Lumos Pharma (LUMO) 10-K 9 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 05, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 94.7
Entity Common Stock, Shares Outstanding		8,325,631
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Shareholders, to be held on May 19, 2021, which will be filed within 120 days of December 31, 2020, are incorporated by reference into Part III of this Annual Report on Form 10-K .
Entity Central Index Key	0001126234
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 98,679	$ 4,952
Prepaid expenses and other current assets	3,506	82
Income tax receivable	115	0
Other receivables	26,149	35
Total current assets	128,449	5,069
Non-current assets:
Property and equipment, net	335	84
Right-of-use asset	249	373
Total non-current assets	584	457
Total assets	129,033	5,526
Current liabilities:
Accounts payable	244	365
Accrued expenses	5,898	709
Current portion of lease liability	319	189
Total current liabilities	6,461	1,263
Long-term liabilities:
Royalty obligation payable to Iowa Economic Development Authority	6,000	0
Lease liability	0	191
Total long-term liabilities	6,000	191
Total liabilities	12,461	1,454
Stockholders' equity:
Undesignated preferred stock, $— par value: Authorized shares - 5,000,000 at and December 31, 2020 and 2019, respectively; issued and outstanding shares - 0 at December 31, 2020 and 2019, respectively.	0	0
Common stock, $0.01 par value: Authorized shares - 75,000,000 and 36,000,000 at December 31, 2020 and 2019, respectively; issued and outstanding 8,305,269 and 1,177,933 at December 31, 2020 and 2019, respectively	83	12
Treasury stock, at cost, 0 and 176,623 shares held as of December 31, 2020 and 2019, respectively	0	0
Additional paid-in capital	182,480	202
Accumulated deficit	(65,991)	(59,677)
Total stockholders’ equity (deficit)	116,572	(59,463)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	129,033	5,526
Series A redeemable convertible preferred stock
Long-term liabilities:
Redeemable convertible preferred stock:	0	21,904
Series B redeemable convertible preferred stock
Long-term liabilities:
Redeemable convertible preferred stock:	$ 0	$ 41,631

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Blank check preferred stock, par value (in dollars per share)	$ 0	$ 0
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	8,305,269	1,177,933
Common stock, outstanding shares	8,305,269	1,177,933
Treasury stock, shares	0	176,623
Series A redeemable convertible preferred stock
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
Series B redeemable convertible preferred stock
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Total revenues	$ 168	$ 0
Operating expenses:
Research and development	9,206	5,669
General and administrative	17,265	4,147
Total operating expenses	26,471	9,816
Loss from operations	(26,303)	(9,816)
Other income and expense:
Other income, net	6,467	37
Interest income	200	74
Other income, net	6,667	111
Net loss before taxes	(19,636)	(9,705)
Income tax benefit	13,973	0
Net loss	(5,663)	(9,705)
Accretion of preferred stock to current redemption value	(651)	(3,040)
Net loss attributable to common shareholders	$ (6,314)	$ (12,745)
Net loss per share of common stock
Basic and diluted (in dollars per share)	$ (0.93)	$ (9.79)
Weighted average number of common shares outstanding
Basic and diluted (in shares)	6,777,932	1,302,390
Revenue, Product and Service [Extensible List]	us-gaap:LicenseAndServiceMember

Consolidated Statement of Chang

Consolidated Statement of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity - USD ($)	Total	Preferred StockSeries A redeemable convertible preferred stock	Preferred StockSeries B redeemable convertible preferred stock	Common Stock	Treasury Stock, at cost	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 (in shares) at Dec. 31, 2018					0
Balance at beginning of period at Dec. 31, 2018	$ (46,919,000)	$ 20,903,000	$ 39,592,000	$ 12,000	$ 0	$ 1,000	$ (46,932,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of preferred stock to current redemption value (pre-merger)	(3,040,000)	$ 1,001,000	$ 2,039,000				(3,040,000)
Share-based compensation	179,000					179,000
Exercise of stock options	22,000					22,000
Exercise of stock options (in shares)				9,158
Treasury stock purchase, at cost (in shares)				(176,623)
Treasury stock purchase, at cost (in shares)					176,623
Net loss	$ (9,705,000)						(9,705,000)
Balance at end of period (in shares) at Dec. 31, 2019		978,849	1,989,616	1,177,933
Balance at end of period (in shares) at Dec. 31, 2019	176,623				176,623
Balance at end of period at Dec. 31, 2019	$ (59,463,000)	$ 21,904,000	$ 41,631,000	$ 12,000	$ 0	202,000	(59,677,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of preferred stock to current redemption value (pre-merger)	(651,000)	$ 216,000	$ 435,000				(651,000)
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	116,949,000			$ 41,000		116,908,000
Cancellation of treasury stock upon merger (in shares)					(176,623)
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	64,186,000	$ (22,120,000)	$ (42,066,000)	$ 30,000		64,156,000
Share-based compensation	1,074,000					1,074,000
Exercise of stock options	116,000					116,000
Exercise of stock options (in shares)				10,533
Sales of shares under stock purchase plan	24,000					24,000
Sales of shares under stock purchase plan (in shares)				1,933
Net loss	$ (5,663,000)						(5,663,000)
Balance at end of period (in shares) at Dec. 31, 2020		0	0	8,305,269
Balance at end of period (in shares) at Dec. 31, 2020	0				0
Balance at end of period at Dec. 31, 2020	$ 116,572,000	$ 0	$ 0	$ 83,000	$ 0	$ 182,480,000	$ (65,991,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net loss	$ (5,663)	$ (9,705)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,074	179
Depreciation and amortization	584	37
Gain on sale of priority review voucher	(6,300)	0
In-process research and development charge	426	0
Benefit for deferred taxes	(9,500)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(731)	85
Other receivables	309	0
Accounts payable and accrued expenses	(3,196)	314
Net cash used in operating activities	(22,997)	(9,090)
Cash Flows From Investing Activities
Cash acquired in connection with merger	84,179	0
Proceeds from sale of priority review voucher, net	32,500	0
Purchase of equipment	(30)	(2)
Net cash provided by (used in) investing activities	116,649	(2)
Cash Flows From Financing Activities
Proceeds from sales of common shares under stock purchase plans and exercise of stock options	140	22
Costs of common stock offering under Controlled Equity OfferingSM	(38)	0
Principal payments on notes payable	(27)	0
Net cash provided by financing activities	75	22
Net increase (decrease) in cash and cash equivalents	93,727	(9,070)
Cash and cash equivalents at beginning of year	4,952	14,022
Cash and cash equivalents at end of year	98,679	4,952
Supplemental disclosure of cash flows information:
Cash refunds received for taxes, net	4,473	0
Cash paid for interest	8	0
Supplemental non-cash investing and financing activity:
Purchased leasehold improvements and equipment in accounts payable	64,186	0
Issuance of common stock to NewLink shareholders	116,949	0
Non-cash settlement of liability related to priority review voucher	$ 35,720	$ 0

