Pfenex Inc. (NYSE American: PFNX) is a development and licensing
biotechnology company focused on leveraging its proprietary protein
production platform, Pfenex Expression Technology®, to develop next
generation and novel protein therapeutics to meaningfully improve
existing therapies and create novel therapies for some of the
biological targets linked to critical diseases still waiting to
successfully be addressed. Pfenex has developed a pipeline that is
diversified across multiple assets, including a U.S. Food and Drug
Administration (FDA)-approved PF708 product indicated for the
treatment of osteoporosis in certain patients at high risk for
fracture, and novel and next generation therapeutic product
candidates. Today Pfenex Inc. reported financial results for
the first quarter ended March 31, 2020 and provided a business
update.
“We believe this is an exciting time for Pfenex as we continue
to work toward opportunities and potential milestones for our three
lead programs: PF708, including the FDA-approved PF708 product, our
collaboration with Jazz Pharmaceuticals to develop PF743 (JZP-458)
and PF745 (JZP-341), as well as our CRM197 based collaborations,”
stated Eef Schimmelpennink, Chief Executive Officer of Pfenex. “We
believe one of the opportunities for our success is PF708, approved
by the FDA late last year, which is a proposed therapeutic
equivalent to Forteo® (teriparatide injection). Recently, we
announced that the FDA notified Alvogen, our commercialization
partner for PF708, via a general advice letter that additional
comparative use human factors data, specifically from Forteo
experienced users, would be required before a therapeutic
equivalence rating relative to Forteo could be determined. While a
disappointing delay to the planned timeline for our
commercialization strategy for PF708, we are pleased the FDA’s
therapeutic equivalence evaluation is continuing and that the FDA’s
feedback provides guidance for what is needed to achieve an “A”
therapeutic equivalence designation. With the aim to confirm our
understanding of the items outlined in the general advice letter,
Alvogen has begun discussing next steps with the FDA, and plans on
submitting additional supportive information, as well as clarifying
questions in the near future.”
“We are also pleased to see that both Jazz and Merck continue to
indicate that they are working towards submitting their biologics
license applications (BLAs) for JZP-458 and V114, respectively,”
Mr. Schimmelpennink continued. “As our three lead programs have
advanced over the last two years, we believe the underlying value
of our patented Pfenex Expression Technology platform has also been
recognized. We have started to evaluate new opportunities and
recently expanded our pipeline to include development of our wholly
owned peptide product candidate, PF810, and the Arcellx cell
therapy collaboration with PF753 and PF754. We are pleased with the
early progress these programs have already shown, which lays the
foundation for our extension into the development of novel
biopharmaceutical products. Our first biopharmaceutical candidate
is currently being expressed for lead selection and optimization in
the Pfenex platform. In looking at our strategy, we believe we now
have three well-formed pillars to our development strategy,”
concluded Mr. Schimmelpennink.
COVID-19 Update
As the COVID-19 pandemic has
developed, we have taken numerous steps to help
ensure the health and safety of our employees and their
families. We are maintaining social distancing and
enhanced cleaning protocols and usage of personal protective
equipment, where appropriate. Since the stay at home
order was put in place in the state of California, the
volume of ongoing lab work has been reduced, and only critical
program work in the lab has
continued with staggered lab employee
work shifts to minimize risk of exposure to COVID-19, which
has and may continue to disrupt or delay our ability to
conduct clinical and preclinical research
activities. Employees whose tasks can be performed offsite
have been instructed to work from home. We are
continuing to monitor any impacts to our business or our programs
related to the pandemic.
Business Review and Update
PF708 product and proposed therapeutic equivalent to
Forteo
Pfenex and Alvogen are in the process of seeking FDA designation
of PF708 as therapeutically equivalent to Forteo which, if
achieved, may permit PF708 to be automatically substituted for
Forteo, depending on applicable laws and policies within each of
the 50 states in the United States. The therapeutic equivalence
rating for this product will be primarily based on the FDA
evaluating three distinct requirements that center around showing
pharmaceutical equivalence, bioequivalence and human factors
comparability. On April 14, 2020, Pfenex announced that the FDA
informed Alvogen, via a general advice letter, that additional
comparative use human factors data, specifically from Forteo
experienced users, would be required before the FDA could make a
determination regarding the therapeutic equivalence of the
FDA-approved PF708 product relative to Forteo. The FDA also
provided feedback on study methodology to generate this additional
comparative use human factors data. Pfenex plans to work closely
with Alvogen and the FDA to generate and submit these additional
data as soon as possible.
