Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALT | |
Entity Registrant Name | ALTIMMUNE, INC. | |
Entity Central Index Key | 0001326190 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | 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 | 53,728,871 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-32587 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2726770 | |
Entity Address, Address Line One | 910 Clopper Road | |
Entity Address, Address Line Two | Suite 201S | |
Entity Address, City or Town | Gaithersburg | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20878 | |
City Area Code | 240 | |
Local Phone Number | 654-1450 | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 86,855 | $ 111,097 |
Restricted cash | 41 | 34 |
Total cash, cash equivalents and restricted cash | 86,896 | 111,131 |
Short-term investments | 53,924 | 73,783 |
Accounts receivable | 876 | 173 |
Income tax and R&D incentive receivables | 3,653 | 2,368 |
Prepaid expenses and other current assets | 7,615 | 5,358 |
Total current assets | 152,964 | 192,813 |
Property and equipment, net | 765 | 1,081 |
Indefinite-lived intangible asset | 12,419 | 12,419 |
Other assets | 425 | 615 |
Total assets | 166,573 | 206,928 |
Current liabilities: | ||
Accounts payable | 3,046 | 4,804 |
Accrued expenses and other current liabilities | 8,825 | 12,250 |
Total current liabilities | 11,871 | 17,054 |
Other long-term liabilities | 4,305 | 4,581 |
Total liabilities | 16,176 | 21,635 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value; 200,000,000 shares authorized; 52,858,920 and 49,199,845 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 5 | 5 |
Additional paid-in capital | 590,206 | 568,399 |
Accumulated deficit | (434,690) | (377,884) |
Accumulated other comprehensive loss, net | (5,124) | (5,227) |
Total stockholders' equity | 150,397 | 185,293 |
Total liabilities and stockholders' equity | $ 166,573 | $ 206,928 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 52,858,920 | 49,199,845 |
Common stock, shares outstanding | 52,858,920 | 49,199,845 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||
Revenues | $ 362 | $ 2 | $ 389 | $ 42 |
Operating expenses: | ||||
Research and development | 18,388 | 20,262 | 48,890 | 51,359 |
General and administrative | 4,514 | 4,492 | 13,805 | 13,329 |
Total operating expenses | 22,902 | 24,754 | 62,695 | 64,688 |
Loss from operations | (22,540) | (24,752) | (62,306) | (64,646) |
Other income (expense): | ||||
Interest expense | (29) | (64) | (33) | (191) |
Interest income | 1,884 | 1,053 | 5,387 | 1,402 |
Other income (expense), net | 14 | 50 | 146 | 185 |
Total other income (expense), net | 1,869 | 1,039 | 5,500 | 1,396 |
Net loss before income taxes | (20,671) | (23,713) | (56,806) | (63,250) |
Income tax expense (benefit) | (197) | (197) | ||
Net loss | (20,671) | (23,516) | (56,806) | (63,053) |
Other comprehensive income - unrealized gain (loss) on short-term investments | 56 | (143) | 103 | (263) |
Comprehensive loss | $ (20,615) | $ (23,659) | $ (56,703) | $ (63,316) |
Net loss per share, basic | $ (0.39) | $ (0.48) | $ (1.10) | $ (1.37) |
Net loss per share, diluted | $ (0.39) | $ (0.48) | $ (1.10) | $ (1.37) |
Weighted-average common shares outstanding, basic | 53,633,354 | 49,286,535 | 51,495,957 | 45,881,547 |
Weighted-average common shares outstanding, diluted | 53,633,354 | 49,286,535 | 51,495,957 | 45,881,547 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Beginning Balance at Dec. 31, 2021 | $ 4 | $ 497,342 | $ (293,171) | $ (5,040) | $ 199,135 |
Beginning Balance (in shares) at Dec. 31, 2021 | 40,993,768 | ||||
Stock-based compensation | 2,033 | 2,033 | |||
Exercise of stock options | 197 | 197 | |||
Exercise of stock options (in shares) | 95,771 | ||||
Vesting of restricted stock awards including withholding, net | (170) | (170) | |||
Vesting of restricted stock awards including withholding, net (in shares) | 17,568 | ||||
Issuance of common stock from Employee Stock Purchase Plan | 113 | 113 | |||
Issuance of common stock from Employee Stock Purchase Plan (in shares) | 16,450 | ||||
Issuance of common stock in at the market offerings, net | 2,990 | 2,990 | |||
Issuance of common stock in at the market offerings, net (in shares) | 335,485 | ||||
Issuance of common stock upon exercise of warrants (in shares) | 1,760,854 | ||||
Net loss | (19,430) | (19,430) | |||
Ending Balance at Mar. 31, 2022 | $ 4 | 502,505 | (312,601) | (5,040) | 184,868 |
Ending Balance (in shares) at Mar. 31, 2022 | 43,219,896 | ||||
Beginning Balance at Dec. 31, 2021 | $ 4 | 497,342 | (293,171) | (5,040) | 199,135 |
Beginning Balance (in shares) at Dec. 31, 2021 | 40,993,768 | ||||
Unrealized (loss) gain on short-term investments | (263) | ||||
Net loss | (63,053) | ||||
Ending Balance at Sep. 30, 2022 | $ 5 | 566,551 | (356,224) | (5,303) | 205,029 |
Ending Balance (in shares) at Sep. 30, 2022 | 49,161,637 | ||||
Beginning Balance at Mar. 31, 2022 | $ 4 | 502,505 | (312,601) | (5,040) | 184,868 |
Beginning Balance (in shares) at Mar. 31, 2022 | 43,219,896 | ||||
Stock-based compensation | 2,048 | 2,048 | |||
Exercise of stock options | 403 | 403 | |||
Exercise of stock options (in shares) | 152,913 | ||||
Vesting of restricted stock awards including withholding, net | (80) | (80) | |||
Vesting of restricted stock awards including withholding, net (in shares) | (5,865) | ||||
Issuance of common stock in at the market offerings, net | $ 1 | 21,346 | 21,347 | ||
Issuance of common stock in at the market offerings, net (in shares) | 2,157,717 | ||||
Issuance of common stock related to contingent consideration liability | 6,176 | 6,176 | |||
Issuance of common stock related to contingent consideration liability (in shares) | 847,444 | ||||
Unrealized (loss) gain on short-term investments | (120) | (120) | |||
Net loss | (20,107) | (20,107) | |||
Ending Balance at Jun. 30, 2022 | $ 5 | 532,398 | (332,708) | (5,160) | 194,535 |
Ending Balance (in shares) at Jun. 30, 2022 | 46,372,105 | ||||
Stock-based compensation | 2,128 | 2,128 | |||
Exercise of stock options | 268 | 268 | |||
Exercise of stock options (in shares) | 76,161 | ||||
Vesting of restricted stock awards including withholding, net | (140) | (140) | |||
