Eloxx Pharmaceuticals (ELOX) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	ELOX
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 Shell Company	false
Entity Current Reporting Status	Yes
Title of 12(b) Security	Common Stock, $0.01 par value per share
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,752,774

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,331	$ 19,207
Restricted cash	210	261
Prepaid expenses and other current assets	841	661
Total current assets	5,382	20,129
Property and equipment, net	130	169
Operating lease right-of-use asset	481	825
Total assets	5,993	21,123
Current liabilities:
Accounts payable	3,121	3,020
Accrued expenses	2,752	2,799
Current portion of long-term debt	2,276	3,980
Advances from collaboration partners	12,535	12,535
Derivative liabilities	75	45
Current portion of operating lease liability	492	712
Total current liabilities	21,251	23,091
Long-term debt, net of current portion	3,334	8,557
Operating lease liability	4	135
Total liabilities	24,589	31,783
Commitments and contingencies
Stockholders' deficit equity:
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued or outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 2,492,666 and 2,166,356 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	25	22
Additional paid-in capital	266,379	263,706
Stock subscription receivable	(41)	0
Accumulated deficit	(284,959)	(274,388)
Total stockholders' deficit	(18,596)	(10,660)
Total liabilities and stockholders' deficit	$ 5,993	$ 21,123

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	2,492,666	2,492,666
Common stock, shares outstanding	2,166,356	2,166,356

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 2,338	$ 7,651	$ 5,826	$ 15,550
General and administrative	1,802	2,645	3,797	5,699
Total operating expenses	4,140	10,296	9,623	21,249
Loss from operations	(4,140)	(10,296)	(9,623)	(21,249)
Other expense, net	201	322	948	989
Net loss	$ (4,341)	$ (10,618)	$ (10,571)	$ (22,238)
Net loss per share, basic	$ (1.96)	$ (4.90)	$ (4.83)	$ (10.27)
Net loss per share, diluted	$ (1.96)	$ (4.90)	$ (4.83)	$ (10.27)
Weighted average number of shares of common stock used in computing net loss per share, basic	2,212,364	2,166,352	2,189,487	2,166,314
Weighted average number of shares of common stock used in computing net loss per share, diluted	2,212,364	2,166,352	2,189,487	2,166,314

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Cash flows from operating activities:
Net loss		$ (10,571)	$ (22,238)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		1,207	1,666
Depreciation		27	44
Amortization of operating lease right-of-use asset		344	284
Amortization of debt discount		167	258
Change in fair value of derivative liabilities	$ 17	30	166
Loss on extinguishment of debt		406	0
Gain on disposal of property and equipment		(13)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(180)	(368)
Accounts payable		101	555
Accrued expenses		(47)	674
Operating lease liabilities		(351)	(279)
Net cash used in operating activities		(8,880)	(19,238)
Cash flows from investing activities:
Proceeds from sale of property and equipment		25	0
Purchases of property and equipment		0	(18)
Net cash (used in) provided by investing activities		25	(18)
Cash flows from financing activities:
Proceeds from sale of common stock through ATM program, net of issuance costs	1,428	1,428	0
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		(6,072)	7,000
Decrease in cash, cash equivalents and restricted cash		(14,927)	(12,256)
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	4,541	4,541	30,311
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets:
Cash and cash equivalents	4,331	4,331	30,048
Restricted cash	210	210	263
Total cash, cash equivalents and restricted cash	$ 4,541	4,541	30,311
Supplemental disclosure of cash flow activities:
Cash paid for interest		$ 632	$ 620