In the fourth quarter of 2019, the FDA approved the new drug
application (NDA) for PF708, which was submitted under the
505(b)(2) regulatory pathway, with Forteo (teriparatide injection)
as the reference drug. Like Forteo, the FDA-approved PF708 product
is indicated for the treatment of osteoporosis in certain patients
at high risk for fracture. If PF708 is designated as
therapeutically equivalent to Forteo, Pfenex will be eligible to
receive up to an additional $15 million in support and regulatory
milestone payments from Alvogen, which is subject to reduction over
time, and may also be eligible to receive from Alvogen up to a 50%
gross profit split on U.S. sales of PF708 from Alvogen. If rated
differently, the Company will be eligible to receive from Alvogen
up to a 40% gross profit split on sales.
Upon PF708 FDA approval in October 2019, we transferred
responsibility to Alvogen for all of the commercial manufacturing,
supply chain management, and commercialization costs. Alvogen is
well advanced with its commercial strategy planning in the U.S.,
which includes evaluating a potential launch ahead of or upon an
FDA decision on therapeutic equivalence. This preparation has
included negotiations with the payers in the U.S., including
Medicare Part D plans and private payers. In support of these
negotiations during the first quarter, Alvogen published the
wholesale acquisition cost for the FDA approved PF708 product.
Alvogen, which also has exclusive development and
commercialization rights for PF708 in the European Union (EU),
Middle East and North Africa (MENA) and the Rest-of-World
territories (except those licensed to China NT Pharma Group Company
Limited (NT Pharma) and, when assigned, Beijing Kangchen Biological
Technology Co., Ltd. (Kangchen), as further discussed below)
currently has exclusive commercialization agreements for PF708 with
Theramex in Europe and Switzerland, PharmBio Korea in South Korea,
JAMP Pharma in Canada, Kamada Ltd. in Israel and Juno
Pharmaceutical Pty. Ltd. in Australia and New Zealand. In the EU,
the accepted Marketing Authorization Application (MAA) for PF708 is
under review by the European Medicines Agency (EMA) and continues
to make progress. Pfenex believes PF708 could receive regulatory
approval as early as the second half of 2020, subject to granting
of a marketing authorization by the European Commission under the
EU centralized procedure and other factors. If approved, PF708
would receive marketing authorization in all member states of the
EU, as well as in Iceland, Liechtenstein and Norway, and be
commercialized by Alvogen’s partner Theramex. The MAA for PF708 was
submitted by Alvogen to the EMA as a biosimilar to Forsteo®, which
achieved $253 million in sales in the E.U. in 2019. Alvogen has
also submitted a MAA to the Kingdom of Saudi Arabia's Saudi Food
and Drug Authority (SFDA), and under the terms of its
exclusive commercialization agreements, Alvogen will be responsible
for the local activities in South Korea, Canada and in
Australia and New Zealand through PharmBio, JAMP Pharma, and Juno
Pharmaceuticals Pty Ltd., respectively. Alvogen is currently
working on licensing agreements for additional territories.
In addition, on April 18, 2018 Pfenex signed a Development and
License Agreement granting an exclusive license to NT Pharma to
commercialize PF708, upon receipt of applicable marketing
authorizations, in Mainland China, Hong Kong, Singapore, Malaysia
and Thailand and a non-exclusive license to conduct development
activities in such territories with respect to PF708. On April 21,
2020, Pfenex entered into a Deed of Assignment and Amendment (Deed)
with NT Pharma, NT Pharma International Company Limited (NT
International), and Kangchen, a wholly-owned subsidiary of Beijing
Konruns Pharmaceutical Co., Ltd (Konruns). Pursuant to the Deed,
Pfenex agreed to allow NT Pharma to assign its rights and
obligations to Kangchen. Accordingly, all of NT Pharma’s rights
under the Development and License Agreement will be assigned to
Kangchen, and Kangchen will assume all of NT Pharma’s obligations
under the Agreement. In a related transaction, NT Pharma,
through NT International, will obtain an equity interest in
Kangchen and each of NT Pharma and Konruns, as the ultimate
parents of Kangchen, will jointly and severally guarantee for the
benefit of Pfenex the obligations of Kangchen under the Development
and License Agreement.
