Pfenex Inc. (NYSE American: PFNX) is a development and licensing
biotechnology company focused on leveraging its Pfēnex Expression
Technology® to develop and improve protein therapies for unmet
patient needs. Using the patented Pfēnex Expression Technology
platform, the Company has developed the FDA-approved PF708 product
indicated for the treatment of osteoporosis in certain patients at
high risk for fracture and created an advanced pipeline of
therapeutic equivalents, biologics and vaccines in various stages
of development. Today Pfenex Inc. reported financial results for
the fourth quarter and year ended December 31, 2019 and provided a
business update.
“This is an exciting time for our company as we
continue to advance towards the U.S. launch of our first U.S. Food
and Drug Administration (FDA) approved product, PF708. Over the
past several months, Alvogen, our partner to which we have
transferred the approved PF708 NDA, has worked towards establishing
manufacturing, distribution, sales and marketing of PF708, and is
preparing for the product’s launch. Alvogen has indicated that it
intends to launch the FDA-approved PF708 product in the U.S. upon
an FDA decision on the therapeutic equivalence evaluation of the
product to Forteo® (teriparatide injection), which could permit
PF708 to be automatically substituted for Forteo in many states. In
October, we submitted a comparative use human factor study report
to the FDA as part of the package supporting a determination that
the products are therapeutically equivalent. We believe this
submission completes the information package required by the FDA to
make its decision on the “A” rating,” stated Eef Schimmelpennink,
Chief Executive Officer of Pfenex.
“This past year was a transformational period
for Pfenex. We moved towards being a business with an FDA approved
product nearing commercialization, and we generated milestone
revenue with certain of our development products. We have also been
moving to expand our pipeline through the use of our patented
Pfēnex Expression Technology platform. The Pfenex team has executed
on our strategy and as a result, in both the fourth quarter and
throughout 2019, we have achieved a number of milestones that
resulted in payments from our collaboration partners for each of
our three lead programs for an aggregate total of $31.1 million in
milestone payments for 2019. This revenue has allowed us to invest
in the advancement of PF708 and our broader portfolio of products,
and to evaluate the development of new programs through our
platform which we believe may help deliver long-term value to our
shareholders,” stated Mr. Schimmelpennink.
Business Review and Update
FDA-approved PF708 product and proposed
therapeutic equivalent to Forteo
During the fourth quarter of 2019, the FDA
approved the new drug application (NDA) for PF708 submitted under
the 505(b)(2) regulatory pathway, with Forteo® (teriparatide
injection) as the reference drug. Like Forteo, the FDA-approved
PF708 product is indicated for the treatment of osteoporosis in
certain patients at high risk of fracture.
In advance of a potential commercial launch in
the U.S., Pfenex and Alvogen, the Company’s U.S commercial partner,
are in the process of seeking FDA designation of PF708 as
therapeutically equivalent to Forteo, which, if achieved, would
permit PF708 to be automatically substituted for Forteo in many
states. The therapeutic equivalence rating for this product will be
primarily based on the FDA evaluating three distinct requirements
that center around showing pharmaceutical equivalence,
bioequivalence and human factors comparability. The Company
provided pharmaceutical equivalence and bioequivalence data as part
of the NDA for PF708. In the fourth quarter of 2019, Pfenex
submitted to the FDA a comparative use human factors (HF) study
report, as requested by the FDA, which we believe provides support
for an “A” rating. The HF study found that the user interface of
the PF708 product was noninferior to that of Forteo for each
critical user task evaluated in the study. Pfenex believes this
completes the information package required by the FDA to evaluate
the therapeutic equivalence of PF708. If PF708 is designated
as therapeutically equivalent to Forteo, Pfenex will be eligible to
receive up to an additional $20 million in support and regulatory
milestone payments from Alvogen, and may also be eligible to
receive from Alvogen a 50% gross profit split on sales. If rated
differently, the Company will be eligible to receive from Alvogen
up to a 40% gross profit split on sales.
In anticipation of the U.S. launch, Pfenex and
Alvogen are preparing commercial manufacturing, supply chain, and
commercialization activities for PF708. Alvogen is a global
pharmaceutical company with a track record of developing,
manufacturing and selling generic, brand, over-the-counter brands
(OTC) and biosimilar products for patients around the world.
