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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

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 001-38811

 

TCR2 Therapeutics Inc.

(Exact name of Registrant as specified in its charter)

 

Delaware

 

47-4152751

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

 

100 Binney Street

Suite 710

Cambridge

MA

02142

(Address of Principal Executive Offices)

(Zip Code)

 

(617) 949-5200

(Registrant’s telephone number, including area code)

 

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, $0.0001 Par Value

 

TCRR

 

The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or 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 Act). Yes  No 

As of November 3, 2020, there were 33,422,129 shares of the registrant’s Common Stock, $0.0001 par value per share, outstanding.

 

 

 

 


TCR2 Therapeutics Inc.

 

Table of Contents

 

PART I

 

7

Item 1.

Financial Statements

7

 

Unaudited Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

7

 

Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

8

 

Unaudited Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2020 and 2019

9

 

Unaudited Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) as of September 30, 2020 and 2019

10

 

Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

12

 

Notes to the Unaudited Consolidated Financial Statements

13

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

40

PART II

 

41

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

103

Item 3.

Defaults Upon Senior Securities

103

Item 4.

Mine Safety Disclosures

103

Item 5.

Other Information

103

Item 6.

Exhibits

104

 

Signatures

105

 

 

 

 


Summary of the Material Risks Associated with Our Business

 

 

Our approach to the discovery and development of product candidates based on our TRuC-T cell platform represents a novel approach to cancer treatment, which creates significant challenges for us. Further, we are very early in our development efforts. Most of our product candidates are still in preclinical development. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.

 

Our business is highly dependent on our clinical trials for our lead product candidates, TC-210 and TC-110, and we must complete IND-enabling studies and clinical testing before we can seek regulatory approval and begin commercialization of any of our product candidates. We cannot be certain that we will be able to complete ongoing clinical trials, initiate future planned clinical trials, or advance our product candidates into additional trials, or to successfully develop, or obtain regulatory approval for, or successfully commercialize, any of our product candidates.

 

We have limited experience as a company in conducting clinical trials. Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future clinical trial results. If our preclinical studies and clinical trials are not sufficient to support regulatory approval of any of our product candidates, we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development of such product candidate.

 

Manufacturing and administering our product candidates are complex and we may encounter difficulties in production, particularly with respect to process development or scaling up of our manufacturing capabilities. If we encounter such difficulties, our ability to provide supply of our TRuC-T cells for clinical trials or for commercial purposes could be delayed or stopped. We plan to establish our own manufacturing facility and infrastructure in addition to or in lieu of relying on third parties for the manufacture of our product candidates and the use of third-party manufacturing suites, which will be costly, time-consuming, and which may not be successful.

 

The market opportunities for our product candidates may be relatively small as it will be limited to those patients who are ineligible for or have failed prior treatments and our estimates of the prevalence of our target patient populations may be inaccurate.

 

We plan to rely on third parties to conduct our clinical trials. If these third parties do not properly and successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval of or commercialize our product candidates. If these third parties do not properly and successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval of or commercialize our product candidates.

 

Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability. We have incurred significant losses since inception, and we expect to incur losses over the next several years and may not be able to achieve or sustain revenues or profitability in the future.

 

The current outbreak of novel coronavirus, or COVID-19, has caused, and could continue to cause, severe disruptions in the U.S., regional and global economies. COVID-19 has affected our on-going clinical trials and could seriously harm our development efforts, increase our costs and expenses and have a material adverse effect on our business, financial condition and results of operations.

 

If we are unable to obtain and maintain patent protection for any products we develop and for our technology, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to commercialize any product candidates we may develop, and our technology may be adversely affected.

 

The FDA regulatory approval process is lengthy and time-consuming, and we may experience significant delays in the clinical development and regulatory approval of our product candidates.

 

Even if we receive regulatory approval of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional

 


 

expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.

 

We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.

 

Our stock price has been and will likely continue to be volatile. Securities class action or other litigation involving our company or members of our management team could also substantially harm our business, financial condition and results of operations.

 

We are an emerging growth company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors. We are also a “smaller reporting company,” and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.

 


FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of TCR2 Therapeutics Inc. ("we," "us" and "our") contains or incorporates statements that constitute forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “continue” or the negative of these terms or other comparable terminology. Forward-looking statements appear in a number of places in this Quarterly Report on Form 10-Q and include, but are not limited to, statements about:

 

the timing of preclinical studies and clinical trials of TC-210, TC-110 and any other product candidates;

 

our need to raise additional funding before we can expect to generate any revenues from product sales;

 

our ability to submit our planned INDs, conduct successful clinical trials and obtain regulatory approval for TC-210, TC-110 or any other product candidates that we may identify or develop;

 

the ability of our TRuC-T cell platform to generate and advance additional product candidates;

 

our ability to establish an adequate safety, potency and purity profile for TC-210, TC-110 or any other product candidates that we may pursue;

