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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended JUNE 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period                  to                 

Commission File Number 001-36365

 

SCYNEXIS, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

56-2181648

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1 Evertrust Plaza, 13th Floor

Jersey City, New Jersey

 

07302-6548

(Address of principal executive offices)

 

(Zip Code)

 

(201)-884-5485

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

SCYX

Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

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.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 


As of August 1, 2022, there were 32,651,778 shares of the registrant’s Common Stock outstanding.

 

 

 


Table of Contents

 

 

SCYNEXIS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

PART I FINANCIAL INFORMATION

 

1

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

 

 

Unaudited Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

 

1

 

 

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021

 

2

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

 

3

 

 

Notes to the Condensed Consolidated Financial Statements (unaudited)

 

4

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

32

Item 4.

 

Controls and Procedures

 

32

 

 

 

PART II OTHER INFORMATION

 

33

 

 

 

 

 

Item 1A.

 

Risk Factors

 

33

Item 6.

 

Exhibits

 

34

 

 

 

Signatures

 

35

 

 

 

 


Table of Contents

 

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements.

SCYNEXIS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

118,691

 

 

$

104,484

 

Prepaid expenses and other current assets

 

 

4,145

 

 

 

3,569

 

Accounts receivable, net

 

 

2,211

 

 

 

861

 

Inventory

 

 

629

 

 

 

463

 

Total current assets

 

 

125,676

 

 

 

109,377

 

Other assets

 

 

6,082

 

 

 

6,235

 

Deferred offering costs

 

 

73

 

 

 

150

 

Restricted cash

 

 

218

 

 

 

218

 

Intangible assets, net

 

 

866

 

 

 

1,056

 

Operating lease right-of-use asset (See Note 7)

 

 

2,697

 

 

 

2,801

 

Total assets

 

$

135,612

 

 

$

119,837

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

9,960

 

 

$

7,848

 

Accrued expenses

 

 

5,396

 

 

 

5,698

 

Other liabilities, current portion (See Note 6)

 

 

457

 

 

 

 

Operating lease liability, current portion (See Note 7)

 

 

199

 

 

 

70

 

Total current liabilities

 

 

16,012

 

 

 

13,616

 

Other liabilities (See Note 6)

 

 

5,061

 

 

 

3,345

 

Warrant liabilities

 

 

21,232

 

 

 

18,062

 

Convertible debt and derivative liability (See Note 6)

 

 

10,817

 

 

 

11,607

 

Loan payable

 

 

33,939

 

 

 

28,745

 

Operating lease liability (See Note 7)

 

 

3,071

 

 

 

3,204

 

Total liabilities

 

 

90,132

 

 

 

78,579

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, authorized 5,000,000 shares as of June 30, 2022 and December 31, 2021; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 32,596,403 and 28,705,334 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

36

 

 

 

32

 

Additional paid-in capital

 

 

423,719

 

 

 

400,705

 

Accumulated deficit

 

 

(378,275

)

 

 

(359,479

)

Total stockholders’ equity

 

 

45,480

 

 

 

41,258

 

Total liabilities and stockholders’ equity

 

$

135,612

 

 

$

119,837

 

 

The accompanying notes are an integral part of the financial statements.

1


Table of Contents

 

SCYNEXIS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

 

$

1,323

 

 

$

 

 

$

2,010

 

 

$

 

License agreement revenue

 

 

 

 

 

 

 

 

 

 

 

12,050

 

Total revenue

 

 

1,323

 

 

 

 

 

 

2,010

 

 

 

12,050

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

 

144

 

 

 

 

 

 

243

 

 

 

 

Research and development

 

 

7,131

 

 

 

4,734

 

 

 

12,980

 

 

 

11,682

 

Selling, general and administrative

 

 

15,786

 

 

 

12,774

 

 

 

30,262

 

 

 

19,468

 

Total operating expenses

 

 

23,061

 

 

 

17,508

 

 

 

43,485

 

 

 

31,150

 

Loss from operations

 

 

(21,738

)

 

 

(17,508

)

 

 

(41,475

)

 

 

(19,100

)

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

2,725

 

Amortization of debt issuance costs and discount

 

 

421

 

 

 

269

 

 

 

799

 

 

 

525

 

Interest income

 

 

(181

)

 

 

(6

)

 

 

(193

)

 

 

(12

)

Interest expense

 

 

1,231

 

 

 

445

 

 

 

2,291

 

