sdgr-10q_20200331.htm

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 March 31, 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: 001-39206

 

Schrodinger, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

95-4284541

(State or other jurisdiction of

incorporation or organization)

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

 

 

120 West 45th Street, 17th Floor

New York, NY

10036

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 295-5800

 

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 $0.01 per share

 

SDGR

 

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, 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 May 8, 2020, the registrant had 50,132,228 shares of common stock, $0.01 par value per share, and 13,164,193 shares of limited common stock, $0.01 par value per share, outstanding.

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

4

 

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (Unaudited)

4

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (Unaudited)

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2020 and 2019 (Unaudited)

6

 

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three months ended March 31, 2020 and 2019 (Unaudited)

7

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (Unaudited)

8

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2.

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

32

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

65

Item 3.

Defaults Upon Senior Securities

66

Item 4.

Mine Safety Disclosures

66

Item 5.

Other Information

66

Item 6.

Exhibits

66

Signatures

68

 

1


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this Quarterly Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these words or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

The forward-looking statements in this Quarterly Report include, among other things, statements about:

 

 

the potential advantages of our physics-based computational platform;

 

 

our strategic plans to accelerate the growth of our software business;

 

 

our research and development efforts for our internal drug discovery programs and our computational platform;

 

 

the initiation, timing, progress, and results of our internal drug discovery programs or the drug discovery programs of our collaborators;

 

 

our plans to discover and develop product candidates and to maximize their commercial potential by advancing such product candidates ourselves or in collaboration with others;

 

 

our plans to leverage the synergies between our businesses;

 

 

the timing of, the ability to submit applications for and the ability to obtain and maintain regulatory approvals for any product candidates we or one of our collaborators may develop;

 

 

our drug discovery collaborations and our estimates or expectations regarding any milestone or other payments we may receive from such collaborations;

 

 

our expectations regarding our ability to fund our operating expenses and capital expenditure requirements with our cash, cash equivalents, and marketable securities;

 

 

the potential advantages of our drug discovery programs;

 

 

the rate and degree of market acceptance of our software solutions;

 

 

the potential impact of the COVID-19 pandemic on our business, operations, liquidity and prospects;

 

 

the rate and degree of market acceptance and clinical utility of our products;

 

 

our estimates regarding the potential market opportunity for our software solutions and any product candidate we or any of our collaborators may in the future develop;

 

 

our marketing capabilities and strategy;

 

 

our intellectual property position;

 

 

our ability to identify technologies with significant commercial potential that are consistent with our commercial objectives;

 

 

our expectations related to the use of our cash, cash equivalents, and marketable securities;

 

 

our expectations related to the key drivers of our performance;

 

 

the impact of government laws and regulations;

 

2


 

 

 

our competitive position and expectations regarding developments and projections relating to our competitors and any competing products, technologies, or therapies that are or become available;

 

 

our ability to maintain and establish collaborations and obtain additional funding;

 

 

our reliance on key personnel and our ability to identify, recruit, and retain skilled personnel; and

 

 

our expectations regarding the time during which we will be an emerging growth company under the Jumpstart our Business Startup Act of 2012.

We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in “Part II, Item 1A. Risk Factors”, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Moreover, we operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures, or investments we may make or enter into.

You should read this Quarterly Report and the documents that we file with the Securities and Exchange Commission, or the SEC, with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this Quarterly Report are made as of the date of this Quarterly Report, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Unless the context otherwise requires, we use the terms “company,” “we,” “us” and “our” in this Quarterly Report to refer to Schrödinger, Inc. and its consolidated subsidiaries.

