Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 22, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ALT | ||
Entity Registrant Name | ALTIMMUNE, INC. | ||
Entity Central Index Key | 0001326190 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Common Stock, Shares Outstanding | 70,895,286 | ||
Entity Public Float | $ 184.4 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common stock, par value $0.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-32587 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-2726770 | ||
Entity Address, Address Line One | 910 Clopper Road | ||
Entity Address, Address Line Two | Suite 201S | ||
Entity Address, City or Town | Gaithersburg | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20878 | ||
City Area Code | (240) | ||
Local Phone Number | 654-1450 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Tysons, Virginia |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 135,117 | $ 111,097 |
Restricted cash | 41 | 34 |
Total cash, cash equivalents and restricted cash | 135,158 | 111,131 |
Short-term investments | 62,698 | 73,783 |
Accounts and other receivables | 1,111 | 173 |
Income tax and R&D incentive receivables | 3,742 | 2,368 |
Prepaid expenses and other current assets | 6,917 | 5,358 |
Total current assets | 209,626 | 192,813 |
Property and equipment, net | 651 | 1,081 |
Indefinite-lived intangible asset | 12,419 | |
Other assets | 363 | 615 |
Total assets | 210,640 | 206,928 |
Current liabilities: | ||
Accounts payable | 2,070 | 4,804 |
Accrued expenses and other current liabilities | 10,073 | 12,250 |
Total current liabilities | 12,143 | 17,054 |
Noncurrent liabilities | 4,398 | 4,581 |
Total liabilities | 16,541 | 21,635 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value; 200,000,000 shares authorized; 70,677,400 and 49,199,845 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 7 | 5 |
Additional paid-in capital | 665,427 | 568,399 |
Accumulated deficit | (466,331) | (377,884) |
Accumulated other comprehensive loss, net | (5,004) | (5,227) |
Total stockholders' equity | 194,099 | 185,293 |
Total liabilities and stockholders' equity | $ 210,640 | $ 206,928 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 | 70,677,400 | 49,199,845 |
Common stock, shares outstanding | 70,677,400 | 49,199,845 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
Revenues | $ 426 | $ (68) |
Operating expenses: | ||
Research and development | 65,799 | 70,538 |
General and administrative | 18,137 | 17,134 |
Impairment loss on intangible assets | 12,419 | |
Total operating expenses | 96,355 | 87,672 |
Loss from operations | (95,929) | (87,740) |
Other income (expense): | ||
Interest expense | (35) | (8) |
Interest income | 7,351 | 2,870 |
Other income (expense), net | 166 | (32) |
Total other income (expense), net | 7,482 | 2,830 |
Net loss before income taxes | (88,447) | (84,910) |
Income tax expense (benefit) | (197) | |
Net loss | (88,447) | (84,713) |
Other comprehensive income - unrealized gain (loss) on short-term investments | 223 | (187) |
Comprehensive loss | $ (88,224) | $ (84,900) |
Net loss per share, basic | $ (1.66) | $ (1.81) |
Net loss per share, diluted | $ (1.66) | $ (1.81) |
Weighted-average common shares outstanding, basic | 53,246,937 | 46,926,349 |
Weighted-average common shares outstanding, diluted | 53,246,937 | 46,926,349 |
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 | 8,101 | 8,101 | |||
Exercise of stock options | 950 | 950 | |||
Exercise of stock options (in shares) | 358,317 | ||||
Vesting of restricted stock awards including withholding, net | (516) | (516) | |||
Vesting of restricted stock awards including withholding, net (in shares) | 8,695 | ||||
Issuance of common stock from Employee Stock Purchase Plan | 181 | 181 | |||
Issuance of common stock from Employee Stock Purchase Plan (in shares) | 26,395 | ||||
Issuance of common stock in at the market offerings, net | $ 1 | 56,165 | 56,166 | ||
Issuance of common stock in at the market offerings, net (in shares) | 5,204,215 | ||||
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 | ||||
Issuance of common stock upon exercise of warrants (in shares) | 1,760,854 | ||||
Other increase (in shares) | 157 | ||||
Unrealized (loss) gain on short-term investments | (187) | (187) | |||
Net Income (Loss) | (84,713) | (84,713) | |||
Ending Balance at Dec. 31, 2022 | $ 5 | 568,399 | (377,884) | (5,227) | 185,293 |
Ending Balance (in shares) at Dec. 31, 2022 | 49,199,845 | ||||
Stock-based compensation | 10,640 | 10,640 | |||
Exercise of stock options | 113 | $ 113 | |||
Exercise of stock options (in shares) | 39,303 | 24,075 | |||
Vesting of restricted stock awards including withholding, net | (539) | $ (539) | |||
Vesting of restricted stock awards including withholding, net (in shares) | 72,646 | ||||
Issuance of common stock from Employee Stock Purchase Plan | 215 | 215 | |||
Issuance of common stock from Employee Stock Purchase Plan (in shares) | 41,560 | ||||
Issuance of common stock in at the market offerings, net | $ 2 | 86,599 | 86,601 | ||
Issuance of common stock in at the market offerings, net (in shares) | 20,454,516 | ||||
Issuance of common stock upon exercise of warrants (in shares) | 869,530 | ||||
Unrealized (loss) gain on short-term investments | 223 | 223 | |||
Net Income (Loss) | (88,447) | (88,447) | |||
Ending Balance at Dec. 31, 2023 | $ 7 | $ 665,427 | $ (466,331) | $ (5,004) | $ 194,099 |
Ending Balance (in shares) at Dec. 31, 2023 | 70,677,400 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (88,447) | $ (84,713) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Change in fair value of contingent consideration liability | 86 | |
Impairment loss on intangible assets | 12,419 | |
Stock-based compensation expense | 10,640 | 8,101 |
Depreciation of property and equipment | 477 | 493 |
Accretion of discounts on short-term investments | (2,471) | (698) |
(Gain) loss on foreign currency exchange | (154) | 34 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (938) | 256 |
Prepaid expenses and other assets | (1,345) | 2,650 |
Accounts payable | (2,734) | 2,770 |
Accrued expenses and other liabilities | (1,883) | 5,393 |
Income tax and R&D incentive receivables | (1,374) | 3,042 |
Net cash used in operating activities | (75,810) | (62,586) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales and maturities of short-term investments | 102,410 | |
Purchases of short-term investments | (88,631) | (73,273) |
Purchases of property and equipment, net | (47) | (126) |
Net cash provided by (used in) investing activities | 13,732 | (73,399) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments of deferred offering costs | (195) | |
Proceeds from issuance of common stock in at-the-market offerings, net | 86,601 | 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 | 113 | 950 |
Payment for tax withholding in share-based compensation | (539) | (516) |
Net cash provided by financing activities | 86,105 | 56,781 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 24,027 | (79,204) |
Cash, cash equivalents and restricted cash at beginning of period | 111,131 | 190,335 |
Cash, cash equivalents and restricted cash at end of period | $ 135,158 | 111,131 |
SUPPLEMENTAL NON-CASH ACTIVITIES: | ||
Common stock issued related to contingent consideration liability | $ 6,176 |
Nature of Business and Organiza
Nature of Business and Organization | 12 Months Ended |
Dec. 31, 2023 | |
Nature of Business and Organization | |
Nature of Business and Organization | 1. Nature of Business and Organization 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 metabolic dysfunction-associated steatohepatitis (“MASH”), previously termed non-alcoholic steatohepatitis (“NASH”) (for both, pemvidutide, formerly known as ALT-801), and for chronic hepatitis B (“HepTcell TM |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying 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. Use of Estimates The preparation of 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 consolidated financial statements include, but are not limited to, the valuation of share-based awards, income taxes, and accruals for R&D 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. Segment Information The Company is managed and operates as a single business focused on the R&D of treatments for various diseases and disorders, and vaccines. The Company is managed by a single management team, and consistent with its organizational structure, the Chief Executive Officer manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one operating segment. Cash Equivalents The Company considers all highly liquid investments purchased with remaining maturities of 90 days or less on the purchase date to be cash equivalents, and includes amounts held in money market funds which are actively traded (a Level 1 input). Restricted Cash The Company had restricted cash of $41,000 and $34,000 as of December 31, 2023 and 2022, respectively, held in money market savings accounts as collateral. The restricted cash as of December 31, 2023 and 2022 is for the Company’s facility lease obligation. Restricted cash is classified as a component of cash, cash equivalents, and restricted cash in the accompanying Consolidated Balance Sheets and Consolidated Statements of Cash Flows. 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 December 31, 2023, none of the unrealized losses on the Company’s short-term investments are a result of credit loss, and therefore, any unrealized losses were recognized in OCI. As of December 31, 2023, the Company had $0.1 million accrued interest on short-term investments included in “Accounts and other receivables” on the accompanying Consolidated Balance Sheets. Accounts and Other Receivables Accounts and other receivables include both billed and unbilled amounts, interest and other receivables. The Company makes judgments as to its ability to collect outstanding receivables and provides an allowance for receivables when collection becomes doubtful. Provisions are made based upon a specific review of all significant outstanding invoices and the overall quality and age of those invoices not specifically reviewed. The Company’s receivables represent billings for rate adjustment under a government contract that is being closed out, as well as interest and other receivables. The Company believes that the credit risks associated with these receivables are not significant. To date, the Company has not experienced any losses associated with accounts and other receivables and does not maintain an allowance for credit loss. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term. Level 3 — Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment that the Company exercises in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2023 and 2022. Financial Instruments The Company’s financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable, short-term investments, accounts payable, accrued expenses, and common stock warrants classified as equity. The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of those financial instruments. Short-term investments are recorded at fair value, with any unrealized holding gains or losses reported as accumulated other comprehensive income or loss. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, short-term investments and accounts receivable. Periodically, the Company maintains deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses in these deposits. Property and Equipment, Net The Company records property and equipment at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, whereas major improvements are capitalized as additions to property and equipment. Costs of assets under construction are capitalized but are not depreciated until the construction is substantially complete and the assets being constructed are ready for their intended use. