Gyre Therapeutics (GYRE) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	CBIO
Entity Registrant Name	Catalyst Biosciences, Inc.
Entity Central Index Key	0001124105
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		31,477,053
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-51173
Entity Tax Identification Number	56-2020050
Entity Address, Address Line One	611 Gateway Blvd.
Entity Address, Address Line Two	Suite 710
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	871-0761
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 34,817	$ 44,347
Short-term investments		2,504
Accounts receivable, net	564	1,818
Prepaid and other current assets	1,322	2,807
Total current assets	36,703	51,476
Other assets, noncurrent	472	472
Right-of-use assets	2,242	2,744
Property and equipment, net	857	970
Total assets	40,274	55,662
Current liabilities:
Accounts payable	4,706	6,419
Accrued compensation	2,137	1,467
Deferred revenue		230
Other accrued liabilities	4,438	4,072
Operating lease liability	1,909	1,977
Total current liabilities	13,190	14,165
Operating lease liability, noncurrent		408
Total liabilities	13,190	14,573
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares issued and outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized; 31,477,053 and 31,409,707 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	31	31
Additional paid-in capital	444,283	443,752
Accumulated deficit	(417,230)	(402,694)
Total stockholders’ equity	27,084	41,089
Total liabilities and stockholders’ equity	$ 40,274	$ 55,662

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,477,053	31,409,707
Common stock, shares outstanding	31,477,053	31,409,707

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Los (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
License and collaboration revenue	$ 794	$ 1,467
Operating expenses:
Research and development	9,703	17,013
General and administrative	4,994	5,412
Total operating expenses	15,495	23,905
Loss from operations	(14,701)	(22,438)
Interest and other income, net	165
Net loss and comprehensive loss	$ (14,536)	$ (22,438)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.46)	$ (0.79)
Shares used to compute net loss per share attributable to common stockholders, basic and diluted	31,456,090	28,385,432
Collaboration
Revenue:
License and collaboration revenue	$ 794	$ 1,467
Cost of collaboration
Operating expenses:
Cost of license and collaboration	$ 798	$ 1,480

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2020	$ 76,069	$ 22	$ 390,803	$ 5	$ (314,761)
Balance (in shares) at Dec. 31, 2020		22,097,820
Stock-based compensation expense	1,026		1,026
Stock-based compensation expense		10,149
Issuance of common stock for public offering, net of issuance costs	49,250	$ 9	49,241
Issuance of common stock for public offering, net of issuance costs, shares		9,185,000
Issuance of common stock from stock grants	182		182
Issuance of common stock from stock grants, shares		38,058
Net loss	(22,438)				(22,438)
Balance at Mar. 31, 2021	104,089	$ 31	441,252	$ 5	(337,199)
Balance (in shares) at Mar. 31, 2021		31,331,027
Balance at Dec. 31, 2021	41,089	$ 31	443,752		(402,694)
Balance (in shares) at Dec. 31, 2021		31,409,707
Stock-based compensation expense	515		515
Stock-based compensation expense		32,684
Issuance of common stock from stock grants	16		16
Issuance of common stock from stock grants, shares		34,662
Net loss	(14,536)				(14,536)
Balance at Mar. 31, 2022	$ 27,084	$ 31	$ 444,283		$ (417,230)
Balance (in shares) at Mar. 31, 2022		31,477,053

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Statement Of Stockholders Equity [Abstract]
Issuance costs of issuance of common stock for public offering	$ 3,563

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net loss	$ (14,536)	$ (22,438)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	515	1,026
Depreciation and amortization	113	45
Bad debt expense	200
Changes in operating assets and liabilities:
Accounts receivable	1,054	2,307
Prepaid and other current assets	1,485	(1,671)
Accounts payable	(1,713)	(2,969)
Accrued compensation and other accrued liabilities	1,036	(31)
Operating lease liability and right-of-use asset	26	26
Deferred revenue	(230)	(651)
Net cash flows used in operating activities	(12,050)	(24,356)
Investing Activities
Proceeds from maturities of short-term investments	2,504	27,581
Net cash flows provided by investing activities	2,504	27,581
Financing Activities
Issuance of common stock for public offering, net of issuance costs		49,277
Issuance of common stock from stock grants	16	182
Net cash flows provided by financing activities	16	49,459
Net increase (decrease) in cash and cash equivalents	(9,530)	52,684
Cash and cash equivalents at beginning of the period	44,347	30,360
Cash and cash equivalents at end of the period	$ 34,817	$ 83,044

