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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, 2022

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: 001-40587

 

SIGHT SCIENCES, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

80-0625749

(State or other jurisdiction of

incorporation or organization)

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

4040 Campbell Ave, Suite 100

Menlo Park, CA

94025

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (877) 266-1144

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

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

 

SGHT

 

The Nasdaq Global Select Market

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, 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 November 4, 2022, the registrant had 48,151,302 shares of Common Stock, par value $0.001 outstanding.

 

 

 

 


 

Table of Contents

 

 

 

Page

 

Special Note Regarding Forward-Looking Statements

3

 

 

 

PART I.

FINANCIAL INFORMATION

5

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

5

 

Condensed Consolidated Balance Sheets (Unaudited)

5

 

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

6

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited)

7

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

10

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

11

Item 2.

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

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

34

 

 

 

PART II.

OTHER INFORMATION

35

 

 

 

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3.

Defaults Upon Senior Securities

36

Item 4.

Mine Safety Disclosures

36

Item 5.

Other Information

36

Item 6.

Exhibits

37

 

Signatures

38

 

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company,” “Sight Sciences,” “we,” “us” and “our” refer to Sight Sciences, Inc.

This Quarterly Report on Form 10-Q (the "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

estimates of our total addressable market, future revenue, expenses, capital requirements, and our needs for additional financing;
our ability to enter into and compete in new markets;
the impact of the COVID-19 pandemic on our business, our customers’ and suppliers’ businesses and the general economy;
our ability to compete effectively with existing competitors and new market entrants;
our ability to scale our infrastructure;
our ability to manage and grow our business by expanding our sales to existing customers or introducing our products to new customers;
our ability to establish and maintain intellectual property protection for our products or avoid claims of infringement;
potential effects of extensive government regulation;
our ability to obtain and maintain sufficient reimbursement for our products;
our abilities to protect and scale our intellectual property portfolio;
our ability to hire and retain key personnel;
our ability to obtain financing in future offerings;
the volatility of the trading price of our common stock;
our expectation regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act (the “JOBS Act”); and
our ability to maintain proper and effective internal controls.

Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the "SEC") on March 24, 2022 (the "2021 Form 10-K") and elsewhere in this Quarterly Report. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report. The results, events and circumstances reflected in the forward-looking

 

3


 

statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements in this Quarterly Report are based on information available to us as of the date of this Quarterly Report. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

You should read this Quarterly Report and the documents that we reference in this Quarterly Report and have filed as exhibits to this Quarterly Report with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report to reflect events or circumstances after the date of this Quarterly Report or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

 

 

4


 

PART 1. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

SIGHT SCIENCES, INC.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

199,819

 

 

$

260,687

 

Accounts receivable, net

 

 

12,593

 

 

 

8,709

 

Inventory, net

 

 

5,520

 

 

 

3,475

 

Prepaid expenses and other current assets

 

 

4,411

 

 

 

4,164

 

Total current assets

 

 

222,343

 

 

 

277,035

 

Property and equipment, net

 

 

1,568

 

 

 

1,454

 

Operating lease right-of-use assets

 

 

1,121

 

 

 

1,495

 

Other noncurrent assets

 

 

202

 

 

 

202

 

Total assets

 

$

225,234

 

 

$

280,186

 

Liabilities, redeemable convertible preferred stock, and Stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,239

 

 

$

3,351

 

Accrued compensation

 

 

7,993

 

 

 

5,987

 

Accrued and other current liabilities

 

 

6,154

 

 

 

4,166

 

Total current liabilities

 

 

17,386

 

 

 

13,504

 

Long-term debt

 

 

33,158

 

 

 

32,656

 

Other noncurrent liabilities

 

 

1,751

 

 

 

1,919

 

Total liabilities

 

 

52,295

 

 

 

48,079

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Redeemable convertible preferred stock:

 

 

 

 

 

 

Convertible preferred stock par value of $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock par value of $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common stock par value of $0.001 per share; 200,000,000 shares authorized as of September 30, 2022 and December 31, 2021, respectively; 48,083,292 and 47,504,704 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

48

 

 

 

48

 

Additional paid-in-capital

 

 

395,227

 

 

 

385,060

 

Accumulated deficit

 

 

(222,336

)

 

 

(153,001

)

Total stockholders’ equity

 

 

172,939

 

 

 

232,107

 

Total liabilities, redeemable convertible preferred stock and stockholders’ equity

 

$

225,234

 

 

$

280,186

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5


 

SIGHT SCIENCES, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share data)

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

18,677

 

 

$

13,101

 

 

$

50,788

 

 

$

34,271

 

Cost of goods sold

 

 

2,928

 

 

 

2,062

 

 

 

8,696

 

 

 

6,668

 

Gross profit

 

 

15,749

 

 

 

11,039

 

 

 

42,092

 

 

 

27,603

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

6,053

 

 

 

4,279

 

 

 

17,626

 

 

 

11,265

 

Selling, general and administrative

 

 

31,541

 

 

 

20,790

 

 

 

91,367

 

 

 

53,100

 