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets, as follows: Asset Category Estimated Useful Life Computer and telecommunications 3 – 5 years Software 3 years Furniture, fixtures and equipment 5 years Laboratory equipment 7 years Leasehold improvements Lesser of lease term or estimated useful lives Intangible Assets The Company records intangible assets acquired in a business combination based on fair value on the date of acquisition. Acquired in-process research and development (“IPR&D”) assets that have alternative future use at the time of acquisition are capitalized as an indefinite-lived intangible asset and tested for impairment until the project is completed or abandoned. Upon completion of the project, the indefinite-lived intangible asset will be accounted for as a finite-lived intangible asset and amortized on a straight-line basis over its estimated useful life. If the project is abandoned, the indefinite-lived intangible asset will be charged to expense. Intangible assets acquired in other transactions are recorded at cost. The Company capitalizes costs incurred in the course of obtaining patents and license issuance fees for the use of proprietary technologies. Costs incurred for obtaining patents are amortized on a straight-line basis over the estimated useful lives of the assets from the time of approval of the patent. Prior to approval, these costs are carried on the balance sheets and not amortized. In the event approval is denied, the cost of the denied application is expensed. License issuance fees are amortized on a straight-line basis over the estimated useful lives of the underlying licensed technology. Amortization costs are classified as R&D expenses. Impairment or Disposal of Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of such assets may not be recoverable in accordance with the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 360, Property, Plant and Equipment (“ASC 360”). The Company’s long-lived assets include properties and equipment and right of use (“ROU”) assets. For long-lived assets, impairment is recognized when the undiscounted cash flows used in the test for recoverability is less than their carrying value. In the event impairment exists, the long-lived asset will be written down to its fair value, and an impairment loss is recorded as the difference between the carrying value and fair value. For the years ended December 31, 2023 and 2022, the Company’s qualitative assessment of long-lived assets for impairment testing determined that no impairment indicators were present. Impairment of Indefinite-lived Intangible Assets The Company evaluates its indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable in accordance with the guidance in FASB Accounting Standard Codification Topic 350, Intangibles—Goodwill and Other (“ASC 350”). The Company had one IPR&D asset, HepTcell, that it acquired in 2015. This candidate was a viral pathogen immunotherapy product for the treatment of chronic HBV. Since 2020, the Company has been conducting a Phase 2 clinical trial. However, the preliminary data from this trial that management analyzed in December 2023, indicates that the results are not sufficient to warrant moving forward with this product candidate. As a result, the Company expects to stop all further development related to HepTcell and does not anticipate that there would be any third-party interest in the asset. This decision rendered the probability of success, which is one of the key inputs in the fair value measurement of this asset, to be effectively zero or close to zero. With no alternative use nor any anticipated interest from third parties for this asset, management determined that the fair value of the IPR&D asset was deemed di minimis as of December 31, 2023. Accordingly, the Company recorded a non-cash impairment charge of $12.4 million, which was the carrying value of the IPR&D asset, in the accompanying Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2023 under the caption “Impairment loss – intangible asset”. As of December 31, 2023, the Company had no indefinite-lived intangible assets. Leases The Company determines if an arrangement is a lease at inception. Operating leases are recorded as a current and long-term lease obligation, with a corresponding right of use lease assets. Lease liabilities represent the Company’s obligation to make lease payments arising from leases. ROU assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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. Lease incentives and allowance provided by our landlord for the construction of leasehold improvements are recorded as lease incentive obligations as the related construction costs are incurred, up to the maximum allowance. Stock-based Compensation The Company accounts for all stock-based compensation granted to employees and non-employees using a fair value method. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model on the dates of grant. For restricted stock and restricted stock units granted, fair value is determined based on the grant date closing price of the Company’s common stock. Stock-based compensation awarded to employees is measured at the grant date fair value of stock option grants and is recognized over the requisite service period of the awards, usually the vesting period, on a straight-line basis, net of estimated forfeitures. The Company estimates forfeitures at the time of grant and, if necessary, revises the estimate in subsequent periods if actual forfeitures differ from those estimates. Estimates are based on the Company’s historical analysis of actual stock option forfeitures. The actual expense recognized over the vesting period is only for those options that vest. If awards are modified, the Company compares the fair value of the affected award measured immediately prior to modification to its value after modification. To the extent that the fair value of the modified award exceeds the original award, the incremental fair value of the modified award is recognized as compensation expense on the date of modification for vested awards, and over the remaining vesting period for unvested awards. R&D Expense R&D costs are expensed as incurred. R&D costs consist of payroll and personnel expense, consulting costs, external contract R&D expenses, which includes fees paid to other entities that conduct certain R&D activities on the Company’s behalf, such as clinical research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), raw materials, drug product manufacturing costs, laboratory supplies and allocated overhead, including depreciation and amortization, rent and utilities. Material R&D costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. Clinical trial costs are a significant component of R&D expenses, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the Consolidated Balance Sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancelable, and related costs are recorded as R&D expenses as incurred. Material advance payments for goods or services that will be used or rendered for future R&D activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. R&D Incentive Credits The Company is eligible to obtain certain R&D incentive credits, through the participation in the U.K. R&D Small and Medium Enterprise tax relief program (“U.K. R&D credit”) and the Australian R&D incentive credit (the “Australia R&D credit”) program administered through the Australian Tax Office (the “ATO”). The U.K. R&D credits are calculated as a percentage of qualifying R&D expenses and are payable in cash by the U.K. government to the Company. Qualifying R&D expenses consist of employment costs for research staff, consumables, a proportion of relevant, permitted sub-contract costs and certain internal overhead costs incurred as part of research projects for which the Company does not receive income. The Australia R&D credits provide for a cash refund based on a percentage of certain R&D activities undertaken in Australia by the Company’s wholly owned subsidiary, Altimmune AU Pty, Limited. Qualifying R&D expenses must be incurred within the country. The U.K. and Australian incentive credits are available on the basis of specific criteria with which the Company must comply. The incentive credits are subject to future audits by the government authorities and a statute of limitations. Although the incentive credits may be administered through the local tax authority, the Company has accounted for the incentives outside of the scope of FASB Accounting Standards Codification Topic 740, Income Taxes grant which analogizes with International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance The Company records qualifying U.K. R&D expenses as receivable and a corresponding reduction to R&D expense in the Consolidated Statement of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, the Company recognized $1.2 million and $1.8 million, respectively, of R&D credits as a reduction to R&D expense in the Consolidated Statement of Operations and Comprehensive Loss. As of December 31, 2023 and 2022, the Company had $3.0 million and $1.6 million, respectively, of R&D credits included in “Income tax and R&D incentive receivables” on the accompanying Consolidated Balance Sheets. The Company records qualifying Australian R&D credits as receivable with a full valuation reserve. Cash receipts for Australia R&D credits are recorded as noncurrent liability until it either passes an audit performed by the ATO, or the statute of limitations ends, whichever occurs first. Upon successfully passing an audit or the expiration of the statute of limitations, the Company will clear the liability and a corresponding reduction to R&D expense unless recognition criteria is met in a later year, in which case the R&D credit will be recorded as other income in the Consolidated Statement of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, the Company received $0.4 million and $3.6 million in cash for R&D incentive, respectively. The 2023 incentive credit received is related to R&D costs that the Company incurred during the fiscal year 2022, whereas the 2022 incentive credit received is related to R&D costs that the Company incurred during the fiscal years and 2021 and 2020, both through the participation in the Australian R&D credit program, and is included in “Noncurrent liabilities” on the accompanying Consolidated Balance Sheets. Income Taxes The Company accounts for income taxes in accordance with ASC 740. ASC 740 uses the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related to uncertain tax positions. Should such costs be incurred, they would be classified as a component of provision for income taxes. The Company conducts R&D activities potentially qualified to claim research tax credits for U.S. federal and state purposes under Internal Revenue Code Section 41. The Company has not performed a formal study claiming these credits in the tax returns because the Company does not yet have taxable profits. Once the Company becomes profitable, it will likely have a study prepared, and the amount of R&D tax credits available could generate income tax benefit, subject to an annual Section 383 limitation and valuation allowance for realizability of the deferred tax asset. Comprehensive Loss For the years presented, the total comprehensive loss includes net loss and other comprehensive income (loss) which represents unrealized gains or losses on short-term investments. Net Loss per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period without consideration for potentially dilutive securities. The Company computes diluted net loss per common share after giving consideration to all potentially dilutive common equivalents, including all unvested restricted stock, common stock warrants, and common stock options outstanding during the period except where the effect of such non-participating securities would be anti-dilutive. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Recently issued accounting pronouncements Recently Adopted: 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”) Not Yet Adopted: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 3. Fair Value Measurement The Company records cash equivalents and short-term investments at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. The Company’s assets measured at fair value on a recurring basis as of December 31, 2023 consisted of the following (in thousands): Fair Value Measurement at December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market funds $ 123,233 $ 123,233 $ — $ — Short-term investments 62,698 — 62,698 — Total $ 185,931 $ 123,233 $ 62,698 $ — 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 December 31, 2023 as shown below (in thousands): December 31, 2023 Amortized Cost Unrealized (Loss) Gain Credit loss Market Value United States treasury securities $ 19,472 $ 12 $ — $ 19,484 Commercial paper and corporate debt securities 31,301 24 — 31,325 Asset backed securities 2,966 (4) — 2,962 Agency debt securities 8,923 4 — 8,927 Total $ 62,662 $ 36 $ — $ 62,698 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 years ended December 31, 2023 and 2022, the Company had no assets or liabilities that were measured at fair value on a non-recurring basis. