Lumos Pharma (LUMO) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		8,648,618
Entity Central Index Key	0001126234
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 13,519	$ 35,078
Short-term investments	0	999
Prepaid expenses and other current assets	3,581	3,748
Other receivables	174	210
Total current assets	17,274	40,035
Non-current assets:
Right-of-use asset	187	603
Total assets	17,461	40,638
Current liabilities:
Accounts payable	1,455	890
Accrued expenses	4,920	5,858
Current portion of lease liability	130	282
Total current liabilities	6,505	7,030
Long-term liabilities:
Royalty obligation payable to Iowa Economic Development Authority	6,000	6,000
Lease liability	42	303
Total liabilities	12,547	13,333
Commitments and contingencies
Stockholders' equity:
Undesignated preferred stock, $0.01 par value: Authorized shares - 5,000,000 at September 30, 2024 and December 31, 2023; issued and outstanding shares - 0 at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value: Authorized shares - 75,000,000 at September 30, 2024 and December 31, 2023; issued shares - 8,679,053 and 8,125,728 at September 30, 2024 and December 31, 2023, respectively, and outstanding shares - 8,648,243 and 8,102,555 at September 30, 2024 and December 31, 2023, respectively	86	81
Treasury stock, at cost, 30,810 and 23,173 shares at September 30, 2024 and December 31, 2023, respectively	(215)	(196)
Additional paid-in capital	192,019	188,937
Accumulated deficit	(186,976)	(161,517)
Total stockholders' equity	4,914	27,305
Total liabilities and stockholders' equity	$ 17,461	$ 40,638

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Undesignated preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Undesignated preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Undesignated preferred stock, issued shares (in shares)	0	0
Undesignated 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)	8,679,053	8,125,728
Common stock, outstanding shares (in shares)	8,648,243	8,102,555
Treasury stock, shares (in shares)	30,810	23,173

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Royalty revenue	$ 726	$ 7	$ 1,379	$ 1,225
Total revenues	726	7	1,379	1,225
Operating expenses:
Research and development	4,153	5,046	16,030	15,439
General and administrative	4,213	3,893	11,674	12,396
Total operating expenses	8,366	8,939	27,704	27,835
Loss from operations	(7,640)	(8,932)	(26,325)	(26,610)
Other income and expense:
Other income, net	5	186	17	429
Interest income	168	446	849	1,575
Other income, net	173	632	866	2,004
Net loss before taxes	(7,467)	(8,300)	(25,459)	(24,606)
Income tax benefit	0	0	0	29
Net loss	$ (7,467)	$ (8,300)	$ (25,459)	$ (24,577)
Net loss per share:
Basic (in dollars per share)	$ (0.90)	$ (1.04)	$ (3.11)	$ (3.01)
Diluted (in dollars per share)	$ (0.90)	$ (1.04)	$ (3.11)	$ (3.01)
Weighted average number of common shares outstanding:
Basic (in shares)	8,327,488	7,978,457	8,179,341	8,161,904
Diluted (in shares)	8,327,488	7,978,457	8,179,341	8,161,904
Other comprehensive income:
Unrealized gain on short-term investments	$ 0	$ 7	$ 0	$ 5
Total comprehensive loss	$ (7,467)	$ (8,293)	$ (25,459)	$ (24,572)

