5.91)% | | | | | | (10.46)% | | |
Foreign rate differential
|
| | | | 0.02% | | | | | | 0.01% | | |
Other items
|
| | | | (0.74)% | | | | | | 1.29% | | |
Effective tax rate
|
| | | | (0.25)% | | | | | | (1.33)% | | |
Deferred tax assets (liabilities):
|
| | | | | ||||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 10,397 | | | | | $ | 6,135 | | |
Accruals & reserves
|
| | | | 379 | | | | | | 272 | | |
Intangibles
|
| | | | 291 | | | | | | 217 | | |
Other
|
| | | | 186 | | | | | | 441 | | |
Gross deferred tax assets
|
| | | | 11,253 | | | | | | 7,065 | | |
Valuation Allowance
|
| | | | (10,750) | | | | | | (6.668) | | |
Net deferred tax assets
|
| | | | 503 | | | | | | 397 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Depreciation
|
| | | | (237) | | | | | | (129) | | |
Goodwill
|
| | | | (436) | | | | | | (431) | | |
Net deferred tax liability
|
| | | $ | (170) | | | | | $ | (163) | | |
|
Uncertain tax positions at December 31, 2018
|
| | | $ | — | | |
|
Increase in uncertain tax positions in the current period
|
| | | | 1,677 | | |
|
Uncertain tax positions at December 31, 2019
|
| | | | 1,677 | | |
|
Increase in uncertain tax positions
|
| | | | 1,086 | | |
|
Uncertain tax positions at December 31, 2020
|
| | | | 2,763 | | |
|
2021
|
| | | $ | 1,140 | | |
|
2022
|
| | | $ | 1,179 | | |
|
2023
|
| | | $ | 1,219 | | |
|
2024
|
| | | $ | 1,259 | | |
|
2025
|
| | | $ | 1,300 | | |
|
Thereafter
|
| | | $ | 1,399 | | |
|
Total
|
| | | $ | 7,496 | | |
| | |
Year ended
December 31, |
| |||||||||
| | | | |
2019
|
| |||||||
Net loss
|
| | | $ | (16,706) | | | | | $ | (14,751) | | |
Dividends accrued on redeemable convertible preferred stock
|
| | | | (4,760) | | | | | | (3,260) | | |
Accretion of redeemable convertible preferred stock
|
| | | | (296) | | | | | | (296) | | |
Adjusted net loss attributable to common stockholders
|
| | | $ | (21,762) | | | | | $ | (18,307) | | |
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted
|
| | | | 5,523,458 | | | | | | 5,303,199 | | |
Basic and diluted net loss per common share outstanding
|
| | | $ | (3.94) | | | | | $ | (3.45) | | |
| | |
Year Ended
December 31, |
| |||||||||
| | | | |
2019
|
| |||||||
Series A Convertible Preferred Stock
|
| | | | 5,013,333 | | | | | | 5,013,333 | | |
Series B Redeemable Convertible Preferred Stock
|
| | | | 13,715,330 | | | | | | 13,715,330 | | |
Series C Redeemable Convertible Preferred Stock
|
| | | | 26,732,361 | | | | | | 26,732,361 | | |
Series D Redeemable Convertible Preferred Stock
|
| | | | 16,390,217 | | | | | | 16,390,217 | | |
Outstanding stock options
|
| | | | 9,134,929 | | | | | | 7,354,987 | | |
Performance-based stock options
|
| | | | 50,000 | | | | | | 1,245,315 | | |
Warrant to purchase Series D convertible preferred stock
|
| | | | 368,779 | | | | | | 368,779 | | |
Total
|
| | | | 71,404,949 | | | | | | 70,820,322 | | |
| | |
Year Ended
December 31, |
| |||||||||
| | | | |
2019
|
| |||||||
North America
|
| | | $ | 20,178 | | | | | $ | 22,202 | | |
APAC
|
| | | | 10,409 | | | | | | 9,444 | | |
EMEA
|
| | | | 11,856 | | | | | | 10,590 | | |
Total Revenue
|
| | | $ | 42,443 | | | | | $ | 42,236 | | |
| | |
Year Ended
December 31, |
| |||||||||
| | | | |