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consists of the following (in thousands): December 31, 2023 2022 Furniture, fixtures and equipment $ 163 163 Laboratory equipment 342 295 Computers and telecommunications 194 194 Software 178 178 Leasehold improvements 1,749 1,749 Property and equipment, at cost 2,626 2,579 Less: accumulated depreciation and amortization (1,975) (1,498) Property and equipment, net $ 651 $ 1,081 Depreciation expense related to property and equipment for each of the years ended December 31, 2023 and 2022 was $0.5 million. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 5. 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 these leases during each of the years ended December 31, 2023 and 2022 was $0.5 million, which 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 years ended December 31, 2023 and 2022 was $0.5 million. Supplemental balance sheet information related to the operating leases is as follows (in thousands): December 31, 2023 2022 Operating lease obligations (see Note 6 and 7) $ 671 $ 1,124 Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) $ 363 $ 596 Weighted-average remaining lease term (years) 1.3 2.3 Weighted-average discount rate 7.2 % 7.2 % Maturities of operating lease liabilities are as follows (in thousands): Year ending December 31, 2024 $ 526 2025 176 Total operating lease payments 702 Less: imputed interest (31) Total operating lease liabilities (see Note 6 and 7) $ 671 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Current Liabilities. | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expense and other current liabilities consist of the following (in thousands): December 31, 2023 2022 Accrued professional services $ 293 $ 276 Accrued payroll and employee benefits 3,315 2,955 Accrued research and development 5,845 7,295 Lease obligation, current portion (see Note 5) 496 452 Excess tax refund payable — 1,169 Accrued interest and other 124 103 Total accrued expenses and other current liabilities $ 10,073 $ 12,250 |
Noncurrent Liabilities
Noncurrent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Noncurrent Liabilities | |
Noncurrent Liabilities | 7. Noncurrent Liabilities The Company’s noncurrent liabilities are summarized as follows (in thousands): December 31, 2023 2022 Research and development incentive credit $ 4,023 $ 3,599 Lease obligation, long-term portion (see Note 5) 175 672 Conditional economic incentive grants 160 250 Other 40 60 Total noncurrent liabilities $ 4,398 $ 4,581 R&D incentive credit Program During the years ended December 31, 2023 and 2022, the Company received a total of $0.4 million and $3.6 million in cash for R&D incentive credit, respectively. The 2023 incentive credit received is related to R&D costs that the Company incurred during the fiscal year 2022, whereas the 2022 incentive credit received is related to R&D costs that the Company incurred during the fiscal years and 2021 and 2020, both through the participation in the Australian R&D incentive credit program administered through the ATO. The Company recorded the receipt as noncurrent liability until there is reasonable assurance that the Company will comply with the conditions attached to the incentive credit. Economic Incentive Grants The Company had two conditional economic incentive grants for a total of $250,000 from Montgomery County, Maryland and the State of Maryland. The Montgomery County grant of $100,000 was received in May 2018, with a term expiring on February 28, 2028. The State of Maryland grant of $150,000 was received in October 2019, with a 10-year term expiring on December 31, 2029. These grants are conditional primarily based on the Company maintaining its current headquarter locations in addition to employing a required number of employees at different reporting dates through the term of the grants. The annual interest rate on both economic incentive grants is 3%. During the year ended December 31, 2023, the Company repaid approximately $99,000 of the State of Maryland grant, including accrued interest, as the Company didn’t meet the required number of employees as of December 31, 2022 as per terms of the grant. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Common Stock | |
Common Stock | 8. Common Stock The Amended and Restated Certificate of Incorporation, as amended (“Charter”), authorized the Company to issue 200,000,000 shares of common stock, par value $0.0001 per share. As of December 31, 2023, the Company had 70,677,400 shares of common stock issued and outstanding The Charter also authorized the Company to issue 1,000,000 shares of preferred stock, par value $0.0001 per share. As of December 31, 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 year ended December 31, 2023, the Company sold 20,454,516 shares of common stock under the 2023 Agreement resulting in approximately $86.6 million in proceeds, net of $2.8 million commission and other offering costs, with, $60.6 million remaining available to be sold under the 2023 Agreement. As of December 31, 2023, there was $0.1 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 December 31, 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 were classified as equity and were accounted for as a component of additional paid-in capital at the time of issuance. In January 2022, 760,870 of the Pre-Funded Warrants were exercised, resulting in the issuance of 760,870 shares of common stock. Furthermore, 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 (see Note 9). |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
Warrants | 9. Warrants The following common stock warrants were outstanding at December 31, 2023: Number of Common Per Share Stock Exercise Warrants Price Issuance Date Expiration Date Issued with common units in the 2019 Registered Direct Offering 50,000 $ 3.21 March 12, 2019 March 12, 2024 Total 50,000 The following common stock warrants were outstanding at December 31, 2022: Number of Common Per Share Stock Exercise Warrants Price Issuance Date Expiration Date Issued with common units in the 2018 Unit Offering 3,300 $ 2.7568 October 2, 2018 October 2, 2023 Issued with common units in the 2018 Registered Direct Offering 92,300 $ 5.40 October 10, 2018 October 10, 2023 Issued with common units in the 2019 Registered Direct Offering 50,000 $ 3.21 March 12, 2019 March 12, 2024 Issued with common units in the 2020 Public Offering (see Note 8) 869,566 $ 0.0001 July 16, 2020 — Total 1,015,166 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 (see Note 8 Common Stock). In addition, in October 2023, 95,600 various other warrants with a weighted-average exercise price of $5.31 expired unexercised. On March 5, 2024, the remaining 50,000 warrants with an exercise price of $3.21 were fully exercised, resulting in the issuance of 50,000 shares of common stock. A summary of warrant activity is as follows: Weighted-Average Weighted Remaining Number of Average Contractual Term Warrants Exercise Price (Years) Warrants outstanding, December 31, 2022 1,015,166 Exercised (see Note 8) (869,566) Expired (95,600) Warrants outstanding, December 31, 2023 50,000 $ 3.21 0.2 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation | |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Options The Company established the 2001 Employee Stock Option Plan to provide incentive stock options and non-qualified stock options to employees, and the 2001 Non-employee Stock Option Plan to provide non-qualified stock options to the members of the board of directors and advisory board, and non-employees. The 2001 Employee Stock Option Plan and the 2001 Non-employee Stock Option Plan are collectively referred to as the “2001 Plans.” In connection with the Company’s merger with PharmAthene, Inc. in 2017, the Company issued options from its 2001 Plans to replace options previously granted. The Company de-designated common stock available for issuance under the 2001 Plans. No additional options or restricted stock will be granted under these plans. Options outstanding and unvested restricted stock granted or replaced under these plans will continue to vest over the remaining vesting period through the earlier of exercise, expiration or forfeiture. The replacement options issued after the 2017 mergers will continue to vest over the remaining vesting period through the earlier of exercise, expiration or forfeiture. Also, in connection with the 2017 mergers, the 2001 Plans were assumed by the Company. In addition, the Company assumed the PharmAthene, Inc. Amended and Restated 2007 Long-Term Incentive Compensation Plan (the “2007 Plan”). Awards outstanding under the 2007 Plan remained outstanding in accordance with their applicable terms and conditions. No additional awards will be made under the 2007 Plan. The Company established the 2017 Omnibus Incentive Plan (the “Omnibus Plan”) to provide incentive stock options, non-qualified stock options, restricted stock, and other stock-based awards denominated in shares of the Company’s common stock, and performance-based cash awards to eligible employees, consultants and directors. In 2018, the Company’s shareholders approved an amendment to the Omnibus Plan to increase the number of shares reserved for issuance from 1,500,000 to 5,000,000. The aggregate share reserve will be increased on January 1 of each year commencing in 2019 and ending on and including January 1, 2027 up to an amount equal to the lowest of (i) 4% of the total number of shares of common stock outstanding on a fully diluted basis as of December 31 of the immediately preceding calendar year, and (ii) such number of shares of common stock, if any, determined by the Company’s board of directors. Accordingly, on January 1, 2024, the number of shares of Common Stock reserved and available for issuance under the Omnibus Plan increased by 3,055,006. The maximum number of shares of common stock that may be issued under the Omnibus Plan in respect of Incentive Stock Option (“ISO”) is 5,000,000 shares. The maximum number of shares of common stock that may be granted to non-employee directors under the Omnibus Plan during any fiscal year is 2,000,000 shares. On November 29, 2018, the Board approved and adopted the Altimmune Inc. 2018 Inducement Grant Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of equity or equity-based awards in the form of non-qualified stock options, restricted stock awards and other stock-based awards. The Inducement Plan was adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The Board has reserved 2,000,000 shares of the Company’s common stock for issuance pursuant to awards granted under the Inducement Plan (subject to customary adjustments in the event of a change in capital structure of the Company), and the Inducement Plan will be administered by the Compensation Committee. In accordance with Rule 5635(c)(4) of the NASDAQ Listing Rules, awards under the Inducement Plan may be only made to an employee who has not previously been an employee or member of the Board or any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The 2001 Plans, the 2007 Plan, the Omnibus Plan and the Inducement Plan are collectively referred to as the “Plans.” During the year ended December 31, 2023 under the Plans, a total of 1,760,026 options to purchase shares of common stock were granted. As of December 31, 2023, there were 1,605,642 and 1,309,275 shares of common stock available for future grants under the Omnibus Plan and the Inducement Plan, respectively. The fair value of stock option issued to employees was estimated at the date of grant using Black-Scholes with the following weighted-average assumptions: Year Ended December 31, 2023 2022 Expected volatility 100.4 % 110.1 % Expected term (years) 6.0 6.0 Risk-free interest rate 3.8 % 2.4 % Expected dividend yield 0.0 % 0.0 % A summary of stock option activity under the Plans is presented below (in thousands, except share and per share data): Weighted-Average Weighted- Remaining Number of Average Contractual Term Aggregate Intrinsic Stock Options Exercise Price (Years) Value (In thousands) Outstanding, December 31, 2022 3,383,937 $ 9.20 5.9 $ 25,724 Granted 1,760,026 $ 9.71 Exercised (24,075) $ 3.09 Forfeited or expired (76,295) $ 14.20 Outstanding, December 31, 2023 5,043,593 $ 9.33 5.9 $ 16,919 Exercisable, December 31, 2023 2,441,054 $ 8.75 5.9 $ 10,063 Vested and expected to vest, December 31, 2023 4,757,314 $ 9.30 5.9 $ 16,165 The per share weighted-average grant date fair value of stock options granted during the years ended December 31, 2023 and 2022 were $7.86 and $7.07 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022 was $0.2 million and $4.4 million, respectively. The total fair value of options vested during the years ended December 31, 2023 and 2022 was $7.0 million and $6.8 million, respectively. As of December 31, 2023, there was $16.0 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.5 years. Restricted Stock Units (RSUs) During the year ended December 2022, the Company granted 319,700 shares of RSUs with a weighted-average grant date fair value of $13.20 per share which vest over four years. During the year ended December 31, 2023, the Company issued 72,646 shares of common stock as a result of the vesting of 115,018 RSUs net of 42,372 shares of common stock withheld to satisfy tax withholding obligations. The fair value of RSUs vested during the years ended December 31, 2023 and 2022 was $1.4 million and $0.6 million, respectively. A summary of RSUs activities is presented below: Weighted- average Grant Date Shares Fair Value Unvested, December 31, 2022 414,485 $ 9.81 Granted 319,700 13.20 Vested (115,018) 10.47 Forfeited or expired (15,000) 7.05 Unvested, December 31, 2023 604,167 $ 11.55 As of December 31, 2023, total unrecognized compensation expense related to RSUs was $4.6 million, which the Company expects to recognize over a weighted-average period of approximately 2.5 years. 