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	Accumulated Other Comprehensive Loss
Common Stock, balance at beginning of period (in shares) at Dec. 31, 2022		8,267,968
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2022			15,740
Balance at beginning of period at Dec. 31, 2022	$ 59,584	$ 82	$ (170)	$ 187,164	$ (127,483)	$ (9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	586			586
Stock issued upon vesting of restricted stock units (in shares)		4,029
Shares surrendered for tax withholding on vested awards (in shares)		(1,007)	(1,007)
Shares surrendered for tax withholding on vested awards	(4)		$ (4)
Repurchases of common stock (in shares)		(87,694)
Repurchases of common stock	(305)	$ (1)		(304)
Other comprehensive income (loss)	4					4
Net loss	(7,346)				(7,346)
Common Stock, balance at end of period (in shares) at Mar. 31, 2023		8,183,296
Treasury Stock, balance at end of period (in shares) at Mar. 31, 2023			16,747
Balance at end of period at Mar. 31, 2023	52,519	$ 81	$ (174)	187,446	(134,829)	(5)
Common Stock, balance at beginning of period (in shares) at Dec. 31, 2022		8,267,968
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2022			15,740
Balance at beginning of period at Dec. 31, 2022	59,584	$ 82	$ (170)	187,164	(127,483)	(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24,577)
Common Stock, balance at end of period (in shares) at Sep. 30, 2023		7,914,582
Treasury Stock, balance at end of period (in shares) at Sep. 30, 2023			23,173
Balance at end of period at Sep. 30, 2023	35,492	$ 79	$ (196)	187,673	(152,060)	(4)
Common Stock, balance at beginning of period (in shares) at Mar. 31, 2023		8,183,296
Treasury Stock, balance at beginning of period (in shares) at Mar. 31, 2023			16,747
Balance at beginning of period at Mar. 31, 2023	52,519	$ 81	$ (174)	187,446	(134,829)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	653			653
Stock issued/sale under stock purchase plan (in shares)		6,425
Stock issued/sale under stock purchase plan	18			18
Stock issued upon vesting of restricted stock units (in shares)		15,372
Shares surrendered for tax withholding on vested awards (in shares)		(3,828)	(3,828)
Shares surrendered for tax withholding on vested awards	(13)		$ (13)
Repurchases of common stock (in shares)		(159,920)
Repurchases of common stock	(579)	$ (1)		(578)
Other comprehensive income (loss)	(6)					(6)
Net loss	(8,931)				(8,931)
Common Stock, balance at end of period (in shares) at Jun. 30, 2023		8,041,345
Treasury Stock, balance at end of period (in shares) at Jun. 30, 2023			20,575
Balance at end of period at Jun. 30, 2023	43,661	$ 80	$ (187)	187,539	(143,760)	(11)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	559			559
Stock issued upon vesting of restricted stock units (in shares)		8,163
Shares surrendered for tax withholding on vested awards (in shares)		(2,598)	(2,598)
Shares surrendered for tax withholding on vested awards	(9)		$ (9)
Repurchases of common stock (in shares)		(132,328)
Repurchases of common stock	(426)	$ (1)		(425)
Other comprehensive income (loss)	7					7
Net loss	(8,300)				(8,300)
Common Stock, balance at end of period (in shares) at Sep. 30, 2023		7,914,582
Treasury Stock, balance at end of period (in shares) at Sep. 30, 2023			23,173
Balance at end of period at Sep. 30, 2023	$ 35,492	$ 79	$ (196)	187,673	(152,060)	$ (4)
Common Stock, balance at beginning of period (in shares) at Dec. 31, 2023	8,102,555	8,102,555
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2023	23,173		23,173
Balance at beginning of period at Dec. 31, 2023	$ 27,305	$ 81	$ (196)	188,937	(161,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	580			580
Stock issued upon vesting of restricted stock units (in shares)		6,279
