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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 September 30, 2021

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: 001-38118

 

DERMTECH, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

84-2870849

(State or other jurisdiction of

incorporation or organization)

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

11099 N. Torrey Pines Road, Suite 100

La Jolla, CA

92037

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (858) 450-4222

 

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 $0.0001 per share

 

DMTK

 

The Nasdaq Capital 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, 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 November 4, 2021, the registrant had 29,717,198 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations

2

 

Condensed Consolidated Statements of Comprehensive Loss

3

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity

4

 

Condensed Consolidated Statements of Stockholders’ Equity

5

 

Condensed Consolidated Statements of Cash Flows

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

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

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

40

Item 1.

Legal Proceedings

40

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 6.

Exhibits

42

 

Signatures

43

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

DERMTECH, INC.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

204,061

 

 

$

24,248

 

Short-term marketable securities

 

 

45,384

 

 

 

39,529

 

Accounts receivable

 

 

2,819

 

 

 

1,480

 

Inventory

 

 

424

 

 

 

104

 

Prepaid expenses and other current assets

 

 

1,569

 

 

 

1,521

 

Total current assets

 

 

254,257

 

 

 

66,882

 

Property and equipment, net

 

 

4,295

 

 

 

2,731

 

Operating lease right-of-use assets

 

 

8,162

 

 

 

 

Restricted cash

 

 

3,024

 

 

 

 

Other assets

 

 

167

 

 

 

167

 

Total assets

 

$

269,905

 

 

$

69,780

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,504

 

 

$

1,573

 

Accrued compensation

 

 

3,464

 

 

 

2,075

 

Accrued liabilities

 

 

1,950

 

 

 

763

 

Short-term deferred revenue

 

 

1,357

 

 

 

905

 

Current portion of operating lease liabilities

 

 

1,379

 

 

 

 

Current portion of finance lease obligations

 

 

145

 

 

 

109

 

Total current liabilities

 

 

10,799

 

 

 

5,425

 

Operating lease liabilities, long-term

 

 

6,561

 

 

 

 

Warrant liability

 

 

408

 

 

 

1,650

 

Long-term deferred revenue

 

 

 

 

 

639

 

Long-term finance lease obligations, less current portion

 

 

216

 

 

 

226

 

Total liabilities

 

 

17,984

 

 

 

7,940

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value per share; 50,000,000 shares authorized as of

   September 30, 2021 and December 31, 2020; 29,717,198 and 20,740,413 shares

   issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

3

 

 

 

2

 

Additional paid-in capital

 

 

432,237

 

 

 

189,868

 

Accumulated other comprehensive loss

 

 

(8

)

 

 

(1

)

Accumulated deficit

 

 

(180,311

)

 

 

(128,029

)

Total stockholders’ equity

 

 

251,921

 

 

 

61,840

 

Total liabilities and stockholders’ equity

 

$

269,905

 

 

$

69,780

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

1


DERMTECH, INC.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assay revenue

 

$

2,954

 

 

$

1,233

 

 

$

8,054

 

 

$

2,678

 

Contract revenue

 

 

76

 

 

 

129

 

 

 

619

 

 

 

1,086

 

Total revenues

 

 

3,030

 

 

 

1,362

 

 

 

8,673

 

 

 

3,764

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of assay revenue

 

 

2,875

 

 

 

1,587

 

 

 

7,450

 

 

 

4,165

 

Cost of contract revenue

 

 

23

 

 

 

21

 

 

 

74

 

 

 

91

 

Total cost of revenues

 

 

2,898

 

 

 

1,608

 

 

 

7,524

 

 

 

4,256

 

Gross profit/(loss)

 

 

132

 

 

 

(246

)

 

 

1,149

 

 

 

(492

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

9,826

 

 

 

4,594

 

 

 

24,245

 

 

 

10,973

 

Research and development

 

 

4,426

 

 

 

1,618

 

 

 

10,271

 

 

 

3,380

 

General and administrative

 

 

6,199

 

 

 

2,939

 

 

 

17,672

 

