09/16/2025 | Press release | Distributed by Public on 09/16/2025 15:20
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Per Share and
Accompanying
Warrants
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Per Pre-
Funded
Warrant and
Accompanying
Warrants
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Total
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Combined public offering price
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$2.00
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$1.9999
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$9,999,992.50
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Placement agent fees(1)
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$0.12
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$0.12
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$600,000.00
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Proceeds to us, before expenses(2)
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$1.88
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$1.8799
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$9,399,992.50
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(1)
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We have agreed to pay the placement agent a cash fee equal to 6.0%. We have also agreed to pay the placement agent a management fee of 0.5% of the aggregate gross proceeds raised in this offering and to reimburse the placement agent for certain of its offering related expenses, including reimbursement for non-accountable expenses in an amount up to $50,000, legal fees and expenses and other out-of-pocket expenses in the amount of up to $100,000, road show expenses in the amount of up to $5,000, and for its clearing expenses in the amount up to $15,950. For a description of compensation to be received by the placement agent, see "Plan of Distribution" for more information.
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(2)
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Because there is no minimum number of securities or amount of proceeds required as a condition to closing in this offering, the actual public offering amount, placement agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above. The amount of the proceeds to us presented in this table does not give effect to any exercise of the Warrants or the Pre-Funded Warrants offered hereby. For more information, see "Plan of Distribution."
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Page
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ABOUT THIS PROSPECTUS
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ii
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CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
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iii
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PROSPECTUS SUMMARY
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1
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THE OFFERING
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3
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RISK FACTORS
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6
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USE OF PROCEEDS
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9
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DIVIDEND POLICY
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10
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DESCRIPTION OF CAPITAL STOCK
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11
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DESCRIPTION OF SECURITIES WE ARE OFFERING
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14
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PLAN OF DISTRIBUTION
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18
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INFORMATION INCORPORATED BY REFERENCE
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21
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WHERE YOU CAN FIND MORE INFORMATION
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LEGAL MATTERS
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23
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EXPERTS
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23
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our ability to improve our margins, extend our cash runway and reach a potential pathway to profitability;
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our ability to continue as a going concern within 12 months of the filing of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which requires us to manage costs and obtain significant additional financing to fund our strategic plans and commercialization efforts;
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our ability to execute on our strategy and achieve our objectives;
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the impact and utility of our cost savings initiative and our recent financing;
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our ability to continue to drive OGM (as defined below) adoption by potential customers for routine use in genomic analysis;
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the impact, or lack thereof, of Category I CPT codes to accelerate or increase the adoption of OGM;
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continued research, presentations and publications involving OGM and its utility compared to traditional cytogenetics and our technologies;
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the impact of our Stratys™ system and VIA™ software to increase throughput and simplify analysis of OGM data;
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our ability to drive adoption of OGM and our technology solutions;
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our ability to further deploy new products and applications for our technology platforms;
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our expectations and beliefs regarding future growth of the business and the markets in which we operate;
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our ability to consummate any strategic alternatives including the risk that if we fail to obtain additional financing we may seek relief under applicable insolvency laws;
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the size and growth potential of the markets for our products, and our ability to serve those markets;
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the rate and degree of market acceptance of our products;
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our ability to manage the growth of our business and integrate acquired businesses;
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our ability to expand our commercial organization to address effectively existing and new markets that we intend to target;
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the impact from future regulatory, judicial, and legislative changes or developments in the U.S. and foreign countries;
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our ability to compete effectively in a competitive industry;
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the introduction of competitive technologies or improvements in existing technologies and the success of any such technologies;
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the performance of our third-party contract sales organizations, suppliers and manufacturers;
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our ability to attract and retain key scientific or management personnel;
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the accuracy of our estimates regarding expenses, future revenues, reimbursement rates, capital requirements and needs for additional financing;
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the impact of adverse geopolitical and macroeconomic developments, such as recent and future bank failures, the ongoing conflicts between Ukraine and Russia and in the Middle East, and related sanctions, regional or global pandemics, inflation, increased cost of goods, supply chain issues, and global financial market conditions; on our business and operations, as well as the business or operations of our suppliers, customers, manufacturers, research partners and other third parties with whom we conduct business and our expectations with respect to the duration of such impacts and the resulting effects on our business;
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our ability to realize the anticipated benefits and synergies of our prior and any future acquisitions or other strategic transactions;
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our ability to attract collaborators and strategic partnerships; and
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other factors discussed in our most recent Annual Report on Form 10-K and any other subsequent filings we make with the SEC.