Shares surrendered for tax withholding on vested awards (in shares)		(1,713)	(1,713)
Shares surrendered for tax withholding on vested awards	(5)		$ (5)
Net loss	(10,441)				(10,441)
Common Stock, balance at end of period (in shares) at Mar. 31, 2024		8,107,121
Treasury Stock, balance at end of period (in shares) at Mar. 31, 2024			24,886
Balance at end of period at Mar. 31, 2024	$ 17,439	$ 81	$ (201)	189,517	(171,958)
Common Stock, balance at beginning of period (in shares) at Dec. 31, 2023	8,102,555	8,102,555
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2023	23,173		23,173
Balance at beginning of period at Dec. 31, 2023	$ 27,305	$ 81	$ (196)	188,937	(161,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (25,459)
Common Stock, balance at end of period (in shares) at Sep. 30, 2024	8,648,243	8,648,243
Treasury Stock, balance at end of period (in shares) at Sep. 30, 2024	30,810		30,810
Balance at end of period at Sep. 30, 2024	$ 4,914	$ 86	$ (215)	192,019	(186,976)
Common Stock, balance at beginning of period (in shares) at Mar. 31, 2024		8,107,121
Treasury Stock, balance at beginning of period (in shares) at Mar. 31, 2024			24,886
Balance at beginning of period at Mar. 31, 2024	17,439	$ 81	$ (201)	189,517	(171,958)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	387			387
Stock issued/sale under stock purchase plan (in shares)		5,705
Stock issued/sale under stock purchase plan	11			11
Stock issued upon vesting of restricted stock units (in shares)		14,188
Shares surrendered for tax withholding on vested awards (in shares)		(3,828)	(3,828)
Shares surrendered for tax withholding on vested awards	(11)		$ (11)
Net loss	(7,551)				(7,551)
Common Stock, balance at end of period (in shares) at Jun. 30, 2024		8,123,186
Treasury Stock, balance at end of period (in shares) at Jun. 30, 2024			28,714
Balance at end of period at Jun. 30, 2024	10,275	$ 81	$ (212)	189,915	(179,509)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	379			379
Stock issued under the Controlled Equity OfferingSM, net of costs (in shares)		520,091
Stock issued under the Controlled Equity OfferingSM, net of costs	1,730	$ 5		1,725
Stock issued upon vesting of restricted stock units (in shares)		7,062
Shares surrendered for tax withholding on vested awards (in shares)		(2,096)	(2,096)
Shares surrendered for tax withholding on vested awards	(3)		$ (3)
Net loss	$ (7,467)				(7,467)
Common Stock, balance at end of period (in shares) at Sep. 30, 2024	8,648,243	8,648,243
Treasury Stock, balance at end of period (in shares) at Sep. 30, 2024	30,810		30,810
Balance at end of period at Sep. 30, 2024	$ 4,914	$ 86	$ (215)	$ 192,019	$ (186,976)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (25,459)	$ (24,577)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,346	1,798
Depreciation and amortization	3	26
Other income, net	(1)	(362)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	168	(154)
Other receivables	36	51
Accounts payable and accrued expenses	(373)	(484)
Net cash used in operating activities	(24,280)	(23,702)
Cash Flows From Investing Activities
Purchases of marketable securities	0	(6,380)
Maturities of marketable securities	1,000	10,950
Net cash provided by investing activities	1,000	4,570
Cash Flows From Financing Activities
Sale of shares under stock purchase plan	11	18
Payment for tax withholding on vested awards	(20)	(26)
Repurchases of common stock	0	(1,310)
Sale of shares under Controlled Equity OfferingSM, net of costs	1,730	0
Net cash provided by (used in) financing activities	1,721	(1,318)
Net decrease in cash and cash equivalents	(21,559)	(20,450)
Cash and cash equivalents at beginning of period	35,078	56,007
Cash and cash equivalents at end of period	$ 13,519	$ 35,557

