Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Alaunos Therapeutics, Inc. | |
Entity Central Index Key | 0001107421 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | TCRT | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 1,601,252 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-33038 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1475642 | |
Entity Address, Address Line One | 2617 Bissonnet Street | |
Entity Address, Address Line Two | Suite 225 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77005 | |
City Area Code | 346 | |
Local Phone Number | 355-4099 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 2,463 | $ 6,062 |
Receivables | 4 | 1 |
Prepaid expenses and other current assets | 2,211 | 2,198 |
Total current assets | 4,678 | 8,261 |
Property and equipment, net | 0 | 2 |
Total assets | 4,678 | 8,263 |
Current liabilities: | ||
Accounts payable | 365 | 616 |
Accrued expenses | 542 | 1,340 |
Total current liabilities | 907 | 1,956 |
Total liabilities | 907 | 1,956 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock $0.001 par value; 5,000,000 shares authorized, 1,601,252 shares issued and outstanding at June 30, 2024 and at December 31, 2023 | 2 | 2 |
Additional paid-in capital | 922,346 | 922,072 |
Accumulated deficit | (918,577) | (915,767) |
Total stockholders' equity | 3,771 | 6,307 |
Total liabilities and stockholders' equity | $ 4,678 | $ 8,263 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 1,601,252 | 1,601,252 |
Common stock, shares outstanding | 1,601,252 | 1,601,252 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenues | $ 4 | $ 4 | $ 6 | $ 4 |
Operating expenses: | ||||
Research and development | 180 | 5,186 | 306 | 11,689 |
General and administrative | 990 | 3,045 | 2,607 | 6,213 |
Gain on lease modification | 0 | (245) | 0 | (245) |
Total operating expenses | 1,170 | 7,986 | 2,913 | 17,657 |
Loss from operations | (1,166) | (7,982) | (2,907) | (17,653) |
Other income (expense): | ||||
Interest expense | 0 | (1,068) | 0 | (1,921) |
Other income, net | 37 | 277 | 97 | 753 |
Other income (expense), net | 37 | (791) | 97 | (1,168) |
Net loss | $ (1,129) | $ (8,773) | $ (2,810) | $ (18,821) |
Net loss per share , basic | $ (0.71) | $ (5.49) | $ (1.75) | $ (11.78) |
Net loss per share , diluted | $ (0.71) | $ (5.49) | $ (1.75) | $ (11.78) |
Weighted average common shares outstanding, basic | 1,601,252 | 1,598,650 | 1,601,252 | 1,598,258 |
Weighted average common shares outstanding, diluted | 1,601,252 | 1,598,650 | 1,601,252 | 1,598,258 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Deficit |
Balance at Dec. 31, 2022 | $ 38,555 | $ 2 | $ 919,180 | $ (880,627) |
Balance (in shares) at Dec. 31, 2022 | 1,602,738 | |||
Stock-based compensation | 1,824 | 1,824 | ||
Issuance of common stock, net of expenses | 92 | 92 | ||
Issuance of common stock, net of expenses, (in shares) | 1,442 | |||
Net loss | (18,821) | (18,821) | ||
Balance at Jun. 30, 2023 | 21,650 | $ 2 | 921,096 | (899,448) |
Balance (in shares) at Jun. 30, 2023 | 1,604,180 | |||
Balance at Mar. 31, 2023 | 29,509 | $ 2 | 920,182 | (890,675) |
Balance (in shares) at Mar. 31, 2023 | 1,604,180 | |||
Stock-based compensation | 914 | 914 | ||
Net loss | (8,773) | (8,773) | ||
Balance at Jun. 30, 2023 | 21,650 | $ 2 | 921,096 | (899,448) |
Balance (in shares) at Jun. 30, 2023 | 1,604,180 | |||
Balance at Dec. 31, 2023 | 6,307 | $ 2 | 922,072 | (915,767) |
Balance (in shares) at Dec. 31, 2023 | 1,601,252 | |||
Stock-based compensation | 274 | 274 | ||
Net loss | (2,810) | (2,810) | ||
Balance at Jun. 30, 2024 | 3,771 | $ 2 | 922,346 | (918,577) |
Balance (in shares) at Jun. 30, 2024 | 1,601,252 | |||
Balance at Mar. 31, 2024 | 4,798 | $ 2 | 922,244 | (917,448) |
Balance (in shares) at Mar. 31, 2024 | 1,601,252 | |||
Stock-based compensation | 102 | 102 | ||
Net loss | (1,129) | (1,129) | ||
Balance at Jun. 30, 2024 | $ 3,771 | $ 2 | $ 922,346 | $ (918,577) |
Balance (in shares) at Jun. 30, 2024 | 1,601,252 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (2,810) | $ (18,821) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 3 | 1,395 |
Amortization of financing costs | 0 | 1,339 |
Stock-based compensation | 274 | 1,824 |
Decrease in the carrying amount of right-of-use assets | 0 | 947 |
Gain on modification of lease | 0 | (245) |
Loss on disposal of equipment | 0 | 10 |
Change in operating assets and liabilities: | ||
Receivables | (3) | 0 |
Prepaid expenses and other current assets | (13) | 342 |
Deposits | 0 | 41 |
Accounts payable | (251) | 90 |
Accrued expenses | (798) | (2,095) |
Lease liabilities | 0 | (1,182) |
Other liabilities, non-current | 0 | (28) |
Increase (decrease) in: | ||
Net cash used in operating activities | (3,598) | (16,383) |
Cash flows from investing activities: | ||
Purchases of property and equipment | 0 | (196) |
Proceeds from the disposal of property and equipment | 0 | 38 |
Net cash used in investing activities | 0 | (158) |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock | 0 | 92 |
Repayment of long-term debt | 0 | (18,105) |
Debt extinguishment | 0 | (125) |
Net cash used in financing activities | 0 | (18,138) |
Net decrease in cash, cash equivalents and restricted cash | (3,598) | (34,679) |
Cash, cash equivalents and restricted cash, beginning of period | 6,062 | 52,996 |
Cash and cash equivalents, end of period | 2,464 | 18,317 |
Supplementary disclosure of cash flow information: | ||
