Lumos Pharma (LUMO) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 13, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-35342
Entity Registrant Name	LUMOS PHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1491350
Entity Address, Address Line One	4200 Marathon Blvd #200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78756
City Area Code	512
Local Phone Number	215-2630
Title of 12(b) Security	Common Stock
Trading Symbol	LUMO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,293,312
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001126234
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 72,697	$ 4,952
Prepaid expenses and other current assets	5,158	82
Income tax receivable	4,666	0
Other receivables	296	35
Economic interest in Priority Review Voucher ("PRV"), held for sale	87,920	0
Total current assets	170,737	5,069
Non-current assets:
Property and equipment, net	834	84
Right-of-use asset	627	373
Total non-current assets	1,461	457
Total assets	172,198	5,526
Current liabilities:
Accounts payable	155	365
Accrued expenses	5,944	709
Current portion of lease liability	731	189
Current portion of notes payable	11	0
PRV related liability, held for sale	35,720	0
Total current liabilities	42,561	1,263
Long-term liabilities:
Royalty obligation payable to Iowa Economic Development Authority	6,000	0
Lease liability	88	191
Deferred tax liability	7,084	0
Total long-term liabilities	13,172	191
Total liabilities	55,733	1,454
Stockholders' equity:
Undesignated preferred stock, $0.01 par value: Authorized shares - 5,000,000 at June 30, 2020 and December 31, 2019, respectively: issued and outstanding shares - 0 at June 30, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value: Authorized shares - 75,000,000 and 36,000,000 at June 30, 2020 and December 31, 2019, respectively; issued and outstanding 8,293,312 and 1,177,933 at June 30, 2020 and December 31, 2019, respectively	83	12
Additional paid-in capital	181,723	202
Accumulated deficit	(65,341)	(59,677)
Total stockholders' equity (deficit)	116,465	(59,463)
Total liabilities, redeemable convertible preferred stock and stockholders' equity	172,198	5,526
Preferred Stock Series A
Long-term liabilities:
Redeemable convertible preferred stock:	0	21,904
Stockholders' equity:
Total stockholders' equity (deficit)	0	21,904
Preferred Stock Series B
Long-term liabilities:
Redeemable convertible preferred stock:	0	41,631
Stockholders' equity:
Total stockholders' equity (deficit)	$ 0	$ 41,631

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Blank check preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Blank check preferred stock, authorized shares	5,000,000	5,000,000
Blank check preferred stock, issued shares	0	0
Blank check preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	75,000,000	36,000,000
Common stock, issued shares	8,293,312	1,177,933
Common stock, outstanding shares	8,293,312	1,177,933
Preferred Stock Series A
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	978,849
Redeemable convertible preferred stock, shares issued	0	978,849
Redeemable convertible preferred stock, shares outstanding	0	978,849
Preferred Stock Series B
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	1,989,616
Redeemable convertible preferred stock, shares issued	0	1,989,616
Redeemable convertible preferred stock, shares outstanding	0	1,989,616

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Total revenues	$ 33	$ 0	$ 55	$ 0
Operating expenses:
Research and development	2,763	1,881	4,669	3,336
General and administrative	4,147	714	7,478	1,397
Total operating expenses	6,910	2,595	12,147	4,733
Loss from operations	(6,877)	(2,595)	(12,092)	(4,733)
Other income and expense:
Miscellaneous income, net	24	26	161	59
Interest income	74	0	79	0
Interest expense	0	0	(50)	0
Other income, net	98	26	190	59
Net loss before taxes	(6,779)	(2,569)	(11,902)	(4,674)
Income tax benefit	1,426	0	6,889	0
Net loss	(5,353)	(2,569)	(5,013)	(4,674)
Accretion of preferred stock to current redemption value	0	(758)	(651)	(1,508)
Net loss attributable to common shareholders	$ (5,353)	$ (3,327)	$ (5,664)	$ (6,182)
Basic and diluted loss per share (in dollars per share)	$ (0.65)	$ (2.47)	$ (1.08)	$ (4.59)
Basic and diluted average shares outstanding (in shares)	8,292,809	1,345,402	5,243,577	1,345,402
Revenue, Product and Service [Extensible List]			us-gaap:LicenseAndServiceMember

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock Series A	Preferred Stock Series B	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2018		978,849	1,989,616	1,345,402
Balance at beginning of period at Dec. 31, 2018	$ (46,919)	$ 20,903	$ 39,592	$ 1	$ 12	$ (46,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	48				48
Accretion of preferred stock to current redemption value (pre-merger)	(750)	$ 247	$ 503			(750)
Net loss	(2,105)					(2,105)
Balance at end of period (in shares) at Mar. 31, 2019		978,849	1,989,616	1,345,402
Balance at end of period at Mar. 31, 2019	(49,726)	$ 21,150	$ 40,095	$ 1	60	(49,787)
Balance at beginning of period (in shares) at Dec. 31, 2018		978,849	1,989,616	1,345,402
Balance at beginning of period at Dec. 31, 2018	(46,919)	$ 20,903	$ 39,592	$ 1	12	(46,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,674)
Balance at end of period (in shares) at Jun. 30, 2019		978,849	1,989,616	1,345,402
Balance at end of period at Jun. 30, 2019	(53,013)	$ 21,400	$ 40,603	$ 1	100	(53,114)
Balance at beginning of period (in shares) at Mar. 31, 2019		978,849	1,989,616	1,345,402
Balance at beginning of period at Mar. 31, 2019	(49,726)	$ 21,150	$ 40,095	$ 1	60	(49,787)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	40				40
Accretion of preferred stock to current redemption value (pre-merger)	(758)	$ 250	$ 508			(758)
Net loss	(2,569)					(2,569)
Balance at end of period (in shares) at Jun. 30, 2019		978,849	1,989,616	1,345,402
Balance at end of period at Jun. 30, 2019	(53,013)	$ 21,400	$ 40,603	$ 1	100	(53,114)
Balance at beginning of period (in shares) at Dec. 31, 2019		978,849	1,989,616	1,177,933
Balance at beginning of period at Dec. 31, 2019	(59,463)	$ 21,904	$ 41,631	$ 12	202	(59,677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of preferred stock to current redemption value (pre-merger)	(651)	$ 216	$ 435			(651)
Issuance of common stock to former stockholders of NewLink upon merger (in shares)				4,146,405
Issuance of common stock to former stockholders of NewLink upon merger	116,949			$ 41	116,908
Conversion of preferred stock into common stock upon merger (in shares)		(978,849)	(1,989,616)	2,968,465
Conversion of preferred stock into common stock upon merger	64,186	$ (22,120)	$ (42,066)	$ 30	64,156
Share-based compensation	177				177
Net loss	340					340
Balance at end of period (in shares) at Mar. 31, 2020		0	0	8,292,803
Balance at end of period at Mar. 31, 2020	121,538	$ 0	$ 0	$ 83	181,443	(59,988)
Balance at beginning of period (in shares) at Dec. 31, 2019		978,849	1,989,616	1,177,933
Balance at beginning of period at Dec. 31, 2019	(59,463)	$ 21,904	$ 41,631	$ 12	202	(59,677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,013)
Balance at end of period (in shares) at Jun. 30, 2020		0	0	8,293,312
Balance at end of period at Jun. 30, 2020	116,465	$ 0	$ 0	$ 83	181,723	(65,341)
Balance at beginning of period (in shares) at Mar. 31, 2020		0	0	8,292,803
Balance at beginning of period at Mar. 31, 2020	121,538	$ 0	$ 0	$ 83	181,443	(59,988)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	274				274
Sales of shares under stock purchase plan	6				6
Sales of shares under stock purchase plan (in shares)				509
Net loss	(5,353)					(5,353)
Balance at end of period (in shares) at Jun. 30, 2020		0	0	8,293,312
Balance at end of period at Jun. 30, 2020	$ 116,465	$ 0	$ 0	$ 83	$ 181,723	$ (65,341)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities
Net loss	$ (5,013)	$ (4,674)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	451	88
Depreciation and amortization	313	16
Impairment of right-of-use (ROU) asset	(29)	0
Amortization of ROU asset and change in operating lease liability	(93)	4
In-process research and development charge	426	0
Benefit for deferred taxes	(2,416)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,423)	(8)
Other receivables	85	0
Accounts payable and accrued expenses	(3,237)	103
Income taxes receivable	(4,474)	0
Net cash used in operating activities	(16,410)	(4,471)
Cash Flows From Investing Activities
Cash acquired in connection with merger	84,179	0
Purchase of equipment	(14)	0
Net cash provided by investing activities	84,165	0
Cash Flows From Financing Activities
Sales of shares under stock purchase plan	6	0
Principal payments on notes payable	(16)	0
Net cash used in financing activities	(10)	0
Net increase (decrease) in cash and cash equivalents	67,745	(4,471)
Cash and cash equivalents at beginning of period	4,952	14,022
Cash and cash equivalents at end of period	$ 72,697	$ 9,551

