ࡱ;   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry  \pCalc Ba=: =@ 8X@"1Calibri1Arial1Arial1Arial1Calibri General3._(\$* #,##0_);_(\$* \(#,##0\);_(\$* \-_);_(@_) #,##0\(#,##0_);[RED]\(#,##0\)!"($"#,##0_);[RED]"($"#,##0\)'""($"#,##0.00_);[RED]"($"#,##0.00\) #,##0.00;6_(\$* #,##0.00_);_(\$* \(#,##0.00\);_(\$* \-??_);_(@_)                + ) , *   (  ( (8 "8  $  $  $  $  $   $ #8  $ `"'commission file number 001"*condensed consolidated bal":condensed consolidated sta$]Icondensed consolidated sta-1$\condensed consolidated sta-2"qnotes to condensed consoli!4 fair value measurements#4 fair value measurements-1"5 accrued expenses and othC6 debt financingwterminal interest feeatthemarket offering-stock option activity#restricted stock units"stockbased compensation ex$stockbased compensation ex-18 net loss per share58 net loss per share-1"Ocomparison of the three mo"research and development e"general and administrative"5comparison of the six mont$research and development e-1$kgeneral and administrative-1 cash flows" certification of principal$ certification of principal-1"certification of chief exe$certification of chief exe-1T:2t     3  @@  &!COMMISSION FILE NUMBER 001-38501Delaware 26-3321056>(State or other jurisdiction of incorporation or organization)$(I.R.S. Employer Identification No.)R840 Memorial DriveCambridge, Massachusetts(Address of principal executive offices)02139(Zip Code)B(857) 320-2200(Registrant s telephone number, including area code)1Condensed Consolidated Balance Sheets (Unaudited)As of June 30, 2020December 31, 2019AssetsCurrent assets:Cash and cash equivalents)Prepaid expenses and other current assetsTotal current assetsProperty and equipment, netSecurity deposits Total assets$Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable.Accrued expenses and other current liabilities!Current portion of long term debtTotal current liabilities3Long term debt, net of current portion and discountOther liabilitiesTotal liabilitiesCommitments and contingenciesStockholders' equity:Common stock, $0.001 par value; 150,000,000 shares authorized, 36,666,227 and 23,607,797 shares issued and 36,247,246 and 23,188,816 shares outstanding at June30, 2020 and December 31, 2019, respectivelyAdditional paid-in capital&Treasury stock, 418,981 shares at costAccumulated deficitTotal stockholders' equity*Total liabilities and stockholders' equity/Condensed Consolidated Statements of OperationsThree Months Ended June 30,Six Months Ended June 30,20202019Operating expenses:Research and developmentGeneral and administrativeTotal operating expensesLoss from operationsOther income (expense):9Change in fair value of preferred stock warrant liabilityInterest income (expense), net!Total other income (expense), netNet loss and comprehensive loss%Net loss per share, basic and diluted=Weighted average common shares outstanding, basic and diluted;Condensed Consolidated Statements of Cash Flows (Unaudited)Six Months Ended June 30,%Cash flows from operating activities:Net lossJAdjustment to reconcile net loss to net cash used in operating activities:Depreciation and amortization Stock-based compensation expenseNon-cash interest expense*Changes in current assets and liabilities:!Prepaid expenses and other assets%Net cash used in operating activities%Cash flows from investing activities:#Purchases of property and equipment%Net cash used in investing activities%Cash flows from financing activities:=Proceeds from issuance of common stock, net of issuance costs!Payment of success fee obligation.Proceeds from exercise of common stock options)Net cash provided by financing activities)Net increase in cash and cash equivalents.Cash and cash equivalents, beginning of period(Cash and cash equivalents, end of period#Supplemental cash flow information:Cash paid for interestGSupplemental disclosure of non-cash investing and financing activities::Reclassification of warrants to additional paid-in capital$ YConversion of preferred stock to common stock upon closing of the initial public offering7Public offering costs incurred but unpaid at period endOCondensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited)&Redeemable convertible preferred stock Common stockTreasury stockTotalSharesAmount Par Valuestockholders equity (deficit)BALANCE - December 31, 2018 Exercise of common stock options0Accretion