| Schedule of unaudited pro forma balance sheet that gives effect to the Financing Activities, Restricted Funds and Early Payments |
Presented below is an unaudited pro forma balance sheet that gives effect to the Fiscal 2021 Financing and the Early Payments to Xoma, as if these events had occurred on June 30, 2020 (in thousands, except per share amount):
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Equity Financing
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Xoma
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Gross
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Offering
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Early
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Historical
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Proceeds (1)
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Costs (2)
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Payments (3)
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Pro Forma
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(Unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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9,955
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$
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41,000
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$
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(3,420)
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$
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(1,809)
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$
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45,726
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Other current assets
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563
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—
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—
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—
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563
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Total current assets
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10,518
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41,000
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(3,420)
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(1,809)
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46,289
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Non-current assets:
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Right-of-use assets, net
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383
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—
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—
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—
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383
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Other
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64
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—
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—
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—
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64
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Total assets
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$
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10,965
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$
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41,000
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$
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(3,420)
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$
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(1,809)
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$
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46,736
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Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable
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$
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893
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$
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—
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$
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—
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$
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—
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$
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893
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Accrued liabilities
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488
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—
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—
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—
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488
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Current portion of license fees payable to Xoma
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1,600
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—
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—
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(1,600)
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—
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Current portion of operating lease liabilities
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245
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—
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—
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—
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245
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Total current liabilities
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3,226
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—
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—
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(1,600)
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1,626
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Non-current liabilities:
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License fees payable to Xoma, net of current portion
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209
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—
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—
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(209)
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—
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Operating lease liabilities, net of current portion
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165
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—
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—
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—
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165
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Total liabilities
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3,600
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—
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—
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(1,809)
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1,791
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Stockholders' equity:
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Common stock, $0.001 par value, 500,000 shares authorized; see below for outstanding shares
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6
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2
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—
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—
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8
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Additional paid-in capital
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154,595
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40,998
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(3,420)
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—
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192,173
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Accumulated deficit
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(147,236)
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—
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—
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—
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(147,236)
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Total stockholders' equity
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7,365
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41,000
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(3,420)
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—
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44,945
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Total liabilities and stockholders' equity
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$
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10,965
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$
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41,000
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$
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(3,420)
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$
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(1,809)
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$
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46,736
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Number of shares of Common Stock outstanding
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5,867
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2,485
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—
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—
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8,352
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(1)
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Gives effect to the receipt of gross proceeds of $41.0 million on October 9, 2020, as a result of the private placement of units at an issuance price of $16.50 per unit. The units consisted of an aggregate of approximately 2.5 million shares of Common Stock and warrants for the purchase of an additional 0.8 million shares of Common Stock.
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(2)
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Gives effect to the financial advisory fees of 6.0% of the gross proceeds and other estimated offering costs of approximately $0.9 million related to the Fiscal 2021 Financing.
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(3)
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Gives effect to the requirement discussed in Note 4 to repay the remaining obligations due to Xoma, since the Fiscal 2021 Financing met the definition of a qualified financing.
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Bonuses for Certain Officers and Employees
On October 7, 2020, the Company's Board of Directors approved bonus payments for an aggregate of $0.5 million to certain officers and employees. The bonuses are expected to be paid in October 2020.
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