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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 September 30, 2022

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 001-41200

 

VIGIL NEUROSCIENCE, INC.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

85-1880494

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1 Broadway, 7th Floor, Suite 07-300

Cambridge, MA

02142

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (857) 254-4445

 

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, par value $0.0001 per share

 

VIGL

 

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, 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

The number of shares of Registrant’s Common Stock outstanding as of October 31, 2022 was 35,581,091, par value $0.0001 per share.

 

 

 


 

Table of Contents

 

 

 

Page

PART I

FINANCIAL INFORMATION

4

 

 

 

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

5

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit)

6

 

Condensed Consolidated Statements of Cash Flows

7

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

34

 

 

 

PART II

OTHER INFORMATION

35

 

 

 

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

83

Item 3.

Defaults Upon Senior Securities

83

Item 4.

Mine Safety Disclosures

83

Item 5.

Other Information

83

Item 6.

Exhibits

84

Signatures

 

85

 

i


 

SUMMARY RISK FACTORS

We are subject to numerous risks and uncertainties, including those further described below in the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q, that represent challenges that we face in connection with the successful implementation of our strategy and the growth of our business. In particular, the following considerations, among others, may offset our competitive strengths or have a negative effect on our business strategy, which could materially adversely affect our business, financial conditions, results of operations, future growth prospects, or cause a decline in the price of our common stock:

We have a limited operating history, have incurred significant operating losses since our inception and expect to incur significant losses for the foreseeable future. We may never generate any revenue or become profitable, and, if we achieve profitability, we may not be able to sustain it.
We will require additional financing to achieve our goals, and a failure to obtain this necessary capital when needed and on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our development programs, commercialization efforts or other operations.
We are early in our development efforts and have never successfully completed any clinical trials, and if we are unable to identify and advance therapeutic candidates through preclinical studies and clinical trials, obtain marketing approval and ultimately commercialize them, or experience significant delays in doing so, our business will be materially harmed.
The results of early preclinical studies are not necessarily predictive of the results of later preclinical studies and any clinical trials of our therapeutic candidates, and interim, topline and preliminary data from our preclinical studies and planned and ongoing clinical trials that we announce or publish from time to time may change as more data become available and are subject to audit and verification procedures that could result in material changes in the final data.
We may expend our limited resources to pursue a particular therapeutic candidate or indication, such as our initial focus on developing VGL101 for ALSP, and fail to capitalize on therapeutic candidates or indications that may be more profitable or for which there is a greater likelihood of success. As such, our business is highly dependent on the clinical advancement of our programs and is especially dependent on the success of our lead candidate, VGL101.
We have concentrated a substantial portion of our research and development efforts on the treatment of neurodegenerative diseases, a field that has seen limited success in drug development. Further, our therapeutic candidates are based on new approaches, which makes it difficult to predict the time and cost of therapeutic candidate development and subsequently obtaining regulatory approval.
We may encounter substantial delays in the commencement, enrollment or completion of our planned clinical trials, which could prevent us from receiving necessary regulatory approvals or commercializing any therapeutic candidates we develop on a timely basis, if at all.
Use of our therapeutic candidates could be associated with side effects, adverse events or other properties or safety risks, which could delay or preclude approval, cause us to suspend or discontinue clinical trials, abandon a therapeutic candidate, limit the commercial profile of an approved label or result in other significant negative consequences that could severely harm our business, prospects, operating results and financial condition.
Our therapeutic candidates are subject to extensive regulation and compliance, which is costly and time-consuming, and such regulation may cause unanticipated delays or prevent the receipt of the required approvals to commercialize our therapeutic candidates.
We rely, and expect to continue to rely, on third parties to conduct some or all aspects of our product manufacturing, research and preclinical and clinical testing, and these third parties may not perform satisfactorily.
If we are unable to obtain and maintain patent protection for our therapeutic programs and other proprietary technologies we develop, 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 successfully commercialize our therapeutic programs and other proprietary technologies we may develop may be adversely affected.

 

1


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains express or implied forward-looking statements that are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or 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. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

the initiation timing, progress, results and cost of VGL101 and our small molecule TREM2 agonists program, as well as our research and development programs and our current and future preclinical and clinical studies, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available and our current and future programs;
the application of our precision medicine approach to develop microglia-targeted therapies for patients with rare, genetically defined neurodegenerative diseases and subsequently advance into neurodegenerative diseases affecting larger patient populations;
the expansion of our modality agnostic product pipeline to other microglial targets beyond TREM2;
the ability of our preclinical studies and clinical trials to demonstrate safety and efficacy of our product candidates, as well as the beneficial characteristics, therapeutic effects and other positive results;
our estimates of the number of patients that we will enroll and our ability to initiate, recruit and enroll patients in and conduct and successfully complete our clinical trials at the pace that we project;
the ability to identify research and efficiently discover and develop product candidates;
the timing, scope and likelihood of regulatory filings and approvals, including timing of INDs and final FDA approval of our current product candidates or any future product candidates;
the timing, scope or likelihood of foreign regulatory filings and approvals;
the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and other product candidates we may develop, including the extensions of existing patent terms where available, the validity of intellectual property rights held by third parties, and our ability not to infringe, misappropriate or otherwise violate any third-party intellectual property rights;
our ability to scale up our manufacturing and processing approaches to appropriately address our anticipated commercial needs, which will require significant resources
the ability and willingness of our third-party strategic collaborators to continue research and development activities relating to our development candidates and product candidates;
our ability to obtain funding for our operations necessary to complete further development and commercialization of our product candidates;
our ability to commercialize our products, if approved;
the pricing and reimbursement of our product candidates, if approved;
the implementation of our business model, and strategic plans for our business, product candidates, and technology;
estimates of our future expenses, revenues and capital requirements and our needs for additional financing;
future agreements with third parties in connection with the development and commercialization of product candidates and any other approved product;
the size and growth potential of the markets for our product candidates and our ability to serve those markets;
our financial performance;
the rate and degree of market acceptance of our product candidates;
regulatory developments in the United States and foreign countries;
our ability to attract and retain key scientific or management personnel;

