Disclosures Regarding Forward-Looking Statements
The following should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes that appear elsewhere in this report as well as in conjunction with the Risk Factors section in our Annual Report on Form 10-K for the year endedSeptember 30, 2019 as filed with theUnited States Securities and Exchange Commission ("SEC") onJanuary 10, 2020 . This report and our Form 10-K include forward-looking statements made based on current management expectations pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. This report includes "forward-looking statements" within the meaning of Section 21E of the Exchange Act. Those statements include statements regarding the intent, belief or current expectations of the Company and its subsidiaries and our management team. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those risks and uncertainties set forth in Part II, Item 1A - Risk Factors of this Quarterly Report and in Part I, Item 1A - Risk Factors of our Annual Report. In light of the significant risks and uncertainties inherent in the forward-looking statements included in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K, the inclusion of such statements should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. Further, these forward-looking statements reflect our view only as of the date of this report. Except as required by law, we undertake no obligations to update any forward-looking statements and we disclaim any intent to update forward-looking statements after the date of this report to reflect subsequent developments. Accordingly, you should also carefully consider the factors set forth in other reports or documents that we file from time to time with the
SEC . Overview Recent Developments
Announcement of Positive Preclinical Data and Target Milestones
On
· rapid uptake of our PATrOL™-enabled compound out of the body's circulation
after single-dose systemic intravenous administration, with a half-life in circulation of approximately 1.5 hours;
· penetration by our PATrOL™-enabled compound in every organ system studied,
including the central nervous system and skeletal muscle; and
· retention of therapeutically relevant doses for greater than one week after
single-dose injection.
Our pharmacodynamics studies in patient-derived cell lines demonstrated, among other things:
· activity in engaging target disease-causing transcripts and knocking-down
resultant malfunctioning mutant huntingtin ("mHTT") protein levels preferentially over normal huntingtin ("HTT") protein knock-down; and
· dose-limiting toxicities were not observed relative to a control either at or
above the doses demonstrating activity in human cells in vitro. In addition, PATrOL™ enabled compounds were generally well-tolerated in vivo after systemic administration, both after single-dose administration in NHPs and multi-dose administration in mice for over a month. We believe that the data from these studies support the advancement of the Company's HD and DM1 programs into lead optimization and subsequent IND-enabling studies. We announced the following target milestones for our NT0100 and NT0200 programs: 14NT0100 Program for HD · Lead candidate selection by the end of the calendar year 2020
· Initiation of IND-enabling studies during the first half of the calendar year
2021 · IND filing by the end of the calendar year 2021 · Clinical data by the end of the calendar year 2022NT0200 Program for DM1
· Lead candidate selection during the first half of the calendar year 2021
· Initiation of IND-enabling studies during the second half of the calendar year
2021 · IND filing during the second half of the calendar year 2022 The intersection of the NHP pharmacokinetic data and the in vitro patient-derived pharmacodynamic data provides a roadmap to create a pipeline of therapeutic candidates which can reach target tissues of interest after systemic administration and achieve the desired activity at that dose. Description of the Company We are a biotechnology company focused on developing next-generation therapies to treat rare genetic diseases and cancer caused by mutant genes. Our modular peptide-nucleic acid antisense oligonucelotide ("PATrOL™") platform is designed to improve upon current gene silencing treatments by combining the specificity of antisense oligonucleotides ("ASOs") with the broad tissue distribution capabilities of small molecules. Given that every human disease may have a genetic component, we believe that our differentiated platform technology has the potential for broad impact. We plan to use our platform to address genetic diseases and we are initially focused