2019
|
| |||||||
North America
|
| | | | 47% | | | | | | 53% | | |
APAC
|
| | | | 25% | | | | | | 22% | | |
EMEA
|
| | | | 28% | | | | | | 25% | | |
Total Revenue
|
| | | | 100% | | | | | | 100% | | |
| J.P. Morgan | | | Morgan Stanley | | | Piper Sandler | | |
Canaccord Genuity
|
|
|
SEC registration fee
|
| | | $ | 12,546.50 | | |
|
FINRA filing fee
|
| | | $ | 17,750.00 | | |
|
Nasdaq exchange listing fee
|
| | | | * | | |
|
Printing and engraving expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Transfer agent and registrar fees
|
| | | | * | | |
|
Miscellaneous expenses
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
|
Exhibit
Number |
| |
Exhibit Description
|
| ||||
| | | 1 | .1* | | | | Form of Underwriting Agreement. | |
| | | 3 | .1 | | | | | |
| | | 3 | .2 | | | | | |
| | | 3 | .3 | | | | | |
| | | 3 | .4 | | | | | |
| | | 5 | .1* | | | | Opinion of DLA Piper LLP (US). | |
| | | 10 | .1+ | | | | | |
| | | 10 | .2+* | | | | Akoya Biosciences, Inc. 2021 Equity Incentive Plan and form of stock option agreement thereunder. | |
| | | 10 | .3+* | | | | Akoya Biosciences, Inc. 2021 Employee Stock Purchase Plan. | |
| | | 10 | .4+ | | | | | |
| | | 10 | .5+ | | | | | |
| | | 10 | .6+ | | | | | |
| | | 10 | .7+ | | | | | |
| | | 10 | .8+ | | | | | |
| | | 10 | .9† | | | | | |
| | | 10 | .10† | | | | | |
| | | 10 | .11† | | | | | |
| | | 10 | .12† | | | | | |
| | | 10 | .13† | | | | | |
| | | 10 | .14 | | | | | |
| | | 10 | .15 | | | | | |
| | | 10 | .16 | | | | | |
| | | 21 | .1 | | | | | |
| | | 23 | .1 | | | | | |
| | | 23 | .2* | | | | Consent of DLA Piper LLP (US) (included in Exhibit 5.1). | |
| | | 24 | .1 | | | | |
| | | | Akoya Biosciences, Inc. | | |||
| | | | By: | | |
/s/ Brian McKelligon
Brian McKelligon
President and Chief Executive Officer |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Brian McKelligon
|
| | President, Chief Executive Officer and Director (Principal Executive Officer) | | | | |
|
/s/ Joseph Driscoll
|
| | Chief Financial Officer (Principal Financial and Accounting Officer) | | | | |
|
/s/ Garry Nolan
Garry Nolan, PhD
|
| | Director | | | | |
|
/s/ Thomas Raffin
Thomas Raffin, MD
|
| | Director | | | | |
|
|
| | Director | | | | |
|
/s/ Robert Shepler
|
| | Chairman of the Board | | | | |
|
/s/ Matthew Winkler
Matthew Winkler, PhD
|
| | Director | | | |
This ‘S-1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/27/29 | ||||
10/31/26 | ||||
7/31/26 | ||||
12/31/25 | ||||
10/27/25 | ||||
12/31/24 | ||||
9/1/24 | ||||
12/31/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
12/15/22 | ||||
10/1/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K | |||
12/15/21 | 8-K | |||
7/13/21 | ||||
6/30/21 | 10-Q | |||
3/31/21 | 10-Q | |||
Filed on: | 3/26/21 | CORRESP, DRS, DRS/A | ||
3/12/21 | DRS/A, DRSLTR | |||
2/1/21 | ||||
1/25/21 | ||||
12/31/20 | ||||
11/3/20 | ||||
11/1/20 | ||||
7/14/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/15/19 | ||||
9/27/19 | ||||
9/26/19 | ||||
1/28/19 | ||||
12/31/18 | ||||
12/15/18 | ||||
9/28/18 | ||||
9/26/18 | ||||
9/21/18 | ||||
7/14/18 | ||||
1/1/18 | ||||
6/28/17 | ||||
12/31/16 | ||||
11/17/15 | ||||
11/16/15 | ||||
11/13/15 | ||||
3/16/13 | ||||
List all Filings |