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Valerie Ford Jacob, Esq.
Michael A. Levitt, Esq. Freshfields Bruckhaus Deringer US LLP 601 Lexington Avenue New York, New York 10022 (212) 277-4000 |
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Kenneth R. Koch, Esq.
Jeffrey D. Cohan, Esq. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. Chrysler Center, 666 Third Avenue New York, New York 10017 Tel: (212) 935-3000 |
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3841
(Primary Standard Industrial
Classification Code Number) |
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45-3213164
(I.R.S. Employer
Identification Number) |
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Page
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| | | | F-1 | | |
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Six Months Ended June 30,
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Year Ended December 31,
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2021
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2020
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2020
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2019
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Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses
|
| | | $ | 4,654,212 | | | | | $ | 385,685 | | | | | $ | 3,323,081 | | | | | $ | 152,718 | | |
Net loss
|
| | | | (4,654,212) | | | | | | (385,685) | | | | | | 3,323,081 | | | | | | 152,718 | | |
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As of June 30,
|
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As of December 31,
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2021
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2020
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2019
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Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,770,515 | | | | | $ | 2,333,117 | | | | | $ | 796 | | |
Total assets
|
| | | | 4,737,602 | | | | | | 3,193,175 | | | | | | 796 | | |
Total liabilities
|
| | | | 866,453 | | | | | | 665,308 | | | | | | 231,426 | | |
Total members’ equity (deficit)
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| | | | 3,871,149 | | | | | | 2,527,867 | | | | | | (230,630) | | |
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As of June 30, 2021
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Actual
|
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As Adjusted(1)
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| ||||||||
Cash and cash equivalents(2)
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| | | $ | 1,770,515 | | | | | $ | 25,620,515 | | |
Stockholders’ equity | | | | | | | | | | | | | |
Members’ equity
|
| | | $ | 16,748,768 | | | | | $ | — | | |
Common stock, $0.01 par value per share, no shares authorized,
issued and outstanding (actual); 110,000,000 shares authorized,13,863,636 shares issued and outstanding (as adjusted) |
| | | | — | | | | | | 138,636 | | |
Additional paid-in capital
|
| | | | — | | | | | | 40,460,132 | | |
Accumulated deficit
|
| | | | (12,877,619) | | | | | | (12,877,619) | | |
Total equity
|
| | | $ | 3,871,149 | | | | | $ | 27,721,149 | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | 11.00 | | |
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As adjusted net tangible book value per share as of December 31, 2020
|
| | | $ | 0.34 | | | | | | | | |
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Increase per share attributable to new investors in this offering
|
| | | | 1.66 | | | | | | | | |
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Adjusted pro forma net tangible book value per share
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| | | | | | | | | | 2.00 | | |
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Dilution in adjusted net tangible book value per share to new investors in this
offering(1) |
| | | | | | | | | $ | 9.00 | | |
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Common Stock Purchased
|
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Total Consideration
|
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Average Price
Per Share |
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Number
|
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Percentage
|
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Amount
|
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Percentage
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Existing stockholders
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| | | | 11,363,636 | | | | | | 82.0% | | | | | $ | 16,748,768 | | | | | | 37.9% | | | | | $ | 1.47 | | |
New investors in this offering
|
| | | | 2,500,000 | | | | | | 18.0% | | | | | | 27,500,000 | | | | | | 62.1% | | | | | | 11.00 | | |
Total
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| | | | 13,863,636 | | | | | | 100% | | | | | $ | 44,248,768 | | | | | | 100% | | | | | | 3.19 | | |
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Six Months Ended June 30,
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2021
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2020
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Revenues
|
| | | $ | — | | | | | $ | — | | |
Operating Expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,993,610 | | | | | | 141,370 | | |
Research and development
|
| | | | 2,660,602 | | | | | | 244,315 | | |
Total operating expenses
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| | | | 4,654,212 | | | | | | 385,685 | | |
Net loss
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| | | $ | (4,654,212) | | | | | $ | (385,685) | | |
