Lumos Pharma (LUMO) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-35342
Entity Registrant Name	LUMOS PHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1491350
Entity Address, Address Line One	4200 Marathon Blvd #200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78756
City Area Code	512
Local Phone Number	215-2630
Title of 12(b) Security	Common Stock
Trading Symbol	LUMO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,381,682
Entity Central Index Key	0001126234
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 79,511	$ 94,809
Prepaid expenses and other current assets	5,328	4,740
Income tax receivable	149	128
Total current assets	84,988	99,677
Non-current assets:
Property and equipment, net	70	79
Right-of-use asset	395	556
Total non-current assets	465	635
Total assets	85,453	100,312
Current liabilities:
Accounts payable	854	612
Accrued expenses	3,658	4,166
Current portion of lease liability	320	352
Total current liabilities	4,832	5,130
Long-term liabilities:
Royalty obligation payable to Iowa Economic Development Authority	6,000	6,000
Lease liability	75	205
Total long-term liabilities	6,075	6,205
Total liabilities	10,907	11,335
Commitments and contingencies
Stockholders' equity:
Undesignated preferred stock, $0.01 par value: Authorized shares - 5,000,000 at June 30, 2022 and December 31, 2021; issued and outstanding shares - 0 at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.01 par value: Authorized shares - 75,000,000 at June 30, 2022 and December 31, 2021; issued shares - 8,390,915 and 8,366,819 at June 30, 2022 and December 31, 2021, respectively, and outstanding shares - 8,377,567 and 8,357,391 at June 30, 2022 and December 31, 2021, respectively	83	83
Treasury stock, at cost, 13,348 and 9,428 shares at June 30, 2022 and December 31, 2021, respectively	(151)	(114)
Additional paid-in capital	186,599	185,429
Accumulated deficit	(111,985)	(96,421)
Total stockholders' equity	74,546	88,977
Total liabilities and stockholders' equity	$ 85,453	$ 100,312

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Blank check preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Blank check preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Blank check preferred stock, issued shares (in shares)	0	0
Blank check preferred stock, outstanding shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	8,390,915	8,366,819
Common stock, outstanding shares (in shares)	8,377,567	8,357,391
Treasury stock, shares (in shares)	13,348	9,428

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total revenues	$ 403	$ 10	$ 514	$ 10
Operating expenses:
Research and development	4,645	4,113	8,866	8,773
General and administrative	3,682	4,561	7,303	8,518
Total operating expenses	8,327	8,674	16,169	17,291
Loss from operations	(7,924)	(8,664)	(15,655)	(17,281)
Other income and expense:
Other income (expense), net	6	(8)	12	12
Interest income	74	2	79	5
Interest expense	0	0	0	(37)
Other income (expense), net	80	(6)	91	(20)
Net loss	$ (7,844)	$ (8,670)	$ (15,564)	$ (17,301)
Net loss per share:
Basic (in dollars per share)	$ (0.94)	$ (0.99)	$ (1.86)	$ (2.08)
Diluted (in dollars per share)	$ (0.94)	$ (0.99)	$ (1.86)	$ (2.08)
Weighted average number of common shares outstanding:
Basic (in shares)	8,366,445	8,732,149	8,361,907	8,328,486
Diluted (in shares)	8,366,445	8,732,149	8,361,907	8,328,486
Revenue, Product and Service [Extensible List]			Licensing and collaboration revenue
Royalty revenue
Revenues	$ 403	$ 0	$ 514	$ 0
Licensing and collaboration revenue
Revenues	$ 0	$ 10	$ 0	$ 10

