Market Overview

Verastem Oncology Reports Second Quarter 2018 Financial Results

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Verastem, Inc. (NASDAQ:VSTM) (Verastem Oncology or the Company),
focused on developing and commercializing medicines to improve the
survival and quality of life of cancer patients, today reported
financial results for the quarter ended June 30, 2018 and provided an
overview of certain corporate developments.

"During the second quarter of 2018, we've been actively preparing for
the commercialization of duvelisib, our first-in-class, oral dual
inhibitor of phosphoinositide 3-kinase (PI3K)-delta and PI3K-gamma for
the treatment of patients with relapsed or refractory chronic
lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) or follicular
lymphoma (FL)," said Robert Forrester, President and Chief Executive
Officer of Verastem Oncology. "In advance of our target action date of
October 5, 2018, we have been building our U.S. sales force and
commercial capabilities in preparation for a potential product launch of
duvelisib in the U.S. in 2018. On the financial front, we have
significantly strengthened our balance sheet, ending June 30, 2018 with
$168.7 million in cash and cash equivalents."

Second Quarter 2018 and Recent Highlights:

Corporate and Financial

  • Duvelisib NDA accepted by FDA with priority review – In
    April 2018, Verastem Oncology announced that the U.S. Food and Drug
    Administration (FDA) accepted the duvelisib New Drug Application (NDA)
    for filing with Priority Review, with a target action date of October
    5, 2018. In the accepted NDA, the Company is seeking full approval for
    duvelisib, its first-in-class investigational oral dual inhibitor of
    PI3K-delta and PI3K-gamma, for the treatment of relapsed or refractory
    CLL/SLL and accelerated approval for the treatment of relapsed or
    refractory FL. The duvelisib NDA is supported by clinical data from
    the randomized Phase 3 DUO™ study evaluating duvelisib as a
    monotherapy in patients with relapsed or refractory CLL/SLL, as well
    as the Phase 2 DYNAMO™ study evaluating patients with iNHL that are
    double-refractory to both rituximab and chemotherapy or
    radioimmunotherapy. Both DUO and DYNAMO achieved their primary
    endpoints.
  • Hosted Analyst and Investor Day highlighting commercial
    potential of duvelisib
    In early May 2018, Verastem
    Oncology hosted an Analyst and Investor Day in New York City titled,
    "Duvelisib: Harnessing the Power of Dual PI3K Inhibition." Key opinion
    leaders in the hematologic oncology field including Dr. Lori Kunkel,
    Former Chief Medical Officer, Pharmacyclics, Dr. Jennifer Brown,
    Dana-Farber Cancer Institute, Dr. Ian Flinn, Sarah Cannon Research
    Institute, Dr. Steven Horwitz, Memorial Sloan Kettering Cancer Center
    as well as Dr. Brian Koffman, Founder & Medical Director of the
    Chronic Lymphocytic Leukemia (CLL) Society, and a CLL patient, joined
    the Verastem Oncology executive leadership team for an in-depth
    discussion regarding the unmet need among CLL/SLL and FL patients,
    where PI3K-delta and PI3K-gamma inhibitors fit into the treatment
    paradigm, and the growing opportunity for duvelisib in CLL/SLL and FL,
    and beyond. The Company also provided an overview of its duvelisib
    commercial strategy and initiatives. The webcast is available within
    the "Media" section of the Company's website at www.verastem.com.
  • Signed exclusive license agreement with Yakult Honsha Co., Ltd.
    (Yakult) to develop and commercialize duvelisib in Japan –
    In
    June 2018, Verastem Oncology announced its entry into an exclusive
    license and collaboration agreement with Yakult to develop and
    commercialize duvelisib for the treatment, prevention or diagnosis of
    all oncology indications in Japan. The transaction, which carries a
    total deal value of up to $100.0 million, includes a one-time upfront
    payment of $10.0 million and up to an additional $90.0 million if
    certain future pre-specified development, regulatory and commercial
    milestones are successfully achieved by Yakult. In addition, Verastem
    Oncology is also eligible to receive double-digit royalties based on
    future net sales of duvelisib in Japan. Pursuant to the agreement,
    Yakult has the right to develop and commercialize duvelisib in Japan
    at its own cost and expense. In addition, Yakult may fund certain
    global development costs on a pro-rata basis. Verastem Oncology
    retains all rights to duvelisib outside of Japan.
  • Strengthened the balance sheet through the sale of equity for
    net proceeds of approximately $105 Million
    – In May
    2018, Verastem Oncology completed an underwritten registered offering
    of 8,944,444 shares of its common stock at a price to the public of
    $4.50 per share. The net proceeds to Verastem from the offering were
    approximately $38.3 million. In June 2018, Verastem Oncology completed
    a registered offering of 7,166,666 shares of its common stock at a
    price of $6.00 per share to funds managed by Consonance Capital. The
    net proceeds to Verastem Oncology from this offering were
    approximately $42.8 million. The Company also sold 6,314,410 shares of
    common stock under its at-the-market equity offering program for net
    proceeds of approximately $23.7 million.
  • Joined the Russell 3000® Index – In June 2018, the
    Company joined the broad-market Russell 3000® Index as part of the
    Russell US Indexes annual reconstitution.



