crtx-10q_20200630.htm

 

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, 2020

OR

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

For the transition period from _______________ to _______________

Commission File Number: 001-38890

 

Cortexyme, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

90-1024039

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

269 East Grand Ave.

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (415) 910-5717

 

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, par value $0.001 per share

 

CRTX

 

Nasdaq Global Select 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 12, 2020, the registrant had 29,487,674 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Balance Sheets

1

 

Condensed Statements of Operations and Comprehensive Loss

2

 

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity

3

 

Condensed Statements of Cash Flows

5

 

Notes to Unaudited Condensed Financial Statements

6

Item 2.

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

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

23

Item 4.

Controls and Procedures

23

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

24

Item 1A.

Risk Factors

24

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

29

Item 3.

Defaults Upon Senior Securities

29

Item 4.

Mine Safety Disclosures

29

Item 5.

Other Information

29

Item 6.

Exhibits

30

Signatures

31

 

 

 

i


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Cortexyme, Inc.

Condensed Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

June 30, 2020

 

 

December 31, 2019 (1)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

66,156

 

 

$

51,214

 

Short term investments

 

 

78,348

 

 

 

48,650

 

Prepaid expenses and other current assets

 

 

7,104

 

 

 

6,192

 

Total current assets

 

 

151,608

 

 

 

106,056

 

Property and equipment, net

 

 

565

 

 

 

709

 

Operating lease right-of-use assets, net

 

 

686

 

 

 

625

 

Long term investments

 

 

66,107

 

 

 

16,763

 

Other assets

 

 

244

 

 

 

217

 

Total assets

 

$

219,210

 

 

$

124,370

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,091

 

 

$

3,075

 

Accrued expenses and other current liabilities

 

 

8,602

 

 

 

5,817

 

Total current liabilities

 

 

13,693

 

 

 

8,892

 

Long-term operating lease liability

 

 

50

 

 

 

 

Total liabilities

 

 

13,743

 

 

 

8,892

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and

   outstanding as of June 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized,

   29,486,269 and 26,869,413 issued and outstanding as of June 30, 2020 and

   December 31, 2019, respectively

 

 

29

 

 

 

27

 

Additional paid in capital

 

 

309,320

 

 

 

185,196

 

Accumulated other comprehensive income

 

 

711

 

 

 

60

 

Accumulated deficit

 

 

(104,593

)

 

 

(69,805

)

Total stockholders’ equity

 

 

205,467

 

 

 

115,478

 

Total liabilities and stockholders’ equity

 

$

219,210

 

 

$

124,370

 

 

(1)

The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date

 

The accompanying notes are an integral part of these condensed financial statements.

1


Cortexyme, Inc.

Condensed Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

14,086

 

 

$

7,109

 

 

$

28,467

 

 

$

11,934

 

General and administrative

 

 

4,185

 

 

 

2,466

 

 

 

7,662

 

 

 

3,716

 

Total operating expenses

 

 

18,271

 

 

 

9,575

 

 

 

36,129

 

 

 

15,650

 

Loss from operations

 

 

(18,271

)

 

 

(9,575

)

 

 

(36,129

)

 

 

(15,650

)

Interest income

 

 

659

 

 

 

513

 

 

 

1,341

 

 

 

907

 

Net loss

 

 

(17,612

)

 

 

(9,062

)

 

 

(34,788

)

 

 

(14,743

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available for sales securities

 

 

748

 

 

 

103

 

 

 

651

 

 

 

129

 

Total comprehensive loss

 

$

(16,864

)

 

$

(8,959

)

 

$

(34,137

)

 

$

(14,614

)

Net loss per share - basic and diluted

 

$

(0.60

)

 

$

(0.57

)

 

$

(1.21

)

 

$

(1.52

)

Weighted average shares of common stock outstanding -

   basic and diluted

 

 

29,442,915

 

 

 

15,849,189

 

 

 

28,852,317

 

 

 

9,719,173

 

 

The accompanying notes are an integral part of these condensed financial statements.

 

 

2


Cortexyme, Inc.

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity

(Unaudited)

(In thousands, except share and per share amounts)

 

For the three months ended June 30, 2020 and 2019

 

 

 

Series A Redeemable

Convertible Preferred

Stock

 

 

Series B Redeemable

Convertible Preferred

Stock

 

 

Common Stock

 

 

Additional

Paid in

 

 

Other

Comprehensive

 

 

Accumulated

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance March 31, 2020

 

 

 

 

$

 

 

 

 

 

$

 

 

 

29,404,540

 

 

$

29

 

 

$

305,030

 

 

$

(37

)

 

$

(86,981

)

 

$

218,041

 

Issuance cost related to private placement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(62

)

 

 

 

 

 

 

 

 

(62

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,729

 

 

 

 

 

 

954

 

 

 

 

 

 

 

 

 

954

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,398

 

 

 

 

 

 

 

 

 

3,398

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

748

 

 

 

 

 

 

748

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,612

)

 

 

(17,612

)

Balance June 30, 2020

 

