Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ELOXX PHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001035354 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-31326 | |
Entity Tax Identification Number | 84-1368850 | |
Entity Address, Address Line One | 480 Arsenal Way | |
Entity Address, City or Town | Watertown | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02472 | |
City Area Code | 781 | |
Local Phone Number | 577-5300 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | ELOX | |
Security Exchange Name | NASDAQ | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,166,356 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,904 | $ 19,207 |
Restricted cash | 261 | 261 |
Prepaid expenses and other current assets | 1,238 | 661 |
Total current assets | 6,403 | 20,129 |
Property and equipment, net | 143 | 169 |
Operating lease right-of-use asset | 654 | 825 |
Total assets | 7,200 | 21,123 |
Current liabilities: | ||
Accounts payable | 2,434 | 3,020 |
Accrued expenses | 2,230 | 2,799 |
Current portion of long-term debt | 1,536 | 3,980 |
Advances from collaboration partners | 12,535 | 12,535 |
Current portion of operating lease liability | 667 | 712 |
Derivative liabilities | 58 | 45 |
Total current liabilities | 19,460 | 23,091 |
Long-term debt, net of current portion | 4,027 | 8,557 |
Operating lease liability | 6 | 135 |
Total liabilities | 23,493 | 31,783 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued or outstanding as of March 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.01 par value per share, 500,000,000 shares authorized,2,166,356 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 22 | 22 |
Additional paid-in capital | 264,303 | 263,706 |
Accumulated deficit | (280,618) | (274,388) |
Total stockholders' (deficit) equity | (16,293) | (10,660) |
Total liabilities and stockholders' deficit | $ 7,200 | $ 21,123 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 2,166,356 | 2,166,356 |
Common stock, shares outstanding | 2,166,356 | 2,166,356 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 3,488 | $ 7,899 |
General and administrative | 1,995 | 3,054 |
Total operating expenses | 5,483 | 10,953 |
Loss from operations | (5,483) | (10,953) |
Other expense, net | 747 | 667 |
Net loss | $ (6,230) | $ (11,620) |
Net loss per share, basic | $ (2.88) | $ (5.36) |
Net loss per share, diluted | $ (2.88) | $ (5.36) |
Weighted average number of shares of common stock used in computing net loss per share, basic | 2,166,356 | 2,166,275 |
Weighted average number of shares of common stock used in computing net loss per share, diluted | 2,166,356 | 2,166,275 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (6,230) | $ (11,620) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 597 | 922 |
Depreciation | 15 | 21 |
Amortization of operating lease right-of-use asset | 171 | 177 |
Amortization of debt discount | 120 | 124 |
Change in fair value of derivative liabilities | 13 | 270 |
Loss on extinguishment of debt | 406 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (577) | (1,169) |
Accounts payable | (586) | 1,525 |
Accrued expenses | (569) | 434 |
Operating lease liabilities | (174) | (175) |
Net cash used in operating activities | (6,814) | (9,491) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 11 | 0 |
Purchases of property and equipment | 0 | (11) |
Net cash (used in) provided by investing activities | 11 | (11) |
Cash flows from financing activities: | ||
Repayment of term loan principal | (7,500) | 0 |
Proceeds from advances from collaboration partners | 0 | 7,000 |
Net cash (used in) provided by financing activities | (7,500) | 7,000 |
Decrease in cash, cash equivalents and restricted cash | (14,303) | (2,502) |
Cash, cash equivalents and restricted cash at the beginning of the period | 19,468 | 42,567 |
Cash, cash equivalents and restricted cash at the end of the period | 5,165 | 40,065 |
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets: | ||
Cash and cash equivalents | 4,904 | 39,768 |
Restricted cash | 261 | 297 |
Total cash, cash equivalents and restricted cash | 5,165 | 40,065 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for interest | $ 430 | $ 297 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury stock [Member] | Accumulated deficit [Member] |
Balance at Dec. 31, 2021 | $ 22,384 | $ 22 | $ 262,875 | $ (2,190) | $ (238,323) |
Balance, shares at Dec. 31, 2021 | 2,166,248 | (10,535) | |||
Vesting of restricted stock units, shares | 78 | ||||
Stock-based compensation expense | 922 | 922 | |||
Net loss | (11,620) | (11,620) | |||
Balance at Mar. 31, 2022 | 11,686 | $ 22 | 263,797 | $ (2,190) | (249,943) |
Balance, shares at Mar. 31, 2022 | 2,166,326 | (10,535) | |||
Balance at Dec. 31, 2022 | $ (10,660) | $ 22 | 263,706 | (274,388) | |
Balance, shares at Dec. 31, 2022 | 2,166,356 | 2,166,356 | |||
Stock-based compensation expense | $ 597 | 597 | |||
Net loss | (6,230) | (6,230) | |||
Balance at Mar. 31, 2023 | $ (16,293) | $ 22 | $ 264,303 | $ (280,618) | |
Balance, shares at Mar. 31, 2023 | 2,166,356 | 2,166,356 |
Nature of the Business