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Stock Subscription Receivable [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, 2021	22,384	$ 22	262,875		$ (2,190)	(238,323)
Balance, shares at Dec. 31, 2021		2,166,248			(10,535)
Proceeds from sale of common stock through ATM program, net of issuance costs	0
Net loss	(22,238)
Balance at Jun. 30, 2022	1,812	$ 22	264,541		$ (2,190)	(260,561)
Balance, shares at Jun. 30, 2022		2,166,404			(10,535)
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)
Vesting of restricted stock units, shares		78
Stock-based compensation expense	744		744
Net loss	(10,618)					(10,618)
Balance at Jun. 30, 2022	1,812	$ 22	264,541		$ (2,190)	(260,561)
Balance, shares at Jun. 30, 2022		2,166,404			(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
Balance at Dec. 31, 2022	$ (10,660)	$ 22	263,706			(274,388)
Balance, shares at Dec. 31, 2022	2,166,356	2,166,356
Proceeds from sale of common stock through ATM program, net of issuance costs	$ 1,428
Net loss	(10,571)
Balance at Jun. 30, 2023	$ (18,596)	$ 25	266,379	$ (41)		(284,959)
Balance, shares at Jun. 30, 2023	2,166,356	2,492,666
Balance at Mar. 31, 2023	$ 16,293	$ 22	264,303			(280,618)
Balance, shares at Mar. 31, 2023		2,166,356
Proceeds from sale of common stock through ATM program, net of issuance costs	1,428	$ 3	1,466	(41)
Sale of common stock through, Share		326,310
Stock-based compensation expense	610		610
Issuance of shares upon public offering, shares		326,310
Net loss	(4,341)					(4,341)
Balance at Jun. 30, 2023	$ (18,596)	$ 25	$ 266,379	$ (41)		$ (284,959)
Balance, shares at Jun. 30, 2023	2,166,356	2,492,666

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' (Deficit) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Statement Of Stockholders Equity [Abstract]
Sale of common stock through ATM, net of issuance costs	$ 228

Nature of the Business

Nature of the Business	6 Months Ended
	Jun. 30, 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 June 30, 2023, had an accumulated deficit of $ 285.0 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). The minimum qualified cash balance debt covenant was decreased from $ 10.0 million to $ 2.25 million as of March 7, 2023. As of June 30, 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 o f $ 4.3 million at June 30, 2023, combined with additional cash received subsequent to quarter end of $ 1.7 million gross proceeds through the Company's ATM Program (as defined below) and $ 0.2 million from a milestone payment received from the Cystic Fibrosis Foundation , 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	6 Months Ended
	Jun. 30, 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 June 30, 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. The Company records stock issuances at the effective date. If the subscription is not funded upon issuance, the Company records a stock subscription receivable as an asset on the balance sheet. When stock subscription receivables are not received prior to the issuance of financial statements at a reporting date in satisfaction of the requirements under Accounting Standard Codification (“ASC”) 505-10-45-2, the stock subscription receivable is reclassified as a contra account to stockholder’s deficit on the balance sheet. 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 (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 material impact on its consolidated financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2022 Research and development $ 276 $ 366 Insurance 458 93 Other 107 202 Total $ 841 $ 661

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Payables And Accruals [Abstract]
Accrued Expenses	. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, 2022 Research and development expenses $ 2,079 $ 1,544 Payroll and other employee-related expenses 139 750 Professional services 234 225 Interest on debt 63 146 Other 237 134 Total $ 2,752 $ 2,799

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	. 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 was available subject to approval by the Lenders’ investment committee in its sole discretion up to April 1, 2023, and is also no longer available to the Company. 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 June 30, 2023 and December 31, 2022, the interest rate was 14.5 % 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. 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 20 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 six months ended June 30, 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 (defined as invoices that have not been paid within 180 days from the invoice date) 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 June 30, 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 June 30, 2023, the carrying value of the outstanding loan consists of $ 5.0 million in principal less an unamortized debt discount of $ 0.2 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 June 30, 2023 and 2022 was $ 0.2 million and $ 0.5 million, respectively, and for the six months ended June 30, 2023 and 2022 was $ 0.7 million and $ 0.9 million, respectively. Interest expense is calculated using the effective interest method and is inclusive of non-cash amortization of the debt discount. As of June 30, 2023, the effective interest rate was 19.2 %. The Company’s scheduled future principal payments for the long-term debt are as follows (in thousands): At June 30, 2023 Principal payments 2023 $ 906 2024 2,988 2025 1,106 Total future principal payments 5,000 Less unamortized discount ( 209 ) Carrying value of long-term debt 4,791 Less current portion of long-term debt ( 2,276 ) Final fee due at maturity in 2025 819 Long-term portion $ 3,334

