Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 23, 2023 | Jun. 30, 2022 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 7,960,164 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Central Index Key | 0001133818 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Houston, Texas | ||
Entity Public Float | $ 27,578,277.90 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 10,384 | $ 23,774 |
Prepaid drug product | 3,587 | 523 |
Other current assets | 1,644 | 1,843 |
Total current assets | 15,615 | 26,140 |
Fixed assets | ||
Furniture, fixtures & equipment | 1,120 | 1,099 |
Less accumulated depreciation | (962) | (874) |
Furniture, fixtures & equipment, net | 158 | 225 |
Right of use operating assets | 198 | 203 |
Total Assets | 15,971 | 26,568 |
Current liabilities | ||
Accounts payable | 667 | 106 |
Accrued expenses | 909 | 770 |
Current portion of lease liabilities | 108 | 82 |
Total current liabilities | 1,684 | 958 |
Noncurrent lease liabilities | 113 | 153 |
Total Liabilities | 1,797 | 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; 7,960 and 7,160 shares issued and outstanding, respectively | 8 | 7 |
Additional paid in capital | 105,695 | 103,111 |
Accumulated deficit | (91,529) | (77,661) |
Total shareholders' equity | 14,174 | 25,457 |
Total Liabilities & Shareholders' Equity | $ 15,971 | $ 26,568 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred Stock, shares authorized | 10,000 | 10,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, shares authorized | 200,000 | 200,000 |
Common Stock, shares issued | 7,960 | 7,160 |
Common Stock, shares outstanding | 7,960 | 7,160 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | ||
Research and development | $ 9,165 | $ 5,910 |
General and administrative | 4,736 | 4,533 |
Total operating expenses | 13,901 | 10,443 |
Net operating loss | (13,901) | (10,443) |
Other income | ||
Interest income | 33 | 3 |
Total other income | 33 | 3 |
Net loss | $ (13,868) | $ (10,440) |
Net loss per share, basic (in dollars per share) | $ (1.91) | $ (1.55) |
Weighted average number of common shares outstanding, basic (in shares) | 7,276 | 6,725 |
Net loss per share, diluted (in dollars per share) | $ (1.91) | $ (1.55) |
Weighted average number of common shares outstanding, diluted (in shares) | 7,276 | 6,725 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities | ||
Net income loss | $ 13,868 | $ 10,440 |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 851 | 821 |
Amortization of right of use assets | 90 | 85 |
Depreciation | 88 | 76 |
(Increase) decrease in operating assets | ||
Prepaid drug product | (3,064) | 750 |
Other current assets | 199 | (915) |
Increase (decrease) in operating liabilities | ||
Accounts payable and accrued expenses | 700 | (199) |
Lease liabilities | (99) | (95) |
Net cash used in operating activities | (15,103) | (9,917) |
Cash flow from investing activities | ||
Purchases of furniture, fixtures & equipment | (21) | (70) |
Net cash used in investing activities | (21) | (70) |
Cash flow from financing activities | ||
Net proceeds from sale of common stock | 1,734 | 15,849 |
Net proceeds from exercise of warrants | 4,157 | |
Net cash provided by financing activities | 1,734 | 20,006 |
Net (decrease) increase in cash | (13,390) | 10,019 |
Cash, beginning of period | 23,774 | 13,755 |
Cash, end of period | 10,384 | $ 23,774 |
Non-cash operating activities | ||
Right of use asset recognized in exchange for lease obligation | $ 85 |
CONSOLIDATED STATEMENTS OF SHAR
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 | 15,847 | 15,849 | |
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 | 821 | 821 | ||
Net loss | (10,440) | (10,440) | ||
Ending Balance at Dec. 31, 2021 | $ 7 | 103,111 | (77,661) | 25,457 |
Ending Balance (in shares) at Dec. 31, 2021 | 7,160 | |||
Issuance of common stock, net of fees | $ 1 | 1,733 | 1,734 | |
Issuance of common stock, net of fees (in shares) | 800 | |||
Stock-based compensation | 851 | 851 | ||
Net loss | (13,868) | (13,868) | ||
Ending Balance at Dec. 31, 2022 | $ 8 | $ 105,695 | $ (91,529) | $ 14,174 |
Ending Balance (in shares) at Dec. 31, 2022 | 7,960 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation — Cash and Cash Equivalents — Concentration of Credit Risk — Furniture, fixtures and equipment — The estimated useful lives are as follows: Computers and equipment – 3 years Furniture and fixtures – 7 years Scientific equipment –7 years Leasehold improvements – Lesser of useful life or lease term Major additions and improvements are capitalized, while costs for minor replacements, maintenance and repairs that do not increase the useful life of an asset are expensed as incurred. Long-Lived Assets Research and Development Costs — The Company estimates its clinical trial expense each period based on a cost per patient calculation which is derived from estimated start-up costs, clinical trial costs based on the number of patients and length of treatment and clinical study report costs. These services are performed by the Company’s third-party clinical research organizations, laboratories and clinical investigative sites. The expense is recorded in research and development expense each period. Amounts that have been prepaid in advance of work performed are recorded in other current assets. Stock-Based Compensation — Net Loss Per Share — Use of Estimates — Income Taxes — Liquidity — The Company has experienced significant losses since its inception, including net losses of $13.9 million and $10.4 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had an accumulated deficit of $91.5 million and $10.4 million in