Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Security Exchange Name | NASDAQ | |
Trading Symbol | LIFE | |
Entity Registrant Name | ATYR PHARMA, INC. | |
Entity Central Index Key | 0001339970 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 54,291,754 | |
Entity File Number | 001-37378 | |
Entity Tax Identification Number | 20-3435077 | |
Entity Address, Address Line One | 10240 Sorrento Valley | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 731-8389 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 20,690 | $ 9,981 |
Available-for-sale investments | 93,695 | 56,165 |
Other receivables | 1,625 | 11,775 |
Prepaid expenses | 3,437 | 2,950 |
Total current assets | 119,447 | 80,871 |
Restricted cash | 3,190 | 3,165 |
Property and equipment, net | 5,167 | 3,059 |
Operating lease, right-of-use assets | 6,942 | 7,250 |
Financing lease, right-of-use assets | 1,948 | 1,248 |
Other assets | 144 | 193 |
Total assets | 136,838 | 95,786 |
Current liabilities: | ||
Accounts payable | 3,965 | 3,106 |
Accrued expenses | 8,888 | 9,862 |
Current portion of operating lease liability | 381 | 630 |
Current portion of financing lease liability | 420 | 264 |
Total current liabilities | 13,654 | 13,862 |
Long-term operating lease liability, net of current portion | 11,916 | 9,633 |
Long-term financing lease liability, net of current portion | 1,570 | 1,007 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 5,000,000 undesignated authorized shares as of March 31, 2023 (unaudited) and December 31, 2022; no shares issued or outstanding as of March 31, 2023 (unaudited) and December 31, 2022 | ||
Common stock, $0.001 par value per share; 85,000,000 authorized shares as of March 31, 2023 (unaudited) and December 31, 2022; issued and outstanding shares - 53,339,611 as of March 31, 2023 (unaudited) and 29,498,488 as of December 31, 2022 | 53 | 29 |
Additional paid-in capital | 539,659 | 489,502 |
Accumulated other comprehensive loss | (248) | (433) |
Accumulated deficit | (429,585) | (417,634) |
Total aTyr Pharma stockholders’ equity | 109,879 | 71,464 |
Noncontrolling interest in Pangu BioPharma Limited | (181) | (180) |
Total stockholders' equity | 109,698 | 71,284 |
Total liabilities and stockholders’ equity | $ 136,838 | $ 95,786 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 85,000,000 | 85,000,000 |
Common stock, shares issued | 53,339,611 | 29,498,488 |
Common stock, shares outstanding | 53,339,611 | 29,498,488 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 9,379 | $ 8,896 |
General and administrative | 3,408 | 3,482 |
Total operating expenses | 12,787 | 12,378 |
Loss from operations | (12,787) | (12,378) |
Total other income (expense), net | 835 | 224 |
Consolidated net loss | (11,952) | (12,154) |
Net loss attributable to noncontrolling interest in Pangu BioPharma Limited | 1 | 1 |
Net loss attributable to aTyr Pharma, Inc. | $ (11,951) | $ (12,153) |
Net loss per share - basic | $ (0.29) | $ (0.44) |
Net loss per share - diluted | $ (0.29) | $ (0.44) |
Shares used in computing net loss per share, basic | 41,897,706 | 27,818,379 |
Shares used in computing net loss per share, diluted | 41,897,706 | 27,818,379 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Consolidated net loss | $ (11,952) | $ (12,154) |
Other comprehensive loss: | ||
Change in unrealized gain (loss) on available-for-sale investments, net of tax | 185 | (496) |
Comprehensive loss | (11,767) | (12,650) |
Comprehensive loss attributable to noncontrolling interest in Pangu BioPharma Limited | 1 | 1 |
Comprehensive loss attributable to aTyr Pharma, Inc. common stockholders | $ (11,766) | $ (12,649) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Other Comprehensive Gain/(Loss) [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2021 | $ 109,126 | $ 28 | $ 481,832 | $ (263) | $ (372,296) | $ (175) |
Beginning balance, Shares at Dec. 31, 2021 | 27,793,035 | |||||
Issuance of common stock upon release of restricted stock units, Shares | 2,500 | |||||
Issuance of common stock from at-the-market offerings, net of offering costs | 1,480 | 1,480 | ||||
Issuance of common stock from at the market offerings, net of offering costs, Shares | 260,455 | |||||
Issuance of common stock upon exercise of stock options | 1 | 1 | ||||
Issuance of common stock upon exercise of stock options, Shares | 259 | |||||
Stock-based compensation | 417 | 417 | ||||
Net unrealized loss on investments, net of tax | (496) | (496) | ||||
Net loss | (12,154) | (12,153) | (1) | |||
Ending balance at Mar. 31, 2022 | 98,374 | $ 28 | 483,730 | (759) | (384,449) | (176) |
Ending balance, Shares at Mar. 31, 2022 | 28,056,249 | |||||
Beginning balance at Dec. 31, 2022 | 71,284 | $ 29 | 489,502 | (433) | (417,634) | (180) |
Beginning balance, Shares at Dec. 31, 2022 | 29,498,488 | |||||
Issuance of common stock upon release of restricted stock units, Shares | 22,111 | |||||
Issuance of common stock from underwritten follow-on offering, net of offering costs | 48,073 | $ 23 | 48,050 | |||
Issuance of common stock from underwritten follow-on offering, net of offering costs, Shares | 23,125,000 | |||||
Issuance of common stock from at-the-market offerings, net of offering costs | 1,489 | $ 1 | 1,488 | |||
Issuance of common stock from at the market offerings, net of offering costs, Shares | 694,012 | |||||
Stock-based compensation | 619 | 619 | ||||
Net unrealized loss on investments, net of tax | 185 | 185 | ||||
Net loss | (11,952) | (11,951) | (1) | |||
Ending balance at Mar. 31, 2023 | $ 109,698 | $ 53 | $ 539,659 | $ (248) | $ (429,585) | $ (181) |
Ending balance, Shares at Mar. 31, 2023 | 53,339,611 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Consolidated net loss | $ (11,952) | $ (12,154) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 80 | 81 |
Stock-based compensation | 619 | 417 |
(Accretion) amortization of (discount) premium of available-for-sale investment securities | (419) | 237 |
Amortization of right-of-use assets | 675 | 217 |
