As of December 31,
| ||||||||
2022
|
2021
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS
| ||||||||
Cash and cash equivalents
|
$
|
75,536
|
$
|
110,024
| ||||
Prepaid expenses and other current assets
|
2,217
|
646
| ||||||
Total current assets
|
77,753
|
110,670
| ||||||
Property and equipment, net
|
890
|
492
| ||||||
Right of use asset
|
626
|
462
| ||||||
Deferred offering costs
|
3,975
|
1,651
| ||||||
Restricted cash
|
54
|
54
| ||||||
TOTAL ASSETS
|
$
|
83,298
|
$
|
113,329
| ||||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
| ||||||||
CURRENT LIABILITIES
| ||||||||
Accounts payable, net
|
$
|
3,438
|
$
|
2,521
| ||||
Accrued expenses and other current liabilities
|
6,277
|
3,232
| ||||||
Total current liabilities
|
9,715
|
5,753
| ||||||
LONG TERM LIABILITIES
| ||||||||
Other
non-current
liabilities
|
659
|
714
| ||||||
Total liabilities
|
10,374
|
6,467
| ||||||
COMMITMENTS AND CONTINGENCIES (Note 7)
| ||||||||
Convertible preferred stock, $0.0001 par value; 61,730,064 shares authorized, issued and outstanding at December 31, 2022 and December 31, 2021, liquidation preference of $140,520 at December 31, 2022 and December 31, 2021 |
149,749
|
149,749
| ||||||
STOCKHOLDERS' EQUITY
| ||||||||
Common stock $0.0001 par value; 26,264,364 shares authorized at December 31, 2022 and December 31, 2021; 3,570,019 and 3,435,014 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively |
1
|
1
| ||||||
Additional
paid-in
capital
|
6,038
|
2,314
| ||||||
Accumulated deficit
|
(82,864
|
)
|
(45,202
|
)
| ||||
Total stockholders' deficit
|
(76,825
|
)
|
(42,887
|
)
| ||||
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
|
$
|
83,298
|
$
|
113,329
| ||||
Year Ended December 31,
| ||||||||
2022
|
2021
| |||||||
Operating expenses:
| ||||||||
Research and development
|
$
|
31,022
|
$
|
20,474
| ||||
General and administrative
|
7,769
|
4,288
| ||||||
Total operating expenses
|
38,791
|
24,762
| ||||||
Loss from operations
|
(38,791
|
)
|
(24,762
|
)
| ||||
Other income (expense), net
| ||||||||
Interest income
|
1,129
|
22
| ||||||
Total other income, net
|
1,129
|
22
| ||||||
Net loss and comprehensive loss
|
$
|
(37,662
|
)
|
$
|
(24,740
|
)
| ||
Net loss per share attributable to common stockholders, basic and diluted
|
$
|
(12.05
|
)
|
$
|
(10.73
|
)
| ||
Weighted-average number of shares outstanding used in computing net loss per common share, basic and diluted
|
3,124,274
|
2,306,110
| ||||||
Convertible
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Stockholders'
Deficit
| |||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
| |||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
| |||||||||||||||||||||||||||
Balance - January 1, 2021
|
61,730,064
|
$
|
149,749
|
3,257,927
|
$
|
1
|
$
|
157
|
$
|
(20,462
|
)
|
$
|
(20,304
|
)
| ||||||||||||||||
Exercise of common stock options
|
-
|
-
|
177,087
|
-
|
136
|
-
|
136
| |||||||||||||||||||||||
Vesting of restricted stock and stock options
|
-
|
-
|
-
|
-
|
97
|
-
|
97
| |||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
1,924
|
-
|
1,924
| |||||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(24,740
|
)
|
(24,740
|
)
| |||||||||||||||||||||
Balance - December 31, 2021
|
61,730,064
|
149,749
|
3,435,014
|
1
|
2,314
|
(45,202
|
)
|
(42,887
|
)
| |||||||||||||||||||||
Exercise of common stock options
|
-
|
-
|
135,005
|
-
|
246
|
-
|
246
| |||||||||||||||||||||||
Vesting of restricted stock and stock options
|
-
|
-
|
-
|
-
|
287
|
-
|
287
| |||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
3,191
|
-
|
3,191
| |||||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(37,662
|
)
|
(37,662
|
)
| |||||||||||||||||||||
Balance - December 31, 2022
|
61,730,064
|
$
|
149,749
|
3,570,019
|
$
|
1
|
$
|
6,038
|
$
|
(82,864
|
)
|
$
|
(76,825
|
)
| ||||||||||||||||
