| | |
Per share
|
| |
Total
|
| ||||||
Public offering price | | | | $ | 55.00 | | | | | $ | 249,999,970 | | |
Underwriting discounts and commissions(1) | | | | $ | 3.30 | | | | | $ | 14,999,998 | | |
Proceeds, before expenses, to us | | | | $ | 51.70 | | | | | $ | 234,999,972 | | |
| J.P. Morgan | | | | | | | | | | ||||
| | | |
Goldman Sachs & Co. LLC
|
| | | | ||||||
| | | | | | |
Cowen
|
| | | ||||
| | | | | | | | | | | | |
William Blair
|
|
| | |
Page
|
| |||
| | | | 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 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 11 | | | |
| | | | | 12 | | | |
| | | | | 13 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| | | | | 15 | | | |
| | | | | 15 | | | |
| | | | | 16 | | |
(in thousands, except per share data)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
Three
months ended December 31, 2020 |
| |
Three
months ended December 31, 2021 |
| |||||||||||||||
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 | | | | | | 27,056 | | |
Research and development
|
| | | | 35,683 | | | | | | 43,006 | | | | | | 69,072 | | | | | | 14,000 | | | | | | 22,630 | | |
Selling, general and administrative
|
| | | | 80,126 | | | | | | 103,267 | | | | | | 135,901 | | | | | | 28,792 | | | | | | 51,098 | | |
Change in fair value of acquisition consideration
|
| | | | — | | | | | | — | | | | | | (534) | | | | | | — | | | | | | (2,826) | | |
Litigation settlement
|
| | | | — | | | | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | |
Total operating expenses
|
| | | $ | 163,235 | | | | | $ | 230,179 | | | | | $ | 285,059 | | | | | | 60,954 | | | | | | 97,958 | | |
Loss from operations
|
| | | $ | (108,850) | | | | | $ | (140,079) | | | | | $ | (152,726) | | | | | | (32,793) | | | | | | (55,940) | | |
Interest income
|
| | | | 3,032 | | | | | | 1,499 | | | | | | 435 | | | | | | 134 | | | | | | 154 | | |
Interest expense
|
| | | | (1,294) | | | | | | (787) | | | | | | (367) | | | | | | (118) | | | | | | (26) | | |
Other income (expense), net
|
| | | | (265) | | | | | | (182) | | | | | | (1,370) | | | | | | (77) | | | | | | (156) | | |
Loss before income taxes
|
| | | $ | (107,377) | | | | | $ | (139,549) | | | | | | (154,028) | | | | | | (32,854) | | | | | | (55,968) | | |
Benefit from (provision for) income taxes
|
| | | | (292) | | | | | | (382) | | | | | | 1,930 | | | | | | (46) | | | | | | 10,405 | | |
Net loss attributable to common stockholders
|
| | | $ | (107,669) | | | | | $ | (139,931) | | | | | $ | (152,098) | | | | | | (32,900) | | | | | | (45,563) | | |
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
|
| | | $ | (107,575) | | | | | $ | (140,025) | | | | | $ | (151,639) | | | | | $ | (32,845) | | | | | $ | (45,380) | | |
Net loss per share attributable to common stockholders – basic and diluted(1)
|
| | | $ | (3.92) | | | | | $ | (3.57) | | | | | $ | (3.15) | | | | | $ | (0.72) | | | | | $ | (0.91) | | |
Weighted average shares used in computing net loss per
share attributable to common stockholders – basic and diluted(1) |
| | | | 27,462 | | | | | | 39,190 | | | | | | 48,251 | | | | | | 46,000 | | | | | | 49,912 | | |
(In thousands)
(unaudited) |
| |
As of September 30,
2021 |
| |
As of December 31,
2021 |
| ||||||
Consolidated balance sheet data: | | | | | | | | | | | | | |
Cash, cash equivalents, and short-term investments
|
| | | $ | 477,863 | | | | | $ | 301,859 | | |
Working capital
|
| | | | 483,443 | | | | | | 304,973 | | |
Total assets
|
| | | | 702,097 | | | | | | 786,167 | | |
Total liabilities
|
| | | | 121,276 | | | | | | 159,989 | | |
Additional paid-in capital
|
| | | | 1,190,828 | | | | | | 1,281,931 | | |
Accumulated deficit
|
| | | | (610,553) | | | | | | (656,116) | | |
Total stockholders’ equity
|
| | | | 580,821 | | | | | | 626,178 | | |
(In thousands, except share and per share data)
|
| |
