Company Quick10K Filing
Quick10K
Spero Therapeutics
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$11.38 17 $199
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-12 Enter Agreement, Exhibits
8-K 2019-06-05 Shareholder Vote
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-04-18 Officers
8-K 2019-03-19 Officers, Exhibits
8-K 2019-03-14 Earnings, Exhibits
8-K 2019-01-04 Enter Agreement, Other Events, Exhibits
8-K 2018-11-15 Enter Agreement, Sale of Shares, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-11-13 Regulation FD, Other Events, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-09-27 Regulation FD, Exhibits
8-K 2018-08-14 Officers, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-07-17 Amend Bylaw, Exhibits
8-K 2018-07-16 Other Events, Exhibits
8-K 2018-07-09 Earnings, Other Events, Exhibits
8-K 2018-07-09 Regulation FD, Exhibits
8-K 2018-06-05 Shareholder Vote
8-K 2018-02-01 Officers, Exhibits
8-K 2018-01-17 Enter Agreement, Off-BS Arrangement, Exhibits
KEP Korea Electric Power 14,740
APA Apache 11,680
GKOS Glaukos 2,540
BPMP BP Midstream Partners 1,490
XPER Xperi 1,210
BHE Benchmark Electronics 1,010
TRVN Trevena 143
THM International Tower Hill Mines 88
AMHI Ameri Holdings 0
WPZ Williams Partners 0
SPRO 2019-06-30
Part I-Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii-Other Information
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6.Exhibits
EX-10.1 spro-ex101_229.htm
EX-31.1 spro-ex311_8.htm
EX-31.2 spro-ex312_7.htm
EX-32.1 spro-ex321_9.htm
EX-32.2 spro-ex322_6.htm

Spero Therapeutics Earnings 2019-06-30

SPRO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 spro-10q_20190630.htm 10-Q spro-10q_20190630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

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 001-38266

 

SPERO THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

46-4590683

 

 

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

675 Massachusetts Avenue, 14th  Floor

Cambridge, Massachusetts

02139

 

 

(Address of principal executive offices)

(Zip Code)

 

(857) 242-1600

(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, $0.001 par value per share

SPRO

The Nasdaq Global Select Market

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

☐  

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES     NO 

As of August 5, 2019, the registrant had 18,656,200 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 

 

 


Forward-Looking STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:

 

the initiation, timing, design, progress and results of, including interim data from, our preclinical studies and clinical trials, and our research and development programs;

 

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

 

our ability to advance product candidates into, and successfully complete, clinical trials;

 

the timing or likelihood of regulatory filings and approvals;

 

the commercialization of our product candidates, if approved;

 

the pricing, coverage and reimbursement of our product candidates, if approved;

 

the implementation of our business model and strategic plans for our business and product candidates and our Potentiator Platform;

 

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our Potentiator Platform;

 

our ability to enter into strategic arrangements and/or collaborations and the potential benefits of such arrangements;

 

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

 

our financial performance;

 

developments relating to our competitors and our industry; and

 

other risks and uncertainties, including those listed under Part II, Item 1A. “Risk Factors”.

Any forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under Part II, Item 1A. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business, and the markets for certain diseases, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources.

 

 

i


Spero Therapeutics, Inc.

Table of Contents

 

 

 

 

Page

 

 

PART I – FINANCIAL INFORMATION

 

Item 1.

 

Financial Statements (Unaudited)

3

 

 

Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

3

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2019 and 2018

4

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the six months ended June 30, 2019 and 2018  

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

 

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

26

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

 

Controls and Procedures

41

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

Item 1A.

 

Risk Factors

42

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

77

Item 6.

 

Exhibits

77

 

 

 

 

Signatures

78

 

 

 

ii


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

71,133

 

 

$

34,080

 

Marketable securities

 

 

32,275

 

 

 

81,363

 

Other receivables

 

 

2,073

 

 

 

376

 

Tax incentive receivable, current

 

 

921

 

 

 

922

 

Prepaid expenses and other current assets

 

 

6,288

 

 

 

7,478

 

Total current assets

 

 

112,690

 

 

 

124,219

 

Property and equipment, net

 

 

2,689

 

 

 

2,893

 

Tax incentive receivable

 

 

474

 

 

 

233

 

Operating lease right of use assets

 

 

4,187

 

 

 

 

Other assets

 

 

2,449

 

 

 

1,661

 

Total assets

 

$

122,489

 

 

$

129,006

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,039

 

 

$

3,603

 

Accrued expenses and other current liabilities

 

 

6,416

 

 

 

8,263

 