Vesting of restricted stock awards including withholding, net (in shares) | (7,744) | ||||
Issuance of common stock from Employee Stock Purchase Plan | 68 | 68 | |||
Issuance of common stock from Employee Stock Purchase Plan (in shares) | 9,945 | ||||
Issuance of common stock in at the market offerings, net | 31,829 | 31,829 | |||
Issuance of common stock in at the market offerings, net (in shares) | 2,711,013 | ||||
Other increase (in shares) | 157 | ||||
Unrealized (loss) gain on short-term investments | (143) | (143) | |||
Net loss | (23,516) | (23,516) | |||
Ending Balance at Sep. 30, 2022 | $ 5 | 566,551 | (356,224) | (5,303) | 205,029 |
Ending Balance (in shares) at Sep. 30, 2022 | 49,161,637 | ||||
Beginning Balance at Dec. 31, 2022 | $ 5 | 568,399 | (377,884) | (5,227) | 185,293 |
Beginning Balance (in shares) at Dec. 31, 2022 | 49,199,845 | ||||
Stock-based compensation | 2,675 | 2,675 | |||
Exercise of stock options | 61 | 61 | |||
Exercise of stock options (in shares) | 19,303 | ||||
Vesting of restricted stock awards including withholding, net | (484) | (484) | |||
Vesting of restricted stock awards including withholding, net (in shares) | 54,347 | ||||
Issuance of common stock from Employee Stock Purchase Plan | 135 | 135 | |||
Issuance of common stock from Employee Stock Purchase Plan (in shares) | 13,215 | ||||
Unrealized (loss) gain on short-term investments | 126 | 126 | |||
Net loss | (20,074) | (20,074) | |||
Ending Balance at Mar. 31, 2023 | $ 5 | 570,786 | (397,958) | (5,101) | 167,732 |
Ending Balance (in shares) at Mar. 31, 2023 | 49,286,710 | ||||
Beginning Balance at Dec. 31, 2022 | $ 5 | 568,399 | (377,884) | (5,227) | 185,293 |
Beginning Balance (in shares) at Dec. 31, 2022 | 49,199,845 | ||||
Unrealized (loss) gain on short-term investments | 103 | ||||
Net loss | (56,806) | ||||
Ending Balance at Sep. 30, 2023 | $ 5 | 590,206 | (434,690) | (5,124) | 150,397 |
Ending Balance (in shares) at Sep. 30, 2023 | 52,858,920 | ||||
Beginning Balance at Mar. 31, 2023 | $ 5 | 570,786 | (397,958) | (5,101) | 167,732 |
Beginning Balance (in shares) at Mar. 31, 2023 | 49,286,710 | ||||
Stock-based compensation | 2,786 | 2,786 | |||
Vesting of restricted stock awards including withholding, net | (16) | (16) | |||
Vesting of restricted stock awards including withholding, net (in shares) | 6,320 | ||||
Issuance of common stock in at the market offerings, net | 13,352 | 13,352 | |||
Issuance of common stock in at the market offerings, net (in shares) | 3,364,631 | ||||
Unrealized (loss) gain on short-term investments | (79) | (79) | |||
Net loss | (16,061) | (16,061) | |||
Ending Balance at Jun. 30, 2023 | $ 5 | 586,908 | (414,019) | (5,180) | 167,714 |
Ending Balance (in shares) at Jun. 30, 2023 | 52,657,661 | ||||
Stock-based compensation | 2,710 | 2,710 | |||
Vesting of restricted stock awards including withholding, net | (2) | (2) | |||
Vesting of restricted stock awards including withholding, net (in shares) | 1,261 | ||||
Issuance of common stock from Employee Stock Purchase Plan | 80 | 80 | |||
Issuance of common stock from Employee Stock Purchase Plan (in shares) | 28,345 | ||||
Issuance of common stock in at the market offerings, net | 510 | 510 | |||
Issuance of common stock in at the market offerings, net (in shares) | 171,653 | ||||
Unrealized (loss) gain on short-term investments | 56 | 56 | |||
Net loss | (20,671) | (20,671) | |||
Ending Balance at Sep. 30, 2023 | $ 5 | $ 590,206 | $ (434,690) | $ (5,124) | $ 150,397 |
Ending Balance (in shares) at Sep. 30, 2023 | 52,858,920 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (56,806) | $ (63,053) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of contingent consideration liability | 86 | |
Stock-based compensation expense | 8,171 | 6,209 |
Depreciation and amortization | (1,413) | 31 |
Loss on foreign currency exchange | (134) | (183) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (704) | (204) |
Prepaid expenses and other assets | (2,043) | 3,204 |
Accounts payable | (1,758) | (615) |
Accrued expenses and other liabilities | (3,306) | 7,555 |
Income tax and R&D incentive receivables | (1,284) | 1,690 |
Net cash used in operating activities | (59,277) | (45,280) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales and maturities of short-term investments | 76,544 | |
Purchases of short-term investments | (54,806) | (74,292) |
Purchases of property and equipment, net | (47) | (88) |
Net cash provided by (used in) investing activities | 21,691 | (74,380) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of deferred offering costs | (195) | |
Proceeds from issuance of common stock in at-the-market offerings, net | 13,862 | 56,166 |
Proceeds from issuance of common stock from Employee Stock Purchase Plan | 215 | 181 |
Payment of conditional economic incentive | (90) | |
Proceeds from exercises of stock options | 61 | 868 |
Payment for tax withholding in share-based compensation | (502) | (391) |
Net cash provided by financing activities | 13,351 | 56,824 |
Net decrease in cash and cash equivalents and restricted cash | (24,235) | (62,836) |
Cash, cash equivalents and restricted cash at beginning of period | 111,131 | 190,335 |
Cash, cash equivalents and restricted cash at end of period | $ 86,896 | 127,499 |
SUPPLEMENTAL NON-CASH ACTIVITIES: | ||
Fair value of common stock retired in exchange for issuance of common stock warrant | $ 6,176 |
Nature of Business and Organiza
Nature of Business and Organization | 9 Months Ended |
Sep. 30, 2023 | |
Nature of Business and Organization | |