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business Lumos Pharma, Inc. ("Lumos" or the "Company") is a clinical-stage biopharmaceutical company focused on the identification, acquisition, in-license, development, and commercialization of novel products for the treatment of rare diseases. The Company's mission is to develop new therapies for people with rare diseases, prioritizing its focus where the medical need is high, and the pathophysiology is clear. The Company's principal offices are located in Austin, Texas. Lumos and its subsidiaries have historically devoted substantially all of their efforts toward research and development. The Company has never earned revenue from commercial sales of its drugs. The Company believes that its existing cash and cash equivalents as of June 30, 2020 are sufficient to satisfy its operating cash and needs to support the Company through read out of the Phase 2b clinical trial for its LUM-201 product candidate and at least one year after the filing of the Quarterly Report on Form 10-Q in which these financial statements are included. If available liquidity becomes insufficient to meet the Company’s operating obligations as they come due, the Company’s plans include selling additional shares of common stock, alternative funding arrangements and/or reducing expenditures as necessary to meet the Company’s cash requirements. However, there is no assurance that, if required, the Company will be able to raise additional capital or reduce discretionary spending to provide the required liquidity. Failure by the Company to successfully execute its plans or otherwise address its liquidity needs may have a material adverse effect on its business and financial position and may materially affect the Company’s ability to continue as a going concern. In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of Coronavirus, a global pandemic. In response to the COVID-19 pandemic, “shelter in place” orders and other public health guidance measures have been implemented across much of the United States, including in the locations of our offices, clinical trial sites, key vendors, and partners. This outbreak is causing major disruptions to businesses and markets worldwide as the virus spreads. The extent of the effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and governmental, regulatory and private sector responses, all of which are uncertain and difficult to predict. Although the Company is unable to estimate the financial effect of the pandemic at this time, if the pandemic continues to evolve into a severe worldwide crisis, it could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. The financial statements do not reflect any adjustments as a result of the pandemic. Merger with NewLink Genetics Corporation On March 18, 2020, Lumos, the company formerly known as NewLink Genetics Corporation ("NewLink"), completed a merger in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of September 30, 2019, by and among the Company, Cyclone Merger Sub, Inc. ("Merger Sub"), and what was then known as Lumos Pharma, Inc., which has since been renamed “Lumos Pharma Sub, Inc.” (“Private Lumos”) (as amended, the "Merger Agreement"), pursuant to which Merger Sub merged with and into Private Lumos, with Private Lumos surviving as a wholly-owned subsidiary of NewLink (the "Merger"). On March 18, 2020, and prior to the effective time of the Merger (the “Effective Time”), NewLink effected a 1-for-9 reverse stock split of its common stock (the “Reverse Stock Split”) and, following the Merger, changed its name to “Lumos Pharma, Inc.” Unless otherwise noted herein, all references to share amounts give effect to the Reverse Stock Split. Following the completion of the Merger, the business being conducted by the Company became primarily the business conducted by Private Lumos, which is a biopharmaceutical company focused on the identification, acquisition, in-license, development, and commercialization of novel products for the treatment of rare diseases. Immediately following the Reverse Stock Split and the completion of the Merger, there were 8,292,803 shares of the Company’s common stock outstanding. Under the terms of the Merger, Private Lumos stockholders received an aggregate of 4,146,398 shares of our common stock, at an exchange rate of (i) 0.1308319305 shares of common stock in exchange for each share of Private Lumos common stock outstanding immediately prior to the Merger, (ii) 0.0873621142 shares of our common stock in exchange for each share of Private Lumos Series A Preferred Stock outstanding immediately prior to the Merger, and (iii) 0.1996348626 shares of our common stock in exchange for each share of Private Lumos Series B Preferred Stock outstanding immediately prior to the Merger. Immediately following the Merger, the former Private Lumos stockholders beneficially owned approximately 50% of the shares of the Company and the former NewLink stockholders beneficially owned approximately 50% of the shares of the Company. For accounting purposes, Private Lumos is considered to have acquired NewLink in the Merger. NewLink's shares of common stock listed on The Nasdaq Global Market, previously trading through the close of business on Wednesday, March 18, 2020 (the "Merger Date") under the ticker symbol "NLNK", commenced trading on The Nasdaq Global Market, under the ticker symbol "LUMO", on Thursday, March 19, 2020. The accompanying condensed consolidated financial statements and notes give retroactive effect to the exchange ratio and change in par value for all periods presented. The Merger was accounted for as a reverse merger with Private Lumos deemed the accounting acquiror for accounting purposes. Further, the Merger was accounted for as an asset acquisition rather than a business combination because the assets acquired and liabilities assumed from NewLink did not meet the definition of a business as defined by ASC 805, Business Combinations as NewLink did not contain the processes in place to generate outputs. As such, the results of operations and cash flows prior to the Merger Date, relate to Private Lumos. Subsequent to the Merger Date the information in these unaudited financial statements relates to the Company and its consolidated entities. All share and per share amounts in the financial statements and related notes have been retroactively adjusted, where applicable, for all periods presented to give effect to the exchange ratio applied in connection with the Merger and the Reverse Stock Split.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany amounts have been eliminated. The unaudited interim consolidated financial statements have been prepared and presented by the Company in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"), and, in management’s opinion, reflect all adjustments necessary to present fairly the Company’s interim condensed financial information. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019, included in NewLink's Annual Report on Form 10-K and the Company's Current Report on Form 8-K/A, filed with the SEC on May 29, 2020. The financial results for any interim period are not necessarily indicative of financial results for the full year. The Company’s historical results are not necessarily indicative of the results to be expected in the future and the Company’s operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

