UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 4, 2022, CytomX Therapeutics, Inc., a Delaware corporation (the “Company”) issued a press release reporting its unaudited financial results as of and for the three months and six months ended June 30, 2022. A copy of the press release is furnished herewith as Exhibit 99.1.
The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished as part of this report.
Exhibit No. |
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Description |
99.1 |
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Press release titled "CytomX Therapeutics Reports Second Quarter 2022 Financial Results and Provides Business Update" issued by CytomX Therapeutics, Inc. on August 4, 2022. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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CYTOMX THERAPEUTICS, INC. |
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Date: |
August 4, 2022 |
By: |
/s/ Lloyd Rowland |
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Lloyd Rowland |
Exhibit 99.1
CytomX Therapeutics Reports Second Quarter 2022 Financial Results and
Provides Business Update
- Recently-announced company restructuring focuses internal efforts on wholly-owned next-generation conditionally activated therapeutics, extending cash runway to 2025 -
- New INDs for two next-generation product candidates anticipated in 2023 -
- Continued progress with partnered clinical programs: CX-904 (Amgen, Phase 1), BMS-986249 (Bristol Myers Squibb, Phase 2), and CX-2029 (AbbVie, Phase 2) -
SOUTH SAN FRANCISCO, Calif., August 4, 2022 – CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of conditionally activated oncology therapeutics, today reported second quarter 2022 financial results and provided a business update.
“Our commitment to destroying cancer differently is stronger than ever at CytomX and we firmly believe that our multi-modality Probody® therapeutic platform has the potential to deliver differentiated medicines for the treatment of people with cancer. Our company restructuring announced in July puts CytomX in the strongest possible position to maintain our technological leadership and advance our exciting, emerging pre-clinical and early clinical pipeline, capitalizing on our continued learnings from the clinic,” said Sean McCarthy, D.Phil., chief executive officer and chairman at CytomX Therapeutics. “We also continue to work intensively with our partners to advance multiple novel product candidates towards clinical proof of concept,” continued Dr. McCarthy.
Second Quarter Business Highlights and Recent Developments
1
Priorities for 2022/2023
2
Second Quarter 2022 Financial Results
Cash, cash equivalents and investments totaled $228 million as of June 30, 2022, compared to $305 million as of December 31, 2021.
Total revenue was $18 million for the three months ended June 30, 2022 compared to $16 million for the corresponding period in 2021. The increase in total revenue was largely related to the CD71 collaboration with AbbVie.
Research and development expenses increased by $5 million during the three months ended June 30, 2022 to $31 million compared to $26 million for the second quarter of 2021. The increase was primarily due to higher personnel-related expenses and laboratory contract services in support of our pre-clinical and clinical pipeline.
General and administrative expenses increased by $2.4 million during the second quarter of 2022 to $11.7 million. The increase was mainly in personnel and professional expenses.
Conference Call & Webcast Information
CytomX management will host a conference call and a simultaneous webcast today at 5:00 p.m. ET (2:00 p.m. PT)to discuss the financial results and provide a business update. To join the conference call, please dial (800) 715-9871 (domestic) or (646) 307-1963 (international) and reference the conference ID 4032732. A live webcast of the call can be accessed on the Events and Presentations page of CytomX's website at https://ir.cytomx.com/events-and-presentations. An archived replay of the webcast will be available on the Company’s website.
About CytomX Therapeutics, Inc.
CytomX is a clinical-stage, oncology-focused biopharmaceutical company dedicated to destroying cancer differently. By pioneering a novel class of conditionally activated biologics, powered by its Probody® technology platform, CytomX’s goal is to transcend the limits of current cancer treatments. CytomX’s robust and differentiated pipeline comprises seven therapeutic candidates in three treatment modalities. Three of these candidates are in Phase 2 studies across multiple cancer types, including CX-2029 and praluzatamab ravtansine. CX-2029 is an investigational conditionally activated antibody-drug conjugate (ADC) directed toward CD71, which has demonstrated encouraging antitumor activity in patients with squamous non-small cell lung cancer and is being developed in collaboration with AbbVie. Praluzatamab ravtansine is an investigational conditionally activated ADC directed toward CD166 and is being studied in patients with advanced breast cancer. CytomX’s clinical pipeline also includes cancer immunotherapeutic candidates against validated targets such as the CTLA-4-targeting Probody therapeutics, BMS-986249 and BMS-986288, partnered with Bristol Myers Squibb, as well as CX-904, a conditionally activated T-cell-engaging bispecific antibody targeting the epidermal growth factor
3
receptor on tumor cells and the CD3 receptor on T cells, which is partnered with Amgen. In addition, CytomX has a diverse preclinical portfolio of wholly-owned assets such as CX-801, an interferon alpha-2b Probody cytokine that has broad potential applicability in traditionally immuno-oncology sensitive as well as insensitive (cold) tumors, and CX-2051, a conditionally activated ADC directed toward EpCAM, with potential applicability across multiple EpCAM-expressing epithelial cancers. CytomX has established strategic collaborations with multiple leaders in oncology, including AbbVie, Amgen, Astellas, and Bristol Myers Squibb. For more information about CytomX and how it is working to make conditionally activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us on LinkedIn and Twitter.
