UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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, 2019
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 001-37369
HTG Molecular Diagnostics, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware |
86-0912294 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
|
|
|
|
3430 E. Global Loop Tucson, AZ |
85706 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (877) 289-2615
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Stock, $0.001 par value per share |
HTGM |
The Nasdaq Stock Market LLC |
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 he 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 2, 2019, the registrant had 28,720,193 shares of common stock, $0.001 par value per share, outstanding.
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Page |
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PART I. |
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Item 1. |
|
|
1 |
|
|
|
|
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 |
|
1 |
|
|
|
|
2 |
|
|
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|
|
3 |
|
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|
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4 |
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Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 |
|
6 |
|
|
|
Notes to Unaudited Condensed Consolidated Financial Statements |
|
8 |
|
Item 2. |
|
Management’s Discussion and Analysis of Financial Condition and Consolidated Results of Operations |
|
26 |
|
Item 3. |
|
|
34 |
|
|
Item 4. |
|
|
34 |
|
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PART II. |
|
|
36 |
|
|
Item 1. |
|
|
36 |
|
|
Item 1A. |
|
|
36 |
|
|
Item 2. |
|
|
65 |
|
|
Item 5. |
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|
66 |
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Item 6. |
|
|
66 |
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|
69 |
|||
i
Item 1. Condensed Consolidated Financial Statements (Unaudited).
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Balance Sheets
|
|
|
June 30, |
|
|
December 31, |
|
||
|
|
|
2019 |
|
|
2018 |
|
||
|
Assets |
|
(Unaudited) |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,813,589 |
|
|
$ |
8,432,600 |
|
|
Short-term investments available-for-sale, at fair value |
|
|
9,753,727 |
|
|
|
22,681,049 |
|
|
Accounts receivable |
|
|
3,981,103 |
|
|
|
5,012,678 |
|
|
Inventory, net of allowance of $39,403 at both June 30, 2019 and December 31, 2018 |
|
|
1,160,682 |
|
|
|
1,306,609 |
|
|
Prepaid expenses and other |
|
|
1,069,180 |
|
|
|
568,209 |
|
|
Total current assets |
|
|
27,778,281 |
|
|
|
38,001,145 |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash |
|
|
3,270,247 |
|
|
|
3,270,247 |
|
|
Deferred offering costs |
|
|
198,088 |
|
|
|
59,030 |
|
|
Deferred MidCap revolving loan costs |
|
|
59,086 |
|
|
|
67,068 |
|
|
Operating lease right-of-use assets |
|
|
1,394,664 |
|
|
|
— |
|
|
Property and equipment, net |
|
|
2,424,625 |
|
|
|
2,373,790 |
|
|
Total assets |
|
$ |
35,124,991 |
|
|
$ |
43,771,280 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,357,343 |
|
|
$ |
1,849,921 |
|
|
Accrued liabilities |
|
|
1,499,510 |
|
|
|
3,358,465 |
|
|
Contract liabilities - current |
|
|
486,994 |
|
|
|
332,711 |
|
|
NuvoGen obligation - current |
|
|
1,286,152 |
|
|
|
1,290,234 |
|
|
MidCap Term Loan payable - current |
|
|
583,333 |
|
|
|
— |
|
|
Operating lease liabilities - current |
|
|
682,863 |
|
|
|
— |
|
|
Other current liabilities |
|
|
63,344 |
|
|
|
186,043 |
|
|
Total current liabilities |
|
|
7,959,539 |
|
|
|
7,017,374 |
|
|
NuvoGen obligation - non-current, net of discount |
|
|
5,044,263 |
|
|
|
5,702,519 |
|
|
Convertible note, related party - net of debt issuance costs |
|
|
2,980,940 |
|
|
|
2,974,213 |
|
|
MidCap Term Loan payable – non-current, net of discount and debt issuance costs |
|
|
6,194,422 |
|
|
|
6,704,641 |
|
|
Operating lease liabilities - non-current |
|
|
976,786 |
|
|
|
— |
|
|
Other non-current liabilities |
|
|
299,049 |
|
|
|
280,471 |
|
|
Total liabilities |
|
|
23,454,999 |
|
|
|
22,679,218 |
|
|
Commitments and Contingencies (Note 16) |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 200,000,000 shares authorized at June 30, 2019 and December 31, 2018, 28,707,047 shares issued and outstanding at June 30, 2019 and 28,585,449 shares issued and outstanding at December 31, 2018 |
|
|
28,707 |
|
|
|
28,585 |
|
|
Additional paid-in-capital |
|
|
172,831,416 |
|
|
|
172,086,909 |
|
|
Accumulated other comprehensive loss |
|
|
(2,036 |
) |
|
|
(3,453 |
) |
|
Accumulated deficit |
|
|
(161,188,095 |
) |
|
|
(151,019,979 |
) |
|
Total stockholders’ equity |
|
|
11,669,992 |
|
|
|
21,092,062 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
35,124,991 |
|
|
$ |
43,771,280 |
|
See notes to the unaudited condensed consolidated financial statements.