 

3


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

SCHRÖDINGER, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except for share and per share amounts)

 

Assets

 

March 31, 2020

 

 

December 31, 2019

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

144,749

 

 

$

25,986

 

Restricted cash

 

 

500

 

 

 

500

 

Marketable securities

 

 

143,505

 

 

 

59,844

 

Accounts receivable, net of allowance for doubtful accounts of $50 and $50

 

 

16,272

 

 

 

18,676

 

Unbilled and other receivables

 

 

1,908

 

 

 

7,062

 

Prepaid expenses

 

 

5,881

 

 

 

6,468

 

Total current assets

 

 

312,815

 

 

 

118,536

 

Property and equipment, net

 

 

6,488

 

 

 

6,268

 

Equity investments

 

 

15,156

 

 

 

15,366

 

Right of use assets

 

 

13,241

 

 

 

12,762

 

Other assets

 

 

2,172

 

 

 

2,338

 

Total assets

 

$

349,872

 

 

$

155,270

 

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,675

 

 

$

3,524

 

Accrued payroll, taxes, and benefits

 

 

4,745

 

 

 

7,034

 

Deferred revenue

 

 

21,710

 

 

 

25,054

 

Lease liabilities

 

 

5,851

 

 

 

5,584

 

Other accrued liabilities

 

 

3,185

 

 

 

3,824

 

Total current liabilities

 

 

42,166

 

 

 

45,020

 

Deferred revenue, long-term

 

 

2,125

 

 

 

2,205

 

Lease liabilities, long-term

 

 

9,133

 

 

 

8,888

 

Other liabilities, long-term

 

 

900

 

 

 

900

 

Total liabilities

 

 

54,324

 

 

 

57,013

 

Commitments and contingencies (Note 4)

 

 

 

 

 

 

 

 

Convertible preferred stock:

 

 

 

 

 

 

 

 

Series E convertible preferred stock, $0.01 par value. Authorized zero and 77,150,132

   shares; zero and 73,795,777 shares issued and outstanding at March 31, 2020 and

   December 31, 2019, respectively

 

 

 

 

 

109,270

 

Series D convertible preferred stock, $0.01 par value. Authorized zero and 39,540,611

   shares; zero and 39,540,611 shares issued and outstanding at March 31, 2020 and

   December 31, 2019, respectively

 

 

 

 

 

22,000

 

Series C convertible preferred stock, $0.01 par value. Authorized zero and 47,242,235

   shares; zero and 47,242,235 shares issued and outstanding at March 31, 2020 and

   December 31, 2019, respectively

 

 

 

 

 

19,844

 

Series B convertible preferred stock, $0.01 par value. Authorized zero and 29,468,101

   shares; zero and 29,468,101 shares issued and outstanding at March 31, 2020 and

   December 31, 2019, respectively

 

 

 

 

 

9,840

 

Series A convertible preferred stock, $0.01 par value. Authorized zero and 134,704,785

   shares; zero and 134,704,785 shares issued and outstanding at March 31, 2020 and

   December 31, 2019, respectively

 

 

 

 

 

30,626

 

Total convertible preferred stock

 

 

 

 

 

191,580

 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

Common stock, $0.01 par value. Authorized 500,000,000 and 425,000,000 shares; 50,122,938 and

   6,121,821 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

 

501

 

 

 

61

 

Limited common stock, $0.01 par value. Authorized 100,000,000 and 146,199,885 shares; 13,164,193

   and zero shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

 

132

 

 

 

 

Additional paid-in capital

 

 

414,248

 

 

 

11,655

 

Accumulated deficit

 

 

(118,922

)

 

 

(105,096

)

Accumulated other comprehensive (loss) income

 

 

(442

)

 

 

16

 

Total stockholders’ equity (deficit) of Schrödinger stockholders

 

 

295,517

 

 

 

(93,364

)

Noncontrolling interest

 

 

31

 

 

 

41

 

Total stockholders’ equity (deficit)

 

 

295,548

 

 

 

(93,323

)

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)

 

$

349,872

 

 

$

155,270

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

4


 

SCHRÖDINGER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for share and per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Software products and services

 

$

23,812

 

 

$

18,605

 

Drug discovery

 

 

2,362

 

 

 

2,136

 

Total revenues

 

 

26,174

 

 

 

20,741

 

Cost of revenues:

 

 

 

 

 

 

 

 

Software products and services

 

