Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36333 | |
Entity Registrant Name | BIO-PATH HOLDINGS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0652870 | |
Entity Address, Address Line One | 4710 Bellaire Boulevard, Suite 210 | |
Entity Address, City or Town | Bellaire | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77401 | |
City Area Code | 832 | |
Local Phone Number | 742-1357 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | BPTH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,960,164 | |
Entity Central Index Key | 0001133818 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 13,650 | $ 23,774 |
Prepaid drug product | 2,347 | 523 |
Other current assets | 2,140 | 1,843 |
Total current assets | 18,137 | 26,140 |
Fixed assets | ||
Furniture, fixtures & equipment | 1,120 | 1,099 |
Less accumulated depreciation | (939) | (874) |
Furniture, fixtures & equipment, net | 181 | 225 |
Right of use operating assets | 221 | 203 |
Total Assets | 18,539 | 26,568 |
Current liabilities | ||
Accounts payable | 1,046 | 106 |
Accrued expenses | 1,050 | 770 |
Current portion of lease liabilities | 105 | 82 |
Total current liabilities | 2,201 | 958 |
Noncurrent lease liabilities | 141 | 153 |
Total Liabilities | 2,342 | 1,111 |
Shareholders' equity | ||
Preferred stock, $.001 par value; 10,000 shares authorized; no shares issued and outstanding | ||
Common stock, $.001 par value; 200,000 shares authorized; 7,160 and 7,160 shares issued and outstanding, respectively | 7 | 7 |
Additional paid in capital | 103,753 | 103,111 |
Accumulated deficit | (87,563) | (77,661) |
Total shareholders' equity | 16,197 | 25,457 |
Total Liabilities & Shareholders' Equity | $ 18,539 | $ 26,568 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000 | 10,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 200,000 | 200,000 |
Common Stock, shares issued | 7,160 | 7,160 |
Common Stock, shares outstanding | 7,160 | 7,160 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses | ||||
Research and development | $ 2,353 | $ 981 | $ 6,302 | $ 3,002 |
General and administrative | 1,193 | 1,088 | 3,613 | 3,324 |
Total operating expenses | 3,546 | 2,069 | 9,915 | 6,326 |
Net operating loss | (3,546) | (2,069) | (9,915) | (6,326) |
Other income | ||||
Interest income | 11 | 13 | 2 | |
Total other income | 11 | 13 | 2 | |
Net loss | $ (3,535) | $ (2,069) | $ (9,902) | $ (6,324) |
Net loss per share, basic (in dollars per share) | $ (0.49) | $ (0.29) | $ (1.38) | $ (0.96) |
Net loss per share, diluted (in dollars per share) | $ (0.49) | $ (0.29) | $ (1.38) | $ (0.96) |
Weighted average number of common shares outstanding, basic (in shares) | 7,160 | 7,038 | 7,160 | 6,578 |
Weighted average number of common shares outstanding, diluted (in shares) | 7,160 | 7,038 | 7,160 | 6,578 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flow from operating activities | ||
Net loss | $ (9,902) | $ (6,324) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 642 | 591 |
Amortization of right of use assets | 67 | 63 |
Depreciation | 65 | 56 |
(Increase) decrease in operating assets | ||
Prepaid drug product | (1,824) | (840) |
Other current assets | (297) | (591) |
Increase (decrease) in operating liabilities | ||
Accounts payable and accrued expenses | 1,220 | (1) |
Lease liabilities | (74) | (70) |
Net cash used in operating activities | (10,103) | (7,116) |
Cash flow from investing activities | ||
Purchases of furniture, fixtures & equipment | (21) | (47) |
Net cash used in investing activities | (21) | (47) |
Cash flow from financing activities | ||
Net proceeds from sale of common stock | 15,852 | |
Net proceeds from exercise of warrants | 4,157 | |
Net cash provided by financing activities | 20,009 | |
Net (decrease) increase in cash | (10,124) | 12,846 |
Cash, beginning of period | 23,774 | 13,755 |
Cash, end of period | 13,650 | $ 26,601 |
Non-cash operating activities | ||
Right of use asset recognized in exchange for lease obligation | $ 85 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid in Capital. | Accumulated Deficit | Total |
Beginning Balance at Dec. 31, 2020 | $ 5 | $ 82,286 | $ (67,221) | $ 15,070 |
Beginning Balance (in shares) at Dec. 31, 2020 | 4,542 | |||
