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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: 001-40690

 

RxSIGHT, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

94-3268801

(State or other jurisdiction of

incorporation or organization)

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

100 Columbia

Aliso Viejo, CA

92656

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (949) 521-7830

 

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 $0.001 per share

 

RXST

 

The Nasdaq Stock Market LLC

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, a 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 October 29, 2021, the registrant had 27,353,915 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

6

 

Condensed Consolidated Balance Sheets

6

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

7

 

Condensed Consolidated Statements of Redeemable Common Stock, Stock Options, Convertible Preferred Stock and Stockholders’ Equity (Deficit)

8

 

Condensed Consolidated Statements of Cash Flows

10

 

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2.

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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

44

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

44

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

104

Item 3.

Defaults Upon Senior Securities

105

Item 4.

Mine Safety Disclosures

105

Item 5.

Other Information

105

Item 6.

Exhibits

106

Signatures

109

 

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The following discussion and analysis should be read together with our consolidated financial statements and the condensed notes to those statements included elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on our management’s beliefs and assumptions and on information currently available to our management. In this quarterly Report on Form 10-Q, “we,” “us” and “our” refer to RxSight, Inc.

The forward-looking statements are contained principally in the section entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements include, but are not limited to, statements concerning the following:

our plans to conduct further clinical trials and any expectations related to such trials;
our plans and expected timeline related to our products, or developing new products, to address additional indications or otherwise;
the expected use of our products by doctors;
our ability to obtain, maintain and expand regulatory clearances for our products and any new products we create;
the expected growth of our business and our organization;
our intentions regarding investment in our business as we pursue growth;
our expected uses of our existing resources;
the expectations regarding government and third-party payer coverage and reimbursement;
our ability to retain and recruit key personnel, including the continued development of a sales and marketing infrastructure;
our ability to obtain an adequate supply of materials and components for our products from our third-party suppliers, including single- and sole-source suppliers;
our ability to manufacture sufficient quantities of our products with sufficient quality;
our ability to obtain, maintain and enforce intellectual property protection for our products and protect our intellectual property rights;
our ability to expand our business into new geographic markets;
our ability to comply with applicable SEC rules and Nasdaq continued listing requirements;
our ability to comply with existing and future government laws, rules and regulations both in the United States and internationally;
our expectations regarding allocation of resources toward expenses associated with being a public company;
our estimates of our expenses, ongoing losses, future revenue, capital requirements and our need for, or ability to obtain, additional financing;
the sufficiency of our existing capital resources to fund our future operating expenses and capital expenditure requirements;
our expectations regarding the time during which we will be an emerging growth company under the JOBS Act and a smaller reporting company under the Exchange Act;
the volatility of the trading price of our common stock;
our ability to identify and develop new and planned products and/or acquire new products;

 

3

 

 

 


 

development and projections relating to our competitors or our industry, including anticipated growth rates for the conventional and premium IOL markets;
the impact of local, regional, national and international economic conditions and events; and
the impact of the COVID-19 pandemic, including currently known and unknown coronavirus variants, as applied to our business.

Forward-looking statements include statements that are not historical facts and can be identified by terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” or “continue,” or the negative of such terms and other same terminology.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in Part II, Item 1A, “Risk Factors,” elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Our discussion and analysis of our financial condition and results of operations is based upon our Unaudited Consolidated Financial Statements, which have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates including those related to revenue recognition; valuation of the Company’s warrants and other equity awards; estimated probability and timing of redemption of equity instruments, the realization of income tax assets and estimates of tax liabilities, and obsolete, excess and slow-moving inventory. We base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other sources. Actual results may differ materially from these estimates. Our critical accounting policies and estimates are discussed in in the Company’s final prospectus for its Initial Public Offering (the “IPO”), filed pursuant to Rule 424(b) under the Securities Exchange Act of 1933, as amended, with the SEC on July 29, 2021 (the “Prospectus”) and there have been no material changes during the nine months ended September 30, 2021.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business, and market opportunity, including data regarding the estimated size of the market. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources.

This Quarterly Report on Form 10-Q contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade

 

4

 

 

 


 

names. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of it by, any other companies.