Nature of Operations and Liquid

Nature of Operations and Liquidity	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Liquidity	1. Catalyst Biosciences, Inc. and its subsidiary (the “Company” or “Catalyst”) is a biopharmaceutical company with expertise in protease engineering and several protease assets that may address unmet medical needs in disorders of the coagulation and complement systems. The Company is focused on the monetization of its assets and is exploring several strategic alternatives. The Company had a net loss of $14.5 million for the three months ended March 31, 2022 and an accumulated deficit of $417.2 million as of March 31, 2022. As of March 31, 2022, the Company had $34.8 million of cash and cash equivalents. Its primary uses of cash are to fund operating and business development expenses and general and administrative expenditures. The Company believes that its existing cash and cash equivalents as of March 31, 2022 will be sufficient to fund its cash requirements for at least the next 12 months from the date of the filing of this report. The Company might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The Company will continue to evaluate the impact of the novel coronavirus disease (“COVID-19”) pandemic on its business, operations, and cash requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). Accounting Pronouncements Recently Adopted In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options New Accounting Pronouncements Recently Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments adopt ASU 2016-13 and related updates as of January 1, 2023. The Company will assess the impact of adoption of this standard on its condensed consolidated financial statements .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. For a description of the fair value hierarchy and the Company’s fair value methodology, see “ Part II - Item 8 - Financial Statements and Supplementary Data - Note 3 Summary of Significant Accounting Policies The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 ( in thousands March 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities ( 2) 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. ( 2 ) Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to the short-term maturity of these instruments.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Investments All Other Investments [Abstract]
Financial Instruments	4. Cash equivalents and short-term investments (debt securities) which are classified as available-for-sale debt securities, consisted of the following ( in thousands March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 Classified as: Cash and cash equivalents $ 34,817 Total $ 34,817 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 Classified as: Cash and cash equivalents $ 44,347 Short-term investments 2,504 Total $ 46,851 There have been no material realized gains or losses on available-for-sale debt securities for the periods presented. As of March 31, 2022, the Company had no available-for-sale debt securities.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Lessee Disclosure [Abstract]
Lease	5. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components ( e.g. The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options. In March 2022, the Company entered into a sublease agreement for one of its leased facilities that commenced in April 2022. Under the terms of the sublease agreement, the Company will receive $0.2 million in base lease payments over the term of the sublease, which ends in April 2023 For the three months ended March 31, 2022 and 2021, the Company’s operating lease expense was $0.5 million and $0.2 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows: March 31, 2022 December 31, 2021 Weighted-average remaining lease term 1.1 years 1.3 years Weighted-average discount rate 4.8 % 4.8 % The maturity of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands) Year Ending December 31, Amount Remaining in 2022 $ 1,543 2023 410 Total undiscounted lease payments 1,953 Less imputed interest (44 ) Total operating lease liability $ 1,909 Supplemental cash flow information related to operating leases was as follows (in thousands) Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 502 $ 182