Nature of Business and Organization | 1. Nature of Business and Basis of Presentation Nature of Business Altimmune, Inc., headquartered in Gaithersburg, Maryland, United States, together with its subsidiaries (collectively, the “Company” or “Altimmune”) is a clinical stage biopharmaceutical company incorporated under the laws of the State of Delaware. The Company is focused on developing treatments for obesity and liver diseases. The Company’s pipeline includes next generation peptide therapeutics for obesity and non-alcoholic steatohepatitis (“NASH”) (for both, pemvidutide, formerly known as ALT-801), and for chronic hepatitis B (“HepTcell TM Basis of Presentation The accompanying unaudited consolidated financial statements are prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K which was filed with the SEC on February 28, 2023. In the opinion of management, the Company has prepared the accompanying unaudited consolidated financial statements on the same basis as the audited consolidated financial statements, and these consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year 2023 or any future years or periods. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies During the nine months ended September 30, 2023, there have been no significant changes to the Company’s summary of significant accounting policies contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC, except for the recently adopted accounting standard for ASU No. 2016-13 as disclosed below. Use of Estimates The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, income taxes, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods. Short-term Investments The Company’s short-term investments are comprised of U.S. Treasuries, corporate debt securities and certificates of deposit that have original maturities less than or equal to one year and are classified as available-for-sale (“AFS”) securities. Such securities are carried at estimated fair value, net of allowance for credit loss determined based on the Current Expected Credit Loss. Any unrealized holding gains or losses are reported as accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. In the event that the AFS security's fair value is below the amortized cost and (i) the Company intends to sell the AFS security and (ii) the AFS security is required to be sold before recovery of the loss, the AFS security's amortized cost base will be written down to its fair value and the loss will be recognized in the income statement. If the Company intends not to sell the AFS security and the AFS security is not required to be sold before recovery of the loss, the Company evaluates whether a portion of the unrealized loss is a result of credit loss. The portion of unrealized loss related to credit loss will be recorded as allowance for credit loss in the balance sheet with the corresponding credit loss in the income statement and the portion of unrealized loss not related to credit loss will be recognized in other comprehensive income (“OCI”). Dividend and interest income are recognized in other income when earned. The cost of securities sold is calculated using the specific identification method. The Company places all investments with government agencies, or corporate institutions whose debt is rated as investment grade. As of September 30, 2023, none of the unrealized losses on the Company’s short-term investments are a result of credit loss, and therefore, the unrealized losses were recognized in OCI. Income Taxes During the three and nine months ended September 30, 2022, the Company recorded a total of $0.2 million income tax benefit related to interest received and receivable on income tax refunds. Other than the tax benefit related to interest, the Company did not record an income tax expense (benefit) for either of the three and nine months ended September 30, 2023 or 2022 due to a full valuation allowance. The Company calculates its quarterly income tax provision based on an estimated, annual effective tax rate applied to ordinary income (or loss) and other known items computed and recognized as they occur. The Company’s total provision is based on the United States statutory rate, increased by state and foreign taxes and reduced by a full valuation allowance on the Company’s deferred tax assets. Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU No. 2016-13”) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 3. Fair Value Measurements The Company’s assets measured at fair value on a recurring basis as of September 30, 2023 consisted of the following (in thousands): Fair Value Measurement at September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market funds $ 82,102 $ 82,102 $ — $ — Short-term investments 53,924 — 53,924 — Total $ 136,026 $ 82,102 $ 53,924 $ — The Company’s assets measured at fair value on a recurring basis as of December 31, 2022 consisted of the following (in thousands): Fair Value Measurement at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market funds $ 105,794 $ 105,794 $ — $ — Short-term investments 73,783 — 73,783 — Total $ 179,577 $ 105,794 $ 73,783 $ — Short-term investments have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third party pricing services or other market observable data (Level 2). The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. Short-term investments with quoted prices as of September 30, 2023 as shown below (in thousands): September 30, 2023 Amortized Cost Unrealized (Loss) Gain Credit loss Market Value United States treasury securities $ 9,857 $ (7) $ — $ 9,850 Commercial paper and corporate debt securities 33,328 (53) — 33,275 Asset backed securities 2,937 (12) — 2,925 Agency debt securities 7,886 (12) — 7,874 Total $ 54,008 $ (84) $ — $ 53,924 Short-term investments with quoted prices as of December 31, 2022 as shown below (in thousands): December 31, 2022 Amortized Cost Unrealized (Loss) Gain Credit Loss Market Value United States treasury securities $ 15,868 $ (86) $ — $ 15,782 Commercial paper and corporate debt securities 50,747 (71) — 50,676 Asset backed securities 5,427 (35) — 5,392 Agency debt securities 1,928 5 — 1,933 Total $ 73,970 $ (187) $ — $ 73,783 Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired. During the nine months ended September 30, 2023 and year ended December 31, 2022, the Company had no significant assets or liabilities that were measured at fair value on a non-recurring basis. |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | 4. Operating Leases The Company’s operating leases consist of leases for office and laboratory space in the United States, which expire in April 2025. Rent expense under the Company’s operating leases was $0.1 million and $0.4 million during the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, rent expense under the Company’s operating leases was $0.1 million and $0.4 million, respectively. Rent expense includes short-term leases and variable lease costs that are not included in the lease obligation. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases. The office space lease provides for increases in future minimum annual rental payments as defined in the lease agreements. The office space lease also includes an option to renew the lease as of the end of the term. The Company has determined that the lease renewal option is not reasonably certain of being exercised. The cash paid for operating lease liabilities for each of the nine months ended September 30, 2023 and 2022 was $0.4 million. Supplemental other information related to the operating leases balance sheet information is as follows (in thousands): September 30, 2023 December 31, 2022 Operating lease obligations (see Note 5 and 6) $ 788 $ 1,124 Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) $ 424 $ 596 Weighted-average remaining lease term (years) 1.6 2.3 Weighted-average discount rate 7.2 % 7.2 % |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Expenses and Other Current Liabilities. | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses and other current liabilities consist of the following (in thousands): September 30, 2023 December 31, 2022 Accrued professional services $ 313 $ 276 Accrued payroll and employee benefits 2,427 2,955 Accrued research and development 5,537 7,295 Lease obligation, current portion (see Note 4) 485 452 Excess tax refund payable — 1,169 Accrued interest and other 63 103 Total accrued expenses and other current liabilities $ 8,825 $ 12,250 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Other Long-Term Liabilities | |
Other Long-Term Liabilities | 6. Other Long-Term Liabilities The Company’s other long-term liabilities are summarized as follows (in thousands): September 30, 2023 December 31, 2022 Research and development incentive credit $ 3,796 $ 3,599 Lease obligation, long-term portion (see Note 4) 303 672 Conditional economic incentive grants 160 250 Other 46 60 Total other long-term liabilities $ 4,305 $ 4,581 |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Common Stock | |
Common Stock | 7. Common Stock The Amended and Restated Certificate of Incorporation, as amended (“Charter”), authorizes the Company to issue 200,000,000 shares of common stock, par value $0.0001 per share. As of September 30, 2023, the Company had 52,858,920 shares of common stock issued and outstanding Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. The Charter also authorizes the Company to issue 1,000,000 shares of preferred stock, par value $0.0001 per share. As of September 30, 2023, the Company had no shares of preferred stock issued and outstanding At-the-Market Offerings On February 28, 2023, the Company entered into an Equity Distribution Agreement (the “2023 Agreement”) with Evercore Group L.L.C., JMP Securities LLC and B. Riley Securities, Inc., serving as sales agents (the “Sales Agents”), with respect to an at-the-market offerings program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $150.0 million (the “Shares”) through the Sales Agents (the “2023 Offering”). All Shares offered and sold in the 2023 Offering will be issued pursuant to the Company’s Registration Statement on Form S-3ASR filed with the SEC on February 28, 2023, which was declared effective immediately, the prospectus supplement relating to the 2023 Offering filed with the SEC on February 28, 2023 and any applicable additional prospectus supplements related to the 2023 Offering that form a part of the Registration Statement. The Company capitalized approximately $0.2 million of other offering costs which will offset the proceeds received from the shares sold under the 2023 Agreement. During the nine months ended September 30, 2023, the Company sold 3,536,284 shares of common stock under the 2023 Agreement resulting in approximately $13.9 million in proceeds, net of $0.4 million commission and other offering costs. As of September 30, 2023, $135.7 million remained available to be sold under the 2023 Agreement. As of September 30, 2023, there was $0.2 million in deferred offering costs included in prepaid expenses and other current assets on the accompanying consolidated balance sheets. On February 25, 2021, the Company entered into an Equity Distribution Agreement (the “2021 Agreement”) with Piper Sandler & Co., Evercore Group L.L.C. and B. Riley Securities, Inc., serving as sales agents (the “2021 Sales Agents”), with respect to an at-the-market offerings program under which the Company offered and sold shares of its common stock, having an aggregate offering price of up to $125.0 million (the “2021 Shares”) through the 2021 Sales Agents (the “2021 Offering”). All 2021 Shares offered and sold in the 2021 Offering were issued pursuant to the Company’s Registration Statement on Form S-3 filed with the SEC on December 31, 2020, which was declared effective on January 11, 2021, the prospectus supplement relating to the 2021 Offering filed with the SEC on February 25, 2021 and any applicable additional prospectus supplements related to the 2021 Offering that form a part of the Registration Statement. Under the 2021 Agreement, the Company sold 10,004,869 shares of common stock resulting in approximately $121.0 million in proceeds, net of $4.0 million commission and other offering costs. As of September 30, 2023, there were no remaining shares available under the 2021 Agreement. Public Offering On July 16, 2020, the Company offered and sold (i) 3,369,564 shares of common stock, at a price to the public of $23.00 per share, and (ii) pre-funded warrants of the Company to purchase 1,630,436 shares of common stock at an exercise price equal to $0.0001 per share (the “Pre-Funded Warrants”), at a price to the public of $22.9999 per share of common stock underlying the Pre-Funded Warrants (equal to the public offering price per share of common stock, minus the exercise price of each Pre-Funded Warrant). The Pre-Funded Warrants are exercisable at any time, provided that each Pre-Funded Warrant holder will be prohibited from exercising such Pre-Funded Warrants into shares of the Company’s common stock if, as a result of such exercise, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of the Company’s common stock then issued and outstanding, which percentage may change at the holders’ election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company. The Company has assessed the Pre-Funded Warrants for appropriate equity or liability classification and determined that the Pre-Funded Warrants are freestanding instruments that do not meet the definition of a liability pursuant to ASC 480 and do not meet the definition of a derivative pursuant to FASB Accounting Standards Codification Topic 815, Derivatives and Hedging As of September 30, 2023, including the remaining 869,566 Pre-Funded Warrants, there were 1,015,166 outstanding warrants with a weighted-average exercise price of $0.66 and weighted-average contractual term of 0.2 years. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation | |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Options The Company’s stock option awards generally vest over four years and typically have a contractual life of ten years. As of September 30, 2023, there was $17.9 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.7 years. During the nine months ended September 30, 2023, the Company granted 1,760,026 stock options with a weighted average exercise price of $9.71 and per share weighted average grant date fair value of $7.86. Information related to stock options outstanding as of September 30, 2023 is as follows: Weighted-Average Weighted- Remaining Number of Average Contractual Term Aggregate Intrinsic Stock Options Exercise Price (Years) Value (In thousands) Outstanding 5,079,329 $ 9.31 5.9 $ 239 Exercisable 2,260,984 $ 8.81 5.8 $ 200 Vested and expected to vest 4,769,311 $ 9.28 5.9 $ 235 Restricted Stock Units (RSUs) During the nine months ended September 30, 2023, the Company granted 319,700 shares of RSUs with a weighted average grant date fair value of $13.20 which vest over four years. As of September 30, 2023, the Company had unvested RSUs of 618,543 shares with total unrecognized compensation expense of $5.1 million, which the Company expects to recognize over a weighted average period of approximately 2.7 years. During the nine months ended September 30, 2023, the Company issued 61,928 shares of unrestricted common stock as a result of the vesting of 100,642 RSUs net of 38,714 shares of common stock withheld to satisfy tax withholding obligations. 2019 Employee Stock Purchase Plan (ESPP) Under the ESPP, employees purchased 41,560 shares for $0.2 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2023 and 2022, the Company recognized compensation expense of $0.1 million and $0.2 million, respectively. Stock-based Compensation Expense Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Research and development $ 1,164 $ 743 $ 3,560 $ 2,024 General and administrative 1,546 1,385 4,611 4,185 Total $ 2,710 $ 2,128 $ 8,171 $ 6,209 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Net Loss Per Share | |
Net Loss Per Share | 9. Net Loss Per Share Because the Company has reported a net loss attributable to common stockholders for the nine months ended September 30, 2023 and 2022, basic and diluted net loss per share attributable to common stockholders in each period are the same. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average numbers of shares of common stock outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period. As such, all unvested restricted stock, RSUs, common stock warrants, and stock options have been excluded from the computation of diluted weighted average shares outstanding because such securities would have an anti-dilutive impact for all periods presented. Potential common shares issuable upon conversion, vesting or exercise of unvested restricted stock, RSUs, common stock warrants, and stock options that are excluded from the computation of diluted weighted-average shares outstanding, as they are anti-dilutive, are as follows: Nine Months Ended September 30, 2023 2022 Common stock warrants 145,600 145,600 Common stock options 5,144,429 3,542,534 Restricted stock units 618,543 470,275 Restricted stock — 13,454 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments And Contingencies. | |
Commitments and Contingencies | 10. Commitments and Contingencies Spitfire Acquisition In July 2019, the Company entered into the Spitfire merger agreement to acquire all of the equity interests of Spitfire Pharma, Inc. (“Spitfire”). As part of the agreement, the Company is obligated to make payments of up to $80.0 million upon the achievement of specified worldwide net sales of all products developed using the technology acquired from Spitfire Pharma Inc. (the “Sales Milestone”) within ten years following the approval of a new drug application filed with the U. S. Food and Drug Administration (the “FDA”). The contingent payments related to the Sales Milestones are predominately cash-based payments accounted for under FASB Accounting Standards Codification Topic 450, Contingencies Litigation The Company is a party in various contracts and subject to disputes, litigation, and potential claims arising in the ordinary course of business none of which are currently reasonably possible or probable of material loss. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events | |
Subsequent Events | 11. Subsequent Events On October 18, 2023, warrant holders exercised the remaining 869,566 Pre-Funded Warrants in a net cashless exercise and were issued 869,530 shares of common stock in a net cashless exercise (see Note 7 Common Stock). In addition, in October 2023, 95,600 various other warrants with a weighted-average exercise price of $5.31 expired unexercised. The only remaining outstanding 50,000 warrants have an exercise price of $3.21 and have a maturity date of March 12, 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Significant Accounting Policies | |
Use of Estimates | Use of Estimates The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, income taxes, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods. |
