Summary
-“At December 31, 2019, the Company had an accumulated deficit of $413.1 million. The Company’s net loss was $24.9 million, $30.8 million and $71.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.”
Income
-“Net cash provided by investing activities was $25.6 million for the year ended December 31, 2019...
-"Net cash provided by investing activities for the years ended December 31, 2018 and 2017 was $21.0 million and $32.8 million, respectively..."
Financing:
-"In September 2014... the lenders... agreed to lend us up to $35.0 million in a three-tranche series of term loans...Upon initially entering into the agreement, we borrowed $2.0 million under Term Loan A. "
-"...In December 2015, we borrowed the Term Loan B tranche of $16.5 million..."
-"...Our ability to draw an additional $16.5 million under Term Loan C was subject to...triggers ...triggers were not attained..."
-"...In March 2017, we borrowed the Term Loan C tranche of $10.0 million..."
-“ In February 2019, we issued 10,000,000 shares of our common stock, at an offering price of $1.00 per share, in the Registered Direct Offering (i.e. $10million)...."
-"On April 17, 2019, we entered into a Common Stock Sales Agreement ... offer and sell through Wainwright...shares of our common stock, having an aggregate offering price of up to $50.0 million...As of December 31, 2019, there was approximately $48.9 million remaining available"
Cost Saving:
-"General and administrative expenses decreased by $5.8 million, or 30%, for the year ended December 31, 2019 compared to the same period in 2018"
-”Research and development expenses decreased by $2.5 million, or 16% in 2019 ($13.291million) as compared to 2018($15.824million)..."
-"General and administrative expenses decreased by $0.7 million, or 3%, for the year ended December 31, 2018 compared to the same period in 2017"
-”Research and development expenses decreased by $33.2 million, or 68% in 2018 ($15.824million)as compared to 2017($48.974million)..."
Workforce Reduction:
-“On November 8, 2018...we announced a workforce restructuring of approximately one-third of our workforce, or 14 employees ......"
-“...the same period in 2017... we announced a restructuring and reduction in force of 21 employees, primarily in the research and development area..."