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	6. 2018 Omnibus Incentive Plan In June 2018, stockholders of the Company approved the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”). The 2018 Plan had previously been approved by the Company’s Board of Directors (the “Board”) and the Compensation Committee (the “Committee”) of the Board, subject to stockholder approval. The 2018 Plan became effective on June 13, 2018. On June 9, 2021, the stockholders of the Company approved an amendment previously approved by the Board to increase the number of shares of common stock reserved for issuance under the 2018 Plan by 2,500,000 to a total of 5,300,000 shares. The amendment became effective immediately upon stockholder approval. The following table summarizes stock option activity under the Company’s 2018 Plan and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding — December 31, 2021 2,603,630 $ 7.70 7.46 Options granted 879,200 $ 0.52 Options forfeited (658,947 ) $ 5.20 Options expired (46,173 ) $ 9.81 Outstanding — March 31, 2022 2,777,710 $ 5.92 8.00 Exercisable — March 31, 2022 1,305,020 $ 9.42 Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. Due to its limited history as a public company and limited number of sales of its common stock, the Company estimated its volatility considering a number of factors including the use of the volatility of comparable public companies. The expected term of options granted under the Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is determined based on the simplified method due to the Company’s limited operating history. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2022 2021 Employee Stock Options: Risk-free interest rate 1.87 % 0.69 % Expected term (in years) 6.1 6.1 Dividend yield — — Volatility 91.54 % 93.83 % Weighted-average fair value of stock options granted $ 0.39 $ 4.70 Total stock-based compensation expense recognized was as follows ( in thousands Three Months Ended March 31, 2022 2021 Research and development $ 128 $ 369 General and administrative (1) 387 657 Total stock-based compensation expense $ 515 $ 1,026 (1) Included in general and administrative stock-based compensation for the three months ended March 31, 2022 is stock-based compensation expense related to 32,684 shares of common stock issued to certain board members in lieu of their cash compensation. As of March 31, 2022, 2,937,588 shares of common stock were available for future grant.

Collaborations

Collaborations	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborations	7 . Mosaic In October 2017, the Company entered into a strategic research collaboration with Mosaic Biosciences (“Mosaic”) to develop intravitreal anti-complement factor 3 (C3) products for the treatment of dry Age-related Macular Degeneration (AMD) and other retinal diseases. The Company subsequently amended this agreement in December 2018, December 2019 and May 2020. Under the as amended Mosaic collaboration agreement, Mosaic is eligible to receive up to $4.0 million in potential future milestone payments related to regulatory and clinical development events for CB 2782-PEG and an additional anti-complement product candidate in lieu of the Company’s prior obligations to pay Mosaic a double-digit percentage of funds the Company receives from Biogen or any other amounts the Company receives related to sublicense fees, research and development payments, or any other research, regulatory, clinical or commercial milestones and royalties on any other development candidates . ISU Abxis In December 2018, the Company entered into an amended and restated license agreement with ISU Abxis (the “A&R ISU Abxis Agreement”), which amended and restated its previous license and collaboration agreement with ISU Abxis previously entered into in September 2013, as subsequently amended in October 2014 and December 2016 (the “Original ISU Abxis Agreement”) ISU Abxis will receive commercialization rights in South Korea to the Company’s engineered Factor IX dalcinonacog alfa - DalcA and the Company will receive clinical development and commercialization rights in the rest of world (excluding South Korea) and manufacturing development and manufacturing rights worldwide (including South Korea) The eliminates the profit-sharing arrangement in the Original ISU Abxis Agreement and rovides for a low single-digit royalty payment to ISU Abxis, on a country-by-country basis, for net product sales of DalcA by the Company or its affiliates in each country other than South Korea. Pursuant to the A&R , the Company will also pay up to an aggregate of $19.5 million in milestone payments to ISU Abxis, including $2.5 million in regulatory and development milestone payments and up to $17.0 million in commercial milestone payments, if the applicable milestones are met. As of March 31, 2022, no milestones have been met. Biogen On December 18, 2019, the Company and Biogen International GmbH (“Biogen”) entered into a License and Collaboration Agreement (the “Biogen Agreement”), under which the Company granted Biogen a worldwide, royalty-bearing, exclusive, with the right to sublicense, license (“Exclusive License”) to develop and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders. Pursuant to the Biogen Agreement, the Company performed certain pre-clinical and manufacturing activities (“Research Services”), and Biogen was solely responsible for funding the pre-clinical and manufacturing activities and performing IND-enabling activities, worldwide clinical development, and commercialization. Under the terms of the Biogen Agreement, the Company received an up-front payment for the transfer of the Exclusive License (inclusive of certain know-how) of $15.0 million in January 2020. The Company was eligible to receive development milestones and sales milestones of up to $340.0 million. In addition, the Company was eligible to receive royalties in the range of single-digit to low double-digit percentage rates of annual net sales on a product-by-product and country-by-country basis. The Company also received reimbursements for costs associated with the performance of the Research Services. The Company determined that the performance obligations under the Biogen Agreement were the Exclusive License and the Research Services. For the Exclusive License, the Company used the residual approach in determining the standalone selling price, or SSP, which includes the upfront payments, milestones and royalties. For the Research Services, the Company used the historical pricing approach for determining the SSP, which includes the reimbursement of personnel and out-of-pocket costs. In March 2022, the Company received written notice from Biogen to terminate the Biogen Agreement which will be effective in May 2022. As a result of the termination, Biogen will no longer have the Exclusive License to develop, manufacture and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders. In March 2022, Biogen returned full rights to CB 2782-PEG. For the three months ended March 31, 2022 and 2021, the Company recognized no license revenue from the Biogen Agreement. For the three months ended March 31, 2022 and 2021, respectively, the Company recognized $0.8 million and $1.5 million in collaboration revenue for reimbursable out-of-pocket and personnel costs incurred related to Research Services. For the three months ended March 31, 2022 and 2021, respectively, $0.7 million and $1.4 million of research and development expense was recorded as cost of collaboration revenue related to the Biogen Agreement. For the three months ended March 31, 2022, the Company recognized $0.2 million of revenue from the beginning of period deferred revenue balance.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	8. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended March 31, 2022 2021 Options to purchase common stock 2,777,710 3,208,145 Common stock warrants 85 85 Total 2,777,795 3,208,230