Advances From Collaboration Par

Advances From Collaboration Partners, Legal and Other Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments And Contingencies Disclosure [Abstract]
Advances From Collaboration Partners, Legal and Other Contingencies	. 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 June 30, 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. In July 2023, the Company received a final closeout milestone payment of $ 0.2 million and the remaining $ 7.2 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 June 30, 2023 and December 31, 2022, 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 $ 75 thousand and $ 45 thousand as of June 30, 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 $ 17 thousand and $ 30 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 and six months ended June 30, 2023, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity ATM Program On May 24, 2023, the Company entered into a Sales Agreement (the “Oppenheimer Sales Agreement”) with Oppenheimer & Co. Inc. (“Oppenheimer”) pursuant to which the Company may, subject to the offering limits of General Instruction I.B.6 to Form S-3 (as applicable), offer and sell shares of its common stock (the “ATM Shares”), having aggregate gross sales proceeds of up to $ 50.0 million, from time to time, through an “at the market offering” program (the ""ATM Program") under which Oppenheimer will act as sales agent. The shares of Common Stock that may be sold pursuant to the Oppenheimer Sales Agreement will be issued pursuant to the Company’s shelf registration statement on Form S-3. As of May 24, 2023, the date of the Company’s prospectus supplement relating to the sale of common stock under the ATM Program, the Company may only offer and sell shares of its Common Stock having an aggregate offering price of up to $ 6.5 million pursuant to the Oppenheimer Sales Agreement, of which $ 3.4 million has been sold as of the date of this Quarterly Report on Form 10-Q. The Company has agreed to pay Oppenheimer a commission up to 3.0 % of the gross sales proceeds of any shares of Common Stock sold through Oppenheimer under the Oppenheimer Sales Agreement, and also has provided Oppenheimer with customary indemnification and contribution rights. The Oppenheimer Sales Agreement may be terminated at any time by either party upon prior written notice to the other party. The Company is not obligated to make any sales of Shares under the Oppenheimer Sales Agreement. The offering of Shares pursuant to the Oppenheimer Sales Agreement will terminate upon the earlier of (i) the sale of all Common Stock subject to the Oppenheimer Sales Agreement or (ii) termination of the Oppenheimer Sales Agreement in accordance with its terms. During the three and six months ended June 30, 2023, the Company has sold 326,310 shares of common stock through the ATM Program, for gross proceeds of $ 1.7 million, or a weighted average share price of $ 5.20 per share. The Company recognized issuance costs of $ 0.2 million related to the ATM Program, which were accounted for as a reduction of proceeds. Subsequent to June 30, 2023, the Company sold an additional 260,108 shares for additional gross proceeds of $ 1.7 million. As of June 30, 2023, the Company had stock subscription receivable on the balance sheet (a contra equity account) of $ 41 thousand related to cash receivable at June 30, 2023 for shares sold under the ATM that had not yet settled. On September 30, 2021, the Company entered into a Sales Agreement with SVB Leerink, LLC (“SVB Leerink”) pursuant to which the Company may, subject to the offering limits of General Instruction I.B.6 to Form S-3, offer and sell up to $ 50.0 million of shares of its common stock from time to time, through an ATM Program, under which SVB Leerink would act as sales agent. The Company was not obligated to, and has not, made any sales of Shares under the SVB Leerink ATM Program and has not sold any shares. O n May 24, 2023, the SVB Leerink Sales Agreement was terminated with no future obligations.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	. Stock-based Compensation Summary of Stock Option Activity Transactions related to stock options awarded to employees and directors during the six months ended June 30, 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 ( 20,276 ) 26.47 Options outstanding at June 30, 2023 425,022 $ 62.83 8.52 $ 9 Options exercisable at June 30, 2023 121,432 $ 160.15 7.22 $ 9 The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the common stock as of June 30, 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 June 30, 2023. This amount is impacted by changes in the fair value of the common stock. Stock-based Compensation Stock-based compensation relates to employees, non-employee directors and non-employee consultants, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 287 $ 325 $ 575 $ 685 General and administrative 323 419 632 981 Total stock-based compensation expense $ 610 $ 744 $ 1,207 $ 1,666

Recurring Fair Value Measuremen

Recurring Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	. 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 June 30, 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 $ 2,443 $ 2,443 $ — $ — Liabilities Embedded derivatives $ 75 $ — $ — $ 75 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 CFF, 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 three 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fair value of embedded derivatives, beginning of period $ 58 $ 270 $ 45 $ - Change in fair value of derivative liabilities 17 ( 104 ) 30 166 Fair value of embedded derivatives, end of period $ 75 $ 166 $ 75 $ 166