Issuance of common stock, net of fees | $ 2 | 15,850 | 15,852 | |
Issuance of common stock, net of fees (in shares) | 2,189 | |||
Exercise of warrants, net of fees | 4,157 | 4,157 | ||
Exercise of warrants, net of fees (in shares) | 429 | |||
Stock-based compensation | 591 | 591 | ||
Net loss | (6,324) | (6,324) | ||
Ending Balance at Sep. 30, 2021 | $ 7 | 102,884 | (73,545) | 29,346 |
Ending Balance (in shares) at Sep. 30, 2021 | 7,160 | |||
Beginning Balance at Jun. 30, 2021 | $ 7 | 101,223 | (71,476) | 29,754 |
Beginning Balance (in shares) at Jun. 30, 2021 | 6,960 | |||
Issuance of common stock, net of fees | 1,399 | 1,399 | ||
Issuance of common stock, net of fees (in shares) | 200 | |||
Stock-based compensation | 262 | 262 | ||
Net loss | (2,069) | (2,069) | ||
Ending Balance at Sep. 30, 2021 | $ 7 | 102,884 | (73,545) | 29,346 |
Ending Balance (in shares) at Sep. 30, 2021 | 7,160 | |||
Beginning Balance at Dec. 31, 2021 | $ 7 | 103,111 | (77,661) | 25,457 |
Beginning Balance (in shares) at Dec. 31, 2021 | 7,160 | |||
Stock-based compensation | 642 | 642 | ||
Net loss | (9,902) | (9,902) | ||
Ending Balance at Sep. 30, 2022 | $ 7 | 103,753 | (87,563) | 16,197 |
Ending Balance (in shares) at Sep. 30, 2022 | 7,160 | |||
Beginning Balance at Jun. 30, 2022 | $ 7 | 103,541 | (84,028) | 19,520 |
Beginning Balance (in shares) at Jun. 30, 2022 | 7,160 | |||
Stock-based compensation | 212 | 212 | ||
Net loss | (3,535) | (3,535) | ||
Ending Balance at Sep. 30, 2022 | $ 7 | $ 103,753 | $ (87,563) | $ 16,197 |
Ending Balance (in shares) at Sep. 30, 2022 | 7,160 |
Organization and Business
Organization and Business | 9 Months Ended |
Sep. 30, 2022 | |
Organization and Business | |
Organization and Business | 1. Organization and Business The Company is a clinical and preclinical stage oncology-focused RNAi nanoparticle drug development company utilizing a novel technology that achieves systemic delivery for target-specific protein inhibition for any gene product that is over-expressed in disease. The Company’s drug delivery and antisense technology, called DNAbilize®, is a platform that uses P-ethoxy, which is a deoxyribonucleic acid (DNA) backbone modification that is intended to protect the DNA from destruction by the body’s enzymes when circulating in vivo, In vivo, The Company was incorporated in May 2000 as a Utah corporation. In February 2008, Bio-Path Subsidiary completed a reverse merger with the Company, which at the time was traded over the counter and had no current operations. The prior name of the Company was changed to Bio-Path Holdings, Inc. and the directors and officers of Bio-Path Subsidiary became the directors and officers of Bio-Path Holdings, Inc. Effective December 31, 2014, the Company changed its state of incorporation from Utah to Delaware through a statutory conversion pursuant to the Utah Revised Business Corporation Act and the Delaware General Corporation Law. The Company’s operations to date have been limited to organizing and staffing the Company, acquiring, developing and securing its technology and undertaking product development for a limited number of product candidates. As the Company has not begun its planned principal operations of commercializing a product candidate, the Company’s activities are subject to significant risks and uncertainties, including the potential requirement to secure additional funding, the outcome of the Company’s clinical trials and failing to operationalize the Company’s current drug candidates before another company develops similar products. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Net Loss Per Share – per share for 2021 did not include 485,908 shares and 429,791 shares issuable pursuant to the exercise of outstanding common stock options and warrants, respectively, as of September 30, 2021 as the effect would be antidilutive. Fair Value - |
Prepaid Drug Product
Prepaid Drug Product | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Drug Product | |