 

5

 

 

 


 

Item 1: Financial Statements (Unaudited)

RxSIGHT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020 (1)

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,278

 

 

$

13,994

 

Short-term investments

 

 

99,985

 

 

 

54,981

 

Accounts receivable

 

 

4,357

 

 

 

2,865

 

Inventories

 

 

9,442

 

 

 

8,288

 

Prepaid and other current assets

 

 

4,274

 

 

 

1,372

 

Total current assets

 

 

186,336

 

 

 

81,500

 

Property and equipment, net

 

 

11,991

 

 

 

13,287

 

Operating leases right-of-use assets

 

 

4,561

 

 

 

5,319

 

Restricted cash

 

 

561

 

 

 

461

 

Other assets

 

 

287

 

 

 

110

 

Total assets

 

$

203,736

 

 

$

100,677

 

Liabilities, redeemable common stock, stock options, convertible preferred stock and
   stockholders' equity (deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,691

 

 

$

1,134

 

Accrued expenses and other current liabilities

 

 

6,016

 

 

 

4,174

 

Warrant liability

 

 

 

 

 

5,018

 

Lease liabilities

 

 

1,469

 

 

 

1,274

 

Total current liabilities

 

 

9,176

 

 

 

11,600

 

Long-term warrant liability

 

 

 

 

 

3,828

 

Long-term lease liabilities

 

 

4,033

 

 

 

5,079

 

Term loan, net

 

 

39,636

 

 

 

24,399

 

Total liabilities

 

 

52,845

 

 

 

44,906

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Redeemable common stock:

 

 

 

 

 

 

Common stock, $0.001 par value, no shares authorized, issued or outstanding as of September 30, 2021 and 24,545,966 shares authorized, 3,813,450 shares issued and outstanding as of December 31, 2020

 

 

 

 

 

80,780

 

Notes receivable for common stock issued

 

 

 

 

 

(803

)

Redeemable stock options

 

 

 

 

 

53,085

 

Convertible preferred stock:

 

 

 

 

 

 

Preferred stock, $0.001 par value, no shares authorized, issued or outstanding as of September 30, 2021 and 16,572,792 shares authorized, 14,376,272 shares issued and outstanding as of December 31, 2020 (redeemable)

 

 

 

 

 

353,300

 

Stockholders' deficit:

 

 

 

 

 

 

Common stock, $0.001 par value, 900,000,000 shares authorized, 27,324,054 shares issued
   and outstanding as of September 30, 2021

 

 

27

 

 

 

 

Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares
issued and outstanding as of September 30, 2021

 

 

 

 

 

 

Additional paid-in capital

 

 

614,418

 

 

 

 

Series G common stock, $0.001 par value, no share authorized or outstanding as of September 30, 2021 and 1 share authorized, issued and outstanding as of December 31, 2020

 

 

 

 

 

 

Series W common stock, $0.001 par value, no share authorized, issued or outstanding as of September 30, 2021 and 1 share authorized and no share outstanding as of December 31, 2020

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(11

)

 

 

(3

)

Accumulated deficit

 

 

(463,543

)

 

 

(430,588

)

Total stockholders' equity (deficit)

 

 

150,891

 

 

 

(430,591

)

Total liabilities, redeemable common stock, stock options, convertible preferred
   stock and stockholders' equity (deficit)

 

$

203,736

 

 

$

100,677

 

(1) The balance sheet at December 31,2020 has been derived from the audited consolidated financial statements included in RxSight, Inc.'s final prospectus for its public offering filed on July 29, 2021.

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

6

 

 

 


 

RxSIGHT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Sales

 

$

5,786

 

 

$

4,170

 

 

$

14,167

 

 

$

9,764

 

Cost of sales

 

 

4,445

 

 

 

3,450

 

 

 

12,519

 

 

 

9,439

 

Gross profit

 

 

1,341

 

 

 

720

 

 

 

1,648

 

 

 

325

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

9,076

 

 

 

3,825

 

 

 

21,189

 

 

 

10,773

 

Research and development

 

 

5,377

 

 

 

5,801

 

 

 

18,583

 

 

 

16,662

 

Total operating expenses

 

 

14,453

 

 

 

9,626

 

 

 

39,772

 

 

 

27,435

 

Loss from operations

 

 

(13,112

)

 

 

(8,906

)

 

 

(38,124

)

 

 

(27,110

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrants

 

 

1,503

 

 

 

39,518

 

 

 

2,717

 

 

 

27,933

 

Expiration of warrant

 

 

 

 

 

 

 

 

5,018

 

 

 

 

Interest expense

 

 

(1,079

)

 

 

(3

)

 

 

(2,603

)

 

 

(12

)

Interest and other income

 

 

11

 