NewLink Genetics Merger

NewLink Genetics Merger	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
NewLink Genetics Merger	NewLink Genetics Merger As described in Note 1, Private Lumos merged with the Company on March 18, 2020. The Merger was accounted for as a reverse merger with Private Lumos as the accounting acquirer based upon the terms of the Merger Agreement and other factors including: (i) Lumos stockholders owned approximately 50% of outstanding common stock of the Company immediately following the closing of the Merger, (ii) the board of directors of the Company (the "Board") consists of three members designated by the NewLink, three members designated by Private Lumos and the Board unanimously appointed a seventh member and (iii) the Company is led by Private Lumos’ then current chief executive officer and chief scientific officer, with other current members of senior management from both Private Lumos and NewLink. The Merger was accounted for as an asset acquisition in accordance with U.S. GAAP as the assets acquired and liabilities assumed from NewLink do not meet the definition of a business as defined by ASC 805, Business Combinations as NewLink did not contain the processes in place to generate outputs. For accounting purposes, Private Lumos acquired the assets and liabilities of NewLink in this Merger. Management allocated the net assets acquired and liabilities assumed in connection with the transaction based on their estimated acquisition date fair values as described below. The fair value of the net assets acquired on March 18, 2020 was $116.9 million. As NewLink’s assets were predominately comprised of cash offset by current liabilities, the carrying value of NewLink’s net assets, including the fair value of acquired intangible assets not previously reflected on NewLink’s balance sheet, is considered to be the best indicator of the fair value and the purchase price. The purchase price assigned a value to the assets and liabilities acquired based on the accumulated cost of the acquisition and allocated based on the acquired assets and liabilities relative fair value. Given the cost of the acquisition was computed based on the fair value of the net assets acquired, the relative fair values assigned equate to the computed fair values of the acquired assets and liabilities. The acquired net assets of NewLink based on their fair values as of March 18, 2020 are as follows (in thousands): Assets acquired: Cash and cash equivalents $ 84,179 Prepaid and other current assets 2,999 Income tax receivable 192 Property and equipment 1,020 Economic interest in PRV 87,920 Other intangible assets 426 Other non-current assets 517 Total Assets Acquired 177,253 Liabilities assumed: Accounts payable 285 Accrued expenses and other current liabilities 8,788 PRV-related liability owed to Merck 35,720 Royalty obligation payable to Iowa Economics Development Authority 6,000 Deferred tax liability 9,500 Other long-term liabilities 12 Total liabilities assumed 60,305 Total net assets acquired $ 116,948 On January 3, 2020, Merck Sharp & Dohme Corp. ("Merck") notified NewLink that they had been issued a Priority Review Voucher ("PRV") in connection with the U.S. Food and Drug Administration (the "FDA") approval of ERVEBO® (Ebola Zaire Vaccine, Live). Under the terms of the NewLink Merck Agreement (as defined below), on February 4, 2020, Merck assigned all of its rights and interests in connection with the PRV to NewLink. The Company is entitled to 60 percent of the value of the PRV obtained through sale, transfer or other disposition of the PRV, with 40 percent to be payable to Merck upon completion of the sale. Management used the precedent transaction method under the market approach to estimate the value of the PRV and relied on purchase prices indicated by actual precedent priority review voucher transactions that were reasonably comparable to the PRV owned by the Company. The market approach requires several judgments and assumptions to determine the fair value including discount rates, probability assumption of sale, expected consolidated transaction sales price, and tax rates. The 40 percent ownership owed to Merck is separately reflected as a liability in the condensed consolidated balance sheet. Management used an estimated transaction price of $95.0 million based on the observed median guideline transaction of the range of publicly disclosed transactions of $80.0 million to $111.0 million from 2018 and through 2020. This reflected the most current observable inputs as of March 18, 2020 and trends in the market of PRVs and accounts for the decline in the transaction values since the peak sale of $350.0 million in 2015. The fair value assigned to the acquired in-process research and development assets was estimated based on the estimated expected net proceeds from the sales of these assets as intellectual property. These assets are no longer being actively pursued in further clinical development by the Company. The acquired in-process research and development expenses of $426,000 were expensed to research and development expenses in the statement of operations for the three months ended March 31, 2020.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Risks and Uncertainties The Company is monitoring the potential impact of COVID-19, if any, on the carrying value of certain assets and its continued operations. To date, the Company has not experienced material business disruption, nor has it incurred impairment of any assets as a result of COVID-19. The extent to which these events may impact the Company’s business, clinical development and regulatory efforts, and the value of its common stock, will depend on future developments, which are highly uncertain and cannot be predicted at this time. The duration and intensity of these impacts and resulting disruption to the Company’s operations is uncertain and the Company will continue to assess for any future potential financial impact, if any. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Financial Instruments and Concentrations of Credit Risk Cash and cash equivalents, receivables, and accounts payable are recorded at cost, which approximates fair value based on the short-term nature of these financial instruments. The Company is unable to estimate the fair value of the royalty obligation based on future product sales, as the timing of payments, if any, is uncertain. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, the Company’s cash and cash equivalents balance exceeds the federally insured limits. To limit the credit risk, the Company invests its excess cash primarily in high quality securities such as money market funds. Share-Based Compensation The Company is required to estimate the grant-date fair value of share-based payment transactions with employees which include stock options, restricted stock units ("RSUs") and performance shares and recognizes the compensation cost over the requisite service period based on the estimated fair values. The Company estimates the fair value of each award granted using the Black-Scholes option pricing model. The Black-Scholes model requires the input of assumptions, including the expected stock price volatility, the calculation of expected term and the fair value of the underlying common stock on the date of grant, among other inputs. The Company calculates the fair value of the award on the grant date, which is the date the award is authorized by the Board or by the Chief Executive Officer as delegated by the Board. The Company has issued awards to nonemployee consultants and advisers. All grants to nonemployees are valued using the same fair value method that we use for grants to employees. The compensation cost on these awards is measured each period until vesting and is recognized through the earlier of the vesting of the award or completion of services by the nonemployee. Following is a description of the inputs for the Black-Scholes model: Exercise Price The Company uses the quoted market price as listed on the public exchange on the date of grant. If incentive stock options are granted to a 10% stockholder in the Company, the exercise price shall not be less than 110% of the common stock’s fair market value on the date of grant. Expected Term The expected term of a stock option is the period of time for which the option is expected to be outstanding. Due to the lack of historical exercise data to provide a reasonable basis upon which to estimate an expected term, we have opted to use the simplified method, which is the use of the midpoint of the vesting term and the contractual term of the award to estimate the expected term. Risk-Free Interest Rate The Company uses the average yield on current U.S. Treasury instruments with terms that approximate the expected term of the stock options being valued. Expected Dividend Yield The expected dividend yield for all of the Company’s stock option grants is 0%, as the Company has not declared a cash dividend since inception and has no plans to declare a dividend. Expected Volatility As the Company does not have sufficient historical stock price information to meet the expected life of the stock option grants, it uses a blended volatility based on the trading history from the common stock of a set of comparable publicly-traded biopharmaceutical companies. Forfeitures The Company accounts for forfeitures as they occur. Property and Equipment Property and equipment are capitalized as the Company believes they have alternative future uses and are stated at cost, less accumulated depreciation of $403,000 and $154,000 as of June 30, 2020 and December 31, 2019, respectively. Depreciation on all property and equipment is calculated on the straight-line method over the shorter of the lease term or estimated useful life of the asset. Computer equipment has useful lives of three Acquired In-process Research and Development Acquired in-process research and development expense consists of the initial up-front payments incurred in connection with the acquisition or licensing of product candidates that do not meet the definition of a business under ASC 805, Business Combinations . During the six months ended June 30, 2020, the Company expensed the in-process research and development asset of $426,000 acquired as part of the Merger as there is no future economic benefit. The expense of $426,000 is recorded within research and development costs within the consolidated statement of operations. Asset Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the asset; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the asset is available for immediate sale in its present condition; (iv) actions required to complete the sale of the asset have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one year; and (vi) the asset is actively being marketed for sale at a price that is reasonable given its current market value. A long-lived asset classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell. If the long-lived asset is newly acquired, the carrying amount of the long-lived asset is established based on its fair value less cost to sell at the acquisition date. A long-lived asset is not depreciated or amortized while it is classified as held for sale, and an impairment loss would be recognized to the extent the carrying amount exceeds the asset's fair value less cost to sell. Lumos has classified the PRV as held for sale and is carried at its original fair value less cost to sell on the condensed consolidated balance sheet as of June 30, 2020.