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2020		8,305,269
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2020			0
Balance at beginning of period at Dec. 31, 2020	$ 116,572	$ 83	$ 0	$ 182,480	$ (65,991)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,049			1,049
Exercise of stock options (in shares)		20,362
Exercise of stock options	26			26
Stock issued upon vesting of restricted stock units (in shares)		9,939
Shares surrendered for tax withholding on vested awards (in shares)		(3,377)	3,377
Shares surrendered for tax withholding on vested awards	(44)		$ (44)
Net loss	(8,631)				(8,631)
Balance at end of period (in shares) at Mar. 31, 2021		8,332,193
Treasury stock, balance at end of period (in shares) at Mar. 31, 2021			3,377
Balance at end of period at Mar. 31, 2021	108,972	$ 83	$ (44)	183,555	(74,622)
Balance at beginning of period (in shares) at Dec. 31, 2020		8,305,269
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2020			0
Balance at beginning of period at Dec. 31, 2020	116,572	$ 83	$ 0	182,480	(65,991)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(17,301)
Balance at end of period (in shares) at Jun. 30, 2021		8,357,391
Treasury stock, balance at end of period (in shares) at Jun. 30, 2021			9,428
Balance at end of period at Jun. 30, 2021	101,122	$ 83	$ (114)	184,445	(83,292)
Balance at beginning of period (in shares) at Mar. 31, 2021		8,332,193
Treasury stock, balance at beginning of period (in shares) at Mar. 31, 2021			3,377
Balance at beginning of period at Mar. 31, 2021	108,972	$ 83	$ (44)	183,555	(74,622)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	846			846
Exercise of stock options (in shares)		6,560
Exercise of stock options	38			38
Sales of shares under stock purchase plan (in shares)		695
Sale of shares under stock purchase plan	6			6
Stock issued upon vesting of restricted stock units (in shares)		23,994
Stock issued upon vesting of restricted stock units	0
Shares surrendered for tax withholding on vested awards (in shares)		(6,051)	6,051
Shares surrendered for tax withholding on vested awards	(70)		$ (70)
Net loss	(8,670)				(8,670)
Balance at end of period (in shares) at Jun. 30, 2021		8,357,391
Treasury stock, balance at end of period (in shares) at Jun. 30, 2021			9,428
Balance at end of period at Jun. 30, 2021	$ 101,122	$ 83	$ (114)	184,445	(83,292)
Balance at beginning of period (in shares) at Dec. 31, 2021	8,357,391	8,357,391
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2021	9,428		9,428
Balance at beginning of period at Dec. 31, 2021	$ 88,977	$ 83	$ (114)	185,429	(96,421)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	565			565
Stock issued upon vesting of restricted stock units (in shares)		1,702
Stock issued upon vesting of restricted stock units	0
Shares surrendered for tax withholding on vested awards (in shares)		(468)	468
Shares surrendered for tax withholding on vested awards	(5)		$ (5)
Net loss	(7,720)				(7,720)
Balance at end of period (in shares) at Mar. 31, 2022		8,358,625
Treasury stock, balance at end of period (in shares) at Mar. 31, 2022			9,896
Balance at end of period at Mar. 31, 2022	$ 81,817	$ 83	$ (119)	185,994	(104,141)
Balance at beginning of period (in shares) at Dec. 31, 2021	8,357,391	8,357,391
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2021	9,428		9,428
Balance at beginning of period at Dec. 31, 2021	$ 88,977	$ 83	$ (114)	185,429	(96,421)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (15,564)
Balance at end of period (in shares) at Jun. 30, 2022	8,377,567	8,377,567
Treasury stock, balance at end of period (in shares) at Jun. 30, 2022	13,348		13,348
Balance at end of period at Jun. 30, 2022	$ 74,546	$ 83	$ (151)	186,599	(111,985)
Balance at beginning of period (in shares) at Mar. 31, 2022		8,358,625
Treasury stock, balance at beginning of period (in shares) at Mar. 31, 2022			9,896
Balance at beginning of period at Mar. 31, 2022	81,817	$ 83	$ (119)	185,994	(104,141)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	575			575
Exercise of stock options (in shares)		1,962
Exercise of stock options	3			3
Sales of shares under stock purchase plan (in shares)		4,175
Sale of shares under stock purchase plan	27			27
Stock issued upon vesting of restricted stock units (in shares)		16,257
Stock issued upon vesting of restricted stock units	0
Shares surrendered for tax withholding on vested awards (in shares)		(3,452)	3,452
Shares surrendered for tax withholding on vested awards	(32)		$ (32)
Net loss	$ (7,844)				(7,844)
Balance at end of period (in shares) at Jun. 30, 2022	8,377,567	8,377,567
Treasury stock, balance at end of period (in shares) at Jun. 30, 2022	13,348		13,348
Balance at end of period at Jun. 30, 2022	$ 74,546	$ 83	$ (151)	$ 186,599	$ (111,985)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities
Net loss	$ (15,564)	$ (17,301)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,140	1,895
Depreciation and amortization	10	189
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(565)	(2,000)
Other receivables	(32)	139
Accounts payable and accrued expenses	(267)	287
Net cash used in operating activities	(15,278)	(16,791)
Cash Flows From Investing Activities
Final installment from sale of priority review voucher	0	26,000
Net cash provided by investing activities	0	26,000
Cash Flows From Financing Activities
Sales of shares under stock purchase plan	27	6
Exercise of stock options	3	64
Payment for tax withholding on vested awards	(37)	(114)
Costs of common stock offering under Controlled Equity OfferingSM	(13)	(148)
Net cash used in financing activities	(20)	(192)
Net increase (decrease) in cash and cash equivalents	(15,298)	9,017
Cash and cash equivalents at beginning of period	94,809	98,679
Cash and cash equivalents at end of period	$ 79,511	$ 107,696