 

 

659

 

Other income

 

 

 

 

 

(3

)

 

 

(2

)

 

 

(2

)

Warrant liabilities fair value adjustment

 

 

(9,682

)

 

 

(15,271

)

 

 

(19,712

)

 

 

(16,567

)

Derivative liabilities fair value adjustment

 

 

(182

)

 

 

(462

)

 

 

(1,162

)

 

 

(372

)

Total other income

 

 

(8,393

)

 

 

(15,028

)

 

 

(17,979

)

 

 

(13,044

)

Loss before taxes

 

 

(13,345

)

 

 

(2,480

)

 

 

(23,496

)

 

 

(6,056

)

Income tax benefit

 

 

 

 

 

(4,138

)

 

 

(4,700

)

 

 

(3,038

)

Net (loss) income

 

$

(13,345

)

 

$

1,658

 

 

$

(18,796

)

 

$

(3,018

)

Net (loss) income per share attributable to common stockholders – basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share – basic

 

$

(0.31

)

 

$

0.06

 

 

$

(0.50

)

 

$

(0.12

)

Net loss per share attributable to common stockholders – diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – diluted

 

$

(0.31

)

 

$

(0.22

)

 

$

(0.50

)

 

$

(0.44

)

Weighted average common shares outstanding – basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

43,285,232

 

 

 

26,015,292

 

 

 

37,647,535

 

 

 

25,909,457

 

Diluted

 

 

43,285,232

 

 

 

26,487,973

 

 

 

37,647,535

 

 

 

26,505,808

 

 

The accompanying notes are an integral part of the financial statements.

2


Table of Contents

 

SCYNEXIS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(18,796

)

 

$

(3,018

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

301

 

 

 

85

 

Stock-based compensation expense

 

 

2,022

 

 

 

940

 

Amortization of debt issuance costs and discount

 

 

799

 

 

 

525

 

Change in fair value of warrant liabilities

 

 

(19,712

)

 

 

(16,567

)

Change in fair value of derivative liabilities

 

 

(1,162

)

 

 

(372

)

Noncash operating lease expense for right-of-use asset

 

 

104

 

 

 

100

 

Loss on extinguishment of debt

 

 

 

 

 

2,725

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses, accounts receivable, inventory, and other

 

 

(2,248

)

 

 

1,914

 

Accounts payable, accrued expenses, other liabilities, and other

 

 

4,123

 

 

 

1,214

 

Net cash used in operating activities

 

 

(34,569

)

 

 

(12,454

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of intangible assets

 

 

(9

)

 

 

(251

)

Net cash used in by investing activities

 

 

(9

)

 

 

(251

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from common stock issued

 

 

47,153

 

 

 

3,431

 

Payments of offering costs and underwriting discounts and commissions

 

 

(3,352

)

 

 

(78

)

Proceeds from loan payable

 

 

5,000

 

 

 

30,000

 

Payments of loan payable issuance costs

 

 

(26

)

 

 

(1,253

)

Proceeds from employee stock purchase plan issuances

 

 

10

 

 

 

9

 

Net cash provided by financing activities

 

 

48,785

 

 

 

32,109

 

Net increase in cash, cash equivalents, and restricted cash

 

 

14,207

 

 

 

19,404

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

104,702

 

 

 

93,314

 

Cash, cash equivalents, and restricted cash at end of period

 

$

118,909

 

 

$

112,718

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

1,930

 

 

$

511

 

Cash received for interest

 

$

194

 

 

$

11

 

Noncash financing and investing activities:

 

 

 

 

 

 

 

 

Common stock issued for settlement of senior convertible notes

 

$

 

 

$

7,452

 

Purchased intangible assets included in accounts payable and accrued expenses

 

$

 

 

$

321

 

Deferred offering and issuance costs included in accounts payable and accrued expenses

 

$

286

 

 

$

 

Deferred offering costs reclassified to additional-paid-in capital

 

$

77

 

 

$

 

Reclass of warrant liability to additional paid in capital

 

$

71

 

 

$

298

 

Reclass of deferred asset associated with issuance of loan payable to debt discount

 

$

206

 

 

$

390

 

The accompanying notes are an integral part of the financial statements.

3


Table of Contents

 

SCYNEXIS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.