Gain on disposal of property and equipment | 0 | (89) |
Changes in operating assets and liabilities: | ||
Other receivables | 9,883 | 9 |
Prepaid expenses and other assets | (438) | 1,180 |
Accounts payable and accrued expenses | (1,057) | 216 |
Operating lease liability | 2,019 | (233) |
Net cash used in operating activities | (590) | (10,119) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,246) | (43) |
Purchases of available-for-sale investment securities | (46,226) | 0 |
Maturities of available-for-sale investment securities | 9,300 | 14,500 |
Proceeds from sale of property and equipment | 0 | 169 |
Net cash (used in) provided by investing activities | (38,172) | 14,626 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock through option exercises | 0 | 1 |
Proceeds from issuance of common stock from at-the-market offerings, net of offering costs | 1,489 | 1,480 |
Proceeds from issuance of common stock from underwritten follow-on public offering, net of offering costs | 48,073 | 0 |
Principal paid on finance lease liabilities | (66) | 0 |
Net cash provided by financing activities | 49,496 | 1,481 |
Net change in cash, cash equivalents and restricted cash | 10,734 | 5,988 |
Cash, cash equivalents and restricted cash at beginning of period | 13,146 | 2,336 |
Cash, cash equivalents and restricted cash at end of period | 23,880 | 8,324 |
Cash and cash equivalents at the end of period | 20,690 | 8,324 |
Restricted cash at the end of period | 3,190 | 0 |
Cash, cash equivalents and restricted cash at the end of period | 23,880 | 8,324 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 46 | 0 |
Purchases of property and equipment in accounts payable | 2,136 | 0 |
Right-of-use assets obtained in exchange for lease obligation | $ 1,043 | $ 0 |
Organization, Business, Basis o
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies Organization and Business We were incorporated in the State of Delaware on September 8, 2005. We are a biotherapeutics company engaged in the discovery and development of first-in-class medicines from our proprietary tRNA synthetase platform. Principles of Consolidation Our condensed consolidated financial statements include our accounts and our 98 % majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma). All intercompany transactions and balances are eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) and follow the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In our opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial position and our results of operations and cash flows for periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2022, contained in our Annual Report on Form 10-K filed with the SEC on March 14, 2023. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. Risks and Uncertainties In addition to the COVID-19 pandemic and the ongoing Ukraine-Russia conflict, global economic and business activities continue to face widespread macroeconomic uncertainties, including labor shortages, inflation and monetary supply shifts, and recession risks, which has resulted in further volatility in the U.S. and global financial markets and which has led to, and may continue to lead to, additional disruptions to trade, commerce, pricing stability, credit availability and supply chain continuity globally. The ultimate long-term impact of the COVID-19 pandemic, the ongoing Ukraine-Russia conflict and other evolving geopolitical and macroeconomic conditions on our business is uncertain, although we continue to actively monitor the impact of these factors on our results of operations, financial condition and cash flows. The extent of the impact of these factors on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected timeframe, will depend on future developments, which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact our business. Liquidity and Financial Condition We have incurred net losses in each year since our inception in 2005, including a consolidated net loss of $ 12.0 million for the three months ended March 31, 2023. As of March 31, 2023, we had an accumulated deficit of $ 429.6 million. We believe that our existing cash, cash equivalents, restricted cash and available-for-sale investments of $ 117.6 million as of March 31, 2023 will be sufficient to meet our material cash requirements from known contractual and other obligations for a period of at least one year from the filing date of this Quarterly Report on Form 10-Q. We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years at a minimum. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to raise substantial additional capital to fund our operations. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our preclinical and clinical development efforts and the timing and nature of the regulatory approval process for our product candidates. We anticipate that we will seek to fund our operations through equity offerings, grant funding, collaborations, strategic partnerships and/or licensing arrangements, and when we are closer to commercialization of our product candidates potentially through debt financings. However, we may be unable to raise additional capital or enter into such arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such arrangements when needed would have a negative impact on our financial condition and ability to develop our product candidates. Restricted Cash As of March 31, 2023, restricted cash was approximately $ 3.2 million, which was held as a security deposit in conjunction with our new facility lease and financing leases as discussed further in Note 4 - Commitments and Contingencies. Allowance of Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on our unaudited condensed consolidated balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. Use of Estimates Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure for these items in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed consolidated financial statements relate to clinical trial and research