cash and cash equivalents. The Company has no debt commitments. Substantially all of the Company’s net losses have resulted from costs incurred in connection with its research and development activities and its general and administrative expenses to support operations. The Company’s net losses may fluctuate significantly from quarter to quarter and year to year. The Company’s available cash at December 31, 2022 will not be sufficient to fund liquidity and capital expenditure requirements for the next 12 months from the date of issuance of these consolidated financial statements. Therefore, substantial doubt exists about the Company’s ability to continue as a going concern. The Company expects to continue to incur significant operating expenses for the foreseeable future in connection with its ongoing activities, including conducting clinical trials, manufacturing development and seeking regulatory approval of its drug candidates, prexigebersen, BP1002, BP1003 and BP-1001A. Accordingly, the Company will continue to require substantial additional capital to fund its projected operating requirements. Such additional capital may not be available when needed or on terms favorable to the Company. In addition, the Company may seek additional capital due to favorable market conditions or strategic considerations, even if it believes it has sufficient funds for its current and future operating plan. There can be no assurance that the Company will be able to continue to raise additional capital through the sale of securities in the future. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations, financial condition and future prospects. Recent Accounting Pronouncements — |
Prepaid Drug Product
Prepaid Drug Product | 12 Months Ended |
Dec. 31, 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, BP1001-A for testing in a Phase 1 clinical trial and BP1002 for testing in a Phase 1 clinical trial. The Company recognized certain expenses and incurred additional installment costs during 2022, with advanced payments remaining to be expensed totaling $3.6 million as of December 31, 2022. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Current Assets | |
Other Current Assets | 4. Other Current Assets As of December 31, 2022, other current assets included prepaid expenses of $1.6 million, comprised primarily of prepayments of $1.3 million made for the Company’s clinical trials for BP1002 in AML and lymphoma, BP1001-A in solid tumors and prexigebersen in AML as well as prepaid insurance of $0.3 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. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment | |
Property and Equipment | 5. Property and Equipment The following table summarizes property and equipment as of December 31, 2022 and 2021: December 31, Estimated Useful Lives 2022 2021 (in years) (in thousands) Leasehold improvements 2 to 5 $ 463 $ 463 Computers and office equipment 3 83 83 Furniture and fixtures 7 93 93 Scientific equipment 7 481 460 Total 1,120 1,099 Less: Accumulated depreciation (962) (874) Net property and equipment $ 158 $ 225 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable | |
Accounts Payable | 6. Accounts Payable As of December 31, 2022, current liabilities included accounts payable of $0.7 million, comprised primarily of expenses related to drug manufacturing, development and testing services of $0.6 million and legal and patent fees of $0.1 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 of $0.1 million. |
Accrued Expense
Accrued Expense | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Expense | |
Accrued Expense | 7. Accrued Expense As of December 31, 2022, current liabilities included accrued expenses of $0.9 million, comprised primarily of accrued employee vacation and bonus expenses of $0.4 million, drug manufacturing, development and testing services of $0.2 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 | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity | |
Stockholders' Equity | 8. Stockholders’ Equity Issuances of Common Stock On November 6, 2022, the Company entered into a placement agency agreement with Roth Capital Partners, LLC relating to the 2022 Registered Direct Offering and the 2022 Private Placement. In addition, on November 6, 2022, the Company entered into securities purchase agreements with several institutional and accredited investors pursuant to which the Company agreed to sell, in a registered direct offering, an aggregate of 800,000 shares of our common stock for gross proceeds of approximately $2.0 million under the base prospectus contained in the Company’s shelf registration statement on Form S-3 filed with the SEC, 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 November 9, 2022 (the “2022 Registered Direct Offering”). In a concurrent private placement, the Company also agreed pursuant to the securities purchase agreements to issue to such investors warrants to purchase up to 800,000 shares of its common stock (the “2022 Private Placement”). The 2022 Registered Direct Offering and the 2022 Private Placement closed on November 9, 2022. The net proceeds from the offerings, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offerings, were approximately $1.7 million. The Company did not issue any common stock pursuant to the exercise of warrants during the year ended December 31, 2022. During the year ended December 31, 2021, the Company issued an aggregate of 428,907 shares of its common stock pursuant to the exercise of warrants at a weighted average exercise price of approximately $9.71 per share. The net proceeds to the Company from the exercise of the warrants were approximately $4.2 million. At-The-Market Offering Agreement Stockholders’ Equity totaled $14.2 million as of December 31, 2022 compared to $25.5 million as of December 31, 2021. There were 7,960,164 shares of common stock issued and outstanding outstanding |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation Plan | |