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2022
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 Quarterly 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 commercializing 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. 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 idiopathic 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 $79.5 million as of June 30, 2022 will be sufficient to allow the Company to fund its operations into the second quarter of 2024 which is inclusive of the primary read out of its Phase 2 clinical trial of LUM-201 in PGHD ("OraGrowtH210 Trial") and OraGrowtH212 Trial, expected in the second half of 2023. 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 continue to adversely affect the Company’s operations. COVID-19 restrictions resulted in a slower pace of site initiation and patient enrollment in our clinical trials that has led to a delay in the 6-month primary outcome data read out of our OraGrowtH210 Trial. While we have experienced delays to our clinical trials, we have not incurred impairment of any assets as a result of COVID-19. The extent to which these events may further 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. The military conflict between Russia and Ukraine (the “Conflict”), has resulted, and may continue to result, in significant national and global economic disruption and may continue to adversely affect the Company’s operations. The Company had initiated or had planned to initiate clinical sites in Russia and Ukraine; however, due to the Conflict and the resulting uncertainty in the region, the Company is unable to enroll patients in Russia or Ukraine and all of its clinical sites in Russia are closed. The sites in Ukraine are closed to enrollment and are in the process of being closed. No patients had been randomized to treatment in the clinical trial at any of the Company's nine sites in Ukraine and Russia. Given the encouraging screening and enrollment trajectory at the Company's other clinical sites, the Company continues to anticipate the six-month primary outcome data on all 80 subjects in the second half of 2023. The ongoing Conflict may, however, adversely impact the Company's business in the future, and it remains too early to evaluate all the potential effects of this Conflict.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The accompanying condensed 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 consolidation . Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. 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 condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2021 Annual Report filed on Form 10-K with the SEC on March 11, 2022. Use of Estimates The preparation of condensed 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 stock-based compensation, accruals for clinical trials and deferred tax assets. While we believe that the estimates and assumptions used in preparation of our condensed 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. As of June 30, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “ Summary of Significant Accounting Policies and Recent Accounting Pronouncements ”

License and Asset Purchase Agre

License and Asset Purchase Agreements	6 Months Ended
	Jun. 30, 2022
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 Ammonnett Pharma LLC ("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 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 $14.0 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 priority review voucher ("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 and grant of the PRV. 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. Merck agreed to pay the Company an aggregate of $60 million 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 during the three months ended September 30, 2020 and the second installment of $26.0 million was received on January 11, 2021. Under the NewLink Merck Agreement, as amended , the Company has earned and has the potential to continue to earn royalties on sales of the vaccine in certain countries. 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 three months ended June 30, 2022 and 2021, the Company recognized revenues of $0 and $10,000, respectively, and recognized $0 and $10,000, respectively, for the six months ended June 30, 2022 and 2021, in each case, for work the Company performed in relation to ERVEBO®, as a subcontractor of Merck. For the three months ended June 30, 2022 and 2021, the Company recognized revenues of $0.4 million and $0, respectively, and recognized $0.5 million and $0, respectively, for the six months ended June 30, 2022 and 2021, for royalties related to royalty-bearing commercial sales of the vaccine.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses are comprised of the following (in thousands): June 30, 2022 December 31, 2021 Compensation and related benefits $ 2,150 $ 2,812 Clinical and contract manufacturing expenses 1,045 508 Other 463 846 Total accrued expenses $ 3,658 $ 4,166