Prepaid Drug Product | 3. Prepaid Drug Product Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future clinical development activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. The Company recognized certain expenses and incurred installment costs for its contract drug manufacturing and raw material suppliers with prepayments totaling $0.5 million as of December 31, 2021 pursuant to drug supply contracts for the manufacture and delivery of prexigebersen for testing in a Phase 2 clinical trial and BP1002 for testing in a Phase 1 clinical trial. The Company recognized certain expenses and incurred additional installment costs during the first nine months of 2022, with advanced payments remaining to be expensed totaling $2.3 million as of September 30, 2022. |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Other Current Assets | |
Other Current Assets | 4. Other Current Assets As of September 30, 2022, other current assets included prepaid expenses of $2.1 million, comprised primarily of prepayments of $1.6 million made for the Company’s clinical trials for BP1002 in separate clinical trials for lymphoma and AML, prexigebersen in AML as well as BP1001-A in solid tumors. Additionally, the Company had prepaid insurance expenses of $0.5 million. As of December 31, 2021, other current assets included prepaid expenses of $1.8 million, comprised primarily of prepayments of $1.4 million made for the Company’s clinical trials for BP1002 in AML and lymphoma, prexigebersen in AML and BP1001-A in solid tumors as well as prepaid insurance of $0.3 million and other prepaid expenses of $0.1 million. |
Accounts Payable
Accounts Payable | 9 Months Ended |
Sep. 30, 2022 | |
Accounts Payable | |
Accounts Payable | 5. Accounts Payable As of September 30, 2022, current liabilities included accounts payable of $1.0 million, comprised primarily of amounts owed for clinical trial expenses of $0.4 million, drug supply manufacturing of $0.4 million and legal and patent fees of $0.2 million. As of December 31, 2021, current liabilities included accounts payable of $0.1 million, comprised primarily of legal and patent fees and expenses related to manufacturing totaling $0.1 million. |
Accrued Expense
Accrued Expense | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Expense | |
Accrued Expense | 6. Accrued Expense As of September 30, 2022, current liabilities included accrued expenses of $1.1 million, comprised primarily of manufacturing and testing services of $0.5 million, accrued employee vacation and bonus expenses of $0.3 million, professional and consulting fees of $0.1 million, legal and patent fees of $0.1 million and other accrued expenses of $0.1 million. As of December 31, 2021, current liabilities included accrued expenses of $0.8 million, comprised primarily of accrued employee vacation and bonus expenses of $0.4 million, franchise tax expense of $0.1 million, legal and patent fees of $0.1 million, manufacturing expenses of $0.1 million and other accrued expenses of $0.1 million. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity | |
Stockholders' Equity | 7. Stockholders’ Equity Issuances of Common Stock - On February 16, 2021, the Company entered into a placement agency agreement with Roth Capital Partners, LLC relating to a public offering of At-The-Market Offering Agreement Company may offer and sell, from time to time, through or to Wainwright, shares of the Company’s common stock. From July 14, 2020 to August 18, 2021, offers and any applicable sales of shares of common stock under the Offering Agreement were made pursuant to the base prospectus contained in the 2019 Shelf Registration Statement and a related prospectus supplement filed with the SEC on July 14, 2020, for an aggregate offering price of up to $7.0 million. From August 19, 2021 to June 14, 2022, offers and any applicable sales of shares of common stock under the Offering Agreement were made pursuant to the base prospectus contained in the 2019 Shelf Registration Statement and a related prospectus supplement filed with the SEC on August 19, 2021, as amended pursuant to an amendment to prospectus supplement filed with the SEC on March 15, 2022, for an aggregate offering price of up to $10.0 million. From and after June 15, 2022, offers and sales of shares of common stock under the Offering Agreement may be made pursuant to the Company’s shelf registration statement on Form S-3, which was declared effective by the SEC