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Organization and Nature of operations Lumos Pharma, Inc. is a clinical-stage biopharmaceutical company. References in this Annual Report to “us,” “we,” “our,” the “Company,” or “Lumos” are to Lumos Pharma, Inc. and its wholly-owned subsidiaries. With our principal executive offices located in Austin, Texas and additional executive and administrative offices located in Ames, Iowa, we are engaged in advancing our clinical program and focused on identifying, acquiring, developing, and commercialization of novel products and new therapies for people with rare diseases on a global level , for which there is currently a significant unmet need for safe and effective therapies . Our common stock is listed on the Nasdaq Global Market (“Nasdaq”) and trades under the ticker symbol “LUMO.” The Company entered into a business combination (the “Merger”) between the Company, formerly known as NewLink Genetics Corporation (“NewLink”), Cyclone Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of NewLink, and Lumos Pharma, Inc., which has since been renamed “Lumos Pharma Sub, Inc.” (“Private Lumos”). The Merger closed on March 18, 2020, and Merger Sub merged with and into Private Lumos, with Private Lumos surviving as a wholly-owned subsidiary of the Company. Immediately prior to the closing of the Merger, the shares of NewLink common stock were adjusted with a reverse split ratio of 1‑for‑9. Under the terms of the Merger, Private Lumos stockholders received an aggregate of 4,146,398 shares of NewLink common stock (after giving effect to the reverse split) for each share of outstanding common stock, Series A Preferred Stock and Series B Preferred Stock of Private Lumos converted at an exchange ratio of 0.1308319305, 0.0873621142 and 0.1996348626 , respectively . 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 , of which approximately 50% was held by each of Private Lumos and NewLink security holders. The Merger was accounted for as a reverse asset acquisition. Private Lumos was deemed to be the accounting acquirer for accounting purposes and NewLink the accounting acquiree. Accordingly, for accounting purposes: (i) the assets acquired and liabilities assumed were recorded based on their estimated fair values on the Merger date, (ii) the reported historical operating results of the combined company prior to the Merger will be those of Private Lumos and not of NewLink after retroactively giving effect to the common stock exchange ratio, reverse stock split and change in par value for all periods presented, and (iii) for periods prior to the transaction, shareholders’ authorized capital of the combined company is presented based on the historical authorized capital of NewLink. After the consummation of the Merger, the combined company has focused its efforts on the development of Private Lumos’ sole product candidate, secretagogue ibutamoren (“LUM-201”), a potential oral therapy for pediatric growth hormone deficiency (“PGHD”) and other rare endocrine disorders. Liquidity and Risks The Company has historically devoted substantially all of its efforts toward research and development and has never earned revenue from commercial sales of its products. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. However, t he Company believes that its existing cash and cash equivalents of approximately $98.7 million as of December 31, 2020 and the second and final installment of $26.0 million received on January 11, 2021 related to sale of priority review voucher (“PRV”) will be sufficient to allow the Company to fund its operations through read out of the Phase 2b Trial for a subset of patients with PGHD indication under its LUM-201 product candidate and for at least 12 months from the filing date of this Annual Report. If available liquidity becomes insufficient to meet the Company’s obligations as they come due, our f uture operations will be reliant on additional equity or financing arrangements. There can be no assurances that, in the event that the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations. The pandemic caused by an outbreak of a novel strain of coronavirus, SARS-CoV-2, which causes COVID-19 (“COVID-19”), has resulted, and is likely to continue to result, in significant national and global economic disruption and may adversely affect the Company’s operations. The Company is actively monitoring the potential impact of COVID-19, if any, on the carrying value of certain assets and its continued operations. To date, we have experienced limited delays related to clinical trials as clinical sites adapt their procedures to caring for patients during a pandemic, however, we have not 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, 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 evaluate the impact that these events could have on the operations, financial position, and the results of operations and cash flows during fiscal year 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of Lumos and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All significant intercompany accounts and transactions are eliminated in consolidatio n. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The Merger was accounted for as a reverse asset acquisition. Private Lumos is deemed to be the accounting acquirer for accounting purposes and NewLink the accounting acquiree. Accordingly, for accounting purposes: (i) the assets acquired and liabilities assumed were recorded based on their estimated fair values on the Merger date, (ii) the reported historical operating results of the combined company prior to the Merger will be those of Private Lumos and not of NewLink after retroactively giving effect to the common stock exchange ratio, reverse stock split and change in par value for all periods presented, and (iii) for periods prior to the transaction, shareholders’ authorized capital of the combined company is presented based on the historical authorized capital of NewLink. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company ’s financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets and liabilities include useful lives of property and equipment, stock-based compensation, accruals for clinical trials and deferred tax assets. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements based on our knowledge of current events and actions that we may undertake in the future are appropriate, actual results could differ from those estimates, and any such differences may be material. Cash and Cash Equivalents The Company considers cash, money market funds and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalents of $98.7 million and $5.0 million at December 31, 2020 and 2019, respectively, consist of balances in checking and money market accounts. Property and Equipment Leasehold improvements and equipment are capitalized as the Company believes they have alternative future uses and are stated at cost. Depreciation on all leasehold improvements 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 Long-lived assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future net undiscounted cash flows expected to be generated by the asset group, primarily relating to proceeds for selling the assets. If such assets are considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Asset Acquisitions A key provision within Topic 805 , Business Combinations, is the single or similar asset threshold. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired set is not a business. In evaluating the Merger, the Company concluded that virtually all the value was concentrated in the acquired PRV asset and accounted for the transaction as an asset acquisition. (See Note 3.) Acquired in-process research and development (“IPR&D”) 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 . For the year ended December 31, 2020, the Company expensed the acquired in-process research and development asset of $426,000 acquired as part of the Merger as there is no future economic benefit and is recorded within research and development expenses in the accompanying consolidated statements of operations. Asset Held for Sale Judgment is required in determining whether an asset meets the criteria for classification as “ assets held for sale ” in the consolidated financial statements. Criteria considered by management include the existence of and commitment to a plan to dispose of the assets, the expected selling price of the assets, the expected timeframe of the completion of the anticipated sale and the period of time any amounts have been classified within assets held for sale. The Company reviews the criteria for assets held for sale each period and reclassifies such assets as appropriate. We classified the PRV that was carried at its original fair value less cost to sell as held for sale as of June 30, 2020. The PRV was sold on July 27, 2020 (see Note 4.) Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company ’ s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for lease payments are recognized on a straight-line basis over the lease term. (See Note 5.) Expenses Accrued Under Contractual Arrangements with Third Parties; Accrued Clinical Expenses The Company estimates its accrued expenses through a process of reviewing open contracts and purchase orders, communicating with personnel to identify services that have been performed and estimating the level of service performed and the associated cost incurred for the service that may not be invoiced from the provider. The estimates of accrued expenses as of each balance sheet date are based on facts and circumstances known at that time. Such estimates are periodically confirmed with the service providers to verify accuracy. The Company bases its expenses related to clinical trials on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on behalf of the Company. Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on its estimate of management fees, site management and monitoring costs and data management costs as contracted. Differences between actual clinical trial costs and estimated clinical trial costs are adjusted for in the period in which they become known through operations. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period that includes the enactment date. Management assesses the realizability of deferred tax assets and records a valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax position is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Interest and penalties assessed, if any, are recorded in its consolidated statement of operations in interest expense and other expenses. Share-Based Compensation Stock options and performance stock options The Company recognizes compensation costs related to stock options granted to employees and non-employees based on the estimated fair value of the awards on the date of grant. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The Company records forfeitures as they are incurred. The grant date fair value of the stock options is expensed on a straight-line basis over the applicable vesting period, which generally is four years. The fair value of performance-based stock options is recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, over the remaining requisite service period. The assumptions used in Black-Scholes option-pricing model are as follows: • Exercise price . 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. • Fair Market Value of Common Stoc k. As Private Lumos’ common stock has not historically been publicly traded, Private Lumos has periodically estimated the fair market value of common stock after considering, among other things, contemporaneous valuations of its common and preferred stock prepared by unrelated third-party valuation firms in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Subsequent to the Merger, the grant date fair market value is the quoted market price of the Company's common stock. • Expected term . The expected term of stock options represents the period that the stock options are expected to remain outstanding and is based on vesting terms, exercise term and contractual lives of the options. The expected term is based on the simplified method and is estimated as the average of the weighted average vesting term and the time to expiration as of the grant date. • 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-listed biopharmaceutical companies. Volatility for employee stock purchase plan (“ESPP”) shares is equal to the Company’s historical volatility over the six-month offering period. • Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the stock options in effect at the time of grant. • Dividend yield . The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plan to pay any dividends on its common stock. Restricted stock units Service-based restricted stock units are valued using the market price of our common stock on the grant date. The grant date fair value of the restricted stock units is expensed on a straight-line basis over the applicable vesting period, which generally is four years. Employee stock purchase plan Our ESPP allows employees to purchase common stock at a 15% discount from the lower of the common stock closing price on the first or last day of the offering period. The current offering period is from January 1, 2021 to June 30, 2021. We use the Black-Scholes Model to determine fair value, which incorporates assumptions as described above. The grant date fair value of the ESPP is expensed on a straight-line basis over the applicable vesting period, which generally is six months. Financial Instruments and Concentrations of Credit Risk The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level I: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and cash equivalents, including balances in money market funds (Level I), 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. Net Loss Per Share Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share reflects the potential dilution, using the treasury stock method. Revenue Recognition Revenue is recognized when control of the promised goods is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist primarily of employee-related expenses, which include salaries, bonuses, benefits and share-based compensation; manufacturing-related costs; clinical trial expenses which include expenses incurred under agreements with contract research organizations, investigative sites and consultants that conduct our clinical trials; facilities, depreciation of fixed assets and other allocated expenses, which include direct and allocated expenses for rent and maintenance of research facilities and equipment; license fees for and milestone payments related to in-licensed products and technology; and costs associated with non-clinical activities and regulatory approvals. Advance payments for goods or services to be rendered in the future for use in research and development activities are deferred and recorded as a prepaid asset. The deferred amounts are expensed as the related goods are delivered or the services are performed. Patents The Company generally applies for patent protection on processes and products. Patent application costs are expensed as incurred as a component of general and administrative expense, as recoverability of such expenditures is uncertain. Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of a specified effective date, if applicable to us. In December 2019, the FASB issued ASU 2019-12, Income Taxes (“ASC 740”) , which simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance is effective for calendar-year public business entities in 2021 and interim periods within that year. Early adoption is permitted. The Company does not expect adoption of this new guidance will have a material impact on its financial position or results of operations.

