UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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.
Item 2.02 Results of Operations and Financial Condition. |
On March 2, 2022, Singular Genomics Systems, Inc. (the “Company”) issued a press release regarding the Company’s financial results for the quarter and year ended December 31, 2021. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.
The information in this Item 2.02 and the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits. |
(d) Exhibits
Exhibit Number |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Singular Genomics Systems, Inc. |
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Dated: |
March 2, 2022 |
By: |
/s/ Dalen Meeter |
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Dalen Meeter |
Singular Genomics Systems, Inc. Reports Recent Highlights, Fourth Quarter and Full Year 2021 Financial Results
La Jolla, CA, March 2, 2022 – Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company leveraging novel next-generation sequencing (NGS) and multiomics technologies to empower researchers and clinicians, today highlighted recent corporate achievements and reported financial results for the fourth quarter and full year ended December 31, 2021.
“We are pleased with the progression of the G4 launch. There has been robust engagement with potential customers, and we have accepted our initial orders as we track to begin shipping instruments in the second quarter. The production system performance metrics, technical report publication, and early access partner data continue to establish the G4 as the world’s most powerful benchtop sequencer,” said Drew Spaventa, Chairman and Chief Executive Officer. “The G4 delivers an industry-leading combination of power, speed, flexibility, and accuracy while providing major cost savings for all mid throughput applications. Furthermore, the G4’s data output rate extends into the high throughput range. We will offer competitive pricing down to sub $10 per Gb, expanding the benchtop market and offering a scalable, cost-effective solution to high-volume customers.”
Recent Highlights
Fourth Quarter 2021 Financial Results
Operating expenses for the fourth quarter of 2021 totaled $19.7 million, compared to $7.6 million for the fourth quarter of 2020. Operating expenses for the fourth quarter of 2021 included non-cash stock-based compensation of $2.9 million. The year-over-year increase in operating expenses was driven primarily by headcount growth, investments to support the G4 commercial launch, continued investment in the PX development and R&D roadmap, and the costs associated with being a public company.
Net loss for the fourth quarter of 2021 was $19.8 million, or $0.27 per common share, compared to $7.9 million, or $0.73 per common share, for the fourth quarter of 2020.
Full Year 2021 Financial Results
Operating expenses for 2021 totaled $61.3 million, compared to $27.5 million in 2020. Operating expenses for 2021 included non-cash stock-based compensation of $9.2 million. The increase in operating expenses was driven primarily by headcount growth, investments to support the G4 commercial launch, continued investment in the PX development and our R&D roadmap, and the costs associated with being a public company.
Net loss for 2021 was $98.8 million, or $2.10 per common share, compared to $27.9 million, or $2.64 per common share, in 2020.
Cash, cash equivalents and short-term investments, excluding restricted cash, as of December 31, 2021 totaled approximately $339.2 million.
Webcast and Conference Call Details
Singular Genomics’ management team will host a conference call today, March 2, 2022, beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.singulargenomics.com, on the Investors page in the Presentations & Events section.
About Singular Genomics Systems, Inc.
Singular Genomics is a life science technology company that is leveraging novel, next generation sequencing (NGS) and multiomics technologies to build products that empower researchers and clinicians. Our mission is to accelerate genomics for the advancement of science and medicine. Our Singular Sequencing Engine is the foundational platform technology that forms the basis of our products as well as our core product tenets: power, speed, flexibility, and accuracy. We are currently developing two products that are purpose-built to target applications in which these core product tenets matter most. Our first product, the G4, targets the NGS market. Our second product in development, the PX, combines single cell analysis, spatial analysis, genomics, and proteomics in one integrated instrument to offer a versatile multiomics solution.
Forward-Looking Statements
Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements include, but are not limited to, statements regarding: (i) our ability to successfully ship and complete the development of the G4 and PX; (ii) our ability to meet our commercial launch and product delivery timelines and objectives; and (iii) our ability to achieve customer and scientific acceptance for the G4 and PX. Any such forward-looking statements are based on our management’s current expectations and are subject to a number of risks and uncertainties that could cause our actual future results to differ materially from our management’s current expectations or those implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: (i) we have incurred significant losses since inception, we expect to incur significant losses in the future and we
may not be able to generate sufficient revenue to achieve and maintain profitability; (ii) we have very little history commercializing our products or technology; (iii) the life sciences technology market is highly competitive, and if we fail to compete effectively, our business and operating results will suffer; (iv) if we are sued for infringing, misappropriating, or otherwise violating intellectual property rights of third parties, this litigation could be costly and time consuming and could prevent or delay us from developing or commercializing our product candidates; (v) if our products fail to achieve early customer and scientific acceptance, we may not be able to achieve broader market acceptance for our products, and our revenues and prospects may be harmed; and (vi) the COVID-19 pandemic and efforts to reduce its spread have adversely impacted, and may materially and adversely impact, our business and operations. These and other risk factors that may affect our future results of operations are identified and described in more detail in our most recent filings on Forms 10-K and 10-Q and in other filings that we make with the SEC from time to time, including our Quarterly Report on Form 10-Q for period ended September 30, 2021, filed with the SEC on November 9, 2021. Accordingly, you should not rely upon forward-looking statements as predictions of future events or our future performance. Except as required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise.