As of December 31, 2021
|
| |||||||||
|
Actual
|
| |
As adjusted
|
| ||||||||
Cash, cash equivalents and short-term investments
|
| | | $ | 301,859 | | | | | $ | 536,039 | | |
Long-term debt, net of current portion
|
| | | $ | — | | | | | $ | — | | |
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, 50,734,544 shares issued and outstanding, actual; 100,000,000 shares authorized, 55,279,998 shares issued and outstanding, as adjusted
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 1,281,931 | | | | | | 1,516,111 | | |
Accumulated other comprehensive income
|
| | | | 363 | | | | | | 363 | | |
Accumulated deficit
|
| | | | (656,116) | | | | | | (656,116) | | |
Total stockholders’ equity
|
| | | | 626,178 | | | | | | 860,358 | | |
Total capitalization
|
| | | $ | 626,178 | | | | | $ | 860,358 | | |
|
Public offering price per share
|
| | | | | | | | | $ | 55.00 | | |
|
Historical net tangible book value per share as of December 31, 2021
|
| | | $ | 9.42 | | | | | | | | |
|
Increase in net tangible book value per share attributable to this offering
|
| | | | 3.46 | | | | | | | | |
|
As-adjusted net tangible book value per share after giving effect to this offering
|
| | | | | | | | | | 12.88 | | |
|
Dilution per share to new investors participating in this offering
|
| | | | | | | | | $ | 42.12 | | |
Name
|
| |
Number of
shares |
| |||
J.P. Morgan Securities LLC
|
| | | | 1,590,909 | | |
Goldman Sachs & Co. LLC
|
| | | | 1,204,545 | | |
Cowen and Company, LLC
|
| | | | 1,113,636 | | |
William Blair & Company, L.L.C.
|
| | | | 636,364 | | |
Total
|
| | | | 4,545,454 | | |
| | |
Without
exercise of option to purchase additional shares |
| |
With full
exercise of option to purchase additional shares |
| ||||||
Per share sold by us
|
| | | $ | 3.30 | | | | | $ | 3.30 | | |
Total
|
| | | $ | 14,999,998 | | | | | $ | 17,249,998 | | |
| | |
Page
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| | | | 5 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
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| | | | 12 | | | |
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| | | | 14 | | | |
| | | | 15 | | | |
| | | | 15 | | | |
| | | | 15 | | | |
| | | | 16 | | |
|
J.P. Morgan
|
| | | | | | | | ||
| | | |
Goldman Sachs & Co. LLC
|
| | | ||||
| | | | | | |
Cowen
|
| | ||
| | | | | | | | | |
William Blair
|
|
| | |
Security
Type |
| |
Security
Class Title |
| |
Fee
Calculation or Carry Forward Rule |
| |
Amount
Registered |
| |
Proposed
Maximum Offering Price Per Unit |
| |
Maximum
Aggregate Offering Price |
| |
Fee
Rate |
| |
Amount of
Registration Fee |
| |
Carry
Forward Form Type |
| |
Carry
Forward File Number |
| |
Carry
Forward Initial effective date |
| |
Filing Fee
Previously Paid In Connection with Unsold Securities to be Carried Forward |
|
| | |
Newly Registered Securities
|
| |||||||||||||||||||||||||||||||||
Fees to Be Paid
|
| |
Equity
|
| |
Common
Stock, $0.00001 par value per share |
| |
457(r)
|
| |
5,227,272(1)
|
| |
$55.00
|
| |
$287,499,960
|
| |
.0000927
|
| |
$26,651.25(2)
|
| | | | | | | | | | | | |
Fees Previously Paid
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| | | | |
—
|
| | | | | | | | | | | | |
| | |
Carry Forward Securities
|
| |||||||||||||||||||||||||||||||||
CarryForward Securities
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| | | | |
—
|
| | | | | | | |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Total Offering Amounts
|
| | | | | | | | | | | | | | | | |
$287,499,960
|
| | | | |
$26,651.25
|
| | | | | | | | | | | | |
Total Fees Previously Paid
|
| | | | | | | | | | | | | | | | | | | | | | |
—
|
| | | | | | | | | | | | |
Total Fee Offsets
|
| | | | | | | | | | | | | | | | | | | | | | |
—
|
| | | | | | | | | | | | |
Net Fee Due
|
| | | | | | | | | | | | | | | | | | | | | | |
$26,651.25
|
| | | | | | | | | | | | |