2019 Employee Stock Purchase Plan On March 29, 2019, the Board adopted the 2019 Employee Stock Purchase Plan (the “2019 ESPP”). A total of 403,500 shares of the Company’s common stock have been reserved for issuance under the 2019 ESPP. Subject to any plan limitations, the 2019 ESPP allows eligible employees to contribute through payroll deductions up to 10% of their earnings for the purchase of the Company’s common stock at a discounted price per share. The offering periods begin in February and August of each year, with the initial offering period started on August 1, 2019. The common shares issuable under the 2019 ESPP were registered pursuant to a registration statement on Form S-8 on April 4, 2019. Unless otherwise determined by the administrator, the Company’s common stock will be purchased for the accounts of employees participating in the 2019 ESPP at a price per share that is the lesser of 85% of the fair market value of the Company’s common stock on the first trading day of the offering period or 85% of the fair market value of the Company’s common stock on the last trading day of the offering period. The 2019 ESPP estimated shares to be purchased fair value is included in stock-based compensation expense. Employees have the ability to purchase shares of the Company’s common stock at a price equal to the lower of the first or last trading day of the offering period, which represents an option and, therefore, the 2019 ESPP is a compensatory plan under ASC 718-50, Employee Stock Purchase Plans During the year ended December 31, 2023, employees purchased 41,560 shares for $0.2 million under the 2019 ESPP. As of December 31, 2023, there were 218,784 shares of common stock available for future issuance under the 2019 ESPP Plan. The Company recognized stock-based compensation expense related to this plan of $0.2 million and $0.3 million for of the years ended December 31, 2023 and 2022, respectively. Stock-based Compensation Expense Stock-based compensation expense is classified in the accompanying Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022 as follows (in thousands): Year Ended December 31, 2023 2022 Research and development $ 4,758 $ 2,835 General and administrative 5,882 5,266 Total $ 10,640 $ 8,101 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit Plans | |
Employee Benefit Plans | 11. Employee Benefit Plans The Company has a 401(k)-retirement plan in which substantially all of our employees in the United States are eligible to participate in. Eligible employees may elect to contribute up to the maximum limits, as set by the Internal Revenue Service, of their eligible compensation. During the years ended December 31, 2023 and 2022, the Company made discretionary plan contributions of $0.4 million and $0.3 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 12. Income Taxes The components of net loss before income tax benefit are as follows (in thousands): Year Ended December 31, 2023 2022 U.S. operations $ (65,697) $ (72,750) Non-U.S. operations (22,750) (12,160) Net loss before income tax benefit $ (88,447) $ (84,910) The components of the income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2023 2022 U.S. federal Current $ — $ (144) U.S. state and local Current — (53) Income tax expense (benefit) $ — $ (197) Reconciliation between the effect of applying the federal statutory rate and the effective income tax rate used to calculate the Company’s income tax benefit is as follows: Year Ended December 31, 2023 2022 Federal statutory rate 21.00 % 21.00 % State income taxes, net of federal benefit 8.74 (0.12) Research and development tax credit (3.74) (2.22) Acquired in process research and development — (0.02) Rate change — 1.29 Other 2.90 0.21 Change in valuation allowance (28.90) (19.91) Effective tax rate — % 0.23 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income and for tax carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating losses $ 54,109 $ 44,606 Capitalized research and development costs 24,698 11,996 Stock compensation 2,787 2,193 Accrued expenses 757 523 Amortization 357 540 Lease liability 182 309 Depreciation 56 — Other 110 107 Total deferred tax assets 83,056 60,274 Valuation allowance (82,958) (57,245) Deferred tax assets, net 98 3,029 Deferred tax liabilities: IPR&D assets — (2,847) Right of use asset (98) (164) Depreciation — (18) Total deferred tax liabilities (98) (3,029) Total deferred tax assets (liabilities), net $ — $ — The Company assesses the need for a valuation allowance against our deferred tax assets and considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. This determination requires significant judgment, including assumptions about future taxable income that are based on historical and projected information. The increase in the valuation allowance during the year ended December 31, 2023 primarily relates to increases for current year losses in both the U.S. and foreign locations. The Company has recorded a valuation allowance against its net U.S. and net non-U.S. deferred tax assets which it believes are not more likely than not realizable. Deferred tax liabilities will be applied in the future to offset against net operating losses (“NOLs”) that have an indefinite life. The Company has U.S. federal and state net operating loss carryforwards of approximately $152.7 million and $143.3 million, respectively, as of December 31, 2023, of which a portion of the federal and state amount of $7.1 million and $143.3 million, respectively, has a 20-year carry forward period that will expire at various dates beginning in 2024 Under Section 382 of the Internal Revenue Code of 1986 (“IRC 382”), as amended, substantial changes in the Company’s ownership may limit the amount of NOLs that can be utilized annually in the future to offset its U.S. federal and state taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within any three-year period. The amount of the annual limitation is determined based on the value of the Company immediately before the ownership change. The Company has reduced the NOL and related valuation allowance in historical periods for NOLs that cannot be utilized in the future because of IRC 382. The Company has reviewed for any ownership changes as defined under IRC Section 382 from January 1, 2021 through November 3, 2023 and determined that the ownership change was less than 50% during that period. The Company’s existing NOLs are subject to limitations arising from previous ownership changes impacting the timing and amount, and the impact of such changes is reflected in the NOL amounts disclosed above. In addition, future changes in the Company’s stock ownership, many of which are outside of the Company’s control, could result in an ownership change. Beginning January 1, 2022, pursuant to the Tax Cuts and Jobs Act of 2017 ("TCJA"), R&D costs in the current period are required to be capitalized and amortized over five Significant judgment is required in evaluating tax positions and determining the provision for income taxes. The Company establishes liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. These liabilities are established when the Company believes that its tax return positions are more-likely-than-not to be sustained upon audit by taxing authorities. The Company adjusts these liabilities in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of changes to these liabilities. The amount of unrecognized tax benefits was $0.7 million as of both December 31, 2023 and 2022. Any changes in the next twelve months are not anticipated to have a significant impact on the results of operations, financial position or cash flows of the Company. All of the Company’s uncertain tax positions, if recognized, would affect its income tax expense, although the net impact would be zero due to the Company’s valuation allowance position. The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. During the year ended December 31, 2022, the company recorded income tax benefit of $0.2 million related to interest received and receivable on income tax refunds. As of December 31, 2023, potential interest and penalties on unrecognized tax benefits were not significant. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits excluding related interest and penalties (in thousands): Year Ended December 31, 2023 2022 Beginning balance $ 711 $ 237 Increases for prior year tax positions — 474 Ending balance $ 711 $ 711 The Company files income tax returns in the United States, various U.S. states, U.K. and Australia. The Company is still open to examination by the applicable taxing authorities from 2010 forward, although tax attributes that were generated prior to 2010 may still be adjusted upon examination by federal, state, foreign or local tax authorities if they either have been or will be used in a future period. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Net Loss Per Share | |
Net Loss Per Share | 13. Net Loss Per Share Because the Company has reported net loss attributable to common stockholders for the years ended December 31, 2023 and 2022, basic and diluted net loss per share attributable to common stockholders in each year 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. 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, 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: Year Ended December 31, 2023 2022 Common stock warrants 50,000 145,600 Common stock options 5,105,169 3,397,998 Restricted stock units 604,167 414,485 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies. | |
Commitments and Contingencies | 14. 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”). Spitfire was a privately held, preclinical pharmaceutical company developing novel peptide products for pharmaceutical indications, including pemvidutide for the treatment of MASH. 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. Accordingly, the Company will recognize the Sales Milestones when the contingency is probable and the amount can be reasonably estimated. Litigation The Company is not currently subject to any material legal proceedings. 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying 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. |
Use of Estimates | Use of Estimates The preparation of 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 consolidated financial statements include, but are not limited to, the valuation of share-based awards, income taxes, and accruals for R&D 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. |