License and Research Collaborat

License and Research Collaboration Agreements	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Research Collaboration Agreement	License and Research Collaboration Agreement Merck Sharp & Dohme Corp. In November 2014, NewLink entered into a licensing and collaboration agreement (the "NewLink Merck Agreement") with Merck to develop, manufacture and commercialize rVSV-ZEBOV-GP, an Ebola vaccine that NewLink licensed from the Public Health Agency of Canada ("PHAC"). Under the terms of the NewLink Merck Agreement, NewLink granted Merck an exclusive, royalty bearing license to rVSV-ZEBOV-GP and related technology. Under the NewLink Merck Agreement, NewLink received a $30.0 million non-refundable, upfront payment in December 2014, and a one-time $20.0 million non-refundable milestone payment in February 2015 upon the initiation of the pivotal clinical trial using the current rVSV-ZEBOV-GP vaccine product as one arm of the trial. The NewLink Merck Agreement was amended on December 5, 2017 in connection with our entry into an amended and restated PHAC license on December 5, 2017. The amended NewLink Merck Agreement absolves our subsidiary, BioProtection Systems Corporation ("BPS"), from any future obligation to negotiate or amend the terms of the PHAC license, converts the scope of Merck's sublicense under PHAC’s intellectual property rights to be non-exclusive in the Ebola Sudan field of use, and requires Merck to reimburse us in certain circumstances where we may be obligated to pay royalties to PHAC as a result of Merck’s product sales but Merck would not otherwise be obligated to pay a royalty to us. On April 26, 2018, NewLink entered into an agreement with Merck, the U.S. BioMedical Advanced Research and Development Authority ("BARDA"), and the Defense Threat Reduction Agency ("DTRA") to transfer the government grants from BARDA and DTRA to Merck. The transfer was completed in June 2018 and Merck replaced NewLink as the prime contractor on all such grants. On December 20, 2019, Merck announced that the FDA approved its application for ERVEBO® (Ebola Zaire Vaccine, Live) for the prevention of disease caused by Zaire Ebola virus in individuals 18 years of age and older. On January 3, 2020, Merck notified NewLink that they had been issued a PRV. Under the terms of the NewLink Merck Agreement, on February 4, 2020, Merck assigned all of its rights and interests in connection with the PRV to NewLink. On July 27, 2020, the Company entered into the PRV Transfer Agreement to sell the PRV to Merck. The Company and Merck agreed to value the PRV at $100.0 million, of which the Company will receive 60% or $60.0 million in gross proceeds. The purchase price will be paid in two installments: $34.0 million will be paid upon closing of the sale and $26.0 million will be paid on January 11, 2021. The Company also has the potential to earn royalties on sales of the vaccine in certain countries, if the vaccine is successfully commercialized by Merck. However, we believe that the market for the vaccine will be limited primarily to areas in the developing world that are excluded from royalty payment or where the vaccine is donated or sold at low or no margin and therefore we do not expect to receive material royalty payments from Merck in the foreseeable future.

Common Stock Equity Incentive P

Common Stock Equity Incentive Plan	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Common Stock Equity Incentive Plan	Common Stock Equity Incentive Plans Contemporaneous with the Merger closing, the Company assumed Private Lumos' 2012 Equity Incentive Plan and 2016 Equity Incentive Plan. Under these plans, the Company assumed 26,248 stock options issued and outstanding under the Private Lumos 2012 Equity Incentive Plan, with a weighted-average exercise price of $1.39 per share and 163,864 stock options issued and outstanding under the Private Lumos 2016 Stock Plan with a weighted-average exercise price of $3.66 per share. From and after the Effective Time, such options may be exercised for shares of our common stock under the terms of the respective plans under which they were granted. 2019 Equity Incentive Plan In July 2009, the NewLink stockholders approved the 2009 Equity Incentive Plan (the “2009 Plan”), and in May 2019, NewLink's stockholders approved a proposal to amend and extend the 2009 Plan (the "2019 Plan") which remained in effect for the Company upon the Merger. Following the approval of the 2019 Plan, no additional stock awards will be granted under the 2009 Plan. Shares that remained available for issuance pursuant to the exercise of options or issuance or settlement of stock awards under the 2009 Plan became available for issuance pursuant to the 2019 Plan and all shares that would have otherwise returned to the 2009 Plan became available for issuance pursuant to the 2019 Plan. Under the provisions of the 2019 Plan, the Company may grant the following types of common stock awards: • Incentive Stock Options • Nonstatutory Stock Options • Restricted Stock Awards • Stock Appreciation Rights Awards under the 2019 Plan, as amended, may be made to officers, employees, members of the Board, advisors, and consultants to the Company. As of June 30, 2020, including the shares from the Private Lumos 2012 and 2016 Equity Incentive Plans that were assumed through the Merger, there were 1,692,379 shares of common stock authorized for issuance under our equity incentive plans, and 422,536 shares remained available for issuance under the 2019 Plan. The increases in the authorized shares of common stock under the 2009 Plan in 2010 and 2011 were approved by NewLink's stockholders. The increases in the authorized shares of common stock under the 2009 Plan in 2012 through 2019 were made pursuant to an “evergreen provision,” in accordance with which, on January 1 of each year, from 2013 to (and including) 2019, a number of shares of common stock in an amount equal to 4% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or such lesser amount of shares (or no shares) approved by the Board, was added or will be added to the shares reserved under the 2009 Plan. On May 9, 2019, NewLink's stockholders approved an amendment to the 2009 Plan which, among other modifications, included decreasing the automatic annual “evergreen provision” from 4% to 3%, in accordance with which, on January 1 of each year, from 2020 to (and including) 2029, a number of shares of common stock in an amount equal to 3% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or such lesser amount of shares (or no shares) approved by the Board, was added or will be added to the shares reserved under the 2019 Plan. 2010 Non-Employee Directors' Stock Award Plan Under the terms of the Company’s 2010 Non-Employee Directors’ Stock Award Plan (the "Directors’ Plan") which became effective on November 10, 2011 and remains in effect upon the Merger, 26,455 shares of common stock were reserved for future issuance. On May 9, 2013, an additional 17,989 shares of common stock were added to the shares reserved for future issuance under the Directors' Plan. As of June 30, 2020, no shares remain available for issuance under the Directors' Plan. 2010 Employee Stock Purchase Plan Under the terms of the Company’s 2010 Employee Stock Purchase Plan (the "2010 Purchase Plan"), which became effective for NewLink on November 10, 2011 and remains in effect upon the Merger, 23,809 shares of common stock were reserved for future issuance. On May 9, 2013, an additional 20,635 shares of common stock were added to the shares reserved for future issuance under the 2010 Purchase Plan. As of June 30, 2020, 2,119 shares remained available for issuance under the 2010 Purchase Plan. Share-Based Compensation Share-based compensation expense for the three months ended June 30, 2020 and 2019 was $274,000 and $40,000, respectively. For the six months ended June 30, 2020 and 2019, share-based compensation was $451,000 and $88,000, respectively. Share-based compensation expense is allocated between research and development and general and administrative expenses within the condensed consolidated statements of operations. As of June 30, 2020, the total compensation cost related to nonvested option awards not yet recognized was $3.4 million and the weighted-average period over which it is expected to be recognized is 3.5 years. Stock Options and Performance Stock Options The following table summarizes the stock option activity, including options with market and performance conditions and options granted and forfeited from December 31, 2019 through June 30, 2020: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at beginning of period 596,312 $ 30.76 5.0 Options granted 504,104 8.09 Options exercised — — Options forfeited (2,011) 21.04 Options expired (29,426) 54.22 Outstanding at end of period 1,068,979 $ 19.44 7.2 Options exercisable at end of period 433,796 $ 32.90 4.6 The Company estimates the fair value of each stock option grant on the date of grant using a Black-Scholes option pricing model. In conjunction with the Merger, the Company re-valued the outstanding awards under its equity incentive plans which did not result in a material incremental expense during the six months ended June 30, 2020. The following table summarizes the range of assumptions used to estimate the fair value of stock options granted, including those options granted with a market condition, during the six months ended June 30, 2020: Risk-free interest rate 0.42% to 0.46% Expected dividend yield —% Expected volatility 86.1% to 88.7% Expected term (in years) 5.8 to 6.1 Weighted-average grant-date fair value per share $5.79 No options were exercised during the six months ended June 30, 2020. The fair value of awards vested during the six months ended June 30, 2020 was $687,000. Restricted Stock and Performance Restricted Stock Restricted stock is common stock that is subject to restrictions, including risks of forfeiture, determined by a committee of the Board in its sole discretion, for as long as such common stock remains subject to any such restrictions. A holder of restricted stock has all rights of a stockholder with respect to such stock, including the right to vote and to receive dividends thereon, except as otherwise provided in the award agreement relating to such award. Restricted stock awards are classified as equity within the consolidated balance sheets. The fair value of each restricted stock grant is estimated on the date of grant using the closing price of the Company's common stock on The Nasdaq Stock Market on the date of grant. A summary of the Company's unvested restricted stock, including restricted stock with performance conditions, at June 30, 2020 and changes during the six months ended June 30, 2020 are as follows: Number of restricted shares Weighted average grant date fair value Unvested at beginning of period 210 $ 312.94 Granted 73,987 7.90 Vested (443) 159.10 Forfeited/cancelled — — Unvested at end of period 73,754 $ 7.86 The Company does not have a formal policy regarding the source of shares issued upon exercise of stock options or issuance of restricted stock. The Company expects shares issued to be issued from treasury shares or new shares.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The Company has certain facility leases with non-cancellable terms ranging between one The Company records lease liabilities based on the present value of lease payments over the lease term using an incremental borrowing rate to discount its lease liabilities, as the rate implicit in the lease is typically not readily determinable. To compute the present value of the lease liability, the Company used a weighted-average discount rate of 5%. Certain lease agreements include renewal options that are under the Company's control. The Company includes optional renewal periods in the lease term only when it is reasonably certain that the Company will exercise its option. Prior to the Merger, NewLink had asserted it would not renew the lease terms through expiry of the lease renewal option periods. The weighted-average remaining lease term as of June 30, 2020 is less than 1.0 year. The Company does not separate lease components from non-lease components. Variable lease payments include payments to lessors for taxes, maintenance, insurance and other operating costs as well as payments that are adjusted based on an index or rate. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants. Future minimum lease payments under the non-cancellable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2020 are as follows (in thousands), excluding option renewals: For the Year Ended December 31: 2020 $ 376 2021 278 Total future minimum lease payments 654 Less: Imputed interest (17) Unamortized lease incentive 182 Total $ 819

