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| | | | S-iii | | | |
| | | | S-1 | | | |
| | | | S-4 | | | |
| | | | S-6 | | | |
| | | | S-8 | | | |
| | | | S-11 | | | |
| | | | S-13 | | | |
| | | | S-14 | | | |
| | | | S-15 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-21 | | | |
| | | | S-31 | | | |
| | | | S-31 | | | |
| | | | S-31 | | |
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(in thousands, except per share data)
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2019
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2020
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2021
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Three
months ended December 31, 2020 |
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Three
months ended December 31, 2021 |
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Consolidated statements of operations
and comprehensive loss data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 54,385 | | | | | $ | 90,100 | | | | | $ | 132,333 | | | | | $ | 28,161 | | | | | $ | 42,018 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 47,426 | | | | | | 61,406 | | | | | | 80,620 | | | | | | 18,162 | | | | | | 27,355 | | |
Research and development
|
| | | | 35,683 | | | | | | 43,006 | | | | | | 69,072 | | | | | | 14,000 | | | | | | 22,739 | | |
Selling, general and administrative
|
| | | | 80,126 | | | | | | 103,267 | | | | | | 135,901 | | | | | | 28,792 | | | | | | 44,755 | | |
Change in fair value of acquisition consideration
|
| | | | — | | | | | | — | | | | | | (534) | | | | | | — | | | | | | (774) | | |
Litigation settlement
|
| | | | — | | | | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | |
Total operating expenses
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| | | $ | 163,235 | | | | | $ | 230,179 | | | | | $ | 285,059 | | | | | | 60,954 | | | | | | 94,075 | | |
Loss from operations
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| | | $ | (108,850) | | | | | $ | (140,079) | | | | | $ | (152,726) | | | | | | (32,793) | | | | | | (52,057) | | |
Interest income
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| | | | 3,032 | | | | | | 1,499 | | | | | | 435 | | | | | | 134 | | | | | | 154 | | |
Interest expense
|
| | | | (1,294) | | | | | | (787) | | | | | | (367) | | | | | | (118) | | | | | | (27) | | |
Other income (expense), net
|
| | | | (265) | | | | | | (182) | | | | | | (1,370) | | | | | | (77) | | | | | | (61) | | |
Loss before income taxes
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| | | $ | (107,377) | | | | | $ | (139,549) | | | | | | (154,028) | | | | | | (32,854) | | | | | | (51,991) | | |
Benefit from (provision for) income taxes
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| | | | (292) | | | | | | (382) | | | | | | 1,930 | | | | | | (46) | | | | | | (116) | | |
Net loss attributable to common stockholders
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| | | $ | (107,669) | | | | | $ | (139,931) | | | | | $ | (152,098) | | | | | | (32,900) | | | | | | (52,107) | | |
Other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in unrealized gain (loss) on investments
|
| | | | 49 | | | | | | (34) | | | | | | (14) | | | | | | (8) | | | | | | 277 | | |
Foreign currency translation adjustment
|
| | | | 45 | | | | | | (60) | | | | | | 473 | | | | | | 63 | | | | | | (94) | | |
Comprehensive loss
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| | | $ | (107,575) | | | | | $ | (140,025) | | | | | $ | (151,639) | | | | | $ | (32,845) | | | | | $ | (51,924) | | |
Net loss per share attributable to common stockholders – basic and diluted(1)
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| | | $ | (3.92) | | | | | $ | (3.57) | | | | | $ | (3.15) | | | | | $ | (0.72) | | | | | $ | (1.04) | | |
Weighted average shares used in computing net loss per
share attributable to common stockholders – basic and diluted(1) |
| | | | 27,462 | | | | | | 39,189 | | | | | | 48,251 | | | | | | 46,000 | | | | | | 49,912 | | |
(In thousands)
(unaudited) |
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As of September 30,
2021 |
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As of December 31,
2021 |
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Consolidated balance sheet data: | | | | | | | | | | | | | |
Cash, cash equivalents, and short-term investments
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| | | $ | 477,863 | | | | | $ | 191,624 | | |
Working capital
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| | | | 483,443 | | | | | | 304,973 | | |
Total assets
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| | | | 702,097 | | | | | | 683,983 | | |
Total liabilities
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| | | | 121,276 | | | | | | 138,350 | | |
Additional paid-in capital
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| | | | 1,190,828 | | | | | | 1,207,930 | | |
Accumulated deficit
|
| | | | (610,553) | | | | | | (662,660) | | |
Total stockholders’ equity
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| | | | 580,821 | | | | | | 545,633 | | |
(In thousands, except share and per share data)
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As of December 31, 2021
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Actual
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As adjusted
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Cash, cash equivalents and short-term investments
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| | | $ | 188,219 | | | | | $ | | | |
Long-term debt, net of current portion
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| | | $ | — | | | | | $ | — | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Preferred stock, $0.00001 par value – 10,000,000 shares authorized; no shares
issued or outstanding |
| | | | — | | | | | | — | | |
Common stock, $0.00001 par value – 100,000,000 shares authorized, 50,735 shares issued and outstanding, actual; 100,000,000 shares authorized, shares issued and outstanding, as adjusted
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 1,207,930 | | | | | | | | |
Accumulated other comprehensive income
|
| | | | 363 | | | | | | | | |
Accumulated deficit
|
| | | | (662,660) | | | | | | | | |
Total stockholders’ equity
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| | | $ | 545,633 | | | | | | | | |
Total capitalization
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| | | $ | 683,983 | | | | | $ | | | |
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Public offering price per share
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| | | | | | | | | $ | | | |
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Historical net tangible book value per share as of December 31, 2021
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| | | $ | 9.42 | | | | | | | | |
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Increase in net tangible book value per share attributable to this offering
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| | | | | | | | | | | | |
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As-adjusted net tangible book value per share after giving effect to this offering
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| | | | | | | | | | | | |
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Dilution per share to new investors participating in this offering
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| | | | | | | | | $ | | | |
Name
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Number of
shares |
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J.P. Morgan Securities LLC
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Goldman Sachs & Co. LLC
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Cowen and Company, LLC
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William Blair & Company, L.L.C.
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Total
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Without
exercise of option to purchase additional shares |
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With full
exercise of option to purchase additional shares |
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Per share sold by us
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| | | $ | | | | | $ | | | ||
Total
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| | | $ | | | | | $ | | | |
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J.P. Morgan
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Goldman Sachs & Co. LLC
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Cowen
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William Blair
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