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefit Plans	6 Months Ended
	Jun. 30, 2022
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 of directors ("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 June 30, 2022, we had 426,022 shares available for grant under the 2019 Plan. 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 June 30, 2022, 5,624 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, as amended (the "2010 Purchase Plan"), which was effective on November 10, 2011. On July 22, 2021, the Board approved an amendment and restatement of the 2010 Purchase Plan (the “A&R ESPP”) and established a special offering period under the A&R ESPP beginning September 1, 2021 and lasting until June 30, 2022, subject to restart provisions as described within the A&R ESPP. The special offering period under the A&R ESPP was fully contingent upon stockholder approval of the A&R ESPP at the 2022 Annual Meeting of Stockholders. The A&R ESPP provides for an increase in the number of shares reserved for issuance under the A&R ESPP by 60,000 shares. On May 4, 2022, at the 2022 Annual Meeting of Stockholders, the A&R ESPP was approved. As of June 30, 2022, 55,825 shares remained available for issuance under the 2010 Purchase Plan. Share-Based Compensation Expense Stock-based compensation expenses included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 were (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 167 $ 100 $ 314 $ 555 General and administrative 408 746 826 1,340 Total $ 575 $ 846 $ 1,140 $ 1,895 As of June 30, 2022, we had unrecognized compensation cost of $5.3 million and the weighted-average period over which it is expected to be recognized is 2.8 years.

Long-Term Debt and Conversion t

Long-Term Debt and Conversion to Royalty Obligation	6 Months Ended
	Jun. 30, 2022
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 (the “IEDA Agreement”), with the Iowa Economic Development Authority (the “IEDA”), 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 classified as a long-term liability as of June 30, 2022.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each of the three and six months ended June 30, 2022 and 2021, the Company recorded no income tax benefit. The income tax amount for each of the three and six months ended June 30, 2022 and 2021 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to an increase in the valuation allowance. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. 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 June 30, 2022. 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. These ownership changes limit our ability to utilize federal net operating loss carryforwards and certain other tax attributes that accrued prior to the respective ownership changes of us and our subsidiaries and may continue to limit our ability to utilize such attributes in the future. Based on subsequent analyses, we did not experience a Section 382 ownership change from March 19, 2020 through December 31, 2021.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share of Common Stock	Net Loss per Share of Common StockBasic loss per share is based upon the weighted-average number of shares of common stock outstanding during the period, without consideration of common stock equivalents. Diluted loss per share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common stock equivalents during the period when the effect is dilutive. The following table presents the computation of basic and diluted loss per share of common stock (in thousands, except share and per share data) 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. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss $ (7,844) $ (8,670) $ (15,564) $ (17,301) Weighted-average shares outstanding - Basic and diluted 8,366,445 8,732,149 8,361,907 8,328,486 Net loss per share - Basic and diluted $ (0.94) $ (0.99) $ (1.86) $ (2.08) Anti-dilutive stock options 1,464,920 1,179,926 1,464,920 1,179,926 Anti-dilutive restricted stock units 77,606 49,765 77,606 49,765 Total anti-dilutive common stock equivalents excluded 1,542,526 1,229,691 1,542,526 1,229,691