on June 14, 2022 (File No. 333-265282) (the “2022 Shelf Registration Statement”), and a related prospectus supplement filed with the SEC on June 14, 2022, as supplemented and amended pursuant to a prospectus supplement filed with the SEC on July 29, 2022, for an aggregate offering price of up to $3.0 million, provided that the Company may be limited in the amount of securities that it can currently sell under the Offering Agreement pursuant to Instruction I.B.6 to Form S-3 for so long as its public float remains less than $75.0 million. Under the Offering Agreement, Wainwright may sell shares by any method deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended. The Company will pay Wainwright a commission on the aggregate gross proceeds from each sale of shares under the Offering Agreement and has agreed to provide Wainwright with customary indemnification and contribution rights. The Company has also agreed to reimburse Wainwright for certain specified expenses. During the nine months ended September 30, 2022, the Company did not offer or sell any shares of its common stock under the Offering Agreement. Stockholders’ Equity totaled $16.2 million as of September 30, 2022 compared to $25.5 million as of December 31, 2021. There were 7,160,164 shares of common stock issued and outstanding outstanding |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 9 Months Ended |
Sep. 30, 2022 | |
Stock-Based Compensation Plan | |
Stock-Based Compensation Plan | 8. Stock-Based Compensation Plan The 2017 Plan Stock-based compensation expense for the three months ended September 30, 2022 and 2021 was $0.2 million and $0.3 million, respectively. Of these amounts, stock-based compensation expense for personnel involved in the Company’s general and administrative activities for each of the three months ended September 30, 2022 and 2021 was $0.2 million. Stock-based compensation expense for personnel involved in the Company’s research and development activities for the three months ended September 30, 2022 and 2021 was $49,000 and $46,000, respectively. Stock-based compensation expense for each of the nine months ended September 30, 2022 and 2021 was $0.6 million. Of these amounts, stock-based compensation expense for personnel involved in the Company’s general and administrative activities for each of the nine months ended September 30, 2022 and 2021 was $0.5 million. Stock-based compensation expense for personnel involved in the Company’s research and development activities for each of the nine months ended September 30, 2022 and 2021 was $0.1 million. The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted, with the following weighted-average assumptions for options granted in the nine months ended September 30, 2022 and 2021, respectively: 2022 2021 Risk-free interest rate 2.43 % 1.15 % Expected volatility 127 % 128 % Expected term in years 6.0 6.0 Dividend yield — % — % The following summary represents option activity under the Company’s stock-based compensation plans for the nine months ended September 30, 2022: Weighted- Average Exercise Options Price (in thousands) Outstanding at December 31, 2021 486 $ 14.58 Granted 192 3.71 Forfeited (2) 7.02 Expired (18) 5.96 Outstanding at September 30, 2022 658 $ 11.67 Vested and expected to vest September 30, 2022 629 $ 11.96 Exercisable at September 30, 2022 289 $ 19.99 As of September 30, 2022, outstanding stock options did not have any aggregate intrinsic value. The aggregate intrinsic value represents the total pretax intrinsic value (the difference between the Company’s closing stock price on September 30, 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2022. This amount changes based on the fair value of the Company’s stock. As of September 30, 2022, unamortized stock-based compensation expense for all outstanding options was $1.5 million, which is expected to be recognized over a weighted average vesting period of 2.4 years. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Drug Supplier Project Plan |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Event 2022 Registered Direct Offering and 2022 Private Placement |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies | |
Net Loss Per Share | Net Loss Per Share – per share for 2021 did not include 485,908 shares and 429,791 shares issuable pursuant to the exercise of outstanding common stock options and warrants, respectively, as of September 30, 2021 as the effect would be antidilutive. |
Fair Value | Fair Value - |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stock-Based Compensation Plan | |
Summary of weighted-average assumptions | The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted, with the following weighted-average assumptions for options granted in the nine months ended September 30, 2022 and 2021, respectively: 2022 2021 Risk-free interest rate 2.43 % 1.15 % Expected volatility 127 % 128 % Expected term in years 6.0 6.0 Dividend yield — % — % |
Schedule of option activity under stock-based compensation plans | The following summary represents option activity under the Company’s stock-based compensation plans for the nine months ended September 30, 2022: Weighted- Average Exercise Options Price (in thousands) Outstanding at December 31, 2021 486 $ 14.58 Granted 192 3.71 Forfeited (2) 7.02 Expired (18) 5.96 Outstanding at September 30, 2022 658 $ 11.67 Vested and expected to vest September 30, 2022 629 $ 11.96 Exercisable at September 30, 2022 289 $ 19.99 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Warrant | ||
Significant Accounting Policies [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 400,531 | 429,791 |
Stock Options | ||
Significant Accounting Policies [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 657,408 | 485,908 |
Prepaid Drug Product (Details)
Prepaid Drug Product (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Drug Product | ||
Prepaid drug product for testing | $ 0.5 | |
Advanced payments remaining to be expensed | $ 2.3 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other prepaid expenses | $ 500 | |
Other current assets | $ 2,140 | 1,843 |
Prepaid Expenses [Member] | ||
Other current assets | 2,100 | 1,800 |
Prepaid Expenses [Member] | BP1002 in lymphoma, prexigebersen in AML and prexigebersen-A [Member] | ||
Other current assets | 1,600 | 1,400 |
Other Prepaid Expenses [Member] | BP1002 in lymphoma, prexigebersen in AML and prexigebersen-A [Member] | ||
Other prepaid expenses | 100 | |
Prepaid insurance | $ 300 | |
Prepaid expenses related to preclinical studies | $ 500 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Payable [Line Items] | ||
Accounts payable, current | $ 1,046 | $ 106 |
Clinical trials for prexigebersen in AML and BP1002 in lymphoma [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | 400 | |
Manufacturing Costs [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | 400 | |
Legal and Patent [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | $ 200 | $ 100 |
Accrued Expense (Details)
Accrued Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Expense | ||
Accrued expense | $ 1,050 | $ 770 |
Accrued vacation and bonus expenses | 300 | 400 |
Manufacturing and testing services | 500 | |
Professional and consulting fees | 100 | |
Accrued legal and patent fees | $ 100 | 100 |
Other accrued expenses | 100 | |
Manufacturing expenses | $ 100 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Jul. 29, 2022 | Mar. 15, 2022 | Jul. 14, 2021 | Feb. 18, 2021 | Feb. 16, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Shareholders Equity [Line Items] | ||||||||||||
Net proceeds from sale of common stock | $ 12,200 | $ 15,852 | ||||||||||
Stockholders' Equity total amount | $ 29,346 | $ 16,197 | $ 29,346 | $ 19,520 | $ 25,457 | $ 29,754 | $ 15,070 | |||||
Common Stock, shares issued | 7,160,000 | 7,160,000 | ||||||||||
Common Stock, shares outstanding | 7,160,000 | 7,160,000 | ||||||||||
Preferred Stock, shares issued | 0 | 0 | ||||||||||
Preferred Stock, shares outstanding | 0 | 0 | ||||||||||
Common Stock | ||||||||||||
Shareholders Equity [Line Items] | ||||||||||||
Shares issued (in shares) | 200,000 | 2,189,000 | ||||||||||
Stockholders' Equity total amount | $ 7 | $ 7 | $ 7 | $ 7 | $ 7 | $ 7 | $ 5 | |||||
IPO [Member] | ||||||||||||
Shareholders Equity [Line Items] | ||||||||||||
Shares issued (in shares) | 1,710,600 | |||||||||||
Net proceeds from sale of common stock | $ 13,000 | |||||||||||