 

4,001

 

 

 

3,133

 

Drug discovery

 

 

6,548

 

 

 

4,604

 

Total cost of revenues

 

 

10,549

 

 

 

7,737

 

Gross profit

 

 

15,625

 

 

 

13,004

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

13,700

 

 

 

8,438

 

Sales and marketing

 

 

4,789

 

 

 

5,093

 

General and administrative

 

 

8,936

 

 

 

5,086

 

Total operating expenses

 

 

27,425

 

 

 

18,617

 

Loss from operations

 

 

(11,800

)

 

 

(5,613

)

Other (expense) income:

 

 

 

 

 

 

 

 

Change in fair value

 

 

(3,079

)

 

 

(627

)

Interest income

 

 

699

 

 

 

438

 

Total other expense

 

 

(2,380

)

 

 

(189

)

Loss before income taxes

 

 

(14,180

)

 

 

(5,802

)

Income tax expense

 

 

91

 

 

 

46

 

Net loss

 

 

(14,271

)

 

 

(5,848

)

Net loss attributable to noncontrolling interest

 

 

(445

)

 

 

(54

)

Net loss attributable to Schrödinger common and

   limited common stockholders

 

$

(13,826

)

 

$

(5,794

)

Net loss per share attributable to Schrödinger common and limited

   common stockholders, basic and diluted:

 

$

(0.34

)

 

$

(0.98

)

Weighted average shares used to compute net loss per

   share attributable to Schrödinger common and limited

   common stockholders, basic and diluted:

 

 

40,666,970

 

 

 

5,938,260

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

5


 

SCHRÖDINGER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Net loss

 

$

(13,826

)

 

$

(5,794

)

Changes in market value of investments, net of tax:

 

 

 

 

 

 

 

 

Unrealized (loss) gain on marketable securities

 

 

(458

)

 

 

10

 

Comprehensive loss

 

$

(14,284

)

 

$

(5,784

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

6


 

SCHRÖDINGER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited)

(in thousands, except for share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Series E preferred

stock

 

Series D preferred

stock

 

Series C preferred

stock

 

Series B preferred

stock

 

Series A preferred

stock

 

 

Common stock

 

Limited common stock

 

Additional

paid-in

 

Accumulated

 

other

comprehensive

 

Non controlling

 

Total

stockholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

 

Shares

 

Amount

 

Shares

 

Amount

 

capital

 

deficit

 

loss (income)

 

interest

 

equity (deficit)

 

Balance at December 31,

   2019

 

73,795,777

 

$

109,270

 

 

39,540,611

 

$

22,000

 

 

47,242,235

 

$

19,844

 

 

29,468,101

 

$

9,840

 

 

134,704,785

 

$

30,626

 

 

 

6,121,821

 

$

61

 

 

 

$

 

$

11,655

 

$

(105,096

)

$

16

 

$

41

 

$

(93,323

)

Change in unrealized

   loss on marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(458

)

 

 

 

(458

)

Issuances of common

   stock upon stock option exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,581

 

 

1

 

 

 

 

 

 

176

 

 

 

 

 

 

 

 

177

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,775

 

 

 

 

 

 

 

 

1,775

 

Issuances of common

   stock upon initial public

   offering, net of issuance

    costs of $22,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,664,704

 

 

136

 

 

 

 

 

 

209,497

 

 

 

 

 

 

 

 

209,633

 

Conversion of convertible

   preferred stock into common

   stock

 

(73,795,777

)

 

(109,270

)

 

(17,844,124

)

 

(9,928

)

 

 

 

 

 

 

 

 

 

(134,704,785

)

 

(30,626

)

 

 

30,278,832

 

 

303

 

 

 

 

 

 

149,521

 

 

 

 

 

 

 

 

149,824

 

Exchange of convertible

   preferred stock into limited

   common stock

 

 

 

 

 

(21,696,487

)

 

(12,072

)

 

(47,242,235

)

 

(19,844

)

 

(29,468,101

)

 

