Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35963 | |
Entity Registrant Name | NEUBASE THERAPEUTICS, INC. | |
Entity Incorporation, State Code | DE | |
Entity Tax Identification Number | 46-5622433 | |
Entity Address, Address Line One | 350 Technology Drive | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15219 | |
City Area Code | 412 | |
Local Phone Number | 763-3350 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | NBSE | |
Security Exchange Name | NASDAQ | |
Entity's Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,362,377 | |
Entity Central Index Key | 0001173281 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 14,747,424 | $ 17,386,326 |
Prepaid insurance | 370,833 | 188,266 |
Other prepaid expenses and current assets | 399,414 | 391,655 |
Total current assets | 15,517,671 | 17,966,247 |
EQUIPMENT, net | 1,509,127 | 1,934,100 |
OTHER ASSETS | ||
Right-of-use asset, operating lease asset | 5,181,436 | 5,409,574 |
Security deposit | 125,391 | 273,215 |
Total other assets | 5,306,827 | 5,682,789 |
TOTAL ASSETS | 22,333,625 | 25,583,136 |
CURRENT LIABILITIES | ||
Accounts payable | 322,131 | 369,505 |
Accrued expenses and other current liabilities | 1,051,501 | 1,227,656 |
Warrant liabilities | 4,239,496 | 0 |
Operating lease liabilities | 490,057 | 469,118 |
Finance lease liabilities | 20,108 | 78,987 |
Total current liabilities | 6,123,293 | 2,145,266 |
Long-term operating lease liability | 4,964,011 | 5,214,074 |
TOTAL LIABILITIES | 11,087,304 | 7,359,340 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022 | ||
Common stock, $0.0001 par value; 250,000,000 shares authorized; 1,878,146 and 1,657,768 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 188 | 166 |
Additional paid-in capital | 125,899,432 | 125,337,022 |
Accumulated deficit | (114,653,299) | (107,113,392) |
TOTAL STOCKHOLDERS' EQUITY | 11,246,321 | 18,223,796 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 22,333,625 | $ 25,583,136 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 250,000,000 | 250,000,000 |
Common stock, issued | 1,878,146 | 1,657,768 |
Common stock, outstanding | 1,878,146 | 1,657,768 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING EXPENSES | ||||
General and administrative | $ 2,403,661 | $ 3,603,999 | $ 5,320,976 | $ 6,697,712 |
Research and development | 1,284,284 | 4,756,609 | 2,524,530 | 11,592,279 |
Restructuring | 0 | 0 | 6,727 | 0 |
TOTAL OPERATING EXPENSES | 3,687,945 | 8,360,608 | 7,852,233 | 18,289,991 |
LOSS FROM OPERATIONS | (3,687,945) | (8,360,608) | (7,852,233) | (18,289,991) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (730) | (2,819) | (3,084) | (6,135) |
Interest income | 116,048 | 37,147 | 294,425 | 40,592 |
Loss on issuance of common stock and warrants | (1,311,552) | 0 | (1,311,552) | 0 |
Change in fair value of warrant liabilities | 1,430,351 | 0 | 1,430,351 | 0 |
Other income (expense), net | 7,034 | (165,437) | (97,814) | (160,212) |
Total other income (expense), net | 241,151 | (131,109) | 312,326 | (125,755) |
NET LOSS | $ (3,446,794) | $ (8,491,717) | $ (7,539,907) | $ (18,415,746) |
BASIC LOSS PER SHARE (in dollars per share) | $ (2.04) | $ (5.26) | $ (4.47) | $ (11.34) |
DILUTED LOSS PER SHARE (in dollars per share) | $ (2.04) | $ (5.26) | $ (4.47) | $ (11.34) |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||
BASIC (in shares) | 1,692,567 | 1,612,933 | 1,685,034 | 1,623,489 |
DILUTED (in shares) | 1,692,567 | 1,612,933 | 1,685,034 | 1,623,489 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance, beginning at Dec. 31, 2021 | $ 164 | $ 123,830,758 | $ (76,696,719) | $ 47,134,203 |
Balance, beginning, shares at Dec. 31, 2021 | 1,638,409 | |||
Stock-based compensation expense | 952,828 | 952,828 | ||
Forfeiture of common stock | $ (3) | 3 | ||
Forfeiture of common stock (in shares) | (25,476) | |||
Net loss | (9,924,029) | (9,924,029) | ||
Balance, ending at Mar. 31, 2022 | $ 161 | 124,783,589 | (86,620,748) | 38,163,002 |
Balance, ending, shares at Mar. 31, 2022 | 1,612,933 | |||
Balance, beginning at Dec. 31, 2021 | $ 164 | 123,830,758 | (76,696,719) | 47,134,203 |
Balance, beginning, shares at Dec. 31, 2021 | 1,638,409 | |||
Net loss | (18,415,746) | |||
Balance, ending at Jun. 30, 2022 | $ 161 | 125,424,635 | (95,112,465) | 30,312,331 |
Balance, ending, shares at Jun. 30, 2022 | 1,612,933 | |||
Balance, beginning at Mar. 31, 2022 | $ 161 | 124,783,589 | (86,620,748) | 38,163,002 |
Balance, beginning, shares at Mar. 31, 2022 | 1,612,933 | |||
Stock-based compensation expense | 641,046 | 641,046 | ||
Net loss | (8,491,717) | (8,491,717) | ||
Balance, ending at Jun. 30, 2022 | $ 161 | 125,424,635 | (95,112,465) | 30,312,331 |
Balance, ending, shares at Jun. 30, 2022 | 1,612,933 | |||
Balance, beginning at Dec. 31, 2022 | $ 166 | 125,337,022 | (107,113,392) | 18,223,796 |
Balance, beginning, shares at Dec. 31, 2022 | 1,657,768 | |||
Stock-based compensation expense | 316,689 | 316,689 | ||
Exercise of stock options | $ 3 | 718 | 721 | |
Exercise of stock options (in shares) | 32,750 | |||
Net loss | (4,093,113) | (4,093,113) | ||
Balance, ending at Mar. 31, 2023 | $ 169 | 125,654,429 | (111,206,505) | 14,448,093 |
Balance, ending, shares at Mar. 31, 2023 | 1,690,518 | |||
Balance, beginning at Dec. 31, 2022 | $ 166 | 125,337,022 | (107,113,392) | $ 18,223,796 |
Balance, beginning, shares at Dec. 31, 2022 | 1,657,768 | |||
Exercise of stock options (in shares) | 32,750 | |||
Net loss | $ (7,539,907) | |||
Balance, ending at Jun. 30, 2023 | $ 188 | 125,899,432 | (114,653,299) | 11,246,321 |
Balance, ending, shares at Jun. 30, 2023 | 1,878,146 | |||
Balance, beginning at Mar. 31, 2023 | $ 169 | 125,654,429 | (111,206,505) | 14,448,093 |
Balance, beginning, shares at Mar. 31, 2023 | 1,690,518 | |||
Stock-based compensation expense | 245,012 | 245,012 | ||
Issuance of common stock | $ 19 | 19 | ||
Issuance of common stock (in shares) | 187,700 | |||
Cash paid in lieu of fractional shares from reverse stock split | (9) | (9) | ||
Cash paid in lieu of fractional shares from reverse stock split (in shares) | (72) | |||
Net loss | (3,446,794) | (3,446,794) | ||
Balance, ending at Jun. 30, 2023 | $ 188 | $ 125,899,432 | $ (114,653,299) | $ 11,246,321 |
Balance, ending, shares at Jun. 30, 2023 | 1,878,146 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (7,539,907) | $ (18,415,746) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 561,701 | 1,593,874 |
Loss on issuance of common stock and warrants | 1,311,552 | 0 |
Change in fair value of warrant liabilities | (1,430,351) | 0 |
Depreciation and amortization | 376,310 | 386,254 |
Loss on disposal of fixed assets | 53,610 | (7,595) |
Amortization of right-of-use assets | 228,138 | 255,707 |
Changes in operating assets and liabilities | ||
Prepaid insurance, other prepaid expenses and current assets | (190,326) | (616,880) |
Security deposit | 147,824 | (19,600) |
Accounts payable | (47,374) | 515,803 |
Accrued expenses and other current liabilities | (333,696) | (544,020) |
Operating lease liability | (229,124) | (253,263) |
Net cash used in operating activities | (7,091,643) | (17,105,466) |
Cash flows from investing activities | ||
Purchase of laboratory and office equipment | (13,447) | (319,029) |
Proceeds received on sale of equipment | 8,500 | 0 |
Net cash used in investing activities | (4,947) | (319,029) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock and warrants, net of issuance costs psid | 4,515,855 | 0 |
Principal payment of finance lease liability | (58,879) | (54,740) |
Payment in lieu of fractional shares from reverse stock split | (9) | 0 |
Proceeds from exercise of stock options | 721 | 0 |
Net cash provided by (used in) financing activities | 4,457,688 | (54,740) |
Net decrease in cash and cash equivalents | (2,638,902) | (17,479,235) |