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2020, the Company recorded a benefit of $1.4 million and $6.9 million, respectively. For the three and six months ended June 30, 2019, the Company recorded no income tax benefit. The income tax benefit is show below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Current tax benefit $ — $ — $ 4,473 $ — Deferred tax benefit 1,426 — 2,416 — Total income tax benefit $ 1,426 $ — $ 6,889 $ — On March 25, 2020, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law to provide emergency assistance to affected individuals, families, and businesses. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses. The CARES Act amends the net operating losses ("NOLs") provisions of the Tax Cut and Jobs Act of 2017 (the "Tax Act"), providing for a five year carryback for NOLs generated in tax years beginning after December 31, 2017 and before January 1, 2021. A tax benefit of $4.5 million related to pre-tax NOLs was carried back to each of the five taxable years to fully offset taxable income with a full receivable recorded for this amount as of June 30, 2020. The Company received the full refund in July 2020. The income tax amount for the three and six months ended June 30, 2020 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to the benefit of $4.5 million recorded as a result of the CARES Act. Additionally, the income tax benefit for the three and six months ended June 30, 2020 includes $1.4 million and $2.4 million, respectively, for the release of the valuation allowance related to Private Lumos NOLs and a current period benefit for losses the Company anticipates will be offset by future income. The income tax amount for the three and six months ended June 30, 2019 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to the full valuation allowance. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected taxable income, and tax planning strategies in making this assessment. As a result of the Merger, a deferred tax liability of $9.5 million was recorded for the step up in book basis over tax basis for the net value of the PRV which the Company sold in July 2020. A net deferred tax liability of $7.1 million is shown on the condensed consolidated balance sheet as of June 30, 2020. As of June 30, 2020, there is not a valuation allowance recorded. Based on Section 382 ownership change analyses through March 18, 2020, as a result of the Merger, both historical NewLink and Private Lumos experienced Section 382 ownership changes on March 18, 2020. The Company has a reserve for uncertain tax positions related to state tax matters of $653,000 as of June 30, 2020 recorded within accrued expenses in the condensed consolidated balance sheet, which includes the accrual of interest and penalties. The Company does not expect the amount to change significantly within the next 12 months.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock Basic loss per share is based upon the weighted-average number of shares of common stock outstanding during the period, without consideration of common stock equivalents. Diluted loss per share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common stock equivalents during the period when the effect is dilutive. The following table presents the computation of basic and diluted loss per share of common stock (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $ (5,353) $ (2,569) $ (5,013) $ (4,674) Accretion of preferred stock to current redemption value — (758) (651) (1,508) Net loss attributable to common shareholders $ (5,353) $ (3,327) $ (5,664) $ (6,182) Basic and diluted weighted-average shares outstanding 8,292,809 1,345,402 5,243,577 1,345,402 Basic and diluted loss per share $ (0.65) $ (2.47) $ (1.08) $ (4.59)

Restructuring and Severance Cha

Restructuring and Severance Charges	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Severance Charges	Restructuring and Severance Charges The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee severance costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits, is recognized ratably over the future service period. The Company also records costs incurred with contract terminations associated with restructuring activities. On September 30, 2019, prior to the Merger, NewLink adopted a restructuring plan to reduce its headcount by approximately 60%, which consisted primarily of clinical and research and development staff, and made several changes to senior leadership in order to conserve resources. In addition to the restructuring, Charles J. Link, Jr, M.D. retired from NewLink and the NewLink board of directors, effective August 3, 2019 and Nicholas Vahanian retired from his position as the President and member of the board of directors, effective September 27, 2019, and his employment with the company ended on November 11, 2019. In conjunction with the restructuring and departure of former NewLink executives, NewLink recorded restructuring and severance charges of $5.6 million during the year ended December 31, 2019. The following table shows the amount accrued for restructuring activities which is recorded within accrued expenses in the consolidated balance sheet (in thousands): Total Employee Severance Cost Balance as of December 31, 2019 $ 4,700 Expensed — Cash Payments 3,731 Balance as of June 30, 2020 $ 969