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9 . Commitments and Contingencies Manufacturing Agreements The Company signed an agreement with AGC Biologics, Inc. (“AGC”) to perform certain manufacturing services related to the Company’s collaboration agreement with Biogen, which includes firm work orders totaling $0.7 million. The payment obligations were fully paid off as of March 31, 2022. In July 2021, the Company entered into two separate agreements, one for additional clinical trial services for MarzAA, and another for the Company’s screening and natural history of disease clinical studies related to CFI deficiency, with total payments of up to $3.2 million and $6.5 million, respectively. The Company can terminate the CFI agreement at its discretion and upon termination will be responsible to pay for those services incurred prior to termination plus reasonable wind-down expenses. On September 16, 2021, the Company signed a Manufacturing and Research and Development Studies Agreement to support the lyophilized drug product, CB 4332. The agreement covers analytical method qualification to support good manufacturing practices (“GMP”) manufacturing. The Company currently has firm work orders related to this agreement totaling $0.3 million and the payment obligations remaining as of March 31, 2022 were $0.1 million. In November 2021, the Company provided notice of intent to terminate its MarzAA manufacturing agreements and incurred charges of $3.8 million to write-off prepaid manufacturing costs that will no longer be used for the clinical development of MarzAA. COVID-19 The current COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting the Company’s employees, potential trial participants and business operations. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact and the economic impact on local, regional, national, and international markets. The COVID-19 pandemic may disrupt the operations of the Company’s manufacturers or disrupt supply logistics, which could impact the timing of deliveries and potentially increase expenses under the Company’s agreements. The Company is actively monitoring the impact of COVID-19 and the possible effects on its financial condition, liquidity, operations, clinical trials, suppliers, industry and workforce

Interest and Other Income, Net

Interest and Other Income, Net	3 Months Ended
	Mar. 31, 2022
Other Income And Expenses [Abstract]
Interest and Other Income, Net	1 0 . Interest and Other Income, Net The following table shows the detail of interest and other income, net as follows ( in thousands Three Months Ended March 31, 2022 2021 Interest income $ 2 $ 17 Gain from extinguishment of liability 180 — Other (17 ) (17 ) Total interest and other income, net $ 165 $ —