NewLink Merger

NewLink Merger	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
NewLink Merger	NewLink Merger T he Company completed the Merger on March 18, 2020. The Merger was accounted for as a reverse asset acquisition as NewLink did not meet the definition of a business pursuant to Topic 805 , Business Combinations, because NewLink did not have the ability to generate outputs. Private Lumos was deemed to be the accounting acquirer because immediately following the Merger: (i) Lumos stockholders owned approximately 50% of outstanding common stock of the Company, (ii) the board of directors of the Company (the “Board”) consists of three members designated by Private Lumos, three members designated by NewLink and a seventh independent member unanimously appointed by the Board 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. For acc ounting purposes: (i) the assets acquired and liabilities assumed were recorded based on their estimated fair values on the Merger date, (ii) the reported historical operating results of the combined company prior to the Merger will be those of Private Lumos and not of NewLink after retroactively giving effect to the common stock exchange ratio, reverse stock split and change in par value for all periods presented, and (iii) for periods prior to the transaction, shareholders’ authorized capital of the combined company is presented based on the historical authorized capital of NewLink. As the fair value of the NewLink net assets acquired, including the intangible assets of the PRV and IPR&D not previously reflected on NewLink’s balance sheet, were more clearly evident, fair valuing the net assets was determined to be a more reliable approach in determining the cost of net assets acquired. Except for the items noted herein, the fair value of the net assets acquired were determined to be the carrying value due to their short-term nature and ability to convert to cash. Based on most current observable inputs and trends in the market of the PRVs, we determined an estimated transaction price of the acquired PRV under the precedent transaction method to be $95.0 million, which is the observed median guideline in the range of publicly disclosed transactions of $80.0 million to $111.0 million from 2018 and through 2020. We applied a present value factor and estimated selling costs to the estimated transaction price to arrive at a fair value of the PR V . The PRV was recorded at an asset value of $87.9 million along with a corresponding liability due to Merck Sharp & Dohme Corp. (“Merck”) of $35.7 million. In addition, we recorded a deferred tax liability of $9.5 million for the step up in book basis over tax basis for the net value of the PRV. The fair value assigned to the acquired IPR&D was estimated based on the estimated expected net proceeds from the sales of these assets as intellectual property. As these assets are no longer being actively pursued in further clinical development by the Company, the IPR&D fair value of $426,000 were expensed to research and development expenses in the statement of operations for the three months ended March 31, 2020. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed on March 18, 2020, the date of the Merger (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

License and Asset Purchase Agre

License and Asset Purchase Agreements	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Asset Purchase Agreements	License and Asset Purchase Agreements License and LUM-201 Asset Purchase Agreements In July 2018, the Company entered into an asset purchase agreement (the “APA”) with Ammonett and acquired substantially all of the assets related to LUM-201, which Ammonett licensed from Merck in October 2013 (the “Lumos Merck Agreement”). The Lumos Merck Agreement, which grants Lumos (as successor in interest to Ammonett) worldwide, exclusive, sublicensable (subject to Merck’s consent in the United States, major European countries and Japan, such consent not to be unreasonably withheld) rights under specified patents and know-how to develop, manufacture and commercialize LUM-201 for any and all indications, excluding Autism Spectrum Disorders as defined in the Fifth Edition of the Diagnostic and Statistical Manual of Mental Disorders. On August 12, 2020, we entered into Amendment No. 1 to the Lumos Merck Agreement with Merck (the “Lumos Merck Agreement Amendment”). Pursuant to the Lumos Merck Agreement Amendment, we obtained from Merck a worldwide, non-exclusive, sublicensable (subject to Merck’s consent in the United States, specified major European countries and Japan, such consent not to be unreasonably withheld) license under the specified patents and know-how that are the subject of our exclusive license to develop, manufacture and commercialize LUM-201 for diagnostic purposes, excluding Autism Spectrum Disorders. Under the APA, the Company paid Ammonett an upfront fee of $3.5 million which was recorded as research and development expense in 2018. The Company may also incur development milestone payments totaling up to $17.0 million for achievement of specified milestones on the first indication that Lumos pursues and up to $14.0 million for achievements of specified milestones on the second indication that Lumos pursues, sales milestone payments totaling up to $55.0 million on worldwide product sales, and royalty payments based on worldwide product sales, as discussed below. Under the Lumos Merck Agreement, Lumos will be required to pay Merck substantial development milestone payments for achievement of specified milestones relating to each of the first and second indications. Total potential development milestone payments are required of up to $14 million for the first indication that Lumos pursues and up to $8.5 million for the second indication that Lumos pursues. Tiered sales milestone payments totaling up to $80.0 million are required on worldwide net product sales up to $1.0 billion, and substantial royalty payments based on product sales are required if product sales are achieved. If product sales are ever achieved, Lumos is required to make royalty payments under both the APA and the Lumos Merck Agreement collectively of 10% to 12% of total annual product net sales, subject to standard reductions for generic erosion. The royalty obligations under the Lumos Merck Agreement are on a product-by-product and country-by-country basis and will last until the later of expiration of the last licensed patent covering the product in such country and expiration of regulatory exclusivity for such product in such country. The royalty obligations under the APA are on a product-by-product and country-by-country basis for the duration of the royalty obligations under the Merck License and thereafter until the expiration of the last patent assigned to Lumos under the APA covering such product in such country. The Lumos Merck Agreement shall continue in force until the expiration of royalty obligations on a country-by-country and product-by-product basis, or unless terminated by Lumos at will by submitting 180 days’ advance written notice to Merck or by either party for the other party’s uncured material breach or specified bankruptcy events. Upon expiry of the royalty obligations the Lumos Merck Agreement converts to a fully paid-up, perpetual non-exclusive license. If the Lumos Merck Agreement is terminated, and upon Merck’s written request, Lumos is obligated to use reasonable and diligent efforts to assign to Merck any sublicenses previously granted by Lumos. License and PRV Asset Purchase Agreements In November 2014, NewLink entered into a worldwide license and collaboration agreement (the “NewLink Merck Agreement”), with Merck, to develop and potentially commercialize its Ebola vaccine rVSV∆G-ZEBOV that it licensed from the Public Health Agency of Canada (“ PHAC ”). rVSV∆G-ZEBOV was also eligible to receive a PRV if approval was granted by the U.S. Food and Drug Administration (the “FDA”), with the Company entitled to 60% and Merck entitled to the remaining 40% of the PRV value obtained through sale, transfer or other disposition of the PRV. 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 July 27, 2020, Lumos and Merck entered into the asset purchase agreement (the “PRV Asset Purchase Agreement”), whereby Lumos and Merck each agreed that Merck would purchase the PRV from the Company for $100.0 million. Merck will pay the Company $60 million, representing its share of the purchase price in two installments. The $35.7 million liability, representing the portion of the PRV value to which Merck was entitled, was also extinguished through the PRV Asset Purchase Agreement. The first installment of $34.0 million was received by the Company at the closing during the three months ended September 30, 2020 and the second installment of $26.0 million was received on January 11, 2021 and is recorded within other receivables on the consolidated balance sheets. We recognized a gain of $6.3 million, net of $1.5 million in costs incurred, from the sale of the PRV and such gain is recorded within other income, net on the consolidated statements of operations. Under the NewLink Merck Agreement, as amended , the Company 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. For the year ended December 31, 2020, the Company recognized revenues of $168,000 for work the Company performed in relation to ERVEBO®, as a subcontractor of Merck .