Nature of the Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business Eloxx Pharmaceuticals, Inc., together with its subsidiaries (collectively “Eloxx” or the “Company”), is a clinical-stage biopharmaceutical company engaged in the science of ribosomal modulation. The Company is developing novel small molecule drug candidates from its library of unique Ribosome Modulating Agents (“RMAs”) and Eukaryotic Ribosomal Selective Glycosides (“ERSGs”), for the treatment of a subset of rare and ultra-rare diseases and cancers characterized by genetic mutations that cause defects in protein translation. Specifically, the Company is targeting restoration of functional proteins in patients with premature stop codon mutations and ribosomal mutations. Premature stop codons are point mutations that disrupt the stability of the impacted messenger RNA (mRNA) and the protein synthesis from that mRNA. Additionally, certain mutations of the ribosome disrupt normal protein translation and are drivers of a subset of cancers. On April 1, 2021, the Company acquired Zikani Therapeutics, Inc. (“Zikani”), a preclinical stage biopharmaceutical company engaged in the science of ribosome modulation, leveraging its innovative TURBO-ZMTM chemistry technology platform to develop novel ribosome modulating agents (“RMAs”). The TURBO-ZMTM platform is designed to enable rapid synthesis of novel macrolides that can be optimized to modulate the human, bacterial or viral ribosomes to treat rare diseases and cancers with certain ribonucleic acid (“RNA”) and ribosomal mutations. The Company is headquartered in Watertown, Massachusetts, with additional operations in Israel and Australia. Liquidity and Going Concern The Company has a history of net losses and negative cash flows from operating activities since inception and, as of March 31, 2023, had an accumulated deficit of $ 280.6 million. The Company expects to continue to incur net losses and negative cash flows from its operations for the foreseeable future. The Company has not generated revenue from the sale of any product or service and does not expect to generate significant revenue unless it obtains marketing approval for and commercializes one or more of its product candidates currently in development. Successful transition to profitable operations is dependent upon achieving a level of revenue adequate to support the Company’s cost structure. The Company has financed its operations primarily from the sale of equity securities and to a lesser extent, loans and g rants. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital to fund its operations. In addition, as disclosed in Note 6, in September 2021, the Company entered into the Hercules Term Loan (as defined below) for an aggregate principal amount of up to $ 30.0 million of which $ 12.5 million had been funded as of December 31, 2022 and effective March 7, 2023, the Company and Hercules agreed to amend the terms of the agreement, and the Company repaid $ 7.5 million of principal. The Hercules Term Loan Agreement contains customary affirmative and negative covenants, which among others further described in Note 6, require the Company to maintain at all times a minimum qualified cash balance net of qualified accounts payable (as defined in the Hercules Term Loan Agreement). On March 7, 2023, the minimum qualified cash balance debt covenant was decreased from $ 10.0 million to $ 2.25 million as of March 7, 2023, and may be further reduced to $ 0 if the Company has raised $ 20.0 million in equity investments prior to May 31, 2023. As of March 31, 2023, the Company was in compliance with all debt covenants. However, the inherent uncertainties described above may impact the Company’s ability to remain in compliance with these covenants over the next 12 months. If the Company breaches its financial covenants and fails to secure a waiver or forbearance from the third-party lender, such breach or failure could accelerate the repayment of the outstanding borrowings under the Hercules Term Loan Agreement or the exercise of other rights or remedies the third-party lender may have under applicable law. No assurance can be provided a waiver or forbearance will be granted or the outstanding borrowings under the Hercules Term Loan Agreement, will be successfully refinanced on terms that are acceptable to the Company. The Company believes that its cash and cash equivalents of $ 4.9 million at March 31, 2023 will not be sufficient to maintain its current and planned operations for at least the next 12 months following the filing of this Quarterly Report on Form 10-Q. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. However, based on the Company’s current working capital, anticipated operating expenses and net losses and the uncertainties surrounding its ability to raise additional capital as needed, as discussed below, the Company believes that these conditions, in aggregate, raise substantial doubt about its ability to continue as a going concern for one year after the date these condensed consolidated financial statements are issued. Management intends to fund future operations through private or public debt or equity financing transactions and may seek additional capital through arrangements with strategic partners or from other sources. The availability of sufficient funding to alleviate the conditions that raise substantial doubt are not within management’s control and cannot be assessed as being probable of occurring. If the Company is unable to obtain adequate financing, it will evaluate options, which may include reducing or deferring operating expenses, which may have a material adverse effect on the Company’s operations and future prospects. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted, as permitted by such rules and regulations. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows for the interim periods ended March 31, 2023 and 2022. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2023 (the “2022 Annual Report”). The significant accounting policies used in the preparation of these condensed consolidated financial statements are consistent with those described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, in the Company’s 2022 Annual Report. Reverse Stock Split On December 1, 2022, the Company effected a 1-for-40 reverse stock split of its common stock (the “Reverse Stock Split”). As further described below, at a special meeting of stockholders held on November 30, 2022 (the “Special Meeting”), the stockholders of the Company approved a proposal to authorize the Company’s Board of Directors, in its discretion following the Special Meeting to amend the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to effect a reverse stock split of all of the outstanding shares of the Company’s common stock, par value $0.01 per share, at a ratio ranging from any whole number between 1-for-2 and 1-for-40, as determined by the Company’s Board of Directors in its discretion. On November 30, 2022, following the Special Meeting, the Company’s Board of Directors approved the Reverse Stock Split at a ratio of 1-for-40. On December 1, 2022, the Company filed with the Secretary of State of the State of Delaware a certificate of amendment to amend the Company’s Certificate of Incorporation to effect the Reverse Stock Split. The Reverse Stock Split became effective at 5:00 p.m., Eastern Time, on December 1, 2022. As a result of the Reverse Stock Split, every 40 shares of the Company’s common stock issued or outstanding were automatically reclassified into one validly issued, fully-paid and non-assessable new share of common stock, subject to the treatment of fractional shares as described below, without any action on the part of the holders. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as applicable, and warrants exercisable for shares of common stock, as well as to the number of shares issuable under the Company’s equity incentive plans and certain existing agreements. The common stock issued pursuant to the Reverse Stock Split remain fully paid and non-assessable. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders of record who would otherwise have been entitled to receive fractional shares as a result of the Reverse Stock Split received a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing sales price per share of the common stock (as adjusted for the Reverse Stock Split) on The Nasdaq Capital Market on November 30, 2022, the last trading day immediately preceding the effective time of the Reverse Stock Split. All share and per share amounts in the accompanying financial statements, related footnotes, and management’s discussion and analysis have been adjusted retroactively to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. Effective December 2, 2022, trading of the Company’s common stock on The Nasdaq Capital Market commenced on a split-adjusted basis, under the existing trading symbol “ELOX.” Recent Accounting Pronouncements Although the FASB has issued several ASUs for which adoption dates are pending, the Company does not expect any to have any impacts on its consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid And Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2022 Research and development $ 307 $ 366 Insurance 672 93 Other 259 202 Total $ 1,238 $ 661 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 Computers and software $ 26 $ 26 Office furniture and equipment 15 15 Laboratory equipment 233 251 Leasehold improvements 57 57 331 349 Less accumulated depreciation and amortization ( 188 ) ( 180 ) Property and equipment, net $ 143 $ 169 Depreciation expense was $ 15 thousand and $ 21 thousand for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, the Company sold property and equipment for $ 11 thousand and recognized an immaterial gain on sale of assets. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 Research and development expenses $ 1,576 $ 1,544 Payroll and other employee-related expenses 144 750 Professional services 215 225 Interest on debt 81 146 Other 214 134 Total $ 2,230 $ 2,799 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Hercules Term Loan On September 30, 2021, the Company entered into a Loan and Security Agreement, dated as of September 30, 2021 (the “Hercules Loan Agreement”) with Hercules Capital, Inc. (“Hercules” or the “Lender”). The Hercules Term Loan Agreement provided for term loans in an aggregate principal amount of up to $ 30.0 million, comprised of (i) a tranche 1 advance of $ 12.5 million (the “Tranche 1 Advance”), (ii) a tranche 2 advance of $ 7.5 million (the “Tranche 2 Advance”) and (iii) a tranche 3 advance of $ 10.0 million (the “Tranche 3 Advance”) (collectively, the “Term Loan Advances”). The Tranche 1 Advance under the Hercules Term Loan Agreement was funded on September 30, 2021. The Tranche 2 Advance was to be available at the Company’s election until August 15, 2022, subject to the Company's achievement of certain milestone events relating to data from the clinical trials. The Company did not meet the requirements for the Tranche 2 Advance and such funding will, therefore, not be available to the Company. The Tranche 3 Advance is available subject to approval by the Lenders’ investment committee in its sole discretion up to April 1, 2023, and, provided that if the Company receives net cash proceeds of equity investment of at least $35.0 million prior to June 30, 2023, such date shall be extended to October 1, 2023. As security for its obligations, the Company granted Hercules a continuing security interest in substantially all of the assets of the Company, subject to certain customary exceptions, including for intellectual property. Any outstanding principal on the Term Loan Advances will accrue interest at a floating rate equal to the greater of (i) 9.50 % per annum and (ii) the sum of 6.25 % plus the prime rate, as published in The Wall Street Journal. As of March 31, 2023 and December 31, 2022, the interest rate was 14.25 % and 13.75 %, respectively. On March 7, 2023, the Company entered into an amendment (the "Hercules Amendment") to repay $ 7.5 million of the outstanding principal of the Hercules Term Loan, extend the interest only period until September 1, 2023, canceled the prepayment penalty for the March principal repayment and any