Year Ended
| ||||||||
December 31,
| ||||||||
2022
|
2021
| |||||||
Cash flows from operating activities:
| ||||||||
Net loss
|
$
|
(37,662
|
)
|
$
|
(24,740
|
)
| ||
Adjustments to reconcile net loss to net cash used in operating activities:
| ||||||||
Depreciation
|
215
|
115
| ||||||
Stock-based compensation
|
3,191
|
1,924
| ||||||
Write-off
of deferred IPO costs
|
1,741
|
-
| ||||||
Changes in operating assets and liabilities:
| ||||||||
Prepaid expenses and other assets
|
(1,590
|
)
|
(563
|
)
| ||||
Right-of-use
asset
|
4
|
133
| ||||||
Accounts payable
|
411
|
1,734
| ||||||
Accrued expenses and other liabilities
|
1,613
|
2,263
| ||||||
Net cash used in operating activities
|
(32,077
|
)
|
(19,134
|
)
| ||||
Cash flows from investing activities:
| ||||||||
Purchases of property and equipment
|
(612
|
)
|
(191
|
)
| ||||
Net cash used in investing activities
|
(612
|
)
|
(191
|
)
| ||||
Cash flows from financing activities:
| ||||||||
Issuance of convertible preferred stock, net of issuance costs
|
-
|
(226
|
)
| |||||
Deferred issuance costs related to merger / initial public offering
|
(2,390
|
)
|
(1,480
|
)
| ||||
Issuance of common stock
|
591
|
690
| ||||||
Net cash used in financing activities
|
(1,799
|
)
|
(1,016
|
)
| ||||
Net decrease in cash, cash equivalents and restricted cash
|
(34,488
|
)
|
(20,341
|
)
| ||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
110,078
|
130,419
| ||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
75,590
|
$
|
110,078
| ||||
Components of cash, cash equivalents and restricted cash:
| ||||||||
Cash and cash equivalents
|
$
|
75,536
|
$
|
110,024
| ||||
Restricted cash
|
54
|
54
| ||||||
Total cash, cash equivalents and restricted cash
|
$
|
75,590
|
$
|
110,078
| ||||
Supplemental disclosure of
non-cash
operating activities:
| ||||||||
Deferred issuance costs related to initial public offering included in accounts payable
|
$
|
-
|
$
|
131
| ||||
Deferred issuance costs related to initial public offering included in accrued liabilities
|
$
|
-
|
$
|
39
| ||||
Deferred merger costs included in accounts payable
|
$
|
656
|
$
|
-
| ||||
Deferred merger costs included in accrued liabilities
|
$
|
1,190
|
$
|
-
| ||||
Lease liability obtained in exchange for right of use asset
|
$
|
387
|
$
|
491
| ||||
• |
Level 1-Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
• |
Level 2-Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and
|
• |
Level 3-Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
|
• |
Fair Value of Common Stock-As there has been no public market for the Company's common stock to date, the estimated fair value of the Company's common stock has been determined by the board of directors as of the date of each option grant with input from management, considering the most recently available third-party valuation of common stock.
|
• |
Expected Term-The expected term represents the period that the Company's options are expected to be outstanding and is determined using the simplified method (based on the
mid-point
between the vesting date and the end of the contractual term). The Company has very limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants.
|
• |
Expected Volatility-The expected stock price volatilities are estimated based on the historical and implied volatilities of comparable publicly traded companies as the Company does not have sufficient history of trading its common stock.
|
• |
Risk-Free Interest Rate-The risk-free interest rates are based on U.S. Treasury yields in effect at the grant date for notes with comparable terms as the awards.
|
• |
Expected Dividend Yield-The Company has never paid dividends on its common stock and has no plans to pay dividends on the Company's common stock. Therefore, the Company used an expected dividend of zero.