1
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product and product-related services |
|
$ |
4,424,368 |
|
|
$ |
2,023,312 |
|
|
$ |
7,086,873 |
|
|
$ |
3,756,858 |
|
|
Collaborative development services |
|
|
1,371,952 |
|
|
|
2,887,454 |
|
|
|
1,912,272 |
|
|
|
5,312,560 |
|
|
Total revenue |
|
|
5,796,320 |
|
|
|
4,910,766 |
|
|
|
8,999,145 |
|
|
|
9,069,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product and product-related services revenue |
|
|
2,508,371 |
|
|
|
1,450,682 |
|
|
|
4,553,898 |
|
|
|
2,587,745 |
|
|
Selling, general and administrative |
|
|
4,740,710 |
|
|
|
4,764,751 |
|
|
|
9,141,576 |
|
|
|
10,422,583 |
|
|
Research and development |
|
|
3,253,639 |
|
|
|
2,758,984 |
|
|
|
5,328,387 |
|
|
|
5,348,270 |
|
|
Total operating expenses |
|
|
10,502,720 |
|
|
|
8,974,417 |
|
|
|
19,023,861 |
|
|
|
18,358,598 |
|
|
Operating loss |
|
|
(4,706,400 |
) |
|
|
(4,063,651 |
) |
|
|
(10,024,716 |
) |
|
|
(9,289,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(238,796 |
) |
|
|
(233,306 |
) |
|
|
(472,763 |
) |
|
|
(415,823 |
) |
|
Interest income |
|
|
154,774 |
|
|
|
197,773 |
|
|
|
336,211 |
|
|
|
330,936 |
|
|
Loss on extinguishment of Growth Term Loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(105,064 |
) |
|
Total other income (expense) |
|
|
(84,022 |
) |
|
|
(35,533 |
) |
|
|
(136,552 |
) |
|
|
(189,951 |
) |
|
Net loss before income taxes |
|
|
(4,790,422 |
) |
|
|
(4,099,184 |
) |
|
|
(10,161,268 |
) |
|
|
(9,479,131 |
) |
|
Provision for income taxes |
|
|
6,848 |
|
|
|
3,545 |
|
|
|
6,848 |
|
|
|
3,545 |
|
|
Net loss |
|
$ |
(4,797,270 |
) |
|
$ |
(4,102,729 |
) |
|
$ |
(10,168,116 |
) |
|
$ |
(9,482,676 |
) |
|
Net loss per share, basic and diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.36 |
) |
|
Shares used in computing net loss per share, basic and diluted |
|
|
28,657,384 |
|
|
|
28,375,379 |
|
|
|
28,629,189 |
|
|
|
26,549,895 |
|
See notes to the unaudited condensed consolidated financial statements.
2
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
Net loss |
|
$ |
(4,797,270 |
) |
|
$ |
(4,102,729 |
) |
|
$ |
(10,168,116 |
) |
|
$ |
(9,482,676 |
) |
|
Other comprehensive income (loss), net of tax effect: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on short-term investments |
|
|
819 |
|
|
|
(188 |
) |
|
|
4,172 |
|
|
|
(11,339 |
) |
|
Foreign currency translation adjustment |
|
|
(9,194 |
) |
|
|
— |
|
|
|
(2,755 |
) |
|
|
— |
|
|
Total other comprehensive income (loss) |
|
|
(8,375 |
) |
|
|
(188 |
) |
|
|
1,417 |
|
|
|
(11,339 |
) |
|
Comprehensive loss |
|
$ |
(4,805,645 |
) |
|
$ |
(4,102,917 |
) |
|
$ |
(10,166,699 |
) |
|
$ |
(9,494,015 |
) |
See notes to the unaudited condensed consolidated financial statements.