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2022
Restructuring And Related Activities [Abstract]
Restructuring	1 1 . Restructuring In November 2021, the Board approved a restructuring of its business based on its decision to stop the clinical development of MarzAA and focus solely on its complement programs and protease medicines platform. The restructuring included a reduction-in-force whereby approximately 35% of employees were terminated. During the year ended December 31, 2021, the Company recorded charges of $0.4 million related to one-time severance costs and related expenses in connection with the workforce reduction, and charges of $3.8 million related to the write-off of prepaid manufacturing costs that will no longer be used for the clinical development of MarzAA. The remaining restructuring liability of $0.2 million will be paid during the second quarter of 2022. In March 2022, the Board approved a further reduction of its workforce as part of its restructuring plan whereby 22 full-time employees were terminated. Following this reduction, the Company will have five full-time employees remaining. As of March 31, 2022, the Company recorded an additional liability of $1.0 million for severance and other charges related to the reduction-in-force, recognized as an operating expense within the consolidated statements of operations, which the Company expects to pay in the second quarter of 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”).
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options New Accounting Pronouncements Recently Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments adopt ASU 2016-13 and related updates as of January 1, 2023. The Company will assess the impact of adoption of this standard on its condensed consolidated financial statements .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 ( in thousands March 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities ( 2) 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. ( 2 ) Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to the short-term maturity of these instruments.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments All Other Investments [Abstract]
Cash Equivalents and Short-Term Investments Classified as Available-for-sale Debt Securities	Cash equivalents and short-term investments (debt securities) which are classified as available-for-sale debt securities, consisted of the following ( in thousands March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 Classified as: Cash and cash equivalents $ 34,817 Total $ 34,817 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 Classified as: Cash and cash equivalents $ 44,347 Short-term investments 2,504 Total $ 46,851

Lease (Tables)

Lease (Tables)	3 Months Ended
	Mar. 31, 2022
Lessee Disclosure [Abstract]
Summary of Present Value Assumptions used in Calculating Present Value of Lease Payments	The present value assumptions used in calculating the present value of the lease payments were as follows: March 31, 2022 December 31, 2021 Weighted-average remaining lease term 1.1 years 1.3 years Weighted-average discount rate 4.8 % 4.8 %
Schedule of Maturity of Operating Lease Liabilities	The maturity of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands) Year Ending December 31, Amount Remaining in 2022 $ 1,543 2023 410 Total undiscounted lease payments 1,953 Less imputed interest (44 ) Total operating lease liability $ 1,909
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to operating leases was as follows (in thousands) Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 502 $ 182

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Option Activity Under Company's Equity Incentive Plans	The following table summarizes stock option activity under the Company’s 2018 Plan and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding — December 31, 2021 2,603,630 $ 7.70 7.46 Options granted 879,200 $ 0.52 Options forfeited (658,947 ) $ 5.20 Options expired (46,173 ) $ 9.81 Outstanding — March 31, 2022 2,777,710 $ 5.92 8.00 Exercisable — March 31, 2022 1,305,020 $ 9.42
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options	The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2022 2021 Employee Stock Options: Risk-free interest rate 1.87 % 0.69 % Expected term (in years) 6.1 6.1 Dividend yield — — Volatility 91.54 % 93.83 % Weighted-average fair value of stock options granted $ 0.39 $ 4.70
Summary of Stock-Based Compensation Recognized	Total stock-based compensation expense recognized was as follows ( in thousands Three Months Ended March 31, 2022 2021 Research and development $ 128 $ 369 General and administrative (1) 387 657 Total stock-based compensation expense $ 515 $ 1,026 (1) Included in general and administrative stock-based compensation for the three months ended March 31, 2022 is stock-based compensation expense related to 32,684 shares of common stock issued to certain board members in lieu of their cash compensation.