Alvogen, which also has exclusive development
and commercialization rights for PF708 in the European Union (EU),
Middle East and North Africa (MENA) and the Rest-of-World
territories (except those licensed to NT Pharma), currently has
exclusive commercialization agreements for PF708 with Theramex in
Europe and Switzerland, PharmBio Korea in South Korea, JAMP Pharma
in Canada, and Kamada Ltd. in Israel. In the EU, the accepted
Marketing Authorization Application (MAA) for PF708 is under review
by the European Medicines Agency (EMA) and continues to make
progress. Pfenex believes PF708 could receive regulatory approval
as early as the second half of 2020, subject to granting of a
marketing authorization by the European Commission under the EU
centralized procedure and other factors. If approved, PF708 would
receive marketing authorization in all member states of the EU, as
well as in Iceland, Liechtenstein and Norway and be commercialized
by Alvogen’s partner Theramex. The MAA for PF708 was submitted by
Alvogen to the EMA as a biosimilar to Forsteo®, which achieved $253
million sales in the E.U. in 2019.
During the fourth quarter of 2019, Alvogen
submitted a Marketing Authorization Application to the Kingdom of
Saudi Arabia's Saudi FDA, and entered into exclusive
commercialization agreements for PF708 with PharmBio Korea in South
Korea and JAMP Pharma in Canada. Under the terms of these
agreements, Alvogen will be responsible for the local activities
through PharmBio and JAMP Pharma. Alvogen is currently working on
licensing agreements for additional territories.
In addition, Pfenex has granted an exclusive
license to NT Pharma to commercialize PF708 in Mainland China, Hong
Kong, Singapore, Malaysia and Thailand and a non-exclusive license
to conduct development activities in such territories with respect
to PF708.
Pfenex believes PF708 has the potential to
enhance patient access to an important therapy as a cost-effective
alternative to Forteo, which had $1.4 billion in global sales in
2019. In October, upon U.S. FDA approval of PF708, Pfenex
earned a $2.5 million milestone payment from Alvogen and recognized
an additional $2.5 million in revenue for the upfront payment from
Alvogen that had been previously deferred. The Company may also be
eligible to earn up to a $20 million milestone payment if the FDA
grants an “A” therapeutic equivalence rating to PF708.
Jazz Collaboration
Agreement
Pfenex announced in the fourth quarter of 2019
that it earned a $15 million development milestone payment under
its development and license agreement with Jazz Pharmaceuticals plc
(Jazz). The milestone is associated with process development
activities for PF745 (JZP-341), a long-acting recombinant Erwinia
asparaginase. Jazz announced in December 2019 that the first
patient was enrolled in a pivotal Phase 2/3 clinical study for
PF743 (JZP-458), a recombinant Erwinia asparaginase. Jazz has
reported that the study is expected to enroll approximately 100
patients with a planned interim analysis at approximately 50
patients. Jazz has indicated that enrollment for the study is
expected to be completed by the fourth quarter 2020. Jazz has
received fast track designation for PF743, and recently stated that
it anticipates filing the BLA as early as the Q4 of this year. This
study is being conducted in collaboration with Children's Oncology
Group.
Under the terms of the development and license
agreement, Pfenex is eligible to receive an aggregate total of up
to $224.5 million in development and sales milestone fees, of which
$162.5 million is still eligible to be received by Pfenex. This
includes up to $3.5 million for development milestones, $34 million
in regulatory milestones and $125 million in sales milestones.
Pfenex may also be eligible to receive tiered mid-single digit
royalties based on worldwide sales of any products resulting from
the collaboration.
CRM197
CRM197 is a non-toxic mutant of diphtheria
toxin. It is a well characterized protein and functions as a
carrier for polysaccharides and haptens, making them immunogenic.
CRM197 is currently being used by Pfenex’s vaccine development
focused pharmaceutical partners, including in multiple Phase 3
clinical studies by Merck & Co., Inc. (Merck) and the Serum
Institute of India Private Ltd. (SIIPL) for such diseases as
pneumococcal and meningitis bacterial infections.