on Huntington's disease ("HD") and myotonic dystrophy type 1 ("DM1"). Mutated proteins resulting from errors in deoxyribonucleic acid ("DNA") sequences cause many rare genetic diseases and cancer. DNA in each cell of the body is transcribed into pre-messenger ribonucleic acid ("mRNA"), which is then processed (spliced) into mRNA, which is exported into the cytoplasm of the cell and translated into protein. This is termed the "central dogma" of biology. Therefore, when errors in a DNA sequence occur, they are propagated to RNAs and can become a damaging protein. We are developing ASO therapies. ASOs are short single strands of nucleic acids (traditionally thought of as single-stranded RNA molecules) which will bind to defective RNA targets in cells and inhibit their ability to be translated into defective proteins. We believe we are a leader in the discovery and development of the class of RNA-targeted ASO drugs called peptide-nucleic acids ("PNAs"). Our proprietary PATrOL™ platform allows for a more efficient discovery of drug product candidates, potentially transforming the treatment paradigm for people affected by rare genetic diseases and cancer. The PATrOL™ platform allows for a potentially more efficient discovery of drug product candidates because of manufacturing consistency and because we are not constrained by folded regions of the target RNA molecule (secondary structures). The peptide backbone of our ASOs is rigid, and once linked together to form a series of backbone subunits, forms a single pre-organized structure. At a more detailed level, each subunit of the peptide backbone has only a single chiral center - a point in the chemical structure where the conformation of the backbone could fluctuate - and this chiral center is locked into one conformation, and thus, is pre-organized to form only a single conformation or stereoisomer. A stereoisomer is a term used in the ASO therapeutics field to mean a string of backbone subunits with attached nucleobases that are linked together into a specific sequence that matches (complements) the target RNA sequence; however, because of the nature of the backbone subunits used, the drug assumes various conformations often with varying affinity for the target sequence. These stereoisomers often require a manufacturing step to purify the heterogeneous mixture of conformations into a more homogenous mixture or even a single conformation of the drug in order to obtain the intended therapeutic effect. Our PNAs assume predominantly a single conformation with any constellation of nucleobases added to the backbone or any oligomer length. This backbone also has a neutral charge, as opposed to the negatively charged backbones of DNA and RNA. This neutral charge allows our ASO to open up RNAs which are folded upon themselves and bind to their target sequence. This potentially accelerates identification of drug candidates which have the desired activity. 15 In addition to the backbone conformational purity that allows for more efficient discovery of drug product candidates, we also have a kit of proprietary bi-facial (also known as bi-specific) nucleotides (traditional nucleotides only have a single binding face and thus are restricted to only binding single-stranded RNA targets) which can be used in any combination to access RNA secondary structures (double stranded RNA targets which are folded upon themselves) such as hairpins. This allows us to potentially access regions of the target transcript, which may be unique in secondary structure to allow enhanced selectivity for the target (mutant) RNA as compared to the normal RNA. Enhanced selectivity for mutant RNAs as compared to normal RNAs is critical as normal RNAs are likely required for effective functioning of the cell. These bi-specific nucleotides can also target genomic loci and microRNAs in their double-stranded form.
In addition to the backbone and modified nuclear bases, the platform toolkit also includes linker technology which, when added to both ends of the PNAs, allow cooperative binding between individual drug molecules once they are engaged with the target RNA to form longer and more tightly bound drugs.
The final component of the platform is a chemical moiety, which is used to decorate the peptide backbone in a proprietary manner and allows the PNAs to penetrate cell membranes and distribute throughout the body when administered systemically, including across the blood brain barrier and into the central nervous system.
This relatively simple toolkit of components forms the PATrOL™ platform and allows us to manufacture genome and transcript-specific PNAs quickly for screening.