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(1)
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The number of shares of our common stock outstanding prior to this offering and to be outstanding after this offering is based on 4,755,265 shares of common stock outstanding as of September 9, 2025, and excludes as of such date:
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191,532 shares of common stock issuable upon the exercise of outstanding stock options with a weighted-average exercise price of $251.09 per share;
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2,081,088.57 shares of common stock issuable upon the exercise of outstanding warrants with a weighted average exercise price of $54.74 per share;
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633,703.70 shares of common stock issuable upon the exercise of outstanding convertible notes with a conversion price of $16.20 per share;
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35,471 shares of common stock reserved for future issuance under our 2020 Inducement Plan ("2020 Plan"), plus any additional shares of our common stock that may become available under the 2020 Plan;
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1,013 shares of our common stock reserved for issuance under our 2018 Employee Stock Purchase Plan ("ESPP"); and
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11,838 shares of our common stock reserved for issuance under our 2018 Equity Incentive Plan.
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before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
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upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
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on or after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of the stockholder, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.
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any merger or consolidation involving the corporation and the interested stockholder;
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any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
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subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
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any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or
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the receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through the corporation.
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do not provide stockholders with cumulative voting rights such that stockholders holding a plurality of the voting power of our shares of common stock would be able to elect all of our directors;
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provide for stockholder actions to be taken at a duly called meeting of stockholders and not by written consent;
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provide that a special meeting of stockholders may only be called by a majority of our board of directors, the chair of our board of directors or our chief executive officer;
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establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our board of directors;
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divide our board of directors into three classes with staggered three-year terms;
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provide that the authorized number of directors may be changed only by resolution adopted by a majority of the authorized number of directors constituting the board of directors;
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provide that the board of directors or any individual director may only be removed with cause and the affirmative vote of the holders of at least 66 2/3% of the voting power of all of our then outstanding shares of common stock; and
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provide that all vacancies, including newly created directorships, may, except as otherwise required by law or subject to the rights of holders of preferred stock as designated from time to time, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum.
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standard and customary issuer representations and warranties on matters such as due organization, qualification, authorization, no conflict, no governmental filings required, currentness and accuracy of SEC filings, absence of litigation, labor or other compliance issues, environmental, intellectual property and title matters and compliance with various laws such as the Foreign Corrupt Practices Act; and
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covenants regarding matters such as registration of the offering of the warrant shares, the filing of a Current Report on Form 8-K to disclose entering into these securities purchase agreements, the providing of material nonpublic information, use of proceeds, indemnification of purchasers, reservation and listing of common stock, and prohibitions on subsequent equity sales for 30 days.
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Per Share and
Accompanying
Warrants
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Per Pre-
Funded
Warrant and
Accompanying
Warrants
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Total
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Combined public offering price
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$2.00
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$1.9999
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$9,999,992.50
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Placement agent fees
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$0.12
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$0.12
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$600,000.00
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Proceeds to us, before expenses
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$1.88
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$1.8799
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$9,399,992.50
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our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025;
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our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed with the SEC on May 14, 2025 and August 14, 2025, respectively;
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our Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on January 3, 2025 (with respect to Items 1.01, 3.02 and 9.01 only), January 6, 2025 (with respect to Items 1.01, 8.01 and 9.01 only), January 13, 2025, January 16, 2025, January 27, 2025 (with respect to Items 3.03, 5.03 and 9.01 only), February 10, 2025, February 21, 2025 and June 13, 2025, and on Form 8-K/A, filed with the SEC on June 18, 2025;
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our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 28, 2025 (solely those portions that were incorporated by reference into Part III of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024); and
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the description of the Company's Common Stock contained in the Company's Registration Statement on Form 8-A/A, filed with the SEC on August 17, 2018, as updated by the description of capital stock contained in Exhibit 4.5 to the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 5, 2024, and including any amendments or reports filed for the purposes of updating this description.
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