Total operating expenses

 

 

37,594

 

 

 

25,069

 

 

 

108,993

 

 

 

64,365

 

Loss from operations

 

 

(21,845

)

 

 

(14,030

)

 

 

(66,901

)

 

 

(36,762

)

Interest expense

 

 

(1,131

)

 

 

(1,122

)

 

 

(3,243

)

 

 

(3,288

)

Other income (expense), net

 

 

766

 

 

 

(2,001

)

 

 

846

 

 

 

(6,884

)

Loss before income taxes

 

 

(22,210

)

 

 

(17,153

)

 

 

(69,298

)

 

 

(46,934

)

Provision for income taxes

 

 

19

 

 

 

16

 

 

 

37

 

 

 

90

 

Net loss and comprehensive loss

 

$

(22,229

)

 

$

(17,169

)

 

$

(69,335

)

 

$

(47,024

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.46

)

 

$

(0.43

)

 

$

(1.45

)

 

$

(2.38

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

47,910,541

 

 

 

39,849,769

 

 

 

47,728,845

 

 

 

19,772,145

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

6


 

SIGHT SCIENCES, INC.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited)

(in thousands, except share data)

 

 

 

Three Months Ended September 30, 2022

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at June 30, 2022

 

 

 

 

$

 

 

 

47,819,706

 

 

$

48

 

 

$

391,818

 

 

$

(200,107

)

 

$

191,759

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

258,871

 

 

 

 

 

 

186

 

 

 

 

 

 

186

 

Issuance of common stock upon vesting of restricted stock units

 

 

 

 

 

 

 

 

4,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,223

 

 

 

 

 

 

3,223

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,229

)

 

 

(22,229

)

Balance at September 30, 2022

 

 

 

 

 

 

 

 

48,083,292

 

 

 

48

 

 

 

395,227

 

 

 

(222,336

)

 

 

172,939

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

47,504,704

 

 

$

48

 

 

$

385,060

 

 

$

(153,001

)

 

$

232,107

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

573,873

 

 

 

 

 

 

438

 

 

 

 

 

 

438

 

Issuance of common stock upon vesting of restricted stock units

 

 

 

 

 

 

 

 

4,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,729

 

 

 

 

 

 

9,729

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,335

)

 

 

(69,335

)

Balance at September 30, 2022

 

 

 

 

 

 

 

 

48,083,292

 

 

 

48

 

 

 

395,227

 

 

 

(222,336

)

 

 

172,939

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

7


 

SIGHT SCIENCES, INC.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited)

(in thousands, except share data)

 

 

 

Three Months Ended September 30, 2021

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at June 30, 2021

 

 

12,767,202

 

 

$

117,331

 

 

 

9,732,032

 

 

$

9

 

 

$

2,598

 

 

$

(119,896

)

 

$

(117,289

)

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

 

 

(12,767,202

)

 

 

(117,331

)

 

 

25,534,404

 

 

 

27

 

 

 

117,304

 

 

 

 

 

 

117,331

 

Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million

 

 

 

 

 

 

 

 

11,500,000

 

 

 

12

 

 

 

252,162

 

 

 

 

 

 

252,174

 

Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,973

 

 

 

 

 

 

8,973

 

Exercise of common stock warrants

 

 

 

 

 

 

 

 

483,554

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

Exercise of stock options

 

 

 

 

 

 

 

 

42,032

 

 

 

 

 

 

57

 

 

 

 

 

 

57

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,899

 

 

 

 

 

 

1,899

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,169

)

 

 

(17,169

)

Balance at September 30, 2021

 

 

 

 

 

 

 

 

47,292,022

 

 

 

49

 

 

 

382,992

 

 

 

(137,065

)

 

 

245,976

 

 

 

 

8


 

SIGHT SCIENCES, INC.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited)

(in thousands, except share data)

 

 

 

Nine Months Ended September 30, 2021

 

 

 

Redeemable Convertible
Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

12,767,202

 

 

$

117,331

 

 

 

9,509,182

 

 

$

9

 

 

$

1,183

 

 

$

(90,041

)

 

$

(88,849

)

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

 

 

(12,767,202

)

 

 

(117,331

)

 

 

25,534,404

 

 

 

27

 

 

 

117,304

 

 

 

 

 

 

117,331

 

Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million

 

 

 

 

 

 

 

 

11,500,000

 

 

 

12

 

 

 

252,162

 

 

 

 

 

 

252,174

 

Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,973

 

 

 

 

 

 

8,973

 

Exercise of common stock warrants

 

 

 

 

 

 

 

 

483,554

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

Exercise of stock options

 

 

 

 

 

 

 

 

264,882

 

 

 

 

 

 

264

 

 

 

 

 

 

264

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,107

 

 

 

 

 

 

3,107

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,024

)

 

 

(47,024

)

Balance at September 30, 2021

 

 

 

 

 

 

 

 

47,292,022

 

 

 

49

 

 

 

382,992

 

 

 

(137,065

)

 

 

245,976

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

9


 

SIGHT SCIENCES, INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

 

Nine Months Ended