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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM
10-Q/A
(Amendment No.1)
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 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:
001-40493
 
 
ATAI Life Sciences N.V.
(Exact name of registrant as specified in its charter)
 
 
 
The Netherlands
 
Not Applicable
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
   
ATAI Life Sciences N.V. c/o Mindspace
Krausenstraße
9-10
Berlin,
Germany
 
Not Applicable
(Address of principal executive offices)
 
(Zip Code)
+49 89 2153 9035
(Registrant’s telephone number, including area code)
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 shares, par value €0.10 per share
 
ATAI
 
The Nasdaq Stock Market LLC (
Nasdaq Global 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, 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
August 11,
2021, the registrant had 154,819,776 common shares, par value €0.10 per share, outstanding.
 
 
 

Table of Contents
EXPLANATORY NOTE
This Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”) of ATAI Life Sciences N.V. (the “Company”) amends the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 (the “Original Filing”) which was filed with the Securities and Exchange Commission on August 16, 2021. The Company is filing this Amendment to file Exhibits 101 and 104 relating to inline XBRL requirements in accordance with Rule 405 of Regulation S-T, which had been omitted from the Original Filing in accordance with the 30-day grace period provided under Regulation S-T for the first quarterly period in which inline XBRL is required.
Additionally, in connection with the filing of this Amendment, the Company is including updated certifications from its chief executive officer and chief financial officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
This Amendment does not reflect events occurring after the Original Filing. Except for the items described above, this Amendment continues to speak as of the date of the Original Filing, and does not modify, amend or update any other item or disclosures in the Original Filing.
ATAI Life Sciences N.V.
FORM
10-Q
Table of Contents
 
 
 
 
  
Page
 
  
 
1
 
  
 
2
 
Item 1.
 
  
 
2
 
 
 
  
 
2
 
 
 
  
 
3
 
 
 
  
 
4
 
 
 
  
 
5
 
 
 
  
 
6
 
 
 
  
 
7
 
Item 2.
 
  
 
51
 
Item 3.
 
  
 
77
 
Item 4.
 
  
 
78
 
  
     
Item 1.
 
  
 
80
 
Item 1A.
 
  
 
81
 
Item 2.
 
  
 
82
 
Item 3.
 
  
 
83
 
Item 4.
 
  
 
83
 
Item 5.
 
  
 
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Item 6.
 
  
 
83
 
 
 
  
 
85
 
 
i

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q/A (this “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 contained in this Quarterly Report other than statements of historical fact, including statements regarding our future operating results and financial position, the success, cost and timing of development of our product candidates, including the progress of preclinical and clinical trials, the commercialization of our current product candidates and any other product candidates we may identify and pursue, if approved, including our ability to successfully build a specialty sales force and commercial infrastructure to market our current product candidates and any other product candidates we may identify and pursue, the timing of and our ability to obtain and maintain regulatory approvals, our business strategy and plans, potential acquisitions, and the plans and objectives of management for future operations and capital expenditures, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely,” and similar expressions are intended to identify forward-looking statements.
We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including without limitation: we are a clinical-stage biopharmaceutical company and have incurred significant losses since our inception, and we anticipate that we will continue to incur significant losses for the foreseeable future; we will require substantial additional funding to achieve our business goals, and if we are unable to obtain this funding when needed and on acceptable terms, we could be forced to delay, limit or terminate our product development efforts; our limited operating history may make it difficult to evaluate the success of our business and to assess our future viability; we have never generated revenue and may never be profitable; our product candidates contain controlled substances, the use of which may generate public controversy; clinical and preclinical development is uncertain, and our preclinical programs may experience delays or may never advance to clinical trials; we currently rely on qualified therapists working at third-party clinical trial sites to administer certain of our product candidates in our clinical trials and we expect this to continue upon approval, if any, of our current or future product candidate, and if third-party sites fail to recruit and retain a sufficient number of therapists or effectively manage their therapists, our business, financial condition and results of operations would be materially harmed; we cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized; research and development of drugs targeting the central nervous system, or CNS, is particularly difficult, and it can be difficult to predict and understand why a drug has a positive effect on some patients but not others; we face significant competition in an environment of rapid technological and scientific change; third parties may claim that we are infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and may prevent or delay our development and commercialization efforts; a change in our effective place of management may increase our aggregate tax burden; we identified material weaknesses in connection with our internal control over financial reporting; and a pandemic, epidemic, or outbreak of an infectious disease, such as the
COVID-19
pandemic, may materially and adversely affect our business, including our preclinical studies, clinical trials, third parties on whom we rely, our supply chain, our ability to raise capital, our ability to conduct regular business and our financial results. Other risk factors include the important factors described in the section titled “Risk Factors” in our final prospectus dated June 17, 2021, filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b) under the Securities Act, that may cause our actual results, performance or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements.
Any forward-looking statements made herein speak only as of the date of this Quarterly Report, and you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance, or achievements reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report on Form
10-Q
or to conform these statements to actual results or revised expectations.
GENERAL
Unless the context otherwise requires, all references in this Quarterly Report to “we,” “us,” “our,” “ATAI” or the “Company” refer to ATAI Life Sciences N.V. and its consolidated subsidiaries.
All reports we file with the SEC are available for download free of charge via the Electronic Data Gathering Analysis and Retrieval (EDGAR) System on the SEC’s website at www.sec.gov. We also make electronic copies of our reports available for download, free of charge, through our investor relations website at
ir.atai.life
as soon as reasonably practicable after filing such material with the SEC.
We may announce material business and financial information to our investors using our investor relations website at
ir.atai.life
. We therefore encourage investors and others interested in ATAI to review the information that we make available on our website, in addition to following our filings with the SEC, webcasts, press releases and conference calls. Information contained on our website is not part of this Quarterly Report.
 