Cash paid for interest | $ 0 | $ 2,063 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (1,129) | $ (8,773) | $ (2,810) | $ (18,821) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Organization | 1. Organization Overview Alaunos Therapeutics, Inc., which is referred to herein as “Alaunos,” or the “Company,” is a clinical-stage oncology-focused cell therapy company that was historically involved in the development of adoptive TCR therapies, designed to treat multiple solid tumor types in large cancer patient populations with unmet clinical needs. The Company is leveraging its proprietary, non-viral Sleeping Beauty gene transfer platform and its novel cancer mutation hotspot TCR library to design and manufacture personalized cell therapies that target neoantigens arising from common tumor-related mutations in key oncogenic genes, including KRAS, TP53 and EGFR. The Company’s operations to date have consisted primarily of conducting research and development and raising capital to fund those efforts. As of June 30, 2024, there were 1,601,252 shares of common stock outstanding and an ad ditional 175,476 shares of common stock reserved for issuance pursuant to outstanding stock options and warrants. On August 14, 2023, the Company announced a strategic reprioritization of its business and wind down of its TCR-T Library Phase 1/2 Trial. In connection with the reprioritization, the Company has significantly reduced its workforce and continues working to reduce costs in order to extend its cash runway. The Company continues to explore strategic alternatives, including, but not limited to, an acquisition, merger, reverse merger, sale of assets, strategic partnerships, capital raises or other transactions. The Company has engaged Cantor Fitzgerald & Co., or Cantor , to act as strategic advisor for this process. Separately, the Company is evaluating several potential opportunities including evaluating its own internal obesity program. The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has operated at a loss since its inception in 2003 and has no recurring revenue from operations. The Company anticipates that losses will continue for the foreseeable future. As of June 30, 2024 , the Company had approximately $ 2.5 million of cash and cash equivalents. The Company’s accumulated deficit at June 30, 2024 was approximately $ 918.9 million. Given its current development plans and cash management efforts, the Company anticipates cash resources will be sufficient to fund ope rations into the third quarter of 2024. The Company’s ability to continue operations after its current cash resources are exhausted depends on future events outside of the Company's control, including its ability to obtain additional financing or to achieve profitable results, as to which no assurances can be given. If adequate additional funds are not available when required, or if the Company is unsuccessful in entering into partnership agreements for further development of its product candidates, management may need to curtail its development efforts and planned operations to conserve cash until sufficient additional capital is raised. There can be no assurances that such a plan would be successful. Based on the current cash forecast and the Company's dependence on its ability to obtain additional financing to fund its operations after the current resources are exhausted, about which there can be no certainty, management has determined that the Company's present capital resources will not be sufficient to fund its planned operations for at least one year from the issuance date of the condensed financial statements, and substantial doubt as to the Company's ability to continue as a going concern exists. This forecast of cash resources is forward-looking information that involves risks and uncertainties, and the actual amount of expenses could vary materially and adversely as a result of a number of factors. Basis of Presentation The accompanying unaudited interim condensed financial statements reflect all adjustments (which are normal and recurring) that are necessary for a fair presentation of the financial position of the Company and its results of operations and cash flows for the periods presented. The unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on April 1, 2024, or the Annual Report. The results disclosed in the statements of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year 2024. Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Reverse Stock Splits On January 31, 2024, the Company filed a Second Amended and Restated Certificate of Incorporation or (the Second Charter Amendment) with the Secretary of State of the State of Delaware in order to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-15 or the Reverse Split. The Second Charter Amendment decreased the number of authorized shares of common stock from 520,000,000 to 34,666,667 . The Second Charter Amendment does not affect the par value of the Company’s common stock or change the number of authorized shares or par value of the Company’s preferred stock. The Second Charter Amendment became effective on January 31, 2024. On July 17, 2024, the Company filed a Third Amended and Restated Certificate of Incorporation or Third Charter Amendment with the Secretary of State of the State of Delaware in order to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-10 or the Second Reverse Split, collectively the Reverse Splits. The Third Charter Amendment decreased the number of authorized shares of common stock from 34,666,667 to 5,000,000 . The Third Charter Amendment does not affect the par value of the Company’s common stock or change the number of authorized shares or par value of the Company’s preferred stock. The Third Charter Amendment became effective on July 17, 2024. No fractional shares were issued in connection with the Reverse Splits. Stockholders of record who would otherwise have been entitled to receive fractional shares as a result of the Reverse Splits 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 Splits) on the Nasdaq Capital Market on January 31, 2024 and July 17, 2024. All share and per share amounts of common stock, options, warrants, and restricted stock in the accompanying financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the Reverse Splits as if it had occurred at the beginning of the earliest period presented. |
Financings
Financings | 6 Months Ended |
Jun. 30, 2024 | |
Text Block [Abstract] | |