Segment Information | Segment Information The Company is managed and operates as a single business focused on the R&D of treatments for various diseases and disorders, and vaccines. The Company is managed by a single management team, and consistent with its organizational structure, the Chief Executive Officer manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one operating segment. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments purchased with remaining maturities of 90 days or less on the purchase date to be cash equivalents, and includes amounts held in money market funds which are actively traded (a Level 1 input). |
Restricted Cash | Restricted Cash The Company had restricted cash of $41,000 and $34,000 as of December 31, 2023 and 2022, respectively, held in money market savings accounts as collateral. The restricted cash as of December 31, 2023 and 2022 is for the Company’s facility lease obligation. Restricted cash is classified as a component of cash, cash equivalents, and restricted cash in the accompanying Consolidated Balance Sheets and Consolidated Statements of Cash Flows. |
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 December 31, 2023, none of the unrealized losses on the Company’s short-term investments are a result of credit loss, and therefore, any unrealized losses were recognized in OCI. As of December 31, 2023, the Company had $0.1 million accrued interest on short-term investments included in “Accounts and other receivables” on the accompanying Consolidated Balance Sheets. |
Accounts and other receivables | Accounts and Other Receivables Accounts and other receivables include both billed and unbilled amounts, interest and other receivables. The Company makes judgments as to its ability to collect outstanding receivables and provides an allowance for receivables when collection becomes doubtful. Provisions are made based upon a specific review of all significant outstanding invoices and the overall quality and age of those invoices not specifically reviewed. The Company’s receivables represent billings for rate adjustment under a government contract that is being closed out, as well as interest and other receivables. The Company believes that the credit risks associated with these receivables are not significant. To date, the Company has not experienced any losses associated with accounts and other receivables and does not maintain an allowance for credit loss. |
Fair Value Measurements | Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term. Level 3 — Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment that the Company exercises in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2023 and 2022. |
Financial Instruments | Financial Instruments The Company’s financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable, short-term investments, accounts payable, accrued expenses, and common stock warrants classified as equity. The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of those financial instruments. Short-term investments are recorded at fair value, with any unrealized holding gains or losses reported as accumulated other comprehensive income or loss. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, short-term investments and accounts receivable. Periodically, the Company maintains deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses in these deposits. |
Property and Equipment, Net | Property and Equipment, Net The Company records property and equipment at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, whereas major improvements are capitalized as additions to property and equipment. Costs of assets under construction are capitalized but are not depreciated until the construction is substantially complete and the assets being constructed are ready for their intended use. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets, as follows: Asset Category Estimated Useful Life Computer and telecommunications 3 – 5 years Software 3 years Furniture, fixtures and equipment 5 years Laboratory equipment 7 years Leasehold improvements Lesser of lease term or estimated useful lives |
Intangible Assets | Intangible Assets The Company records intangible assets acquired in a business combination based on fair value on the date of acquisition. Acquired in-process research and development (“IPR&D”) assets that have alternative future use at the time of acquisition are capitalized as an indefinite-lived intangible asset and tested for impairment until the project is completed or abandoned. Upon completion of the project, the indefinite-lived intangible asset will be accounted for as a finite-lived intangible asset and amortized on a straight-line basis over its estimated useful life. If the project is abandoned, the indefinite-lived intangible asset will be charged to expense. Intangible assets acquired in other transactions are recorded at cost. The Company capitalizes costs incurred in the course of obtaining patents and license issuance fees for the use of proprietary technologies. Costs incurred for obtaining patents are amortized on a straight-line basis over the estimated useful lives of the assets from the time of approval of the patent. Prior to approval, these costs are carried on the balance sheets and not amortized. In the event approval is denied, the cost of the denied application is expensed. License issuance fees are amortized on a straight-line basis over the estimated useful lives of the underlying licensed technology. Amortization costs are classified as R&D expenses. |
Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of such assets may not be recoverable in accordance with the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 360, Property, Plant and Equipment (“ASC 360”). The Company’s long-lived assets include properties and equipment and right of use (“ROU”) assets. For long-lived assets, impairment is recognized when the undiscounted cash flows used in the test for recoverability is less than their carrying value. In the event impairment exists, the long-lived asset will be written down to its fair value, and an impairment loss is recorded as the difference between the carrying value and fair value. For the years ended December 31, 2023 and 2022, the Company’s qualitative assessment of long-lived assets for impairment testing determined that no impairment indicators were present. |
Impairment of Indefinite-lived Intangible Assets | Impairment of Indefinite-lived Intangible Assets The Company evaluates its indefinite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable in accordance with the guidance in FASB Accounting Standard Codification Topic 350, Intangibles—Goodwill and Other (“ASC 350”). The Company had one IPR&D asset, HepTcell, that it acquired in 2015. This candidate was a viral pathogen immunotherapy product for the treatment of chronic HBV. Since 2020, the Company has been conducting a Phase 2 clinical trial. However, the preliminary data from this trial that management analyzed in December 2023, indicates that the results are not sufficient to warrant moving forward with this product candidate. As a result, the Company expects to stop all further development related to HepTcell and does not anticipate that there would be any third-party interest in the asset. This decision rendered the probability of success, which is one of the key inputs in the fair value measurement of this asset, to be effectively zero or close to zero. With no alternative use nor any anticipated interest from third parties for this asset, management determined that the fair value of the IPR&D asset was deemed di minimis as of December 31, 2023. Accordingly, the Company recorded a non-cash impairment charge of $12.4 million, which was the carrying value of the IPR&D asset, in the accompanying Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2023 under the caption “Impairment loss – intangible asset”. As of December 31, 2023, the Company had no indefinite-lived intangible assets. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are recorded as a current and long-term lease obligation, with a corresponding right of use lease assets. Lease liabilities represent the Company’s obligation to make lease payments arising from leases. ROU assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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. Lease incentives and allowance provided by our landlord for the construction of leasehold improvements are recorded as lease incentive obligations as the related construction costs are incurred, up to the maximum allowance. |
Stock-based Compensation | Stock-based Compensation The Company accounts for all stock-based compensation granted to employees and non-employees using a fair value method. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model on the dates of grant. For restricted stock and restricted stock units granted, fair value is determined based on the grant date closing price of the Company’s common stock. Stock-based compensation awarded to employees is measured at the grant date fair value of stock option grants and is recognized over the requisite service period of the awards, usually the vesting period, on a straight-line basis, net of estimated forfeitures. The Company estimates forfeitures at the time of grant and, if necessary, revises the estimate in subsequent periods if actual forfeitures differ from those estimates. Estimates are based on the Company’s historical analysis of actual stock option forfeitures. The actual expense recognized over the vesting period is only for those options that vest. If awards are modified, the Company compares the fair value of the affected award measured immediately prior to modification to its value after modification. To the extent that the fair value of the modified award exceeds the original award, the incremental fair value of the modified award is recognized as compensation expense on the date of modification for vested awards, and over the remaining vesting period for unvested awards. |
Research and Development | R&D Expense R&D costs are expensed as incurred. R&D costs consist of payroll and personnel expense, consulting costs, external contract R&D expenses, which includes fees paid to other entities that conduct certain R&D activities on the Company’s behalf, such as clinical research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), raw materials, drug product manufacturing costs, laboratory supplies and allocated overhead, including depreciation and amortization, rent and utilities. Material R&D costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. Clinical trial costs are a significant component of R&D expenses, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the Consolidated Balance Sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancelable, and related costs are recorded as R&D expenses as incurred. Material advance payments for goods or services that will be used or rendered for future R&D activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. |