Other Expense, Net

Other Expense, Net	6 Months Ended
	Jun. 30, 2023
Other Income And Expenses [Abstract]
Other Expense, Net	10. Other Expense (Income), Net Other expense (income), net consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 230 $ 454 $ 715 $ 878 Interest income ( 57 ) ( 23 ) ( 225 ) ( 25 ) Loss on debt extinguishment — — 406 — Foreign currency exchange losses (gains) 19 ( 8 ) 30 ( 2 ) Change in fair value of derivative liabilities 17 ( 104 ) 30 166 Other (income) expense ( 8 ) 3 ( 8 ) ( 28 ) Total other expense, net $ 201 $ 322 $ 948 $ 989

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	11. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 4,341 ) $ ( 10,618 ) $ ( 10,571 ) $ ( 22,238 ) Denominator: Weighted average number of shares of 2,212,364 2,166,352 2,189,487 2,166,314 Net loss per share, basic and diluted $ ( 1.96 ) $ ( 4.90 ) $ ( 4.83 ) $ ( 10.27 ) The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as their effect would be anti-dilutive: Six Months Ended June 30, 2023 2022 Options to purchase common stock 425,022 263,211 Restricted stock units — — Warrants 1,021 8,097 Total potential common stock equivalents 426,043 271,308

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 material impact on its consolidated financial statements.
Reverse Stock Split	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 (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.”

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2022 Research and development $ 276 $ 366 Insurance 458 93 Other 107 202 Total $ 841 $ 661

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables And Accruals [Abstract]
Accrued expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, 2022 Research and development expenses $ 2,079 $ 1,544 Payroll and other employee-related expenses 139 750 Professional services 234 225 Interest on debt 63 146 Other 237 134 Total $ 2,752 $ 2,799

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Future Principal Payments for Long-Term Debt	At June 30, 2023 Principal payments 2023 $ 906 2024 2,988 2025 1,106 Total future principal payments 5,000 Less unamortized discount ( 209 ) Carrying value of long-term debt 4,791 Less current portion of long-term debt ( 2,276 ) Final fee due at maturity in 2025 819 Long-term portion $ 3,334

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 ( 20,276 ) 26.47 Options outstanding at June 30, 2023 425,022 $ 62.83 8.52 $ 9 Options exercisable at June 30, 2023 121,432 $ 160.15 7.22 $ 9
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 287 $ 325 $ 575 $ 685 General and administrative 323 419 632 981 Total stock-based compensation expense $ 610 $ 744 $ 1,207 $ 1,666

Recurring Fair Value Measurem_2

Recurring Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 2,443 $ 2,443 $ — $ — Liabilities Embedded derivatives $ 75 $ — $ — $ 75 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fair value of embedded derivatives, beginning of period $ 58 $ 270 $ 45 $ - Change in fair value of derivative liabilities 17 ( 104 ) 30 166 Fair value of embedded derivatives, end of period $ 75 $ 166 $ 75 $ 166

Other Expense, Net (Tables)

Other Expense, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income And Expenses [Abstract]
Schedule of Other expense (income), net	Other expense (income), net consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 230 $ 454 $ 715 $ 878 Interest income ( 57 ) ( 23 ) ( 225 ) ( 25 ) Loss on debt extinguishment — — 406 — Foreign currency exchange losses (gains) 19 ( 8 ) 30 ( 2 ) Change in fair value of derivative liabilities 17 ( 104 ) 30 166 Other (income) expense ( 8 ) 3 ( 8 ) ( 28 ) Total other expense, net $ 201 $ 322 $ 948 $ 989

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 4,341 ) $ ( 10,618 ) $ ( 10,571 ) $ ( 22,238 ) Denominator: Weighted average number of shares of 2,212,364 2,166,352 2,189,487 2,166,314 Net loss per share, basic and diluted $ ( 1.96 ) $ ( 4.90 ) $ ( 4.83 ) $ ( 10.27 )
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: Six Months Ended June 30, 2023 2022 Options to purchase common stock 425,022 263,211 Restricted stock units — — Warrants 1,021 8,097 Total potential common stock equivalents 426,043 271,308