Pfenex believes the FDA-approved PF708 product and PF708, upon
approval for marketing in other countries, have the potential to
enhance patient access to an important therapy as a cost-effective
alternative to Forteo, which had $1.4 billion in global sales in
2019.
Jazz Collaboration Agreement
Pfenex has a development and license agreement with Jazz
Pharmaceuticals plc (Jazz) for two products: PF743 (JZP-458), a
recombinant Erwinia asparaginase, and PF745 (JZP-341), a
long-acting recombinant Erwinia asparaginase. Jazz is currently
conducting a pivotal Phase 2/3 clinical study for JZP-458 in
collaboration with Children's Oncology Group and enrollment is
ongoing. Jazz indicated on its recent quarterly conference call
that it has received fast track designation for PF743 and that it
is continuing to work toward their goal of BLA submission as early
as the fourth quarter of this year.
Under the terms of the development and license agreement, Pfenex
is eligible to receive an aggregate total of up to $224.5 million
in development and sales milestone fees, of which $162.5 million is
still eligible to be received. This includes up to $3.5 million for
development milestones, $34 million in regulatory milestones and
$125 million in sales milestones. Pfenex may also be eligible to
receive tiered mid-single digit royalties based on worldwide sales
of any products resulting from the collaboration.
CRM197
CRM197 is a non-toxic mutant of diphtheria toxin. It is a well
characterized protein and functions as a carrier for
polysaccharides and haptens, making them immunogenic. CRM197 is
currently being used by Pfenex’s vaccine development focused
pharmaceutical partners, including in multiple Phase 3 clinical
studies by Merck & Co., Inc. (Merck) and the Serum Institute of
India Private Ltd. (SIIPL) for such diseases as pneumococcal and
meningitis bacterial infections.
Merck is using Pfenex’s CRM197 in its vaccines including V114,
an investigational 15-valent polyvalent conjugate vaccine for the
prevention of pneumococcal disease, currently in 15 Phase 3
clinical studies. If approved, V114 is expected to be positioned as
a key product in the pneumococcal vaccine market.
SIIPL is using Pfenex’s CRM197 in multiple programs including
the 10-valent pneumococcal vaccine, Pneumosil®, and a pentavalent
meningococcal conjugate vaccine (A, C, Y, W-135, X) which is
currently in a Phase 3 clinical trial. Pneumosil achieved WHO
prequalification in the fourth quarter of 2019 and SIIPL is
preparing to make the product available for procurement by United
Nations agencies and the GAVI vaccine alliance. SIIPL is also
completing a phase 3 clinical trial for Pneumosil that will support
a regulatory submission in India. Pfenex is eligible to receive a
tiered royalty payment based upon net sales for both products,
subject to regulatory approval.
Arcellx - sparX Protein Development
Agreement
In the fourth quarter of 2019 and first quarter of 2020, Pfenex
completed the development and transfer of sparX 1 (PF753) and sparX
2 (PF754), respectively, under its development, evaluation and
license agreement with Arcellx. This agreement provides access to
the Pfenex Expression Technology platform to advance Arcellx’s
proprietary sparX proteins that activate, silence and reprogram
antigen-receptor complex T cell-based therapies. Arcellx has opted
into the commercial license for both production strains. Under the
terms of the agreement, Pfenex is eligible to receive development
funding in addition to development, regulatory and commercial
milestones ranging from $2.6 million to $18 million for each
product incorporating a sparX protein expressed using the Pfēnex
Expression Technology, as well as royalties on worldwide sales of
any such products.
Financial Highlights for the First Quarter
2020
Total Revenue decreased by $7.2 million, or
91%, to $0.7 million in the three-month period ended March 31,
2020, compared to $7.9 million in the same period in 2019. The
decrease in revenue was primarily due to significant milestone and
upfront payments from Alvogen in the first quarter of last year,
attributable to FDA acceptance of our NDA for PF708 and the
granting of licenses for additional geographic areas for PF708. In
addition, revenue related to our Jazz collaboration agreement was
earned in the first half of 2019, work continued to scale back on
our Px563L product candidate under our government contract with
BARDA, and sales of our CRM197 product tend to fluctuate quarter by
quarter.