Merck is using Pfenex’s CRM197 in its vaccines
including PCV-15 (V114), an investigational 15-valent polyvalent
conjugate vaccine for the prevention of pneumococcal disease,
currently in 15 Phase 3 studies. If approved, V114 is expected to
be positioned as a key product in the pneumococcal vaccine
market.
SIIPL is using Pfenex’s CRM197 in multiple
programs. SIIPL has developed a 10-valent pneumococcal conjugate
vaccine, Pneumosil, which utilizes our CRM197, and initiated the
process of World Health Organization prequalification for Pneumosil
in the first quarter of 2019. SIIPL achieved WHO prequalification
for their product in the fourth quarter of 2019 and is preparing to
make the product available for procurement by United Nations
agencies and the GAVI vaccine alliance. They are also completing a
phase 3 clinical trial that will support a regulatory submission in
India. Pfenex is eligible to receive a tiered royalty payment based
upon net sales for both products, subject to regulatory
approval.
Arcellx - sparX Protein Development
Agreement
In August 2019, Pfenex announced its
development, evaluation and license agreement with Arcellx which
provides access to the Pfēnex Expression Technology platform to
advance Arcellx’s proprietary sparX proteins that activate, silence
and reprogram antigen-receptor complex T cell-based therapies.
Under the terms of the agreement, Pfenex is eligible to receive
development funding in addition to development, regulatory and
commercial milestones ranging from $2.6 million to $18 million for
each product incorporating a sparX protein expressed using the
Pfēnex Expression Technology, as well as royalties on worldwide
sales of any such products. Pfenex has completed the
development of both sparX 1 (PF753) and sparX 2 (PF754), and
Arcellx has opted in to the commercial license for both production
strains. Pfenex looks forward to providing updates on this
collaboration.
Financial Highlights for the Fourth
Quarter and Full Year 2019
Total Revenue increased by
$21.0 million, or 628%, to $24.4 million in the three-month period
ended December 31, 2019, compared to $3.4 million in the same
period in 2018. The increase in revenue for the quarter was
primarily due to a $15 million development milestone achieved
during the quarter related to the Jazz collaboration agreement,
$5.0 million earned from Alvogen for FDA approval of our NDA for
PF708, and increased product sales of CRM197. For the full year,
revenue increased by $35.4 million, or 239%, from
$14.9 million in 2018 to $50.3 million in 2019. The
increase in revenue primarily resulted from $26 million in
development milestones achieved from the collaboration agreement
with Jazz, Alvogen milestone and sublicensing revenue of $11
million, and revenue from Arcellx and CRM197 product sales. The
increase was partially offset by a decrease in revenue from BARDA
and recognized revenue from Jazz that was previously deferred, as
the upfront payment from Jazz was fully amortized in mid-2019.
Cost of Revenue was static at
$1.1 million for both the three-month periods ended December 31,
2019 and 2018. Decreases resulting from reduced activity from the
BARDA program were offset by increases from CRM197 product sales.
For the full year, cost of revenue decreased by $0.1 million,
or 3%, to $4.9 million in 2019 compared to $5.0 million
in 2018. The change was driven by a decline in BARDA activity,
offset by increases resulting from work on Arcellx, as well as
greater CRM197 product sales.
Research and development
expenses increased by approximately $0.6 million, or 12%,
to $5.9 million in the three-month period ended December 31, 2019,
compared to $5.3 million in same period in 2018. The increase was
primarily due to new research projects, partially offset by a
decrease in costs related to PF708, as the majority of the work
performed to support the NDA filing was completed in late 2018. For
the full year, research and development expenses decreased by
approximately $8.4 million, or 25%, to $25.5 million in
2019 compared to $33.9 million in 2018. The decrease was
chiefly due to the reduction of labor and subcontractor costs, as
the majority of the work performed to support the PF708 NDA filing
was completed in late 2018.
Selling, general and administrative
expenses increased by approximately $1.9 million, or 50%,
to $5.9 million in the three-month period ended December 31, 2019,
compared to $3.9 million in the same period in 2018. The increases
were primarily due to higher expenses related to legal and
consulting fees, employee costs and the expansion of business
development efforts. For the full year, selling, general and
administrative expenses increased by $3.3 million, or 21%, to
$19.1 million in 2019 compared to $15.8 million in 2018.