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	D escription 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. 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. 2024 Merger Agreement and Related Transactions On October 23, 2024, the Company announced that it had entered into a definitive merger agreement, dated October 22, 2024 (the “2024 Merger Agreement”) whereby Double Point Ventures LLC (“DPV”), through its wholly-owned subsidiary, DPV Parent, Inc. (“Parent”), will acquire 100% of the Company's outstanding shares of common stock for $4.25 per share in cash, plus one non-transferable, unsecured contingent value right (“CVR”) per share with certain payments payable on achievement of certain milestones (the “2024 Merger”). The 2024 Merger is structured as a tender offer (the “Offer”) by a wholly owned subsidiary of Parent (“DPV Merger Sub”) for 100% of the outstanding shares of common stock of the Company for (i) $4.25 per share in cash at closing and (ii) one CVR for each share of common stock outstanding, representing the future right to receive additional contingent cash payments upon the achievement of certain milestone events described below. There can be no assurance any payments will be made with respect to the CVRs. In addition to any cash portion payable to each In-the-Money Option and Company Stock Right (each term as defined in the 2024 Merger Agreement) pursuant to the terms of the 2024 Merger Agreement, each In-the-Money Option and Company Stock Right will receive one CVR for each Share underlying such In-the-Money Option and Company Stock Right, respectively. At or prior to the effective time of the 2024 Merger (the “Effective Time”), Parent expects to enter into a Contingent Value Rights Agreement (the “CVR Agreement”) with a rights agent (the “Rights Agent”) and a representative, agent and attorney in-fact of the holders of CVRs (“CVR Holders”). Each CVR represents the contractual right to receive certain contingent cash payments equal to “CVR Proceeds” calculated as follows: i. upon the first achievement of Annual Global Net Revenue (as defined in the CVR Agreement) in a fiscal year equal to or greater than (a) $500 million, (b) $1 billion, and/or (c) $1.5 billion, a price of $1.00 per share, $1.50 per share, and $2.00 per share, respectively, each calculated during the period beginning on the closing of the 2024 Merger (the “2024 Merger Closing”) and ending on December 31, 2037; ii. following the execution of any definitive agreement or series of agreements with any third party (excluding any Company Sale (as defined in the CVR Agreement)), that occurs during the period beginning on the 2024 Merger Closing and ending on the 18-month anniversary of the 2024 Merger Closing, with respect to the sale, assignment, transfer, license, option, non-assert or other disposition of Lumos’s assets acquired by DPV Merger Sub (a) for any exploitation in the cardiometabolic field, or (b) excluding LUM-201, in any other field (each of (a) and (b), a “Transaction”), an amount in cash per CVR equal to 25% of Transaction Proceeds (as defined in the CVR Agreement) after deduction of an amount equal to (a) 50% of the Upfront Cash Consideration (as defined in the CVR Agreement) plus (b) all amounts contributed by Parent in the form or equity investments or loans (including the CTF Agreement (as defined below)) to Lumos to develop the assets involved in the Transactions, allocated pro rata among all CVR Holders and paid as a separate CVR for each Measurement Period (as defined in the CVR Agreement); and iii. upon the consummation, in a single transaction or in a series of related transactions, that occurs during the period beginning on the 2024 Merger Closing and ending on the 18-month anniversary of the 2024 Merger Closing, of any one or more of the following events: (a) acquisition of direct or indirect beneficial ownership of more than 50% of the outstanding shares of capital stock of the Company by a unrelated third party or (b) sale, assignment, lease, exclusive license or other disposition of all or substantially all of the assets or business of the Company to an unrelated third party, a price per share of $2.00 per share. The right to the contingent payments contemplated by the CVR Agreement is a contractual right only and will not be transferable, except in the limited circumstances specified in the CVR Agreement. The CVRs will not be evidenced by a certificate or any other instrument and will not be registered with the SEC. The CVRs will not have any voting or dividend rights and will not represent any equity or ownership interest in Purchaser (and, following the Effective Time, the surviving corporation) or any of its affiliates. No interest will accrue on any amounts payable in respect of the CVRs. Following a thorough review of financing and strategic alternatives, the Company’s Board of Directors (the “Board”), with the assistance of the Board’s legal and financial advisors, unanimously determined that the acquisition by DPV is in the best interests of all the Company's stockholders, has approved the 2024 Merger Agreement and related transactions, and unanimously recommends that the Company’s stockholders tender their shares in the Offer. The transaction is expected to close before the end of 2024, subject to the satisfaction or waiver of certain closing conditions including the tender of the Company's common stock representing at least a majority of the total number of outstanding shares. The Company's officers, directors and stockholders collectively holding approximately 17.7% of the Company's common stock have signed tender and support agreements under which such parties have agreed to tender their shares in the Offer and support the merger transaction. The transactions contemplated by the 2024 Merger Agreement are not subject to any financing condition and DPV will fund the transactions from its existing cash resources. Upon completion of the 2024 Merger, the Company will continue as an indirect wholly-owned subsidiary of DPV, and operate as a standalone business of DPV, from the Company's headquarters in Austin, Texas. Simultaneously with the execution of the 2024 Merger Agreement, DPV and the Company entered into a Clinical Trial Funding Agreement (the “CTF Agreement”), pursuant to which DPV has agreed to loan up to $7.5 million to the Company solely for the purpose of funding certain research and development expenses, as set forth in the CTF Agreement and as mutually agreed upon by DPV and the Company, during the period beginning on the execution of the 2024 Merger Agreement and ending on the earlier of (a) the closing of the 2024 Merger or (b) the termination of the 2024 Merger Agreement for any reason. Pursuant to the CTF Agreement, the Company may draw down funds by providing advance written notice to DPV of the amount required, the third-party provider to whom the Company will pay such funds, and any supporting documentation as DPV may reasonably request. The Company will further provide DPV with confirmation of payment made to the third-party provider within three business days of receipt of the funds from DPV. Any amounts loaned to the Company under the CTF Agreement shall be evidenced by a secured promissory note senior to any other indebtedness or obligations of the Company. Liquidity and Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements also do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. 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. As of September 30, 2024 , the Company had approximately $13.5 million of cash and cash equivalents. The Company's accumulated deficit at September 30, 2024 was approximately $187.0 million . Based on the Company's current cash forecast and the Company’s dependence on its ability to obtain additional financing to fund its operations in advancing the PGHD program into a Phase 3 trial, the Company concluded that its available cash and cash equivalents as of September 30, 2024 may not be sufficient to fund its operations for at least 12 months from the filing date of this Quarterly Report, and thus substantial doubt exists as to the Company’s ability to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 2023 Annual Report filed on Form 10-K with the SEC on March 7, 2024. 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 September 30, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “ Summary of Significant Accounting Policies and Recent Accounting Pronouncements ” of its consolidated financial statements included in the Company’s 2023 Annual Report filed on Form 10-K with the SEC on March 7, 2024. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures . This ASU requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This authoritative guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures . This ASU requires that reporting entities disclose specific categories in the effective tax rate reconciliation as well as information about income taxes paid. The authoritative guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements.