Investor Contact
Matt Clawson
949-370-8500
ir@singulargenomics.com
Media Contact
Dan Budwick, 1AB
973-271-6085
dan@1abmedia.com
SINGULAR GENOMICS SYSTEMS, INC.
Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended December 31, |
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Twelve Months Ended December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Operating expenses: |
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Research and development |
$ |
9,455 |
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$ |
5,816 |
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$ |
32,655 |
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$ |
21,247 |
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Selling, general and administrative |
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10,218 |
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1,769 |
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28,624 |
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6,287 |
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Total operating expenses |
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19,673 |
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7,585 |
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61,279 |
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27,534 |
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Loss from operations |
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(19,673 |
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(7,585 |
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(61,279 |
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(27,534 |
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Other income (expense): |
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Interest income |
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105 |
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21 |
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328 |
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464 |
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Interest expense |
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(192 |
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(215 |
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(846 |
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(718 |
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Change in fair value of convertible promissory notes |
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- |
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- |
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(35,199 |
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- |
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Change in fair value of warrant liability |
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- |
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(149 |
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(2,180 |
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(198 |
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Other income |
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1 |
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17 |
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405 |
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41 |
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Net loss |
$ |
(19,759 |
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$ |
(7,911 |
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$ |
(98,771 |
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$ |
(27,945 |
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Net loss per share: |
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Basic and diluted net loss per share |
$ |
(0.27 |
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$ |
(0.73 |
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$ |
(2.10 |
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$ |
(2.64 |
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Weighted-average shares used to compute basic and diluted net loss per share |
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72,162,679 |
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10,779,083 |
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47,023,048 |
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10,575,941 |
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SINGULAR GENOMICS SYSTEMS, INC.
Balance Sheets
(In thousands, except share and par value amounts)
(Unaudited)
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December 31, |
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December 31, |
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
201,049 |
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$ |
11,688 |
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Short-term investments |
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138,174 |
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15,231 |
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Prepaid expenses and other current assets |
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8,537 |
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652 |
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Total current assets |
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347,760 |
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27,571 |
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Property and equipment, net |
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6,072 |
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2,368 |
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Restricted cash |
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687 |
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482 |
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Other noncurrent assets |
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1,129 |
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81 |
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Total assets |
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$ |
355,648 |
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$ |
30,502 |
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
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$ |
2,348 |
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$ |
427 |
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Accrued expenses |
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4,278 |
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1,592 |
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Current portion of long-term debt, net of issuance costs |
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- |
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926 |
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Warrant liability |
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- |
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451 |
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Other current liabilities |
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118 |
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294 |
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Total current liabilities |
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6,744 |
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3,690 |
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Long-term debt, net of issuance costs |
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9,904 |
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8,469 |
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Other noncurrent liabilities |
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2,827 |
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714 |
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Total liabilities |
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19,475 |
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12,873 |
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Commitments and contingencies |
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Convertible preferred stock, $0.0001 par value: |
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Series Seed, 6,520,790 shares authorized, 0 and 6,520,790 issued and outstanding at December 31, 2021 and December 31, 2020, respectively; liquidation preference of $0 and $4,499,998 at December 31, 2021 and December 31, 2020, respectively |
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- |
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4,486 |
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Series A, 12,932,429 shares authorized, 0 and 12,932,429 issued and outstanding at December 31, 2021 and December 31, 2020, respectively; liquidation preference of $0 and $20,000,002 at December 31, 2021 and December 31, 2020, respectively |
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- |
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19,908 |
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Series B, 19,566,903 shares authorized, 0 and 19,373,169 issued and outstanding at December 31, 2021 and December 31, 2020, respectively; liquidation preference of $0 and $44,999,997 at December 31, 2021 and December 31, 2020, respectively |
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- |
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44,790 |
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Stockholders’ equity (deficit): |
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Common stock, $0.0001 par value; 400,000,000 and 60,272,685 shares authorized, 72,438,742 and 10,816,937 of shares outstanding at December 31, 2021 and December 31, 2020, respectively |
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7 |
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1 |
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Additional paid-in capital |
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488,200 |
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1,552 |
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Accumulated other comprehensive (loss) gain |
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(138 |
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17 |
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Accumulated deficit |
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(151,896 |
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(53,125 |
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Total stockholders’ equity (deficit) |
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336,173 |
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(51,555 |
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Total liabilities, convertible preferred stock and stockholders’ equity |
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$ |
355,648 |
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$ |
30,502 |
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