Stock-Based Compensation Plan | 9. Stock-Based Compensation Plan The 2022 Plan Stock option awards granted for the years 2022 and 2021 were estimated to have a weighted average fair value per share of $3.71 and $6.22, respectively. The fair value calculation is based on stock options granted during the year using the Black-Scholes option-pricing model on the date of grant. In addition, for all stock options granted, exercise price was determined based on the fair value as determined by the closing stock price at the date of the grant. For stock options granted during 2022 and 2021 the following weighted average assumptions were used in determining fair value: 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 Company determines the expected term of its stock option awards using the simplified method based on the weighted average of the length of the vesting period and the term of the exercise period. Expected volatility is determined by the volatility of the Company’s historical stock price over the expected term of the grant. The risk-free interest rate for the expected term of each option granted is based on the U.S. Treasury yield curve in effect at the time of grant. Option activity under the Plans for the year ended December 31, 2022 was as follows (in thousands, except as noted): Weighted Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (in thousands) Outstanding at December 31, 2021 486 $ 14.58 8.4 $ 7,800 Granted 192 3.71 9.3 Forfeited (2) 7.02 Expired (18) 5.96 Outstanding at December 31, 2022 658 $ 11.67 7.9 $ — Vested and expected to vest December 31, 2022 634 $ 11.90 7.9 $ — Exercisable at December 31, 2022 321 $ 18.62 7.3 $ — The aggregate intrinsic value represents the total pretax intrinsic value (the difference between the Company’s closing stock price on December 31, 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 December 31, 2022. This amount changes based on the fair value of the Company’s stock. Option activity under the Plans for the year ended December 31, 2021 was as follows (in thousands, except as noted): Weighted Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (in thousands) Outstanding at December 31, 2020 274 $ 20.57 8.7 $ 3,750 Granted 213 7.02 9.3 Expired (1) 72.67 Outstanding at December 31, 2021 486 $ 14.58 8.4 $ 7,800 Vested and expected to vest December 31, 2021 451 $ 15.21 8.4 $ 7,114 Exercisable at December 31, 2021 178 $ 28.09 7.6 $ 3,412 The aggregate intrinsic value represents the total pretax intrinsic value (the difference between the Company’s closing stock price on December 31, 2021 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 December 31, 2021. This amount changes based on the fair value of the Company’s stock. Stock-Based Compensation Expense – |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
Warrants | 10. Warrants A summary of warrants outstanding and exercisable as of December 31, 2022 is as follows (in thousands, except as noted): Warrants Outstanding Warrants Exercisable Weighted Average Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Year Issued Outstanding Life Price Exercisable Price (in years) (per share) (per share) 2018 120 1.2 19.20 120 19.20 2019 281 1.8 13.76 281 13.76 2022 800 5.4 2.85 — 2.85 1,201 4.1 $ 7.03 401 $ 15.39 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies Drug Supplier Project Plan 12 months |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 12. Leases In April 2014, the Company entered into a five-year lease agreement for administrative office space located in Bellaire, Texas. The term of the lease began on August 1, 2014 and was set to expire on July 31, 2019; however, in May 2019, the Company entered into an amendment to the lease agreement to extend the term In April 2016, the Company entered into a three-year lease agreement for lab space located in Bellaire, Texas. The term of lease began on May 1, 2016 and was set to expire on April 30, 2019; however, in December 2018, the Company entered into an amendment to the lease agreement to extend the term for a period of three years, beginning on May 1, 2019 and ending on April 30, 2022. In January 2022, the Company exercised an option in the lease agreement amendment to extend the term of the lease to April 30, 2025. At the inception of an agreement, the Company determines if the agreement is a lease based on the unique facts and circumstances in each agreement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For agreements that contain a lease, the Company identifies lease and non-lease components, determines the consideration in the contract, determines whether the lease is an operating or financing lease and recognizes right of use (“ROU”) assets and lease liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable so the Company uses an incremental borrowing rate based on the information available at the lease commencement date, which represents an estimated rate that would be incurred to borrow over a similar term in a similar economic environment. The weighted average incremental borrowing rate utilized on its lease liabilities as of December 31, 2022 was 8.0%. The Company’s current leases include options to renew which can impact the lease term. The exercise of these options is at its discretion and the Company does not include any of these options within the expected lease term as there is no reasonable certainty these options will be exercised. Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis within its consolidated financial statements. The Company’s leases are included in ROU assets, current portion of lease liabilities and noncurrent lease liabilities in its consolidated balance sheet for the year ended December 31, 2022. The following table summarizes the Company’s operating lease assets and liabilities: December 31, 2022 2021 (in thousands) Assets: Operating lease assets $ 198 $ 203 Liabilities: Current portion of lease liabilities 108 82 Noncurrent lease liabilities 113 153 Total operating lease liabilities $ 221 $ 235 The following table summarizes the Company's lease related costs: December 31, 2022 2021 (in thousands) Operating lease costs $ 115 $ 117 Variable lease costs 5 11 Total lease costs $ 120 $ 128 The Company made cash payments for its operating leases of $0.1 million for the year ended December 31, 2022. The following table summarizes the Company's expected minimum lease payments: As of December 31, 2022 (in thousands) 2023 $ 121 2024 108 2025 11 Future minimum lease payments 240 Less: Interest (19) Present value of operating lease liabilities $ 221 As of December 31, 2022, the weighted average remaining lease term was 2.0 years. |
Benefit Plan
Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Benefit Plan | |
Benefit Plan | 13. Benefit Plan The Company initiated a contribution savings plan under Section 401(k) of the Internal Revenue Code in 2016. Under the plan, all eligible employees may contribute up to the statutory allowable amount governed by the Internal Revenue Service for any calendar year. The Company makes matching contributions equal to 100% of the first 3% and 50% of the next 2% of each employee’s base salary up to the allowable amount, which is fully vested on the date the matching contributions are made. For the years ended December 31, 2022 and 2021, matching contributions totaled $37,000 and $39,000, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | 14. Income Taxes At December 31, 2022, the Company had a net operating loss carryforward for federal income tax purposes of $84.3 million, $36.0 million of which begins to expire in varying amounts in tax years 2026 through 2037 2028 losses in future years may be subject to limitations by reason of an “ownership change” as defined under Section 382 of the Internal Revenue Code (IRC) (“Section 382 Limitation”). As a result of the Section 382 Limitation, the Company may not be able to fully utilize its net operating loss carry forwards and other tax credit carry forwards to offset future taxable income. Based on the Company’s estimated impact of the ownership change and Section 382 Limitation as of December 31, 2022, the net operating loss was reduced to $75.3 million, and the tax credits were reduced to $2.5 million for credits earned after the 2019 ownership change. Based on operations through December 31, 2022, the Company has estimated that the net operating loss and tax credits should be further reduced by providing a full valuation allowance against both. In assessing the ability to realize its deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers evidence such as the reversal of deferred tax liabilities, projected future results of operations, and tax planning strategies in making this assessment. Based upon the level of historical taxable income, significant book losses during the current and prior periods, and projections for future results of operations over the periods in which the deferred tax assets are deductible, among other factors, management continues to conclude that the Company does not meet the “more likely than not” requirement of ASC 740 in order to recognize deferred tax assets. As such, a valuation allowance has been recorded to offset the Company’s net deferred tax assets at December 31, 2022. The Company recorded an increase in the valuation allowance of $0.1 million for the year ended December 31, 2022. Due to the uncertainty surrounding the realization of the benefits of its deferred assets, including NOL carryforwards, the Company has provided a 100% valuation allowance on its net deferred tax assets at December 31, 2022 and 2021. The valuation allowance was $19.1 million and $19.0 million as of December 31, 2022 and 2021, respectively. The components of the Company’s deferred tax asset are as follows: December 31, 2022 2021 (in thousands) Deferred tax assets – non-current Accrued bonuses $ 63 $ 63 Accrued vacation 28 26 Net operating loss (NOL) carryover 15,818 14,975 Research & development tax credits 2,509 3,353 Share based expense 671 572 Other 3 4 Right of use lease liability 46 49 Fixed asset depreciation 44 43 Total deferred tax asset 19,182 19,085 Less: valuation allowance (19,140) (19,042) Net deferred tax asset 42 43 Right of use asset (42) (43) Net deferred tax asset $ — $ — Reconciliation between income taxes at the statutory tax rate (21%) and the actual income tax provision for continuing operations follows: December 31, 2022 2021 (in thousands) Loss before income taxes $ (13,868) $ (10,440) Tax (benefit) at statutory tax rate (2,912) (2,193) Effects of: Exclusion of incentive stock option expense 80 73 R&D tax credits 844 (451) Increase (decrease) in valuation allowance 98 2,648 Section 382 limit - NOL 1,890 — Other — (77) Provision for income taxes $ — $ — As of December 31, 2022, the Company had no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded as of the year ended December 31, 2022, and no interest or penalties have been accrued as of December 31, 2022 and 2021, respectively. The Company’s open years for Internal Revenue Service (IRS) examination purposes due to normal statute of limitation are 2019, 2020 and 2021. However, since the Company has operating loss carryforwards, the IRS has the ability to make adjustments to items that originate in a year otherwise barred by the statute of limitations under Section 6501 of the IRC of 1986, as amended, in order to redetermine tax for an open year to which those items are carried. Therefore, in a year in which a net operating loss deduction was claimed, the IRS may examine the year in which the net operating loss was generated and adjust it accordingly for purposes of assessing additional tax in the year the net operating loss was claimed. The Company is not currently under examination by the IRS or any other taxing authorities. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation — |
Cash and Cash Equivalents | Cash and Cash Equivalents — |
Concentration of Credit Risk | Concentration of Credit Risk — |
Furniture, fixtures and equipment | Furniture, fixtures and equipment — The estimated useful lives are as follows: Computers and equipment – 3 years Furniture and fixtures – 7 years Scientific equipment –7 years Leasehold improvements – Lesser of useful life or lease term Major additions and improvements are capitalized, while costs for minor replacements, maintenance and repairs that do not increase the useful life of an asset are expensed as incurred. |
Long-Lived Assets | Long-Lived Assets |
Research and Development Costs | Research and Development Costs — The Company estimates its clinical trial expense each period based on a cost per patient calculation which is derived from estimated start-up costs, clinical trial costs based on the number of patients and length of treatment and clinical study report costs. These services are performed by the Company’s third-party clinical research organizations, laboratories and clinical investigative sites. The expense is recorded in research and development expense each period. Amounts that have been prepaid in advance of work performed are recorded in other current assets. |
Stock-Based Compensation | Stock-Based Compensation — |
Net Loss Per Share | Net Loss Per Share — |
Use of Estimates | Use of Estimates — |
Income Taxes | Income Taxes — |
Liquidity | Liquidity — The Company has experienced significant losses since its inception, including net losses of $13.9 million and $10.4 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had an accumulated deficit of $91.5 million and $10.4 million in cash and cash equivalents. The Company has no debt commitments. Substantially all of the Company’s net losses have resulted from costs incurred in connection with its research and development activities and its general and administrative expenses to support operations. The Company’s net losses may fluctuate significantly from quarter to quarter and year to year. The Company’s available cash at December 31, 2022 will not be sufficient to fund liquidity and capital expenditure requirements for the next 12 months from the date of issuance of these consolidated financial statements. Therefore, substantial doubt exists about the Company’s ability to continue as a going concern. The Company expects to continue to incur significant operating expenses for the foreseeable future in connection with its ongoing activities, including conducting clinical trials, manufacturing development and seeking regulatory approval of its drug candidates, prexigebersen, BP1002, BP1003 and BP-1001A. Accordingly, the Company will continue to require substantial additional capital to fund its projected operating requirements. Such additional capital may not be available when needed or on terms favorable to the Company. In addition, the Company may seek additional capital due to favorable market conditions or strategic considerations, even if it believes it has sufficient funds for its current and future operating plan. There can be no assurance that the Company will be able to continue to raise additional capital through the sale of securities in the future. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations, financial condition and future prospects. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment | |
Summary of property and equipment | The following table summarizes property and equipment as of December 31, 2022 and 2021: December 31, Estimated Useful Lives 2022 2021 (in years) (in thousands) Leasehold improvements 2 to 5 $ 463 $ 463 Computers and office equipment 3 83 83 Furniture and fixtures 7 93 93 Scientific equipment 7 481 460 Total 1,120 1,099 Less: Accumulated depreciation (962) (874) Net property and equipment $ 158 $ 225 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation Plan | |
Summary of weighted-average assumptions | 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 | Option activity under the Plans for the year ended December 31, 2022 was as follows (in thousands, except as noted): Weighted Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (in thousands) Outstanding at December 31, 2021 486 $ 14.58 8.4 $ 7,800 Granted 192 3.71 9.3 Forfeited (2) 7.02 Expired (18) 5.96 Outstanding at December 31, 2022 658 $ 11.67 7.9 $ — Vested and expected to vest December 31, 2022 634 $ 11.90 7.9 $ — Exercisable at December 31, 2022 321 $ 18.62 7.3 $ — Option activity under the Plans for the year ended December 31, 2021 was as follows (in thousands, except as noted): Weighted Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (in thousands) Outstanding at December 31, 2020 274 $ 20.57 8.7 $ 3,750 Granted 213 7.02 9.3 Expired (1) 72.67 Outstanding at December 31, 2021 486 $ 14.58 8.4 $ 7,800 Vested and expected to vest December 31, 2021 451 $ 15.21 8.4 $ 7,114 Exercisable at December 31, 2021 178 $ 28.09 7.6 $ 3,412 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