Severance Charges

Severance Charges	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Severance Charges	Severance ChargesOn 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. As per the terms of Dr. Kennedy's employment agreement relating to change in control benefits, the Company paid approximately $0.7 million in severance expenses recognized during the three months ended March 31, 2021 and accelerated vesting of all non-vested equity awards. For the three months ended March 31, 2021, the Company recognized additional stock compensation expense of approximately $0.7 million due to accelerated vesting of all non-vested equity awards held by Dr. Kennedy. On April 16, 2021, Carl W. Langren notified the Company that he would be retiring from his position as the Company's Chief Financial Officer effective June 30, 2021. Mr. Langren's resignation in connection with his retirement was effective June 30, 2021. As per the terms of Mr. Langren's employment agreement relating to change in control benefits, the Company paid approximately $0.9 million as severance, accelerated vesting of all non-vested equity awards and extended the exercise period on any vested equity awards to twenty-four months from the separation date. For the three months ended June 30, 2021, we recognized additional stock compensation expense of approximately $0.4 million due to accelerated vesting of all non-vested equity awards held by Mr. Langren. Final payment of accrued severance compensation of $0.9 million was paid in the fourth quarter of 2021. No severance-related expense was recognized during the three and six months ended June 30, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed 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 consolidation .
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. 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 condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2021 Annual Report filed on Form 10-K with the SEC on March 11, 2022.
Use of Estimates	Use of Estimates The preparation of condensed 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 stock-based compensation, accruals for clinical trials and deferred tax assets. While we believe that the estimates and assumptions used in preparation of our condensed 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. As of June 30, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “ Summary of Significant Accounting Policies and Recent Accounting Pronouncements ”

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses are comprised of the following (in thousands): June 30, 2022 December 31, 2021 Compensation and related benefits $ 2,150 $ 2,812 Clinical and contract manufacturing expenses 1,045 508 Other 463 846 Total accrued expenses $ 3,658 $ 4,166

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	Stock-based compensation expenses included in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 were (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 167 $ 100 $ 314 $ 555 General and administrative 408 746 826 1,340 Total $ 575 $ 846 $ 1,140 $ 1,895

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share of Common Stock	The following table presents the computation of basic and diluted 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. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss $ (7,844) $ (8,670) $ (15,564) $ (17,301) Weighted-average shares outstanding - Basic and diluted 8,366,445 8,732,149 8,361,907 8,328,486 Net loss per share - Basic and diluted $ (0.94) $ (0.99) $ (1.86) $ (2.08) Anti-dilutive stock options 1,464,920 1,179,926 1,464,920 1,179,926 Anti-dilutive restricted stock units 77,606 49,765 77,606 49,765 Total anti-dilutive common stock equivalents excluded 1,542,526 1,229,691 1,542,526 1,229,691

Description of Business (Detail

Description of Business (Details) $ in Thousands			6 Months Ended
	Mar. 19, 2020	Mar. 18, 2020 shares	Jun. 30, 2022 USD ($) companySite numberOfSubjects patient shares	Mar. 31, 2022 shares	Dec. 31, 2021 USD ($) shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Dec. 31, 2020 shares
Conversion of Stock [Line Items]
Stock conversion ratio		0.1111
Common stock, outstanding shares (in shares)		8,292,803	8,377,567		8,357,391
Cash and cash equivalents | $			$ 79,511		$ 94,809
Ukraine and Russia
Conversion of Stock [Line Items]
Number of patients had been randomized to treatment in the clinical trial | patient			0
Number of company sites had been randomized to treatment in the clinical trial | companySite			9
Number of subjects | numberOfSubjects			80
Series A Preferred Stock
Conversion of Stock [Line Items]
Stock conversion ratio		0.0873621142
Series B Preferred Stock
Conversion of Stock [Line Items]
Stock conversion ratio		0.1996348626
Private Lumos Stockholders | NewLink Genetics
Conversion of Stock [Line Items]
Ownership percentage after transaction	0.50
Former Stockholders
Conversion of Stock [Line Items]
Ownership percentage after transaction	0.50
Common Stock
Conversion of Stock [Line Items]
Stock conversion ratio		0.1308319305
Common stock, outstanding shares (in shares)			8,377,567	8,358,625	8,357,391	8,357,391	8,332,193	8,305,269
Common Stock | Private Lumos Stockholders
Conversion of Stock [Line Items]
Aggregate shares received (in shares)		4,146,398