License and Asset Purchase Agre

License and Asset Purchase Agreements	9 Months Ended
	Sep. 30, 2024
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 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 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, of which $2.0 million was paid in March 2024, 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 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 and grant of the PRV. 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 September 30, 2024 and 2023, the Company recognized revenues of $0.7 million and $0, respectively. and recognized revenues of $1.4 million and $1.2 million, respectively, for the nine months ended September 30, 2024 and 2023, for royalties related to royalty-bearing commercial sales of the vaccine. Additionally, per the terms of the licensing agreement with the PHAC, the Company has an obligation to pay a royalty fee to the PHAC for any royalty amounts earned. For each of the three months ended September 30, 2024 and 2023, the Company incurred royalty expense of $0.5 million and $0, respectively, and incurred royalty expense of $0.9 million and $0.8 million, respectively, for the nine months ended September 30, 2024 and 2023, for royalties related to royalty-bearing commercial sales of the vaccine. Royalty expenses are included within general and administrative expenses in the consolidated statements of operations.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Fair Value The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below: • Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date . • Level 2: Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets. • Level 3: Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data. The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. As of September 30, 2024 Level 1 Level 2 Total Cash equivalents: Money market funds $ 13,372 $ — $ 13,372 Total cash equivalents $ 13,372 $ — $ 13,372 As of December 31, 2023 Level 1 Level 2 Total Cash equivalents: Money market funds $ 34,741 $ — $ 34,741 Total cash equivalents $ 34,741 $ — $ 34,741 Short-term investments: U.S. government and agency securities — 999 999 Total short-term investments $ — $ 999 $ 999 Total $ 34,741 $ 999 $ 35,740 As of September 30, 2024 and December 31, 2023, the Company had no Level 3 assets or liabilities. The Company’s other financial instruments, including cash, receivables and accounts payable, are recorded at amounts that approximate their fair values due to their short maturities. The Company is unable to estimate the fair value of the royalty obligation to Iowa Economic Development Authority based on future product sales, as the timing of payments, if any, is uncertain. Contractual Maturities of Investments As of September 30, 2024, all of the Company's available-for-sale investments were due within one year or less. Available-for-sale Investments The following table summarizes the Company's available-for-sale securities by security type: As of September 30, 2024 Amortized Cost Unrealized Losses Fair Value Cash equivalents: Money market funds $ 13,372 $ — $ 13,372 Total cash equivalents $ 13,372 $ — $ 13,372 As of December 31, 2023 Amortized Cost Unrealized Losses Fair Value Cash equivalents: Money market funds $ 34,741 $ — $ 34,741 Total cash equivalents $ 34,741 $ — $ 34,741 Short-term investments: U.S. government and agency securities 999 — 999 Total short-term investments $ 999 $ — $ 999 Total $ 35,740 $ — $ 35,740 As of September 30, 2024 and December 31, 2023, there were no material unrealized gains associated with the Company’s available-for-sale investments.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses are comprised of the following (in thousands): September 30, 2024 December 31, 2023 Compensation and related benefits $ 2,895 $ 3,472 Clinical and contract manufacturing expenses 1,062 1,790 Other 963 596 Total accrued expenses $ 4,920 $ 5,858