Summary of warrants outstanding and exercisable | A summary of warrants outstanding and exercisable as of December 31, 2022 is as follows (in thousands, except as noted): Warrants Outstanding Warrants Exercisable Weighted Average Weighted Weighted Remaining Average Average Number Contractual Exercise Number Exercise Year Issued Outstanding Life Price Exercisable Price (in years) (per share) (per share) 2018 120 1.2 19.20 120 19.20 2019 281 1.8 13.76 281 13.76 2022 800 5.4 2.85 — 2.85 1,201 4.1 $ 7.03 401 $ 15.39 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Summary of operating lease assets and liabilities | The following table summarizes the Company’s operating lease assets and liabilities: December 31, 2022 2021 (in thousands) Assets: Operating lease assets $ 198 $ 203 Liabilities: Current portion of lease liabilities 108 82 Noncurrent lease liabilities 113 153 Total operating lease liabilities $ 221 $ 235 |
Summary of lease related costs | The following table summarizes the Company's lease related costs: December 31, 2022 2021 (in thousands) Operating lease costs $ 115 $ 117 Variable lease costs 5 11 Total lease costs $ 120 $ 128 |
Summary of minimum lease payments | The following table summarizes the Company's expected minimum lease payments: As of December 31, 2022 (in thousands) 2023 $ 121 2024 108 2025 11 Future minimum lease payments 240 Less: Interest (19) Present value of operating lease liabilities $ 221 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Components of deferred tax asset | The components of the Company’s deferred tax asset are as follows: December 31, 2022 2021 (in thousands) Deferred tax assets – non-current Accrued bonuses $ 63 $ 63 Accrued vacation 28 26 Net operating loss (NOL) carryover 15,818 14,975 Research & development tax credits 2,509 3,353 Share based expense 671 572 Other 3 4 Right of use lease liability 46 49 Fixed asset depreciation 44 43 Total deferred tax asset 19,182 19,085 Less: valuation allowance (19,140) (19,042) Net deferred tax asset 42 43 Right of use asset (42) (43) Net deferred tax asset $ — $ — |
Schedule of effective income tax rate reconciliation | Reconciliation between income taxes at the statutory tax rate (21%) and the actual income tax provision for continuing operations follows: December 31, 2022 2021 (in thousands) Loss before income taxes $ (13,868) $ (10,440) Tax (benefit) at statutory tax rate (2,912) (2,193) Effects of: Exclusion of incentive stock option expense 80 73 R&D tax credits 844 (451) Increase (decrease) in valuation allowance 98 2,648 Section 382 limit - NOL 1,890 — Other — (77) Provision for income taxes $ — $ — |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 657,408 | 485,908 |
Debt commitments | $ 0 | |
Warrant | ||
Significant Accounting Policies [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,200,531 | 429,791 |
Furniture and fixtures | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Computers and equipment | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Scientific equipment | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
JP Morgan Chase Bank [Member] | ||
Significant Accounting Policies [Line Items] | ||
Cash, FDIC insured amount | $ 250,000 | |
Cash not insured by FDIC | $ 10,100,000 | $ 23,500,000 |
Prepaid Drug Product (Details)
Prepaid Drug Product (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Drug Product | ||
Prepaid drug product for testing | $ 0.5 | |
Advanced payments remaining to be expensed | $ 3.6 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other prepaid expenses | $ 500 | |
Other current assets | $ 1,644 | 1,843 |
Prepaid Expenses [Member] | ||
Other current assets | 1,600 | 1,800 |
Prepaid insurance | 300 | 300 |
Prepaid Expenses [Member] | BP1002 in lymphoma, prexigebersen in AML and prexigebersen-A [Member] | ||
Other current assets | $ 1,300 | 1,400 |
Other Prepaid Expenses [Member] | ||
Other current assets | $ 100 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,120 | $ 1,099 |
Less accumulated depreciation | (962) | (874) |
Net property and equipment | 158 | 225 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 463 | 463 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Property, Plant and Equipment, Gross | $ 83 | 83 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Property, Plant and Equipment, Gross | $ 93 | 93 |
Scientific equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Property, Plant and Equipment, Gross | $ 481 | $ 460 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable [Line Items] | ||
Accounts payable, current | $ 667 | $ 106 |
Preclinical Expenses [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | 600 | |
Manufacturing Costs [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | 700 | 100 |
Legal and Patent [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | $ 100 | $ 100 |
Accrued Expense (Details)
Accrued Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Expense | ||
Accrued expense | $ 909 | $ 770 |
Accrued vacation and bonus expenses | 400 | 400 |
Manufacturing and testing services | 200 | |
Professional and consulting fees | 100 | |
Accrued legal and patent fees | 100 | 100 |
Accrued franchise tax expense | 100 | |
Other accrued expenses | $ 100 | 100 |