Forward-Looking Statements
This press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond our control, and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits, safety and efficacy or progress of CytomX’s or any of its collaborative partners’ product candidates, including praluzatamab ravtansine, CX-2029, BMS-986249, BMS-986288, pacmilimab, CX-904, CX-801, and CX-2051, the potential benefits or applications of CytomX’s Probody platform technology, the ability of CytomX to fund operations into 2025 on current resources, CytomX’s ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing and planned clinical trials of praluzatamab ravtansine, CX-2029, BMS-986249, BMS-986288, pacmilimab, and CX-904, and the timing of the commencement of clinical trials, initial and ongoing data availability, investigational new drug applications and other development milestones. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the unproven nature of CytomX’s novel Probody Platform technology; CytomX’s clinical trial product candidates are in the initial stages of clinical development and its other product candidates are currently in preclinical development, and the process by which preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties, including the risk that the COVID-19 worldwide pandemic may continue to negatively impact the business, research and clinical operations of CytomX or its partners, including the development of preclinical drug candidates due to delays in and disruption of research activities and the development of clinical drug candidates due to delays in or disruption of clinical trials, including impacts on the enrollment of patients in clinical trials or other clinical trial disruptions; the possibility that the results of early clinical trials may not be predictive of future results; the possibility that CytomX’s clinical trials will not be successful; the possibility that current preclinical research may not result in additional product candidates; CytomX’s dependence on the success of praluzatamab ravtansine, CX-2029, BMS-986249, BMS-986288, pacmilimab, CX-904, CX-801, and CX-2051; CytomX’s reliance on third parties for the manufacture of the Company’s product candidates; and possible regulatory developments in the United States and foreign countries. Additional applicable risks and uncertainties include those relating to our preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX’s Quarterly Report on Form 10-Q filed with the SEC on August 4, 2022. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
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Probody is a U.S. registered trademark of CytomX Therapeutics, Inc.
CytomX Contact:
Chau Cheng, PhD MBA
VP, Investor Relations & Corp. Communications
ccheng@cytomx.com
(650) 273-4999
Investor and Media Contact:
Stern Investor Relations
Stephanie Ascher
stephanie.ascher@sternir.com
212-362-1200
5
CYTOMX THERAPEUTICS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenues |
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$ |
18,165 |
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$ |
16,288 |
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$ |
35,302 |
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$ |
32,259 |
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Operating expenses: |
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Research and development |
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31,159 |
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26,100 |
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61,718 |
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48,472 |
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General and administrative |
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11,748 |
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9,393 |
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22,292 |
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18,619 |
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Total operating expenses |
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42,907 |
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35,493 |
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84,010 |
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67,091 |
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Loss from operations |
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(24,742 |
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(19,205 |
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(48,708 |
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(34,832 |
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Interest income |
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262 |
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44 |
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330 |
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112 |
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Other income (expense), net |
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296 |
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(82 |
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309 |
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(77 |
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Net loss |
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$ |
(24,184 |
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$ |
(19,243 |
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$ |
(48,069 |
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$ |
(34,797 |
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Other comprehensive loss: |
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Unrealized gain (loss) on investments, net of tax |
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(243 |
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58 |
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(920 |
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62 |
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Comprehensive loss |
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$ |
(24,427 |
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$ |
(19,185 |
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$ |
(48,989 |
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$ |
(34,735 |
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Net loss per share: |
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Basic and diluted net loss per share |
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$ |
(0.37 |
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$ |
(0.30 |
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$ |
(0.73 |
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$ |
(0.55 |
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Shares used in computing basic and diluted net loss per share |
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65,542,762 |
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65,055,998 |
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65,468,638 |
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63,023,349 |
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6
CYTOMX THERAPEUTICS, INC.
BALANCE SHEETS
(in thousands, except share and per share data)
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June 30, |
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December 31, |
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2022 |
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2021 |
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(Unaudited) |
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(1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
129,290 |
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$ |
205,530 |
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Short-term investments |
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98,875 |
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99,696 |
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Accounts receivable |
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1,014 |
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790 |
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Prepaid expenses and other current assets |
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3,591 |
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4,285 |
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Total current assets |
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232,770 |
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310,301 |
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Property and equipment, net |
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5,915 |
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5,960 |
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Intangible assets, net |
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948 |
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1,021 |
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Goodwill |
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949 |
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949 |
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Restricted cash |
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917 |
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917 |
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Operating lease right-of-use asset |
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17,692 |
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19,362 |
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Other assets |
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895 |
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901 |
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Total assets |
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$ |
260,086 |
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$ |
339,411 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,920 |
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$ |
2,818 |
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Accrued liabilities |
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31,732 |
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34,236 |
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Deferred revenue, current portion |
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65,787 |
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69,262 |
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Total current liabilities |
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99,439 |
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106,316 |
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Deferred revenue, net of current portion |
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95,863 |
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125,660 |
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Operating lease liabilities - long term |
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16,076 |
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18,056 |
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Total liabilities |
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211,378 |
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250,032 |
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Commitments and contingencies |
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Stockholders' equity: |
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Convertible preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at June 30, 2022 and December 31, 2021. |
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— |
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— |
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Common stock, $0.00001 par value; 150,000,000 shares authorized and 65,756,492 and 65,392,758 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively |
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1 |
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1 |
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Additional paid-in capital |
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631,662 |
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623,344 |
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Accumulated other comprehensive loss |
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(1,162 |
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(242 |
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Accumulated deficit |
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(581,793 |
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(533,724 |
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Total stockholders' equity |
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48,708 |
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89,379 |
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Total liabilities and stockholders' equity |
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$ |
260,086 |
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$ |
339,411 |
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_________________
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