2021 Public Offering [Member] | ||||||||||||
Shareholders Equity [Line Items] | ||||||||||||
Shares issued (in shares) | 1,650,000 | |||||||||||
At-The-Market Offering Agreement [Member] | ||||||||||||
Shareholders Equity [Line Items] | ||||||||||||
Public float | 75,000 | |||||||||||
Maximum aggregate offering price | $ 3,000 | $ 10,000 | $ 7,000 | |||||||||
Stockholders' Equity total amount | $ 16,200 | $ 25,500 | ||||||||||
At-The-Market Offering Agreement [Member] | Common Stock | ||||||||||||
Shareholders Equity [Line Items] | ||||||||||||
Common Stock, shares issued | 7,160,164 | |||||||||||
Common Stock, shares outstanding | 7,160,164 | |||||||||||
At-The-Market Offering Agreement [Member] | Preferred Stock | ||||||||||||
Shareholders Equity [Line Items] | ||||||||||||
Preferred Stock, shares issued | 0 | |||||||||||
Preferred Stock, shares outstanding | 0 |
Stock-Based Compensation Plan -
Stock-Based Compensation Plan - Weighted Average Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-Based Compensation Plan | ||
Risk-free interest rate | 2.43% | 1.15% |
Expected volatility | 127% | 128% |
Expected term in years | 6 years | 6 years |
Dividend yield | 0% | 0% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan - Option Activity Under Plan (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Stock-Based Compensation Plan | |
Outstanding | shares | 486 |
Granted | shares | 192 |
Forfeited | shares | (2) |
Expired | shares | (18) |
Outstanding | shares | 658 |
Vested and expected to vest | shares | 629 |
Exercisable | shares | 289 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 14.58 |
Weighted-Average Exercise Price, Granted | $ / shares | 3.71 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 7.02 |
Weighted-Average Exercise Price, Expired | $ / shares | 5.96 |
Weighted-Average Exercise Price, Outstanding | $ / shares | 11.67 |
Weighted - Average Exercise Price, Vested and expected to vest | $ / shares | 11.96 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 19.99 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
Dec. 19, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Stock Based Compensation Plans [Line Items] | ||||||
Stock-based compensation expense | $ 200,000 | $ 300,000 | $ 600,000 | |||
Unamortized stock-based compensation expense for outstanding options | 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||
Weighted average vesting period | 2 years 4 months 24 days | |||||
Stock Incentive Plan 2017 [Member] | ||||||
Stock Based Compensation Plans [Line Items] | ||||||
Increase in number of shares reserved for grant | 600,000 | |||||
Number of shares reserved for grant and issuance | 660,000 | |||||
Expiration period (in years) | 10 years | |||||
Research and Development Expense [Member] | ||||||
Stock Based Compensation Plans [Line Items] | ||||||
Stock-based compensation expense | 49,000 | 46,000 | $ 100,000 | $ 100,000 | ||
General and Administrative Expense [Member] | ||||||
Stock Based Compensation Plans [Line Items] | ||||||
Stock-based compensation expense | $ 200,000 | $ 200,000 | $ 500,000 | $ 500,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Product Liability Contingency [Line Items] | |
Other commitments, due in next twelve months | $ 5 |
Drug Supplier Project Plan [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 5 |
Term commitments are incurred | 12 months |
Manufacture of Drug Substance [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 2.4 |
Manufacturer of Prexigebersen [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | 1.8 |
Manufacturing Development [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | 0.6 |
Testing Services [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 0.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Nov. 09, 2022 | Nov. 06, 2022 | Feb. 18, 2021 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||
Gross proceeds | $ 12,200 | $ 15,852 | ||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued (in shares) | 800,000 | |||
Gross proceeds | $ 2,000 | |||
Subsequent Event [Member] | Private Placement [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares available for purchase from warrants issued | 800,000 | |||
Net proceeds | $ 1,700 |