Scientific Presentations at Major Medical Meetings

Duvelisib

  • The efficacy of duvelisib monotherapy following disease
    progression on ofatumumab monotherapy in patients with
    relapsed/refractory CLL or SLL in the DUO™ crossover extension study

    – In June 2018, at both the American Society of Clinical Oncology 2018
    Annual Meeting (ASCO 2018) and the European Hematology Association
    2018 Annual Meeting (EHA 2018), Dr. Byrone Kuss, Flinders Medical
    Centre, and Dr. Peter Hillman, St. James University Hospital,
    respectively, presented additional data from the open-label, DUO
    crossover extension study where patients with radiologically confirmed
    progressive disease (PD) following treatment with ofatumumab in DUO
    were given the option to receive treatment with duvelisib. Among the
    89 evaluable patients (median 3 prior therapies; range 2-8), duvelisib
    as a monotherapy achieved a 73% overall response rate (ORR) per
    investigators assessment in the extension study (95% confidence
    interval CI: 64,82); 5% complete response with incomplete marrow
    recovery (CRi), and 68% partial response (PR). The median
    progression-free survival (mPFS) for duvelisib in the DUO crossover
    extension study was 15 months (95% CI: 10,17). Notably, 83% of
    patients in the duvelisib arm post-crossover had >50% reductions in
    the size of their target nodal lesions. The safety profile of
    duvelisib as a monotherapy was manageable and consistent with what was
    observed in the Phase 3 DUO™ study. These data build upon the
    previously reported positive DUO results and further support duvelisib
    as an effective oral monotherapy treatment option for patients with
    relapsed or refractory CLL/SLL.
  • A Phase IB/II study of duvelisib in combination with Fludarabine
    (F), Cyclophosphamide (C), and Rituximab (R) (dFCR) for frontline
    therapy of younger CLL patients
    At EHA 2018,
    Dr. Matthew Davids, Dana-Farber Cancer Institute, presented data on
    the 31 patients evaluable for post-dFCR response. The ORR was 94%,
    with 26% (n=8) of patients achieving a complete response (CR) or CRi,
    and 68% achieving a PR. The best rate of minimum residual disease
    (MRD) negativity in the bone marrow (BM) in patients with at least one
    evaluation was 76% (22 of 29 patients). All patients who achieved
    CR/CRi at the primary endpoint also had BM-MRD negativity (26%). Among
    survivors, the median follow-up is 24.5 months (range 6.9-46 months).
    The two-year progression-free survival and overall survival rates for
    patients in the study were both 97%. Eight patients have now completed
    two years of duvelisib maintenance therapy. Based on these results the
    recommended Phase 2 dose of duvelisib in combination with FCR was 25mg
    twice daily. The most common all grade non-hematologic adverse events
    (AEs) were nausea (72%, all Grade 1/2), fatigue (69%, 3% Grade 3),
    fever (53%, all Grade 1/2), diarrhea (47%, 3% Grade 3), transaminitis
    (34%, 28% Grade 3/4), anorexia (34%, all Grade 1/2), vomiting (28%,
    all Grade 1/2), pruritus (16%, 3% Grade 3), arthritis (9%, all Grade
    2) and Cytomegalovirus (CMV) reactivation (6%, both Grade 2). The most
    common all grade hematologic adverse events were thrombocytopenia
    (65%; 34% Grade 3-4), neutropenia (59%; 50% Grade 3-4), and anemia
    (38%, 16% Grade 3). Serious AEs included transaminitis (Grade ≥3),
    febrile neutropenia (n=6, all Grade 3), pneumonia (n=6, including 3
    cases of PJP despite planned prophylaxis), and colitis (n=1 Grade 2,
    n=1 Grade 3). These results suggest that duvelisib in combination with
    FCR is an effective regimen for the initial therapy of younger, fit
    CLL patients and results in a high rate of BM-MRD negativity (76%),
    significantly higher than historical data with FCR.
  • The effect of duvelisib, a dual inhibitor of PI3K-δ,γ, on
    components of the tumor microenvironment in previously untreated
    follicular lymphoma patients
    – At both ASCO 2018 and EHA 2018,
