| Energous Corporation | |||||||
| BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| As of | |||||||
| September 30, 2023 | December 31, 2022 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
16,578,659 |
|
$ |
26,287,293 |
|
|
| Accounts receivable, net |
|
120,198 |
|
|
143,353 |
|
|
| Inventory |
|
199,616 |
|
|
105,821 |
|
|
| Prepaid expenses and other current assets |
|
896,253 |
|
|
827,551 |
|
|
| Total current assets |
|
17,794,726 |
|
|
27,364,018 |
|
|
| Property and equipment, net |
|
388,505 |
|
|
429,035 |
|
|
| Operating lease right-of-use assets |
|
1,411,930 |
|
|
1,959,869 |
|
|
| Total assets | $ |
19,595,161 |
|
$ |
29,752,922 |
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ |
768,941 |
|
$ |
900,765 |
|
|
| Accrued expenses |
|
1,672,936 |
|
|
1,790,414 |
|
|
| Accrued severance expense |
|
202,946 |
|
|
416,516 |
|
|
| Warranty liability |
|
450,000 |
|
|
- |
|
|
| Operating lease liabilities, current portion |
|
696,573 |
|
|
705,894 |
|
|
| Deferred revenue |
|
24,341 |
|
|
29,727 |
|
|
| Total current liabilities |
|
3,815,737 |
|
|
3,843,316 |
|
|
| Operating lease liabilities, long-term portion |
|
739,767 |
|
|
1,264,131 |
|
|
| Total liabilities |
|
4,555,504 |
|
|
5,107,447 |
|
|
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued or outstanding at September 30, 2023 and December 31, 2022 |
|
- |
|
|
- |
|
|
| Common Stock, $0.00001 par value, 200,000,000 shares authorized at September 30, 2023 and December 31, 2022; 5,046,994 and 3,947,267 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. |
|
925 |
|
|
789 |
|
|
| Additional paid-in capital |
|
392,476,298 |
|
|
387,319,985 |
|
|
| Accumulated deficit |
|
(377,437,566 |
) |
|
(362,675,299 |
) |
|
| Total stockholders’ equity |
|
15,039,657 |
|
|
24,645,475 |
|
|
| Total liabilities and stockholders’ equity | $ |
19,595,161 |
|
$ |
29,752,922 |
|
|
| Energous Corporation | ||||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| Revenue | $ |
168,708 |
|
$ |
223,201 |
|
$ |
382,517 |
|
$ |
672,133 |
|
||||
| Costs and expenses: | ||||||||||||||||
| Cost of revenue |
|
48,394 |
|
|
420,060 |
|
|
270,025 |
|
|
894,693 |
|
||||
| Research and development |
|
2,460,123 |
|
|
2,885,830 |
|
|
8,418,779 |
|
|
9,622,886 |
|
||||
| Sales and marketing |
|
774,141 |
|
|
1,093,640 |
|
|
3,074,163 |
|
|
3,865,322 |
|
||||
| General and administrative |
|
1,698,380 |
|
|
1,931,386 |
|
|
5,763,811 |
|
|
5,983,845 |
|
||||
| Severance expense |
|
269,109 |
|
|
- |
|
|
359,419 |
|
|
633,444 |
|
||||
| Total costs and expenses |
|
5,250,147 |
|
|
6,330,916 |
|
|
17,886,197 |
|
|
21,000,190 |
|
||||
| Loss from operations |
|
(5,081,439 |
) |
|
(6,107,715 |
) |
|
(17,503,680 |
) |
|
(20,328,057 |
) |
||||
| Other income (expense): | ||||||||||||||||
| Offering costs related to warrant liability |
|
- |
|
|
- |
|
|
(591,670 |
) |
|
- |
|
||||
| Change in fair value of warrant liability |
|
788,000 |
|
|
- |
|
|
2,685,000 |
|
|
- |
|
||||
| Interest income |
|
178,845 |
|
|
142,840 |
|
|
648,083 |
|
|
192,715 |
|
||||
| Total other income |
|
966,845 |
|
|
142,840 |
|
|
2,741,413 |
|
|
192,715 |
|
||||
| Net loss | $ |