We are currently focused on therapeutic areas in which we believe our drugs will provide the greatest benefit with a significant market opportunity. We intend to utilize our technology to build out a pipeline of custom designed therapeutics for additional high-value disease targets. We are developing several preclinical programs using our PATrOL™ platform, including the NT0100 program, targeted at HD, a repeat expansion disorder, and the NT0200 program, targeted at DM1. Preclinical studies are being conducted to evaluate the PATrOL™ platform technology and program candidates in the areas of pharmacokinetics, pharmacodynamics, and safety, and we reported results from certain of those studies in the first calendar quarter of 2020. We expect to report the results of certain additional studies in the fourth quarter of calendar year 2020 via press release or in a scientific publication or presentation at a scientific conference. In addition, the emerging pipeline of other assets that target primary and secondary RNA structure and genomic DNA allows a unique market advantage across a variety of rare diseases and oncology targets. Using our PATrOL™ platform, we believe we can create ASOs that have distinct advantages over other chemical entities currently in the market or in development for gene silencing applications. These advantages include, among others: a backbone that has only one chiral center and thus forms predominantly only one stereoisomer; the ability of the PNA backbone to invade, open up secondary and tertiary structures (RNA molecules that interact with other RNA molecules in the cell) and bind within these double-stranded RNA in a highly selective manner; a proprietary set of engineered nucleobases that increase selectivity to specific target sequences including secondary and tertiary structures that has been licensed exclusively fromCarnegie Mellon University ("CMU"); technology to allow self-assembly of our small PNAs at the RNA target to increase selectivity which has been licensed exclusively from CMU; the ability to modulate cell permeability and be broadly distributed throughout the body after systemic administration including into the brain; the lack of innate or acquired immune responses of similar PNAs in preclinical models; and potential minimal toxicity based on previous in-vivostudies in rodent models. With these advantages, our PATrOL™ platform-enabled therapies can potentially address a multitude of rare genetic diseases and cancer, among other indications. Product Pipeline Huntington's Disease
HD is a devastating rare neurodegenerative disorder. After onset, symptoms such as uncontrolled movements, cognitive impairments and emotional disturbances worsen over time. HD is caused by toxic aggregation of mutant huntingtin protein, leading to progressive neuron loss in the striatum and cortex of the brain. The wildtype huntingtin gene ("HTT") has a region in which a three-base DNA sequence, CAG, is repeated many times. When the DNA sequence CAG is repeated 26 or fewer times in this region, the resulting protein behaves normally. While the wildtype function of HTT is largely uncharacterized, the protein is known to be essential for normal brain development. When the DNA sequence CAG is repeated 40 times or more in this region, the resulting protein becomes toxic and causes HD. Every person has two copies, or alleles, of the HTT. Only one of the alleles (the "mutant" allele) needs to bear at least 40 CAG repeats for HD to occur. HD is one of many known repeat expansion disorders, which are a set of genetic disorders caused by a mutation that leads to a repeat of nucleotides exceeding the normal threshold. Current therapies for patients with HD can only manage individual symptoms. There is no approved therapy that has been shown to delay or halt disease progression. There are approximately 30,000 symptomatic patients in theU.S. and more than 200,000 at-risk of inheriting the disease globally. 16
NT0100 Program - PATrOL™ Enabled PNA for Huntington's Disease
We are initially focused on HD, a fatal rare genetic repeat expansion disorder with no viable treatment options.
One especially important advantage of the PATrOL™ platform that makes it promising for the treatment of repeat expansion disorders like HD is the ability of our small ASOs to potentially self-assemble within an RNA hairpin. As the number of repeats increases, the PATrOL™ oligonucleotides bind more tightly to each other and the mutant RNA. This allows our therapies to potentially inactivate mutant HTT mRNA before it can be translated into harmful protein via selective binding to the expanded CAG repeats while leaving the normal HTTmRNA largely unbound to drug and producing functional protein. Achieving mutant allele selectivity would be a key advantage for any RNA-based approach aiming to treat HD. The PATrOL™-enabled NT0100 program is currently in preclinical development for the treatment of HD.
NT0200 Program - PATrOL™ Enabled PNA for Myotonic Dystrophy Type 1
Our pipeline also contains a second potentially transformative medicine, which we believe has significant potential for DM1, a severe and rare trinucleotide repeat disease. DM1 is a multisystem disorder that primarily affects skeletal and smooth muscle. DM1 is caused by expansion of a CTG trinucleotide repeat in the noncoding region of the DM1 Protein Kinase gene (DMPK), which captures and sequesters splice proteins. Sequestered splice proteins cannot then fulfill their normal functions. The diagnosis of DM1 is suspected in individuals with characteristic muscle weakness and is confirmed by molecular genetic testing of DMPK. CTG repeat length exceeding 34 repeats is abnormal. Molecular genetic testing detects pathogenic variants in nearly 100% of affected individuals. It is estimated that the global prevalence of DM1 is 1 in 20,000 individuals. Our development strategy targets the DM1 expanded allele with PATrOL™-enabled drug candidates to disrupt and/or open the mutant hairpin and allow release of sequestered splice proteins. Additional Indications In addition, we are in the process of building an early stage pipeline of other therapies that focus on the unique advantages of our technology across a variety of diseases.