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, claims are asserted against the Company arising in the ordinary course of business. In the opinion of management, liabilities, if any, arising from existing claims are not expected to have a material effect on the Company's earnings, financial position, or liquidity. On or about May 12, 2016, Trevor Abramson filed a putative securities class action lawsuit in the United States District Court for the Southern District of New York (the “Court for the Southern District of NY”), captioned Abramson v. NewLink Genetics Corp., et al., Case 1:16-cv-3545 (the “Securities Action”). Subsequently, the Court for the Southern District of NY appointed Michael and Kelly Nguyen as lead plaintiffs and approved their selection of Kahn, Swick & Foti, LLC as lead counsel in the Securities Action. On October 31, 2016, the lead plaintiffs filed an amended complaint asserting claims under the federal securities laws against NewLink, NewLink’s former Chief Executive Officer Charles J. Link, Jr., and NewLink’s former Chief Medical Officer and President Nicholas Vahanian, (collectively, the “Defendants”). The amended complaint alleges the Defendants made material false and/or misleading statements that caused losses to NewLink’s investors. The Defendants filed a motion to dismiss the amended complaint on July 14, 2017. On March 29, 2018, the Court for the Southern District of NY dismissed the amended complaint for failure to state a claim, without prejudice, and gave the lead plaintiffs until May 4, 2018 to file any amended complaint attempting to remedy the defects in their claims. On May 4, 2018, the lead plaintiffs filed a second amended complaint asserting claims under the federal securities laws against the Defendants. Like the first amended complaint, the second amended complaint alleges that the Defendants made material false and/or misleading statements or omissions relating to the Phase 2 and 3 trials and efficacy of the product candidate algenpantucel-L that caused losses to NewLink's investors. The lead plaintiffs do not quantify any alleged damages in the second amended complaint but, in addition to attorneys’ fees and costs, they sought to recover damages on behalf of themselves and other persons who purchased or otherwise acquired NewLink’s stock during the putative class period of September 17, 2013 through May 9, 2016, inclusive, at allegedly inflated prices and purportedly suffered financial harm as a result. The Defendants filed a motion to dismiss the second amended complaint on July 31, 2018. On February 13, 2019, the Court for the Southern District of NY dismissed the second amended complaint for failure to state a claim, with prejudice, and closed the case. On March 14, 2019, lead plaintiffs filed a notice of appeal. The briefing on lead plaintiffs' appeal was completed in early July 2019 and oral argument before the Second Circuit Court of Appeals was held on October 21, 2019. In an opinion dated July 13, 2020, the Second Circuit Court of Appeals affirmed the district court’s dismissal of the second amended complaint in part, vacated the district court’s dismissal of the second amended complaint in part, and remanded the matter to the district court for further proceedings. On August 6, 2020, the Company filed a Petition for Rehearing en banc requesting reconsideration of portions of the opinion from the Second Circuit Court of Appeals and is awaiting the Court’s determination concerning the petition. The Company intends to continue defending the Securities Action vigorously. On or about April 26, 2017, Ronald Morrow filed a shareholder derivative lawsuit on behalf of NewLink in the Court for the Southern District of NY, against NewLink’s former Chief Executive Officer Charles J. Link, Jr., NewLink’s former Chief Medical Officer and President Nicholas Vahanian, and NewLink directors Thomas A. Raffin, Joseph Saluri, Ernest J. Talarico, III, Paul R. Edick, Paolo Pucci, and Lota S. Zoth (collectively, the “Morrow Defendants”), captioned Morrow v. Link., et al., Case 1:17-cv-03039 (the “Morrow Action”). The complaint alleges that the Morrow Defendants caused NewLink to issue false statements in its 2016 proxy statement regarding risk management and compensation matters in violation of federal securities law. The complaint also asserts state law claims against the Morrow Defendants for breaches of fiduciary duties, unjust enrichment, abuse of control, insider trading, gross mismanagement, and corporate waste, alleging that the Morrow Defendants made material misstatements or omissions related to the Phase 2 and 3 trials and efficacy of the product candidate algenpantucel-L, awarded themselves excessive compensation, engaged in illegal insider trading, and grossly mismanaged NewLink. The plaintiff does not quantify any alleged damages in the complaint but seeks restitution for damages to NewLink, attorneys’ fees, costs, and expenses, as well as an order directing that proposals for strengthening board oversight be put to a vote of NewLink’s shareholders. The language for such proposals is not specified in the complaint. The plaintiff also contemporaneously filed a statement of relatedness, informing the Court for the Southern District of NY that the Morrow Action is related to Abramson v. NewLink Genetics Corp., et al., Case 1:16-cv-3545. On May 19, 2017, the plaintiff dismissed the Morrow Action without prejudice. Also on May 19, 2017, plaintiffs’ counsel in the Morrow Action filed a new shareholder derivative complaint that is substantively identical to the Morrow Action, except that the plaintiff is Rickey Ely. The latter action is captioned Ely v. Link, et al., Case 17-cv-3799 (the “Ely Action”). By agreement of the parties and order dated June 26, 2017, the Court for the Southern District of NY temporarily stayed the Ely Action until the Securities Action is dismissed or otherwise finally resolved. Under the terms of the stay, the plaintiff in the Ely Action had until March 15, 2019 (30 days after dismissal of the Securities Action with prejudice) to file an amended derivative complaint or rest upon the current derivative complaint. By further agreement of the parties, dated March 15, 2019, the Ely Action will continue to be stayed pending the

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 27, 2020, the Company entered into the PRV Transfer Agreement to sell its PRV to Merck. Under the terms of the License and Collaboration Agreement, Merck is entitled to 40% of the gross proceeds of the sale of the PRV. The Company and Merck agreed to value the PRV at $100.0 million, of which the Company will receive 60% or $60.0 million in gross proceeds. The purchase price will be paid in two installments: $34.0 million will be paid upon closing of the sale, and $26.0 million will be paid on January 11, 2021. The PRV Transfer Agreement contains customary representations, warranties, covenants, and indemnification provisions subject to certain limitations. The transaction remains subject to customary closing conditions, including anti-trust review which we anticipate will be completed by early September 2020.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany amounts have been eliminated. The unaudited interim consolidated financial statements have been prepared and presented by the Company in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"), and, in management’s opinion, reflect all adjustments necessary to present fairly the Company’s interim condensed financial information. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019, included in NewLink's Annual Report on Form 10-K and the Company's Current Report on Form 8-K/A, filed with the SEC on May 29, 2020. The financial results for any interim period are not necessarily indicative of financial results for the full year. The Company’s historical results are not necessarily indicative of the results to be expected in the future and the Company’s operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Risk and Uncertainties	Risks and Uncertainties The Company is monitoring the potential impact of COVID-19, if any, on the carrying value of certain assets and its continued operations. To date, the Company has not experienced material business disruption, nor has it incurred impairment of any assets as a result of COVID-19. The extent to which these events may impact the Company’s business, clinical development and regulatory efforts, and the value of its common stock, will depend on future developments, which are highly uncertain and cannot be predicted at this time. The duration and intensity of these impacts and resulting disruption to the Company’s operations is uncertain and the Company will continue to assess for any future potential financial impact, if any.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Financial Instruments	Financial Instruments and Concentrations of Credit RiskCash and cash equivalents, receivables, and accounts payable are recorded at cost, which approximates fair value based on the short-term nature of these financial instruments. The Company is unable to estimate the fair value of the royalty obligation based on future product sales, as the timing of payments, if any, is uncertain.
Concentration of Credit Risk	Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, the Company’s cash and cash equivalents balance exceeds the federally insured limits. To limit the credit risk, the Company invests its excess cash primarily in high quality securities such as money market funds.
Share-based Compensation	Share-Based Compensation The Company is required to estimate the grant-date fair value of share-based payment transactions with employees which include stock options, restricted stock units ("RSUs") and performance shares and recognizes the compensation cost over the requisite service period based on the estimated fair values. The Company estimates the fair value of each award granted using the Black-Scholes option pricing model. The Black-Scholes model requires the input of assumptions, including the expected stock price volatility, the calculation of expected term and the fair value of the underlying common stock on the date of grant, among other inputs. The Company calculates the fair value of the award on the grant date, which is the date the award is authorized by the Board or by the Chief Executive Officer as delegated by the Board. The Company has issued awards to nonemployee consultants and advisers. All grants to nonemployees are valued using the same fair value method that we use for grants to employees. The compensation cost on these awards is measured each period until vesting and is recognized through the earlier of the vesting of the award or completion of services by the nonemployee. Following is a description of the inputs for the Black-Scholes model: Exercise Price The Company uses the quoted market price as listed on the public exchange on the date of grant. If incentive stock options are granted to a 10% stockholder in the Company, the exercise price shall not be less than 110% of the common stock’s fair market value on the date of grant. Expected Term The expected term of a stock option is the period of time for which the option is expected to be outstanding. Due to the lack of historical exercise data to provide a reasonable basis upon which to estimate an expected term, we have opted to use the simplified method, which is the use of the midpoint of the vesting term and the contractual term of the award to estimate the expected term. Risk-Free Interest Rate The Company uses the average yield on current U.S. Treasury instruments with terms that approximate the expected term of the stock options being valued. Expected Dividend Yield The expected dividend yield for all of the Company’s stock option grants is 0%, as the Company has not declared a cash dividend since inception and has no plans to declare a dividend. Expected Volatility As the Company does not have sufficient historical stock price information to meet the expected life of the stock option grants, it uses a blended volatility based on the trading history from the common stock of a set of comparable publicly-traded biopharmaceutical companies. Forfeitures
Property and Equipment	Property and EquipmentProperty and equipment are capitalized as the Company believes they have alternative future uses and are stated at cost, less accumulated depreciation of $403,000 and $154,000 as of June 30, 2020 and December 31, 2019, respectively. Depreciation on all property and equipment is calculated on the straight-line method over the shorter of the lease term or estimated useful life of the asset. Computer equipment has useful lives of three
Acquired In-process Research and Development	Acquired in-process research and development expense consists of the initial up-front payments incurred in connection with the acquisition or licensing of product candidates that do not meet the definition of a business under ASC 805, Business Combinations
Assets Held for Sale	Asset Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the asset; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the asset is available for immediate sale in its present condition; (iv) actions required to complete the sale of the asset have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one year; and (vi) the asset is actively being marketed for sale at a price that is reasonable given its current market value.