(4,114,594 |
) |
$ |
(5,964,875 |
) |
$ |
(14,762,267 |
) |
$ |
(20,135,342 |
) |
||||
| Basic and diluted net loss per common share | $ |
(0.86 |
) |
$ |
(1.54 |
) |
$ |
(3.30 |
) |
$ |
(5.21 |
) |
||||
| Weighted average shares outstanding, basic and diluted |
|
4,762,187 |
|
|
3,879,804 |
|
|
4,467,436 |
|
|
3,867,330 |
|
||||
| Energous Corporation | ||||||||||||||||
| Reconciliation of Non-GAAP Information | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| Net loss (GAAP) | $ |
(4,114,594 |
) |
$ |
(5,964,875 |
) |
$ |
(14,762,267 |
) |
$ |
(20,135,342 |
) |
||||
| Add (subtract) the following items: | ||||||||||||||||
| Depreciation and amortization |
|
47,442 |
|
|
73,684 |
|
|
137,772 |
|
|
200,995 |
|
||||
| Stock-based compensation |
|
368,907 |
|
|
698,222 |
|
|
1,394,877 |
|
|
2,071,253 |
|
||||
| Severance expense * |
|
269,109 |
|
|
- |
|
|
359,419 |
|
|
633,444 |
|
||||
| Offering costs related to warrant liability |
|
- |
|
|
- |
|
|
591,670 |
|
|
- |
|
||||
| Change in fair value of warrant liability |
|
(788,000 |
) |
|
- |
|
|
(2,685,000 |
) |
|
- |
|
||||
| Adjusted net non-GAAP loss | $ |
(4,217,136 |
) |
$ |
(5,192,969 |
) |
$ |
(14,963,529 |
) |
$ |
(17,229,650 |
) |
||||
| * Note: Severance expense includes $87,662 in stock-based compensation for the nine months ended September 30, 2022 | ||||||||||||||||
| Total costs and expenses (GAAP) | $ |
5,250,147 |
|
$ |
6,330,916 |
|
$ |
17,886,197 |
|
$ |
21,000,190 |
|
||||
| Subtract the following items: | ||||||||||||||||
| Depreciation and amortization |
|
(47,442 |
) |
|
(73,684 |
) |
|
(137,772 |
) |
|
(200,995 |
) |
||||
| Stock-based compensation |
|
(368,907 |
) |
|
(698,222 |
) |
|
(1,394,877 |
) |
|
(2,071,253 |
) |
||||
| Severance expense * |
|
(269,109 |
) |
|
- |
|
|
(359,419 |
) |
|
(633,444 |
) |
||||
| Adjusted non-GAAP costs and expenses | $ |
4,564,689 |
|
$ |
5,559,010 |
|
$ |
15,994,129 |
|
$ |
18,094,498 |
|
||||
| * Note: Severance expense includes $87,662 in stock-based compensation for the nine months ended September 30, 2022 | ||||||||||||||||
| Total research and development expenses (GAAP) | $ |
2,460,123 |
|
$ |
2,885,830 |
|
$ |
8,418,779 |
|
$ |
9,622,886 |
|
||||
| Subtract the following items: | ||||||||||||||||
| Depreciation and amortization |
|
(42,631 |
) |
|
(53,026 |
) |
|
(126,980 |
) |
|
(118,672 |
) |
||||
| Stock-based compensation |
|
(138,976 |
) |
|
(273,923 |
) |
|
(557,767 |
) |
|
(922,447 |
) |
||||
| Adjusted non-GAAP research and development expenses | $ |
2,278,516 |
|
$ |
2,558,881 |
|
$ |
7,734,032 |
|
$ |
8,581,767 |
|
||||
| Total sales, marketing, general and administrative expenses (GAAP) | $ |
2,472,521 |
|
$ |
3,025,026 |
|
$ |
8,837,974 |
|
$ |
9,849,167 |
|
||||
| Subtract the following items: | ||||||||||||||||
| Depreciation and amortization |
|
(4,811 |
) |
|
(20,658 |
) |
|
(10,792 |
) |
|
(82,323 |
) |
||||
| Stock-based compensation |
|
(229,931 |
) |
|
(424,299 |
) |
|
(837,110 |
) |
|
(1,148,806 |
) |
||||
| Adjusted non-GAAP sales, marketing, general and administrative expenses | $ |
2,237,779 |
|
$ |
2,580,069 |
|
$ |
7,990,072 |
|
$ |
8,618,038 |
|
||||