    Dr. Carla Casulo, University of Rochester, Wilmot Cancer Center,
    presented data from blood samples from healthy volunteers and FL
    patients treated in the CONTEMPO study. Samples collected both pre-
    and post-duvelisib treatment were analyzed. Ex vivo and in vitro
    PI3K-delta assays and PI3K-gamma assays, with PI3K-gamma-selective
    (idelalisib, TGR-1202, IPI-3063) and PI3K-delta-selective (IPI-549)
    inhibitors were compared. Collectively, the results of this analysis
    support the thesis that duvelisib disrupts PI3K-delta and PI3K-gamma
    function in FL patients, inhibiting the tumor microenvironment (TME)
    cancer-supportive macrophages and T-cells.
  • Duvelisib inhibition of chemokines in patients with CLL (DUO™)
    and iNHL (DYNAMO™)
    At both ASCO 2018 and EHA 2018,
    Dr. David Weaver, Verastem Oncology's Vice President, Translational
    Medicine, presented data showing that PI3K-delta inhibition directly
    targets proliferation and survival of malignant leukemia and lymphoma
    cells, while PI3K-gamma inhibition modulates the TME through key
    support cells, including tumor-associated macrophages, nurse-like
    stroma and T-cells, and via soluble factors stimulating tumor growth,
    survival and migration. Serum samples from patients in the Phase 3 DUO
    study in relapsed/refractory CLL/SLL and the Phase 2 DYNAMO study in
    relapsed/refractory indolent non-Hodgkin lymphoma (iNHL) were
    collected at baseline and at infusion cycle date C2D1 and used for
    correlative studies of 24 chemokines, cytokines and serum factors.
    These data support the hypothesis that treatment with duvelisib
    results in significant reduction of chemokines potentially derived
    from the tumor cells and TME and that further investigation of the
    effects of duvelisib on TME pharmacodynamic markers is warranted.
  • Presented scientific data supporting immuno-oncology
    applications of duvelisib at the 3rd annual Advances in
    Immuno-Oncology Congress
    – In May 2018, Jonathan Pachter,
    Ph.D., Verastem Oncology's Chief Scientific Officer, gave an oral
    presentation highlighting the unique potential of duvelisib, as a dual
    inhibitor of PI3K-delta and PI3K-gamma, to enhance the efficacy of
    immune checkpoint and co-stimulatory antibodies in preclinical models
    of both hematological malignancies and solid tumors. Dr. Pachter also
    moderated a round table discussion regarding novel checkpoint pathways
    and emerging strategies for combined modality treatment.

Defactinib

  • Presented preliminary Phase 1 results from combination trial
    with defactinib, pembrolizumab and gemcitabine in advanced cancer

    At ASCO 2018, Dr. Andrea Wang-Gillam presented a poster
    describing results from the ongoing Phase 1 study evaluating
    defactinib in combination with pembrolizumab and gemcitabine in
    patients with advanced cancer, including pancreatic cancer. The
    combination treatment appears to be well tolerated, the recommended
    Phase 2 dose was established, and the expansion phase of the study is
    now ongoing. Encouraging signs of clinical activity were observed in
    three pancreatic ductal adenocarcinoma (PDAC) patients treated beyond
    250 days, including one patient with confirmed PR and two patients
    with stable disease. Meaningful reductions (57-96%) in the pancreatic
    cancer marker CA19-9 were also observed in all three patients. In
    addition, analysis of paired biopsies showed that the combination
    treatment induced desirable biomarker changes including increased
    proliferating CD8+ T-cells and reduced immunosuppressive Tregs and
    macrophages.
  • Presented scientific data supporting immuno-oncology
    applications of defactinib at the 3rd Annual Advances in
    Immuno-Oncology Congress
    During Dr. Pachter's oral
    presentation, he also provided an update on the scientific rationale
    and clinical progress of Verastem Oncology's lead focal adhesion
    kinase (FAK) inhibitor, defactinib, in combination with PD-1 and PD-L1
    inhibitors in solid tumors.