The increase was primarily driven by higher legal and audit fees,
employee costs and the expansion of business development
efforts.
Cash and cash equivalents as of
December 31, 2019, were $55.6 million. In addition, in two separate
transactions in the first months of 2020, Pfenex utilized its ATM
facility to place approximately 1.8 million shares for approximate
net proceeds of $19.4 million. Pfenex believes that its existing
cash and cash equivalents and cash inflow from operations will be
sufficient to meet Pfenex’s anticipated cash needs for at least the
next 12 months.
Conference Call
Information
The Pfenex management will host a conference
call and webcast today at 4:30 PM Eastern Time. Participants may
access the call by dialing 866-376-8058 (Domestic) or 412-542-4131
(International). The call will also be webcast and can be accessed
from the Investors section of the Company’s website at
www.pfenex.com or
https://www.webcaster4.com/Webcast/Page/1061/33397
A replay of the call will also be available
through March 18th. Participants may access the replay of the call
by dialing 877-344-7529 (Domestic) or 412-317-0088 (International)
and providing the conference ID number: 10139830.
About
PF708
PF708 was approved in the U.S. under the
505(b)(2) regulatory pathway, with Forteo® (teriparatide injection)
as the reference drug. The FDA-approved PF708 product is
indicated for the treatment of osteoporosis in certain patients at
high risk for fracture. Pursuant to the Development and
License Agreement with Alvogen, Alvogen is responsible for
commercializing and manufacturing PF708 in the U.S. and for
fulfilling all regulatory requirements associated with maintaining
the PF708 NDA. Alvogen also has exclusive rights to commercialize
and manufacture PF708 in the EU, certain countries in the Middle
East and North Africa (MENA), and the Rest of World (ROW)
territories (the latter defined as all countries outside of the EU,
U.S. and MENA, excluding Mainland China, Hong Kong, Singapore,
Malaysia and Thailand). A marketing authorization application for
PF708 has been filed and accepted with the EMA using the biosimilar
pathway with Forsteo® as the reference medicinal product and has
been filed with the Kingdom of Saudi Arabia's Saudi Food and Drug
Authority (SFDA). Pursuant to the Development and License Agreement
with NT Pharma Group Company Ltd. (NT Pharma), we granted an
exclusive license to NT Pharma to commercialize PF708 in Mainland
China, Hong Kong, Singapore, Malaysia and Thailand and a
non-exclusive license to conduct development activities in such
territories with respect to PF708. Forteo® and Forsteo® are
approved and marketed by Eli Lilly companies for the treatment of
osteoporosis in certain patients with a high risk of fracture.
Forteo® and Forsteo® achieved $1.4 billion in global product sales
in 2019.
About Pfenex Inc.
Pfenex is a development and licensing
biotechnology company focused on leveraging its proprietary protein
production platform, Pfēnex Expression Technology®, to develop next
generation and novel protein therapeutics to meaningfully improve
existing therapies and create novel therapies for some of the
biological targets linked to critical diseases still waiting to
successfully be addressed. Using the patented Pfēnex Expression
Technology platform, Pfenex has created a broad pipeline that is
diversified across multiple assets, including U.S. Food and Drug
Administration (FDA) approved, next generation and novel
biopharmaceutical products. Pfenex’s lead product candidate
is PF708, a therapeutic equivalent candidate to Forteo®
(teriparatide injection). PF708 has been approved in the U.S. for
the treatment of osteoporosis in certain patients at high risk for
fracture, and marketing authorization applications are pending in
other jurisdictions. In addition, Pfenex is developing hematologic
oncology products in collaboration with Jazz Pharmaceuticals,
including PF743, a recombinant Erwinia asparaginase, and PF745, a
half-life extended recombinant Erwinia asparaginase. Pfenex also
uses its Pfēnex Expression Technology platform to produce CRM197, a
diphtheria toxoid carrier protein for use in prophylactic and
therapeutic vaccines.