Manufacturing expenses | $ 100 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Nov. 09, 2022 | Nov. 06, 2022 | Jul. 29, 2022 | Mar. 15, 2022 | Feb. 18, 2021 | Feb. 16, 2021 | Jul. 14, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shareholders Equity [Line Items] | ||||||||||
Net proceeds from sale of common stock | $ 12,200 | $ 1,734 | $ 15,849 | |||||||
Stock issued during period shares warrants exercised | 428,907 | |||||||||
Net proceeds from exercise of warrants | $ 4,157 | |||||||||
Weighted average exercise price | $ 9.71 | |||||||||
Stockholders' Equity total amount | $ 14,174 | $ 25,457 | $ 15,070 | |||||||
Common Stock, shares issued | 7,960,000 | 7,160,000 | ||||||||
Common Stock, shares outstanding | 7,960,000 | 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) | 800,000 | 2,189,000 | ||||||||
Stockholders' Equity total amount | $ 8 | $ 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 | |||||||||
2022 Registered Direct Offering [Member] | Common Stock | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Shares issued (in shares) | 800,000 | |||||||||
Net proceeds from sale of common stock | $ 2,000 | |||||||||
2022 Private Placement [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Offering costs with private placement issuances | $ 1,700 | |||||||||
2022 Private Placement [Member] | Warrant | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Shares available for purchase from warrants issued | 800,000 | |||||||||
At-The-Market Offering Agreement [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Maximum aggregate offering price | $ 3,000 | $ 10,000 | $ 7,000 | |||||||
Stockholders' Equity total amount | $ 14,200 | $ 25,500 | ||||||||
At-The-Market Offering Agreement [Member] | Common Stock | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Shares issued (in shares) | 1,328,800 | |||||||||
Net proceeds from sale of common stock | $ 8,400 | |||||||||
Net proceeds | $ 8,000 | |||||||||
Common Stock, shares issued | 7,960,164 | |||||||||
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 - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 15, 2022 | |
Stock Based Compensation Plans [Line Items] | |||
Stock option awards, weighted average fair value per share | $ 3.71 | $ 6.22 | |
Stock-based compensation expense | $ 0.9 | $ 0.8 | |
Unamortized stock-based compensation expense for outstanding options | $ 1.3 | ||
Weighted average vesting period | 2 years 2 months 12 days | ||
2017 Stock Incentive Plan | |||
Stock Based Compensation Plans [Line Items] | |||
Number of shares reserved for grant and issuance | 0 | ||
2022 Stock Incentive Plan | |||
Stock Based Compensation Plans [Line Items] | |||
Common stock shares reserved for future issuance | 1,300,000 | ||
Expiration period (in years) | 10 years | ||
Research and Development Expenses | |||
Stock Based Compensation Plans [Line Items] | |||
Stock-based compensation expense | $ 0.2 | 0.2 | |
General and Administrative Expenses | |||
Stock Based Compensation Plans [Line Items] | |||
Stock-based compensation expense | $ 0.7 | $ 0.7 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 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 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan - Option Activity Under Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-Based Compensation Plan | |||
Outstanding | 486 | 274 | |
Granted | 192 | 213 | |
Forfeited | (2) | ||
Expired | (18) | (1) | |
Outstanding | 658 | 486 | |
Vested and expected to vest | 634 | 451 | |
Exercisable | 321 | 178 | |
Weighted-Average Exercise Price, Outstanding | $ 14.58 | $ 20.57 | |
Weighted-Average Exercise Price, Granted | 3.71 | $ 7.02 | |
Weighted-Average Exercise Price, Forfeited | 7.02 | ||
Weighted-Average Exercise Price, Expired | 5.96 | 72.67 | |
Weighted-Average Exercise Price, Outstanding | 11.67 | 14.58 | |
Weighted - Average Exercise Price, Vested and expected to vest | 11.90 | 15.21 | |
Weighted-Average Exercise Price, Exercisable | $ 18.62 | $ 28.09 | |
Weighted Average Remaining Contractual Term (In years), Outstanding | 7 years 10 months 24 days | 8 years 4 months 24 days | 8 years 8 months 12 days |
Weighted Average Remaining Contractual Term (In years), Granted | 9 years 3 months 18 days | 9 years 3 months 18 days | |
Weighted Average Remaining Contractual Term (In years), Vested and expected to vest | 7 years 10 months 24 days | 8 years 4 months 24 days | |
Weighted Average Remaining Contractual Term (In years), Exercisable | 7 years 3 months 18 days | 7 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 7,800 | $ 3,750 | |
Aggregate Intrinsic Value, Outstanding | 7,800 | $ 3,750 | |
Aggregate Intrinsic Value, Vested and expected to vest | 7,114 | ||
Aggregate Intrinsic Value, Exercisable | $ 3,412 |
Warrants - Outstanding and Exer
Warrants - Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding, Number Outstanding | shares | 1,201 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 1 month 6 days |
Warrants Outstanding, Weighted Average Exercise Price (per share) | $ / shares | $ 7.03 |
Warrants Exercisable, Number Exercisable | shares | 401 |
Warrants Exercisable, Weighted Average Exercise Price (per share) | $ / shares | $ 15.39 |
Warrants 2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding, Number Outstanding | shares | 120 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 12 days |
Warrants Outstanding, Weighted Average Exercise Price (per share) | $ / shares | $ 19.20 |
Warrants Exercisable, Number Exercisable | shares | 120 |
Warrants Exercisable, Weighted Average Exercise Price (per share) | $ / shares | $ 19.20 |
Warrants 2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding, Number Outstanding | shares | 281 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 9 months 18 days |