Derivative liabilities

 

 

223

 

 

 

223

 

Deferred rent

 

 

 

 

 

229

 

Current operating lease liabilities

 

 

571

 

 

 

 

Total current liabilities

 

 

8,249

 

 

 

12,318

 

Deferred rent, net of current portion

 

 

 

 

 

833

 

Non-current operating lease liabilities

 

 

4,278

 

 

 

 

Other long-term liabilities

 

 

293

 

 

 

 

Total liabilities

 

 

12,820

 

 

 

13,151

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 10,000,000 shares authorized, 2,720 shares issued and outstanding as of June 30, 2019 and 3,220 shares issued and outstanding as of December 31, 2018

 

 

 

 

 

 

Common stock, $0.001 par value; 60,000,000 shares authorized as of June 30, 2019 and December 31, 2018;18,650,375 shares issued and outstanding as of June 30, 2019 and 17,205,962 shares issued and outstanding as of December 31, 2018

 

 

19

 

 

 

17

 

Additional paid-in capital

 

 

266,013

 

 

 

254,013

 

Accumulated deficit

 

 

(156,724

)

 

 

(138,502

)

Accumulated other comprehensive gain (loss)

 

 

6

 

 

 

(28

)

Total Spero Therapeutics, Inc. stockholders' equity

 

 

109,314

 

 

 

115,500

 

Non-controlling interests

 

 

355

 

 

 

355

 

Total stockholders' equity

 

 

109,669

 

 

 

115,855

 

Total liabilities and stockholders' equity

 

$

122,489

 

 

$

129,006

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grant revenue

 

$

2,089

 

 

$

463

 

 

$

6,000

 

 

$

1,616

 

Collaboration revenue

 

 

67

 

 

 

 

 

 

3,874

 

 

 

 

Total revenues

 

 

2,156

 

 

 

463

 

 

 

9,874

 

 

 

1,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

12,026

 

 

 

7,374

 

 

 

21,552

 

 

 

16,299

 

General and administrative

 

 

3,782

 

 

 

3,060

 

 

 

7,670

 

 

 

6,104

 

Total operating expenses

 

 

15,808

 

 

 

10,434

 

 

 

29,222

 

 

 

22,403

 

Loss from operations

 

 

(13,652

)

 

 

(9,971

)

 

 

(19,348

)

 

 

(20,787

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income and other income (expense), net

 

 

502

 

 

 

15

 

 

 

1,126

 

 

 

187

 

Total other income (expense), net

 

 

502

 

 

 

15

 

 

 

1,126

 

 

 

187

 

Net loss

 

$

(13,150

)

 

$

(9,956

)

 

$

(18,222

)

 

$

(20,600

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.74

)

 

$

(0.69

)

 

$

(1.04

)

 

$

(1.43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic and diluted:

 

 

17,667,620

 

 

 

14,376,529

 

 

 

17,445,600

 

 

 

14,372,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(13,150

)

 

 

(9,956

)

 

 

(18,222

)

 

 

(20,600

)

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities

 

 

5

 

 

 

14

 

 

 

28

 

 

 

(15

)

Reclassification adjustment for gains included in net loss

 

 

 

 

 

 

 

 

6

 

 

 

 

Net unrealized gains (losses) on securities

 

 

5

 

 

 

14

 

 

 

34

 

 

 

(15

)

Total comprehensive loss

 

$

(13,145

)

 

$

(9,942

)

 

$

(18,188

)

 

$

(20,615

)

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(18,222

)

 

$

(20,600

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

372

 

 

 

189

 

Share-based compensation

 

 

1,866

 

 

 

1,275

 

Realized (gain) loss on investments

 

 

(1

)

 

 

 

Unrealized foreign currency transaction (gain) loss

 

 

(29

)

 

 

256

 

Accretion of discount on marketable securities

 

 

(561

)

 

 

(112

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Other receivables

 

 

(1,697

)

 

 

217

 

Prepaid expenses and other current assets

 

 

1,190

 

 

 

597

 

Tax incentive receivables

 

 

(235

)

 

 

(428

)

Other assets

 

 

(745

)

 

 

 

Accounts payable

 

 

(2,526

)

 

 

(2,747

)

Accrued expenses and other current liabilities

 

 

(2,398

)

 

 

810

 

Deferred rent

 

 

 

 

 

(59

)

Other long-term liabilities

 

 

(8

)

 

 

 

Net cash used in operating activities

 

 

(22,994

)

 

 

(20,602

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(32,853

)

 

 

(22,825

)

Proceeds from maturities of marketable securities

 

 

82,537

 

