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Liquidity Considerations
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity Considerations

Note 2 — Liquidity Considerations

 

As of December 31, 2017 and September 30, 2018, the Company had an accumulated deficit of $8,639 and $19,806, respectively. In addition, for the period from April 27, 2017 (inception) to December 31, 2017 and for the nine months ended September 30, 2018, the Company had net cash used in operating activities of $4,718 and $6,371, respectively.

 

To date, the Company has not generated any revenues and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. As of September 30, 2018, the Company had an accumulated deficit of $19,806 and has incurred negative cash flow from operating activities since its inception. The Company currently believes its existing cash and cash equivalents, together with the net cash proceeds received from the closing of its IPO on November 15, 2018 of $22,603 (see Note 12), will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 24 months from the date of issuance of these financial statements. This estimate is based on the Company’s current assumptions, including assumptions relating to its ability to manage its spending. The Company could use its available capital resources sooner than currently expected. Accordingly, the Company could seek to obtain additional capital through equity financings, the sale of debt or other arrangements. However, there can be no assurance that the Company will be able to raise additional capital if needed or under acceptable terms, if at all. The sale of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to stockholders. If the Company is delayed in completing its product development and obtaining regulatory approval for its product candidates and is unable to obtain such additional financing, operations would need to be scaled back or discontinued.