future early principal repayments, and reduced the qualified cash balance from $ 10.0 million to $ 2.25 million effective as of March 7, 2023. The qualified cash balance may be further reduced to $0 if the Company has raised $20.0 million in equity investments prior to May 31, 2023. In accordance with the Hercules Loan Amendment, the Company will be required to make principal payments on the outstanding balance of the Term Loan Advances beginning on September 1, 2023, in 31 equal monthly installments, plus interest. Any amounts outstanding under the Term Loan Advances, if not repaid sooner, are due and payable on April 1, 2025 (the “Maturity Date”). On any date that the Company partially repays the outstanding obligations, the Company shall pay the Lenders a charge equal to 6.55% of the original principal amount. The Hercules Amendment removed this prepayment premium for both the March 7, 2023 principal repayment and for any future early prepayments of principal. The Hercules Amendment was accounted for as debt modification under ASC 470-50, Debt: Modifications and Extinguishments , with a partial debt extinguishment. The Company recognized a loss on debt extinguishment of $ 0.4 million related to the remaining unamortized debt discount as of the effective date of the Hercules Amendment during the three months ended March 31, 2023. The Hercules Loan Agreement contains customary affirmative and negative covenants which, among other things, requires the Company to maintain at all times a minimum qualified cash balance plus qualified accounts payable (as defined) and limits the Company’s ability to (i) incur additional indebtedness, (ii) pay dividends or make certain distributions, (iii) dispose of its assets, grant liens or encumber its assets or (iv) fundamentally alter the nature of its business. These covenants are subject to a number of exceptions and qualifications. The Company was in compliance with all debt covenants at March 31, 2023. The Hercules Loan Agreement also contains customary events of default, including the Company’s failure to make any principal or interest payments when due, the occurrence of certain bankruptcy or insolvency events or a breach of the covenants. Upon the occurrence of an event of default, Hercules may, among other things, accelerate the Company’s obligations under the Hercules Loan Agreement. As of March 31, 2023, the carrying value of the outstanding loan consists of $ 5.0 million in principal less an unamortized debt discount of $ 0.3 million. The debt issuance costs and the final maturity payment of $ 0.8 million, have been recorded as a debt discount, which are being accreted to interest expense through the maturity date of the loan. Interest expense relating to the loan for the three months ended March 31, 2023 and 2022 was $ 0.5 million and $ 0.4 million, respectively. Interest expense is calculated using the effective interest method and is inclusive of non-cash amortization of the debt discount. As of March 31, 2023, the effective interest rate was 18.9 %. The Company’s scheduled future principal payments for the long-term debt are as follows (in thousands): At March 31, 2023 Principal payments 2023 $ 906 2024 2,988 2025 1,106 Total future principal payments 5,000 Less unamortized discount ( 256 ) Carrying value of long-term debt 4,744 Less current portion of long-term debt ( 1,536 ) Final fee due at maturity in 2025 819 Long-term portion $ 4,027 |
Advances From Collaboration Par
Advances From Collaboration Partners, Legal and Other Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Advances From Collaboration Partners, Legal and Other Contingencies | 7. Advances From Collaboration Partners, Legal and Other Contingencies From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. The Company is currently unaware of any material pending legal proceedings to which it is a party or of which its property is the subject. The Company accounts for its contingent liabilities in accordance with ASC Topic 450, “Contingencies”. Cystic Fibrosis Foundation During 2019, the Company received a funding award (the “2019 CFF Award”) from the Cystic Fibrosis Foundation (“CFF”) for up to $ 3.6 million and entered into an agreement relating to the award, which agreement was amended in December 2020 and March 2022. Payment of award amounts are subject to the achievement of certain milestones in connection with the Company’s global cystic fibrosis development program. The Company will be required to repay amounts received from the CFF (or specified multiples of such amounts) in certain circumstances, including as royalties on net sales, and, in the event of a disposition of the underlying asset (as defined in the agreement), in which case the Company would be obliged to use up to 5 % of the amounts received from the disposition to repay up to three times the award amount. The funding provided to the Company is accounted for as an advance from a collaboration partner within the scope of ASC Topic 730, “Research and Development.” In March 2022, the Company entered into an agreement with the CFF to amend the 2019 CFF Award to provide for up to an additional $ 15.9 million to fund the ongoing global Phase 2 clinical development of ELX-02 in cystic fibrosis (the “2022 CFF Amendment”). The Company received $8.5 million during the year ended December 31, 2022, which were recorded as Advances from collaboration partners in the accompanying condensed consolidated financial statements. As of March 31, 2023 and December 31, 2022, the Company had received cumulative total payments of $ 11.9 million related to the 2019 CFF Award, which are recorded as Advances from collaboration partners in the accompanying consolidated financial statements. In September 2022, the CFF determined not to continue funding this