 

our ability to manufacture TC-210, TC-110 or any other product candidate in conformity with our specifications and with the U.S. Food and Drug Administration’s requirements and to scale up manufacturing of our product candidates to commercial scale, if approved;

 

the implementation of our strategic plans for our business, any product candidates we may develop and our technology;

 

our intellectual property position, including the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;

 

the rate and degree of market acceptance and clinical utility for any product candidates we may develop;

 

our estimates regarding our expenses, future revenues, capital requirements and our needs for additional financing;

 

our ability to maintain and establish collaborations;

 

our ability to effectively manage our anticipated growth;

 

developments relating to our competitors and our industry, including the impact of government regulation;

 

our estimates regarding the market opportunities for our product candidates;

 

our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals;

 

our estimates of our expenses, ongoing losses, future revenue, capital requirements and our needs for, or ability to obtain, additional financing;

 

our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act, or the JOBS Act;

 

the current and future impact of the COVID-19 pandemic on our business;

 

our financial performance; and

 

other risks and uncertainties, including those listed under the section titled “Risk Factors.”

Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, and involve known and unknown risks, uncertainties and other factors including, without limitation, risks, uncertainties and assumptions regarding the continuing impact of the COVID-19 pandemic on our business, operations, strategy, goals and anticipated timelines, our ongoing and planned preclinical activities, our ability to initiate, enroll, conduct or complete ongoing and planned clinical trials, our timelines for regulatory submissions and our financial position that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results under “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2019 and in this Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. We do not intend, and undertake no obligation, to update any forward-looking

 


information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless required by law to do so.

 

 

 


Part I

Item 1. Financial Statements

TCR2 THERAPEUTICS INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

 

 

September 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

101,614

 

 

$

65,296

 

Investments

 

145,109

 

 

 

92,828

 

Prepaid expenses and other current assets

 

7,509

 

 

 

5,061

 

Total current assets

 

254,232

 

 

 

163,185

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

6,201

 

 

 

4,926

 

Restricted cash

 

417

 

 

 

417

 

Total assets

$

260,850

 

 

$

168,528

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

Accounts payable

$

2,948

 

 

$

2,483

 

Accrued expenses and other current liabilities

 

4,904

 

 

 

5,050

 

Total current liabilities

 

7,852

 

 

 

7,533

 

 

 

 

 

 

 

 

 

Other liabilities

 

635

 

 

 

546

 

Total liabilities

 

8,487

 

 

 

8,079

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value. 10,000,000 shares authorized, no shares issued or outstanding at September 30, 2020 and December 31, 2019, respectively.

 

-

 

 

 

-

 

Common stock, $0.0001 par value; 150,000,000 shares authorized; 33,397,669 and 24,050,936 shares issued; 33,380,211 and 23,981,109 shares outstanding at September 30, 2020 and December 31, 2019, respectively.

 

3

 

 

 

2

 

Additional paid-in capital

 

483,433

 

 

 

342,896

 

Accumulated other comprehensive income

 

191

 

 

 

142

 

Accumulated deficit

 

(231,264

)

 

 

(182,591

)

Total stockholders’ equity

 

252,363

 

 

 

160,449

 

Total liabilities and stockholders’ equity

$

260,850

 

 

$

168,528

 

 

See accompanying notes to unaudited consolidated financial statements

7


TCR2 THERAPEUTICS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share data)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

12,820

 

 

$

11,374

 

 

$

37,682

 

 

$

28,096

 

General and administrative

 

 

4,371

 

 

 

3,522

 

 

 

12,451

 

 

 

9,715

 

Total operating expenses

 

 

17,191

 

 

 

14,896

 

 

 

50,133

 

 

 

37,811

 

Loss from operations

 

 

(17,191

)

 

 

(14,896

)

 

 

(50,133

)

 

 

(37,811

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

300

 

 

 

1,090

 

 

 

1,546

 

 

 

3,039

 

Loss before income taxes

 

 

(16,891

)

 

 

(13,806

)

 

 

(48,587

)

 

 

(34,772

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

31

 

 

 

-

 

 

 

86

 

 

 

-

 

Net loss

 

 

(16,922

)

 

 

(13,806

)

 

 

(48,673

)

 

 

(34,772

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accretion of redeemable convertible preferred stock to redemption value

 

 

-

 

 

 

-

 

 

 

-

 

 

$

(49,900

)

Net loss attributable to common stockholders

 

$

(16,922

)

 

$

(13,806

)

 

$

(48,673

)

 

$

(84,672

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share of common stock, basic and diluted

 

$

(0.56

)

 

$

(0.58

)

 

$

(1.86

)

 

$

(4.21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and diluted

 

 

30,340,355

 

 

 

23,874,593

 

 

 

26,158,040

 

 

 

20,125,955

 

 

See accompanying notes to unaudited consolidated financial statements

8


TCR2 THERAPEUTICS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(amounts in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(16,922