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, we had 690,307 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 September 30, 2024, 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. As of September 30, 2024, 30,241 shares remain available for issuance under the 2010 Purchase Plan. 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, 2023, 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 provided 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. On June 30, 2022, December 30, 2022, June 30, 2023, and June 30, 2024, the restart provision was triggered, resulting in new offering periods. The current offering period is from July 1, 2024 through June 30, 2026. Share-Based Compensation Expense Stock-based compensation expenses included in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 99 $ 150 $ 343 $ 499 General and administrative 280 409 1,003 1,299 Total $ 379 $ 559 $ 1,346 $ 1,798 As of September 30, 2024, we had unrecognized compensation cost of $1.9 million and the weighted-average period over which it is expected to be recognized is 2.1 years.

Long-Term Debt and Conversion t

Long-Term Debt and Conversion to Royalty Obligation	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Conversion to Royalty Obligation	Long-Term Debt and Conversion to Royalty Obligation In 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 September 30, 2024.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each of the three months ended September 30, 2024 and 2023, the Company recorded an income tax benefit of $0. For the nine months ended September 30, 2024 and 2023, the Company recorded an income tax benefit of $0 and $29,000, respectively. The income tax amount for each of the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024. 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, 2022.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock Basic loss per share is based upon the weighted-average number of shares of common stock outstanding during the period, without consideration of common stock equivalents. Diluted loss per share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common stock equivalents during the period when the effect is dilutive. The following table presents the computation of basic and diluted loss per share of common stock (in thousands, except share and per share data) 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (7,467) $ (8,300) $ (25,459) $ (24,577) Weighted-average shares outstanding – Basic and diluted 8,327,488 7,978,457 8,179,341 8,161,904 Net loss per share – Basic and diluted $ (0.90) $ (1.04) $ (3.11) $ (3.01) Anti-dilutive stock options 1,638,670 1,401,109 1,638,670 1,401,109 Anti-dilutive restricted stock units 50,051 52,430 50,051 52,430 Total anti-dilutive common stock equivalents excluded 1,688,721 1,453,539 1,688,721 1,453,539

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (7,467)	$ (7,551)	$ (10,441)	$ (8,300)	$ (8,931)	$ (7,346)	$ (25,459)	$ (24,577)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 .
Liquidity and Going Concern/ Basis of Presentation	Liquidity and Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements also do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. 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. As of September 30, 2024 , the Company had approximately $13.5 million of cash and cash equivalents. The Company's accumulated deficit at September 30, 2024 was approximately $187.0 million . Based on the Company's current cash forecast and the Company’s dependence on its ability to obtain additional financing to fund its operations in advancing the PGHD program into a Phase 3 trial, the Company concluded that its available cash and cash equivalents as of September 30, 2024 may not be sufficient to fund its operations for at least 12 months from the filing date of this Quarterly Report, and thus substantial doubt exists as to the Company’s ability to continue as a going concern. Although management plans to complete the 2024 Merger in a timely manner, there can be no assurances that the 2024 Merger will close or, if it does close, that it would provide sufficient financing to continue operations. If the 2024 Merger does not close for any reason, there can be no assurance that any other financing will be available on terms that are favorable to the Company, or at all. The Company has taken certain steps to delay or reduce the scope of its research programs and limit its operations until it is able to obtain additional funding. If the 2024 Merger does not close, the Company will be forced to further delay or reduce the scope of its research programs, including its LUM-201 Phase 3 trial, and/or limit or cease its operations. 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 2023 Annual Report filed on Form 10-K with the SEC on March 7, 2024.
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 September 30, 2024, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “ Summary of Significant Accounting Policies and Recent Accounting Pronouncements ” of its consolidated financial statements included in the Company’s 2023
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures . This ASU requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, and contains other disclosure requirements. This authoritative guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures . This ASU requires that reporting entities disclose specific categories in the effective tax rate reconciliation as well as information about income taxes paid. The authoritative guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements.
Fair Value	Fair Value The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below: • Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date . • Level 2: Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets. • Level 3: Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summarizes the Valuation of the Company’s Financial Instruments	The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value. As of September 30, 2024 Level 1 Level 2 Total Cash equivalents: Money market funds $ 13,372 $ — $ 13,372 Total cash equivalents $ 13,372 $ — $ 13,372 As of December 31, 2023 Level 1 Level 2 Total Cash equivalents: Money market funds $ 34,741 $ — $ 34,741 Total cash equivalents $ 34,741 $ — $ 34,741 Short-term investments: U.S. government and agency securities — 999 999 Total short-term investments $ — $ 999 $ 999 Total $ 34,741 $ 999 $ 35,740 The following table summarizes the Company's available-for-sale securities by security type: As of September 30, 2024 Amortized Cost Unrealized Losses Fair Value Cash equivalents: Money market funds $ 13,372 $ — $ 13,372 Total cash equivalents $ 13,372 $ — $ 13,372 As of December 31, 2023 Amortized Cost Unrealized Losses Fair Value Cash equivalents: Money market funds $ 34,741 $ — $ 34,741 Total cash equivalents $ 34,741 $ — $ 34,741 Short-term investments: U.S. government and agency securities 999 — 999 Total short-term investments $ 999 $ — $ 999 Total $ 35,740 $ — $ 35,740