Warrants Outstanding, Weighted Average Exercise Price (per share) | $ / shares | $ 13.76 |
Warrants Exercisable, Number Exercisable | shares | 281 |
Warrants Exercisable, Weighted Average Exercise Price (per share) | $ / shares | $ 13.76 |
Warrants 2022 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants Outstanding, Number Outstanding | shares | 800 |
Warrants Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 24 days |
Warrants Outstanding, Weighted Average Exercise Price (per share) | $ / shares | $ 2.85 |
Warrants Exercisable, Number Exercisable | shares | 0 |
Warrants Exercisable, Weighted Average Exercise Price (per share) | $ / shares | $ 2.85 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Product Liability Contingency [Line Items] | |
Other commitments, due in next twelve months | $ 2.2 |
Term commitments are incurred | 12 months |
Drug Supplier Project Plan [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 2.2 |
Manufacture of Drug Substance [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | 0.8 |
Manufacturer of Prexigebersen [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | 1.1 |
Manufacturing Development [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | 0.1 |
Testing Services [Member] | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 0.2 |
Leases - Operating Lease Assets
Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Operating lease assets | $ 198 | $ 203 |
Liabilities: | ||
Current portion of lease liabilities | 108 | 82 |
Noncurrent lease liabilities | 113 | 153 |
Total operating lease liabilities | $ 221 | $ 235 |
Leases - Lease Related Costs (D
Leases - Lease Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Operating lease costs | $ 115 | $ 117 |
Variable lease costs | 5 | 11 |
Total lease costs | $ 120 | $ 128 |
Leases - Expected Minimum Lease
Leases - Expected Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
2023 | $ 121 | |
2024 | 108 | |
2025 | 11 | |
Future minimum lease payments | 240 | |
Less: Interest | (19) | |
Present value of operating lease liabilities | $ 221 | $ 235 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Apr. 30, 2016 | Apr. 30, 2014 | |
Leases | ||||||
Operating lease, term of contract | 3 years | 3 years | 5 years | |||
Operating lease, renewal term | 5 years | |||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |||||
Operating lease incremental borrowing rate utilized | 8% | |||||
Operating lease, payments | $ 100 | |||||
Operating lease assets | 198 | $ 203 | ||||
Present value of operating lease liabilities | 221 | $ 235 | ||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 85 | |||||
Weighted average remaining lease term | 2 years |
Benefit Plan (Details)
Benefit Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Benefit Plan | ||
Defined contribution plan, employer matching contribution, percent of match on first 3% of base salary | 100% | |
Defined contribution plan, employer matching contribution, first tranche, percent of employees' gross pay | 3% | |
Defined contribution plan, employer matching contribution, percent of match on next 2% of base salary | 50% | |
Defined contribution plan, employer matching contribution, second tranche, percent of employees gross pay | 2% | |
Defined benefit plan, accumulated benefit obligation | $ 37,000 | $ 39,000 |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, Net of Valuation Allowance [Abstract] | ||
Accrued bonuses | $ 63 | $ 63 |
Accrued vacation | 28 | 26 |
Net operating loss (NOL) carryover | 15,818 | 14,975 |
Research & development tax credits | 2,509 | 3,353 |
Share based expense | 671 | 572 |
Other | 3 | 4 |
Right of use lease liability | 46 | 49 |
Fixed asset depreciation | 44 | 43 |
Total deferred tax asset | 19,182 | 19,085 |
Less: valuation allowance | (19,140) | (19,042) |
Net deferred tax asset | 42 | 43 |
Right of use asset | (42) | (43) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Income Taxes at Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||
Loss before income taxes | $ (13,868) | $ (10,440) |
Tax (benefit) at statutory tax rate | (2,912) | (2,193) |
Effects of: | ||
Exclusion of incentive stock option expense | 80 | 73 |
R&D tax credits | 844 | (451) |
Increase (decrease) in valuation allowance | 98 | 2,648 |
Section 182 limit - NOL | 1,890 | 0 |
Other | 0 | (77) |
Provision for income taxes | 0 | 0 |
Unrecognized tax benefits | 0 | |
Unrecognized tax benefits, interest and penalties recorded | 0 | |
Unrecognized tax benefits, interest and penalties accrued | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax [Line Items] | ||
Operating loss carryforwards | $ 84,300 | |
Research & development tax credits | 2,509 | $ 3,353 |
Increase (decrease) in valuation allowance | $ 98 | 2,648 |
Operating loss carryforwards, expiration date | Dec. 31, 2037 | |
Net operating loss, tax basis | $ 75,300 | |
Tax credits earned after 2019 | $ 2,500 | |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21% | |
Percentage of deferred tax assets that have been included in the valuation allowance | 100% | |
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 19,100 | $ 19,000 |
Deferred tax assets, operating loss carryforwards, subject to expiration | 36,000 | |
Deferred tax assets, operating loss carryforwards, not subject to expiration | 48,300 | |
Research and Development [Member] | ||
Income Tax [Line Items] | ||
Research & development tax credits | $ 4,300 | |
Tax credit carryforward, expiration date | Dec. 31, 2028 |
Uncategorized Items - bpth-2022
Label | Element | Value |
JP Morgan Chase Bank [Member] | ||
Cash | us-gaap_Cash | $ 23,800,000 |