Leases

Leases	12 Months Ended
	Dec. 31, 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. The weighted-average remaining lease term as of December 31, 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 December 31, 2020 are as follows (in thousands), excluding option renewals: For the Year Ended December 31: 2021 $ 278 Total future minimum lease payments 278 Less: Imputed interest (5) Unamortized lease incentive 46 Total $ 319

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefit Plans	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation and Employee Benefit Plans	Stock-Based Compensation and Employee Benefit Plans Stock Options and Performance Stock Options In 2012, Private Lumos adopted the 2012 Equity Incentive Plan (“2012 Plan”), and in 2016 it adopted the 2016 Stock Plan (“2016 Plan” and together with the 2012 Plan, the “Plans”). In connection with the Merger, all outstanding options under the Plans were assumed and such assumed options may be exercised to purchase common stock of the Company after the Merger. Subsequent to the Merger, the Plans were terminated as to future awards . In connection with the Merger, the Company assumed NewLink’s 2009 Equity Incentive Plan which was effective since July 2009 and was subsequently amended on May 9 , 2019 (the “2019 Plan”) . The 2019 Plan has a 10 year term from the Board adoption date of March 22, 2019 and on January 1 of each year through January 1, 2029, in accordance with an “evergreen provision”, 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, will be added to the shares reserved under the 2019 Plan. The 2019 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards and stock appreciation rights to officers, employees, members of the Board, advisors, and consultants to the Company . As of December 31, 2020, we had 519,888 shares available for grant under the 2019 Plan. In connection with the Merger , the Company re-valued the assumed stock options, and it did not result in a material incremental expense for the year ended December 31, 2020. The table below summarizes the stock option activity, including options with market and performance conditions and options outstanding at beginning of the period for NewLink and Private Lumos , for the year ended December 31, 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 523,604 8.32 Options exercised (10,533) 11.00 Options forfeited (2,052) 20.90 Options expired (148,386) 89.92 Outstanding at end of period 958,945 $ 9.59 7.6 Options exercisable at end of period 397,705 $ 10.05 5.6 The weighted-average assumptions used to value the stock options using the Black-Scholes option-pricing were as follows : Risk-free interest rate 0.35% to 0.49% Expected dividend yield —% Expected volatility 86.1% to 89.5% Expected term (in years) 5.8 to 6.1 Weighted-average grant-date fair value per share $5.96 Restricted Stock Units The table below summarizes the restricted stock units activity for the year ended December 31, 2020: 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 2010 Non-Employee Directors’ Stock Award Plan In connection with the Merger , the Company assumed NewLink’s 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”) which was effective on November 10, 2011. As of December 31, 2020, 2,166 shares remain available for grant under the Directors ’ Plan. 2010 Employee Stock Purchase Plan In connection with the Merger , the Company assumed NewLink’s 2010 Employee Stock Purchase Plan (the “2010 Purchase Plan”), which was effective on November 10, 2011. As of December 31, 2020, 695 shares remain available for issuance under the 2010 Purchase Plan. Share-Based Compensation Expense Stock-based compensation expenses included in the Company’s consolidated statements of operations for the year ended December 31, 2020 and 2019 were (in thousands): Year Ended December 31, 2020 2019 Research and development $ 132 $ — General and administrative 942 179 Total $ 1,074 $ 179 As of December 31, 2020, we had unrecognized compensation cost of $3.5 million and the weighted-average period over which it is expected to be recognized is 3.1 years. Employee Benefit Plans The Company sponsors a 401(k) plan that provides for a defined annual employer contribution. The Company’s defined contribution was $0.2 million for the year ended December 31, 2020. The Company also made a discretionary contribution to the plan of $0.1 million for the year ended December 31, 2020. The Company did not maintain a 401(k) plan for the year ended December 31, 2019.