|
As of December 31, 2022
| ||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
| |||||||||||||
Assets:
| ||||||||||||||||
US Treasury backed money market funds
|
$
|
74,523
|
$
|
74,523
|
$
|
-
|
$
|
-
| ||||||||
Total financial assets measured at fair value
|
$
|
74,523
|
$
|
74,523
|
$
|
-
|
$
|
-
| ||||||||
As of December 31, 2021
| ||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
| |||||||||||||
Assets:
| ||||||||||||||||
US Treasury backed money market funds
|
$
|
106,768
|
$
|
106,768
|
$
|
-
|
$
|
-
| ||||||||
Total financial assets measured at fair value
|
$
|
106,768
|
$
|
106,768
|
$
|
-
|
$
|
-
| ||||||||
As of
December 31, 2022
| ||||
Year ending December 31,
| ||||
2023
|
$
|
329
| ||
2024
|
341
| |||
Total minimum lease payments
|
670
| |||
Less: amount representing interest
|
26
| |||
Present value of lease liabilities
|
644
| |||
Less: current portion of lease liabilities
|
323
| |||
Lease liabilities, noncurrent
|
$
|
321
| ||
Estimated Useful Life
|
As of December 31,
| |||||||||||
in Years
|
2022
|
2021
| ||||||||||
Laboratory equipment
|
5
|
$
|
1,191
|
$
|
614
| |||||||
Computer equipment
|
3
|
73
|
38
| |||||||||
1,264
|
652
| |||||||||||
Less: accumulated depreciation
|
(374
|
)
|
(160
|
)
| ||||||||
Property and equipment, net
|
$
|
890
|
$
|
492
| ||||||||
As of December 31,
| ||||||||
2022
|
2021
| |||||||
Accrued employee compensation costs
|
$
|
2,130
|
$
|
1,027
| ||||
Accrued research and development costs
|
1,918
|
1,637
| ||||||
Accrued deferred offering costs
|
1,190
|
39
| ||||||
Lease liabilities
|
323
|
159
| ||||||
Accrued legal and professional fees
|
269
|
176
| ||||||
Other
|
447
|
194
| ||||||
Accrued expenses and other current liabilities
|
$
|
6,277
|
$
|
3,232
| ||||
As of December 31,
| ||||||||
2022
|
2021
| |||||||
Conversion of preferred stock
|
18,216,847
|
18,216,847
| ||||||
Issuance of common stock upon exercise of stock options
|
3,316,671
|
3,075,403
| ||||||
Options available for grant under stock plan
|
906,265
|
403,680
| ||||||
Total common stock reserved for future issuance
|
22,439,783
|
21,695,930
| ||||||
Aggregate
|
Proceeds Net
| |||||||||||||||||||
Shares
|
Per Share
|
Liquidation
|
of Issuance
| |||||||||||||||||
Authorized
|
Issued and
|
Liquidation
|
Amount
|
Costs
| ||||||||||||||||
Shares
|
Outstanding
|
Preference
|
(in thousands)
|
(in thousands)
| ||||||||||||||||
Series Seed convertible preferred stock
|
14,507,038
|
14,507,038
|
$
|
0.71
|
$
|
10,300
|
$
|
10,211
| ||||||||||||
Series A convertible preferred stock
|
25,114,089
|
25,114,089
|
$
|
1.80
|
45,300
|
45,170
| ||||||||||||||
Series B convertible preferred stock
|
22,108,937
|
22,108,937
|
$
|
3.84
|
84,920
|
84,689
| ||||||||||||||
Total convertible preferred stock
|
61,730,064
|
61,730,064
|
$
|
140,520
|
$
|
140,070
| ||||||||||||||
Available
for Grant
|
Stock Options Outstanding |
Weighted- Average Exercise Price |
Weighted- Average Contractual Term (in years) |
Aggregate Intrinsic Value (in thousands) | ||||||||||||||||
Outstanding - January 1, 2021
|
2,593,057
|
985,399
|
$
|
1.12
|
9.47
|
$
|
3,509
| |||||||||||||
Options granted
|
(2,189,377
|
)
|
2,189,377
|
$
|
4.71
|
9.38
| ||||||||||||||
Options exercised and vested
|
-
|
(99,373
|
)
|
$
|
2.26
|
8.77
| ||||||||||||||
Outstanding - December 31, 2021
|
403,680
|
3,075,403
|
$
|
3.64
|
9.11
|
$
|
9,657
| |||||||||||||
Increase in option pool
|
885,315
| |||||||||||||||||||
Options granted
|
(391,653
|
)
|
391,653
|
$
|
5.66
|
9.38
| ||||||||||||||
Options exercised and vested
|
-
|
(141,462
|
)
|
$
|
3.72
|
8.09
| ||||||||||||||
Options cancelled and forfeited
|
8,923
|
(8,923
|
)
|
$
|
4.68
|
8.23
| ||||||||||||||
Outstanding - December 31, 2022
|
906,265
|
3,316,671
|
$
|
2.20
|
8.26
|
$
|
1,194
| |||||||||||||
Exercisable - December 31, 2022
|
1,707,882
|
$
|
1.85
|
8.00
| ||||||||||||||||
Vested and expected to vest - December 31, 2022
|
3,316,671
|
$
|
2.20
|
8.26
| ||||||||||||||||
Ifthe holders cease to have a business relationship with the Company, any unvested shares held by these individuals may be repurchased at their original purchase price. The unvested restricted stock is not considered outstanding for accounting purposes until the shares vest.