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses are comprised of the following (in thousands): September 30, 2024 December 31, 2023 Compensation and related benefits $ 2,895 $ 3,472 Clinical and contract manufacturing expenses 1,062 1,790 Other 963 596 Total accrued expenses $ 4,920 $ 5,858

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023 were (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 99 $ 150 $ 343 $ 499 General and administrative 280 409 1,003 1,299 Total $ 379 $ 559 $ 1,346 $ 1,798

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (7,467) $ (8,300) $ (25,459) $ (24,577) Weighted-average shares outstanding – Basic and diluted 8,327,488 7,978,457 8,179,341 8,161,904 Net loss per share – Basic and diluted $ (0.90) $ (1.04) $ (3.11) $ (3.01) Anti-dilutive stock options 1,638,670 1,401,109 1,638,670 1,401,109 Anti-dilutive restricted stock units 50,051 52,430 50,051 52,430 Total anti-dilutive common stock equivalents excluded 1,688,721 1,453,539 1,688,721 1,453,539

Description of Business (Detail

Description of Business (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 22, 2024 USD ($) right $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Annual global net revenue		$ 726	$ 7	$ 1,379	$ 1,225
Cash and cash equivalents		13,519		13,519		$ 35,078
Accumulated deficit		$ 186,976		$ 186,976		$ 161,517
LUMOS PHARMA, INC | Subsequent Event | Secured Debt | Double Point Ventures LLC
Business Acquisition [Line Items]
Clinical trial funding agreement, loan amount	$ 7,500
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC
Business Acquisition [Line Items]
Percentage of common stock acquired	100%
Merger agreement share price (in usd per share) | $ / shares	$ 4.25
Non-transferable, unsecured contingent value right | right	1
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC | Officers, Directors and Stockholders
Business Acquisition [Line Items]
Percentage of common stock acquired	17.70%
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC | Fiscal year equal to or greater than $500 million
Business Acquisition [Line Items]
Annual global net revenue	$ 500,000
Share price (in usd per share) | $ / shares	$ 1
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC | Fiscal year equal to or greater than $1 billion
Business Acquisition [Line Items]
Annual global net revenue	$ 1,000,000
Share price (in usd per share) | $ / shares	$ 1.50
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC | Fiscal year equal to or greater than $1.5 billion
Business Acquisition [Line Items]
Annual global net revenue	$ 1,500,000
Share price (in usd per share) | $ / shares	$ 2
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC | Merger Condition 4
Business Acquisition [Line Items]
Anniversary of merger closing period	18 months
Percentage of contingent value rights transaction proceeds	25%
Contingent value rights upfront cash consideration percentage	50%
LUMOS PHARMA, INC | Subsequent Event | Double Point Ventures LLC | Merger Condition 5
Business Acquisition [Line Items]
Share price (in usd per share) | $ / shares	$ 2
Anniversary of merger closing period	18 months
Acquisition of direct or indirect beneficial ownership percentage	50%