 

 

10,980

 

Total operating expenses

 

 

20,451

 

 

 

9,151

 

 

 

52,188

 

 

 

25,333

 

Loss from operations

 

 

(20,319

)

 

 

(9,397

)

 

 

(51,039

)

 

 

(25,825

)

Other income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

38

 

 

 

9

 

 

 

107

 

 

 

19

 

Change in fair value of warrant liability

 

 

169

 

 

 

107

 

 

 

(1,350

)

 

 

31

 

Total other income/(expense)

 

 

207

 

 

 

116

 

 

 

(1,243

)

 

 

50

 

Net loss

 

$

(20,112

)

 

$

(9,281

)

 

$

(52,282

)

 

$

(25,775

)

Weighted average shares outstanding used in computing net

   loss per share, basic and diluted

 

 

29,639,802

 

 

 

18,928,418

 

 

 

28,599,375

 

 

 

16,069,989

 

Net loss per share of common stock outstanding, basic and

   diluted

 

$

(0.68

)

 

$

(0.49

)

 

$

(1.83

)

 

$

(1.61

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

2


DERMTECH, INC.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(20,112

)

 

$

(9,281

)

 

$

(52,282

)

 

$

(25,775

)

Unrealized loss on available-for-sale marketable securities

 

 

(10

)

 

 

 

 

 

(7

)

 

 

 

Comprehensive loss

 

$

(20,122

)

 

$

(9,281

)

 

$

(52,289

)

 

$

(25,775

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

3


 

DERMTECH, INC.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity

(in thousands, except share and per share data)

(Unaudited)

 

 

 

Series A

convertible

preferred stock

 

 

 

Series B-1

convertible

preferred stock

 

 

 

Series B-2

convertible

preferred stock

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Total

stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

equity

 

Balance, December 31, 2019

 

 

1,231

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

12,344,818

 

 

$

1

 

 

$

103,412

 

 

$

(91,552

)

 

$

11,861

 

Issuance of common stock

   at $10.50 per share, net

   of $2.0 million in

   issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,467,724

 

 

 

 

 

 

23,891

 

 

 

 

 

 

23,891

 

Issuance of Series B-1 convertible

   preferred stock at $10,500 per

   share, net of $2.6 million in

   issuance costs

 

 

 

 

 

 

 

 

 

3,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,971

 

 

 

 

 

 

30,971

 

Issuance of Series B-2 convertible

   preferred stock at $10,500 per

   share, net of $0.4 million in

   issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

524

 

 

 

 

 

 

 

 

 

 

 

 

 

5,071

 

 

 

 

 

 

5,071

 

Issuance of common stock

   from option exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85,061

 

 

 

 

 

 

253

 

 

 

 

 

 

253

 

Issuance of common stock

   from warrant exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,098

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Issuance costs in connection

   with Form S-1 registration

   statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

 

 

 

(77

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,022

 

 

 

 

 

 

1,022

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,897

)

 

 

(6,897

)

Balance, March 31, 2020

 

 

1,231

 

 

$

 

 

 

 

3,199

 

 

$

 

 

 

 

524

 

 

$

 

 

 

 

14,899,701

 

 

$

1

 

 

$

164,554

 

 

$

(98,449

)

 

$

66,106

 

Conversion of Series B-1 convertible

   preferred stock to common stock

 

 

 

 

 

 

 

 

 

(3,199

)

 

 

 

 

 

 

 

 

 

 

 

 

 

3,198,949

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Issuance of common stock

   from option exercises and RSU releases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81,277

 

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Issuance of common stock

   from warrant exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,437

 

 

 

 

 

 

471

 

 

 

 

 

 

471

 

Issuance costs in connection

   with Form S-1 registration

   statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

 

 

(5

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,125

 

 

 

 

 

 

1,125

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,597

)

 

 

(9,597

)

Balance, June 30, 2020

 

 

1,231

 

 

$

 

 

 

 

 

 

$

 

 

 

 

524

 

 

$

 

 

 

 

18,229,364