R&D Incentive Credits | R&D Incentive Credits The Company is eligible to obtain certain R&D incentive credits, through the participation in the U.K. R&D Small and Medium Enterprise tax relief program (“U.K. R&D credit”) and the Australian R&D incentive credit (the “Australia R&D credit”) program administered through the Australian Tax Office (the “ATO”). The U.K. R&D credits are calculated as a percentage of qualifying R&D expenses and are payable in cash by the U.K. government to the Company. Qualifying R&D expenses consist of employment costs for research staff, consumables, a proportion of relevant, permitted sub-contract costs and certain internal overhead costs incurred as part of research projects for which the Company does not receive income. The Australia R&D credits provide for a cash refund based on a percentage of certain R&D activities undertaken in Australia by the Company’s wholly owned subsidiary, Altimmune AU Pty, Limited. Qualifying R&D expenses must be incurred within the country. The U.K. and Australian incentive credits are available on the basis of specific criteria with which the Company must comply. The incentive credits are subject to future audits by the government authorities and a statute of limitations. Although the incentive credits may be administered through the local tax authority, the Company has accounted for the incentives outside of the scope of FASB Accounting Standards Codification Topic 740, Income Taxes grant which analogizes with International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance The Company records qualifying U.K. R&D expenses as receivable and a corresponding reduction to R&D expense in the Consolidated Statement of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, the Company recognized $1.2 million and $1.8 million, respectively, of R&D credits as a reduction to R&D expense in the Consolidated Statement of Operations and Comprehensive Loss. As of December 31, 2023 and 2022, the Company had $3.0 million and $1.6 million, respectively, of R&D credits included in “Income tax and R&D incentive receivables” on the accompanying Consolidated Balance Sheets. The Company records qualifying Australian R&D credits as receivable with a full valuation reserve. Cash receipts for Australia R&D credits are recorded as noncurrent liability until it either passes an audit performed by the ATO, or the statute of limitations ends, whichever occurs first. Upon successfully passing an audit or the expiration of the statute of limitations, the Company will clear the liability and a corresponding reduction to R&D expense unless recognition criteria is met in a later year, in which case the R&D credit will be recorded as other income in the Consolidated Statement of Operations and Comprehensive Loss. During the years ended December 31, 2023 and 2022, the Company received $0.4 million and $3.6 million in cash for R&D incentive, respectively. The 2023 incentive credit received is related to R&D costs that the Company incurred during the fiscal year 2022, whereas the 2022 incentive credit received is related to R&D costs that the Company incurred during the fiscal years and 2021 and 2020, both through the participation in the Australian R&D credit program, and is included in “Noncurrent liabilities” on the accompanying Consolidated Balance Sheets. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740. ASC 740 uses the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related to uncertain tax positions. Should such costs be incurred, they would be classified as a component of provision for income taxes. The Company conducts R&D activities potentially qualified to claim research tax credits for U.S. federal and state purposes under Internal Revenue Code Section 41. The Company has not performed a formal study claiming these credits in the tax returns because the Company does not yet have taxable profits. Once the Company becomes profitable, it will likely have a study prepared, and the amount of R&D tax credits available could generate income tax benefit, subject to an annual Section 383 limitation and valuation allowance for realizability of the deferred tax asset. |
Comprehensive Loss | Comprehensive Loss For the years presented, the total comprehensive loss includes net loss and other comprehensive income (loss) which represents unrealized gains or losses on short-term investments. |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period without consideration for potentially dilutive securities. The Company computes diluted net loss per common share after giving consideration to all potentially dilutive common equivalents, including all unvested restricted stock, common stock warrants, and common stock options outstanding during the period except where the effect of such non-participating securities would be anti-dilutive. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. |
Recently issued Accounting Pronouncements | Recently issued accounting pronouncements Recently Adopted: 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”) Not Yet Adopted: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Depreciation and Amortization Recorded using Straight-line Method over Estimated Useful Lives | Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the assets, as follows: Asset Category Estimated Useful Life Computer and telecommunications 3 – 5 years Software 3 years Furniture, fixtures and equipment 5 years Laboratory equipment 7 years Leasehold improvements Lesser of lease term or estimated useful lives |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 consisted of the following (in thousands): Fair Value Measurement at December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents - money market funds $ 123,233 $ 123,233 $ — $ — Short-term investments 62,698 — 62,698 — Total $ 185,931 $ 123,233 $ 62,698 $ — 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 December 31, 2023 as shown below (in thousands): December 31, 2023 Amortized Cost Unrealized (Loss) Gain Credit loss Market Value United States treasury securities $ 19,472 $ 12 $ — $ 19,484 Commercial paper and corporate debt securities 31,301 24 — 31,325 Asset backed securities 2,966 (4) — 2,962 Agency debt securities 8,923 4 — 8,927 Total $ 62,662 $ 36 $ — $ 62,698 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 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): December 31, 2023 2022 Furniture, fixtures and equipment $ 163 163 Laboratory equipment 342 295 Computers and telecommunications 194 194 Software 178 178 Leasehold improvements 1,749 1,749 Property and equipment, at cost 2,626 2,579 Less: accumulated depreciation and amortization (1,975) (1,498) Property and equipment, net $ 651 $ 1,081 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Summary of Supplemental other Information Related to Operating Leases Balance Sheet | Supplemental balance sheet information related to the operating leases is as follows (in thousands): December 31, 2023 2022 Operating lease obligations (see Note 6 and 7) $ 671 $ 1,124 Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) $ 363 $ 596 Weighted-average remaining lease term (years) 1.3 2.3 Weighted-average discount rate 7.2 % 7.2 % |
Summary of Maturities of Operating Leases Liabilities | Maturities of operating lease liabilities are as follows (in thousands): Year ending December 31, 2024 $ 526 2025 176 Total operating lease payments 702 Less: imputed interest (31) Total operating lease liabilities (see Note 6 and 7) $ 671 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Current Liabilities. | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expense and other current liabilities consist of the following (in thousands): December 31, 2023 2022 Accrued professional services $ 293 $ 276 Accrued payroll and employee benefits 3,315 2,955 Accrued research and development 5,845 7,295 Lease obligation, current portion (see Note 5) 496 452 Excess tax refund payable — 1,169 Accrued interest and other 124 103 Total accrued expenses and other current liabilities $ 10,073 $ 12,250 |
Noncurrent Liabilities (Tables)
Noncurrent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncurrent Liabilities | |
Schedule of noncurrent liabilities | The Company’s noncurrent liabilities are summarized as follows (in thousands): December 31, 2023 2022 Research and development incentive credit $ 4,023 $ 3,599 Lease obligation, long-term portion (see Note 5) 175 672 Conditional economic incentive grants 160 250 Other 40 60 Total noncurrent liabilities $ 4,398 $ 4,581 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants | |
Summary of Common Stock Warrants Outstanding | The following common stock warrants were outstanding at December 31, 2023: Number of Common Per Share Stock Exercise Warrants Price Issuance Date Expiration Date Issued with common units in the 2019 Registered Direct Offering 50,000 $ 3.21 March 12, 2019 March 12, 2024 Total 50,000 The following common stock warrants were outstanding at December 31, 2022: Number of Common Per Share Stock Exercise Warrants Price Issuance Date Expiration Date Issued with common units in the 2018 Unit Offering 3,300 $ 2.7568 October 2, 2018 October 2, 2023 Issued with common units in the 2018 Registered Direct Offering 92,300 $ 5.40 October 10, 2018 October 10, 2023 Issued with common units in the 2019 Registered Direct Offering 50,000 $ 3.21 March 12, 2019 March 12, 2024 Issued with common units in the 2020 Public Offering (see Note 8) 869,566 $ 0.0001 July 16, 2020 — Total 1,015,166 |
Summary of Warrant Activity | A summary of warrant activity is as follows: Weighted-Average Weighted Remaining Number of Average Contractual Term Warrants Exercise Price (Years) Warrants outstanding, December 31, 2022 1,015,166 Exercised (see Note 8) (869,566) Expired (95,600) Warrants outstanding, December 31, 2023 50,000 $ 3.21 0.2 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Fair Value of Stock Options Issued to Employees | The fair value of stock option issued to employees was estimated at the date of grant using Black-Scholes with the following weighted-average assumptions: Year Ended December 31, 2023 2022 Expected volatility 100.4 % 110.1 % Expected term (years) 6.0 6.0 Risk-free interest rate 3.8 % 2.4 % Expected dividend yield 0.0 % 0.0 % |
Schedule of Information Related to Stock Options Outstanding | A summary of stock option activity under the Plans is presented below (in thousands, except share and per share data): Weighted-Average Weighted- Remaining Number of Average Contractual Term Aggregate Intrinsic Stock Options Exercise Price (Years) Value (In thousands) Outstanding, December 31, 2022 3,383,937 $ 9.20 5.9 $ 25,724 Granted 1,760,026 $ 9.71 Exercised (24,075) $ 3.09 Forfeited or expired (76,295) $ 14.20 Outstanding, December 31, 2023 5,043,593 $ 9.33 5.9 $ 16,919 Exercisable, December 31, 2023 2,441,054 $ 8.75 5.9 $ 10,063 Vested and expected to vest, December 31, 2023 4,757,314 $ 9.30 5.9 $ 16,165 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense is classified in the accompanying Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022 as follows (in thousands): Year Ended December 31, 2023 2022 Research and development $ 4,758 $ 2,835 General and administrative 5,882 5,266 Total $ 10,640 $ 8,101 |
Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Activity | Weighted- average Grant Date Shares Fair Value Unvested, December 31, 2022 414,485 $ 9.81 Granted 319,700 13.20 Vested (115,018) 10.47 Forfeited or expired (15,000) 7.05 Unvested, December 31, 2023 604,167 $ 11.55 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Components of Net Loss Before Income Tax Benefit | The components of net loss before income tax benefit are as follows (in thousands): Year Ended December 31, 2023 2022 U.S. operations $ (65,697) $ (72,750) Non-U.S. operations (22,750) (12,160) Net loss before income tax benefit $ (88,447) $ (84,910) |
Components of Income Tax Benefits | The components of the income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2023 2022 U.S. federal Current $ — $ (144) U.S. state and local Current — (53) Income tax expense (benefit) $ — $ (197) |
Reconciliation Between Effect of Applying Federal Statutory Rate and Effective Income Tax Rate Used to Calculate Income Tax Benefit | Reconciliation between the effect of applying the federal statutory rate and the effective income tax rate used to calculate the Company’s income tax benefit is as follows: Year Ended December 31, 2023 2022 Federal statutory rate 21.00 % 21.00 % State income taxes, net of federal benefit 8.74 (0.12) Research and development tax credit (3.74) (2.22) Acquired in process research and development — (0.02) Rate change — 1.29 Other 2.90 0.21 Change in valuation allowance (28.90) (19.91) Effective tax rate — % 0.23 % |
Components of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income and for tax carryforwards. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating losses $ 54,109 $ 44,606 Capitalized research and development costs 24,698 11,996 Stock compensation 2,787 2,193 Accrued expenses 757 523 Amortization 357 540 Lease liability 182 309 Depreciation 56 — Other 110 107 Total deferred tax assets 83,056 60,274 Valuation allowance (82,958) (57,245) Deferred tax assets, net 98 3,029 Deferred tax liabilities: IPR&D assets — (2,847) Right of use asset (98) (164) Depreciation — (18) Total deferred tax liabilities (98) (3,029) Total deferred tax assets (liabilities), net $ — $ — |
Reconciliation of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits excluding related interest and penalties (in thousands): Year Ended December 31, 2023 2022 Beginning balance $ 711 $ 237 Increases for prior year tax positions — 474 Ending balance $ 711 $ 711 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 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, 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: Year Ended December 31, 2023 2022 Common stock warrants 50,000 145,600 Common stock options 5,105,169 3,397,998 Restricted stock units 604,167 414,485 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Significant Accounting Policies [Line Items] | ||