1

PART I – FINANCIAL INFORMATION
 
Item 1.
Financial Statements (Unaudited)
ATAI LIFE SCIENCES N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
 
 
  
June 30,
 
 
December 31,
 
 
  
2021
 
 
2020
 
 
  
(unaudited)
 
 
 
 
Assets
  
     
 
     
Current assets:
  
     
 
     
Cash and cash equivalents
   $ 453,622     $ 97,246  
Prepaid expenses and other current assets
     3,964       2,076  
Short term notes receivable - related party
           226  
    
 
 
   
 
 
 
Total current assets
     457,586       99,548  
Property and equipment, net
     331       71  
Deferred offering costs
           1,575  
Equity method investments
     19,780       —    
Other investments held at fair value
 
 
6,886
 
 
 
 
Other investments
 
 
16,107
 
 
 
8,044
 
Long term notes receivable
     1,388       911  
Long term notes receivable - related parties
     3,194       1,060  
Other assets
     689       339  
    
 
 
   
 
 
 
Total assets
   $ 505,961     $ 111,548  
    
 
 
   
 
 
 
Liabilities and Stockholders’ Equity
                
Current liabilities:
                
Accounts payable
   $ 6,202     $ 3,083  
Accrued liabilities
     7,824       9,215  
Deferred
r
evenue
     120       —    
Short-term notes payable
     39       —    
    
 
 
   
 
 
 
Total current liabilities
     14,185       12,298  
Contingent consideration liability - related parties
     2,466       1,705  
Convertible promissory notes - related parties, net of discounts and deferred issuance costs
     1,176       1,199  
Convertible promissory notes and derivative liability (including a related party convertible promissory note and
 
derivative
liability of $0 million and $0.3
 
million at
 June 30, 2021 and December 31, 2020, respectively
)
           978  
Other liabilities
     3,239       —    
    
 
 
   
 
 
 
Total liabilities
     21,066       16,180  
    
 
 
   
 
 
 
Commitments and contingencies (Note 15)
              
Stockholders’ equity:
                
Common stock, €0.10 par value ($0.12 par value at June 30, 2021 and December 31, 2020, respectively); 750,000,000 and 173,116,704 shares authorized at June 30, 2021 and December 31, 2020, respectively; 154,819,776 and 114,735,712 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
     17,299       13,372  
Additional
paid-in
capital
     691,382       261,626  
Accumulated other comprehensive income (loss)
     3,937       5,819  
Accumulated deficit
     (237,768     (189,995
    
 
 
   
 
 
 
Total stockholders’ equity attributable to ATAI Life Sciences N.V. stockholders
     474,850       90,822  
Noncontrolling interests
     10,045       4,546  
    
 
 
   
 
 
 
Total stockholders’ equity
     484,895       95,368  
    
 
 
   
 
 
 
Total liabilities and stockholders’ equity
   $ 505,961     $ 111,548  
    
 
 
   
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements
 
2

Table of Contents
ATAI LIFE SCIENCES N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
(unaudited)
 
    
Three Months Ended
   
Six Months Ended
 
    
June 30,
   
June 30,
 
    
2021
   
2020
 
 
 
 
 
 
 
 
2021
   
2020
 
License revenue
   $     $ —       $ 19,880     $ —    
Operating expenses:
                                
Research and development
     16,026       2,854       21,611       4,998  
Acquisition of
in-process
research and development
     7,962       120       8,934       120  
General and administrative
     37,331       2,851       46,604       4,421  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     61,319       5,825       77,149       9,539  
    
 
 
   
 
 
   
 
 
   
 
 
 
Loss from operations
     (61,319     (5,825     (57,269     (9,539
    
 
 
   
 
 
   
 
 
   
 
 
 
Other income (expense), net:
                                