Financings | 2. Financings 2022 Equity Distribution Agreement On August 12, 2022, the Company entered into an Equity Distribution Agreement, or the Equity Distribution Agreement, with Piper Sandler & Co., or Piper Sandler, pursuant to which the Company can offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $ 50.0 million through Piper Sandler as its sales agent in an "at the market offering." Piper Sandler will receive a commission of 3.0 % of the gross proceeds of any common stock sold under the Equity Distribution Agreement. During the three and six months ended June 30, 2024 and 2023, there were no sales of the Company's common stock under the Equity Distribution Agreement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies The Company’s significant accounting policies were identified in the Company’s Annual Report. There have been no material changes in those policies since the filing of its Annual Report. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 4. Net loss per share Basic net loss per share of common stock is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effect of outstanding options and warrants, using the treasury stock method and the average market price of the Company's common stock during the applicable period, unless their effect on net loss per share is antidilutive. The effect of computing diluted net loss per common share was antidilutive for any potentially issuable shares of common stock from the conversion of stock options, unvested restricted stock and warrants and, as such, have been excluded from the calculation. Such potentially dilutive shares of common stock consisted of the following as of June 30, 2024 and 2023: June 30, 2024 2023 Common stock options 30,237 90,725 Unvested restricted stock - 4,381 Warrants 145,239 152,815 175,476 247,921 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions Joint Venture regarding Eden BioCell On December 18, 2018, the Company launched Eden BioCell, Ltd., or Eden BioCell, as a 50/50 joint venture with a company affiliated with the Chair of the Company's board of directors at that time, or Partner. Eden BioCell was formed to lead commercialization of the Company’s Sleeping Beauty -generated CAR-T therapies in the People’s Republic of China (including Macau and Hong Kong), Taiwan and Korea. The Company licensed to Eden BioCell the rights in Greater China for its third-generation Sleeping Beauty -generated CAR-T therapies targeting the CD19 antigen. The Partner contributed $ 10.0 million to Eden BioCell and has committed up to an additional $ 25.0 million to this joint venture. The Partner also managed all clinical development in the territory pursuant to a master services agreement between with Eden BioCell. In September 2021, the Partner and Alaunos mutually agreed to dissolve the Eden BioCell joint venture. The joint venture agreement has been terminated and the Eden BioCell entity has been dissolved as of July 2023. Collaboration with Dune Lake Capital In January 2023, the Company entered into a consulting agreement with Dune Lake Capital, LLC, or Dune Lake Capital, which was founded by Dale Curtis Hogue, Jr., the Company's interim Chief Executive Officer. During the six months ended June 30, 2024 and 2023, the Company recorded expenses of approximately $ 0 and $ 25 thousand, respectively, for consulting services performed by Dune Lake Capital. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies License Agreements Exclusive License Agreement with Precigen On October 5, 2018, the Company entered into an exclusive license agreement, or License Agreement, with PGEN Therapeutics, or PGEN, a wholly owned subsidiary of Precigen Inc., or Precigen, which was formerly known as Intrexon Corporation. Except where the context otherwise requires, the Company refers to PGEN and Precigen together as Precigen. Pursuant to the terms of the License Agreement, the Company had exclusive, worldwide rights to research, develop and commercialize (i) TCR products designed for neoantigens for the treatment of cancer, (ii) products utilizing Precigen’s RheoSwitch® gene switch, or RTS, for the treatment of cancer, referred to as IL-12 Products and (iii) CAR products directed to (A) CD19 for the treatment of cancer, referred to as CD19 Products, and (B) BCMA for the treatment of cancer, subject to certain obligations to pursue such target under the License and Collaboration Agreement effective March 27, 2015 between the Company, Precigen and ARES TRADING S.A., a subsidiary of Merck KGaA, as assigned by Precigen to PGEN. Under the License Agreement, the Company also had exclusive, worldwide rights for certain patents relating to the Sleeping Beauty technology to research, develop and commercialize TCR products for both neoantigens and shared antigens for the treatment of cancer, referred to as TCR Products. The Company was responsible for all aspects of the research, development and commercialization and was required to use commercially reasonable efforts to develop certain products. In consideration of the licenses and other rights granted by Precigen, the Company was required to pay Precigen an annual license fee of $ 0.1 million, reimburse Precigen for certain historical costs, pay Precigen milestones up to an additional $ 52.5 million for each exclusively licensed program upon the achievement of certain milestones, and pay Precigen tiered royalties up to a maximum royalty amount of $ 100.0 million in the aggregate. The Company was also obligated to pay Precigen 20 % of any sublicensing income received by us relating to the licensed products. The Company was responsible for all development costs associated with each of the licensed products. Precigen was obligated to pay the Company royalties up to a maximum royalty amount of $ 100.0 million. No royalty amounts were incurred during the three and six months ended June 30, 2024. On April 3, 2023, the Company entered into the Amended and Restated Exclusive License Agreement with Precigen, or the A&R License Agreement, which restated and amended the License Agreement in full. Under the A&R License Agreement, the Company still has exclusive, worldwide rights to research, develop and commercialize TCR products designed for neoantigens or driver mutations for the treatment of cancer and non-exclusive rights to use non-driver mutation TCRs. The Company further maintains its exclusive, worldwide rights for