Critical Accounting Estimates and Policies
The preparation of financial statements in accordance withUnited States generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in our unaudited condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience, market and other conditions, and various other assumptions it believes to be reasonable. Although these estimates are based on management's best knowledge of current events and actions that may impact us in the future, the estimation process is, by its nature, uncertain given that estimates depend on events over which we may not have control. If market and other conditions change from those that we anticipate, our unaudited condensed consolidated financial statements may be materially affected. In addition, if our assumptions change, we may need to revise our estimates, or take other corrective actions, either of which may also have a material effect in our unaudited condensed consolidated financial statements. We review our estimates, judgments, and assumptions used in our accounting practices periodically and reflect the effects of revisions in the period in which they are deemed to be necessary. We believe that these estimates are reasonable; however, our actual results may differ from these estimates. Our critical accounting policies and estimates are discussed in our Annual Report on Form 10-K for the fiscal year endedSeptember 30, 2019 and there have been no material changes to such policies or estimates during the nine months endedJune 30, 2020 .
Recent Accounting Pronouncements
Please refer to Note 2, Significant Accounting Policies-Recent Accounting Pronouncements, in Item 1, Financial Statements for a discussion of recent accounting pronouncements.
17 Results of Operations
Results of operations for the quarter ended
Three Months Ended June 30, 2020 2019 Change OPERATING EXPENSES General and administrative expenses$ 2,331,283 $ 1,655,189 $ 676,094 Research and development expenses 1,492,881
305,204 1,187,677 TOTAL OPERATING EXPENSES 3,824,164 1,960,393 1,863,771 LOSS FROM OPERATIONS (3,824,164 ) (1,960,393 ) (1,863,771 ) OTHER INCOME (EXPENSE) Interest expense (1,573 ) (60,944 ) 59,371
Change in fair value of warrant liabilities (285,284 ) (13,240 ) (272,044 ) Equity in losses on equity method investment (101,238 ) - (101,238 ) Other income 412,371 - 412,371 Total income (expenses), net 24,276
(74,184 ) 98,460 NET LOSS$ (3,799,888 ) $ (2,034,577 ) $ (1,765,311 ) During the quarter endedJune 30, 2020 , our operating loss increased by$1.9 million compared to the quarter endedJune 30, 2019 . Our net loss increased by$1.8 million for the quarter endedJune 30, 2020 , as compared to the quarter endedJune 30, 2019 . Until we are able to generate revenue from product sales, our management expects to continue to incur net losses.
General and Administrative Expenses
General and administrative expenses consist primarily of legal and professional fees, wages and stock-based compensation. General and administrative expenses increased by$0.7 million for the quarter endedJune 30, 2020 , as compared to the quarter endedJune 30, 2019 , primarily due to an increase in stock-based compensation expense, employee head count and need for legal and professional services.
Research and Development Expenses
Research and development expenses consist primarily of professional fees, research, development, and manufacturing expenses, and wages and stock-based compensation. Research and development expenses increased by$1.2 million for the quarter endedJune 30, 2020 , as compared to the quarter endedJune 30, 2019 , primarily due to an increase in stock-based compensation, employee head count and the ramp up of research and development activities. Interest Expense Interest expense consists primarily of interest on convertible notes and notes payable. Interest expense decreased by$0.06 million for the quarter endedJune 30, 2020 , as compared to the quarter endedJune 30, 2019 primarily due to a decrease in outstanding convertible notes. No convertible notes were outstanding during the quarter endedJune 30, 2020 .
Change in fair value of warrant liabilities
Change in fair value of warrant liabilities reflects the changes in the fair value of outstanding warrants which is primarily driven by changes in our stock price. Change in fair value of warrant liabilities was a loss of$0.3 million for the quarter endedJune 30, 2020 , as compared to a loss of$0.01 million for the quarter endedJune 30, 2019 , due to the change in valuation of warrants acquired in the Merger with Ohr, which did not exist in the comparative prior year period.