of preferred stock to redemption valueStock-based compensationBALANCE - March 31, 20199Issuance of common stock, net of issuance costs of $6,896 Exercise of common stock warrant!BALANCE - BALANCE - June 30, 2019BALANCE - December 31, 2019BALANCE - March 31, 20209Issuance of common stock, net of issuance costs of $4,338BALANCE - June 30, 2020@NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)Laboratory equipmentLeasehold improvementsOffice and computer equipmentFurniture and fixturesProperty and equipment/Less: accumulated depreciation and amortization4. FAIR VALUE MEASUREMENTS/Fair value measurements at June 30, 2020 using:Level 1Level 2Level3Assets:Cash equivalents3Fair value measurements at December31, 2019 using:Level1Level225. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES *Accrued employee compensation and benefits2Accrued external research and development expensesAccrued professional feesOther4Total accrued expenses and other current liabilities6. DEBT FINANCING"Principal amount of long term debt Debt discountDeferred financing feesTerminal Interest FeeYear Ending December 31,202120222023At-the-Market OfferingRisk-free interest rate0.38% 1.84% - 2.34%1.28% 1.84% - 2.50%Expected option life (in years)Expected dividend yield0%Expected volatility75.1%73.4%73.2%Stock Option ActivityNumber of SharesWeighted Average Exercise Price*Weighted Average Remaining Life (in Years)Intrinsic Value (in thousands)!Outstanding as of January1, 2020Granted ExercisedCanceledOutstanding as of June 30, 2020Exercisable as of June 30, 2020.Vested or expected to vest as of June 30, 2020Restricted Stock Units0Weighted Average Grant Date Fair Value per ShareVested Forfeited2Stock-based compensation expense by type of award: Time-based vesting stock options!Performance vesting stock optionsRestricted stock unitsEmployee stock purchase plan Total stock compensation expense8. NET LOSS PER SHARE Numerator:3Accretion of redeemable convertible preferred stock,Net loss attributable to common stockholders Denominator: Options to purchase common stockUnvested restricted stock units;Comparison of the Three Months Ended June 30, 2020 and 2019ChangeOther income/(expense), net!Research and Development ExpensesSalary and benefits-related&Clinical research and outside servicesFacility related and other'Total research and development expenses#General and Administrative Expenses)Other contract services and outside costs)Total general and administrative expenses9Comparison of the Six Months Ended June 30, 2020 and 2019 Cash Flows!Cash used in operating activities!Cash used in investing activities%Cash provided by financing activities,CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICERDate: August 5, 2020By:/s/ William R. Hinshaw, Jr.dWilliam R. Hinshaw, Jr. President, Chief Executive Officer and Director(Principal Executive Officer),CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER/s/ Laurent ChardonnetiLaurent Chardonnet Senior Vice President of Finance, Chief Financial Officer(Principal Financial Officer)DCERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER cc   d-C6?_%,*+&ffffff?'ffffff?(?)?"d,, ` `? ` `?U}  ,, @,,, ,               b  PH0(  >@<dgg   d-C6?_%,*+&ffffff?'ffffff?(?)?"d,, ` `? ` `?U} ! , , @ , , , , , , , , , , , , , , , , , , , , , , , , ,                ~ g ~  V   ~ ,  ~ >   ~ ~  ~    ~   ~        ~ N   ~   ~ ^     ~  ~  :   ~ j= ~  Zc   ~ T      ~  ~     ~ .3 ~     ~  ~      ~  ~  ^           ~  ~  b  ! ~  ~    "       # ~   ~    $ ~  ~    , % ~   ~ ^ rn                                        PH 0(  >@<dgg   d-C6?_%,*+&ffffff?'ffffff?(?)?"d,, ` `? ` `?U} , @,,,, , , ,,,,,,, &  ' (  )  *  ) *  +4 , ~ օ ~     ~ R' ~ * - ~ .H ~  I   ~  ~  . ~   ~   ~   ~ :  / ~ 2  ~ &$  ~ P  ~ w  04  1          ~ 6 2 ~  ~  "   ~ ^ ~ v 3 ~  ~  "   ~ ^ ~  4 ~ & ~  F   ~ n< ~ ri 5 ~ C ~      ~  6 ~ ^ ~  ~   ~ > ~ *Qdjm                                           PH0 0(   >@<dgg   d-C6?_%,*+&ffffff?'ffffff?(?)?"d,, ` `? ` `?U} , , @ , , , , , , , , , , , , , , , , , , , , , , , , 7  8  )  *   9 : ~ n< ~  ri  ; < ~   ~   = ~ 7  ~ R)  1    ~   > ~ &  ~   ? @ ~  ~  :   ~  ~     ~ ~ ~    A ~ : ~  fr  B C ~  ~  F  D ~  ~  F  E F ~ 6 ~    G   ~    H   ~  ~  I ~ 6 ~      ,! ," ,# ,$ ,% ,' ,( ,) ,* ,+ , J ~ f  ~ X  !K !~ !V! !~ ! !  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