certain patents relating to the Sleeping Beauty technology to research, develop and commercialize TCR products for both neoantigens and shared antigens for the treatment of cancer, referred to as TCR Products. The Company remains solely responsible for all aspects of the research, development and commercialization of the exclusively licensed products for the treatment of cancer. The (i) products utilizing Precigen’s RheoSwitch® gene switch, or RTS, for the treatment of cancer, referred to as IL-12 Products and (ii) CAR products directed to (A) CD19 for the treatment of cancer, referred to as CD19 Products, and (B) BCMA for the treatment of cancer, subject to certain obligations to pursue such target under the License and Collaboration Agreement effective March 27, 2015 between the Company, Precigen and ARES TRADING S.A., a subsidiary of Merck KGaA, as assigned by Precigen to PGEN are no longer exclusively licensed to the Company. The Company is no longer obligated to use commercially reasonable efforts for the exclusively licensed products. The A&R License Agreement further eliminates any royalty or milestone obligations to Precigen, with an annual license fee of $ 75 thousand due on the anniversary of the A&R License Agreement effective date. Precigen is no longer obligated to pay the Company royalties on the net sales derived from the sale of Precigen's CAR products. License Agreement and 2015 Research and Development Agreement —The University of Texas MD Anderson Cancer Center On January 13, 2015 , the Company, together with Precigen, entered into a license agreement, or the MD Anderson License with MD Anderson (which Precigen subsequently assigned to PGEN). Pursuant to the MD Anderson License, the Company, together with Precigen, holds an exclusive, worldwide license to certain technologies owned and licensed by MD Anderson including technologies relating to novel CAR T-cell therapies, non-viral gene transfer systems, genetic modification and/or propagation of immune cells and other cellular therapy approaches, Natural Killer, or NK Cells, and TCRs. On August 17, 2015, the Company, Precigen and MD Anderson entered into the 2015 R&D Agreement to formalize the scope and process for the transfer by MD Anderson, pursuant to the terms of the MD Anderson License, of certain existing research programs and related technology rights, as well as the terms and conditions for future collaborative research and development of new and ongoing research programs. The rights and obligations of Precigen under the 2015 R&D Agreement were assigned to the Company pursuant to the Fourth Amendment to 2015 R&D Agreement which was entered into on September 19, 2019 (the “Fourth Amendment”) with an effective date of October 5, 2018. The activities under the 2015 R&D Agreement are directed by a joint steering committee comprised of two members from the Company and one member from MD Anderson. As provided under the MD Anderson License, the Company provided funding for research and development activities in support of the research programs under the 2015 R&D Agreement for a period of three years and in an amount of no less than $ 15.0 million and no greater than $ 20.0 million per year. On November 14, 2017, the Company entered into an amendment to the 2015 R&D Agreement, extending its term until April 15, 2021. In connection with the execution of the 2019 R&D Agreement described below, on October 22, 2019, the Company amended the 2015 R&D Agreement to extend the term of the 2015 R&D Agreement until December 31, 2026 and to allow cash resources on hand at MD Anderson under the 2015 R&D Agreement to be used for development costs under the 2019 Research and Development Agreement, or the 2019 R&D Agreement, which the Company entered into on October 22, 2019, with MD Anderson, pursuant to which the Company agreed to collaborate with respect to the TCR program. The Company did no t incur clinical costs from MD Anderson related to the 2015 R&D Agreement for the three and six months ended June 30, 2024. The term of the MD Anderson License expires on the last to occur of (a) the expiration of all patents licensed thereunder, or (b) the twentieth anniversary of the date of the MD Anderson License; provided, however, that following the expiration of the term of the MD Anderson License, the Company, together with Precigen, shall then have a fully-paid up, royalty free, perpetual, irrevocable and sublicensable license to use the licensed intellectual property thereunder. After ten years from the date of the MD Anderson License and subject to a 90-day cure period, MD Anderson will have the right to convert the MD Anderson License into a non-exclusive license if the Company and Precigen are not using commercially reasonable efforts to commercialize the licensed intellectual property on a case-by-case basis. After five years from the date of the MD Anderson License and subject to a 180-day cure period, MD Anderson will have the right to terminate the MD Anderson License with respect to specific technology(ies) funded by the government or subject to a third-party contract if the Company and Precigen are not meeting the diligence requirements in such funding agreement or contract, as applicable. MD Anderson may also terminate the agreement with written notice upon material breach by the Company and Precigen, if such breach has not been cured within 60 days of receiving such notice. In addition, the MD Anderson License will terminate upon the occurrence of certain insolvency events for both the Company and Precigen and may be terminated by the mutual written agreement of the Company, Precigen, and MD Anderson. 