Nature of the Business - Additi

Nature of the Business - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Mar. 07, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Accumulated deficit		$ (284,959)		$ (274,388)
Additional cash received		1,700	$ 200
Aggregate principal amount of initial loan advance		4,791
Cash, cash equivalents and marketable securities		$ 4,300
Hercules Term Loan Agreement [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Principal amount	$ 7,500
Minimum Qualified Cash Balance	2,250
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	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Research and development	$ 276	$ 366
Insurance	458	93
Other	107	202
Total	$ 841	$ 661

Property and Equipment - Proper

Property and Equipment - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 130	$ 169

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property Plant And Equipment [Abstract]
Depreciation expenses	$ 27	$ 44

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables And Accruals [Abstract]
Research and development expenses	$ 2,079	$ 1,544
Payroll and other employee-related expenses	139	750
Professional services	234	225
Interest on debt	63	146
Other	237	134
Total	$ 2,752	$ 2,799

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 07, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Aggregate principal amount of initial loan advance		$ 4,791,000		$ 4,791,000
Loan, interest rate						13.75%
Loan, principal outstanding		5,000,000		5,000,000
Loan, unamortized debt discount		209,000		209,000
Loan, final maturity payment		$ 819,000		$ 819,000
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 June 30, 2023 and December 31, 2022, the interest rate was 14.5% and 13.75%, respectively.
Outstanding principal value	$ 7,500,000
Loss on debt extinguishment				$ 0.4
Loan, floating interest rate				9.50%
Loan, interest rate		14.50%		14.50%
Loan, principal outstanding		$ 5,000,000		$ 5,000,000
Minimum qualified cash balance	2,250,000
Loan, unamortized debt discount		200,000		200,000
Loan, interest expense		$ 200,000	$ 500,000	$ 700,000	$ 900,000
Loan, effective interest rate		19.20%		19.20%
Loan, final maturity payment		$ (800,000)		$ (800,000)
Gain (loss) on extinguishment of debt				$ 0.4
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	10,000,000
Hercules Term Loan Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Aggregate principal amount of initial loan advance						$ 30,000,000	$ 30,000,000
Qualified cash balance	2,250,000
Minimum qualified cash balance	$ 10,000,000
Hercules Term Loan Agreement [Member] | Tranche 1 Advance [Member]
Debt Instrument [Line Items]
Aggregate principal amount of initial loan advance						$ 12,500,000	12,500,000
Hercules Term Loan Agreement [Member] | Tranche 3 Advance [Member]
Debt Instrument [Line Items]
Aggregate principal amount of initial loan advance							10,000,000
Hercules Term Loan Agreement [Member] | Tranche 2 Advance [Member]
Debt Instrument [Line Items]
Aggregate principal amount of initial loan advance							$ 7,500,000

Debt - Schedule of Future Princ

Debt - Schedule of Future Principal Payments for Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 906
2024	2,988
2025	1,106
Total future principal payments	5,000
Less unamortized discount	(209)
Carrying value of long-term debt	4,791
Less current portion of long-term debt	(2,276)	$ (3,980)
Final fee due at maturity in 2023	819
Long-term portion	$ 3,334	$ 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	6 Months Ended
	Jul. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	May 31, 2021 USD ($)	Jun. 30, 2023 USD ($) Time	Jun. 30, 2023 USD ($) Time	Dec. 31, 2022 USD ($)
Advances from collaboration partners				$ 12,535	$ 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	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	3
Two Thousand Twenty Two Cystic Fibrosis Foundation Agreement [Member] | Elox - Liabilities [Member]
Advances from collaboration partners				$ 75	$ 75	45
Embedded derivative, gain (loss) on embedded derivative, net				17	$ 30
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]
Final Closeout Milestone Payment	$ 200
Remaining amount of award payable upon achievement certain clinical development milestones					$ 7,200
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	$ 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) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	May 24, 2023	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 30, 2021
Class Of Stock [Line Items]
Proceeds from sale of common stock through ATM program, net of issuance costs			$ 1,428	$ 1,428	$ 0
Issuance cost			228
Stock subscription receivable			$ (41)	$ (41)		$ 0
Sales Agreement [Member]
Class Of Stock [Line Items]
Issuance of shares upon public offering, shares			326,310	326,310
Proceeds from sale of common stock through ATM program, net of issuance costs	$ 3,400		$ 1,700	$ 1,700
Weighted average share price			$ 5.20	$ 5.20
Issuance cost				$ 200
ATM Program [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Issuance of shares upon public offering, shares		260,108
Proceeds from sale of common stock through ATM program, net of issuance costs		$ 1,700
Maximum [Member] | Sales Agreement [Member]
Class Of Stock [Line Items]
Sale of stock, authorized amount of common stock	50,000						$ 50,000
Aggregate offering price	$ 6,500
Percentage Of Sales Agents Commission On Gross Proceeds Of Sales Of Common Stock	3%