Interest income
     35       18       72       38  
Change in fair value of contingent consideration liability -
related parties
     (911     (42     (660     (66
Change in fair value of short term notes receivable - related party
     —         —         —         718  
Change in fair value of convertible promissory notes
     —         (1,260     —         (133
Change in fair value of derivative liability
     —         —         41       —    
Unrealized
loss
 on other investments
 held at fair value
     (5,460 )
 
    —         (5,460 )
 
     
Unrealized gain on other investments
 
 
 
 
 
 
 
 
 
 
 
19,856
 
Loss on conversion of convertible promissory notes
     (513 )     —         (513 )     —    
Gain on consolidation of a variable interest entity
     3,543       —         3,543       —    
Other income (expense), net
     (2,676 )     (37     (1,302 )     (119
    
 
 
   
 
 
   
 
 
   
 
 
 
Total other income (expense), net
     (5,982 )     (1,321     (4,279 )     20,294  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income (loss) before income taxes
     (67,301     (7,146     (61,548     10,755  
Provision for income taxes
     (58     —         (64     —    
Gain on dilution of equity method investment
     16,923       —         16,923       —    
Losses from investments in equity method investees, net of tax
     (2,937     (9,811     (4,640     (11,831
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss
     (53,373     (16,957     (49,329     (1,076
Net
 
loss
 
attributable
 
to
 
redeemable
 
noncontrolling
 
interests
 
and
noncontrolling interests
     (4,912     (600     (1,556     (1,022
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss attributable to ATAI Life Sciences N.V. stockholders
   $ (48,461   $ (16,357   $ (47,773   $ (54
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss per share attributable to ATAI Life Sciences N.V.
stockholders — basic and diluted
  
$
(0.37
)  
$
(0.18
)   $ (0.38 )  
$
(0.00
)
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares outstanding
 
attributable
 
to
 
ATAI
Life Sciences N.V. stockholders — basic and diluted
    
132,265,075
     
90,709,312
      125,797,732      
90,709,312
 
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements
 
3

Table of Contents
ATAI LIFE SCIENCES N.V.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands)
(unaudited)
 
    
Three Months Ended
   
Six Months Ended
 
    
June 30,
   
June 30,
 
    
2021
   
2020
   
2021
   
2020
 
Net loss
   $ (53,373   $ (16,957   $ (49,329   $ (1,076
Other comprehensive loss:
                                
Foreign currency translation adjustments, net of tax
     2,110       784       (1,916     (106
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income (loss)
   $ (51,263 )   $ (16,173   $ (51,245 )   $ (1,182
Comprehensive income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests
     (4,912     (600     (1,556 )     (1,022
Foreign currency translation adjustments, net of tax attributable to noncontrolling interests
     150       (20     (34 )     (7
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive loss attributable to redeemable noncontrolling interests and noncontrolling interests
  (4,762     (620     (1,590 )     (1,029
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income (loss) attributable to ATAI Life Sciences N.V. stockholders
   $ (46,501   $ (15,553   $ (49,655   $
(153
)
    
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements
 
4

Table of Contents
ATAI LIFE SCIENCES N.V.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING
INTERESTS AND STOCKHOLDERS’ EQUITY
(Amounts in thousands, except share and per share amounts)
(unaudited)
 
                                 
Accumulated
         
Total
             
                                 
Other
         
Stockholders’
             
   
Redeemable
               
Additional
   
Share
   
Comprehensive
         
Equity Attributable to
         
Total
 
   
Noncontrolling
   
Common Stock
   
Paid-In
   
Subscriptions
   
Income
   
Accumulated
   
ATAI Life Sciences N.V.
   
Noncontrolling
   
Stockholders’
 
   
Interests
   
Shares
   
Amount
   
Capital
   
Receivable
   
(Loss)
   
Deficit
   
Stockholders
   
Interests
   
Equity
 
Balances at December 31, 2020
  $ —         114,735,712     $ 13,372     $ 261,626     $ —       $ 5,819     $ (189,995   $ 90,822     $ 4,546     $ 95,368  
Issuance of common shares, net of issuance costs of $4.9 million
    —         15,552,688       1,881       162,497       (140,868     —         —         23,510       —         23,510  
Issuance of common shares under the Hurdle Share Option Plan (see Note 12)
    —        
7,281,376
      —         —         —         —         —         —         —         —    
Issuance of noncontrolling interest
    —         —         —         —         —         —         —         —         885       885  
Stock-based compensation expense
    —         —         —         212       —         —         —         212       —         212  
Foreign currency translation adjustment, net of tax
    —         —         —         —         —         (3,842     —         (3,842     (184     (4,026
Net income
    —         —         —         —         —         —         688       688       3,356       4,044  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of March 31, 2021
  $ —         137,569,776     $ 15,253     $ 424,335     $ (140,868   $ 1,977     $ (189,307   $ 111,390     $ 8,603     $ 119,993  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Settlement of issuance
 of common shares, net of issuance costs of
$4.9 million
    —        
 