Description of Business and Basis of Preparation

Organization

SCYNEXIS, Inc. (“SCYNEXIS” or the “Company”) is a Delaware corporation formed on November 4, 1999. SCYNEXIS is a biotechnology company, headquartered in Jersey City, New Jersey, and is pioneering innovative medicines to potentially help millions of patients worldwide in need of new options to overcome and prevent difficult-to-treat and drug-resistant infections.  The Company is developing its lead product candidate, ibrexafungerp, as a broad-spectrum, intravenous (“IV”)/oral agent for multiple fungal indications in both the community and hospital settings. In June 2021, the U.S. Food and Drug Administration (“FDA”) approved BREXAFEMME® (ibrexafungerp tablets) for treatment of patients with vulvovaginal candidiasis (“VVC”), also known as vaginal yeast infection, and the Company has commenced the commercialization of BREXAFEMME in the U.S.  

The Company has incurred significant losses and negative cash flows from operations since its initial public offering in May 2014 and expects to continue to incur losses and negative cash flows for the foreseeable future. As a result, the Company had an accumulated deficit of $378.3 million at June 30, 2022 and limited capital resources to fund ongoing operations. These capital resources primarily comprised cash and cash equivalents of $118.7 million at June 30, 2022. While the Company believes its capital resources are sufficient to fund the Company’s on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying unaudited condensed consolidated financial statements, the Company's liquidity could be materially affected over this period by, among other things: (1) its ability to raise additional capital through equity offerings, debt financings, or other non-dilutive third-party funding; (2) costs associated with new or existing strategic alliances, or licensing and collaboration arrangements; (3) negative regulatory events or unanticipated costs related to its development of ibrexafungerp; (4) its ability to commercialize BREXAFEMME and; (5) any other unanticipated material negative events or costs.  One or more of these events or costs could materially affect the Company’s liquidity.  If the Company is unable to meet its obligations when they become due, the Company may have to delay expenditures, reduce the scope of its research and development programs, or make significant changes to its operating plan.  The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary.  Intercompany balances and transactions are eliminated in consolidation.

New Jersey Technology Business Tax Certificate Transfer (NOL) Program

The New Jersey Technology Business Tax Certificate Transfer (NOL) program, administered by the New Jersey Economic Development Authority, enables approved biotechnology companies to sell their unused net operating losses (“NOLs”) and research and development tax credits to unaffiliated, profitable corporate taxpayers in the State of New Jersey.  For the six months ended June 30, 2022, the Company recognized a $4.7 million income tax benefit for the sale of a portion of the Company’s unused New Jersey NOLs and research and development credits.  

Unaudited Condensed Consolidated Financial Information

The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, and cash flows.  The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results for the full year or the results for any future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 29, 2022.  

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and judgements include: revenue recognition including gross to net estimates and the identification of performance obligations in licensing

4


Table of Contents

 

arrangements, determination of the fair value of stock-based compensation grants; the estimate of services and effort expended by third-party research and development service providers used to recognize research and development expense; and the estimates and assumptions utilized in measuring the fair values of the warrant and derivative liabilities each reporting period.

2.

Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements and notes follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2021, except as described below.

Basic and Diluted Net (Loss) Income per Share of Common Stock

The Company calculates net (loss) income per common share in accordance with ASC 260, Earnings Per Share. Basic net (loss) income per common share for the three and six months ended June 30, 2022 and 2021 was determined by dividing net (loss) income applicable to common stockholders by the weighted average number of common shares outstanding during the period.  Per ASC 260, Earnings Per Share, the weighted average number of common shares outstanding utilized for determining the basic net (loss) income per common share for the three and six months ended June 30, 2022 includes the outstanding pre-funded warrants to purchase 11,666,667 and 3,200,000 shares of common stock issued in the April 2022 Public Offering and December 2020 public offering, respectively.  The outstanding pre-funded warrants to purchase 3,200,000 shares of common stock issued in the December 2020 public offering were included in the three and six months ended June 30, 2021.  Diluted net loss per common share for the three and six months ended June 30, 2022 and 2021 was determined as follows (in thousands, except share and per share amounts):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net (loss) income

$

(13,345

)

 

$

1,658

 

 

$

(18,796

)

 

$

(3,018

)

Dilutive effect of warrant liability

 

 

 

 

(7,415

)

 

 

 

 

 

(8,739

)

Dilutive effect of convertible debt

 

 

 

 

 

 

 

 

 

 

 

Net loss allocated to common shares

$

(13,345

)

 

$

(5,757

)

 

$

(18,796

)

 