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive Security not Included In Diluted per Share Calculations	Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended March 31, 2022 2021 Options to purchase common stock 2,777,710 3,208,145 Common stock warrants 85 85 Total 2,777,795 3,208,230

Interest and Other Income, Net

Interest and Other Income, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income And Expenses [Abstract]
Detail of Interest and Other Income, Net	The following table shows the detail of interest and other income, net as follows ( in thousands Three Months Ended March 31, 2022 2021 Interest income $ 2 $ 17 Gain from extinguishment of liability 180 — Other (17 ) (17 ) Total interest and other income, net $ 165 $ —

Nature of Operations and Liqu_2

Nature of Operations and Liquidity - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
Number of operating segment | Segment	1
Net loss	$ 14,536	$ 22,438
Accumulated deficit	417,230		$ 402,694
Cash and cash equivalents	$ 34,817		$ 44,347

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 34,817	$ 46,851
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]		2,504
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[2]	34,817	44,347
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		34,817	46,851
Fair Value, Inputs, Level 1 | U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]		2,504
Fair Value, Inputs, Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[2]	$ 34,817	$ 44,347
[1]	Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities.
[2]	Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments Classified as Available-for-sale Debt Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 34,817	$ 46,851
Estimated Fair Value	34,817	46,851
Money Market Funds | Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	34,817	44,347
Estimated Fair Value	34,817	44,347
Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value	$ 34,817	44,347
U.S. Government Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,504
Estimated Fair Value		2,504
Short-Term Investments
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value		$ 2,504

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Disclosures [Abstract]
Material realized gains or losses on available-for-sale securities	$ 0
Available-for-sale debt securities current	$ 0

Lease - Additional Information

Lease - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Lessee Lease Description [Line Items]
Lease expiration date		Apr. 30, 2023
Lessee operating lease renewal term description		no stated renewal options
Operating lease expense		$ 0.5	$ 0.2
Sublease Arrangement
Lessee Lease Description [Line Items]
Lease expiration date	Apr. 30, 2023
Lease Payments Receivable	$ 0.2	$ 0.2

Summary of Present Value Assump

Summary of Present Value Assumptions used in Calculating Present Value of Lease Payments (Detail)	Mar. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Weighted-average remaining lease term	1 year 1 month 6 days	1 year 3 months 18 days
Weighted-average discount rate	4.80%	4.80%

Schedule of Maturity of Operati

Schedule of Maturity of Operating Lease Liabilities - (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remaining in 2022	$ 1,543
2023	410
Total undiscounted lease payments	1,953
Less imputed interest	(44)
Total operating lease liability	$ 1,909

Schedule of Supplemental Cash F

Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease Liabilities Payments Due [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 502	$ 182

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - shares	Jun. 09, 2021	Mar. 31, 2022
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table]
Number of common stock available for future grant		2,937,588
2018 Omnibus Incentive Plan
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table]
Increase in number of shares of common stock reserved for issuance	2,500,000
Common Stock, Capital Shares Reserved for Future Issuance	5,300,000

Summary of Option Activity Unde

Summary of Option Activity Under Company's Equity Incentive Plans (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares Underlying Outstanding Options
Number of Shares Underlying Outstanding Options, Beginning Balance	2,603,630
Number of Shares Underlying Outstanding Options, Options granted	879,200
Number of Shares Underlying Outstanding Options, Options forfeited	(658,947)
Number of Shares Underlying Outstanding Options, Options expired	(46,173)
Number of Shares Underlying Outstanding Options, Ending Balance	2,777,710	2,603,630
Number of Shares Underlying Outstanding Options, Exercisable - March 31, 2022	1,305,020
Weighted- Average Exercise Price
Weighted- Average Exercise Price, Beginning Balance	$ 7.70
Weighted- Average Exercise Price, Options granted	0.52
Weighted- Average Exercise Price, Options forfeited	5.20
Weighted- Average Exercise Price, Options expired	9.81
Weighted- Average Exercise Price, Ending Balance	5.92	$ 7.70
Weighted- Average Exercise Price, Exercisable - March 31, 2022	$ 9.42
Weighted-Average Remaining Contractual Term (Years)
Weighted-Average Remaining Contractual Term (Years), Outstanding Balance	8 years	7 years 5 months 15 days