Cash and cash equivalents, beginning of period | 17,386,326 | 47,326,060 |
Cash and cash equivalents, end of period | 14,747,424 | 29,846,825 |
Non-cash investing and financing activities: | ||
Purchases of laboratory and office equipment in accounts payable | 13,447 | 12,243 |
Right-of-use asset obtained in exchange for operating lease liabilities | 0 | 164,613 |
Common stock and warrant issuance costs incurred but not paid | $ 157,541 | $ 0 |
Organization, Description of Bu
Organization, Description of Business and Liquidity | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Description of Business and Liquidity | |
Organization, Description of Business and Liquidity | 1. Organization, Description of Business and Liquidity NeuBase Therapeutics, Inc. and its subsidiaries (the “Company” or “NeuBase”) has historically been a preclinical-stage biopharmaceutical company developing a modular peptide nucleic acid (“PNA”) antisense oligo (“PATrOL™”) platform to address genetic diseases with a single, cohesive approach. NeuBase planned to use its platform to address diseases which have a genetic source, with an initial focus on gene silencing in myotonic dystrophy type 1 (“DM1”), Huntington’s disease (“HD”), and oncology. In October 2022, the Company announced plans to expand its focus to include the advancement of the differentiated gene editing capabilities of its platform. In August 2023, the Company announced that its Board of Directors (the “Board”) had made the determination to halt further development of the Company’s programs and to conduct a comprehensive exploration of strategic alternatives focused on maximizing shareholder value. As part of this evaluation process, the Board will explore potential strategic alternatives for the Company that may include, but are not limited to, an acquisition, merger, business combination, or other transaction. Liquidity and Going Concern The Company has had no revenues from product sales and has incurred operating losses since inception. As of June 30, 2023, the Company had $14.7 million in cash and cash equivalents, and during the six months ended June 30, 2023, incurred a loss from operations of $7.9 million and used $7.1 million of cash in operating activities. The Company expects to continue to incur substantial operating losses and negative cash flows from operations for the foreseeable future and may never become profitable. Accordingly, there are material risks and uncertainties that raised substantial doubt about the Company’s ability to continue as a going concern. In August 2023, as further discussed below, the Board approved a plan to halt further development of the Company’s programs and to conduct a comprehensive exploration of strategic alternatives focused on maximizing shareholder value. This restructuring plan is expected to reduce operating expenses and extend the Company’s cash runway into the fourth quarter of calendar year 2025 based on current operating plans and estimates. Management believes it is probable that the restructuring plan will be effectively implemented within the next twelve months and that the restructuring plan, when implemented, will mitigate the conditions that gave rise to substantial doubt about the Company’s ability to continue as a going concern. Because the Company has sufficient resources on hand to fund operations through at least the next twelve months from the date these consolidated financial statements were available to be issued, the substantial doubt has been alleviated. There can be no assurance that the Company will be successful in acquiring additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. The Company’s future liquidity and capital funding requirements will depend on numerous factors, including: ● its ability to raise additional funds to finance its operations; ● its ability to negotiate and consummate any transaction arising from its exploration of strategic alternatives; ● its ability to maintain compliance with the listing requirements of The Nasdaq Capital Market (“Nasdaq”); ● litigation expenses and the extent and amount of any indemnification claims; ● the emergence and effect of competing or complementary products; ● its ability to maintain, expand and defend the scope of its intellectual property portfolio, including the amount and timing of any payments the Company may be required to make, or that it may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights; ● its ability to retain its current employees and the need and ability to hire additional management and scientific and medical personnel; ● the trading price of its common stock; and ● its ability to increase the number of authorized shares outstanding to facilitate future financing events. The Company will likely need to raise substantial additional funds through issuance of equity or debt or completion of a licensing transaction for one or more of the Company’s pipeline assets. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. This could affect future development and business activities and potential future clinical studies and/or other future ventures. Failure to obtain additional equity or debt financing will have a material, adverse impact on the Company’s business operations. There can be no assurance that the Company will be able to obtain the needed financing on acceptable terms or at all. Additionally, any equity financings will likely have a dilutive effect on the holdings of the Company’s existing stockholders. Change in Year End On April 21, 2023, the Board approved a change in the Company’s fiscal year end from September 30 to December 31, effective for the fiscal year beginning January 1, 2023 and ending December 31, 2023. As a result of the change in year end, the Company filed on June 5, 2023 a Transition Report on Form 10-QT for the period from October 1, 2022 through December 31, 2022. The Company’s 2023 fiscal year will run from January 1, 2023 through December 31, 2023. Reverse Stock Split The Company effected a 1-for-20 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2022 included in the Company’s Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”) on December 21, 2022. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated during the consolidation process. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments, consisting of only normal, recurring adjustments, necessary to fairly state the Company’s financial position, results of operations and cash flows. The unaudited condensed consolidated financial statements for the interim periods are not necessarily indicative of results for the full year. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the amounts reported in the financial statements and the accompanying notes. The Company’s actual results may differ from these estimates under different assumptions or conditions. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to the valuation of stock-based compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. The Company assesses and updates estimates each period to reflect current information, such as the considerations related to the impacts that the current economic environment could have on its significant accounting estimates. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Net Loss Per Share Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the dilutive effect, if any, from the potential exercise or conversion of securities, such as convertible debt, warrants and stock options that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding as of June 30, 2023 and 2022 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: As of June 30, 2023 2022 Common stock purchase options 314,672 410,639 Restricted stock units 19,823 — Common stock purchase warrants 5,794,071 9,000 6,128,566 419,639 Common Stock Warrant Liabilities The Company has issued freestanding warrants to purchase shares of its common stock in connection with its financing activities and accounts for them in accordance with applicable accounting guidance as either liabilities or as equity instruments depending on the specific terms of the warrant agreements. Warrants classified as liabilities are remeasured each period they are outstanding. Any resulting gain or loss related to the change in the fair value of the warrant liabilities is recognized in change in fair value of warrant liabilities, a component of other income (expense) in the Condensed Consolidated Statements of Operations. The Company estimates the fair value of common stock warrant liabilities using the Black-Scholes Model. The assumptions used in calculating the fair value represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: Level 1 - defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following tables present the Company’s fair value hierarchy for its warrant liabilities measured at fair value on a recurring basis at June 30, 2023: Fair Value Measurements as of June 30, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities Warrant liabilities $ — — 4,239,496 $ 4,239,496 The following assumptions were used in determining the fair value of the warrant liabilities as of June 30, 2023: As of June 30, 2023 Remaining contractual term (years) 1.5 - 5.5 Common stock price volatility 86.1% - 102.8% Risk-free interest rate 3.94% - 5.02% Expected dividend yield — The change in fair value of the warrant liabilities for the three and six months ended June 30, 2023 is as follows: Warrant Liabilities Balance as of March 31, 2023 $ — Fair value of warrants issued 5,669,847 Change in fair value (1,430,351) Balance as of June 30, 2023 $ 4,239,496 Recent Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which amends disclosures to increase transparency of government assistance, including (i) the types of assistance, (ii) accounting for the assistance and (iii) the effect of the assistance on an entity’s financial statements. The standard is effective for all business entities for annual periods beginning after December 15, 2021; therefore, it will be effective beginning with the Company’s financial statements issued for the fiscal year ending December 31, 2023. While the adoption of this guidance will not have an impact on the Company’s consolidated balance sheet or statement of operations, the adoption of this guidance may require additional annual disclosures in the Company’s financial statements for the fiscal year ending December 31, 2023, which the Company is currently in the process of assessing. In June 2022, the FASB issued ASU 2022-03, “ASC Subtopic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 also provides updated guidance regarding the impairment of available-for-sale debt securities and includes additional disclosure requirements. The new guidance is effective for public business entities that meet the definition of a Smaller Reporting Company as defined by the Securities and Exchange Commission for interim and annual periods beginning after December 15, 2022. The Company adopted this guidance as of January 1, 2023, with minimal impact upon adoption. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The FASB reduced the number of accounting models for convertible debt and convertible preferred stock instruments and made certain disclosure amendments to improve the information provided to users. In addition, the FASB amended the derivative guidance for the “own stock” scope exception and certain aspects of the EPS guidance. The Company adopted this new accounting guidance on a prospective basis on January 1, 2023, and the adoption did not have a material effect on its consolidated financial statements. |
Other Prepaid Expenses and Curr
Other Prepaid Expenses and Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Other Prepaid Expenses and Current Assets | |
Other Prepaid Expenses and Current Assets | 3. Other Prepaid Expenses and Current Assets The Company’s prepaid expenses and other current assets consisted of the following: As of June 30, As of December 31, 2023 2022 Unaudited Unaudited Prepaid research and development expense $ — $ 67,027 Accounts receivable — 150,000 Other prepaid expenses and other current assets 399,414 174,628 Total $ 399,414 $ 391,655 |
Equipment
Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Equipment | |
Equipment | 4. Equipment The Company’s equipment consisted of the following: As of June 30, As of December 31, 2023 2022 Unaudited Unaudited Laboratory equipment $ 2,964,069 $ 3,048,579 Office equipment 259,978 259,978 Leasehold improvements 31,405 17,958 Total 3,255,452 3,326,515 Accumulated depreciation and amortization (1,746,325) (1,392,415) Equipment, net $ 1,509,127 $ 1,934,100 Depreciation expense for the three months ended June 30, 2023 and 2022 was approximately $0.2 million and $0.2 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was approximately $0.4 million and $0.4 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities The Company’s accrued expenses and other current liabilities consisted of the following: As of June 30, As of December 31, 2023 2022 Unaudited Unaudited Accrued compensation and benefits $ 579,171 $ 171,572 Accrued consulting settlement 75,000 225,000 Accrued professional fees 162,435 241,808 Accrued research and development 10,009 20,684 Accrued franchise tax 29,680 217,440 Accrued restructuring — 316,032 Other accrued expenses 195,206 35,120 Total $ 1,051,501 $ 1,227,656 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | |
Stockholders' Equity | 6. Stockholders’ Equity Equity Purchase Agreement On December 28, 2022, the Company entered into a purchase agreement (the “Equity Purchase Agreement”) with Alumni Capital LP, a Delaware limited partnership (“Alumni Capital”), pursuant to which the Company agreed to sell, and Alumni Capital agreed to purchase, upon request of the Company in one or more transactions, a number of shares of the Company’s common stock providing aggregate gross proceeds to the Company of up to $3,000,000 (subject to the right, but not the obligation, of the Company to increase such amount up to $10,000,000 pursuant to the terms of the Equity Purchase Agreement) (the “Maximum Investment Amount”). The Equity Purchase Agreement expires upon the earlier of the aggregate gross proceeds from the sale of shares of common stock meeting the Maximum Investment Amount or December 28, 2024. Among other limitations, unless otherwise agreed upon by Alumni Capital, each individual sale of shares of common stock will be limited to a sale of shares of common stock of up to $500,000 (subject to the right of the Company and Alumni Capital to mutually agree to increase such figure to $1,000,000) and further limited to no more than the number of shares of common stock that would result in the direct or indirect beneficial ownership by Alumni Capital of more than 9.99% of the then-outstanding shares of common stock. Alumni Capital will purchase the shares of common stock under the Equity Purchase Agreement at the lowest traded price of the common stock during the three ( 3 Upon execution of the Equity Purchase Agreement, the Company issued 7,335 shares of common stock to Alumni Capital. The Company will issue to Alumni Capital, on December 28, 2023, shares of common stock in an amount equal to one-half of one percent (0.5%) of the Investment Amount (as defined in the Equity Purchase Agreement) divided by the closing price of the common stock on the third business day prior to the date of issuance and delivery of such shares of common stock. In addition, the Company will issue to Alumni Capital, on the date of expiration of the Equity Purchase Agreement, shares of common stock in an amount equal to one-half of one percent (0.5%) of the Investment Amount divided by the closing