2


 

our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately;
our ability to produce our products or product candidates with advantages in turnaround times or manufacturing cost;
the success of competing therapies that are or may become available;
the impact of laws and regulations;
developments relating to our competitors and our industry;
the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business operations, including but not limited to a negative impact on enrollment in our ongoing clinical trial as well as any other impacts on our existing and future clinical trials or our preclinical studies; and
other risks and uncertainties, including those listed under the caption “Risk Factors.”

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed above under “Summary of the Material Risks Associated with Our Business” and under the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed with the Securities and Exchange Commission, or the SEC, as exhibits hereto completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.

The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business and the markets for our product candidates. 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 that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market, and other data from our own internal estimates and research as well as 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. While we are not aware of any misstatements regarding any third-party information presented in this Quarterly Report on Form 10-Q, their estimates, in particular as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties and are subject to change based on various factors, including those discussed under the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

3


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

VIGIL NEUROSCIENCE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

203,863

 

 

$

91,420

 

Prepaid expenses and other current assets

 

 

9,075

 

 

 

6,063

 

Total current assets

 

 

212,938

 

 

 

97,483

 

Property and equipment, net

 

 

1,020

 

 

 

301

 

Operating lease right-of-use assets

 

 

356

 

 

 

882

 

Financing lease right-of-use assets

 

 

75

 

 

 

91

 

Restricted cash

 

 

927

 

 

 

927

 

Other assets

 

 

193

 

 

 

2,757

 

Total assets

 

$

215,509

 

 

$

102,441

 

Liabilities, Convertible Preferred Stock and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable (1)

 

$

2,363

 

 

$

3,977

 

Accrued expenses and other current liabilities (1)

 

 

6,853

 

 

 

5,031

 

Operating lease liabilities

 

 

347

 

 

 

830

 

Financing lease liabilities

 

 

34

 

 

 

43

 

Total current liabilities

 

 

9,597

 

 

 

9,881

 

Operating lease liabilities, net of current portion

 

 

 

 

 

41

 

Finance lease liabilities, net of current portion

 

 

 

 

 

23

 

Total liabilities

 

 

9,597

 

 

 

9,945

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

Series A convertible preferred stock, net of issuance costs, $0.0001 par value; 0 share
   authorized as of September 30, 2022 and
28,522,592 shares authorized as of December
   31, 2021;
0 share issued and outstanding as of September 30, 2022 and 28,522,592 
   shares issued and outstanding as of December 31, 2021; liquidation preference of
   $
0 and $72,647 as of September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

72,327

 

Series B convertible preferred stock, net of issuance costs, $0.0001 par value; 0
   share authorized as of September 30, 2022 and
25,657,096 shares authorized as of
   December 31, 2021;
0 share issued and outstanding as of September 30, 2022 and
   
25,657,096 shares issued and outstanding as of December 31, 2021; liquidation
   preference of $
0 and $90,000 as of September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

89,612

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

Undesignated preferred stock, $0.001 par value, 10,000,000 and 0 shares authorized as
  of September 30, 2022 and December 31, 2021;
0 share issued and outstanding at
  September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.0001 par value; 150,000,000 shares authorized at September 30,
  2022 and
72,000,000 shares authorized at December 31, 2021; 35,612,256 shares
  issued as of September 30, 2022 and
1,748,879 shares issued as of December 31,
  2021; and
35,567,933 shares outstanding as of September 30, 2022 and 1,724,950 
  shares outstanding as of December 31, 2021

 

 

4

 

 

 

 

Additional paid-in capital

 

 

327,586

 

 

 

2,386

 

Accumulated deficit

 

 

(121,678

)

 

 

(71,829

)

Total stockholders’ equity (deficit)

 

 

205,912

 

 

 

(69,443

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

215,509

 

 

$

102,441

 

 

(1)
Includes related party amounts of $78 (accrued expenses and other current liabilities) at September 30, 2022; $221 (accrued expenses and other current liabilities) at December 31, 2021 (see Note 12).