program and the remaining $ 7.4 million of the award under the 2022 CFF Amendment will not be available to the Company under the current development program. Upon successful commercialization of ELX-02 or any derivative products thereof, the Company will pay the CFF royalties up to 6 % of net sales based on the actual amount of funding from the CFF and potential sales milestones. In addition, the 2022 CFF Agreement includes an embedded derivative arising from a provision that upon the occurrence of a change of control or sale or license of funded assets (each a disposition event), the Company would be required to pay the CFF 10 % of the consideration received for the disposition event up to three times the amount of funds received from the CFF under the 2022 CFF Agreement. In May 2021, the Company received an additional award from the CFF (the “2021 CFF Award”) for up to $ 2.6 million to help identify optimized oral RMAs for further development in the treatment of cystic fibrosis patients with nonsense mutations. Payment of award amounts are subject to the achievement of certain milestones in connection with the Company’s oral RMA cystic fibrosis development program. The Company will be required to repay amounts received from the CFF (or specified multiples of such amounts) in certain circumstances, including as royalties on net sales (with royalties capped at eight times the award amount received, the "Royalty Cap"), and, in the event of a disposition of the underlying asset. The funding provided to the Company is accounted for as an advance from a collaboration partner within the scope of ASC Topic 730, “Research and Development.” As of March 31, 2023 and December 31, the Company had received cumulative total payments of $ 0.6 million under this award, which are recorded as Advances from collaboration partners in the accompanying consolidated financial statements. The 2021 CFF Award includes an embedded derivative arising from a provision that upon the occurrence of a change of control or sale or license of funded assets (each a disposition event) the Company would be required to pay the CFF 20 % of the consideration received for the disposition event, and 10 % for a sale or license event, up to eight times the amount of funds received from the CFF under the 2021 CFF Agreement. The Company estimated the fair value of the embedded derivatives to be $ 58 thousand and $ 45 thousand as of March 31, 2023 and December 31, 2022, respectively, and has recognized these amounts on the consolidated balance sheets as derivative liabilities with the corresponding change in value of $ 13 thousand expense recognized as the change in fair value of derivative liabilities in other expense, net, in the consolidated statements of operations for the three months ended March 31, 2023. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Deficit ATM Program On September 30, 2021, we entered into a Sales Agreement with SVB Leerink, LLC (“SVB Leerink”) pursuant to which the Company may offer and sell up to $ 50.0 million of shares of its common stock (the “ATM Shares”) from time to time, through an “at the market offering” program (the “ATM Program”), under which SVB Leerink will act as sales agent. Pursuant to the Sales Agreement, the Company will set the parameters for the sale of ATM Shares, including the number of ATM Shares to be issued, the time period during which sales are requested to be made, limitations on the number of ATM Shares that may be sold in any one trading day and any minimum price below which sales may not be made. The Company is not obligated to make any sales of Shares under the ATM Program and has not sold any shares as of March 31, 2023. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 9. Stock-Based Compensation Summary of Stock Option Activity Transactions related to stock options awarded to employees and directors during the three months ended March 31, 2023 were as follows: Shares Weighted Weighted Aggregate Options outstanding at December 31, 2022 249,403 $ 105.87 8.12 $ 3 Granted 195,895 4.27 Forfeited ( 15,638 ) 22.41 Options outstanding at March 31, 2023 429,660 $ 62.59 6.77 $ 10 Options exercisable at March 31, 2023 109,601 $ 171.38 7.26 $ 10 The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the common stock as of March 31, 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2023. This amount is impacted by changes in the fair value of the common stock. Stock-Based Compensation Stock-based compensation relates to non-employee directors and non-employees, time-based stock options and restricted stock units granted. Total stock-based compensation expense related to all of the Company’s stock-based awards was recognized as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 288 $ 360 General and administrative 309 562 Total stock-based compensation expense $ 597 $ 922 |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | 10. Recurring Fair Value Measurements The following tables summarizes the Company's fair value hierarchy for its financial assets and liabil ities measured at fair value on a recurring basis (in thousands): As of March 31, 2023 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market funds included in cash and cash equivalents $ 4,512 $ 4,512 $ — $ — Liabilities Embedded derivatives $ 58 $ — $ — $ 58 As of December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market funds included in cash and cash equivalents $ 18,737 $ 18,737 $ — $ — Liabilities Embedded derivatives $ 45 $ — $ — $ 45 The Company is party to certain funding awards with the Cystic Fibrosis Foundation, which contain embedded derivatives (refer to Note 7). As of the balance sheet date, the Company has determined the fair value of these embedded derivatives using a Monte Carlo simulation of the occurrence of a disposition event. The Company has used observable input assumptions such as the amount of funding, the Royalty Cap, as well as unobservable assumptions such as the time to occurrence of 3 years, as well as the probability of occurrence of a disposition event. The table below provides a summary of the fair value of the embedded derivatives, a Level 3 fair value estimate (in thousands), for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Three Months Ended March 31, 2023 2022 Fair value of embedded derivatives, beginning of period $ 45 $ - Change in fair value of derivative liabilities 13 270 Fair value of embedded derivatives, end of period $ 58 $ 270 |