price of the common stock on the third business day prior to the date of issuance and delivery of such shares of common stock. If the Company elects to increase the Maximum Investment Amount, it shall issue to Alumni Capital Increase Commitment Shares (as defined in the Equity Purchase Agreement) (based on each increase of Investment Amount) within five ( 5 As of June 30, 2023, the Company has not sold any shares of common stock under the Equity Purchase Agreement. Concurrent Registered Direct Offering and Private Placements On June 28, 2023, the Company entered into a securities purchase agreement (the “Registered Direct Purchase Agreement”) in connection with a registered direct offering (the “Registered Direct Offering”) and concurrent private placement with an institutional investor (the “Registered Direct Purchaser”). On June 28, 2023, the Company also entered into a securities purchase agreement (the “PIPE Purchase Agreement” and, together with the Registered Direct Purchase Agreement, the “Purchase Agreements”) and a registration rights agreement (the “Registration Rights Agreement”) in connection with a concurrent private placement (the “PIPE Private Placement”) with the same institutional investor (the “PIPE Purchaser” and, together with the Registered Direct Purchaser, the “Purchaser”). Pursuant to the Registered Direct Purchase Agreement, the Company agreed to offer and sell in the Registered Direct Offering 187,700 shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 390,997 shares of Common Stock. The Pre-Funded Warrants have an exercise price of $0.001 per share, are immediately exercisable and can be exercised at any time after their original issuance until such Pre-Funded Warrants are exercised in full. Each share of Common Stock was sold at an offering price of $2.57 per share, and each Pre-Funded Warrant was sold at an offering price of $2.569, which is equal to the purchase price per share of Common Stock less $0.001. Pursuant to the Registered Direct Purchase Agreement, in a concurrent private placement, the Company also agreed to issue to the Registered Direct Purchaser unregistered long-term warrants (the “RD Series A Warrants”) to purchase up to an aggregate of 578,697 shares of Common Stock and unregistered short-term warrants (the “RD Series B Warrants”) to purchase up to an aggregate of 578,697 shares of Common Stock. Each RD Series A Warrant has an exercise price of $2.32 per share, is exercisable immediately upon issuance, and will expire five and one-half years Pursuant to the PIPE Purchase Agreement, the Company agreed to offer and sell in the PIPE Private Placement unregistered pre-funded warrants (the “PIPE Pre-Funded Warrants”) to purchase up to an aggregate of 1,366,829 shares of Common Stock, at an offering price of $2.569. The PIPE Pre-Funded Warrants have an exercise price of $0.001 per share, are immediately exercisable and can be exercised at any time after their original issuance until such PIPE Pre-Funded Warrants are exercised in full. Pursuant to the PIPE Purchase Agreement, the Company also agreed to issue to the PIPE Purchaser unregistered long-term warrants to purchase up to 1,366,829 shares of Common Stock (the “PIPE Series A Warrants”) and unregistered short-term warrants to purchase up to 1,366,829 shares of Common Stock (the “PIPE Series B Warrants”). Each PIPE Series A Warrant has an exercise price of $2.32 per share, is exercisable immediately upon issuance, and will expire five and one-half years The Company received aggregate gross proceeds of approximately $5.0 million from the Registered Direct Offering and PIPE Private Placement (collectively, the “Offerings”), before deducting placement agent fees and other estimated offering expenses payable by the Company. Pursuant to an engagement letter, dated as of June 12, 2023, as amended on June 28, 2023 (as amended, the “Engagement Letter”), between the Company and H.C. Wainwright & Co., LLC (the “Placement Agent”), the Company agreed to pay the Placement Agent a cash fee equal to 8.0% of the gross proceeds received from the Purchaser (including a 1.0% management fee) and also agreed to issue to the Placement Agent (or its designees) warrants (the “Placement Agent Warrants”) to purchase up to 136,187 shares of Common Stock (which represents 7.0% of the aggregate number of shares of Common Stock, Pre-Funded Warrants and PIPE Pre-Funded Warrants sold in the Offerings) on substantially the same terms as the PIPE Series A Warrants and the PIPE Series B Warrants except that the exercise price of the Placement Agent Warrants is $3.2125 (or 125% of the offering price per share of Common Stock in the Registered Direct Offering) and an expiration date of June 28, 2028, which is the five-year anniversary of the commencement of the sales pursuant to the Offerings. The Company also agreed to pay the Placement Agent in connection with the Offerings $75,000 for non-accountable expenses and $7,389 for clearing fees. Pursuant to the Engagement Letter, the Company also agreed that, upon exercise of any of the RD Series B Warrants or the PIPE Series B Warrants, the Company will pay the Placement Agent a cash fee equal to 8.0% of the gross proceeds received from the exercise of the RD Series B Warrants or the PIPE Series B Warrants (including a 1.0% management fee) and will also issue to the Placement Agent (or its designees) additional Placement Agent Warrants to purchase a number of shares of Common Stock equal to 7.0% of the aggregate number of shares of Common Stock issued upon such exercise of the RD Series B Warrants or the PIPE Series B Warrants. Warrants Below is a summary of the Company’s issued and outstanding warrants as of June 30, 2023: Expiration date Exercise Price Warrants Outstanding July 6, 2023 $ 174.60 5,256 September 20, 2024 $ 130.00 3,750 December 30, 2024 $ 2.32 1,945,526 June 28, 2028 $ 3.21 136,187 January 2, 2029 $ 2.32 1,945,526 No expiration date $ 0.001 1,757,826 5,794,071 Weighted- Average Weighted- Remaining Average Contractual Exercise Life Warrants Price (in years) Outstanding as of December 31, 2022 9,006 $ 156.03 Issuances: PIPE Series A Warrants 1,366,829 2.32 PIPE Series B Warrants 1,366,829 2.32 PIPE Pre-Funded Warrants 1,366,829 0.001 RD Series A Warrants 578,697 2.32 RD Series B Warrants 578,697 2.32 Pre-Funded Warrants 390,997 0.001 Placement Agent Warrants 136,187 3.21 Outstanding as of June 30, 2023 5,794,071 1.88 3.5 Exercisable as of June 30, 2023 5,794,071 $ 1.88 3.5 The Company issued approximately 1.4 million PIPE Pre-Funded Warrants and approximately 0.4 million Pre-Funded Warrants at an exercise price of $0.001 per share. The PIPE Pre-Funded Warrants and Pre-Funded Warrants have no expiration dates. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation | |
Stock-Based Compensation | 7. Stock-Based Compensation As of June 30, 2023, an aggregate of 366,924 shares of common stock were authorized under the Company’s 2019 Stock Incentive Plan (the “2019 Plan”), subject to an “evergreen” provision that will automatically increase the maximum number of shares of common stock that may be issued under the term of the 2019 Plan. As of June 30, 2023, 122,328 shares of common stock were available for future grants under the 2019 Plan. As of June 30, 2023, an aggregate of 14,584 shares of common stock were authorized under the Company’s 2016 Consolidated Stock Incentive Plan (the “2016 Plan”) and 13,334 shares of common stock were available for future grants under the 2016 Plan. The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 209,522 $ 507,435 $ 481,732 $ 1,062,096 Research and development 35,490 133,611 79,969 531,778 Total $ 245,012 $ 641,046 $ 561,701 $ 1,593,874 Stock Options Below is a table summarizing the options issued and outstanding as of and for the six months ended June 30, 2023: Weighted- Weighted- Average Average Total Exercise Remaining Aggregate Price Per Contractual Intrinsic Stock Options Share Life (in years) Value Outstanding at December 31, 2022 365,287 $ 53.27 Granted 1,875 4.34 Exercised (32,750) 0.02 Forfeited (19,740) 94.82 Outstanding at June 30, 2023 314,672 55.91 6.0 $ 172,296 Exercisable as of June 30, 2023 240,712 $ 58.15 5.2 $ 172,296 As of June 30, 2023, unrecognized compensation costs associated with the stock options of $1.0 million will be recognized over an estimated weighted average amortization period of 1.1 years. The intrinsic value of options exercised during the six months ended June 30, 2023 and 2022 was $0.2 million and $0.1 million, respectively. The weighted average grant date fair value of options granted during the six months ended June 30, 2023 and 2022 was $3.21 and $26.55, respectively. Key assumptions used to estimate the fair value of the stock options granted during the six months ended June 30, 2023 and 2022 included: Six Months Ended June 30, 2023 2022 Expected term of options (years) 5.4 - 6.1 5.3 - 6.1 Expected common stock price volatility 82.3% - 85.2% 73.7% - 77.2% Risk-free interest rate 3.5% - 4.0% 1.4% - 3.1% Expected dividend yield — — Restricted Stock Units Below is a table summarizing the restricted stock units granted and outstanding as of and for the six months ended June 30, 2023: Weighted- Average Grant Restricted Stock Date Fair Value Units Price Unvested as of December 31, 2022 — $ — Granted 19,823 4.00 Forfeited — — Unvested as of June 30, 2023 19,823 4.00 Total unrecognized expense remaining $ 65,602 Weighted-average years expected to be recognized over 1.9 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring | |
Restructuring | 8. Restructuring Restructuring charges relate primarily to the Company’s strategic restructuring announced in October 2022 to expand its focus to include the advancement of the differentiated gene editing capabilities of its platform. The Company recognized restructuring costs of approximately during the six months ended June 30, 2023, comprised primarily of contract termination costs. The following table summarizes activity in the Company’s restructuring-related liability during the six months ended June 30, 2023: Restructuring Payments/ Charges Utilization Liability at (Six Months Ended (Six Months Ended Liability at December 31, 2022 June 30, 2023) June 30, 2023) June 30, 2023 Research and development contract termination costs $ 311,110 $ 2,490 $ (313,600) $ — Other 4,922 4,237 (9,159) — Total Accrued restructuring $ 316,032 $ 6,727 $ (322,759) $ — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 9. Commitments and Contingencies Litigation The Company has become involved in certain legal proceedings and claims which arise in the normal course of business. The Company believes that an adverse outcome is unlikely, and it cannot reasonably estimate the potential loss at this point. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the Company’s results of operations, prospects, cash flows, financial position and brand. Costs associated with the Company’s involvement in legal proceedings are expensed as incurred. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Events In August 2023, the Company announced its intention to explore strategic alternatives. This announcement followed a comprehensive review of the Company’s business conducted by the Board. The Board approved a plan to halt further development of the Company’s programs and to conduct a comprehensive exploration of strategic alternatives focused on maximizing shareholder value. The Board also approved a reduction in workforce, designed to reduce costs and reallocate resources while maintaining the personnel needed to focus on activities relating to halting further development of the Company’s programs and the pursuit of strategic alternatives (the “Restructuring”). The Company informed employees affected by the Restructuring on August 2, 2023, resulting in a reduction of the Company’s workforce by approximately 83% across different areas and functions. The Company expects to provide severance payments, adjustments to equity compensation grants and continuation of group health insurance coverage for a specified period to the affected employees. The Company estimates that it will incur approximately $400,000 of costs in connection with the reduction in workforce related to severance pay and other related termination benefits, and expects to record a significant portion of these charges in the third quarter of calendar year 2023. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Restructuring. On July 19, 2023, 204,997 shares were exercised related to the Pre-Funded Warrants at an exercise price of $0.001 per share, and on August 3, 2023, 186,000 shares were exercised related to the Pre-Funded Warrants at an exercise price of $0.001 per share. On August 2, 2023, 93,234 shares were exercised related to employee stock options at an exercise price of $0.022 per share. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2022 included in the Company’s Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”) on December 21, 2022. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated during the consolidation process. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments, consisting of only normal, recurring adjustments, necessary to fairly state the Company’s financial position, results of operations and cash flows. The unaudited condensed consolidated financial statements for the interim periods are not necessarily indicative of results for the full year. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the amounts reported in the financial statements and the accompanying notes. The Company’s actual results may differ from these estimates under different assumptions or conditions. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to the valuation of stock-based compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. The Company assesses and updates estimates each period to reflect current information, such as the considerations related to the impacts that the current economic environment could have on its significant accounting estimates. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the dilutive effect, if any, from the potential exercise or conversion of securities, such as convertible debt, warrants and stock options that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding as of June 30, 2023 and 2022 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: As of June 30, 2023 2022 Common stock purchase options 314,672 410,639 Restricted stock units 19,823 — Common stock purchase warrants 5,794,071 9,000 6,128,566 419,639 |