Short-term Investments | Short-term Investments The Company’s short-term investments are comprised of U.S. Treasuries, corporate debt securities and certificates of deposit that have original maturities less than or equal to one year and are classified as available-for-sale (“AFS”) securities. Such securities are carried at estimated fair value, net of allowance for credit loss determined based on the Current Expected Credit Loss. Any unrealized holding gains or losses are reported as accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. In the event that the AFS security's fair value is below the amortized cost and (i) the Company intends to sell the AFS security and (ii) the AFS security is required to be sold before recovery of the loss, the AFS security's amortized cost base will be written down to its fair value and the loss will be recognized in the income statement. If the Company intends not to sell the AFS security and the AFS security is not required to be sold before recovery of the loss, the Company evaluates whether a portion of the unrealized loss is a result of credit loss. The portion of unrealized loss related to credit loss will be recorded as allowance for credit loss in the balance sheet with the corresponding credit loss in the income statement and the portion of unrealized loss not related to credit loss will be recognized in other comprehensive income (“OCI”). Dividend and interest income are recognized in other income when earned. The cost of securities sold is calculated using the specific identification method. The Company places all investments with government agencies, or corporate institutions whose debt is rated as investment grade. As of September 30, 2023, none of the unrealized losses on the Company’s short-term investments are a result of credit loss, and therefore, the unrealized losses were recognized in OCI. |
Income Taxes | Income Taxes During the three and nine months ended September 30, 2022, the Company recorded a total of $0.2 million income tax benefit related to interest received and receivable on income tax refunds. Other than the tax benefit related to interest, the Company did not record an income tax expense (benefit) for either of the three and nine months ended September 30, 2023 or 2022 due to a full valuation allowance. The Company calculates its quarterly income tax provision based on an estimated, annual effective tax rate applied to ordinary income (or loss) and other known items computed and recognized as they occur. The Company’s total provision is based on the United States statutory rate, increased by state and foreign taxes and reduced by a full valuation allowance on the Company’s deferred tax assets. |
Recently Adopted Accounting Pronouncements | Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU No. 2016-13”) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The Company’s assets measured at fair value on a recurring basis as of September 30, 2023 consisted of the following (in thousands): Fair Value Measurement at September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market funds $ 82,102 $ 82,102 $ — $ — Short-term investments 53,924 — 53,924 — Total $ 136,026 $ 82,102 $ 53,924 $ — The Company’s assets measured at fair value on a recurring basis as of December 31, 2022 consisted of the following (in thousands): Fair Value Measurement at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market funds $ 105,794 $ 105,794 $ — $ — Short-term investments 73,783 — 73,783 — Total $ 179,577 $ 105,794 $ 73,783 $ — |
Schedule of Short Term Investments | Short-term investments with quoted prices as of September 30, 2023 as shown below (in thousands): September 30, 2023 Amortized Cost Unrealized (Loss) Gain Credit loss Market Value United States treasury securities $ 9,857 $ (7) $ — $ 9,850 Commercial paper and corporate debt securities 33,328 (53) — 33,275 Asset backed securities 2,937 (12) — 2,925 Agency debt securities 7,886 (12) — 7,874 Total $ 54,008 $ (84) $ — $ 53,924 Short-term investments with quoted prices as of December 31, 2022 as shown below (in thousands): December 31, 2022 Amortized Cost Unrealized (Loss) Gain Credit Loss Market Value United States treasury securities $ 15,868 $ (86) $ — $ 15,782 Commercial paper and corporate debt securities 50,747 (71) — 50,676 Asset backed securities 5,427 (35) — 5,392 Agency debt securities 1,928 5 — 1,933 Total $ 73,970 $ (187) $ — $ 73,783 |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Summary of Supplemental other Information Related to Operating Leases Balance Sheet | Supplemental other information related to the operating leases balance sheet information is as follows (in thousands): September 30, 2023 December 31, 2022 Operating lease obligations (see Note 5 and 6) $ 788 $ 1,124 Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) $ 424 $ 596 Weighted-average remaining lease term (years) 1.6 2.3 Weighted-average discount rate 7.2 % 7.2 % |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Expenses and Other Current Liabilities. | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): September 30, 2023 December 31, 2022 Accrued professional services $ 313 $ 276 Accrued payroll and employee benefits 2,427 2,955 Accrued research and development 5,537 7,295 Lease obligation, current portion (see Note 4) 485 452 Excess tax refund payable — 1,169 Accrued interest and other 63 103 Total accrued expenses and other current liabilities $ 8,825 $ 12,250 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Long-Term Liabilities | |
Summary of Other Long-Term Liabilities | The Company’s other long-term liabilities are summarized as follows (in thousands): September 30, 2023 December 31, 2022 Research and development incentive credit $ 3,796 $ 3,599 Lease obligation, long-term portion (see Note 4) 303 672 Conditional economic incentive grants 160 250 Other 46 60 Total other long-term liabilities $ 4,305 $ 4,581 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation | |
Schedule of Information Related to Stock Options Outstanding | Information related to stock options outstanding as of September 30, 2023 is as follows: Weighted-Average Weighted- Remaining Number of Average Contractual Term Aggregate Intrinsic Stock Options Exercise Price (Years) Value (In thousands) Outstanding 5,079,329 $ 9.31 5.9 $ 239 Exercisable 2,260,984 $ 8.81 5.8 $ 200 Vested and expected to vest 4,769,311 $ 9.28 5.9 $ 235 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Research and development $ 1,164 $ 743 $ 3,560 $ 2,024 General and administrative 1,546 1,385 4,611 4,185 Total $ 2,710 $ 2,128 $ 8,171 $ 6,209 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Net Loss Per Share | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potential common shares issuable upon conversion, vesting or exercise of unvested restricted stock, RSUs, common stock warrants, and stock options that are excluded from the computation of diluted weighted-average shares outstanding, as they are anti-dilutive, are as follows: Nine Months Ended September 30, 2023 2022 Common stock warrants 145,600 145,600 Common stock options 5,144,429 3,542,534 Restricted stock units 618,543 470,275 Restricted stock — 13,454 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Summary of Significant Accounting Policies | ||
Income tax expense (benefit) | $ 197 | $ 197 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 53,924 | $ 73,783 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 73,783 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 53,924 | |
Total | 136,026 | 179,577 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 82,102 | 105,794 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 53,924 | |
Total | 53,924 | 73,783 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 82,102 | 105,794 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 82,102 | $ 105,794 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Short Term Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 54,008 | $ 73,970 |
Unrealized (Loss) Gain | (84) | (187) |
Market Value | 53,924 | 73,783 |
United States Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,857 | 15,868 |
Unrealized (Loss) Gain | (7) | (86) |
Market Value | 9,850 | 15,782 |
Commercial Paper and Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 33,328 | 50,747 |
Unrealized (Loss) Gain | (53) | (71) |
Market Value | 33,275 | 50,676 |
Asset Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,937 | 5,427 |
Unrealized (Loss) Gain | (12) | (35) |
Market Value | 2,925 | 5,392 |
Agency Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 7,886 | 1,928 |
Unrealized (Loss) Gain | (12) | 5 |
Market Value | $ 7,874 | $ 1,933 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
Assets or liabilities measured at fair value on a non-recurring basis. | $ 0 | $ 0 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases | ||||
Cash paid for operating lease liabilities | $ 0.4 | $ 0.4 | ||
Operating lease rent expense | $ 0.1 | $ 0.1 | $ 0.4 | $ 0.4 |
Operating Leases - Summary of S
Operating Leases - Summary of Supplemental other Information Related to Operating Leases Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease obligations (see Note 5 and 6) | $ 788 | $ 1,124 |
Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) | $ 424 | $ 596 |
Weighted-average remaining lease term (years) | 1 year 7 months 6 days | 2 years 3 months 18 days |
Weighted-average discount rate | 7.20% | 7.20% |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Accrued professional services | $ 313 | $ 276 |
Accrued payroll and employee benefits | 2,427 | 2,955 |
Accrued research and development | 5,537 | 7,295 |
Lease obligation, current portion (see Note 4) | 485 | 452 |
Excess tax refund payable | 1,169 | |
Accrued interest and other | 63 | 103 |
Total accrued expenses and other current liabilities | $ 8,825 | $ 12,250 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Long-Term Liabilities | ||
Research and development incentive credit | $ 3,796 | $ 3,599 |
Lease obligation, long-term portion (see Note 4) | 303 | 672 |
Conditional economic incentive grants | 160 | 250 |
Other | 46 | 60 |
Total other long-term liabilities | $ 4,305 | $ 4,581 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 22 Months Ended | |||||||||
Oct. 18, 2023 shares | Jan. 24, 2022 shares | Feb. 25, 2021 USD ($) | Jul. 16, 2020 $ / shares shares | Feb. 28, 2023 USD ($) | Sep. 30, 2023 USD ($) item $ / shares shares | Jun. 30, 2023 shares | Sep. 30, 2022 shares | Jun. 30, 2022 shares | Mar. 31, 2022 shares | Sep. 30, 2023 USD ($) item $ / shares shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | |
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Proceeds from issuance of common stock in public offering | $ | $ 13,862 | $ 56,166 | |||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Common stock, shares issued | 52,858,920 | 52,858,920 | 49,199,845 | ||||||||||
Common stock, shares outstanding | 52,858,920 | 52,858,920 | 49,199,845 | ||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||||||
Preferred stock, par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||||
Warrants outstanding | 1,015,166 | 1,015,166 | |||||||||||
Exercise price of warrants or rights | $ / shares | $ 0.66 | $ 0.66 | |||||||||||
Weighted average remaining contractual term, warrants | 2 months 12 days | ||||||||||||
Pre-Funded Warrants [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Number of securities called by warrants or rights | 760,870 | ||||||||||||
Shares of common stock sold | 760,870 | ||||||||||||
Warrants outstanding | 869,566 | 869,566 | |||||||||||
Pre-Funded Warrants [Member] | Subsequent Event | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Number of securities called by warrants or rights | 869,566 | ||||||||||||
Shares of common stock sold | 869,530 | ||||||||||||
Warrants outstanding | 0 | ||||||||||||
Common Stock [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Voting right | item | 1 | 1 | |||||||||||
Shares of common stock sold | 171,653 | 3,364,631 | 2,711,013 | 2,157,717 | 335,485 | ||||||||
Public Offering [Member] | Pre-Funded Warrants [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Purchase price of warrants issued | $ / shares | $ 22.9999 | ||||||||||||
Ownership percentage on exercise of warrants without notice, minimum | 4.99% | ||||||||||||
Ownership percentage on exercise of warrants with notice, maximum | 19.99% | ||||||||||||
Notice period to increase ownership percentage on exercise of warrants | 61 days | ||||||||||||
Number of securities called by warrants or rights | 1,630,436 | ||||||||||||