2019 Research and Development Agreement—The University of Texas MD Anderson Cancer Center Under the 2019 R&D Agreement, the Company and MD Anderson will, among other things, collaborate on programs to expand the Company's TCR library and conduct clinical trials. The activities under the 2019 R&D Agreement are directed by a joint steering committee comprised of two members from the Company and one member from MD Anderson. The Company will own all inventions and intellectual property developed under the 2019 R&D Agreement and the Company will retain all rights to all intellectual property, patentable or not, for oncology products manufactured using non-viral gene transfer technologies under the 2019 R&D Agreement, including the Company's Sleeping Beauty technology. The Company has granted MD Anderson an exclusive license for such intellectual property to develop and commercialize autologous TCR products manufactured using viral gene transfer technologies and any products outside the field of oncology and a non-exclusive license for allogenic TCR products manufactured using viral-based technologies. Under the 2019 R&D Agreement, the Company agreed, beginning on January 1, 2021, to reimburse MD Anderson up to a total of $ 20.0 million for development costs under the 2019 R&D Agreement, after the funds from the 2015 R&D Agreement are exhausted. In addition, the Company will pay MD Anderson royalties on net sales of its TCR products. The Company is required to make performance-based payments upon the successful completion of clinical and regulatory benchmarks relating to its TCR products. The aggregate potential benchmark payments are $ 36.5 million, of which only $ 3.0 million will be due prior to the first marketing approval of the Company's TCR products. Thce royalty rates and benchmark payments owed to MD Anderson may be reduced upon the occurrence of certain events. The Company also agreed to sell its TCR products to MD Anderson at preferential prices and will sell the Company's TCR products in Texas exclusively to MD Anderson for a limited period of time following the first commercial sale of the Company's TCR products. For the three and six months ended June 30, 2024 the Company did no t incur clinical expenses from MD Anderson related to the 2019 R&D Agreement, compared to $ 0.2 and $ 0.4 million for the three and six months ended June 30, 2023. The 2019 R&D Agreement will terminate on December 31, 2026 and either party may terminate the 2019 R&D Agreement following written notice of a material breach. The 2019 R&D Agreement also contains customary provisions related to indemnification obligations, confidentiality and other matters. In connection with the execution of the 2019 R&D Agreement, on October 22, 2019, the Company issued MD Anderson a warrant to purchase 22,222 shares of the Company's common stock, which is referred to as the MD Anderson Warrant. The MD Anderson Warrant has an initial exercise price of $ 0.15 per share, expires on December 31, 2026 , and vests upon the occurrence of certain clinical milestones. As of June 30, 2024, the milestones have not been met. License Agreement with the NCI On May 28, 2019, the Company entered into a patent license agreement, or the Patent License, with the NCI. Pursuant to the Patent License, the Company held an exclusive, worldwide license to certain intellectual property to develop and commercialize patient-derived (autologous), peripheral blood T-cell therapy products engineered by transposon-mediated gene transfer to express TCRs reactive to mutated KRAS, TP53 and EGFR neoantigens. In addition, pursuant to the Patent License, the Company held an exclusive, worldwide license to certain intellectual property for manufacturing technologies to develop and commercialize autologous, peripheral blood T-cell therapy products engineered by non-viral gene transfer to express TCRs, as well as a non-exclusive, worldwide license to certain additional manufacturing technologies. On May 29, 2019, January 8, 2020, September 28, 2020, April 16, 2021, May 4, 2021 and August 13, 2021 the Company amended the Patent License to expand its TCR library to include additional TCRs reactive to mutated KRAS and TP53 neoantigens licensed from the NCI. On October 27, 2023, the Company provided the NCI the requisite notice of its intent to terminate the Patent License, effective December 26, 2023. The Company discovered multiple proprietary TCRs targeting driver mutations through its hunTR TCR discovery platform, including many of the same KRAS and TP53 mutations licensed from the NCI. For the three and six months ended June 30, 2024, the Company did no t incur expenses to the NCI under this agreement, compared to $ 0.01 and $ 0.4 million for the three and six months ended June 30, 2023. Cooperative Research and Development Agreement (CRADA) with the NCI On January 9, 2017, the Company entered into a Cooperative Research and Development Agreement, or the CRADA, with the NCI. The purpose of this collaboration was to advance a personalized TCR-T approach for the treatment of solid tumors. Using the Company's Sleeping Beauty technology, the NCI would analyze a patient’s own cancer cells, identify their unique neoantigens and TCRs reactive against those neoantigens and then use the Company's Sleeping Beauty technology to transpose one or more TCRs into T cells for re-infusion. Research conducted under the CRADA was under the direction of Steven A. Rosenberg, M.D., Ph.D., Chief of the Surgery Branch at the NCI, in collaboration with the Company's researchers. On August 14, 2023, the Company announced that it had provided the requisite notice to terminate the CRADA, pursuant to its terms, effective October 13, 2023 , in light of the Company’s exploration of strategic alternatives. The Company did no t record expenses under the CRADA for the three and six months ended June 30, 2024, compared to $ 0.03 and $ 0.5 million for the three and six months ended June 30, 2023. Patent and Technology License Agreement—The University of Texas MD Anderson Cancer Center and the Texas A&M University System On August 24, 2004, the Company entered into a patent and technology license agreement with MD Anderson and the Texas A&M University System, which the Company refers to, collectively, as the Licensors. Under this agreement, the Company was granted an exclusive, worldwide license to rights (including rights to U.S. and foreign patent and patent applications and related improvements and know-how) for the manufacture and commercialization of two classes of organic