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

4


 

VIGIL NEUROSCIENCE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (2)

 

$

12,791

 

 

$

7,810

 

 

$

35,253

 

 

$

23,211

 

General and administrative

 

 

4,846

 

 

 

2,928

 

 

 

14,758

 

 

 

6,221

 

Total operating expenses

 

 

17,637

 

 

 

10,738

 

 

 

50,011

 

 

 

29,432

 

Loss from operations

 

 

(17,637

)

 

 

(10,738

)

 

 

(50,011

)

 

 

(29,432

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of the related party antidilution obligation

 

 

 

 

 

 

 

 

 

 

 

(836

)

Change in fair value of Series A preferred stock tranche obligation

 

 

 

 

 

 

 

 

 

 

 

(28

)

Interest income, net

 

 

163

 

 

 

 

 

 

197

 

 

 

3

 

Other income (expense), net

 

 

(26

)

 

 

(2

)

 

 

(35

)

 

 

(5

)

Total other expense, net

 

 

137

 

 

 

(2

)

 

 

162

 

 

 

(866

)

Net loss and comprehensive loss

 

$

(17,500

)

 

$

(10,740

)

 

$

(49,849

)

 

$

(30,298

)

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

 

$

(0.53

)

 

$

(6.98

)

 

$

(1.70

)

 

$

(19.94

)

Weighted-average common shares outstanding, basic and diluted

 

 

33,303,345

 

 

 

1,539,769

 

 

 

29,395,548

 

 

 

1,519,686

 

 

(2)
Includes related party amounts of $76 and $218 for the three and nine months ended September 30, 2022, respectively, and $140 and $2,602 for the three and nine months ended September 30, 2021, respectively (see Note 12).

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

 

 

5


 

VIGIL NEUROSCIENCE, INC.

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

(In thousands, except share amounts)

(Unaudited)

 

 

 

Convertible
Preferred Stock

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity (Deficit)

 

Balances at December 31, 2020

 

 

18,707,126

 

 

$

47,034

 

 

 

 

1,748,879

 

 

$

 

 

$

263

 

 

$

(28,546

)

 

$

(28,283

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

333

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,191

)

 

 

(8,191

)

Balances at March 31, 2021

 

 

18,707,126

 

 

$

47,034

 

 

 

 

1,748,879

 

 

$

 

 

$

596

 

 

$

(36,737

)

 

$

(36,141

)

Issuance of Series A convertible preferred stock, net of issuance costs of $121

 

 

7,852,373

 

 

 

19,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of Series A preferred stock tranche obligation upon settlement

 

 

 

 

 

331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of the related party antidilution obligation upon settlement

 

 

1,963,093

 

 

 

5,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

434

 

 

 

 

 

 

434

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,367

)

 

 

(11,367

)

Balances at June 30, 2021

 

 

28,522,592

 

 

$

72,327

 

 

 

 

1,748,879

 

 

$

 

 

$

1,030

 

 

$

(48,104

)

 

$

(47,074

)

Issuance of Series B convertible preferred stock, net of issuance costs of $347

 

 

25,657,096

 

 

 

89,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

 

 

 

 

 

 

 

(21,786

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

556

 

 

 

 

 

 

556

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,740

)

 

 

(10,740

)

Balances at September 30, 2021

 

 

54,179,688

 

 

$

161,980

 

 

 

 

1,727,093

 

 

$

 

 

$

1,586

 

 

$

(58,844

)

 

$

(57,258

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2021

 

 

54,179,688

 

 

$

161,939

 

 

 

 

1,724,950

 

 

$

 

 

$

2,386

 

 

$

(71,829

)

 

$

(69,443

)

Conversion of convertible preferred stock to common stock upon closing of initial public offering

 

 

(54,179,688

)

 

 

(161,939

)

 

 

 

19,536,870

 

 

 

2

 

 

 

161,937

 

 

 

 

 

 

161,939

 

Issuance of common stock from initial public offering, net of issuance costs of $10.0 million

 

 

 

 

 

 

 

 

 

7,000,000

 

 

 

1

 

 

 

87,985

 

 

 

 

 

 

87,986

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

4,995

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,021

 

 

 

 

 

 

1,021

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,334

)

 

 

(15,334

)

Balances at March 31, 2022

 

 

 

 

$

 

 

 

 

28,266,815

 

 

$

3

 

 

$

253,338

 

 

$

(87,163

)

 

$

166,178

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

799

 

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,461

 

 

 

 

 

 

1,461

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,015

)

 

 

(17,015

)

Balances at June 30, 2022

 

 

 

 

$

 

 

 

 

28,267,614

 

 

$

3

 

 

$

254,801

 

 

$

(104,178

)

 

$

150,626

 

Issuance of common stock from PIPE, net of issuance costs of $2.6 million

 

 

 

 

 

 

 

 

 

7,293,084

 

 

 

1

 

 

 

50,594

 

 

 

 

 

$

50,595

 

Issuance of prefunded warrants for the purchase of common stock, net of issuance costs of $1.1 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,678

 

 

 

 

 

$

20,678

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

7,235

 

 

 

 

 

 

19

 

 

 

 

 

 

19

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,494

 

 

 

 

 

 

1,494

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,500

)

 

 

(17,500

)

Balances at September 30, 2022

 

 

 

 

$