$

(11,757

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

43,285,232

 

 

 

26,015,292

 

 

 

37,647,535

 

 

 

25,909,457

 

Dilutive effect of warrant liability

 

 

 

 

472,681

 

 

 

 

 

 

596,351

 

Dilutive effect of convertible debt

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – diluted

 

43,285,232

 

 

 

26,487,973

 

 

 

37,647,535

 

 

 

26,505,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – diluted

$

(0.31

)

 

$

(0.22

)

 

$

(0.50

)

 

$

(0.44

)

5


Table of Contents

 

 

The following potentially dilutive shares of common stock have not been included in the computation of diluted net loss per share for the three and six months ended June 30, 2022 and 2021, as the result would be anti-dilutive:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Outstanding stock options

 

2,129,002

 

 

 

1,607,080

 

 

 

2,129,002

 

 

 

1,607,080

 

Outstanding restricted stock units

 

1,024,929

 

 

 

134,774

 

 

 

1,024,929

 

 

 

134,774

 

Warrants to purchase common stock associated with March 2018 public offering – Series 2

 

798,810

 

 

 

798,810

 

 

 

798,810

 

 

 

798,810

 

Warrants to purchase common stock associated with December 2019 public offering

 

 

 

 

4,472,205

 

 

 

 

 

 

4,472,205

 

Warrants to purchase common stock associated with December 2020 public offering - Series 2

 

6,800,000

 

 

 

6,800,000

 

 

 

6,800,000

 

 

 

6,800,000

 

Warrants to purchase common stock associated with April 2022 Public Offering

 

15,000,000

 

 

 

 

 

 

15,000,000

 

 

 

 

Warrants to purchase common stock associated with Loan Agreement

 

198,819

 

 

 

170,410

 

 

 

198,819

 

 

 

170,410

 

Warrants to purchase common stock associated with Solar loan agreement

 

 

 

 

12,243

 

 

 

 

 

 

12,243

 

Common stock associated with March 2019 Notes

 

1,138,200

 

 

 

1,138,200

 

 

 

1,138,200

 

 

 

1,138,200

 

Warrants to purchase common stock associated with Danforth

 

50,000

 

 

 

 

 

 

50,000

 

 

 

 

Total

 

27,139,760

 

 

 

15,133,722

 

 

 

27,139,760

 

 

 

15,133,722

 

 

Reclassification of Prior Year Amounts

Certain prior year amounts have been reclassified for consistency with the current year presentation.

 

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”), which revised the effective dates for ASU 2016-13 for public business entities that meet the SEC definition of a smaller reporting company to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted.  As a smaller reporting company, the Company is currently evaluating the impact ASU 2016-13 will have on its unaudited condensed consolidated financial statements.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in and Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU 2020-06 reduce the number of accounting models for convertible debt instruments and revises certain guidance relating to the derivative scope exception and earnings per share.  The amendments in ASU 2020-06 are effective for public business entities that meet the definition of a SEC filer and a smaller reporting company for fiscal years beginning after December 15, 2023, and interim periods within those years.  As a smaller reporting company, the Company is currently evaluating the impact ASU 2020-06 will have on its unaudited condensed consolidated financial statements.

 

3.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

June 30, 2022

 

 

December 31, 2021

 

Prepaid research and development services

 

$

498

 

 

$

247

 

Prepaid insurance

 

 

727

 

 

 

505

 

Other prepaid expenses

 

 

2,916

 

 

 

2,813

 

Other current assets

 

 

4

 

 

 

4

 

Total prepaid expenses and other current assets

 

$

4,145

 

 

$

3,569

 

6


Table of Contents

 

 

 

4.

Inventory

Inventory consisted of the following (in thousands):

 

 

June 30, 2022

 

 

December 31, 2021

 

Raw materials

 

$

5,495

 

 

$

5,162

 

Work in process

 

 

20

 

 

 

3

 

Finished goods

 

 

100

 

 

 

127

 

Total inventory

 

$

5,615

 

 

$

5,292

 

As of June 30, 2022 and December 31, 2021, the Company’s inventory consisted of $5.0 million and $4.8 million, respectively, of raw material that is not expected to be sold in one year and is classified as long term within other assets on the unaudited condensed consolidated balance sheet.

5.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Accrued research and development expenses

 

$

1,118

 

 

$

1,498

 

Accrued employee bonus compensation

 

 

1,159

 

 

 

2,012

 

Other accrued expenses