Number of Shares |
Weighted- Average Grant Date Fair Value | |||||||
Unvested-December 31, 2020
|
160,935
|
$
|
0.14
| |||||
Granted
|
-
|
-
| ||||||
Vested
|
(63,032
|
)
|
0.14
| |||||
Forfeited
|
-
|
-
| ||||||
Unvested-December 31, 2021
|
97,903
|
0.14
| ||||||
Granted
|
-
|
-
| ||||||
Vested
|
(47,446
|
)
|
0.14
| |||||
Forfeited
|
-
|
-
| ||||||
Unvested-December 31, 2022
|
50,457
|
$
|
0.14
| |||||
Year Ended December 31,
| ||||||||
2022
|
2021
| |||||||
Research and development
|
$
|
1,893
|
$
|
1,019
| ||||
General and administrative
|
1,298
|
905
| ||||||
Total stock-based compensation expense
|
$
|
3,191
|
$
|
1,924
| ||||
Year Ended December 31,
| ||||
2022
|
2021
| |||
Stock price
|
$2.48 - $6.78
|
$5.69 - $7.18
| ||
Expected term (years)
|
5.8 - 6.3 Years
|
6 Years
| ||
Expected volatility
|
80%
|
75% - 80%
| ||
Risk-free interest rate
|
1.60% - 3.00%
|
1.00% - 1.40%
| ||
Expected dividend yield
|
-
|
-
|
Year Ended
| ||||||||
December 31,
| ||||||||
2022
|
2021
| |||||||
Federal income tax
|
(21.0
|
)%
|
(21.0
|
)%
| ||||
State income tax, less federal benefits
|
(6.7
|
)%
|
(7.6
|
)%
| ||||
Permanent differences
|
1.5
|
%
|
1.7
|
%
| ||||
Change in valuation allowance
|
26.7
|
%
|
27.1
|
%
| ||||
Credits
|
(0.5
|
)%
|
(0.4
|
)%
| ||||
Other
|
0.0
|
%
|
0.2
|
%
| ||||
Effective tax rate
|
0.0
|
%
|
0.0
|
%
| ||||
As of December 31,
| ||||||||
2022
|
2021
| |||||||
Deferred Tax Assets:
| ||||||||
Intangible asset basis differences
|
$
|
43
|
$
|
47
| ||||
Net operating loss carryforwards
|
12,894
|
8,918
| ||||||
Tax credit carryforwards
|
399
|
145
| ||||||
Capitalized research and development costs
|
5,422
|
-
| ||||||
Other
|
1,017
|
530
| ||||||
Total deferred tax assets
|
19,775
|
9,640
| ||||||
Deferred Tax Liabilities:
| ||||||||
Fixed asset basis difference
|
(49
|
)
|
(33
|
)
| ||||
Goodwill differences
|
(175
|
)
|
(129
|
)
| ||||
Total deferred tax liabilities
|
(224
|
)
|
(162
|
)
| ||||
Valuation allowance
|
(19,551
|
)
|
(9,478
|
)
| ||||
Net deferred tax assets
|
$
|
-
|
$
|
-
| ||||
As of
| ||||||||
December 31,
| ||||||||
2022
|
2021
| |||||||
Balance, beginning of the period
|
$
|
47
|
$
|
7
| ||||
Increase related to prior year positions
|
7
|
2
| ||||||
Increase related to current year positions
|
110
|
38
| ||||||
Balance, end of the period
|
$
|
164
|
$
|
47
| ||||
Year Ended December 31,
| ||||||||
2022
|
2021
| |||||||
Numerator:
| ||||||||
Net loss
|
$
|
(37,662
|
)
|
$
|
(24,740
|
)
| ||
Denominator:
| ||||||||
Weighted-average common shares outstanding
|
3,548,829
|
3,335,786
| ||||||
Less: weighted-average unvested common stock issued upon early exercise of common stock options
|
(194,966
|
)
|
(123,312
| ) | ||||
Less: weighted-average unvested restricted shares of common stock
|
(229,589
|
)
|
(906,364
| ) | ||||
Weighted-average shares used to compute net loss per common share, basic and diluted
|
3,124,274
|
2,306,110
| ||||||
Net loss per share, basic and diluted
|
$
|
(12.05
|
)
|
$
|
(10.73
|
)
| ||
Year Ended
| ||||||||
December 31,
| ||||||||
2022
|
2021
| |||||||
Convertible preferred stock (as converted)
|
18,216,847
|
18,216,847
| ||||||
Stock options outstanding
|
3,316,671
|
3,075,403
| ||||||
Unvested restricted stock
|
91,953
|
535,945
| ||||||
Total
|
21,625,471
|
21,828,195
| ||||||
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Disclaimer
Enliven Therapeutics Inc. published this content on 23 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2023 20:05:52 UTC.