Long-Term Debt and Conversion t

Long-Term Debt and Conversion to Royalty Obligation	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt and Conversion to Royalty Obligation	Long-Term Debt and Conversion to Royalty ObligationIn March 2005, NewLink entered into a $6.0 million forgivable loan agreement with the Iowa Department of Economic Development (the “IDED”). Under the agreement, in the absence of default, there were no principal or interest payments due until the completion date for the project. This loan was converted into a royalty obligation under the terms of a settlement agreement entered into on March 26, 2012, with the Iowa Economic Development Authority, as successor in interest to the IDED. As no payments are expected in the next 12 months, the entire royalty obligation of $6.0 million, which we assumed in connection with the Merger, is considered as long-term liability as of December 31, 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the year ended December 31, 2020, the Company recorded a benefit of $14.0 million. For the year ended December 31, 2019, the Company had no income tax expense or benefit. The income tax benefit is as follows (in thousands): Year Ended December 31, 2020 2019 Current tax benefit - U. S. federal $ 4,473 $ — Deferred tax benefit - U. S. federal 7,980 — Deferred tax benefit - state and local 1,520 — Total income tax benefit $ 13,973 $ — 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. The Company received the full refund in July 2020. The income tax benefit for the year ended December 31, 2020 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to the change in the valuation allowance offset by the capital loss in a foreign subsidiary, $9.5 million recognized for the tax benefit of current year tax losses and certain historical tax attributes realized as of the date of the Merger, both benefited from the deferred tax liability recorded for the step up in book basis over tax basis for the net value of the PRV and its subsequent sale and taxable gain and $4.5 million of current tax benefit related to carry back of NOL under the CARES Act. The income tax amount for the year ended December 31, 2019 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to change in valuation allowance. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and the deferred tax liability at December 31, 2020 and 2019 are presented below (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 27,441 $ 8,768 Federal research and development tax credits 34,238 — Share-based compensation 624 — Capital loss carryforwards 41,399 — Deferred rent 109 — Accrued compensation 361 — Charitable contributions 25 — Leasehold improvements and equipment 1,648 — Amortization — 733 Other — 90 Gross deferred tax assets 105,845 9,591 Less: valuation allowance (105,272) (9,591) Total deferred tax assets 573 — Deferred tax liability: Capital gain on PRV (573) — Net deferred tax assets $ — $ — 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. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, the net deferred tax assets are fully offset by a valuation allowance at December 31, 2020 and 2019. The valuation allowance increased by $95.7 million and $1.8 million during the years ended December 31, 2020 and 2019, respectively. 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; accordingly, NOL carryforwards are limited. As of December 31, 2020, the Company had federal operating loss carryforwards of approximately $104.4 million, federal capital loss carryforwards of approximately $165.6 million and federal research credit carryforwards of approximately $34.2 million and begin expiring in 2021. A reconciliation of income taxes at the statutory federal income tax rate to net income tax benefit included in the accompanying consolidated statements of operations is set forth in the following table: Year Ended December 31, 2020 2019 U.S. federal income tax benefit at the statutory rate (21.00) % (21.00) % State income taxes, net of federal taxes (50.50) — Loss in foreign subsidiary (177.31) — Carry-back of federal net operating loss (22.78) — Change in valuation allowance 203.25 18.34 Other (2.82) 2.66 Effective income tax rate (71.16) % — % The Company accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under scrutiny by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax position is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Interest and penalties assessed, if any, are accrued and recorded in either interest expense or miscellaneous expense, respectively in the consolidated statement of operations. The Company has a reserve for uncertain tax positions related to state tax matters of $0.7 million as of December 31, 2020 recorded within accrued expenses in the accompanying consolidated balance sheets, which includes the accrual of immaterial amounts for interest and penalties since the Merger. No amounts were accrued for uncertain tax positions as of December 31, 2019. The Company does not expect the amount to change significantly within the next 12 months.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock The Company's common stock trades on the Nasdaq under the symbol “LUMO.” Our shareholders are entitled to one vote for each share of common stock held on all matters to be voted on by shareholders. We have 75,000,000 authorized common shares, par value of $0.01 per share. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the Company stockholders. On December 30, 2020, the Company entered into a Controlled Equity Offering SM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co., as agent (the “Agent”), pursuant to which the Company may offer and sell from time to time through the Agent up to $50.0 million of shares of the Company’s common stock, $0.01 par value (the “Shares”). The offering and sale of the Shares has been registered under the Securities Act of 1933, as amended (the “Securities Act”). Under the Sales Agreement, the Agent may sell the Shares by any method permitted by law and deemed to be an “at-the-market” offering as defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through the Nasdaq, on any other existing trading market for the Shares, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law. The Company will notify the Agent of the number of Shares to be issued, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in any one day and any minimum price below which sales may not be made. The Company will pay the Agent a commission of up to 3.0% of the gross sales price of the Shares sold through it under the Sales Agreement. In addition, the Company has agreed to reimburse certain expenses incurred by the Agent in connection with the offering. The Sales Agreement may be terminated by the Agent or the Company at any time upon notice to the other party, as set forth in the Sales Agreement, or by the Agent at any time in certain circumstances, including the occurrence of a material and adverse change in the Company’s business or financial condition that makes it impractical or inadvisable to market the shares or to enforce contracts for the sale of the Shares. As of December 31, 2020, no shares have been issued under the Sales Agreement. On September 27, 2019, the Company repurchased 176,623 shares of common stock from two stockholders for an aggregate amount of $20. The repurchased shares of common stock were cancelled upon consummation of the Merger. Preferred Stock The Company's amended and restated certificate of incorporation authorizes the issuance of 5,000,000 shares of preferred stock, par value $0.01 per share. Our Board is empowered, without shareholder approval, to issue preferred stock with dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of common stock. As of December 31, 2020, the Company had no outstanding preferred stock. Series A and Series B Redeemable Convertible Preferred Stock Prior to the Merger, Private Lumos raised $17.0 million at various times through the issuance of 11,204,513 shares of Series A Preferred Stock and in April 2016, Private Lumos issued 9,966,288 shares of Series B Preferred Stock and raised $34.0 million. As of December 31, 2019, the liquidation value of Series A Preferred Stock and Series B Preferred Stock was $21.9 million and $41.6 million, respectively. Under the terms of the Merger, Private Lumos preferred stockholders received an aggregate of 2,968,465 shares of NewLink common stock (after giving effect to the reverse split) for each share of outstanding Series A Preferred Stock and Series B Preferred Stock of Private Lumos converted at an exchange ratio of 0.0873621142 and 0.1996348626 , respectively . Significant provisions of the Series A Preferred Stock and Series B Preferred Stock are as follows: (a) Dividends From the date of issuance of shares of Series A Preferred Stock, dividends shall accrue equal to 6% of the Original Issue Price. The Original Issue Price for the Series A Initial Closing, Second Closing, Third Closing, and Milestone Closing is $1.49 per share (the “Series A Original Issue Price”). Private Lumos shall not pay any dividends on stock of any other class or series of stock in any calendar year unless the holders of shares of Series B Preferred Stock then outstanding shall first receive a dividend on each share of outstanding stock of Series B equal to 6% of the Original Issue Price. The Original Issue Price for the Series B is $3.41 per share (the “Series B Original Issue Price”). Private Lumos has no obligation to pay such dividends except when, as and if declared by the board of directors (the “Private Lumos Board”). If after the dividends in the full preferential amount described above have been paid in any calendar year, the Private Lumos Board shall declare additional dividends, then such additional dividends shall be declared pro rata on the shares of common and preferred stock on a pari passu basis according to the number of shares of common stock held by such holders. For this purpose, each holder of shares of preferred stock is to be treated as holding the greatest whole number of shares of common stock then issuable upon conversion of all shares of preferred stock held by such holder. Since inception, Private Lumos has not declared or paid any dividends. (b) Voting Each holder of outstanding shares of preferred stock has voting rights equal to an equivalent number of shares of common stock into which it is convertible and votes together as one class along with the common stock. The holders of the shares of preferred stock have the right to vote on all significant matters as to which holders of shares of common stock have the right to vote. For as long as at least 15% of the authorized shares of preferred stock remain outstanding, Private Lumos must obtain the affirmative vote or written consent by at least a majority of the then outstanding shares of Series A and Series B Preferred Stock, along with the Private Lumos Board consent to consummate significant transactions, including, but not limited to, the authorization and issuance of additional stock or stock classes, changing the legal form of Private Lumos, and the approval of a deemed liquidation event. (c) Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding up of Private Lumos, the holders of shares of Series B Preferred Stock are entitled to be paid out of the assets of Private Lumos before any payment shall be made to the holders of shares of Series A Preferred Stock or common stock. The holders of the shares of Series B Preferred Stock shall receive the greater of i) the Series B Original Issue Price per share plus all unpaid accruing dividends, declared or not, on such shares of preferred stock or ii) the amount per share that would have been payable had all preferred stock been converted into common stock immediately prior to such liquidation, dissolution, or winding up. After the payments to the holders of Series B Preferred Stock, the holders of shares of Series A Preferred Stock are entitled to be paid out of the assets of Private Lumos before any payment shall be made to the holders of shares of common stock. The holders of the shares of Series A Preferred Stock shall receive the greater of i) the Series A Original Issue Price per share plus all unpaid accruing dividends, declared or not, on such shares of preferred stock or ii) the amount per share that would have been payable had all preferred stock been converted into common stock immediately prior to such liquidation, dissolution, or winding up. Liquidation payments to preferred stockholders are payable in preference and priority to any payments made to the holders of the then outstanding shares of common stock and any equity securities ranking junior to the preferred stock. After the payments to the holders of Series B Preferred Stock and Series A Preferred Stock, the remaining assets of Private Lumos available for distribution shall be distributed among the holders of shares of Series B Preferred Stock, Series A Preferred Stock and the common stock, pro rata based on the number of shares held by each such holder, treating for this purpose all such securities as if they had been converted to common stock immediately prior to such liquidation, dissolution or winding up of Private Lumos; provided, however, that each holder of Series A Preferred Stock and Series B Preferred Stock shall not receive aggregate distributions greater than three times the application Original Issue Price. (d) Redemption Upon the request from the holders of a majority of the outstanding shares of preferred stock, including the holders of at least 32.3% of the outstanding shares of Series B Preferred Stock, the Series A and B Preferred Stock would be redeemed by Private Lumos at a price per share equal to the Series A and Series B Preferred Stock Original Issue Price plus all unpaid accruing dividends, declared or not, in three equal annual installments commencing not more than 60 days after the sixth anniversary of issuance of the shares of Series B Preferred Stock in April 2016. Holders may elect a redemption request at any time after April 4, 2023 or upon a deemed liquidation event. Private Lumos has classified the Series A and B Preferred Stock as temporary equity outside of the Stockholders’ Deficit based on the premise that these instruments provide the holder with the option to redeem at a determinable price, and have reflected the value to accreted redemption value at the end of the reporting period. (e) Conversion Each share of Series A and Series B Preferred Stock is convertible at the option of the holder, at any time into that number of fully paid and nonassessable shares of common stock determined by dividing the Original Issue Price of the convertible preferred stock by the conversion price in effect on the date of conversion.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	12 Months Ended
	Dec. 31, 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 income (loss) per share of common stock (in thousands, except share and per share data) and the number of unexercised stock options and restricted stock units, which are common stock equivalents, that have been excluded from the diluted net loss calculation as their effect would have been anti-dilutive for all periods presented: Year Ended December 31, 2020 2019 Net loss $ (5,663) $ (9,705) Accretion of preferred stock to current redemption value (651) (3,040) Net loss attributable to common shareholders $ (6,314) $ (12,745) Weighted-average shares outstanding - Basic and diluted 6,777,932 1,302,390 Net loss per share - Basic and diluted $ (0.93) $ (9.79) Anti-dilutive stock options 958,945 206,560 Anti-dilutive restricted stock units 73,754 — Total anti-dilutive common stock equivalents excluded 1,032,699 206,560

Restructuring and Severance Cha

Restructuring and Severance Charges	12 Months Ended
	Dec. 31, 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 his positions as Chairman, Chief Executive Officer and Chief Science Officer of NewLink and as a member of the board of directors, effective August 3, 2019, and Nicholas Vahanian retired from his position as the President and as a member of the board of directors, effective September 27, 2019, and his employment with NewLink ended on November 8, 2019. In conjunction with the restructuring and departure of the Company executives in 2019, 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 sheets (in thousands): Total Employee Severance Cost NewLink’s accrued balance as of December 31, 2019 $ 4,700 Expensed — Cash payments 4,641 Balance as of December 31, 2020 $ 59