| | |
Year Ended December 31,
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2020
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2019
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Revenues
|
| | | $ | — | | | | | $ | — | | |
Operating Expenses: | | | | | | | | | | | | | |
General and administrative
|
| | | | 1,131,385 | | | | | | 69,748 | | |
Research and development
|
| | | | 2,191,696 | | | | | | 82,970 | | |
Total operating expenses
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| | | | 3,323,081 | | | | | | 152,718 | | |
Net loss
|
| | | $ | (3,323,081) | | | | | $ | (152,718) | | |
Name
|
| |
Age
|
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Position
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|
Amin J. Khoury, PhD (Hon) | | |
82
|
| | Co-Founder, Chairman | |
David Helfet, M.D. | | |
74
|
| | Co-Founder, Chief Medical Officer, Director | |
Mark Krosney | | |
74
|
| | Co-Founder, Chief Scientific Officer | |
Jason DiBona | | |
51
|
| | Chief Executive Officer | |
Ryan Tyler | | |
38
|
| | Chief Financial Officer | |
Michael Senft | | |
62
|
| | Lead Independent Director | |
Thomas P. McCaffrey | | |
67
|
| | Director | |
Heather Floyd | | |
42
|
| | Director | |
Edward Lanzilotta, PhD | | |
61
|
| | Director of Engineering & Product Development | |
Nick DeAngelis, PhD | | |
82
|
| | Director of Regulatory Affairs & Quality | |
Rao Tella | | |
74
|
| | Director of Operations | |
Bill Reisenauer | | |
63
|
| | Lead Engineer on Pūrgo UV Subsystem Design | |
Karl Keppeler | | |
48
|
| | Lead Engineer on the Electrical Engineering & Embedded Software Subsystems | |
Joseph Toro | | |
52
|
| | Lead Industrial Design Engineer | |
Name and Principal Position
|
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Year
|
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Salary ($)
|
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Bonus
($) |
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All Other
Compensation ($)(1) |
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Total
|
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Jason DiBona | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Executive Officer
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| | | | 2020 | | | | | | 43,077 | | | | | | — | | | | | | 151,300 | | | | | | 194,377 | | |
Ryan Tyler | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Financial Officer
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| | | | 2020 | | | | | | 33,846 | | | | | | — | | | | | | 20,000 | | | | | | 53,846 | | |
Mark Krosney | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Scientific Officer
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| | | | 2020 | | | | | | — | | | | | | — | | | | | | 108,336 | | | | | | 108,336 | | |
Name of Beneficial Owner
|
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Shares
Beneficially Owned |
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Percentage of Shares Beneficially Owned
|
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Before
Offering |
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After
Offering |
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5% Stockholders | | | | | | | | | | | | | | | | | | | |
Dateline TV Holdings, Inc.(1)
|
| | | | 1,198,062 | | | | | | 10.5% | | | | | | 8.6% | | |
Lewis Pell
|
| | | | 1,569,060 | | | | | | 13.8% | | | | | | 11.3% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | |
Amin J. Khoury(2)
|
| | | | 5,704,413 | | | | | | 50.2% | | | | | | 41.1% | | |
David Helfet, M.D.
|
| | | | 759,590 | | | | | | 6.7% | | | | | | 5.5% | | |
Mark Krosney
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| | | | 256,728 | | | | | | 2.3% | | | | | | 1.9% | | |
Jason DiBona
|
| | | | — | | | | | | — | | | | | | — | | |
Ryan Tyler
|
| | | | — | | | | | | — | | | | | | — | | |
Michael Senft
|
| | | | 37,862 | | | | | | * | | | | | | * | | |
Thomas P. McCaffrey
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| | | | 373,017 | | | | | | 3.3% | | | | | | 2.7% | | |
Heather Floyd
|
| | | | — | | | | | | — | | | | | | — | | |
All Executive Officers and Directors as a Group (8 persons)
|
| | | | 7,131,610 | | | | | | 62.8% | | | | | | 51.4% | | |
Underwriter
|
| |
Number of Shares
|
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The Benchmark Company, LLC
|
| | | | | | |
HCFP/Capital Markets LLC
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Total
|
| | | | 2,500,000 | | |
| | |
Per Share
|
| |
Without
Over-Allotment |
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With
Over-Allotment |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discount
|
| | | | | | | | | | | | | | | | | | |
Non-accountable expense allowance
|
| | | | | | | | | | | | | | | | | | |
Proceeds, before expenses, to us
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Page
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Unaudited Condensed Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
Audited Financial Statements | | | | | | | |
| | | | F-12 | | | |
| | | | F-13 | | | |
| | | | F-14 | | | |
| | | | F-15 | | | |
| | | | F-16 | | | |
| | | | F-17 | | |
| | |
June 30, 2021
|
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December 31, 2020
|
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|
(Unaudited)
|
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ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,770,515 | | | | | $ | 2,333,117 | | |
Prepaid expenses and other current assets
|
| | | | 360,519 | | | | | | 304,836 | | |
Subscription receivable
|
| | |