Cost of Revenue decreased by approximately $1.3
million, or 78%, to $0.3 million in the three-month period ended
March 31, 2020, compared to $1.6 million in the same period in
2019. The decrease was primarily due to a decrease in sales of our
CRM197 product in the quarter and declining activity related to the
BARDA contract.
Research and development expenses decreased by
approximately $2.1 million, or 26%, to $5.8 million in the
three-month period ended March 31, 2020, compared to $7.9 million
in same period in 2019. The decrease was primarily due to timing of
expenses related to our lead product candidate PF708.
Significant activity occurred leading up to and shortly after
submission of the NDA to the FDA, which occurred in December
2018.
Selling, general and administrative expenses
increased by approximately $0.2 million, or 4%, to $4.7
million in the three-month period ended March 31, 2020, compared to
$4.5 million in the same period in 2019. The increase was
primarily due to legal and consulting fees.
Cash and cash equivalents as of March 31, 2020,
were $65.6 million, which includes net proceeds of $19.4 million
from the sale of shares of common stock through an “at the market”
equity offering. Pfenex believes that its existing cash and cash
equivalents and cash inflow from operations will be sufficient to
meet its anticipated cash needs for at least the next 12
months.
Conference Call
Information
The Pfenex management will host a conference call and webcast
today at 4:30 PM Eastern Time. Participants may access the call by
dialing 888-220-8451 (Domestic) or 856-344-9221 (International),
the conference ID number is: 3922891. The call will also be webcast
and can be accessed from the Investors section of the Company’s
website at www.pfenex.com or
http://public.viavid.com/index.php?id=139459.
A replay of the call will also be available through May 14th.
Participants may access the replay from the Investors section of
the Company’s website at www.pfenex.com or
http://public.viavid.com/index.php?id=139459.
About PF708
PF708 was approved in the U.S. under the 505(b)(2) regulatory
pathway, with Forteo® (teriparatide injection) as the reference
drug. The FDA-approved PF708 product is indicated for the
treatment of osteoporosis in certain patients at high risk for
fracture. Pursuant to the Development and License Agreement
with Alvogen, Pfenex has transferred the NDA for the FDA-approved
PF708 product, and Alvogen is responsible for manufacturing and
commercializing the product in the U.S. and for fulfilling all
regulatory requirements associated with maintaining the PF708 NDA.
Alvogen also has exclusive rights to commercialize and manufacture
PF708 in the EU, certain countries in MENA, and the Rest of World
(ROW) territories (the latter defined as all countries outside of
the EU, U.S. and MENA, excluding Mainland China, Hong Kong,
Singapore, Malaysia and Thailand). A marketing authorization
application for PF708 has been filed and accepted with the EMA
using the biosimilar pathway with Forsteo® as the reference
medicinal product and has been filed with the Kingdom of Saudi
Arabia's SFDA. Pursuant to the Development and License Agreement
with China NT Pharma Group Company Limited (NT Pharma) we granted
an exclusive license to NT Pharma to commercialize PF708 in
Mainland China, Hong Kong, Singapore, Malaysia and Thailand and a
non-exclusive license to conduct development activities in such
territories with respect to PF708. In April 2020, we entered into a
Deed of Assignment and Amendment (Deed) with NT Pharma, NT Pharma
International Company Limited, and Beijing Kangchen Biological
Technology Co., Ltd. (Kangchen), a wholly-owned subsidiary of
Beijing Konruns Pharmaceutical Co., Ltd (Konruns). Pursuant to the
Deed, we agreed to allow NT Pharma to assign its rights and
obligations under the Development and License Agreement with us to
Kangchen. Accordingly, all of NT Pharma’s rights under the
Development and License Agreement will be assigned to Kangchen, and
Kangchen will assume all of NT Pharma’s obligations under the
Agreement. Forteo® and Forsteo® are approved and marketed by Eli
Lilly companies for the treatment of osteoporosis in certain
patients with a high risk for fracture. Forteo® and Forsteo®
achieved $1.4 billion in global product sales in 2019.
About Pfenex Inc.