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 the Company, the Company’s former Chief Executive Officer Charles J. Link, Jr., and the Company’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 the Company’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 the Company’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 the Company’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 Defendants filed a Petition for Rehearing en banc requesting reconsideration of portions of the opinion from the Second Circuit Court of Appeals. The Second Circuit Court of Appeals denied the Petition on September 8, 2020 and issued a mandate to the Court for the Southern District of NY on September 15, 2020. On December 16, 2020, the Company reached a settlement in principle to fully resolve the Securities Action. The agreement, which is subject to final documentation, court approval and certain other conditions, provides in part for a settlement payment in exchange for the dismissal and a release of all claims against the Defendants in connection with the securities class action suit. The full amount of the settlement payment is expected to be paid by the Company’s insurance provider under its insurance policy.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 4, 2021, Eugene P. Kennedy, M.D., notified the Company that he would be resigning from his position as the Company's Chief Medical Officer effective March 6, 2021 to assume a position with another company focusing on oncology. As per the terms of Dr. Kennedy's employment agreement relating to change in control benefits, the Company will pay approximately $0.7 million, accelerate vesting of all non-vested equity awards and allow for a twenty four month extension of the exercise period after the separation date to exercise any vested equity awards.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements include the accounts of Lumos and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All significant intercompany accounts and transactions are eliminated in consolidatio n. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The Merger was accounted for as a reverse asset acquisition. Private Lumos is deemed to be the accounting acquirer for accounting purposes and NewLink the accounting acquiree. Accordingly, for accounting purposes: (i) the assets acquired and liabilities assumed were recorded based on their estimated fair values on the Merger date, (ii) the reported historical operating results of the combined company prior to the Merger will be those of Private Lumos and not of NewLink after retroactively giving effect to the common stock exchange ratio, reverse stock split and change in par value for all periods presented, and (iii) for periods prior to the transaction, shareholders’ authorized capital of the combined company is presented based on the historical authorized capital of NewLink.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company ’s financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets and liabilities include useful lives of property and equipment, stock-based compensation, accruals for clinical trials and deferred tax assets. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements based on our knowledge of current events and actions that we may undertake in the future are appropriate, actual results could differ from those estimates, and any such differences may be material.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash, money market funds and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalents of $98.7 million and $5.0 million at December 31, 2020 and 2019, respectively, consist of balances in checking and money market accounts.
Property and Equipment	Property and Equipment Leasehold improvements and equipment are capitalized as the Company believes they have alternative future uses and are stated at cost. Depreciation on all leasehold improvements 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 Long-lived assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future net undiscounted cash flows expected to be generated by the asset group, primarily relating to proceeds for selling the assets. If such assets are considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Asset Acquisitions	Asset Acquisitions A key provision within Topic 805 , Business Combinations, is the single or similar asset threshold. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired set is not a business. In evaluating the Merger, the Company concluded that virtually all the value was concentrated in the acquired PRV asset and accounted for the transaction as an asset acquisition. (See Note 3.)
Acquired In-process Research and Development	Acquired in-process research and development (“IPR&D”) 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 .
Asset Held for Sale	Asset Held for Sale Judgment is required in determining whether an asset meets the criteria for classification as “ assets held for sale ” in the consolidated financial statements. Criteria considered by management include the existence of and commitment to a plan to dispose of the assets, the expected selling price of the assets, the expected timeframe of the completion of the anticipated sale and the period of time any amounts have been classified within assets held for sale. The Company reviews the criteria for assets held for sale each period and reclassifies such assets as appropriate. We classified the PRV that was carried at its original fair value less cost to sell as held for sale as of June 30, 2020. The PRV was sold on July 27, 2020 (see Note 4.)
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company ’ s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for lease payments are recognized on a straight-line basis over the lease term. (See Note 5.)
Expenses Accrued Under Contractual Arrangements with Third Parties; Accrued Clinical Expenses	Expenses Accrued Under Contractual Arrangements with Third Parties; Accrued Clinical Expenses The Company estimates its accrued expenses through a process of reviewing open contracts and purchase orders, communicating with personnel to identify services that have been performed and estimating the level of service performed and the associated cost incurred for the service that may not be invoiced from the provider. The estimates of accrued expenses as of each balance sheet date are based on facts and circumstances known at that time. Such estimates are periodically confirmed with the service providers to verify accuracy. The Company bases its expenses related to clinical trials on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on behalf of the Company. Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on its estimate of management fees, site management and monitoring costs and data management costs as contracted. Differences between actual clinical trial costs and estimated clinical trial costs are adjusted for in the period in which they become known through operations.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period that includes the enactment date. Management assesses the realizability of deferred
Share-based Compensation	Share-Based Compensation Stock options and performance stock options The Company recognizes compensation costs related to stock options granted to employees and non-employees based on the estimated fair value of the awards on the date of grant. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The Company records forfeitures as they are incurred. The grant date fair value of the stock options is expensed on a straight-line basis over the applicable vesting period, which generally is four years. The fair value of performance-based stock options is recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, over the remaining requisite service period. The assumptions used in Black-Scholes option-pricing model are as follows: • Exercise price . 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. • Fair Market Value of Common Stoc k. As Private Lumos’ common stock has not historically been publicly traded, Private Lumos has periodically estimated the fair market value of common stock after considering, among other things, contemporaneous valuations of its common and preferred stock prepared by unrelated third-party valuation firms in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Subsequent to the Merger, the grant date fair market value is the quoted market price of the Company's common stock. • Expected term . The expected term of stock options represents the period that the stock options are expected to remain outstanding and is based on vesting terms, exercise term and contractual lives of the options. The expected term is based on the simplified method and is estimated as the average of the weighted average vesting term and the time to expiration as of the grant date. • 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-listed biopharmaceutical companies. Volatility for employee stock purchase plan (“ESPP”) shares is equal to the Company’s historical volatility over the six-month offering period. • Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield with a maturity equal to the expected term of the stock options in effect at the time of grant. • Dividend yield . The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plan to pay any dividends on its common stock. Restricted stock units Service-based restricted stock units are valued using the market price of our common stock on the grant date. The grant date fair value of the restricted stock units is expensed on a straight-line basis over the applicable vesting period, which generally is four years.
Financial Instruments	Financial Instruments and Concentrations of Credit Risk The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows: • Level I: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
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.
Net Loss Per Share	Net Loss Per ShareBasic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share reflects the potential dilution, using the treasury stock method.
Revenue Recognition	Revenue RecognitionRevenue is recognized when control of the promised goods is transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist primarily of employee-related expenses, which include salaries, bonuses, benefits and share-based compensation; manufacturing-related costs; clinical trial expenses which include expenses incurred under agreements with contract research organizations, investigative sites and consultants that conduct our clinical trials; facilities, depreciation of fixed assets and other allocated expenses, which include direct and allocated expenses for rent and maintenance of research facilities and equipment; license fees for and milestone payments related to in-licensed products and technology; and costs associated with non-clinical activities and regulatory approvals. Advance payments for goods or services to be rendered in the future for use in research and development activities are deferred and recorded as a prepaid asset. The deferred amounts are expensed as the related goods are delivered or the services are performed.
Patents	Patents The Company generally applies for patent protection on processes and products. Patent application costs are expensed as incurred as a component of general and administrative expense, as recoverability of such expenditures is uncertain.
Recently Issued Accounting Standards	Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of a specified effective date, if applicable to us. In December 2019, the FASB issued ASU 2019-12, Income Taxes (“ASC 740”) , which simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance is effective for calendar-year public business entities in 2021 and interim periods within that year. Early adoption is permitted. The Company does not expect adoption of this new guidance will have a material impact on its financial position or results of operations.