Pfenex investors and others should note that
Pfenex announces material information to the public about Pfenex
through a variety of means, including its website
(http://www.pfenex.com/), its investor relations website
(http://pfenex.investorroom.com/), press releases, SEC filings,
public conference calls, corporate Twitter account
(https://twitter.com/pfenex), Facebook page
(https://www.facebook.com/Pfenex-Inc-105908276167776/timeline/),
and LinkedIn page (https://www.linkedin.com/company/pfenex-inc) in
order to achieve broad, non-exclusionary distribution of
information to the public and to comply with its disclosure
obligations under Regulation FD. Pfenex encourages its investors
and others to monitor and review the information Pfenex makes
public in these locations as such information could be deemed to be
material information. Please note that this list may be updated
from time to time.
Cautionary Note Regarding
Forward-Looking Statement
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally relate to
future events or Pfenex's future financial or operating
performance. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“target,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential” or “continue” or the negative of these
words or other similar terms or expressions that concern Pfenex's
future expectations, strategy, plans or intentions. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the future potential of Pfenex’s product
candidates and the company in general, including future plans to
advance, develop, manufacture and commercialize its product
candidates; the timing of the potential commercial launch of PF708
in the U.S.; Pfenex’s expectations with respect to the sufficiency
of its cash resources; regulatory developments, including the
potential timing of marketing authorization in the E.U. for PF708;
potential market opportunities for PF708 and Pfenex’s other product
candidates, including the benefits of use of such products;
Pfenex's expectations regarding the timing and advancement of
clinical trials and studies and the types of future clinical trials
and studies for its product candidates and product candidates under
the Jazz collaboration; Pfenex's expectations with regard to future
milestones, royalty payments, and reimbursements from Pfenex’s
collaborations with Jazz Pharmaceuticals, Alvogen, and its other
collaboration partners; Pfenex's expectations with respect to its
agreements with Merck, SIIPL and Arcellx, including its potential
to receive milestone and royalty payments; and Pfenex’s belief that
the comparative use human factors study report completes the
information package required by the FDA to evaluate therapeutic
equivalence. Pfenex’s expectations and beliefs regarding these
matters may not materialize, and actual results in future periods
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Actual results
may differ materially from those indicated by these forward-looking
statements as a result of the uncertainties inherent in the
clinical drug development process, including, without limitation,
the FDA may disagree that the human factors study report completes
the information package and is sufficient to evaluate therapeutic
equivalence; the FDA may not agree with Pfenex's interpretation of
the results of the human factors study and may not grant an “A”
therapeutic equivalence designation for PF708; Pfenex's ability to
successfully demonstrate the efficacy and safety of its product
candidates; the pre-clinical and clinical results for its product
candidates, which may not support further development of product
candidates or may require Pfenex to conduct additional clinical
trials or modify ongoing clinical trials or regulatory pathways;
challenges related to commencement, patient enrollment, completion,
and analysis of clinical trials; difficulties in achieving and
demonstrating biosimilarity in formulations; Pfenex's ability to
manage operating expenses; Pfenex's ability to obtain additional
funding to support its business activities and establish and
maintain strategic business alliances and new business initiatives;
Pfenex's dependence on third parties for development,
manufacturing, marketing, sales and distribution of products;
unexpected expenditures; litigation and other proceedings regarding
intellectual property rights; and difficulties in obtaining and
maintaining intellectual property protection for its product
candidates. Information on these and additional risks,
uncertainties, and other information affecting Pfenex's business
and operating results is contained in Pfenex’s Annual Report on
Form 10-K for the year ended December 31, 2019 to be filed with the
Securities and Exchange Commission and in its other filings with
the Securities and Exchange Commission. The forward-looking
statements in this press release are based on information available
to Pfenex as of the date hereof, and Pfenex disclaims any
obligation to update any forward-looking statements, except as
required by law.