(9,840

)

 

 

 

 

 

 

 

 

 

 

13,164,193

 

 

132

 

 

41,624

 

 

 

 

 

 

 

 

41,756

 

Contributions by

   non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

435

 

 

435

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,826

)

 

 

 

(445

)

 

(14,271

)

Balance at March 31,

     2020

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

 

 

 

50,122,938

 

$

501

 

 

13,164,193

 

$

132

 

$

414,248

 

$

(118,922

)

$

(442

)

$

31

 

$

295,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31,

   2018

 

53,669,659

 

$

79,377

 

 

39,540,611

 

$

22,000

 

 

47,242,235

 

$

19,844

 

 

29,468,101

 

$

9,840

 

 

134,704,785

 

$

30,626

 

 

 

5,906,976

 

$

59

 

 

 

$

 

$

8,915

 

$

(80,525

)

$

(9

)

$

 

$

(71,560

)

Change in unrealized

   loss on marketable

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

10

 

Issuances of Series E

   preferred stock, net

   of issuance costs

   of $49

 

3,354,353

 

 

4,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuances of common

   stock upon stock option

   exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,160

 

 

1

 

 

 

 

 

 

114

 

 

 

 

 

 

 

 

115

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

520

 

 

 

 

 

 

 

 

520

 

Contributions by

   non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100

 

 

100

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,794

)

 

 

 

(54

)

 

(5,848

)

Balance at March 31,

     2019

 

57,024,012

 

$

84,328

 

 

39,540,611

 

$

22,000

 

 

47,242,235

 

$

19,844

 

 

29,468,101

 

$

9,840

 

 

134,704,785

 

$

30,626

 

 

 

5,951,136

 

$

60

 

 

 

$

 

$

9,549

 

$

(86,319

)

$

1

 

$

46

 

$

(76,663

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

7


 

 

 

SCHRÖDINGER, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(14,271

)

 

$

(5,848

)

Adjustments to reconcile net loss to net cash used in

 

 

 

 

 

 

 

 

operating activities:

 

 

 

 

 

 

 

 

Noncash revenue from equity investments

 

 

(46

)

 

 

(46

)

Fair value adjustments

 

 

3,079

 

 

 

627

 

Depreciation

 

 

877

 

 

 

877

 

Stock-based compensation

 

 

1,775

 

 

 

520

 

Noncash research and development expenses

 

 

435

 

 

 

 

Noncash investment accretion

 

 

83

 

 

 

(1

)

Decrease (increase) in assets:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

2,404

 

 

 

1,065

 

Unbilled and other receivables

 

 

5,154

 

 

 

973

 

Reduction in the carrying amount of right of use assets

 

 

1,299

 

 

 

1,311

 

Prepaid expenses and other assets

 

 

(1,106

)

 

 

87

 

Increase (decrease) in liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

2,110

 

 

 

1,028

 

Accrued payroll, taxes, and benefits

 

 

(2,289

)

 

 

(685

)

Deferred revenue

 

 

(3,378

)

 

 

(2,714

)

Lease liabilities

 

 

(1,266

)

 

 

(1,469

)

Other accrued liabilities

 

 

(638

)

 

 

(348

)

Net cash used in operating activities

 

 

(5,778

)

 

 

(4,623

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(843

)

 

 

(1,065

)

Purchases of equity investments

 

 

(2,869

)

 

 

 

Purchases of marketable securities

 

 

(127,109

)

 

 

(21,337

)

Proceeds from sale and maturity of marketable securities

 

 

42,908

 

 

 

6,325

 

Net cash used in investing activities

 

 

(87,913

)

 

 

(16,077

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Issuances of common stock upon initial public offering, net

 

 

212,277

 

 

 

 

Issuances of Series E preferred stock, net

 

 

 

 

 

4,951

 

Issuances of common stock upon stock option exercise

 

 

177

 

 

 

115

 

Contribution by noncontrolling interest

 

 

 

 

 

100

 

Net cash provided by financing activities

 

 

212,454