NewLink Genetics Merger (Tables

NewLink Genetics Merger (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Acquired Net Assets	The acquired net assets of NewLink based on their fair values as of March 18, 2020 are as follows (in thousands): Assets acquired: Cash and cash equivalents $ 84,179 Prepaid and other current assets 2,999 Income tax receivable 192 Property and equipment 1,020 Economic interest in PRV 87,920 Other intangible assets 426 Other non-current assets 517 Total Assets Acquired 177,253 Liabilities assumed: Accounts payable 285 Accrued expenses and other current liabilities 8,788 PRV-related liability owed to Merck 35,720 Royalty obligation payable to Iowa Economics Development Authority 6,000 Deferred tax liability 9,500 Other long-term liabilities 12 Total liabilities assumed 60,305 Total net assets acquired $ 116,948

Common Stock Equity Incentive_2

Common Stock Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Option Activity	The following table summarizes the stock option activity, including options with market and performance conditions and options granted and forfeited from December 31, 2019 through June 30, 2020: Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at beginning of period 596,312 $ 30.76 5.0 Options granted 504,104 8.09 Options exercised — — Options forfeited (2,011) 21.04 Options expired (29,426) 54.22 Outstanding at end of period 1,068,979 $ 19.44 7.2 Options exercisable at end of period 433,796 $ 32.90 4.6
Assumptions Used in Black-Scholes Pricing Model for New Grants	The following table summarizes the range of assumptions used to estimate the fair value of stock options granted, including those options granted with a market condition, during the six months ended June 30, 2020: Risk-free interest rate 0.42% to 0.46% Expected dividend yield —% Expected volatility 86.1% to 88.7% Expected term (in years) 5.8 to 6.1 Weighted-average grant-date fair value per share $5.79
Restricted Stock Activity	A summary of the Company's unvested restricted stock, including restricted stock with performance conditions, at June 30, 2020 and changes during the six months ended June 30, 2020 are as follows: Number of restricted shares Weighted average grant date fair value Unvested at beginning of period 210 $ 312.94 Granted 73,987 7.90 Vested (443) 159.10 Forfeited/cancelled — — Unvested at end of period 73,754 $ 7.86

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Maturity of Operating Lease Liabilities	Future minimum lease payments under the non-cancellable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2020 are as follows (in thousands), excluding option renewals: For the Year Ended December 31: 2020 $ 376 2021 278 Total future minimum lease payments 654 Less: Imputed interest (17) Unamortized lease incentive 182 Total $ 819

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Current tax benefit $ — $ — $ 4,473 $ — Deferred tax benefit 1,426 — 2,416 — Total income tax benefit $ 1,426 $ — $ 6,889 $ —

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Common Share	The following table presents the computation of basic and diluted loss per share of common stock (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net loss $ (5,353) $ (2,569) $ (5,013) $ (4,674) Accretion of preferred stock to current redemption value — (758) (651) (1,508) Net loss attributable to common shareholders $ (5,353) $ (3,327) $ (5,664) $ (6,182) Basic and diluted weighted-average shares outstanding 8,292,809 1,345,402 5,243,577 1,345,402 Basic and diluted loss per share $ (0.65) $ (2.47) $ (1.08) $ (4.59)

Restructuring and Severance C_2

Restructuring and Severance Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table shows the amount accrued for restructuring activities which is recorded within accrued expenses in the consolidated balance sheet (in thousands): Total Employee Severance Cost Balance as of December 31, 2019 $ 4,700 Expensed — Cash Payments 3,731 Balance as of June 30, 2020 $ 969

Organization and Description _2

Organization and Description of Business (Details)	Mar. 19, 2020	Mar. 18, 2020shares	Jun. 30, 2020shares	Dec. 31, 2019shares
Conversion of Stock [Line Items]
Common stock, outstanding shares		8,292,803	8,293,312	1,177,933
Stock conversion ratio		0.1111
Private Lumos Stockholders | NewLink Genetics
Conversion of Stock [Line Items]
Ownership percentage after transaction	0.50
Former Stockholders
Conversion of Stock [Line Items]
Ownership percentage after transaction	0.50
Common Stock
Conversion of Stock [Line Items]
Stock conversion ratio		0.1308319305
Common Stock | Private Lumos Stockholders
Conversion of Stock [Line Items]
Aggregate shares received (in shares)		4,146,398
Preferred Stock Series A
Conversion of Stock [Line Items]
Stock conversion ratio		0.0873621142
Preferred Stock Series B
Conversion of Stock [Line Items]
Stock conversion ratio		0.1996348626

NewLink Genetics Merger (Detail

NewLink Genetics Merger (Details)	Jul. 27, 2020USD ($)installment	Mar. 19, 2020	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 18, 2020USD ($)	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
In-process research and development charge			$ 426,000	$ 426,000	$ 0
Private Lumos Stockholders | NewLink Genetics
Business Acquisition [Line Items]
Ownership percentage after transaction		0.50
Merck | License and Collaborative Arrangement
Business Acquisition [Line Items]
Value of PRV company is entitled to						60.00%
Value of PRV liability						40.00%
Estimated transaction price						$ 95,000,000
Merck | License and Collaborative Arrangement | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement | Subsequent Event
Business Acquisition [Line Items]
Value of PRV company is entitled to	60.00%
Value of PRV	$ 100,000,000
Gross proceeds from sale	60,000,000
Cash from sale	$ 34,000,000
Number of installments | installment	2
Consideration receivable	$ 26,000,000
Merck | License and Collaborative Arrangement | Minimum
Business Acquisition [Line Items]
Observed transaction price						80,000,000
Merck | License and Collaborative Arrangement | Maximum
Business Acquisition [Line Items]
Observed transaction price						111,000,000	$ 350,000,000
NewLink Genetics
Business Acquisition [Line Items]
Cash and cash equivalents						84,179,000
Prepaid and other current assets						2,999,000
Income tax receivable						192,000
Property and equipment						1,020,000
Economic interest in PRV						87,920,000
Other intangible assets						426,000
Other non-current assets						517,000
Total Assets Acquired						177,253,000
Accounts payable						285,000
Accrued expenses and other current liabilities						8,788,000
PRV-related liability owed to Merck						35,720,000
Royalty obligation payable to Iowa Economics Development Authority						6,000,000
Deferred tax liability						9,500,000
Other long-term liabilities						12,000
Total liabilities assumed						60,305,000
Total net assets acquired						$ 116,948,000