3
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
(Unaudited)
|
|
|
Three and Six Months Ended June 30, 2019 |
|
|||||||||||||||||||||||||||||
|
|
|
Common Stock |
|
|
|
|
Additional Paid-In |
|
|
|
|
Accumulated Other Comprehensive |
|
|
|
|
Accumulated |
|
|
|
|
Total Stockholders' |
|
|||||||||
|
|
|
Shares |
|
|
Amount |
|
|
|
|
Capital |
|
|
|
|
Income (Loss) |
|
|
|
|
Deficit |
|
|
|
|
Equity |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019 |
|
|
28,585,449 |
|
|
$ |
28,585 |
|
|
|
|
$ |
172,086,909 |
|
|
|
|
$ |
(3,453 |
) |
|
|
|
$ |
(151,019,979 |
) |
|
|
|
$ |
21,092,062 |
|
|
Exercise of stock options |
|
|
21,871 |
|
|
|
22 |
|
|
|
|
|
51,548 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
51,570 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
|
|
241,233 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
241,233 |
|
|
Release of restricted stock awards |
|
|
13,126 |
|
|
|
13 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
13 |
|
|
Net share settlement of restricted stock award |
|
|
(3,813 |
) |
|
|
(4 |
) |
|
|
|
|
(9,681 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(9,685 |
) |
|
Employee stock purchase plan expense |
|
|
— |
|
|
|
— |
|
|
|
|
|
16,794 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
16,794 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(5,370,846 |
) |
|
|
|
|
(5,370,846 |
) |
|
Unrealized gain on short-term investments |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
3,353 |
|
|
|
|
|
— |
|
|
|
|
|
3,353 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
6,439 |
|
|
|
|
|
— |
|
|
|
|
|
6,439 |
|
|
Balance at March 31, 2019 |
|
|
28,616,633 |
|
|
$ |
28,616 |
|
|
|
|
$ |
172,386,803 |
|
|
|
|
$ |
6,339 |
|
|
|
|
$ |
(156,390,825 |
) |
|
|
|
$ |
16,030,933 |
|
|
Exercise of stock options |
|
|
32,385 |
|
|
|
32 |
|
|
|
|
|
69,352 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
69,384 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
|
|
287,317 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
287,317 |
|
|
Release of restricted stock awards |
|
|
15,001 |
|
|
|
15 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
15 |
|
|
Net share settlement of restricted stock award |
|
|
(4,461 |
) |
|
|
(4 |
) |
|
|
|
|
(11,148 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(11,152 |
) |
|
Stock issued under stock purchase plans |
|
|
47,489 |
|
|
|
48 |
|
|
|
|
|
99,092 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
99,140 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(4,797,270 |
) |
|
|
|
|
(4,797,270 |
) |
|
Unrealized gain on short-term investments |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
819 |
|
|
|
|
|
— |
|
|
|
|
|
819 |
|
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(9,194 |
) |
|
|
|
|
— |
|
|
|
|
|
(9,194 |
) |
|
Balance at June 30, 2019 |
|
|
28,707,047 |
|
|
$ |
28,707 |
|
|
|
|
$ |
172,831,416 |
|
|
|
|
$ |
(2,036 |
) |
|
|
|
$ |
(161,188,095 |
) |
|
|
|
$ |
11,669,992 |
|
4
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (cont’d)
(Unaudited)
|
|
|
Three and Six Months Ended June 30, 2018 |
|
|||||||||||||||||||||||||||||
|
|
|
Common Stock |
|
|
|
|
Additional Paid-In |
|
|
|
|
Accumulated Other Comprehensive |
|
|
|
|
Accumulated |
|
|
|
|
Total Stockholders' |
|
|||||||||
|
|
|
Shares |
|
|
Amount |
|
|
|
|
Capital |
|
|
|
|
Loss |
|
|
|
|
Deficit |
|
|
|
|
Equity (Deficit) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2018 |
|
|
13,929,763 |
|
|
$ |
13,929 |
|
|
|
|
$ |
131,492,595 |
|
|
|
|
$ |
- |
|
|
|
|
$ |
(134,566,061 |
) |
|
|
|
$ |
(3,059,537 |
) |
|
Exercise of stock options |
|
|
18,028 |
|
|
|
18 |
|
|
|
|
|
40,486 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
40,504 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