License and Asset Purchase Ag_2

License and Asset Purchase Agreements (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2018 USD ($)	Jan. 11, 2021 USD ($)	Jul. 27, 2020 USD ($) installment	Mar. 18, 2020	Nov. 30, 2014
Deferred Revenue Arrangement [Line Items]
Payments for royalties	$ 300,000	$ 0		$ 300,000	$ 0
Merck | Licensing and collaboration revenue
Deferred Revenue Arrangement [Line Items]
Grant revenue	0	10,000		0	10,000
Merck | Royalty revenue
Deferred Revenue Arrangement [Line Items]
Grant revenue	400,000	$ 0		500,000	$ 0
License and Collaborative Arrangement | Merck
Deferred Revenue Arrangement [Line Items]
Collaborative arrangement development milestone payments	14,000,000			14,000,000
Collaborative arrangement second indication development milestone payments	8,500,000			8,500,000
Collaborative arrangement tiered sales milestone payments	80,000,000			80,000,000
Net product sales milestone	$ 1,000,000,000			$ 1,000,000,000
Value of PRV company is entitled to (as percent)										60%
Value of PRV liability (as percent)									40%
Value of PRV								$ 35,700,000
License and Collaborative Arrangement | Merck | Held-for-sale or Disposed of by Sale | PRV Transfer Agreement
Deferred Revenue Arrangement [Line Items]
Gross proceeds from sale								$ 60,000,000
Number of installments | installment								2
Cash from sale			$ 34,000,000
Consideration receivable							$ 26,000,000
License and Collaborative Arrangement | Merck | Minimum
Deferred Revenue Arrangement [Line Items]
Royalty obligation percent of annual product net sales (as percent)				10%
License and Collaborative Arrangement | Merck | Maximum
Deferred Revenue Arrangement [Line Items]
Royalty obligation percent of annual product net sales (as percent)				12%
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

Accrued Expenses - Summary (Det

Accrued Expenses - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued expenses
Compensation and related benefits	$ 2,150	$ 2,812
Clinical and contract manufacturing expenses	1,045	508
Other	463	846
Total accrued expenses	$ 3,658	$ 4,166

Stock-Based Compensation and _3

Stock-Based Compensation and Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	May 09, 2019	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost		$ 5.3
Weighted average vesting period for non-vested option awards (in years)		2 years 9 months 18 days
2009 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Plan term		10 years
Evergreen increase (percent)	3%
Number of shares remained available for issuance (in shares)		426,022
2010 Non-Employee Directors' Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares remained available for issuance (in shares)		5,624
2010 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares remained available for issuance (in shares)		55,825
2010 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares reserved for issuance (in shares)		60,000

Stock-Based Compensation and _4

Stock-Based Compensation and Employee Benefit Plans - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 575	$ 846	$ 1,140	$ 1,895
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	167	100	314	555
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 408	$ 746	$ 826	$ 1,340

Long-Term Debt and Conversion_2

Long-Term Debt and Conversion to Royalty Obligation (Details) - IDED - Loans payable - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2005
Debt Instrument [Line Items]
Loan available balance		$ 6
Outstanding balance	$ 6

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0	$ 0	$ 0	$ 0

Net Loss per Share of Common _3

Net Loss per Share of Common Stock - Net Loss Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (7,844)	$ (7,720)	$ (8,670)	$ (8,631)	$ (15,564)	$ (17,301)
Weighted-average shares outstanding - Basic (in shares)	8,366,445		8,732,149		8,361,907	8,328,486
Weighted-average shares outstanding - Diluted (in shares)	8,366,445		8,732,149		8,361,907	8,328,486
Net loss per share - Basic (in dollars per share)	$ (0.94)		$ (0.99)		$ (1.86)	$ (2.08)
Net loss per share - Diluted (in dollars per share)	$ (0.94)		$ (0.99)		$ (1.86)	$ (2.08)
Antidilutive securities (in shares)	1,542,526		1,229,691		1,542,526	1,229,691
Anti-dilutive stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,464,920		1,179,926		1,464,920	1,179,926
Anti-dilutive restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	77,606		49,765		77,606	49,765

Severance Charges - Narrative (

Severance Charges - Narrative (Details) - USD ($)		3 Months Ended			6 Months Ended
	Apr. 16, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Restructuring Charges
Accelerated vesting expense		$ 0		$ 700,000	$ 0
Accrued severance compensation						$ 900,000
Chief Medical Officer
Restructuring Charges
Accelerated vesting expense	$ 900,000			$ 700,000
Extension of exercise period	24 months
Accelerated cost			$ 400,000