Equity in losses on equity method investment
The Company accounts for its investment in DepYmed common shares using the equity method of accounting and records its proportionate share of DepYmed's net income and losses. Equity in losses for the three months endedJune 30, 2020 was approximately$0.1 million . No such investment existed in the comparative prior year period. 18 Other income Other income reflects the Company's license, and completed transfer, of certain clinical trial data during the three months endedJune 30, 2020 . No such license and data transfer occurred during the comparative prior year period.
Results of operations for the nine months ended
Nine Months Ended June 30, 2020 2019 Change OPERATING EXPENSES
General and administrative expenses$ 7,624,984 $ 3,991,567 $ 3,633,417 Research and development expenses 4,336,576 343,206 3,993,370 Research and development expense- license acquired -
1,046,965 (1,046,965 ) TOTAL OPERATING EXPENSES 11,961,560 5,381,738 6,579,822 LOSS FROM OPERATIONS (11,961,560 ) (5,381,738 ) (6,579,822 ) OTHER INCOME (EXPENSE) Interest expense (3,226 ) (119,195 ) 115,969
Change in fair value of warrant liabilities (909,474 ) (51,942 ) (857,532 ) Loss on disposal of fixed asset (3,230 ) - (3,230 ) Equity in losses on equity method investment (218,589 )
- (218,589 ) Other income 412,371 - 412,371 Total other expenses, net (722,148 ) (171,137 ) (551,011 ) NET LOSS$ (12,683,708 ) $ (5,552,875 ) $ (7,130,833 )
During the nine months endedJune 30, 2020 , our operating loss increased by$6.6 million compared to the nine months endedJune 30, 2019 . Our net loss increased by$7.1 million for the nine months endedJune 30, 2020 , as compared to the nine months endedJune 30, 2019 . Until we are able to generate revenue from product sales, our management expects to continue to incur net losses.
General and Administrative Expenses
General and administrative expenses consist primarily of legal and professional fees, wages and stock-based compensation. General and administrative expenses increased by$3.6 million for the nine months endedJune 30, 2020 , as compared to the nine months endedJune 30, 2019 , primarily due to an increase in stock-based compensation expense, employee head count and need for legal and professional services.
Research and Development Expenses
Research and development expenses consist primarily of professional fees, research, development, and manufacturing expenses, and wages and stock-based compensation. Research and development expenses increased by$4.0 million for the nine months endedJune 30, 2020 , as compared to the nine months endedJune 30, 2019 , primarily due to an increase in stock-based compensation, employee head count and the ramp up of research and development activities.
Research and Development Expense- licenses acquired
Research and development expense- licenses acquired during the nine months endedJune 30, 2019 consists of the license acquired from CMU. Research and development expense- licenses acquired decreased by$1.0 million , for the nine months endedJune 30, 2020 , as compared to the nine months endedJune 30, 2019 , due to our acquisition of license rights in the 2019 period. Interest Expense Interest expense consists primarily of interest on convertible notes and notes payable. Interest expense decreased by$0.1 million for the nine months endedJune 30, 2020 , as compared to the nine months endedJune 30, 2019 , primarily due to a decrease in convertible notes. No convertible notes were outstanding during the nine months endedJune 30, 2020 . 19
Change in fair value of warrant liabilities
Change in fair value of warrant liabilities reflects the changes in the fair value of outstanding warrants which is primarily driven by changes in our stock price. Change in fair value of warrant liabilities was$0.9 million for the nine months endedJune 30, 2020 , as compared to$0.05 million for the nine months endedJune 30, 2019 , due to the change in valuation of warrants acquired in the Merger with Ohr, which did not exist in the comparative prior year period.
Equity in losses on equity method investment
The Company accounts for its investment in DepYmed common shares using the equity method of accounting and records its proportionate share of DepYmed's net income and losses. Equity in losses for the nine months endedJune 30, 2020 was approximately$0.2 million . No such investment existed in the comparative prior year period. Other income Other income reflects the Company's license, and completed transfer, of certain clinical trial data during the nine months endedJune 30, 2020 . No such license and data transfer occurred during the comparative prior year period.