)

 

$

(13,806

)

 

$

(48,673

)

 

$

(34,772

)

Unrealized gain (loss) on investments, net

 

 

(211

)

 

 

18

 

 

 

49

 

 

 

336

 

Comprehensive loss

 

$

(17,133

)

 

$

(13,788

)

 

$

(48,624

)

 

$

(34,436

)

 

See accompanying notes to unaudited consolidated financial statements

 

 

9


TCR2 THERAPEUTICS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(amounts in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Equity

 

Balance at December 31, 2019

 

 

23,981,109

 

 

$

2

 

 

$

342,896

 

 

$

(182,591

)

 

$

142

 

 

$

160,449

 

Reclassification of shares issued and previously subject to repurchase

 

 

17,456

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Exercise of stock options

 

 

57,904

 

 

 

-

 

 

 

185

 

 

 

-

 

 

 

-

 

 

 

185

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

2,055

 

 

 

-

 

 

 

-

 

 

 

2,055

 

Unrealized loss on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(604

)

 

 

(604

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,506

)

 

 

-

 

 

 

(15,506

)

Balance at March 31, 2020

 

 

24,056,469

 

 

 

2

 

 

 

345,149

 

 

 

(198,097

)

 

 

(462

)

 

 

146,592

 

Reclassification of shares issued and previously subject to repurchase

 

 

17,456

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Exercise of stock options

 

 

30,670

 

 

 

-

 

 

 

125

 

 

 

-

 

 

 

-

 

 

 

125

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

2,064

 

 

 

-

 

 

 

-

 

 

 

2,064

 

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

864

 

 

 

864

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16,245

)

 

 

-

 

 

 

(16,245

)

Balance at June 30, 2020

 

 

24,104,595

 

 

 

2

 

 

 

347,351

 

 

 

(214,342

)

 

 

402

 

 

 

133,413

 

Issuance of common stock, net of issuance costs

 

 

9,200,000

 

 

 

1

 

 

 

133,570

 

 

 

-

 

 

 

-

 

 

 

133,571

 

Reclassification of shares issued and previously subject to repurchase

 

 

17,457

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Exercise of stock options

 

 

58,159

 

 

 

-

 

 

 

432

 

 

 

-

 

 

 

-

 

 

 

432

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

2,067

 

 

 

-

 

 

 

-

 

 

 

2,067

 

Unrealized loss on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(211

)

 

 

(211

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16,922

)

 

 

-

 

 

 

(16,922

)

Balance at September 30, 2020

 

 

33,380,211

 

 

$

3

 

 

$

483,433

 

 

$

(231,264

)

 

$

191

 

 

$

252,363

 

 

See accompanying notes to unaudited consolidated financial statements

10


TCR2 THERAPEUTICS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(amounts in thousands, except share data)

 

 

 

Redeemable Convertible Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

Total

Stockholders'

 

 

 

Series A

 

 

Series B

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

(Deficit)

 

Balance at December 31, 2018

 

 

44,500,001

 

 

$

72,980

 

 

 

62,500,000

 

 

$

136,250

 

 

 

 

726,990

 

 

$

-

 

 

$

-

 

 

$

(85,590

)

 

$

(106

)

 

$

(85,696

)

Reclassification of shares issued and previously subject to repurchase

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

39,779

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

124

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

1,141

 

 

 

-

 

 

 

-

 

 

 

1,141

 

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

107

 

 

 

107

 

Accretion of redeemable preferred stock to redemption value

 

 

-

 

 

 

34,789

 

 

 

-

 

 

 

15,111

 

 

 

 

-

 

 

 

-

 

 

 

(498

)

 

 

(49,402

)

 

 

-

 

 

 

(49,900

)

Conversion of shares upon IPO

 

 

(44,500,001

)

 

 

(107,769

)

 

 

(62,500,000

)

 

 

(151,361

)

 

 

 

17,275,299

 

 

 

2

 

 

 

259,128

 

 

 

-

 

 

 

-

 

 

 

259,130

 

Initial public offering, net of issuance costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

5,750,000

 

 

 

-

 

 

 

77,155

 

 

 

-

 

 

 

-

 

 

 

77,155

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,903

)

 

 

-

 

 

 

(9,903

)

Balance at March 31, 2019

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

23,792,192

 

 

 

2

 

 

 

336,939

 

 

 

(144,895

)

 

 

1

 

 

 

192,047

 

Reclassification of shares issued and previously subject to repurchase

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

39,777

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Exercise of stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

24,721

 

 

 

-

 

 

 

18

 

 

 

-

 

 

 

-

 

 

 

18

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

1,444

 

 

 

-

 

 

 

-

 

 

 

1,444

 

Unrealized gain on investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

211

 

 

 

211

 

Initial public offering, issuance costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

(34

)

 

 

-

 

 

 

-

 

 

 

(34

)