Other Expense, Net
Other Expense, Net | 3 Months Ended |
Mar. 31, 2023 | |
Other Income And Expenses [Abstract] | |
Other Expense, Net | 11. Other Expense, Net Other expense, net consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Interest and other expense $ 485 $ 404 Interest and other income ( 168 ) ( 14 ) Loss on debt extinguishment 406 — Foreign currency exchange losses 11 7 Change in fair value of derivative liabilities 13 270 Total other expense, net $ 747 $ 667 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 12. Net Loss Per Share The net loss and the weighted average number of shares used in computing basic and diluted net loss per share for the periods, are as follows (amounts in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 6,230 ) $ ( 11,620 ) Denominator: Weighted average number of shares of 2,166,356 2,166,275 Net loss per share, basic and diluted $ ( 2.88 ) $ ( 5.36 ) The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 429,660 303,270 Restricted stock units — 78 Warrants 1,021 8,097 Total potential common stock equivalents 430,681 311,445 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Although the FASB has issued several ASUs for which adoption dates are pending, the Company does not expect any to have any impacts on its consolidated financial statements. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid And Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2022 Research and development $ 307 $ 366 Insurance 672 93 Other 259 202 Total $ 1,238 $ 661 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2022 Computers and software $ 26 $ 26 Office furniture and equipment 15 15 Laboratory equipment 233 251 Leasehold improvements 57 57 331 349 Less accumulated depreciation and amortization ( 188 ) ( 180 ) Property and equipment, net $ 143 $ 169 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Accrued expenses | Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 Research and development expenses $ 1,576 $ 1,544 Payroll and other employee-related expenses 144 750 Professional services 215 225 Interest on debt 81 146 Other 214 134 Total $ 2,230 $ 2,799 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments for Long-Term Debt | At March 31, 2023 Principal payments 2023 $ 906 2024 2,988 2025 1,106 Total future principal payments 5,000 Less unamortized discount ( 256 ) Carrying value of long-term debt 4,744 Less current portion of long-term debt ( 1,536 ) Final fee due at maturity in 2025 819 Long-term portion $ 4,027 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Transactions Related to Stock Options Awarded to Employees and Directors | Transactions related to stock options awarded to employees and directors during the three months ended March 31, 2023 were as follows: Shares Weighted Weighted Aggregate Options outstanding at December 31, 2022 249,403 $ 105.87 8.12 $ 3 Granted 195,895 4.27 Forfeited ( 15,638 ) 22.41 Options outstanding at March 31, 2023 429,660 $ 62.59 6.77 $ 10 Options exercisable at March 31, 2023 109,601 $ 171.38 7.26 $ 10 |
Summary of Allocated Stock-based Compensation Expense | Total stock-based compensation expense related to all of the Company’s stock-based awards was recognized as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 288 $ 360 General and administrative 309 562 Total stock-based compensation expense $ 597 $ 922 |
Recurring Fair Value Measurem_2
Recurring Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and liabilities measured at fair value on a recurring basis | The following tables summarizes the Company's fair value hierarchy for its financial assets and liabil ities measured at fair value on a recurring basis (in thousands): As of March 31, 2023 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market funds included in cash and cash equivalents $ 4,512 $ 4,512 $ — $ — Liabilities Embedded derivatives $ 58 $ — $ — $ 58 As of December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market funds included in cash and cash equivalents $ 18,737 $ 18,737 $ — $ — Liabilities Embedded derivatives $ 45 $ — $ — $ 45 |
Summary of Rollforward of Fair Value of Embedded Derivatives | The table below provides a summary of the fair value of the embedded derivatives, a Level 3 fair value estimate (in thousands), for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Three Months Ended March 31, 2023 2022 Fair value of embedded derivatives, beginning of period $ 45 $ - Change in fair value of derivative liabilities 13 270 Fair value of embedded derivatives, end of period $ 58 $ 270 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income And Expenses [Abstract] | |
Schedule of Other expense (income), net | Other expense, net consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Interest and other expense $ 485 $ 404 Interest and other income ( 168 ) ( 14 ) Loss on debt extinguishment 406 — Foreign currency exchange losses 11 7 Change in fair value of derivative liabilities 13 270 Total other expense, net $ 747 $ 667 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss and Weighted Average Number of Shares Used in Computing Basic and Diluted Net Loss Per Share | The net loss and the weighted average number of shares used in computing basic and diluted net loss per share for the periods, are as follows (amounts in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 6,230 ) $ ( 11,620 ) Denominator: Weighted average number of shares of 2,166,356 2,166,275 Net loss per share, basic and diluted $ ( 2.88 ) $ ( 5.36 ) |