 

 

 

$

 

 

 

 

 

$

 

 

 

29,486,269

 

 

$

29

 

 

$

309,320

 

 

$

711

 

 

$

(104,593

)

 

$

205,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2019

 

 

9,008,919

 

 

$

17,178

 

 

 

9,152,108

 

 

$

86,960

 

 

 

3,566,923

 

 

$

4

 

 

$

498

 

 

$

(23

)

 

$

(38,506

)

 

$

(38,027

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,458

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

377

 

 

 

 

 

 

 

 

 

377

 

Vesting of Series B

   redeemable convertible

   preferred stock in lieu

   of rent

 

 

 

 

 

 

 

 

 

 

 

856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of redeemable

   convertible preferred stock

   to common stock

 

 

(9,008,919

)

 

 

(17,178

)

 

 

(9,152,108

)

 

 

(87,816

)

 

 

18,161,027

 

 

 

18

 

 

 

104,976

 

 

 

 

 

 

 

 

 

104,994

 

Initial public offering of

   common stock, net of

   issuance costs of $8,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,073,800

 

 

 

5

 

 

 

77,822

 

 

 

 

 

 

 

 

 

77,827

 

Exercise of stock warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

103

 

 

 

 

 

 

103

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,062

)

 

 

(9,062

)

Balance June 30, 2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

26,841,149

 

 

$

27

 

 

$

183,678

 

 

$

80

 

 

$

(47,568

)

 

$

136,217

 

 

The accompanying notes are an integral part of these condensed financial statements.

 

3


Cortexyme, Inc.

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity

(Unaudited)

(In thousands, except share and per share amounts)

 

For the six months ended June 30, 2020 and 2019

 

 

 

Series A Redeemable

Convertible Preferred

Stock

 

 

Series B Redeemable

Convertible Preferred

Stock

 

 

Common Stock

 

 

Additional

Paid in

 

 

Other

Comprehensive

 

 

Accumulated

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance January 1, 2020

 

 

 

 

$

 

 

 

 

 

$

 

 

 

26,869,413

 

 

$

27

 

 

$

185,196

 

 

$

60

 

 

$

(69,805

)

 

$

115,478

 

Issuance of common stock in

   connection with private

   placement, net of issuance

   costs of $7,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,500,000

 

 

 

2

 

 

 

117,626

 

 

 

 

 

 

 

 

 

117,628

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

116,856

 

 

 

 

 

 

1,145

 

 

 

 

 

 

 

 

 

1,145

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,353

 

 

 

 

 

 

 

 

 

5,353

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

651

 

 

 

 

 

 

651

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,788

)

 

 

(34,788

)

Balance June 30, 2020

 

 

 

 

$

 

 

 

 

 

$

 

 

 

29,486,269

 

 

$

29

 

 

$

309,320

 

 

$

711

 

 

$

(104,593

)

 

$

205,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2019

 

 

9,008,919

 

 

$

17,178

 

 

 

9,152,108

 

 

$

86,868

 

 

 

3,412,366

 

 

$

3

 

 

$

245

 

 

$

(49

)

 

$

(32,825

)

 

$

(32,626

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

166,015

 

 

 

1

 

 

 

68

 

 

 

 

 

 

 

 

 

69

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

567

 

 

 

 

 

 

 

 

 

567

 

Vesting of Series B

   redeemable convertible

   preferred stock in lieu

   of rent

 

 

 

 

 

 

 

 

 

 

 

948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of redeemable

   convertible preferred stock

   to common stock

 

 

(9,008,919

)

 

 

(17,178

)

 

 

(9,152,108

)

 

 

(87,816

)

 

 

18,161,027

 

 

 

18

 

 

 

104,976

 

 

 

 

 

 

 

 

 

104,994

 

Initial public offering of

   common stock, net of

   issuance costs of $8,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,073,800

 

 

 

5

 

 

 

77,822

 

 

 

 

 

 

 

 

 

77,827

 

Exercise of stock warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

129

 

 

 

 

 

 

129

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,743

)

 

 

(14,743

)

Balance June 30, 2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

26,841,149

 

 

$

27

 

 

$

183,678

 

 

$

80

 

 

$

(47,568

)

 

$

136,217

 

 

The accompanying notes are an integral part of these condensed financial statements.

 

4


 

Cortexyme, Inc.