arsenicals (water- and lipid-based) for human and animal use. The class of water-based organic arsenicals includes darinaparsin. Under the terms of the agreement, the Company may be required to make additional payments to the Licensors upon achievement of certain milestones in varying amounts which, on a cumulative basis could total up to an additional $ 4.5 million. In addition, the Licensors are entitled to receive royalty payments on sales from a licensed product and will also be entitled to receive a portion of any fees that the Company may receive from a possible sublicense under certain circumstances. During the three and six months ended June 30, 2024 and 2023, the Company did no t incur any milestone expenses or royalty expenses on sales under this agreement. Collaboration Agreement with Solasia Pharma K.K. On March 7, 2011, the Company entered into a License and Collaboration Agreement with Solasia Pharma K. K., or Solasia, which was amended on July 31, 2014 to include an exclusive worldwide license and amended on October 14, 2021 to revise certain payment schedule details, or, as so amended, the Solasia License and Collaboration Agreement. Pursuant to the Solasia License and Collaboration Agreement, the Company granted Solasia an exclusive license to develop and commercialize darinaparsin in both intravenous and oral forms and related organic arsenic molecules, in all indications for human use. As consideration for the license, the Company is eligible to receive from Solasia development- and sales-based milestones, a royalty on net sales of darinaparsin, once commercialized, and a percentage of any sublicense revenue generated by Solasia. Solasia will be responsible for all costs related to the development, manufacturing and commercialization of darinaparsin. The Company’s licensors, as defined in the Solasia License and Collaboration Agreement, will receive a portion of all milestone and royalty payments made by Solasia to the Company in accordance with the terms of the Solasia License and Collaboration Agreement with the licensors, as described above. In June 2022, Solasia announced that darinaparsin had been approved from relapsed or refractory Peripheral T-Cell Lymphoma by the Minis try of Health, Labor and Welfare in Japan. During the three months ended June 30, 2024 and 2023, the Company earned collaboration revenue of $ 0 and $ 0 and earned royalty revenues of $ 5 thousand and $ 4 , respectively, of royalty revenues on net sales under the Solasia License and Collaboration Agreement. During the six months ended June 30, 2024 and 2023, the Company earned collaboration revenue of $ 0 and $ 0 and earned royalty revenues of $ 6 thousand and $ 4 , respectively, of royalty revenues on net sales under the Solasia License and Collaboration Agreement. KBI Biopharma Litigation On March 17, 2023, KBI Biopharma , Inc., or KBI, filed a complaint against the Company in the District Court of Harris County, Texas, 165th Judicial District, asserting breach of an Amended and Restated Master Services Agreement between the Company and KBI relating to the development of an autologous gene modified T-cell therapy product, or the KBI Agreement. KBI was primarily seeking unspecified monetary damages in excess of $ 3.2 million. On May 1, 2023, the Company filed an answer generally denying all of KBI’s allegations and asserting affirmative and other defenses as well as counterclaims for breach of the KBI Agreement and conversion. On October 20, 2023, the Company entered into an agreement with KBI to settle all claims asserted by KBI against the Company and the Company's counterclaims against KBI at issue in the litigation for $ 1.0 million. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Text Block [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation The Company recognized stock-based compensation expense on all employee and non-employee awards as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 2 $ 180 $ 13 $ 356 General and administrative 99 734 260 1,468 Stock-based compensation expense $ 101 $ 914 $ 273 $ 1,824 The Company granted an aggregate of 6,288 stock options during the three months ended June 30, 2024, with a weighted-average grant date fair value of $ 9.72 per share, and granted an aggregate of 4,133 stock options during the three months ended June 30, 2023, with a weighted-average grant date fair value of $ 54 per share. The Company granted an aggregate of 10,289 stock options during the six months ended June 30, 2024, with a weighted-average grant date fair value of $ 11.76 per share, and granted an aggregate of 24,567 stock options during the six months ended June 30, 2023, with a weighted-average grant date fair value of $ 58.5 per share. For the three and six months ended June 30, 2024 and 2023, the fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions: For the Six Months Ended June 30, 2024 2023 Risk-free interest rate 4.09 % 3.51 – 3.87 % Expected life in years 5.04 - 5.27 5.06 – 6.25 Expected volatility 114.65 - 170.50 % 89.69 – 95.63 % Expected dividend yield — % — % 2. Stock option activity under the Company’s stock option plans for the six months ended June 30, 2024 was as follows: (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2023 46,589 $ 268.50 7.64 $ — Granted 10,289 13.29 Exercised - - Cancelled ( 26,641 ) 283.08 Outstanding, June 30, 2024 30,237 $ 168.81 7.46 $ — Options exercisable, June 30, 2024 17,743 $ 250.45 6.10 $ — Options available for future grant, June 30, 2024 145,745 At June 30, 2024, total unrecognized compensation costs related to unvested stock options outstanding amounted to $ 0.3 million. The cost is expected to be recognized over a weighted-average period of 1.82 years. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date on which these condensed financial statements were issued. Other than as described in the notes above, the Company did not have any material subsequent events that impacted its condensed financial statements or disclosures. |
Organization (Policies)