Liquidity, Capital Resources and Financial Condition
We have incurred substantial operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. As ofJune 30, 2020 , we had an accumulated deficit of$39.7 million . We are reliant, at present, upon our capital reserves for ongoing operations and have no product revenue. Net working capital increased fromSeptember 30, 2019 to the period endedJune 30, 2020 by$24.9 million (to$33.4 million from$8.5 million ) primarily due to ourApril 2020 underwritten public offering of 6,037,500 shares of common stock, at a price to the public of$6.00 per share, offset, in part, by costs for the development of our PATrOL™ platform technology and lead programs. We received net proceeds from the offering of approximately$33.3 million , after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. Our cash burn for the period increased significantly compared to prior periods due to increased research and development activities. We anticipate that our cash needs in the future will increase relative to prior periods as we proceed with our research and development objectives. We believe that our current cash balance will provide sufficient capital to continue operations into the second quarter of calendar 2022. In particular, we expect that these funds will allow us to achieve certain milestones for our NT0100 program for HD and our NT0200 program for DM1, but we expect that we will need to obtain additional funding to obtain clinical data for our NT0100 program and to submit an IND for our NT0200 program. Despite these expectations, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we expect. We will continue to assess our working capital requirements, and, if circumstances warrant, we will make appropriate adjustments to our operating plan. Furthermore, we are closely monitoring ongoing developments in connection with the COVID-19 pandemic, which may negatively impact our commercial prospects in fiscal 2020 and beyond. Please see Part II, Item 1A - Risk Factors-"Our operations may be adversely affected by the coronavirus outbreak, and we face risks that could impact our business" for further discussion of the effect of the COVID-19 pandemic on our operations. At present, we have no bank line of credit or other fixed source of capital reserves. Should we need additional capital in the future, we will be primarily reliant upon a private or public placement of our equity or debt securities, or a strategic transaction, for which there can be no warranty or assurance that we may be successful in such efforts. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. This could affect future development and business activities and potential future clinical studies and/or other future ventures. Failure to obtain additional equity or debt financing will have a material, adverse impact on the Company's business operations. There can be no assurance that the Company will be able to obtain the needed financing to achieve its goals on acceptable terms or at all. 20 Cash Flow Summary
The following table summarizes selected items in our unaudited condensed consolidated statements of cash flows:
Nine Months Ended June 30, 2020 2019 Net cash used in operating activities$ (7,142,340 ) $ (394,779 ) Net cash used in investing activities (362,915 ) (379,380 ) Net cash provided by financing activities
33,116,045 592,656
Net increase (decrease) in cash and cash equivalents
Operating Activities Net cash used in operating activities was approximately$7.1 million for the nine months endedJune 30, 2020 , as compared to approximately$0.4 million for the nine months endedJune 30, 2019 . Net cash used in operating activities in the nine months endedJune 30, 2020 was primarily the result of our net loss, offset by our stock-based compensation expense, the change in fair value of warrant liabilities, depreciation and amortization expense and the loss on equity method investment. Net cash used in operating activities in the nine months endedJune 30, 2019 was primarily the result of our net loss, offset by research and development expense-license acquired, stock based compensation and changes in operating assets and liabilities. Investing Activities Net cash used in investing activities was approximately$0.4 million for the nine months endedJune 30, 2020 , as compared to$0.4 million for the nine months endedJune 30, 2019 . Net cash used in investing activities in the nine months endedJune 30, 2020 was primarily the result of purchases of laboratory equipment. Net cash used in investing activities in the nine months endedJune 30, 2019 was primarily the result of purchases of laboratory equipment and cash consideration and expenses paid in connection with the acquisition of
the CMU License. Financing Activities Net cash provided by financing activities was approximately$33.1 million for the nine months endedJune 30, 2020 , as compared to$0.6 million for the nine months endedJune 30, 2019 . Net cash provided by financing activities for the nine months endedJune 30, 2020 reflects the proceeds from the issuance of common stock of$33.3 million , net of issuance costs, and the principal payments of financed insurance. Net cash provided by financing activities for the nine months endedJune 30, 2019 primarily reflects the net proceeds received from the issuance of convertible notes.
Off-Balance Sheet Arrangements
As of
21
© Edgar Online, source