All posters and presentations are available within the "Media" section
of the Company's website at www.verastem.com.

Second Quarter 2018 Financial Results

Net loss for the three months ended June 30, 2018 (2018 Quarter) was
$18.4 million, or $0.30 per share, as compared to a net loss of $13.4
million, or $0.36 per share, for the three months ended June 30, 2017
(2017 Quarter). Net loss for the 2018 Quarter includes license revenue
of $10.0 million, related to the upfront payment received in connection
with the license and collaboration agreement with Yakult in June 2018.
Cash used in operating activities, excluding the upfront payment from
Yakult, was $20.3 million for the 2018 Quarter.

Research and development expense for the 2018 Quarter was $12.4 million
compared to $9.0 million for the 2017 Quarter. The $3.4 million increase
from the 2017 Quarter to the 2018 Quarter was primarily related to an
increase of $1.6 million in contract research organization expense for
outsourced biology, development and clinical services, which includes
the Company's clinical trial costs, an increase of $1.0 million in
personnel related costs, and an increase of $0.4 million in stock-based
compensation expense.

General and administrative expense for the 2018 Quarter was $15.8
million compared to $4.4 million for the 2017 Quarter. The increase of
$11.4 million from the 2017 Quarter to the 2018 Quarter primarily
resulted from increases in consulting and professional fees of $5.2
million, including $3.6 million related to commercial launch preparation
activities, and an increase in personnel related costs of $4.4 million.

As of June 30, 2018, Verastem Oncology had cash and cash equivalents of
$168.7 million compared to $86.7 million of cash, cash equivalents and
investments as of December 31, 2017.

The number of outstanding common shares as of June 30, 2018 was
73,579,699.

Financial Guidance

Based on the Company's current operating plans, assuming a favorable
regulatory decision and estimated revenue, it expects to have sufficient
cash and cash equivalents to fund operations into 2020.

About Duvelisib

Duvelisib is a first-in-class investigational oral, dual inhibitor of
phosphoinositide 3-kinase (PI3K)-delta and PI3K-gamma, two enzymes known
to help support the growth and survival of malignant B-cells and
T-cells. PI3K signaling may lead to the proliferation of malignant B-
and T-cells and is thought to play a role in the formation and
maintenance of the supportive tumor microenvironment.1,2,3 Duvelisib
was evaluated in late- and mid-stage extension trials, including DUO™, a
randomized, Phase 3 monotherapy study in patients with relapsed or
refractory chronic lymphocytic leukemia/small lymphocytic lymphoma
(CLL/SLL),4 and DYNAMO™, a single-arm, Phase 2 monotherapy
study in patients with refractory indolent non-Hodgkin lymphoma (iNHL).5 Both
DUO and DYNAMO achieved their primary endpoints. Verastem Oncology's New
Drug Application (NDA) requesting the full approval of duvelisib for the
treatment of patients with relapsed or refractory CLL/SLL, and
accelerated approval for the treatment of patients with relapsed or
refractory follicular lymphoma (FL) was accepted for filing by the U.S.
Food and Drug Administration (FDA), granted Priority Review and assigned
a target action date of October 5, 2018. Duvelisib is also being
developed by Verastem Oncology for the treatment of peripheral T-cell
lymphoma (PTCL), and is being investigated in combination with other
agents through investigator-sponsored studies.6 Information
about duvelisib clinical trials can be found on www.clinicaltrials.gov.