Income tax benefit | $ 197,000 | |
Number of operating segments | segment | 1 | |
Impairment loss on intangible assets | $ 12,419,000 | |
Impairment of long-lived assets | 0 | |
Fair value transfers into Level 3 | 0 | 0 |
Fair value transfers out of Level 3 | 0 | 0 |
Research and development incentive credit earned | 400,000 | 3,600,000 |
Restricted cash | 41,000 | 34,000 |
Accrued interest on short-term investments | 100,000 | |
Intangible assets, net | 0 | |
United Kingdom | ||
Significant Accounting Policies [Line Items] | ||
Research and Development Credits | 1,200,000 | 1,800,000 |
R&D credits receivable | 3,000,000 | 1,600,000 |
Australian Taxation Office | ||
Significant Accounting Policies [Line Items] | ||
Research and development incentive credit earned | 400,000 | 3,600,000 |
Money Market Funds [Member] | ||
Significant Accounting Policies [Line Items] | ||
Restricted cash | 41,000 | $ 34,000 |
IPR&D [Member] | ||
Significant Accounting Policies [Line Items] | ||
Impairment loss on intangible assets | $ 12,400,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Depreciation and Amortization Recorded using Straight-line Method over Estimated Useful Lives (Detail) | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeTermOfLeaseMember |
Computers and Telecommunications [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Computers and Telecommunications [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Software [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Furniture, Fixtures and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Laboratory Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 7 years |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 62,698 | $ 73,783 |
Total | 185,931 | 179,577 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 123,233 | 105,794 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 62,698 | 73,783 |
Total | 62,698 | 73,783 |
Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | 123,233 | 105,794 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents - money market funds | $ 123,233 | $ 105,794 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Short Term Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 62,662 | $ 73,970 |
Unrealized (Loss) Gain | 36 | (187) |
Market Value | 62,698 | 73,783 |
United States Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 19,472 | 15,868 |
Unrealized (Loss) Gain | 12 | (86) |
Market Value | 19,484 | 15,782 |
Commercial Paper and Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 31,301 | 50,747 |
Unrealized (Loss) Gain | 24 | (71) |
Market Value | 31,325 | 50,676 |
Asset Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,966 | 5,427 |
Unrealized (Loss) Gain | (4) | (35) |
Market Value | 2,962 | 5,392 |
Agency Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 8,923 | 1,928 |
Unrealized (Loss) Gain | 4 | 5 |
Market Value | $ 8,927 | $ 1,933 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurements | ||
Fair value transfers into Level 3 | $ 0 | $ 0 |
Fair value transfers out of Level 3 | 0 | $ 0 |
Assets or liabilities measured at fair value on a non-recurring basis. | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, at cost | $ 2,626 | $ 2,579 |
Less: accumulated depreciation and amortization | (1,975) | (1,498) |
Property and equipment, net | 651 | 1,081 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, at cost | 163 | 163 |
Laboratory Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, at cost | 342 | 295 |
Computers and Telecommunications [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, at cost | 194 | 194 |
Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, at cost | 178 | 178 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, at cost | $ 1,749 | $ 1,749 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property and Equipment, Net | ||
Depreciation of property and equipment | $ 477 | $ 493 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Operating lease rent expense | $ 0.5 | $ 0.5 |
Cash paid for operating lease liabilities | $ 0.5 | $ 0.5 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental other Information Related to Operating Leases Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease obligations (see Note 6 and 7) | $ 671 | $ 1,124 |
Operating lease right-of-use assets (included in "Other assets" in Balance Sheet) | $ 363 | $ 596 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets Noncurrent | Other Assets Noncurrent |
Weighted-average remaining lease term (years) | 1 year 3 months 18 days | 2 years 3 months 18 days |
Weighted-average discount rate | 7.20% | 7.20% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
2024 | $ 526 | |
2025 | 176 | |
Total operating lease payments | 702 | |
Less: imputed interest | (31) | |
Total operating lease liabilities (see Note 6 and 7) | $ 671 | $ 1,124 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expense and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Accrued professional services | $ 293 | $ 276 |
Accrued payroll and employee benefits | 3,315 | 2,955 |
Accrued research and development | 5,845 | 7,295 |
Lease obligation, current portion (see Note 5) | $ 496 | $ 452 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total accrued expenses and other current liabilities | Total accrued expenses and other current liabilities |
Excess tax refund payable | $ 1,169 | |
Accrued interest and other | $ 124 | 103 |
Total accrued expenses and other current liabilities | $ 10,073 | $ 12,250 |
Noncurrent Liabilities - Summar
Noncurrent Liabilities - Summary of noncurrent Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Noncurrent Liabilities | ||
Research and development incentive credit | $ 4,023 | $ 3,599 |
Lease obligation, long-term portion (see Note 5) | 175 | 672 |
Conditional economic incentive grants | 160 | 250 |
Other | $ 40 | $ 60 |
Operating lease, liability, statement of financial position [extensible list] | Total noncurrent liabilities | Total noncurrent liabilities |
Total noncurrent liabilities | $ 4,398 | $ 4,581 |
Noncurrent Liabilities - Additi
Noncurrent Liabilities - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019 USD ($) | May 31, 2018 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2018 USD ($) item | |
Debt Instrument [Line Items] | |||||
Research and development incentive credit earned | $ 400,000 | $ 3,600,000 | |||
Conditional economic incentive grants | 160,000 | $ 250,000 | |||
Montgomery County [Member] | |||||
Debt Instrument [Line Items] | |||||
Conditional economic incentive grants | $ 100,000 | ||||
Expiration date of economic conditional incentive grant | Feb. 28, 2028 | ||||
State of Maryland [Member] | |||||
Debt Instrument [Line Items] | |||||
Conditional economic incentive grants | $ 150,000 | ||||
Expiration date of economic conditional incentive grant | Dec. 31, 2029 | ||||
Economic incentive grant term | 10 years | ||||
Repayment of Grants Received Including Interest | $ 99,000 | ||||
Montgomery County and State of Maryland [Member] | |||||
Debt Instrument [Line Items] | |||||
Conditional economic incentive grants | $ 250,000 | ||||
Number of economic conditional incentive grants | item | 2 | ||||
Accrued interest rate on grant | 3% |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Oct. 18, 2023 | Feb. 28, 2023 | Feb. 25, 2021 | Jul. 16, 2020 | Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||
Proceeds from issuance of common stock in public offering | $ 86,601,000 | $ 56,166,000 | |||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 70,677,400 | 49,199,845 | |||||
Common stock, shares outstanding | 70,677,400 | 49,199,845 | |||||
Preferred stock, shares authorized | 1,000,000 | ||||||
Preferred stock, par or stated value per share | $ 0.0001 | ||||||
Preferred stock, shares issued | 0 | ||||||
Preferred stock, shares outstanding | 0 | ||||||
Warrants exercised | 869,566 | ||||||
Warrants outstanding | 50,000 | 1,015,166 | |||||
Exercise price of warrants or rights | $ 3.21 | ||||||
Pre-Funded Warrants [Member] | |||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||
Warrants exercised | 869,566 | 760,870 | |||||
Shares of common stock issued | 869,530 | 760,870 | |||||
Common Stock [Member] | |||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||
Shares of common stock issued | 20,454,516 | 5,204,215 | |||||
Public Offering [Member] | Pre-Funded Warrants [Member] | |||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||
Purchase price of warrants issued | $ 22.9999 | ||||||
Number of securities called by warrants or rights | 1,630,436 | ||||||
Exercise price of warrants or rights | $ 0.0001 | ||||||
Public Offering [Member] | Common Stock [Member] | |||||||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||||||
Public offering price, per share | $ 23 | ||||||
Shares of common stock issued | 3,369,564 | ||||||
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] | |||||||
Public offering, remaining amount available for sale | $ 60,600,000 | ||||||
Deferred Offering Costs | $ 200,000 | 100,000 | |||||
Proceeds from issuance of common stock in public offering | $ 86,600,000 | ||||||
Aggregate offering price | $ 150,000,000 | ||||||
Shares of common stock issued | 20,454,516 | ||||||
Issuance costs | $ 2,800,000 | ||||||
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] | |||||||
Public offering, remaining amount available for sale (in shares) | 0 | ||||||
Proceeds from issuance of common stock in public offering | $ 121 | ||||||
Aggregate offering price | $ 125,000,000 | ||||||
Shares of common stock issued | 10,004,869 | ||||||
Issuance costs | $ 4 |
Warrants - Summary of Common St
Warrants - Summary of Common Stock Warrants Outstanding (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class Of Warrant Or Right [Line Items] | ||
Number of Common Stock Warrants | 50,000 | 1,015,166 |
Per Share Exercise Price | $ 3.21 | |
Warrants Issued With Common Units In 2018 Unit Offering [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Number of Common Stock Warrants | 3,300 | |
Per Share Exercise Price | $ 2.7568 | |
Issuance Date | Oct. 02, 2018 | |
Expiration Date | Oct. 02, 2023 | |
Issued With Common Units In 2018 Registered Direct Offering [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Number of Common Stock Warrants | 92,300 | |
Per Share Exercise Price | $ 5.40 | |
Issuance Date | Oct. 10, 2018 | |
Expiration Date | Oct. 10, 2023 | |
Issued With Common Units In 2019 Registered Direct Offering [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Number of Common Stock Warrants | 50,000 | 50,000 |
Per Share Exercise Price | $ 3.21 | $ 3.21 |
Issuance Date | Mar. 12, 2019 | Mar. 12, 2019 |
Expiration Date | Mar. 12, 2024 | Mar. 12, 2024 |
Issued with Common Units in the 2020 Public Offering [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Number of Common Stock Warrants | 869,566 | |
Per Share Exercise Price | $ 0.0001 | |
Issuance Date | Jul. 16, 2020 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Mar. 05, 2024 | Oct. 18, 2023 | Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants or rights | $ 3.21 | ||||
Number of Common Stock Warrants | 50,000 | 1,015,166 | |||
Warrants exercised | 869,566 | ||||
Number of warrants expired unexercised | 95,600 | ||||
Issued With Common Units In 2018 Registered Direct Offering [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants or rights | $ 5.40 | ||||
Number of Common Stock Warrants | 92,300 | ||||
Warrants Issued With Common Units In 2018 Unit Offering [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants or rights | $ 2.7568 | ||||
Number of Common Stock Warrants | 3,300 | ||||
Issued With Common Units In 2019 Registered Direct Offering [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants or rights | $ 3.21 | $ 3.21 | |||
Number of Common Stock Warrants | 50,000 | 50,000 | |||
Issued With Common Units In 2019 Registered Direct Offering [Member] | Subsequent Event [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Shares of common stock issued | 50,000 | ||||
Exercise price of warrants or rights | $ 3.21 | ||||