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Exercise price of common stock fair market value on date of grant	110.00%	110.00%
Expected dividend rate (percent)		0.00%
Accumulated depreciation	$ 403	$ 403	$ 154
Property, Plant and Equipment [Line Items]
Impairment of in-process research and development asset	$ 426
Computer Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life		3 years
Computer Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life		5 years
Lab Equipment
Property, Plant and Equipment [Line Items]
Useful life		5 years
Contract Manufacturing Organization Equipment
Property, Plant and Equipment [Line Items]
Useful life		5 years

License and Research Collabor_2

License and Research Collaboration Agreement (Details) - Merck $ in Thousands	Jul. 27, 2020USD ($)installment	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 18, 2020
License and collaboration revenue
Deferred Revenue Arrangement [Line Items]
Grant revenue				$ 33	$ 55
License and Collaborative Arrangement
Deferred Revenue Arrangement [Line Items]
Upfront cash payments		$ 20,000	$ 30,000
Value of PRV company is entitled to						60.00%
License and Collaborative Arrangement | Subsequent Event | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement
Deferred Revenue Arrangement [Line Items]
Value of PRV	$ 100,000
Value of PRV company is entitled to	60.00%
Gross proceeds from sale	$ 60,000
Number of installments | installment	2
Cash from sale	$ 34,000
Consideration receivable	$ 26,000

Common Stock Equity Incentive_3

Common Stock Equity Incentive Plan (Narrative) (Details) - USD ($)	May 09, 2019	May 08, 2019	May 09, 2013	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 18, 2020	Dec. 31, 2019	Nov. 10, 2011
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense				$ 274,000	$ 40,000	$ 451,000	$ 88,000
2009 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized				1,692,379		1,692,379
Number of shares remained available for issuance				422,536		422,536
Evergreen increase (percent)	3.00%	4.00%				4.00%
2010 Non-Employee Directors' Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized										26,455
Number of shares remained available for issuance				0		0
Increase in number of shares authorized			17,989
2010 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized										23,809
Number of shares remained available for issuance				2,119		2,119
Increase in number of shares authorized			20,635
Lumos 2012 EIP
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized								26,248
Number of options outstanding (in shares)								26,248
Options outstanding, weighted average exercise price (in dollars per share)								$ 1.39
Lumos 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized								163,864
Number of options outstanding (in shares)								163,864
Options outstanding, weighted average exercise price (in dollars per share)								$ 3.66
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Number of options outstanding (in shares)				1,068,979		1,068,979			596,312
Options outstanding, weighted average exercise price (in dollars per share)				$ 19.44		$ 19.44			$ 30.76
Total compensation cost related to non-vested option awards				$ 3,400,000		$ 3,400,000
Weighted average vesting period for non-vested option awards, in years						3 years 6 months
Intrinsic value of options exercised						$ 0
Fair value of awards vested						$ 687,000

Common Stock Equity Incentive_4

Common Stock Equity Incentive Plan (Stock Option Activity) (Details) - Stock Option - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
Number of options
Outstanding at beginning of period (in shares)	596,312	596,312
Options granted (in shares)		504,104
Options exercised (in shares)		0
Options forfeited (in shares)		(2,011)
Options expired (in shares)		(29,426)
Outstanding at end of period (in shares)		1,068,979
Weighted average exercise price
Outstanding, weighted average exercise price at beginning of period (in dollars per share)	$ 30.76	$ 30.76
Granted, weighted average exercise price (in dollars per share)		8.09
Exercised, weighted average exercise price (in dollars per share)		0
Forfeited, weighted average exercise price (in dollars per share)		21.04
Expired, weighted average exercise price (in dollars per share)		54.22
Outstanding, weighted average exercise price at end of period (in dollars per share)		$ 19.44
Options exercisable at end of period (in shares)		433,796
Exercisable, weighted average exercise price (in dollars per share)		$ 32.90
Outstanding, weighted average remaining contractual term, in years	5 years	7 years 2 months 12 days
Exercisable, weighted average remaining contractual term, in years		4 years 7 months 6 days

Common Stock Equity Incentive_5

Common Stock Equity Incentive Plan (Range of Assumptions Used) (Details)	6 Months Ended
	Jun. 30, 2020$ / shares
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividend rate (percent)	0.00%
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividend rate (percent)	0.00%
Weighted-average grant-date fair value per share (in dollars per share)	$ 5.79
Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	0.42%
Expected volatility	86.10%
Expected term (in years)	5 years 9 months 18 days
Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	0.46%
Expected volatility	88.70%
Expected term (in years)	6 years 1 month 6 days

Common Stock Equity Incentive_6

Common Stock Equity Incentive Plan (Restricted Stock Activity) (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested at beginning of period (in shares) | shares	210
Granted (in shares) | shares	73,987
Vested (in shares) | shares	(443)
Forfeited / cancelled (in shares) | shares	0
Unvested at end of period (in shares) | shares	73,754
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value at beginning of period (in dollars per share) | $ / shares	$ 312.94
Weighted average grant-date fair value per share (in dollars per share) | $ / shares	7.90
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	159.10
Forfeited/cancelled, weighted average grant date fair value (in dollars per share) | $ / shares	0
Weighted average grant date fair value at end of period (in dollars per share) | $ / shares	$ 7.86

Leases (Details)

Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Lessee, Lease, Description [Line Items]
Operating lease weighted average discount rate	5.00%
Operating lease weighted average remaining lease term	1 year
Operating Lease Liabilities Payments Due
2020	$ 376
2021	278
Total future minimum lease payments	654
Less: imputed interest	(17)
Unamortized lease incentive	182
Total	$ 819
Minimum
Lessee, Lease, Description [Line Items]
Term of operating lease contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of operating lease contract	2 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Current tax benefit	$ 0	$ 0	$ 4,473	$ 0
Deferred tax benefit	1,426	0	2,416	0
Total income tax benefit	1,426	$ 0	6,889	$ 0
Pre-tax NOL to be carried back	4,500		4,500
Deferred tax liability, PRV	9,500		9,500
Net deferred tax liability	7,100		7,100
Reserve for uncertain tax positions	$ 653		$ 653

Net Loss per Share of Common _3

Net Loss per Share of Common Stock (Net Loss Per Share Computation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (5,353)	$ 340	$ (2,569)	$ (2,105)	$ (5,013)	$ (4,674)
Accretion of preferred stock to current redemption value	0		(758)		(651)	(1,508)
Net loss attributable to common shareholders	$ (5,353)		$ (3,327)		$ (5,664)	$ (6,182)
Basic and diluted weighted-average shares (in shares)	8,292,809		1,345,402		5,243,577	1,345,402
Basic and diluted loss per share (in dollars per share)	$ (0.65)		$ (2.47)		$ (1.08)	$ (4.59)

Net Loss per Share of Common _4

Net Loss per Share of Common Stock (Antidilutive Securities) (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,068,979	287,854
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	73,754	0

Restructuring and Severance C_3

Restructuring and Severance Charges - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Percentage reduction in force	60.00%
Expensed		$ 0	$ 5,600

Restructuring and Severance C_4

Restructuring and Severance Charges - Restructuring Roll Forward (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 4,700
Expensed	0	$ 5,600
Cash Payments	3,731
Balance at end of period	$ 969	$ 4,700

Subsequent Events (Details)

Subsequent Events (Details) - Merck - License and Collaborative Arrangement $ in Millions	Jul. 27, 2020USD ($)installment	Mar. 18, 2020
Subsequent Event [Line Items]
Value of PRV company is entitled to		60.00%
Subsequent Event | PRV Transfer Agreement | Held-for-sale or Disposed of by Sale
Subsequent Event [Line Items]
Value of PRV company is entitled to	60.00%
Value of PRV	$ 100
Gross proceeds from sale	60
Cash from sale	$ 34
Number of installments | installment	2
Consideration receivable	$ 26
Subsequent Event | Merck | PRV Transfer Agreement | Held-for-sale or Disposed of by Sale
Subsequent Event [Line Items]
Value of PRV company is entitled to	40.00%