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding | The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 429,660 303,270 Restricted stock units — 78 Warrants 1,021 8,097 Total potential common stock equivalents 430,681 311,445 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Detail) - USD ($) $ in Thousands | May 31, 2023 | Mar. 07, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2021 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Accumulated deficit | $ 280,618 | $ 274,388 | |||
Aggregate principal amount of initial loan advance | 4,744 | ||||
Hercules Term Loan Agreement [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Additional cash and cash equivalent and available for sale debt securities | $ 4,900 | ||||
Principal amount | $ 7,500 | ||||
Minimum qualified cash balance | 2,250 | ||||
Hercules Term Loan Agreement [Member] | Forecast [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Minimum qualified cash balance | $ 0 | ||||
Raised from equity investment | $ 20,000 | ||||
Hercules Term Loan Agreement [Member] | Tranche 1 Advance [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Aggregate principal amount of initial loan advance | 12,500 | $ 12,500 | |||
Hercules Term Loan Agreement [Member] | Maximum [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Minimum qualified cash balance | $ 10,000 | ||||
Aggregate principal amount of initial loan advance | $ 30,000 | $ 30,000 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Research and development | $ 307 | $ 366 |
Insurance | 672 | 93 |
Other | 259 | 202 |
Total | $ 1,238 | $ 661 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $ 331 | $ 349 |
Less accumulated depreciation and amortization | (188) | (180) |
Property and equipment, net | 143 | 169 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 26 | 26 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 15 | 15 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 233 | 251 |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $ 57 | $ 57 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expenses | $ 15 | $ 21 |
Property and equipment sold | $ 11 |
Accrued Expenses - Accrued Expe
Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables And Accruals [Abstract] | ||
Research and development expenses | $ 1,576 | $ 1,544 |
Payroll and other employee-related expenses | 144 | 750 |
Professional services | 215 | 225 |
Interest on debt | 81 | 146 |
Other | 214 | 134 |
Total | $ 2,230 | $ 2,799 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 07, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||||
Aggregate principal amount of initial loan advance | $ 4,744 | ||||
Loan, principal outstanding | 5,000 | ||||
Loan, unamortized debt discount | 256 | ||||
Loan, final maturity payment | $ 819 | ||||
Hercules Term Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate terms | Any outstanding principal on the Term Loan Advances will accrue interest at a floating rate equal to the greater of (i) 9.50% per annum and (ii) the sum of 6.25% plus the prime rate, as published in The Wall Street Journal. As of March 31, 2023 and December 31, 2022, the interest rate was 14.25% and 13.75%, respectively. | ||||
Loan, floating interest rate | 9.50% | ||||
Loan, interest rate | 14.25% | 13.75% | |||
Short-term debt, average outstanding amount | $ 7,500 | ||||
Loan, principal outstanding | $ 5,000 | ||||
Minimum qualified cash balance | 2,250 | ||||
Loan, unamortized debt discount | 300 | ||||
Loan, interest expense | $ 500 | $ 400 | |||
Loan, effective interest rate | 18.90% | ||||
Loan, final maturity payment | $ (800) | ||||
Gain (loss) on extinguishment of debt | $ 400 | ||||
Hercules Term Loan Agreement [Member] | Prime Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan, floating interest rate | 6.25% | ||||
Hercules Term Loan Agreement [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Qualified cash balance | 10,000 | ||||
Hercules Term Loan Agreement [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of initial loan advance | $ 30,000 | $ 30,000 | |||
Qualified cash balance | 2,250 | ||||
Minimum qualified cash balance | $ 10,000 | ||||
Hercules Term Loan Agreement [Member] | Tranche 1 Advance [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of initial loan advance | $ 12,500 | 12,500 | |||
Hercules Term Loan Agreement [Member] | Tranche 2 Advance [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of initial loan advance | 7,500 | ||||
Hercules Term Loan Agreement [Member] | Tranche 3 Advance [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount of initial loan advance | $ 10,000 |
Debt - Schedule of Future Princ
Debt - Schedule of Future Principal Payments for Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2023 | $ 906 | |
2024 | 2,988 | |
2025 | 1,106 | |
Total future principal payments | 5,000 | |
Less unamortized discount | (256) | |
Carrying value of long-term debt | 4,744 | |
Less current portion of long-term debt | (1,536) | $ (3,980) |
Final fee due at maturity in 2023 | 819 | |
Long-term portion | $ 4,027 | $ 8,557 |
Advances From Collaboration P_2
Advances From Collaboration Partners, Legal and Other Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2022 USD ($) | May 31, 2021 USD ($) | Mar. 31, 2023 USD ($) Time | Dec. 31, 2022 USD ($) | |
Advances from collaboration partners | $ 12,535 | $ 12,535 | ||
Royalties percentage of net sales based on actual amount of funding | 6% | |||