Fair Values of Stock Options Es

Fair Values of Stock Options Estimated Using Black-Scholes Valuation Model (Detail) - Employee Stock Option - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items]
Risk-free interest rate	1.87%	0.69%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Dividend yield	0.00%	0.00%
Volatility	91.54%	93.83%
Weighted-average fair value of stock options granted	$ 0.39	$ 4.70

Summary of Stock-Based Compensa

Summary of Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation		$ 515	$ 1,026
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation		128	369
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	[1]	$ 387	$ 657
[1]	Included in general and administrative stock-based compensation for the three months ended March 31, 2022 is stock-based compensation expense related to 32,684 shares of common stock issued to certain board members in lieu of their cash compensation.

Summary of Stock-Based Compen_2

Summary of Stock-Based Compensation Recognized (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2022shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares of common stock issued to certain board members in lieu of cash compensation	32,684

Collaborations - Additional Inf

Collaborations - Additional Information (Detail) - USD ($)	May 08, 2020	Jan. 31, 2020	Dec. 31, 2018	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
License and collaboration revenue				$ 794,000	$ 1,467,000
Research and development				9,703,000	17,013,000
Deferred revenue, recognized				200,000
Collaboration
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
License and collaboration revenue				794,000	1,467,000
Collaboration | Reimbursable Out-of-Pocket and Personnel Costs Incurred Related to Research Services
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
License and collaboration revenue				800,000	1,500,000
Mosaic | Maximum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Milestone payment related to regulatory and clinical development events	$ 4,000,000
ISU Abxis | Amended and Restated License Agreement
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Regulatory and development milestone payment			$ 2,500,000	0
ISU Abxis | Maximum | Amended and Restated License Agreement
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Milestone payment			19,500,000	0
Commercial milestone payments			$ 17,000,000	0
Biogen
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
License and collaboration revenue				0	0
Biogen | Collaboration
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Research and development				$ 700,000	$ 1,400,000
Biogen | Exclusive License
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Up-front payments received		$ 15,000,000
Biogen | Maximum | Exclusive License
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Development and sales milestone payments		$ 340,000,000

Anti-dilutive Security not Incl

Anti-dilutive Security not Included In Diluted per Share Calculations (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	2,777,795	3,208,230
Options To Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	2,777,710	3,208,145
Common Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	85	85

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Mar. 31, 2022
Commitments And Contingencies Disclosure [Line Items]
Charges related to write off of prepaid manufacturing cost	$ 3.8	$ 3.8
AGC Biologics, Inc | Marzeptacog Alfa Activated and Dalcinonacog Alfa | Service Agreements
Commitments And Contingencies Disclosure [Line Items]
Cost of Manufacturing Services			$ 0.7
Catalent Indiana, LLC. | Dalcinonacog alfa.
Commitments And Contingencies Disclosure [Line Items]
Firm work order supporting clinical trials			0.3
Contractual obligation payments			0.1
Marzeptacog Alfa Activated | Marzeptacog Alfa Activated and Dalcinonacog Alfa | Maximum | Service Agreements
Commitments And Contingencies Disclosure [Line Items]
Cost of services as per agreement			3.2
Marzeptacog Alfa Activated | Dalcinonacog Alfa | Maximum | Service Agreements
Commitments And Contingencies Disclosure [Line Items]
Cost of services as per agreement			$ 6.5

Detail of Interest and Other In

Detail of Interest and Other Income, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income And Expenses [Abstract]
Interest income	$ 2	$ 17
Gain from extinguishment of liability	180
Other	(17)	$ (17)
Total interest and other income, net	$ 165

Restructuring - Additional Info

Restructuring - Additional Information (Detail) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2022Employee	Nov. 30, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Restructuring Cost And Reserve [Line Items]
Percent of employees terminated		35.00%
Severance costs and expenses				$ 0.4
Charges related to write off of prepaid manufacturing cost		$ 3.8		3.8
Restructuring liability				$ 0.2
Number of employees terminated | Employee	22
Remaining number of full time employees | Employee	5
Operating Expense
Restructuring Cost And Reserve [Line Items]
Severance and other charges			$ 1