 

 

5,000

 

Purchases of property and equipment

 

 

(168

)

 

 

 

Net cash provided by (used in) investing activities

 

 

49,516

 

 

 

(17,825

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from the issuance of common stock, net of commissions

 

 

10,251

 

 

 

 

Payment of offering costs

 

 

(79

)

 

 

(247

)

Proceeds from stock option exercises

 

 

359

 

 

 

51

 

Net cash provided by financing activities

 

 

10,531

 

 

 

(196

)

Net increase (decrease) in cash and cash equivalents

 

 

37,053

 

 

 

(38,623

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

34,080

 

 

 

87,338

 

Cash, cash equivalents and restricted cash at end of period

 

$

71,133

 

 

$

48,715

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Offering costs included in accounts payable and accrued expenses

 

$

79

 

 

$

246

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

SPERO THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A and B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Spero

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

Additional

 

 

 

 

 

 

Comprehensive

 

 

Therapeutics, Inc.

 

 

Non-

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Income

 

 

Stockholders'

 

 

controlling

 

 

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

(Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances at December 31, 2018

 

 

3,220

 

 

$

 

 

 

17,205,962

 

 

$

17

 

 

$

254,013

 

 

$

(138,502

)

 

$

(28

)

 

$

115,500

 

 

$

355

 

 

$

115,855

 

Issuance of common stock upon the exercise of stock options

 

 

 

 

 

 

 

 

10,014

 

 

 

 

 

 

59

 

 

 

 

 

 

 

 

 

59

 

 

 

 

 

 

59

 

Issuance of common stock, net of issuance costs

 

 

 

 

 

 

 

 

119,090

 

 

 

 

 

 

1,525

 

 

 

 

 

 

 

 

 

1,525

 

 

 

 

 

 

1,525

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

933

 

 

 

 

 

 

 

 

 

933

 

 

 

 

 

 

933

 

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

29

 

 

 

 

 

 

29

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,072

)

 

 

 

 

 

(5,072

)

 

 

 

 

 

(5,072

)

Balances at March 31, 2019

 

 

3,220

 

 

$

 

 

 

17,335,066

 

 

$

17

 

 

$

256,530

 

 

$

(143,574

)

 

$

1

 

 

$

112,974

 

 

$

355

 

 

$

113,329

 

Issuance of common stock upon the exercise of stock options

 

 

 

 

 

 

 

 

43,354

 

 

 

 

 

 

300

 

 

 

 

 

 

 

 

 

300

 

 

 

 

 

 

300

 

Issuance of common stock, net of issuance costs

 

 

 

 

 

 

 

 

771,955

 

 

 

1

 

 

 

8,251

 

 

 

 

 

 

 

 

 

8,252

 

 

 

 

 

 

8,252

 

Conversion of convertible preferred stock to common stock

 

 

(500

)

 

 

 

 

 

 

500,000

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

933

 

 

 

 

 

 

 

 

 

933

 

 

 

 

 

 

933

 

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

5

 

 

 

 

 

 

5

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,150

)

 

 

 

 

 

(13,150

)

 

 

 

 

 

(13,150

)

Balances at June 30, 2019

 

 

2,720

 

 

$

 

 

 

18,650,375

 

 

$

19

 

 

$

266,013

 

 

$

(156,724

)

 

$

6

 

 

$

109,314

 

 

$

355

 

 

$

109,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A and B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Spero

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

Additional

 

 

 

 

 

 

Comprehensive

 

 

Therapeutics, Inc.

 

 

Non-

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Income

 

 

Stockholders'

 

 

controlling

 

 

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

(Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances at December 31, 2017

 

 

 

 

$

 

 

 

14,369,182

 

 

$

14

 

 

$

181,428

 

 

$

(96,840

)

 

$

 

 

$

84,602

 

 

$

355

 

 

$

84,957

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

614

 

 

 

 

 

 

 

 

 

614

 

 

 

 

 

 

614

 

Unrealized loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29

)

 

 

(29

)

 

 

 

 

 

(29

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,644

)

 

 

 

 

 

(10,644

)

 

 

 

 

 

(10,644

)

Balances at March 31, 2018

 

 

 

 

$

 

 

 

14,369,182

 

 

$

14

 

 

$

182,042

 

 

$

(107,484

)

 

$

(29

)

 

$

74,543

 

 

$

355

 

 

$

74,898

 

Issuance of common stock upon the exercise of stock options

 

 

 

 

 

 

 

 

8,571

 

 

 

 

 

 

51

 

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

51

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

661

 

 

 

 

 

 

 

 

 

661