Warrants exercised | 50,000 | ||||
Issued with Common Units in the 2020 Public Offering [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Shares of common stock issued | 869,530 | ||||
Exercise price of warrants or rights | $ 0.0001 | ||||
Number of Common Stock Warrants | 869,566 | ||||
Warrants exercised | 869,566 | ||||
Other Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants or rights | $ 5.31 | ||||
Number of warrants expired unexercised | 95,600 |
Warrants - Summary of Warrant A
Warrants - Summary of Warrant Activity (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Warrants | |
Warrants outstanding, December 31, 2022 | 1,015,166 |
Exercised (see Note 8) | (869,566) |
Expired | (95,600) |
Warrants outstanding, December 31, 2023 | 50,000 |
Weighted Average Exercise Price | $ / shares | $ 3.21 |
Weighted-Average Remaining Contractual Term (Years) | 2 months 12 days |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2024 | Mar. 29, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 29, 2018 | |
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 | ||||
Employees purchased, value | $ 215 | $ 181 | |||
Stock based compensation expense | $ 10,640 | $ 8,101 | |||
Employee Stock Option [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average grant date fair value of stock options granted | $ 7.86 | $ 7.07 | |||
Weighted-average Intrinsic Value, Exercised | $ 200 | $ 4,400 | |||
Fair value of award vested | 7,000 | 6,800 | |||
Unrecognized compensation cost, stock options | $ 16,000 | ||||
Unrecognized stock-based compensation expense, period for recognition | 2 years 6 months | ||||
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 6 months | ||||
Restricted stock granted | 319,700 | ||||
Weighted average grant date fair value of restricted stock award | $ 13.20 | ||||
Unrestricted common stock | 72,646 | ||||
Fair value of restricted shares that vested | $ 1,400 | $ 600 | |||
Number of shares vested | 115,018 | ||||
Common stock withheld to satisfy tax withholding obligations. | 42,372 | ||||
Unvested restricted stock, shares | 604,167 | 414,485 | |||
Unrecognized compensation expense | $ 4,600 | ||||
Restricted stock vesting period | 4 years | ||||
Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Stock Options, Granted | 1,760,026 | ||||
Unrestricted common stock | 72,646 | 8,695 | |||
Employees purchased, shares | 41,560 | 26,395 | |||
2001 Employee Stock Option Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Stock Options, Granted | 0 | ||||
2007 Long Term Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Stock Options, Granted | 0 | ||||
2017 Omnibus Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares reserved for future issuance, description | The aggregate share reserve will be increased on January 1 of each year commencing in 2019 and ending on and including January 1, 2027 up to an amount equal to the lowest of (i) 4% of the total number of shares of common stock outstanding on a fully diluted basis as of December 31 of the immediately preceding calendar year, and (ii) such number of shares of common stock, if any, determined by the Company’s board of directors. | ||||
Percentage of additional shares from common stock available for stock-based compensation | 4% | ||||
2017 Omnibus Incentive Plan [Member] | Subsequent Event [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of additional shares authorized | 3,055,006 | ||||
2017 Omnibus Incentive Plan [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 1,500,000 | ||||
2017 Omnibus Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 5,000,000 | ||||
2017 Omnibus Incentive Plan [Member] | Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 1,605,642 | ||||
2017 Omnibus Incentive Plan [Member] | Common Stock [Member] | Maximum [Member] | Incentive Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 5,000,000 | ||||
2017 Omnibus Incentive Plan [Member] | Common Stock [Member] | Maximum [Member] | Non-employee Director [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 2,000,000 | ||||
2018 Inducement Grant Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 2,000,000 | ||||
2018 Inducement Grant Plan [Member] | Common Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares available for grant | 1,309,275 | ||||
2019 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 403,500 | 218,784 | |||
Percent of payroll deductions | 10% | ||||
Purchase price of common stock expressed as a percentage of fair value | 85% | ||||
Stock purchased by employee | 41,560 | ||||
Employees purchased, value | $ 200 | ||||
Stock based compensation expense | $ 200 | $ 300 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Fair Value of Stock Options Issued to Employees (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||
Expected volatility | 100.40% | 110.10% |
Expected term (years) | 6 years | 6 years |
Risk-free interest rate | 3.80% | 2.40% |
Expected dividend yield | 0% | 0% |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Stock Options Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-Based Compensation | ||
Number of Stock Options, Outstanding | 3,383,937 | |
Number of Stock Options, Granted | 1,760,026 | |
Number of Stock Options, Exercised | (24,075) | |
Number of Stock Options, Forfeited or expired | (76,295) | |
Number of Stock Options, Outstanding | 5,043,593 | 3,383,937 |
Number of Stock Options, Exercisable | 2,441,054 | |
Number of Stock Options, Vested and expected to vest | 4,757,314 | |
Weighted-average Exercise Price, Outstanding | $ 9.20 | |
Weighted-average Exercise Price, Granted | 9.71 | |
Weighted-average Exercise Price, Exercised | 3.09 | |
Weighted-average Exercise Price, Forfeited or expired | 14.20 | |
Weighted-average Exercise Price, Outstanding | 9.33 | $ 9.20 |
Weighted-average Exercise Price, Exercisable | 8.75 | |
Weighted-average Exercise Price, Vested and expected to vest | $ 9.30 | |
Weighted-average Remaining Contractual Term, Outstanding | 5 years 10 months 24 days | 5 years 10 months 24 days |
Weighted-average Remaining Contractual Term, Exercisable | 5 years 10 months 24 days | |
Weighted-average Remaining Contractual Term, Vested and expected to vest | 5 years 10 months 24 days | |
Weighted-average Intrinsic Value, Outstanding | $ 25,724 | |
Weighted-average Intrinsic Value, Outstanding | 16,919 | $ 25,724 |
Aggregate Intrinsic Value, Exercisable | 10,063 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 16,165 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares, Beginning balance | shares | 414,485 |
Shares granted | shares | 319,700 |
Vested Shares | shares | (115,018) |
Forfeited or expired | shares | (15,000) |
Unvested Shares, Ending balance | shares | 604,167 |
Weighted-average Grant Date Fair Value Unvested, beginning balance | $ / shares | $ 9.81 |
Weighted-average Grant Date Fair Value Granted | $ / shares | 13.20 |
Weighted-average Grant Date Fair Value Vested | $ / shares | 10.47 |
Weighted-average Grant Date Fair Value Forfeited or expired | $ / shares | 7.05 |
Weighted-average Grant Date Fair Value Unvested, Ending balance | $ / shares | $ 11.55 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock based compensation expense | $ 10,640 | $ 8,101 |
Research and Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock based compensation expense | 4,758 | 2,835 |
General and Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock based compensation expense | $ 5,882 | $ 5,266 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Benefit Plans | ||
Discretionary plan contributions | $ 0.4 | $ 0.3 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Loss Before Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes | ||
U.S. operations | $ (65,697) | $ (72,750) |
Non-U.S. operations | (22,750) | (12,160) |
Net loss before income taxes | $ (88,447) | $ (84,910) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefits (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
U.S. federal | |
Current | $ (144) |
U.S. state and local | |
Current | (53) |
Income Tax Expense (Benefit), Total | $ (197) |
Income Taxes - Reconciliation A
Income Taxes - Reconciliation Applying Federal Statutory Rate and Effective Income Tax Rate Used to Calculate Income Tax Benefit (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Corporate federal income tax rate | 21% | 21% |
State income taxes, net of federal benefit | 8.74% | (0.12%) |
Research and development tax credit | (3.74%) | (2.22%) |
Acquired in process research and development | (0.02%) | |
Rate change | 1.29% | |
Other | 2.90% | 0.21% |
Change in valuation allowance | (28.90%) | (19.91%) |
Effective tax rate | 0.23% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating losses | $ 54,109 | $ 44,606 |
Capitalized research and development costs | 24,698 | 11,996 |
Stock compensation | 2,787 | 2,193 |
Accrued expenses | 757 | 523 |
Amortization | 357 | 540 |
Lease liability | 182 | 309 |
Depreciation | 56 | |
Other | 110 | 107 |
Total deferred tax assets | 83,056 | 60,274 |
Valuation allowance | (82,958) | (57,245) |
Deferred tax assets, net | 98 | 3,029 |
Deferred tax liabilities: | ||
IPR&D assets | (2,847) | |
Right of use asset | (98) | (164) |
Depreciation | (18) | |
Total deferred tax liabilities | $ (98) | $ (3,029) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | 34 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 03, 2023 | Dec. 31, 2021 | |
Income Taxes [Line Items] | ||||
Testing period | 3 years | |||
Unrecognized Tax Benefits | $ 711 | $ 711 | $ 237 | |
Income tax benefit | $ 197 | |||
Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Ownership percentage | 50% | |||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Actual ownership percentage change | 50% | |||
U.S. Federal and State [Member] | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forwards expiration period | 20 years | |||
Net operating loss carryforwards, expiration date | Jan. 01, 2024 | |||
U.S. Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 152,700 | |||
Operating Loss carryforwards, subject to expiration | 7,100 | |||
Operating loss carryforwards not subject to expiration | 145,600 | |||
Capitalized research and development costs, Amortization Period | 5 years | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 143,300 | |||
Operating Loss carryforwards, subject to expiration | 143,300 | |||
Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 50,900 | |||
Capitalized research and development costs, Amortization Period | 15 years |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes | ||
Beginning balance | $ 711 | $ 237 |
Increases for prior year tax positions | 0 | 474 |
Ending balance | $ 711 | $ 711 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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 | 50,000 | 145,600 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 5,105,169 | 3,397,998 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 604,167 | 414,485 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Spitfire Pharma, Inc. [Member] - Sales Milestones [Member] $ in Millions | 1 Months Ended |
Jul. 31, 2019 USD ($) | |
Commitments And Contingencies [Line Items] | |
Estimated future contingent consideration | $ 80 |
License agreement term | 10 years |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (88,447) | $ (84,713) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Item 9B. Other Information Insider Trading Arrangements On December 19, 2023, Dr. Vipin Garg, our President and Chief Executive Officer entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of up to 80,000 shares of our common stock acquired pursuant to vesting of restricted awards granted to Dr. Garg. Dr. Garg’s plan will commence on the later of March 19, 2024 or two business days following the filing of our financial results on Form 10-K, and expires on March 19, 2025. Other than the trading arrangement disclosed above, none of our officers or directors adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K. We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by us, directors, officers and employees. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non Rule 10b5-1 Arrangement Modified | false |
Dr.Vipin Garg [Member] | |
Trading Arrangements, by Individual | |
Name | Dr. Vipin Garg |
Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 19, 2023 |
Aggregate Available | 80,000 |
Expiration Date | March 19, 2025 |