Stock-based Compensation - Tran

Stock-based Compensation - Transactions Related to Stock Options Awarded to Employees and Directors (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Amount
Options outstanding at December 31, 2022	249,403
Granted	195,895
Forfeited	(20,276)
Options outstanding at June 30, 2023	425,022	249,403
Options exercisable at June 30, 2023	121,432
Weighted average exercise price
Options outstanding at December 31, 2022	$ 105.87
Granted	4.27
Forfeited	26.47
Options outstanding at June 30, 2023	62.83	$ 105.87
Options exercisable at June 30, 2023	$ 160.15
Weighted average remaining contractual life
Options outstanding	8 years 6 months 7 days	8 years 1 month 13 days
Options exercisable	7 years 2 months 19 days
Aggregate intrinsic value
Options outstanding	$ 9	$ 3
Options exercisable	$ 9

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Allocated Stock-based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 610	$ 744	$ 1,207	$ 1,666
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	287	325	575	685
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 323	$ 419	$ 632	$ 981

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	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded Derivative Fair Value Of Embedded Derivative Liability	$ 75	$ 45
Fair Value Inputs Level3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded Derivative Fair Value Of Embedded Derivative Liability	75	45
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	2,443	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]
Cash and Cash Equivalents, Fair Value Disclosure	$ 2,443	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Change in fair value of derivative liabilities	$ 17	$ (104)	$ 30	$ 166
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	58	270	45	0
Change in fair value of derivative liabilities	17	(104)	30	166
Fair value of embedded derivatives, end of period	$ 75	$ 166	$ 75	$ 166

Other expense (income), net - S

Other expense (income), net - Schedule of Other Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income And Expenses [Abstract]
Interest expense	$ 230	$ 454	$ 715	$ 878
Interest income	(57)	(23)	(225)	(25)
Loss on debt extinguishment	0	0	406	0
Foreign currency exchange losses (gains)	19	(8)	30	(2)
Change in fair value of derivative liabilities	17	(104)	30	166
Other (income) expense	(8)	3	(8)	(28)
Total other expense, net	$ 201	$ 322	$ 948	$ 989

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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (4,341)	$ (6,230)	$ (10,618)	$ (11,620)	$ (10,571)	$ (22,238)
Denominator:
Weighted average number of shares of common stock used in computing net loss per share, basic	2,212,364		2,166,352		2,189,487	2,166,314
Weighted average number of shares of common stock used in computing net loss per share, diluted	2,212,364		2,166,352		2,189,487	2,166,314
Net loss per share, basic	$ (1.96)		$ (4.90)		$ (4.83)	$ (10.27)
Net loss per share, diluted	$ (1.96)		$ (4.90)		$ (4.83)	$ (10.27)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Loss and Weighted Average Number of Shares Used in Computing Basic and Diluted Net Loss Per Share (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Denominator:
Weighted average number of shares of common stock used in computing net loss per share, diluted	2,212,364	2,166,352	2,189,487	2,166,314
Net loss per share, diluted	$ (1.96)	$ (4.90)	$ (4.83)	$ (10.27)

Net Loss Per Share - Potentiall

Net Loss Per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential common stock equivalents	426,043	271,308
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential common stock equivalents	425,022	263,211
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential common stock equivalents	0	0
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potential common stock equivalents	1,021	8,097

Merger Accounting - Additional

Merger Accounting - Additional Information (Detail) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, par value	$ 0.01	$ 0.01