Maximum [Member] | ||||
Related party transaction percentage of expenses | 5% | |||
Two Thousand Nineteen Cystic Fibrosis Foundation Award [Member] | ||||
Advances from collaboration partners | $ 11,900 | 11,900 | ||
Two Thousand Nineteen Cystic Fibrosis Foundation Award [Member] | Maximum [Member] | ||||
Funding award amount received | $ 3,600 | |||
Two Thousand Twenty Two Cystic Fibrosis Foundation Agreement [Member] | ||||
Number of times amount of funds received | Time | 3 | |||
Two Thousand Twenty Two Cystic Fibrosis Foundation Agreement [Member] | Elox - Liabilities [Member] | ||||
Advances from collaboration partners | $ 58 | 45 | ||
Embedded derivative, gain (loss) on embedded derivative, net | $ 13 | |||
Two Thousand Twenty Two Cystic Fibrosis Foundation Agreement [Member] | Elox - Cystic Fibrosis Foundation [Member] | ||||
Percentage Of Consideration Received For Disposition Event | 10% | |||
Two Thousand Twenty Two Cystic Fibrosis Foundation Agreement [Member] | Elox - Cystic Fibrosis Foundation [Member] | Elox - Phase Two Clinical Development [Member] | ||||
Remaining amount of award payable upon achievement certain clinical development milestones | $ 7,400 | |||
Two Thousand Twenty Two Cystic Fibrosis Foundation Agreement [Member] | Elox - Cystic Fibrosis Foundation [Member] | Elox - Phase Two Clinical Development [Member] | Maximum [Member] | ||||
Award to fund development milestones | $ 15,900 | |||
Two Thousand Twenty One Cystic Fibrosis Foundation Award [Member] | ||||
Advances from collaboration partners | $ 600 | $ 600 | ||
Two Thousand Twenty One Cystic Fibrosis Foundation Award [Member] | Maximum [Member] | ||||
Funding award amount received | $ 2,600 | |||
Two Thousand Twenty One Cystic Fibrosis Foundation Award [Member] | Elox - Cystic Fibrosis Foundation [Member] | ||||
Percentage Of Consideration Received For Disposition Event | 20% | |||
Percentage of sale or license event | 10% |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) $ in Millions | Sep. 30, 2021 USD ($) |
Maximum [Member] | Sales Agreement [Member] | |
Class Of Stock [Line Items] | |
Sale of stock, authorized amount of common stock | $ 50 |
Stock-based Compensation - Tran
Stock-based Compensation - Transactions Related to Stock Options Awarded to Employees and Directors (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Amount | ||
Options outstanding at December 31, 2022 | 249,403 | |
Granted | 195,895 | |
Forfeited | (15,638) | |
Options outstanding at March 31, 2023 | 429,660 | 249,403 |
Options exercisable at March 31, 2023 | 109,601 | |
Weighted average exercise price | ||
Options outstanding at December 31, 2022 | $ 105.87 | |
Granted | 4.27 | |
Forfeited | 22.41 | |
Options outstanding at March 31, 2023 | 62.59 | $ 105.87 |
Options exercisable at March 31, 2023 | $ 171.38 | |
Weighted average remaining contractual life | ||
Options outstanding | 6 years 9 months 7 days | 8 years 1 month 13 days |
Options exercisable | 7 years 3 months 3 days | |
Aggregate intrinsic value | ||
Options outstanding | $ 10 | $ 3 |
Options exercisable | $ 10 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Allocated Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 597 | $ 922 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 288 | 360 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 309 | $ 562 |
Recurring Fair Value Measurem_3
Recurring Fair Value Measurements - Schedule of Assets and liabilities measured at fair value on a recurring basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Embedded derivatives | $ 58 | $ 45 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Embedded derivatives | 58 | 45 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds included in cash and cash equivalents | 4,512 | 18,737 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds included in cash and cash equivalents | $ 4,512 | $ 18,737 |
Recurring Fair Value Measurem_4
Recurring Fair Value Measurements - Summary of Rollforward of Fair Value of Embedded Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Change in fair value of derivative liabilities | $ 13 | $ 270 |
Monte Carlo Simulation [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value of embedded derivatives, beginning of period | 45 | 0 |
Change in fair value of derivative liabilities | 13 | 270 |
Fair value of embedded derivatives, end of period | $ 58 | $ 270 |
Other expense, Net - Schedule o
Other expense, Net - Schedule of Other Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income And Expenses [Abstract] | ||
Interest and other expense | $ 485 | $ 404 |
Interest and other income | (168) | (14) |
Loss on debt extinguishment | 406 | 0 |
Foreign currency exchange losses | 11 | 7 |
Change in fair value of derivative liabilities | 13 | 270 |
Total other expense, net | $ 747 | $ 667 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Net Loss and Weighted Average Number of Shares Used in Computing Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss | $ (6,230) | $ (11,620) |
Denominator: | ||
Weighted average number of shares of common stock used in computing net loss per share, basic | 2,166,356 | 2,166,275 |
Weighted average number of shares of common stock used in computing net loss per share, diluted | 2,166,356 | 2,166,275 |
Net loss per share, basic | $ (2.88) | $ (5.36) |
Net loss per share, diluted | $ (2.88) | $ (5.36) |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potential common stock equivalents | 430,681 | 311,445 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potential common stock equivalents | 429,660 | 303,270 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potential common stock equivalents | 0 | 78 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potential common stock equivalents | 1,021 | 8,097 |