Common Stock Warrant Liability | As of June 30, 2023 2022 Common stock purchase options 314,672 410,639 Restricted stock units 19,823 — Common stock purchase warrants 5,794,071 9,000 6,128,566 419,639 |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: Level 1 - defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following tables present the Company’s fair value hierarchy for its warrant liabilities measured at fair value on a recurring basis at June 30, 2023: Fair Value Measurements as of June 30, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities Warrant liabilities $ — — 4,239,496 $ 4,239,496 The following assumptions were used in determining the fair value of the warrant liabilities as of June 30, 2023: As of June 30, 2023 Remaining contractual term (years) 1.5 - 5.5 Common stock price volatility 86.1% - 102.8% Risk-free interest rate 3.94% - 5.02% Expected dividend yield — The change in fair value of the warrant liabilities for the three and six months ended June 30, 2023 is as follows: Warrant Liabilities Balance as of March 31, 2023 $ — Fair value of warrants issued 5,669,847 Change in fair value (1,430,351) Balance as of June 30, 2023 $ 4,239,496 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which amends disclosures to increase transparency of government assistance, including (i) the types of assistance, (ii) accounting for the assistance and (iii) the effect of the assistance on an entity’s financial statements. The standard is effective for all business entities for annual periods beginning after December 15, 2021; therefore, it will be effective beginning with the Company’s financial statements issued for the fiscal year ending December 31, 2023. While the adoption of this guidance will not have an impact on the Company’s consolidated balance sheet or statement of operations, the adoption of this guidance may require additional annual disclosures in the Company’s financial statements for the fiscal year ending December 31, 2023, which the Company is currently in the process of assessing. In June 2022, the FASB issued ASU 2022-03, “ASC Subtopic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 also provides updated guidance regarding the impairment of available-for-sale debt securities and includes additional disclosure requirements. The new guidance is effective for public business entities that meet the definition of a Smaller Reporting Company as defined by the Securities and Exchange Commission for interim and annual periods beginning after December 15, 2022. The Company adopted this guidance as of January 1, 2023, with minimal impact upon adoption. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The FASB reduced the number of accounting models for convertible debt and convertible preferred stock instruments and made certain disclosure amendments to improve the information provided to users. In addition, the FASB amended the derivative guidance for the “own stock” scope exception and certain aspects of the EPS guidance. The Company adopted this new accounting guidance on a prospective basis on January 1, 2023, and the adoption did not have a material effect on its consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Schedule of dilutive securities excluded from the computation of diluted weighted average shares | As of June 30, 2023 2022 Common stock purchase options 314,672 410,639 Restricted stock units 19,823 — Common stock purchase warrants 5,794,071 9,000 6,128,566 419,639 |
Schedule of warrant liabilities were measured at fair value on a recurring basis | Fair Value Measurements as of June 30, 2023 (Level 1) (Level 2) (Level 3) Total Liabilities Warrant liabilities $ — — 4,239,496 $ 4,239,496 |
Schedule of assumptions were used in determining the fair value of the warrant liabilities | As of June 30, 2023 Remaining contractual term (years) 1.5 - 5.5 Common stock price volatility 86.1% - 102.8% Risk-free interest rate 3.94% - 5.02% Expected dividend yield — |
Schedule of change in fair value of the warrant liabilities | Warrant Liabilities Balance as of March 31, 2023 $ — Fair value of warrants issued 5,669,847 Change in fair value (1,430,351) Balance as of June 30, 2023 $ 4,239,496 |
Other Prepaid Expenses and Cu_2
Other Prepaid Expenses and Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Prepaid Expenses and Current Assets | |
Schedule of prepaid expenses and other current assets | As of June 30, As of December 31, 2023 2022 Unaudited Unaudited Prepaid research and development expense $ — $ 67,027 Accounts receivable — 150,000 Other prepaid expenses and other current assets 399,414 174,628 Total $ 399,414 $ 391,655 |
Equipment (Tables)
Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equipment | |
Schedule of equipment | As of June 30, As of December 31, 2023 2022 Unaudited Unaudited Laboratory equipment $ 2,964,069 $ 3,048,579 Office equipment 259,978 259,978 Leasehold improvements 31,405 17,958 Total 3,255,452 3,326,515 Accumulated depreciation and amortization (1,746,325) (1,392,415) Equipment, net $ 1,509,127 $ 1,934,100 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | As of June 30, As of December 31, 2023 2022 Unaudited Unaudited Accrued compensation and benefits $ 579,171 $ 171,572 Accrued consulting settlement 75,000 225,000 Accrued professional fees 162,435 241,808 Accrued research and development 10,009 20,684 Accrued franchise tax 29,680 217,440 Accrued restructuring — 316,032 Other accrued expenses 195,206 35,120 Total $ 1,051,501 $ 1,227,656 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | |
Schedule of warrants issued and outstanding | Expiration date Exercise Price Warrants Outstanding July 6, 2023 $ 174.60 5,256 September 20, 2024 $ 130.00 3,750 December 30, 2024 $ 2.32 1,945,526 June 28, 2028 $ 3.21 136,187 January 2, 2029 $ 2.32 1,945,526 No expiration date $ 0.001 1,757,826 5,794,071 Weighted- Average Weighted- Remaining Average Contractual Exercise Life Warrants Price (in years) Outstanding as of December 31, 2022 9,006 $ 156.03 Issuances: PIPE Series A Warrants 1,366,829 2.32 PIPE Series B Warrants 1,366,829 2.32 PIPE Pre-Funded Warrants 1,366,829 0.001 RD Series A Warrants 578,697 2.32 RD Series B Warrants 578,697 2.32 Pre-Funded Warrants 390,997 0.001 Placement Agent Warrants 136,187 3.21 Outstanding as of June 30, 2023 5,794,071 1.88 3.5 Exercisable as of June 30, 2023 5,794,071 $ 1.88 3.5 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation | |
Schedule of stock-based compensation expense | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 209,522 $ 507,435 $ 481,732 $ 1,062,096 Research and development 35,490 133,611 79,969 531,778 Total $ 245,012 $ 641,046 $ 561,701 $ 1,593,874 |
Schedule of stock options issued and outstanding | Weighted- Weighted- Average Average Total Exercise Remaining Aggregate Price Per Contractual Intrinsic Stock Options Share Life (in years) Value Outstanding at December 31, 2022 365,287 $ 53.27 Granted 1,875 4.34 Exercised (32,750) 0.02 Forfeited (19,740) 94.82 Outstanding at June 30, 2023 314,672 55.91 6.0 $ 172,296 Exercisable as of June 30, 2023 240,712 $ 58.15 5.2 $ 172,296 |
Schedule of key assumptions used to estimate the fair value of the stock options granted | Six Months Ended June 30, 2023 2022 Expected term of options (years) 5.4 - 6.1 5.3 - 6.1 Expected common stock price volatility 82.3% - 85.2% 73.7% - 77.2% Risk-free interest rate 3.5% - 4.0% 1.4% - 3.1% Expected dividend yield — — |
Schedule of changes in the outstanding restricted stock | Weighted- Average Grant Restricted Stock Date Fair Value Units Price Unvested as of December 31, 2022 — $ — Granted 19,823 4.00 Forfeited — — Unvested as of June 30, 2023 19,823 4.00 Total unrecognized expense remaining $ 65,602 Weighted-average years expected to be recognized over 1.9 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring | |
Summary of company's restructuring-related liability | Restructuring Payments/ Charges Utilization Liability at (Six Months Ended (Six Months Ended Liability at December 31, 2022 June 30, 2023) June 30, 2023) June 30, 2023 Research and development contract termination costs $ 311,110 $ 2,490 $ (313,600) $ — Other 4,922 4,237 (9,159) — Total Accrued restructuring $ 316,032 $ 6,727 $ (322,759) $ — |
Organization, Description of _2
Organization, Description of Business and Liquidity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Description of Business and Liquidity | |||||
Cash and cash equivalents | $ 14,747,424 | $ 14,747,424 | $ 17,386,326 | ||
Loss from operations | (3,687,945) | $ (8,360,608) | (7,852,233) | $ (18,289,991) | |
Private NeuBase | |||||
Organization, Description of Business and Liquidity | |||||
Cash and cash equivalents | $ 14,700,000 | 14,700,000 | |||
Loss from operations | (7,900,000) | ||||
Net cash used in operating activities | $ (7,100,000) |
Organization, Description of _3
Organization, Description of Business and Liquidity - Reverse Stock Split (Details) | Jun. 14, 2023 |