About Defactinib

Defactinib is an investigational inhibitor of focal adhesion kinase
(FAK), a non-receptor tyrosine kinase that mediates oncogenic signaling
in response to cellular adhesion and growth factors.7 Based
on the multi-faceted roles of FAK, defactinib is used to treat cancer
through modulation of the tumor microenvironment and enhancement of
anti-tumor immunity.8,9 Defactinib is currently being
evaluated in three separate clinical collaborations in combination with
immunotherapeutic agents for the treatment of several different cancer
types including pancreatic cancer, ovarian cancer, non-small cell lung
cancer (NSCLC), and mesothelioma. These studies are combination clinical
trials with pembrolizumab and avelumab from Merck & Co. and Pfizer/Merck
KGaA, respectively.10,11,12 Information about these and
additional clinical trials evaluating the safety and efficacy of
defactinib can be found on www.clinicaltrials.gov.

About Verastem Oncology

Verastem, Inc. (NASDAQ:VSTM), operating as Verastem Oncology, is a
biopharmaceutical company focused on developing and commercializing
medicines to improve the survival and quality of life of cancer
patients. Verastem Oncology is currently developing duvelisib, a dual
inhibitor of PI3K-delta and PI3K-gamma, which has successfully met its
primary endpoint in a Phase 2 study in indolent non-Hodgkin lymphoma and
a Phase 3 clinical trial in patients with chronic lymphocytic
leukemia/small lymphocytic lymphoma (CLL/SLL). Verastem Oncology's New
Drug Application (NDA) requesting the full approval of duvelisib for the
treatment of patients with relapsed or refractory CLL/SLL, and
accelerated approval for the treatment of patients with relapsed or
refractory follicular lymphoma (FL) was accepted for filing by the U.S.
Food and Drug Administration, granted Priority Review and assigned a
target action date of October 5, 2018. In addition, Verastem Oncology is
developing the focal adhesion kinase (FAK) inhibitor defactinib, which
is currently being evaluated in three separate clinical collaborations
in combination with immunotherapeutic agents for the treatment of
several different cancer types, including pancreatic cancer, ovarian
cancer, non-small cell lung cancer (NSCLC), and
mesothelioma. Verastem Oncology's product candidates seek to treat
cancer by modulating the local tumor microenvironment and enhancing
anti-tumor immunity. For more information, please visit www.verastem.com.

Forward-looking statements notice:

This press release includes forward-looking statements about Verastem
Oncology's strategy, future plans and prospects, including statements
regarding Verastem Oncology's future financial position, objectives of
management, the development and activity of Verastem Oncology's
investigational product candidates, including duvelisib and defactinib,
and Verastem Oncology's PI3K and FAK programs generally, the structure
of its planned and pending clinical trials, Verastem Oncology's
financial guidance and the timeline and indications for clinical
development, regulatory submissions and commercialization activities.
The words "anticipate," "believe," "estimate," "expect," "intend,"
"may," "plan," "predict," "project," "target," "potential," "will,"
"would," "could," "should," "continue," and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Each
forward-looking statement is subject to risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied in such statement. Applicable risks and uncertainties include
the risks that approval of Verastem Oncology's New Drug Application for
duvelisib will not occur on the expected timeframe or at all, including
by the U.S. Food and Drug Administration's target action date; that even
if data from clinical trials is positive, regulatory authorities may
require additional studies for approval and the product may not prove to
be safe and effective; that the preclinical testing of Verastem
Oncology's product candidates and preliminary or interim data from
clinical trials may not be predictive of the results or success of
ongoing or later clinical trials; that a filing of a European Marketing
Authorization Application may not be achieved; that the full data from
the DUO™ study will not be consistent with the previously presented
results of the study; that data may not be available when expected,
including for the Phase 3 DUO study; that the degree of market
acceptance of product candidates, if approved, may be lower than
expected; that the timing, scope and rate of reimbursement for Verastem
Oncology's product candidates is uncertain; that there may be
competitive developments affecting its product candidates; that data may
not be available when expected; that enrollment of clinical trials may
take longer than expected; that Verastem Oncology's product candidates
will cause unexpected safety events or result in an unmanageable safety
profile as compared to their level of efficacy; that duvelisib will be
ineffective at treating patients with lymphoid malignancies; that
Verastem Oncology will be unable to successfully initiate or complete
the clinical development and eventual commercialization of its product
candidates; that the development and commercialization of Verastem
Oncology's product candidates will take longer or cost more than
planned; that Verastem Oncology may not have sufficient cash to fund its
contemplated operations; that Verastem Oncology or Infinity
Pharmaceuticals, Inc. will fail to fully perform under the duvelisib
license agreement; that Verastem Oncology may be unable to make
additional draws under its debt facility or obtain adequate financing in
the future through product licensing, co-promotional arrangements,
public or private equity, debt financing or otherwise; that Verastem
Oncology will not pursue or submit regulatory filings for its product
candidates, including for duvelisib in patients with CLL/SLL or iNHL;
and that Verastem Oncology's product candidates will not receive
regulatory approval, become commercially successful products, or result
in new treatment options being offered to patients. Other risks and
uncertainties include those identified under the heading "Risk Factors"
in the Company's Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2018, its Annual Report on Form 10-K for the year ended
December 31, 2017 as filed with the Securities and Exchange Commission
(SEC) on March 13, 2018 and in any subsequent filings with the SEC. The
forward-looking statements contained in this press release reflect
Verastem Oncology's views as of the date hereof, and the Company does
not assume and specifically disclaims any obligation to update any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.