 
      —         —         140,868       —         —         140,868       —         140,868  
Issuance of common shares, net of issuance costs of $9.0 million
   
 
 
      17,250,000       2,046       229,535            
 
 
     
 
 
      231,581      
 
 
      231,581  
Issuance of noncontrolling interest
    2,555      
—  
      —         —         —         —               —         3,649       3,649  
Stock-based compensation expense
    —        
—  
      —         37,512       —         —               37,512       —         37,512  
Foreign currency translation adjustment, net of tax
    —        
—  
      —         —         —         1,960       —         1,960       150       2,110  
Net income
    (2,555    
—  
      —         —         —         —         (48,461     (48,461     (2,357     (50,818
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of June 30, 2021
  $       154,819,776     $ 17,299     $ 691,382     $ —       $ 3,937     $ (237,768   $ 474,850     $ 10,045     $ 497,032  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
                           
Accumulated
         
Total
             
                           
Other
         
Stockholders’
             
   
Redeemable
               
Additional
   
Comprehensive
         
Equity Attributable
         
Total
 
   
Noncontrolling
   
Common Stock
   
Paid-In
   
Income
   
Accumulated
   
to ATAI Life Sciences N.V.
   
Noncontrolling
   
Stockholders’
 
   
Interests
   
Shares
   
Amount
   
Capital
   
(Loss)
   
Deficit
   
Stockholders
   
Interests
   
Equity
 
Balances at December 31, 2019
  $ 142       90,709,312     $ 10,510     $ 69,819     $ (1,426   $ (20,152   $ 58,751     $ 887     $ 59,638  
Stock-based compensation expense
    —         —         —         41       —         —         41       —         41  
Foreign currency translation adjustment, net of tax
    —         —         —         —         (903     —         (903     13       (890
Net income (loss)
    (33     —         —         —         —         16,302       16,302       (389     15,913  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of March 31, 2020
  $ 109       90,709,312     $ 10,510     $ 69,860     $ (2,329   $ (3,850   $ 74,191     $ 511     $ 74,702  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Stock-based compensation expense
    —         —         —         41       —         —         41       —         41  
Issuance of subsidiary shares in connection with the Columbia stock purchase agreement (Note 16)
 
 
 
 
 
 
 
 
 
 
 
 
120
 
 
 
 
 
 
 
 
 
 
120
 
 
 
 
 
 
 
120
 
Foreign currency translation adjustment, net of tax
    —         —         —         —         804               804       (20     777  
Net income (loss)
    (109     —         —         —         —         (16,357     (16,357     (491     (16,848
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balances as of June 30, 2020
  $ —       $ 90,709,312     $ 10,510     $ 70,021     $ (1,525   $ (20,207   $ 58,799     $ —       $ 58,800  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements
 
5

Table of Contents
ATAI LIFE SCIENCES N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(unaudited)
 
  
Six Months Ended
 
 
  
June 30,
 
 
  
2021
 
 
2020
 
Cash flows from operating activities
  
 
Net
loss
   $ (49,329   $ (1,076
Adjustments to reconcile net loss to net cash used in operating activities:
                
Depreciation and amortization expense
    
25
      5  
Amortization of debt discount
    
191
      15  
Change in fair value of contingent consideration liability- related parties
    
660
      66  
Change in fair value of short term notes receivable - related parties
    
 
 
      (718
Change in fair value of convertible promissory notes
    
 
 
      133  
Change in fair value of derivative liability
    
(41
)
 
    12  
Change in fair value of
warrant liability
 
 
40
 
 
 
 
 
 
Unrealized
loss
 on other investments
 held at fair value
    
5,460
       
Unrealized gains on other investments
  
 
—  
 
 
 
(19,856
Gain on dilution of equity method investment
 
 
(16,923
)
 
 
 
 
 
 
Loss on conversion of convertible notes
     513      
 
 
 
Gain on consolidation of a variable interest entity
 
 
(3,543
)
 
 
 
 
 
 
Losses from investments in equity method investees
    
4,641
      11,831  
In-process research and development expense
    
8,934
      120  
Stock-based compensation
 expense
    
37,724
      82  
Unrealized foreign exchange gains
    
 
 
      (155 )
Other
    
41
     
(57
)
Changes in operating assets and liabilities:
                
Prepaid expenses and other current assets
    
(1,674
)
 
    (513
Accounts payable
    
2,380
      252  
Accrued liabilities
    
(3,846
)
 
    752  
Deferred revenue
    
120
      —    
    
 
 
   
 
 
 
Net cash used in operating activities
     (14,627     (9,107 )
    
 
 
   
 
 
 
Cash flows from investing activities
                
Purchases of property and equipment