Organization, Description of Business and Liquidity | |
Reverse stock split | 0.05 |
Significant Accounting Polici_4
Significant Accounting Policies - Potentially dilutive securities outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Significant Accounting Policies | ||
Antidilutive securities excluded from computation of net loss per common share | 6,128,566 | 419,639 |
Common stock purchase options | ||
Significant Accounting Policies | ||
Antidilutive securities excluded from computation of net loss per common share | 314,672 | 410,639 |
Restricted stock units | ||
Significant Accounting Policies | ||
Antidilutive securities excluded from computation of net loss per common share | 19,823 | |
Common stock purchase warrants | ||
Significant Accounting Policies | ||
Antidilutive securities excluded from computation of net loss per common share | 5,794,071 | 9,000 |
Significant Account Policies -
Significant Account Policies - Fair Value Measurements (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Liabilities | ||
Warrants, Fair Value | $ 4,239,496 | |
Change in fair value of the warrant liabilities | ||
Warrants issued | $ 5,669,847 | |
Change in fair value | (1,430,351) | |
Fair value at the end | $ 4,239,496 | 4,239,496 |
Level 3 | ||
Liabilities | ||
Warrants, Fair Value | $ 4,239,496 | |
Remaining contractual term (years) | Minimum [Member] | Estimate of Fair Value Measurement [Member] | ||
Liabilities | ||
Warrants and Rights Outstanding, Measurement Input | 1.5 | 1.5 |
Remaining contractual term (years) | Maximum [Member] | Estimate of Fair Value Measurement [Member] | ||
Liabilities | ||
Warrants and Rights Outstanding, Measurement Input | 5.5 | 5.5 |
Common stock price volatility | Minimum [Member] | Estimate of Fair Value Measurement [Member] | ||
Liabilities | ||
Warrants and Rights Outstanding, Measurement Input | 86.1 | 86.1 |
Common stock price volatility | Maximum [Member] | Estimate of Fair Value Measurement [Member] | ||
Liabilities | ||
Warrants and Rights Outstanding, Measurement Input | 102.8 | 102.8 |
Risk-free interest rate | Minimum [Member] | Estimate of Fair Value Measurement [Member] | ||
Liabilities | ||
Warrants and Rights Outstanding, Measurement Input | 3.94 | 3.94 |
Risk-free interest rate | Maximum [Member] | Estimate of Fair Value Measurement [Member] | ||
Liabilities | ||
Warrants and Rights Outstanding, Measurement Input | 5.02 | 5.02 |
Other Prepaid Expenses and Cu_3
Other Prepaid Expenses and Current Assets (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Other Prepaid Expenses and Current Assets | ||
Prepaid research and development expense | $ 67,027 | |
Accounts receivable | 150,000 | |
Other prepaid expenses and other current assets | $ 399,414 | 174,628 |
Total | $ 399,414 | $ 391,655 |
Equipment (Details)
Equipment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Equipment | |||||
Equipment, gross | $ 3,255,452 | $ 3,255,452 | $ 3,326,515 | ||
Accumulated depreciation and amortization | (1,746,325) | (1,746,325) | (1,392,415) | ||
Equipment, net | 1,509,127 | 1,509,127 | 1,934,100 | ||
Depreciation | 200,000 | $ 200,000 | 400,000 | $ 400,000 | |
Laboratory equipment | |||||
Equipment | |||||
Equipment, gross | 2,964,069 | 2,964,069 | 3,048,579 | ||
Office equipment | |||||
Equipment | |||||
Equipment, gross | 259,978 | 259,978 | 259,978 | ||
Leasehold improvements | |||||
Equipment | |||||
Equipment, gross | $ 31,405 | $ 31,405 | $ 17,958 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities | ||
Accrued compensation and benefits | $ 579,171 | $ 171,572 |
Accrued consulting settlement | 75,000 | 225,000 |
Accrued professional fees | 162,435 | 241,808 |
Accrued research and development | 10,009 | 20,684 |
Accrued franchise tax | 29,680 | 217,440 |
Accrued restructuring | 0 | 316,032 |
Other accrued expenses | 195,206 | 35,120 |
Total | $ 1,051,501 | $ 1,227,656 |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants issued and outstanding (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 28, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 28, 2023 | |
Warrants | ||||
Warrants, outstanding at the beginning of the period | 9,006 | |||
Warrants, outstanding at the end of the period | 5,794,071 | 5,794,071 | ||
Warrants, Exercisable at the end of the period | 5,794,071 | 5,794,071 | ||
Weighted-average exercise price, outstanding at the beginning of the period | $ 156.03 | |||
Weighted-average exercise price, outstanding at the end of the period | $ 1.88 | 1.88 | ||
Weighted-average exercise price, exercisable at the end of the period | $ 1.88 | $ 1.88 | ||
Weighted-average remaining contractual life, outstanding at the end of the period | 3 years 6 months | |||
Weighted-average remaining contractual life, exercisable at the end of the period | 3 years 6 months | |||
Stock issued during period value new issues | $ 19 | |||
Common Stock | ||||
Warrants | ||||
Stock issued during period value new issues | $ 19 | |||
Stock issued during period, shares, new issues | 187,700 | |||
Equity Purchase Agreement | ||||
Warrants | ||||
Proceeds from issuance of common stock | $ 3,000,000 | |||
Equity purchase agreement number of business days | 5 days | |||
Equity Purchase Agreement | Common Stock | ||||
Warrants | ||||
Stock issued during period value new issues | $ 500,000 | |||
Stock issued during period, shares, new issues | 7,335 | |||
Percentage of common stock held in investment | 0.50% | |||
Stock price multiplier (as a percent) | 95% | |||
Equity purchase agreement before purchase on common stock | 3 days | |||
Equity Purchase Agreement | Maximum | ||||
Warrants | ||||
Proceeds from issuance of common stock | $ 10,000,000 | |||
Equity Purchase Agreement | Maximum | Common Stock | ||||
Warrants | ||||
Stock issued during period value new issues | $ 1,000,000 | |||
Beneficial ownership of common stock (as a percent) | 9.99% | |||
July 6, 2023 | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 174.60 | $ 174.60 | ||
Warrants, outstanding at the end of the period | 5,256 | 5,256 | ||
September 20, 2024 | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 130 | $ 130 | ||
Warrants, outstanding at the end of the period | 3,750 | 3,750 | ||
December 20, 2024 | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 2.32 | $ 2.32 | ||
Warrants, outstanding at the end of the period | 1,945,526 | 1,945,526 | ||
June 28, 2028 | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 3.21 | $ 3.21 | ||
Warrants, outstanding at the end of the period | 136,187 | 136,187 | ||
January 2, 2028 | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 2.32 | $ 2.32 | ||
Warrants, outstanding at the end of the period | 1,945,526 | 1,945,526 | ||
No expiration date | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 0.001 | $ 0.001 | ||
Warrants, outstanding at the end of the period | 1,757,826 | 1,757,826 | ||
Pre-Funded Warrants | ||||
Warrants | ||||
Issued | 390,997 | |||
Weighted average exercise price, Issued | $ 0.001 | |||
RD Series A Warrants | ||||
Warrants | ||||
Issued | 578,697 | |||
Weighted average exercise price, Issued | $ 2.32 | |||
RD Series B Warrants | ||||
Warrants | ||||
Issued | 578,697 | |||
Weighted average exercise price, Issued | $ 2.32 | |||
PIPE Pre-Funded Warrants | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 0.001 | |||
Issued | 1,366,829 | |||
Weighted average exercise price, Issued | $ 0.001 | |||
PIPE Series A Warrants | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | 2.32 | |||
Issued | 1,366,829 | |||
Weighted average exercise price, Issued | $ 2.32 | |||
PIPE Series B Warrants | ||||
Warrants | ||||
Exercise price of warrants (in dollars per share) | $ 2.32 | |||
Issued | 1,366,829 | |||
Weighted average exercise price, Issued | $ 2.32 | |||
Placement Agent Warrants | ||||
Warrants | ||||
Issued | 136,187 | |||