Organization (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed financial statements reflect all adjustments (which are normal and recurring) that are necessary for a fair presentation of the financial position of the Company and its results of operations and cash flows for the periods presented. The unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on April 1, 2024, or the Annual Report. The results disclosed in the statements of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year 2024. |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. |
Reverse Stock Split | Reverse Stock Splits On January 31, 2024, the Company filed a Second Amended and Restated Certificate of Incorporation or (the Second Charter Amendment) with the Secretary of State of the State of Delaware in order to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-15 or the Reverse Split. The Second Charter Amendment decreased the number of authorized shares of common stock from 520,000,000 to 34,666,667 . The Second Charter Amendment does not affect the par value of the Company’s common stock or change the number of authorized shares or par value of the Company’s preferred stock. The Second Charter Amendment became effective on January 31, 2024. On July 17, 2024, the Company filed a Third Amended and Restated Certificate of Incorporation or Third Charter Amendment with the Secretary of State of the State of Delaware in order to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-10 or the Second Reverse Split, collectively the Reverse Splits. The Third Charter Amendment decreased the number of authorized shares of common stock from 34,666,667 to 5,000,000 . The Third Charter Amendment does not affect the par value of the Company’s common stock or change the number of authorized shares or par value of the Company’s preferred stock. The Third Charter Amendment became effective on July 17, 2024. No fractional shares were issued in connection with the Reverse Splits. Stockholders of record who would otherwise have been entitled to receive fractional shares as a result of the Reverse Splits 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 Splits) on the Nasdaq Capital Market on January 31, 2024 and July 17, 2024. All share and per share amounts of common stock, options, warrants, and restricted stock in the accompanying financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the Reverse Splits as if it had occurred at the beginning of the earliest period presented. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share | Such potentially dilutive shares of common stock consisted of the following as of June 30, 2024 and 2023: June 30, 2024 2023 Common stock options 30,237 90,725 Unvested restricted stock - 4,381 Warrants 145,239 152,815 175,476 247,921 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Text Block [Abstract] | |
Stock-Based Compensation Expense on All Employee and Non-Employee Awards | The Company recognized stock-based compensation expense on all employee and non-employee awards as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 2 $ 180 $ 13 $ 356 General and administrative 99 734 260 1,468 Stock-based compensation expense $ 101 $ 914 $ 273 $ 1,824 |
Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model | For the three and six months ended June 30, 2024 and 2023, the fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions: For the Six Months Ended June 30, 2024 2023 Risk-free interest rate 4.09 % 3.51 – 3.87 % Expected life in years 5.04 - 5.27 5.06 – 6.25 Expected volatility 114.65 - 170.50 % 89.69 – 95.63 % Expected dividend yield — % — % |
Stock Option Activity under Stock Option Plan | Stock option activity under the Company’s stock option plans for the six months ended June 30, 2024 was as follows: (in thousands, except share and per share data) Number of Shares Weighted- Average Exercise Price Weighted- Average Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2023 46,589 $ 268.50 7.64 $ — Granted 10,289 13.29 Exercised - - Cancelled ( 26,641 ) 283.08 Outstanding, June 30, 2024 30,237 $ 168.81 7.46 $ — Options exercisable, June 30, 2024 17,743 $ 250.45 6.10 $ — Options available for future grant, June 30, 2024 145,745 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ in Thousands | Jul. 17, 2024 | Jan. 31, 2024 | Aug. 14, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash, cash equivalents and restricted cash | $ 2,464 | $ 6,062 | $ 18,317 | $ 52,996 | ||||
Accumulated deficit | $ 918,577 | $ 918,900 | $ 915,767 | |||||
Common stock, shares authorized | 5,000,000 | 5,000,000 | ||||||
Common stock, shares outstanding | 1,601,252 | 1,601,252 | ||||||
Strategic advisor name | Cantor | |||||||
Pre Stock Split Shares Authorized | 34,666,667 | 520,000,000 | ||||||
Post Stock Split Shares Authorized | 5,000,000 | 34,666,667 | ||||||
Stockholders' Equity, Reverse Stock Split | The Third Charter Amendment became effective on July 17, 2024. | The Second Charter Amendment became effective on January 31, 2024. | ||||||
Common Stock [Member] | ||||||||
Common stock, shares outstanding | 1,601,252 | |||||||
Common stock reserved for future issuance | 175,476 |
Financings - Additional Informa
Financings - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 12, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | |||||
Aggregate offering price | $ 92 | ||||
Equity Distribution Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Stock issued during period | 0 | 0 | 0 | 0 | |
Aggregate offering price | $ 50,000 | ||||
Percentage Of Commission On Gross Proceeds From Sale Of Common Stock | 3% |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 175,476 | 247,921 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 145,239 | 152,815 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 30,237 | 90,725 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 4,381 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 18, 2018 | Jun. 30, 2024 | Jun. 30, 2023 | |
Eden Biocell [Member] | |||
Related Party Transaction [Line Items] | |||
Payments to fund long-term loans to related parties | $ 10,000 | ||
Additional loans committed | $ 25,000 | ||
Dune Lake Capital [Member] | |||