 

 

63

 

 

 

44

 

 

 

522

 

(Loss) income before income taxes

 

 

(12,677

)

 

 

30,672

 

 

 

(32,948

)

 

 

1,333

 

Income tax expense

 

 

(4

)

 

 

8

 

 

 

6

 

 

 

53

 

Net (loss) income

 

 

(12,673

)

 

 

30,664

 

 

 

(32,954

)

 

 

1,280

 

Accretion to redemption value of redeemable
   preferred stock and redeemable stock options

 

 

 

 

 

(7,829

)

 

 

 

 

 

(16,172

)

Earnings allocated to redeemable preferred stock

 

 

 

 

 

(16,935

)

 

 

 

 

 

 

Net (loss) income attributable to common stockholders

 

$

(12,673

)

 

$

5,900

 

 

$

(32,954

)

 

$

(14,892

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on short-term investments

 

 

(5

)

 

 

(8

)

 

 

(2

)

 

 

(43

)

Foreign currency translation loss

 

 

(3

)

 

 

(9

)

 

 

(6

)

 

 

(7

)

Total other comprehensive loss

 

 

(8

)

 

 

(17

)

 

 

(8

)

 

 

(50

)

Comprehensive (loss) income

 

$

(12,681

)

 

$

30,647

 

 

$

(32,962

)

 

$

1,230

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to redeemable common stock, basic

 

$

 

 

$

1.55

 

 

$

 

 

$

(4.06

)

Attributable to redeemable common stock, diluted

 

$

 

 

$

1.13

 

 

$

 

 

$

(4.06

)

Attributable to Series G common stock, basic and diluted

 

$

 

 

$

0.01

 

 

$

 

 

$

(0.76

)

Attributable to common stock, basic

 

$

(0.68

)

 

$

 

 

$

(3.66

)

 

$

 

Attributable to common stock, diluted

 

$

(0.68

)

 

$

 

 

$

(3.66

)

 

$

 

Weighted-average shares used in computing net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to redeemable common stock, basic

 

 

 

 

 

3,798,504

 

 

 

 

 

 

3,672,121

 

Attributable to redeemable common stock, diluted

 

 

 

 

 

5,571,793

 

 

 

 

 

 

3,672,121

 

Attributable to Series G common stock, basic
   and diluted

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Attributable to common stock, basic

 

 

18,732,459

 

 

 

 

 

 

8,998,895

 

 

 

 

Attributable to common stock, diluted

 

 

18,732,459

 

 

 

 

 

 

8,998,895

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

7

 

 

 


 

RxSIGHT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE COMMON STOCK, STOCK OPTIONS, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED)

(In thousands, except number of shares)

 

 

 

Three Months and Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other

 

 

 

 

 

 

 

 

 

Redeemable common stock

 

 

for redeemable common stock

 

 

 Redeemable

 

 

Convertible preferred stock

 

 

 

Common stock

 

 

Additional paid-in

 

 

Notes receivable for redeemable

 

 

comprehensive

 

 

Accumulated

 

 

Total stockholders'

 

 

 

Shares

 

 

Amount

 

 

issued

 

 

stock options

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

common stock issued

 

 

income (loss)

 

 

deficit

 

 

deficit

 

Balance at December 31, 2020

 

 

3,813,450

 

 

$

80,780

 

 

$

(803

)

 

$

53,085

 

 

 

14,376,272

 

 

$

353,300

 

 

 

 

1

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

(3

)

 

$

(430,588

)

 

$

(430,591

)

Exercise of stock options

 

 

280,545

 

 

 

6,922

 

 

 

-

 

 

 

(5,715

)

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

1,239

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,239

 

Unrealized gain on short-term investments and cash equivalents, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

7

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(4

)

Change in notes receivable for common stock issued

 

 

-

 

 

 

-

 

 

 

(14

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Reclassification of 4,093,995 shares of redeemable common stock to 4,093,995 shares of common stock

 

 

(4,093,995

)

 

 

(87,702

)

 

 

817

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

4,093,995

 

 

 

4

 

 

 

87,698

 

 

 

(817

)

 

 

-

 

 

 

-

 

 

 

86,885

 

Reclassification of redeemable common stock options to common stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(47,370

)

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

47,370

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

47,370

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,805

)

 

 

(6,805

)

Balance at March 31, 2021

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

14,376,272

 

 

$

353,300

 

 

 

 

4,093,996

 

 

$

4

 

 

$

136,307