Weighted average exercise price, Issued | $ 3.21 |
Stockholders' Equity - Direct O
Stockholders' Equity - Direct Offering and Private Placements (Details) - USD ($) | 3 Months Ended | ||
Jun. 28, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
PIPE Pre-Funded Warrants | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 1,366,829 | ||
Exercise price of warrants (in dollars per share) | $ 0.001 | ||
Offering price (in dollars per share) | $ 2.569 | ||
PIPE Series A Warrants | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 1,366,829 | ||
Exercise price of warrants (in dollars per share) | $ 2.32 | ||
Term of issuance | 5 years 6 months | ||
PIPE Series B Warrants | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 1,366,829 | ||
Exercise price of warrants (in dollars per share) | $ 2.32 | ||
Term of issuance | 18 months | ||
Placement Agent Warrants | H.C. Wainwright & Co., LLC | |||
Class of Stock [Line Items] | |||
Clearing fees | $ 7,389 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 187,700 | ||
Registered Direct Offering | |||
Class of Stock [Line Items] | |||
Common stock purchase price (in dollars per share) | $ 0.001 | ||
Registered Direct Offering | Pre-Funded Warrants | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 390,997 | ||
Exercise price of warrants (in dollars per share) | $ 0.001 | ||
Offering price sold per share (in dollars per share) | $ 2.569 | ||
Registered Direct Offering | Common Stock | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 187,700 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | ||
Offering price (in dollars per share) | $ 2.57 | ||
Private Placements | RD Series A Warrants | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 578,697 | ||
Exercise price of warrants (in dollars per share) | $ 2.32 | ||
Term of issuance | 5 years 6 months | ||
Private Placements | RD Series B Warrants | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 578,697 | ||
Exercise price of warrants (in dollars per share) | $ 2.32 | ||
Term of issuance | 18 months | ||
Offerings | |||
Class of Stock [Line Items] | |||
Proceeds from private placement | $ 5,000,000 | ||
Placement Agent | H.C. Wainwright & Co., LLC | |||
Class of Stock [Line Items] | |||
Percentage of cash fee on gross proceeds | 8% | ||
Percentage of management fee | 1% | ||
Non-accountable expenses | $ 75,000 | ||
Percentage of aggregate number of shares of common stock issued | 7% | ||
Placement Agent | Placement Agent Warrants | H.C. Wainwright & Co., LLC | |||
Class of Stock [Line Items] | |||
Aggregate number of common stock to purchase | 136,187 | ||
Exercise price of warrants (in dollars per share) | $ 3.2125 | ||
Term of issuance | 5 years | ||
Percentage of aggregate number of shares of common stock and warrants | 7% | ||
Percentage of offering price | 125% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-Based Compensation | ||||
Total stock based compensation | $ 245,012 | $ 641,046 | $ 561,701 | $ 1,593,874 |
General and administrative | ||||
Stock-Based Compensation | ||||
Total stock based compensation | 209,522 | 507,435 | 481,732 | 1,062,096 |
Research and development | ||||
Stock-Based Compensation | ||||
Total stock based compensation | $ 35,490 | $ 133,611 | $ 79,969 | $ 531,778 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock options (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Stock Options | |
Outstanding, Beginning balance | shares | 365,287 |
Granted | shares | 1,875 |
Exercised | shares | (32,750) |
Forfeited | shares | (19,740) |
Outstanding, Ending balance | shares | 314,672 |
Exercisable | shares | 240,712 |
Weighted Average Exercise Price | |
Outstanding, Beginning balance | $ / shares | $ 53.27 |
Granted | $ / shares | 4.34 |
Exercised | $ / shares | 0.02 |
Forfeited | $ / shares | 94.82 |
Outstanding, Ending balance | $ / shares | 55.91 |
Exercisable | $ / shares | $ 58.15 |
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value | |
Outstanding | 6 years |
Exercisable | 5 years 2 months 12 days |
Outstanding | $ | $ 172,296 |
Exercisable | $ | $ 172,296 |
Stock-Based Compensation - Key
Stock-Based Compensation - Key assumptions used to estimate the fair value of the stock options granted (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Key assumptions used to estimate the fair value of the stock options granted | ||
Expected common stock price volatility, minimum | 82.30% | 73.70% |
Expected common stock price volatility, maximum | 85.20% | 77.20% |
Risk-free interest rate, minimum | 3.50% | 1.40% |
Risk-free interest rate, maximum | 4% | 3.10% |
Minimum | ||
Key assumptions used to estimate the fair value of the stock options granted | ||
Expected term of options (years) | 5 years 4 months 24 days | 5 years 3 months 18 days |
Maximum | ||
Key assumptions used to estimate the fair value of the stock options granted | ||
Expected term of options (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Restricted Stock Units | ||
Weighted-average years expected to be recognized over | 1 year 1 month 6 days | |
Weighted-Average Grant Date Fair Value Price | ||
Granted | $ 3.21 | $ 26.55 |
Restricted stock units | ||
Restricted Stock Units | ||
Granted | 19,823 | |
Unvested, Ending balance | 19,823 | |
Total unrecognized expense remaining | $ 65,602 | |
Weighted-average years expected to be recognized over | 1 year 10 months 24 days | |
Weighted-Average Grant Date Fair Value Price | ||
Granted | $ 4 | |
Unvested, Ending balance | $ 4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-Based Compensation | ||
Unrecognized compensation costs | $ 1 | |
Weighted-average amortization period | 1 year 1 month 6 days | |
Intrinsic value of stock options exercised | $ 0.2 | $ 0.1 |
Weighted average grant date fair value of options granted | $ 3.21 | $ 26.55 |
2016 Plan | ||
Stock-Based Compensation | ||
Number of common stock authorized | 14,584 | |
Common shares were available for future grants | 13,334 | |
2019 Plan | ||
Stock-Based Compensation | ||
Number of common stock authorized | 366,924 | |
Common shares were available for future grants | 122,328 |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Restructuring | |
Restructuring costs | $ 7 |
Restructuring - Summarizes of C
Restructuring - Summarizes of Company's restructuring-related liability (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Accrued restructuring Liability, Beginning balance | $ 316,032 | |||
Restructuring Charges | $ 0 | $ 0 | 6,727 | $ 0 |
Payments/Utilization | (322,759) | |||
Accrued restructuring Liability, Ending balance | 0 | 0 | ||
Research and development contract termination costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued restructuring Liability, Beginning balance | 311,110 | |||
Restructuring Charges | 2,490 | |||
Payments/Utilization | (313,600) | |||
Accrued restructuring Liability, Ending balance | 0 | 0 | ||
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued restructuring Liability, Beginning balance | 4,922 | |||
Restructuring Charges | 4,237 | |||
Payments/Utilization | (9,159) | |||
Accrued restructuring Liability, Ending balance | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 6 Months Ended | |||
Aug. 03, 2023 | Aug. 02, 2023 | Jul. 19, 2023 | Jun. 30, 2023 | |
Subsequent Event | ||||
Exercise of stock options (in shares) | 32,750 | |||
Exercise price | $ 0.02 | |||
Subsequent Event | ||||
Subsequent Event | ||||
Percentage of restructuring cost reduction | 83% | |||
Severance pay | $ 400,000 | |||
Subsequent Event | Employee stock options | ||||
Subsequent Event | ||||
Exercise of stock options (in shares) | 93,234 | |||
Exercise price | $ 0.022 | |||
Subsequent Event | Pre-Funded Warrants | ||||
Subsequent Event | ||||
Warrants, Exercised | 186,000 | 204,997 | ||
Exercise price of warrants (in dollars per share) | $ 0.001 | $ 0.001 |