Exercise price of warrants or rights | $ / shares | $ 0.0001 | ||||||||||||
Public Offering [Member] | Common Stock [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Public offering price, per share | $ / shares | $ 23 | ||||||||||||
Shares of common stock sold | 3,369,564 | ||||||||||||
At-The-Market Offering [Member] | Equity Distribution Agreement [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Remaining shares available for issuance | 0 | 0 | |||||||||||
At-The-Market Offering [Member] | Equity Distribution Agreement [Member] | Evercore Group and JMP Securities LLC and B Riley Securities [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Common stock available to be sold | $ | $ 135,700 | $ 135,700 | |||||||||||
Deferred Offering Costs | $ | $ 200 | $ 200 | 200 | ||||||||||
Proceeds from issuance of common stock in public offering | $ | $ 13,900 | ||||||||||||
Aggregate offering price | $ | $ 150,000 | ||||||||||||
Shares of common stock sold | 3,536,284 | ||||||||||||
Issuance costs | $ | $ 400 | ||||||||||||
At-The-Market Offering [Member] | Equity Distribution Agreement [Member] | Piper Sandler company and Evercore group limited liability company and B Riley Securities inc [Member] | |||||||||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||||||||
Proceeds from issuance of common stock in public offering | $ | $ 121,000 | ||||||||||||
Aggregate offering price | $ | $ 125,000 | ||||||||||||
Shares of common stock sold | 10,004,869 | ||||||||||||
Issuance costs | $ | $ 4,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Employees purchased, value | $ 80 | $ 135 | $ 68 | $ 113 | ||||
Stock-based compensation expense | $ 8,171 | $ 6,209 | ||||||
Stock Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of Stock Options, Granted | 1,760,026 | |||||||
Stock options granted, weighted-average exercise price | $ 9.71 | |||||||
Stock option expiration Period | 10 years | |||||||
Weighted-average grant date fair value of stock options granted | $ 7.86 | |||||||
Unrecognized compensation cost, stock options | $ 17,900 | $ 17,900 | ||||||
Unrecognized stock-based compensation expense, period for recognition | 2 years 8 months 12 days | |||||||
Restricted stock vesting period | 4 years | |||||||
Restricted Stock Units [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation expense, period for recognition | 2 years 8 months 12 days | |||||||
Restricted stock authorized and granted | 319,700 | |||||||
Weighted average grant date fair value of restricted stock award | $ 13.20 | |||||||
Unrestricted common stock | 61,928 | |||||||
Number of shares vested | 100,642 | |||||||
Common stock withheld to satisfy tax withholding obligations. | 38,714 | |||||||
Unvested restricted stock, shares | 618,543 | 618,543 | ||||||
Unrecognized compensation expense | $ 5,100 | $ 5,100 | ||||||
Restricted stock vesting period | 4 years | |||||||
Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrestricted common stock | 1,261 | 6,320 | 54,347 | (7,744) | (5,865) | 17,568 | ||
Employees purchased, shares | 28,345 | 13,215 | 9,945 | 16,450 | ||||
2019 Employee Stock Purchase Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Employees purchased, shares | 41,560 | |||||||
Employees purchased, value | $ 200 | |||||||
Stock-based compensation expense | $ 100 | $ 200 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Stock Options Outstanding (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Stock-Based Compensation | |
Number of Stock Options, Outstanding | shares | 5,079,329 |
Number of Stock Options, Exercisable | shares | 2,260,984 |
Number of Stock Options, Vested and expected to vest | shares | 4,769,311 |
Weighted-average Exercise Price, Outstanding | $ / shares | $ 9.31 |
Weighted-average Exercise Price, Exercisable | $ / shares | 8.81 |
Weighted-average Exercise Price, Vested and expected to vest | $ / shares | $ 9.28 |
Weighted-average Remaining Contractual Term, Outstanding | 5 years 10 months 24 days |
Weighted-average Remaining Contractual Term, Exercisable | 5 years 9 months 18 days |
Weighted-average Remaining Contractual Term, Vested and expected to vest | 5 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 239 |
Aggregate Intrinsic Value, Exercisable | $ | 200 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | $ 235 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | $ 2,710 | $ 2,128 | $ 8,171 | $ 6,209 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | 1,164 | 743 | 3,560 | 2,024 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock based compensation expense | $ 1,546 | $ 1,385 | $ 4,611 | $ 4,185 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 145,600 | 145,600 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 5,144,429 | 3,542,534 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 618,543 | 470,275 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 13,454 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Spitfire Pharma, Inc. [Member] - Sales Milestones [Member] $ in Millions | Jul. 12, 2019 USD ($) |
Commitments And Contingencies [Line Items] | |
Estimated future contingent consideration | $ 80 |
License agreement term | 10 years |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 1 Months Ended | |||
Oct. 18, 2023 | Jan. 24, 2022 | Oct. 31, 2023 | Sep. 30, 2023 | |
Subsequent Event [Line Items] | ||||
Exercise price of warrants or rights | $ 0.66 | |||
Warrants outstanding | 1,015,166 | |||
Pre-Funded Warrants | ||||
Subsequent Event [Line Items] | ||||
Shares of common stock sold | 760,870 | |||
Warrants outstanding | 869,566 | |||
Number of securities called by warrants or rights | 760,870 | |||
Subsequent Event [Member] | Pre-Funded Warrants | ||||
Subsequent Event [Line Items] | ||||
Shares of common stock sold | 869,530 | |||
Warrants outstanding | 0 | |||
Number of securities called by warrants or rights | 869,566 | |||
Subsequent Event [Member] | Other Warrants | ||||
Subsequent Event [Line Items] | ||||
Exercise price of warrants or rights | $ 5.31 | |||
Number of warrants expired unexercised | 95,600 | |||
Subsequent Event [Member] | Warrants Maturing on March 12, 2024 | ||||
Subsequent Event [Line Items] | ||||
Exercise price of warrants or rights | $ 3.21 | |||
Warrants outstanding | 50,000 |