References

1 Winkler D.G., Faia K.L., DiNitto J.P. et al. PI3K-delta
and PI3K-gamma inhibition by IPI-145 abrogates immune responses and
suppresses activity in autoimmune and inflammatory disease models.
Chem Biol 2013; 20:1-11.
2 Reif K et al. Cutting Edge: Differential Roles for
Phosphoinositide 3 kinases, p110-gamma and p110-delta, in lymphocyte
chemotaxis and homing. J Immunol 2004:173:2236-2240.
3 Schmid M et al. Receptor Tyrosine Kinases and TLR/IL1Rs
Unexpectedly activate myeloid cell PI3K, a single convergent point
promoting tumor inflammation and progression. Cancer Cell
2011;19:715-727.

4 www.clinicaltrials.gov,
NCT02004522

5 www.clinicaltrials.gov,
NCT01882803

6 www.clinicaltrials.gov,
NCT02783625, NCT02158091

7 Schaller M.D. and Parsons J.T. Focal adhesion kinase:
an integrin-linked protein tyrosine kinase. Trends Cell Biol. 1993
3: 258-62.
8 Jiang H et al. Targeting focal adhesion kinase renders
pancreatic cancers responsive to checkpoint immunotherapy. Nat Med
2016: Aug 22(8) 851-60.
9 Sulzmaier F.J. et al. FAK in cancer: mechanistic
findings and clinical applications. Nature Rev Cancer. 2014 14:
598-610.

10 www.clinicaltrials.gov,
NCT02546531

11 www.clinicaltrials.gov,
NCT02943317

12 www.clinicaltrials.gov,
NCT02758587

 
 

Verastem, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

         
June 30, December 31,
2018 2017
(unaudited)
Cash, cash equivalents and investments $ 168,692 $ 86,672
Prepaid expenses and other current assets 1,745 1,115
Property and equipment, net 1,270 861
Other assets   1,211   1,143
Total assets $ 172,918 $ 89,791
 
Accounts payable, accrued expenses and other current liabilities $ 22,132 $ 17,128
Long-term debt 23,520 14,828
Other liabilities 399 151
Stockholders' equity   126,867   57,684
Total liabilities and stockholders' equity $ 172,918 $ 89,791
 
 

Verastem, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

       
Three months ended June 30, Six months ended June 30,
2018 2017 2018 2017
Revenue:
License revenue $ 10,000   $   $ 10,000   $  
Total revenue   10,000         10,000      
Operating expenses:
Research and development 12,381 9,042 23,315 17,427
General and administrative   15,813     4,425     25,640     9,188  
Total operating expenses   28,194     13,467     48,955     26,615  
Loss from operations   (18,194 )   (13,467 )   (38,955 )   (26,615 )
Interest income 343 140 534 295
Interest expense   (516 )   (109 )   (996 )   (121 )
Net loss $ (18,367 ) $ (13,436 ) $ (39,417 ) $ (26,441 )
Net loss per share—basic and diluted $ (0.30 ) $ (0.36 ) $ (0.70 ) $ (0.71 )
Weighted-average number of common shares used in net loss per
share-basic and diluted
  61,256     36,992     56,074     36,992  

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