Pfenex is a development and licensing biotechnology company
focused on leveraging its proprietary protein production platform,
Pfenex Expression Technology®, to develop next generation and novel
protein therapeutics to meaningfully improve existing therapies and
create novel therapies for some of the biological targets linked to
critical diseases still waiting to successfully be addressed. Using
the patented Pfenex Expression Technology platform, Pfenex has
created a broad pipeline that is diversified across multiple
assets, including U.S. Food and Drug Administration (FDA) approved,
next generation and novel biopharmaceutical products. Pfenex’s lead
product candidate is PF708, a therapeutic equivalent candidate to
Forteo® (teriparatide injection). PF708 has been approved in the
U.S. for the treatment of osteoporosis in certain patients at high
risk for fracture, and marketing authorization applications are
pending in other jurisdictions. In addition, Pfenex is developing
hematologic oncology products in collaboration with Jazz
Pharmaceuticals, including PF743, a recombinant Erwinia
asparaginase, and PF745, a half-life extended recombinant Erwinia
asparaginase. Pfenex also uses its Pfenex Expression Technology
platform to produce CRM197, a diphtheria toxoid carrier protein for
use in prophylactic and therapeutic vaccines.
Pfenex investors and others should note that Pfenex announces
material information to the public about Pfenex through a variety
of means, including its website (http://www.pfenex.com/), its
investor relations website (http://pfenex.investorroom.com/), press
releases, SEC filings, public conference calls, corporate Twitter
account (https://twitter.com/pfenex), Facebook page
(https://www.facebook.com/Pfenex-Inc-105908276167776/timeline/),
and LinkedIn page (https://www.linkedin.com/company/pfenex-inc) in
order to achieve broad, non-exclusionary distribution of
information to the public and to comply with its disclosure
obligations under Regulation FD. Pfenex encourages its investors
and others to monitor and review the information Pfenex makes
public in these locations as such information could be deemed to be
material information. Please note that this list may be updated
from time to time.
Cautionary Note Regarding Forward-Looking
Statement This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally relate to
future events or Pfenex's future financial or operating
performance. In some cases, you can identify forward-looking
statements because they contain words such as "may," "will,"
"should," "expects," "plans," "anticipates," "could," "intends,"
"target," "projects," "contemplates," "believes," "estimates,"
"predicts," "potential" or "continue" or the negative of these
words or other similar terms or expressions that concern Pfenex's
future expectations, strategy, plans or intentions. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the future potential of Pfenex’s product
candidates and the company in general, including future plans to
advance, develop, manufacture and commercialize its product
candidates; the timing of the potential commercial launch of its
products.; Pfenex’s expectations with respect to the sufficiency of
its cash resources; regulatory developments, including expectations
to submit additional human factors data to FDA, expectations with
respect to a comparative use human factor study that addresses the
FDA’s views, and the potential timing of marketing
authorization in the E.U. for PF708; potential market opportunities
for PF708 and Pfenex’s other product candidates, including the
benefits of use of such products; Pfenex's expectations regarding
the timing and advancement of clinical trials and studies and the
types of future clinical trials and studies for its product
candidates and product candidates under the Jazz collaboration;
Pfenex's expectations with regard to future milestones, royalty
payments, and reimbursements from Pfenex’s collaborations; Pfenex's
expectations with respect to its agreements with Merck, SIIPL and
Arcellx, including its potential to receive milestone and royalty
payments; and Pfenex’s beliefs with respect to its protein
production platform and the quality of its development
capabilities. Pfenex's expectations and beliefs regarding these
matters may not materialize, and actual results in future periods
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Actual results
may differ materially from those indicated by these forward-looking
statements as a result of the uncertainties inherent in the
clinical drug development process, including, without limitation,
the FDA may not agree with Pfenex's protocol for a human
factors study and may not grant an “A” therapeutic equivalence
designation for PF708; Pfenex's ability to successfully demonstrate
the efficacy and safety of its product candidates; the pre-clinical
and clinical results for its product candidates, which may not
support further development of product candidates or may require
Pfenex to conduct additional clinical trials or modify ongoing
clinical trials or regulatory pathways; challenges related to
commencement, patient enrollment, completion, and analysis of
clinical trials; Pfenex's ability to manage operating expenses;
impacts related to the COVID-19 pandemic; Pfenex's ability to
obtain additional funding to support its business activities and
establish and maintain strategic business alliances and new
business initiatives; Pfenex's dependence on third parties for
development, manufacture, marketing, sales and distribution of
products; unexpected expenditures; litigation and other proceedings
regarding intellectual property rights; and difficulties in
obtaining and maintaining intellectual property protection for its
product candidates. Information on these and additional risks,
uncertainties, and other information affecting Pfenex's business
and operating results is contained in Pfenex’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2020 to be filed with the
Securities and Exchange Commission and in its other filings with
the Securities and Exchange Commission. The forward-looking
statements in this press release are based on information available
to Pfenex as of the date hereof, and Pfenex disclaims any
obligation to update any forward-looking statements, except as
required by law.