|
|
1,143,188 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,143,188 |
|
|
Release of restricted stock awards |
|
|
269,551 |
|
|
|
270 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
270 |
|
|
Net share settlement of restricted stock award |
|
|
(34,769 |
) |
|
|
(35 |
) |
|
|
|
|
(133,478 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(133,513 |
) |
|
Employee stock purchase plan expense |
|
|
— |
|
|
|
— |
|
|
|
|
|
14,453 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
14,453 |
|
|
Issuance of common stock from ATM Offering, net of issuance costs of $17,000 |
|
|
261,352 |
|
|
|
261 |
|
|
|
|
|
556,445 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
556,706 |
|
|
Issuance of common stock from underwritten public offering, net of issuance costs of $2.6 million |
|
|
13,915,000 |
|
|
|
13,915 |
|
|
|
|
|
37,710,401 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
37,724,316 |
|
|
Issuance of common stock warrants in connection with MidCap Term Loan |
|
|
— |
|
|
|
— |
|
|
|
|
|
74,000 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
74,000 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(5,379,947 |
) |
|
|
|
|
(5,379,947 |
) |
|
Unrealized loss on short-term investments |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(11,151 |
) |
|
|
|
|
— |
|
|
|
|
|
(11,151 |
) |
|
Balance at March 31, 2018 |
|
|
28,358,925 |
|
|
$ |
28,358 |
|
|
|
|
$ |
170,898,090 |
|
|
|
|
$ |
(11,151 |
) |
|
|
|
$ |
(139,946,008 |
) |
|
|
|
$ |
30,969,289 |
|
|
Exercise of stock options |
|
|
15,623 |
|
|
|
16 |
|
|
|
|
|
28,993 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
29,009 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
|
|
241,920 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
241,920 |
|
|
Stock issued under stock purchase plan |
|
|
39,976 |
|
|
|
40 |
|
|
|
|
|
77,275 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
77,315 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(4,102,729 |
) |
|
|
|
|
(4,102,729 |
) |
|
Unrealized loss on short-term investments |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(188 |
) |
|
|
|
|
— |
|
|
|
|
|
(188 |
) |
|
Balance at June 30, 2018 |
|
|
28,414,524 |
|
|
$ |
28,414 |
|
|
|
|
$ |
171,246,278 |
|
|
|
|
$ |
(11,339 |
) |
|
|
|
$ |
(144,048,737 |
) |
|
|
|
$ |
27,214,616 |
|
See notes to the unaudited condensed consolidated financial statements.
5
HTG Molecular Diagnostics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
Six Months Ended June 30, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
Operating activities |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,168,116 |
) |
|
$ |
(9,482,676 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
603,480 |
|
|
|
778,344 |
|
|
Accretion of discount on NuvoGen obligation |
|
|
(6,483 |
) |
|
|
(6,006 |
) |
|
Provision for excess inventory |
|
|
45,000 |
|
|
|
23,533 |
|
|
Amortization of Growth Term Loan discount and issuance costs |
|
|
— |
|
|
|
62,951 |
|
|
Loss on extinguishment of Growth Term Loan |
|
|
— |
|
|
|
105,064 |
|
|
Amortization of QNAH Convertible Note issuance costs |
|
|
6,727 |
|
|
|
6,727 |
|
|
Amortization of MidCap Credit Facility discount and issuance costs |
|
|
81,096 |
|
|
|
48,092 |
|
|
Stock-based compensation expense |
|
|
528,578 |
|
|
|
1,385,378 |
|
|
Employee stock purchase plan expense |
|
|
33,589 |
|
|
|
28,906 |
|
|
Amortization of operating lease right-of-use assets |
|
|
194,232 |
|
|
|
— |
|
|
Amortization of incentive from landlord |
|
|
— |
|
|
|
(71,000 |
) |
|
Accrued interest on available-for-sale securities investments |
|
|
(178,165 |
) |
|
|
(187,946 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,031,575 |
|
|
|
2,874,274 |
|
|
Inventory |
||||||||