Company
Contact:InvestorRelations@pfenex.com
PFENEX INC. Consolidated
Statements of Operations (unaudited)
|
Years Ended December 31, |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
(in thousands except for per share data) |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
License and service revenue |
$ |
44,497 |
|
|
$ |
13,762 |
|
|
$ |
27,578 |
|
Product revenue |
|
5,829 |
|
|
|
1,095 |
|
|
|
1,202 |
|
Total revenue |
|
50,326 |
|
|
|
14,857 |
|
|
|
28,780 |
|
Cost of
revenue |
|
|
|
|
|
|
|
|
|
|
|
License and service |
$ |
3,042 |
|
|
$ |
4,454 |
|
|
$ |
4,524 |
|
Product |
|
1,849 |
|
|
|
568 |
|
|
|
632 |
|
Total cost of revenue |
|
4,891 |
|
|
|
5,022 |
|
|
|
5,156 |
|
Gross profit |
|
45,435 |
|
|
|
9,835 |
|
|
|
23,624 |
|
Operating
expense |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
25,533 |
|
|
|
33,854 |
|
|
|
31,925 |
|
Selling, general and administrative |
|
19,078 |
|
|
|
15,832 |
|
|
|
17,674 |
|
Total operating expense |
|
44,611 |
|
|
|
49,686 |
|
|
|
49,599 |
|
Income (loss) from
operations |
|
824 |
|
|
|
(39,851 |
) |
|
|
(25,975 |
) |
Other income, net |
|
235 |
|
|
|
258 |
|
|
|
119 |
|
Net income (loss) before
income taxes |
|
1,059 |
|
|
|
(39,593 |
) |
|
|
(25,856 |
) |
Income tax (provision) benefit |
|
(1 |
) |
|
|
— |
|
|
|
172 |
|
Net income (loss) |
$ |
1,058 |
|
|
$ |
(39,593 |
) |
|
$ |
(25,684 |
) |
Net income (loss) per common
share, basic and diluted |
$ |
0.03 |
|
|
$ |
(1.40 |
) |
|
$ |
(1.09 |
) |
Weighted-average common shares
used to compute net income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
31,602 |
|
|
|
28,340 |
|
|
|
23,503 |
|
Diluted |
|
32,373 |
|
|
|
28,340 |
|
|
|
23,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PFENEX
INC. Consolidated Balance Sheets
|
December 31, |
|
|
2019 |
|
|
2018 |
|
|
(in thousands) |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
55,624 |
|
|
$ |
56,220 |
|
Restricted cash |
|
200 |
|
|
|
200 |
|
Accounts and unbilled receivables, net |
|
5,628 |
|
|
|
5,171 |
|
Other current assets |
|
2,308 |
|
|
|
2,058 |
|
Total current assets |
|
63,760 |
|
|
|
63,649 |
|
Property and equipment,
net |
|
7,744 |
|
|
|
7,671 |
|
Right-of-use asset |
|
3,903 |
|
|
|
— |
|
Other long-term assets |
|
170 |
|
|
|
133 |
|
Intangible assets, net |
|
3,733 |
|
|
|
4,248 |
|
Goodwill |
|
5,577 |
|
|
|
5,577 |
|
Total assets |
$ |
84,887 |
|
|
$ |
81,278 |
|
Liabilities and
Stockholders’
Equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
673 |
|
|
$ |
2,005 |
|
Accrued liabilities |
|
7,351 |
|
|
|
9,812 |
|
Current portion of deferred revenue |
|
75 |
|
|
|
5,317 |
|
Lease liabilities – short-term |
|
951 |
|
|
|
— |
|
Current portion of capital lease obligations |
|
— |
|
|
|
316 |
|
Other current liabilities |
|
616 |
|
|
|
— |
|
Total current liabilities |
|
9,666 |
|
|
|
17,450 |
|
Deferred revenue, less current
portion |
|
— |
|
|
|
2,500 |
|
Lease liabilities –
long-term |
|
2,896 |
|
|
|
— |
|
Capital lease obligations,
less current portion |
|
— |
|
|
|
191 |
|
Other non-current
liabilities |
|
26 |
|
|
|
— |
|
Total liabilities |
|
12,588 |
|
|
|
20,141 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no
shares issued and outstanding |
|
— |
|
|
|
— |
|
Common stock, par value $0.001, 200,000,000 shares authorized
atDecember 31, 2019 and 2018, respectively, 32,266,708 and
31,467,580 shares issued and outstanding at December 31, 2019
and 2018, respectively |
|
33 |
|
|
|
32 |
|
Additional paid-in capital |
|
270,008 |
|
|
|
262,405 |
|
Accumulated deficit |
|
(197,742 |
) |
|
|
(201,300 |
) |
Total stockholders’ equity |
|
72,299 |
|
|
|
61,137 |
|
Total liabilities and stockholders’ equity |
|
84,887 |
|
|
$ |
81,278 |
|
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