Condensed Statements of Cash Flows

(Unaudited)

 

 

 

For the Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(34,788

)

 

$

(14,743

)

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

 

 

 

 

 

 

 

 

Non-cash rent expense

 

 

184

 

 

 

184

 

Stock based compensation

 

 

5,353

 

 

 

567

 

Depreciation and amortization

 

 

163

 

 

 

53

 

Amortization of (discount) premium on available for sale investments

 

 

228

 

 

 

(395

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(880

)

 

 

(4,515

)

Other assets

 

 

(27

)

 

 

(250

)

Accounts payable

 

 

2,016

 

 

 

4,621

 

Accrued expenses and other current liabilities

 

 

2,580

 

 

 

947

 

Net cash used in operating activities

 

 

(25,171

)

 

 

(13,531

)

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(139,407

)

 

 

(88,593

)

Proceeds from maturities of investments

 

 

60,801

 

 

 

43,940

 

Purchase of property and equipment

 

 

(22

)

 

 

(20

)

Net cash used in investing activities

 

 

(78,628

)

 

 

(44,673

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments of finance leases

 

 

(32

)

 

 

 

Proceeds from issuance of common stock upon exercise of stock options

 

 

1,145

 

 

 

69

 

Proceeds from initial public offering, net of stock offering costs

 

 

 

 

 

77,827

 

Proceeds from private placement offering, net of issuance costs

 

 

117,628

 

 

 

 

Net cash provided by financing activities

 

 

118,741

 

 

 

77,896

 

Net change in cash and cash equivalents

 

 

14,942

 

 

 

19,692

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

51,214

 

 

 

24,872

 

Cash, cash equivalents and restricted cash at end of period

 

$

66,156

 

 

$

44,564

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of non-cash information:

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

293

 

 

$

878

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

$

 

 

$

278

 

Conversion of Series A redeemable convertible preferred stock to common stock on

   initial public offering

 

$

 

 

$

17,178

 

Conversion of Series B redeemable convertible preferred stock to common stock on

   initial public offering

 

$

 

 

$

87,816

 

Acceleration of vesting of Series B redeemable convertible preferred stock on initial

   public offering

 

$

 

 

$

856

 

 

The accompanying notes are an integral part of these condensed financial statements.

5


 

Cortexyme, Inc.

Notes to Unaudited Condensed Financial Statements

Note 1. Organization

Description of Business

Cortexyme, Inc. (the “Company”) was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. The Company is a clinical stage biopharmaceutical company focused on developing therapeutics based on data supporting a new theory of the cause of Alzheimer’s disease and other degenerative disorders. Cortexyme is targeting a specific, infectious pathogen tied to neurodegeneration and chronic inflammation in humans and animal models.

Reverse Stock Split

On April 25, 2019, the Company’s Board of Directors approved a one-for-0.367647 reverse split of the Company’s issued and outstanding common stock, redeemable convertible preferred stock, and stock options. The par value of the common stock was not adjusted as a result of the reverse stock split. All share and per share amounts in the accompanying unaudited condensed financial statements and notes to the unaudited condensed financial statements have been retroactively adjusted for all periods presented to reflect the reverse stock split.

Initial Public Offering

On May 8, 2019, the Company’s registration statement on Form S-1 (File No. 333-230853) for its initial public offering of common stock (“IPO”) was declared effective by the Securities and Exchange Commission (“SEC”). On May 13, 2019, the Company closed its IPO with the sale of 5,073,800 shares of common stock, which included 661,800 shares of common stock issued upon the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of $17.00 per share, resulting in net proceeds of $77.8 million, after deducting underwriting discounts and commissions and estimated offering expenses paid by the Company.

In addition, in connection with the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 18,161,027 shares of common stock, and there are no shares of redeemable convertible preferred stock outstanding.

Private Investment in Public Equity (“PIPE”)

In February 2020, the Company completed a private investment in public equity transaction (“PIPE Financing”). The Company entered into Stock Purchase Agreements (the “Purchase Agreements”) with certain accredited investors, including an entity affiliated with a member of the Company’s Board of Directors, pursuant to which the Company sold and issued shares of common stock for aggregate gross proceeds of $125.0 million. Costs related to the offering were $7.4 million. Pursuant to the Purchase Agreements, the Company sold 2,500,000 common shares at $50.00 per common share.  In connection with the PIPE Financing, the Company filed a registration statement on Form S-1 (File No. 333-237594), with the SEC registering for resale the shares of common stock issued in the PIPE Financing. The registration statement was declared effective by the SEC on April 13, 2020.

Liquidity and Capital Resources

The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of June 30, 2020, the Company had an accumulated deficit of $104.6 million. Since inception through June 30, 2020, the Company has funded operations primarily with the net proceeds from the issuance of convertible promissory notes, from the issuance of redeemable convertible preferred stock, from the net proceeds from the IPO and from the net proceeds from the PIPE Financing. As of June 30,2020, the Company had cash, cash equivalents, and short-term investments of $144.5 million, which it believes will be sufficient to fund its planned operations for a period of at least 12 months from the date of the issuance of the accompanying unaudited financial statements. The Company also has long-term investments of $66.1 million.

Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may need to raise additional capital to fully implement its business plan. The Company may raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidate.

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Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included.

The condensed balance sheet as of June 30, 2020, the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019, the condensed statements of redeemable convertible preferred stock and stockholders’ equity for the three and six months ended June 30, 2020 and 2019, the condensed statements of cash flows for the six months ended June 30, 2020 and 2019, and the financial data and other financial information disclosed in the notes to the condensed financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Form 10-K filed with the SEC on March 16, 2020. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, or for any other future annual or interim period.

Risks and Uncertainties