License and Asset Purchase Ag_2

License and Asset Purchase Agreements (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2018	Mar. 31, 2024	Nov. 30, 2014
Asset Acquisition [Line Items]
Payments for royalties	$ 500,000	$ 0	$ 900,000	$ 800,000
Merck | Royalty revenue
Asset Acquisition [Line Items]
Grant revenue	700,000	$ 0	1,400,000	$ 1,200,000
License and Collaborative Arrangement | Merck
Asset Acquisition [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							60%
Value of PRV liability							40%
License and Collaborative Arrangement | Merck | Minimum
Asset Acquisition [Line Items]
Royalty obligation percent of annual product net sales			10%
License and Collaborative Arrangement | Merck | Maximum
Asset Acquisition [Line Items]
Royalty obligation percent of annual product net sales			12%
Ammonett
Asset Acquisition [Line Items]
Upfront payments					$ 3,500,000
Acquisition development milestone payments					17,000,000
Acquisition specific milestone payments					14,000,000	$ 2,000,000
Acquisition sales milestone payments					$ 55,000,000

Financial Instruments - Summary

Financial Instruments - Summary of the Valuation of the Company’s Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 13,372	$ 34,741
Short-term investments:		999
Total		35,740
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		999
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	13,372	34,741
Short-term investments:		0
Total		34,741
Level 1 | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Short-term investments:		999
Total		999
Level 2 | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:		999
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	13,372	34,741
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	13,372	34,741
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 0	$ 0

Financial Instruments - Schedul

Financial Instruments - Schedule of Available for Sale by Security Type (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		$ 35,740
Unrealized Losses		0
Fair Value		35,740
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 13,372	34,741
Unrealized Losses	0	0
Fair Value	13,372	34,741
Cash Equivalents | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	13,372	34,741
Unrealized Losses	0	0
Fair Value	$ 13,372	34,741
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		999
Unrealized Losses		0
Fair Value		999
Short-Term Investments | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		999
Unrealized Losses		0
Fair Value		$ 999

Accrued Expenses - Summary (Det

Accrued Expenses - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued expenses
Compensation and related benefits	$ 2,895	$ 3,472
Clinical and contract manufacturing expenses	1,062	1,790
Other	963	596
Total accrued expenses	$ 4,920	$ 5,858

Stock-Based Compensation and _3

Stock-Based Compensation and Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	May 09, 2019	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost		$ 1.9
Weighted average vesting period for non-vested option awards (in years)		2 years 1 month 6 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)		690,307
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)		30,241
2010 Employee Stock Purchase Plan | ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Increase in shares reserved for future 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 379	$ 559	$ 1,346	$ 1,798
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	99	150	343	499
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 280	$ 409	$ 1,003	$ 1,299

Long-Term Debt and Conversion_2

Long-Term Debt and Conversion to Royalty Obligation (Details) - IDED - Loans payable - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2005
Debt Instrument [Line Items]
Loan available balance		$ 6
Outstanding balance	$ 6

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0	$ 0	$ 0	$ 29

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (7,467)	$ (7,551)	$ (10,441)	$ (8,300)	$ (8,931)	$ (7,346)	$ (25,459)	$ (24,577)
Weighted-average shares outstanding - Basic (in shares)	8,327,488			7,978,457			8,179,341	8,161,904
Weighted-average shares outstanding - Diluted (in shares)	8,327,488			7,978,457			8,179,341	8,161,904
Net loss per share - Basic (in dollars per share)	$ (0.90)			$ (1.04)			$ (3.11)	$ (3.01)
Net loss per share - Diluted (in dollars per share)	$ (0.90)			$ (1.04)			$ (3.11)	$ (3.01)
Antidilutive securities (in shares)	1,688,721			1,453,539			1,688,721	1,453,539
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,638,670			1,401,109			1,638,670	1,401,109
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	50,051			52,430			50,051	52,430