Company
Contact:InvestorRelations@pfenex.com
PFENEX INC. Consolidated
Statements of Operations (unaudited)
|
|
Three Months EndedMarch 31, |
|
(in thousands, except per
share data) |
|
2020 |
|
|
2019 |
|
Revenue |
|
|
|
|
|
|
|
|
License and service revenue |
|
$ |
301 |
|
|
$ |
6,593 |
|
Product revenue |
|
|
381 |
|
|
|
1,269 |
|
Total revenue |
|
|
682 |
|
|
|
7,862 |
|
Cost of
revenue |
|
|
|
|
|
|
|
|
License and service |
|
|
242 |
|
|
|
903 |
|
Product |
|
|
98 |
|
|
|
663 |
|
Total cost of revenue |
|
|
340 |
|
|
|
1,566 |
|
Gross profit |
|
|
342 |
|
|
|
6,296 |
|
Operating
expense |
|
|
|
|
|
|
|
|
Research and development |
|
|
5,811 |
|
|
|
7,880 |
|
Selling, general and administrative |
|
|
4,732 |
|
|
|
4,543 |
|
Total operating expense |
|
|
10,543 |
|
|
|
12,423 |
|
Net loss from operations |
|
|
(10,201 |
) |
|
|
(6,127 |
) |
Other income, net |
|
|
50 |
|
|
|
69 |
|
Net loss |
|
$ |
(10,151 |
) |
|
$ |
(6,058 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.19 |
) |
Weighted-average common shares
used in calculating net loss per share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
33,151 |
|
|
|
31,487 |
|
|
|
|
|
|
|
|
|
|
PFENEX INC.Consolidated
Balance Sheets
|
|
March
31,2020(unaudited) |
|
|
December 31,2019 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
65,602 |
|
|
$ |
55,624 |
|
Restricted cash |
|
|
200 |
|
|
|
200 |
|
Accounts and unbilled receivables, net |
|
|
3,744 |
|
|
|
5,628 |
|
Other current assets |
|
|
1,719 |
|
|
|
2,308 |
|
Total current assets |
|
|
71,265 |
|
|
|
63,760 |
|
Property and equipment, net |
|
|
8,465 |
|
|
|
7,744 |
|
Right-of-use asset |
|
|
3,718 |
|
|
|
3,903 |
|
Other long-term assets |
|
|
145 |
|
|
|
170 |
|
Intangible assets, net |
|
|
3,607 |
|
|
|
3,733 |
|
Goodwill |
|
|
5,577 |
|
|
|
5,577 |
|
Total assets |
|
$ |
92,777 |
|
|
$ |
84,887 |
|
Liabilities and
Stockholders’
Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
375 |
|
|
$ |
673 |
|
Accrued liabilities |
|
|
4,608 |
|
|
|
7,351 |
|
Current portion of deferred revenue |
|
|
407 |
|
|
|
75 |
|
Lease liabilities – short-term |
|
|
884 |
|
|
|
951 |
|
Other current liabilities |
|
|
601 |
|
|
|
616 |
|
Total current liabilities |
|
|
6,875 |
|
|
|
9,666 |
|
Lease Liabilities –
long-term |
|
|
2,699 |
|
|
|
2,896 |
|
Other non-current
liabilities |
|
|
28 |
|
|
|
26 |
|
Total liabilities |
|
|
9,602 |
|
|
|
12,588 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no
shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.001,
200,000,000 shares authorized; 34,265,401 and 32,266,708
shares issued and outstanding at March 31, 2020 and December
31, 2019, respectively |
|
|
35 |
|
|
|
33 |
|
Additional paid-in capital |
|
|
291,033 |
|
|
|
270,008 |
|
Accumulated deficit |
|
|
(207,893 |
) |
|
|
(197,742 |
) |
Total stockholders’ equity |
|
|
83,175 |
|
|
|
72,299 |
|
Total liabilities and stockholders’ equity |
|
$ |
92,777 |
|
|
$ |
84,887 |
|
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