NewLink Merger (Tables)

NewLink Merger (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule of Acquired Net Assets	The following table summarizes the estimated fair value of the assets acquired and liabilities assumed on March 18, 2020, the date of the Merger (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

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 are as follows (in thousands), excluding option renewals: For the Year Ended December 31: 2021 $ 278 Total future minimum lease payments 278 Less: Imputed interest (5) Unamortized lease incentive 46 Total $ 319

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Option Activity	The table below summarizes the stock option activity, including options with market and performance conditions and options outstanding at beginning of the period for NewLink and Private Lumos , for the year ended December 31, 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 523,604 8.32 Options exercised (10,533) 11.00 Options forfeited (2,052) 20.90 Options expired (148,386) 89.92 Outstanding at end of period 958,945 $ 9.59 7.6 Options exercisable at end of period 397,705 $ 10.05 5.6
Assumptions Used in Black-Scholes Pricing Model for New Grants	The weighted-average assumptions used to value the stock options using the Black-Scholes option-pricing were as follows : Risk-free interest rate 0.35% to 0.49% Expected dividend yield —% Expected volatility 86.1% to 89.5% Expected term (in years) 5.8 to 6.1 Weighted-average grant-date fair value per share $5.96
Restricted Stock Activity	The table below summarizes the restricted stock units activity for the year ended December 31, 2020: 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 2010 Non-Employee Directors’ Stock Award Plan In connection with the Merger , the Company assumed NewLink’s 2010 Non-Employee Directors’ Stock Award Plan (the “Directors’ Plan”) which was effective on November 10, 2011. As of December 31, 2020, 2,166 shares remain available for grant under the Directors ’ Plan. 2010 Employee Stock Purchase Plan In connection with the Merger , the Company assumed NewLink’s 2010 Employee Stock Purchase Plan (the “2010 Purchase Plan”), which was effective on November 10, 2011. As of December 31, 2020, 695 shares remain available for issuance under the 2010 Purchase Plan.
Share-based Compensation Expense	Stock-based compensation expenses included in the Company’s consolidated statements of operations for the year ended December 31, 2020 and 2019 were (in thousands): Year Ended December 31, 2020 2019 Research and development $ 132 $ — General and administrative 942 179 Total $ 1,074 $ 179

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The income tax benefit is as follows (in thousands): Year Ended December 31, 2020 2019 Current tax benefit - U. S. federal $ 4,473 $ — Deferred tax benefit - U. S. federal 7,980 — Deferred tax benefit - state and local 1,520 — Total income tax benefit $ 13,973 $ —
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and the deferred tax liability at December 31, 2020 and 2019 are presented below (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 27,441 $ 8,768 Federal research and development tax credits 34,238 — Share-based compensation 624 — Capital loss carryforwards 41,399 — Deferred rent 109 — Accrued compensation 361 — Charitable contributions 25 — Leasehold improvements and equipment 1,648 — Amortization — 733 Other — 90 Gross deferred tax assets 105,845 9,591 Less: valuation allowance (105,272) (9,591) Total deferred tax assets 573 — Deferred tax liability: Capital gain on PRV (573) — Net deferred tax assets $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income taxes at the statutory federal income tax rate to net income tax benefit included in the accompanying consolidated statements of operations is set forth in the following table: Year Ended December 31, 2020 2019 U.S. federal income tax benefit at the statutory rate (21.00) % (21.00) % State income taxes, net of federal taxes (50.50) — Loss in foreign subsidiary (177.31) — Carry-back of federal net operating loss (22.78) — Change in valuation allowance 203.25 18.34 Other (2.82) 2.66 Effective income tax rate (71.16) % — %

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Common Share	The following table presents the computation of basic and diluted income (loss) per share of common stock (in thousands, except share and per share data) and the number of unexercised stock options and restricted stock units, which are common stock equivalents, that have been excluded from the diluted net loss calculation as their effect would have been anti-dilutive for all periods presented: Year Ended December 31, 2020 2019 Net loss $ (5,663) $ (9,705) Accretion of preferred stock to current redemption value (651) (3,040) Net loss attributable to common shareholders $ (6,314) $ (12,745) Weighted-average shares outstanding - Basic and diluted 6,777,932 1,302,390 Net loss per share - Basic and diluted $ (0.93) $ (9.79) Anti-dilutive stock options 958,945 206,560 Anti-dilutive restricted stock units 73,754 — Total anti-dilutive common stock equivalents excluded 1,032,699 206,560

Restructuring and Severance C_2

Restructuring and Severance Charges (Tables)	12 Months Ended
	Dec. 31, 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 sheets (in thousands): Total Employee Severance Cost NewLink’s accrued balance as of December 31, 2019 $ 4,700 Expensed — Cash payments 4,641 Balance as of December 31, 2020 $ 59

Description of Business (Detail

Description of Business (Details) $ in Thousands	Jan. 11, 2021USD ($)	Jul. 27, 2020USD ($)	Mar. 19, 2020	Mar. 18, 2020shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Conversion of Stock [Line Items]
Stock conversion ratio				0.1111
Common stock, outstanding shares | shares				8,292,803	8,305,269	1,177,933
Cash and cash equivalents | $					$ 98,679	$ 4,952	$ 14,022
Private Lumos Stockholders
Conversion of Stock [Line Items]
Aggregate shares received (in shares) | shares				2,968,465
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
Merck | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement | License and Collaborative Arrangement
Conversion of Stock [Line Items]
Cash from sale | $		$ 34,000
Merck | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement | License and Collaborative Arrangement | Subsequent Event
Conversion of Stock [Line Items]
Cash from sale | $	$ 26,000
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) | shares				4,146,398
Series A redeemable convertible preferred stock
Conversion of Stock [Line Items]
Stock conversion ratio				0.0873621142
Series B redeemable convertible preferred stock
Conversion of Stock [Line Items]
Stock conversion ratio				0.1996348626

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Cash and cash equivalents		$ 98,679	$ 4,952
In-process research and development charge	$ 426	$ 426	$ 0
Award vesting period		6 months
Expected dividend rate (percent)		0.00%
Computer Equipment | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Useful life		3 years
Computer Equipment | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Useful life		5 years
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period		4 years
Expected dividend rate (percent)		0.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period		4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
ESPP stock discount rate		15.00%

NewLink Merger (Details)

NewLink Merger (Details)	Mar. 19, 2020	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 18, 2020USD ($)director
Business Acquisition [Line Items]
Number of directors | director					3
In-process research and development charge		$ 426,000	$ 426,000	$ 0
Private Lumos Stockholders
Business Acquisition [Line Items]
Number of directors | director					3
Private Lumos Stockholders | NewLink Genetics
Business Acquisition [Line Items]
Ownership percentage after transaction	0.50
Merck | License and Collaborative Arrangement
Business Acquisition [Line Items]
Estimated transaction price					$ 95,000,000
Step up in basis in the PRV					9,500,000
Economic interest in PRV					87,900,000
PRV-related liability owed to Merck					35,700,000
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
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

License and Asset Purchase Ag_2

License and Asset Purchase Agreements (Details)	Jan. 11, 2021USD ($)	Jul. 27, 2020USD ($)installment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 18, 2020	Nov. 30, 2014
Deferred Revenue Arrangement [Line Items]
Gain on sale of priority review voucher			$ 6,300,000	$ 0
Ammonett
Deferred Revenue Arrangement [Line Items]
Upfront payments					$ 3,500,000
Acquisition development milestone payments					17,000,000
Acquisition specific milestone payments					14,000,000
Acquisition sales milestone payments					$ 55,000,000
Merck | License and collaboration revenue
Deferred Revenue Arrangement [Line Items]
Grant revenue			168,000
License and Collaborative Arrangement | Merck
Deferred Revenue Arrangement [Line Items]
Collaborative arrangement development milestone payments			14,000,000
Collaborative arrangement tiered sales milestone payments			80,000,000
Collaborative arrangement second indication development milestone payments			8,500,000
Net product sales milestone			$ 1,000,000,000
Value of PRV company is entitled to							60.00%
Value of PRV liability						40.00%
Value of PRV		$ 35,700,000
License and Collaborative Arrangement | Merck | Minimum
Deferred Revenue Arrangement [Line Items]
Royalty obligation percent of annual product net sales			10.00%
License and Collaborative Arrangement | Merck | Maximum
Deferred Revenue Arrangement [Line Items]
Royalty obligation percent of annual product net sales			12.00%
License and Collaborative Arrangement | Merck | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement
Deferred Revenue Arrangement [Line Items]
Value of PRV		100,000,000
Gross proceeds from sale		$ 60,000,000
Number of installments | installment		2
Cash from sale		$ 34,000,000
Gain on sale of priority review voucher		6,300,000
Costs incurred from sale		$ 1,500,000
License and Collaborative Arrangement | Merck | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement | Subsequent Event
Deferred Revenue Arrangement [Line Items]
Cash from sale	$ 26,000,000