Related Party Transaction [Line Items] | |||
Consulting service amount | $ 0 | $ 25 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||||
Oct. 20, 2023 | Aug. 14, 2023 | Mar. 17, 2023 | Aug. 17, 2015 | Jan. 13, 2015 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Apr. 03, 2023 | Oct. 22, 2019 | Oct. 05, 2018 | Aug. 24, 2004 | |
Accrued Payments | |||||||||||||
Research and development expense | $ 180,000 | $ 5,186,000 | $ 306,000 | $ 11,689,000 | |||||||||
Royalty amount | 0 | 0 | |||||||||||
Maximum royalty amount | $ 100,000,000 | ||||||||||||
Revenues | 4,000 | 4,000 | 6,000 | 4,000 | |||||||||
Unspecified monetary damages | $ 3,200,000 | ||||||||||||
Loss contingency, name of plaintiff | KBI Biopharma | ||||||||||||
Litigation expense | $ 1,000,000 | ||||||||||||
MD Anderson Warrant [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Number of warrants | 22,222 | ||||||||||||
Warrant exercise per share | $ 0.15 | ||||||||||||
Warrant expiry date | Dec. 31, 2026 | ||||||||||||
MD Anderson Agreement and Worldwide License [Member] | |||||||||||||
Accrued Payments | |||||||||||||
License agreement commencing date | Jan. 13, 2015 | ||||||||||||
MD Anderson License and the Research and Development Agreement [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Reimbursement of historical costs | $ 20,000,000 | ||||||||||||
Quarterly expense incurred | 0 | 200,000 | 0 | 400,000 | |||||||||
Aggregate potential benchmark payments | 36,500,000 | ||||||||||||
Payments due prior to the first marketing approval | $ 3,000,000 | ||||||||||||
CRADA Agreement [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Agreement termination date | Oct. 13, 2023 | ||||||||||||
Annual expense incurred | 0 | 30,000 | 0 | 500,000 | |||||||||
The University of Texas MD Anderson Cancer Center and The Texas A & M University System [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Milestone maximum payment | $ 4,500,000 | ||||||||||||
The University of Texas MD Anderson Cancer Center and The Texas A & M University System [Member] | Royalty [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Payment under license agreement | 0 | 0 | 0 | 0 | |||||||||
License Agreement with the National Cancer Institute [Member] | |||||||||||||
Accrued Payments | |||||||||||||
License expense | 0 | 10,000 | 0 | 400,000 | |||||||||
Collaboration Agreement with Solasia Pharma KK [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Revenues | 0 | 0 | 0 | 0 | |||||||||
Collaboration Agreement with Solasia Pharma KK [Member] | Royalty [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Revenues | 5,000 | $ 4,000 | 6,000 | $ 4,000 | |||||||||
M D Anderson License and the Two Thousand Fifteen Research and Development Agreement [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Clinical expenses | $ 0 | $ 0 | |||||||||||
Intrexon Corporation [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Annual license fee | $ 75,000 | 100,000 | |||||||||||
Expected additional milestones payable | 52,500,000 | ||||||||||||
Intrexon Corporation [Member] | T-cell receptor [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Maximum royalty amount | $ 100,000,000 | ||||||||||||
Portion of income payable to related party | 20% | ||||||||||||
Minimum [Member] | MD Anderson License and the Research and Development Agreement [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Research and development expense | $ 15,000,000 | ||||||||||||
Maximum [Member] | MD Anderson License and the Research and Development Agreement [Member] | |||||||||||||
Accrued Payments | |||||||||||||
Research and development expense | $ 20,000,000 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense Included in Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 101 | $ 914 | $ 273 | $ 1,824 |
Research and Development Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 2 | 180 | 13 | 356 |
General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 99 | $ 734 | $ 260 | $ 1,468 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, granted | 6,288 | 4,133 | 10,289 | 24,567 |
Weighted-average grant date fair value | $ 9.72 | $ 54 | $ 11.76 | $ 58.5 |
Unvested Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs related to unvested restricted stock outstanding | $ 0.3 | $ 0.3 | ||
Expected recognition period | 1 year 9 months 25 days |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Risk-free interest rate | 4.09% | |
Risk-free interest rate, Minimum | 3.51% | |
Risk-free interest rate, Maximum | 3.87% | |
Expected volatility, Minimum | 114.65% | 89.69% |
Expected volatility, Maximum | 170.50% | 95.63% |
Expected dividend yield | 0% | 0% |
Maximum [Member] | ||
Expected life in years | 5 years 3 months 7 days | 6 years 3 months |
Minimum [Member] | ||
Expected life in years | 5 years 14 days | 5 years 21 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity Under Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Number of Shares | |||||
Beginning Balance | 46,589 | ||||
Granted | 6,288 | 4,133 | 10,289 | 24,567 | |
Cancelled | (26,641) | ||||
Ending Balance | 30,237 | 30,237 | 46,589 | ||
Options exercisable, at end of period | 17,743 | 17,743 | |||
Options available for future grant | 145,745 | 145,745 | |||
Weighted Average Exercise Price | |||||
Beginning Balance | $ 268.5 | ||||
Granted | 13.29 | ||||
Cancelled | 283.08 | ||||
Ending Balance | $ 168.81 | 168.81 | $ 268.5 | ||
Options exercisable, at end of period | $ 250.45 | $ 250.45 | |||
Weighted Average Contractual Term (Years) | |||||
Outstanding, period | 7 years 5 months 15 days | 7 years 7 months 20 days | |||
Options exercisable, at end of period | 6 years 1 month 6 days | ||||
Aggregate Intrinsic Value | |||||
Outstanding, at beginning of period | $ 0 | ||||
Outstanding, at end of period | $ 0 | 0 | $ 0 | ||
Options exercisable, at end of period | $ 0 | $ 0 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value Assumptions Expected volatility Rate Maximum | 170.50% | 95.63% |
Fair Value Assumptions Risk Free Interest Rate Maximum | 3.87% | |
Aggregate offering price | $ 92 | |
Risk-free interest rate | 4.09% |