Leases (Details)

Leases (Details) $ in Thousands	Dec. 31, 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
2021	$ 278
Total future minimum lease payments	278
Less: imputed interest	(5)
Unamortized lease incentive	46
Total	$ 319
Maximum
Lessee, Lease, Description [Line Items]
Term of operating lease contract	2 years
Minimum
Lessee, Lease, Description [Line Items]
Term of operating lease contract	1 year

Stock-Based Compensation and _3

Stock-Based Compensation and Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	May 09, 2019	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost		$ 3.5
Weighted average vesting period for non-vested option awards, in years		3 years 1 month 6 days
Defined contribution		$ 0.2
Discretionary contribution amount		$ 0.1
2009 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Plan term		10 years
Evergreen increase (percent)	3.00%
Number of shares remained available for issuance		519,888
2010 Non-Employee Directors' Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares remained available for issuance		2,166
2010 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares remained available for issuance		695

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - Stock Option - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020
Number of options
Outstanding at beginning of period (in shares)	596,312	596,312
Options granted (in shares)		523,604
Options exercised (in shares)		(10,533)
Options forfeited (in shares)		(2,052)
Options expired (in shares)		(148,386)
Outstanding at end of period (in shares)		958,945
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)		8.32
Exercised, weighted average exercise price (in dollars per share)		11
Forfeited, weighted average exercise price (in dollars per share)		20.90
Expired, weighted average exercise price (in dollars per share)		89.92
Outstanding, weighted average exercise price at end of period (in dollars per share)		$ 9.59
Options exercisable at end of period (in shares)		397,705
Exercisable, weighted average exercise price (in dollars per share)		$ 10.05
Outstanding, weighted average remaining contractual term, in years	5 years	7 years 7 months 6 days
Exercisable, weighted average remaining contractual term, in years		5 years 7 months 6 days

Stock-Based Compensation - Rang

Stock-Based Compensation - Range of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 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)	$ 5.96
Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate	0.35%
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	0.49%
Expected volatility	89.50%
Expected term (in years)	6 years 1 month 6 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 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

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,074	$ 179
Research and Development Expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	132	0
General and Administrative Expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 942	$ 179

Long-Term Debt and Conversion_2

Long-Term Debt and Conversion to Royalty Obligation (Details) - IDED - Loans payable - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2015
Debt Instrument [Line Items]
Loan available balance		$ 6,000
Outstanding balance	$ 6,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Pre-tax NOL to be carried back	$ 4,500
Deferred tax liability, PRV	9,500
Increase in amount of valuation allowance	95,700	$ 1,800
Operating loss carryforwards	104,400
Reserve for uncertain tax positions	700	$ 0
Research Tax Credit Carryforward
Income Tax Examination [Line Items]
Tax credit carryforward	34,200
Domestic Tax Authority | Capital Loss Carryforward
Income Tax Examination [Line Items]
Tax credit carryforward	$ 165,600

Income Taxes - Income Tax Benef

Income Taxes - Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current tax benefit - U. S. federal		$ 0	$ 4,473	$ 0
Deferred tax benefit - U. S. federal			7,980	0
Deferred tax benefit - state and local			1,520	0
Total income tax benefit	$ 14,000		$ 13,973	$ 0

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 27,441	$ 8,768
Federal research and development tax credits	34,238	0
Share-based compensation	624	0
Capital loss carryforwards	41,399	0
Deferred rent	109	0
Accrued compensation	361	0
Charitable contributions	25	0
Leasehold improvements and equipment	1,648	0
Amortization	0	733
Other	0	90
Gross deferred tax assets	105,845	9,591
Less: valuation allowance	(105,272)	(9,591)
Total deferred tax assets	573	0
Deferred tax liability:
Capital gain on PRV	(573)	0
Total deferred tax assets	$ 0	$ 0

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal income tax benefit at the statutory rate	(21.00%)	(21.00%)
State income taxes, net of federal taxes	(50.50%)	0.00%
Loss in foreign subsidiary	(177.31%)	0.00%
Carry-back of federal net operating loss	(22.78%)	0.00%
Change in valuation allowance	203.25%	18.34%
Other	(2.82%)	2.66%
Effective income tax rate	(71.16%)	0.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Dec. 30, 2020USD ($)$ / sharesshares	Mar. 18, 2020USD ($)installmentshares	Sep. 27, 2019USD ($)stockholdershares	Apr. 30, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2020vote$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Subsidiary, Sale of Stock [Line Items]
Number of votes each share is entitled to | vote						1
Common stock, authorized shares	75,000,000					75,000,000	36,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01					$ 0.01	$ 0.01
Stock repurchased during period, shares			176,623
Number of stockholders | stockholder			2
Amount of stock repurchased during period | $			$ 20
Blank check preferred stock, authorized shares	5,000,000					5,000,000	5,000,000
Blank check preferred stock, par value (in dollars per share) | $ / shares	$ 0.01					$ 0	$ 0
Blank check preferred stock, outstanding shares						0	0
Stock conversion ratio		0.1111
Private Lumos Stockholders
Subsidiary, Sale of Stock [Line Items]
Aggregate shares received (in shares)		2,968,465
Private Lumos
Subsidiary, Sale of Stock [Line Items]
Percentage of shares outstanding					15.00%
Series A redeemable convertible preferred stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from Issuance of Preferred Stock and Preference Stock | $					$ 17,000,000
Stock conversion ratio		0.0873621142
Preferred stock dividend accrual rate					6.00%
Preferred stock issuance price (in usd per share) | $ / shares					$ 1.49
Series A redeemable convertible preferred stock | Private Lumos
Subsidiary, Sale of Stock [Line Items]
Number of shares issued					11,204,513
Value of liquidation preference | $							$ 21,900,000
Preferred stock maximum aggregate distribution		300.00%
Series B redeemable convertible preferred stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from Issuance of Preferred Stock and Preference Stock | $				$ 34,000,000
Stock conversion ratio		0.1996348626
Preferred stock dividend accrual rate				6.00%
Preferred stock issuance price (in usd per share) | $ / shares				$ 3.41
Series B redeemable convertible preferred stock | Private Lumos
Subsidiary, Sale of Stock [Line Items]
Number of shares issued				9,966,288
Value of liquidation preference | $							$ 41,600,000
Preferred stock maximum aggregate distribution		300.00%
Preferred stock redemption terms, percentage of shares outstanding		32.30%
Number of installments | installment		3
Preferred stock, Maximum aggregate distribution upon sale of common stock		200.00%
Minimum proceeds from sale of common stock | $		$ 40,000,000
Controlled Equity Offering
Subsidiary, Sale of Stock [Line Items]
Value of shares issued | $	$ 50,000,000
Commission fee	3.00%
Number of shares of common stock sold						0

Net Loss per Share of Common _3

Net Loss per Share of Common Stock (Net Income Per Share Computation) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (5,663)	$ (9,705)
Accretion of preferred stock to current redemption value	(651)	(3,040)
Net loss attributable to common shareholders	$ (6,314)	$ (12,745)
Weighted-average shares outstanding - Basic and Diluted (in shares)	6,777,932	1,302,390
Net loss per share - Basic and diluted (in dollars per share)	$ (0.93)	$ (9.79)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,032,699	206,560
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	958,945	206,560
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	Mar. 31, 2020	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Percentage reduction in force	60.00%
Expensed		$ 5,600	$ 0

Restructuring and Severance C_4

Restructuring and Severance Charges - Restructuring Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 4,700	$ 4,700
Expensed	$ 5,600	0
Cash payments		4,641
Balance at end of period		$ 59

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Chief Medical Officer $ in Millions	Feb. 04, 2021USD ($)
Subsequent Event [Line Items]
Accelerated vesting expense	$ 0.7
Extension of exercise period	24 months