and development expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. Leases We determine if an arrangement is a lease at inception. Short-term leases with an initial term of 12 months or less are not recorded on our balance sheet. For long-term operating leases with an initial term of greater than 12 months, we recognize an operating right-of-use asset (ROU) and a lease liability based on the present value of future lease payments using an estimated rate of interest that we would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. We determine the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses in our condensed consolidated statements of operations. For financing leases, interest expense and amortization of the ROU is included in operating expenses in our condensed consolidated statements of operations and variable lease payments are expensed as incurred. If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional ROU that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional ROU. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, we reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the lease liability for the modified lease as an adjustment to the corresponding operating lease ROU asset. Our ROU assets consist of operating leases and financing leases. Operating leases include our new corporate headquarters and laboratory space and our prior corporate headquarters. Our prior corporate headquarters lease will expire in May 2023. Financing leases include various research and development and information technology equipment. We do not separate lease and non-lease components of our long-term leases. Revenue Recognition We evaluate our agreements under ASC Topic 606, Revenue from Contracts with Customers and ASC Topic 808, Collaborative Arrangements . We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our agreement, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. As part of the accounting for these arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. We use key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. We recognize revenue in one of two ways, over time or at a point in time. We recognize revenue over time when we are executing on our performance obligation over time and our partner receives benefit over time. For example, we recognize revenue over time when we provide research and development services. We recognize revenue at a point in time when we transfer control of a distinct performance obligation to our partner. For example, if a license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of warrants for common stock, options and restricted stock units outstanding under our stock option plans and estimated shares to be purchased under our employee stock purchase plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Potentially dilutive securities not considered for the calculation of diluted net loss per share are as follows (in common stock equivalents): March 31, 2023 2022 Common stock warrants 13,760 13,760 Common stock options and restricted stock units 3,922,930 1,824,164 Employee stock purchase plan 34,588 2,045 Total 3,971,278 1,839,969 Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in Topic 326 replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We adopted Topic 326 on January 1, 2023. The adoption did not have a material impact on our condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Investment securities are recorded at fair value. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial assets measured at fair value on a recurring basis consist of investment securities. Investment securities are recorded at fair value, defined as the exit price in the principal market in which we would transact, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Level 2 securities are valued using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data, or discounted cash flow techniques and include our investments in commercial paper, corporate debt securities, municipal bonds and U.S. government agencies securities. We have no financial liabilities measured at fair value on a recurring basis. None of our non-financial assets and liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Total Quoted Prices in Markets Identical Significant Significant As of March 31, 2023 Assets: Current: Cash equivalents $ 20,514 $ 20,514 $ — $ — Available-for-sale investments: Commercial paper 52,492 — 52,492 — Corporate debt securities 20,880 — 20,880 — Municipal bonds 1,001 — 1,001 — U.S. government agencies 19,322 — 19,322 Total available-for-sale investments 93,695 — 93,695 — Total assets measured at fair value $ 114,209 $ 20,514 $ 93,695 $ — Fair Value Measurements Using Total Quoted Prices in Markets Identical Significant Significant As of December 31, 2022 Assets: Current: Cash equivalents $ 8,585 $ 8,585 $ — $ — Available-for-sale investments: Commercial paper 28,074 — 28,074 — Corporate debt securities 26,094 — 26,094 — Municipal bonds 1,997 — 1,997 — Total available-for-sale investments 56,165 — 56,165 — Total assets measured at fair value $ 64,750 $ 8,585 $ 56,165 $ — As of March 31, 2023 and December 31, 2022, available-for-sale investments are detailed as follows (in thousands): March 31, 2023 Contractual Maturity Gross Gross Gross Market Value Available-for-sale investments: Commercial paper Within 1 year $ 52,552 $ 3 $ ( 63 ) $ 52,492 Corporate debt securities 1 to 2 years 21,031 13 ( 164 ) 20,880 Municipal bonds Within 1 year 1,013 — ( 12 ) 1,001 U.S. government agencies Within 1 year 19,297 26 ( 1 ) 19,322 $ 93,893 $ 42 $ ( 240 ) $ 93,695 December 31, 2022 Contractual Maturity Gross Gross Gross Market Value Available-for-sale investments: Commercial paper Within 1 year $ 28,121 $ — $ ( 47 ) $ 28,074 Corporate debt securities 1 to 2 years 26,401 — ( 307 ) 26,094 Municipal bonds Within 1 year 2,026 — ( 29 ) 1,997 $ 56,548 $ — $ ( 383 ) $ 56,165 We evaluate our available-for-sale debt securities for credit losses when the amortized cost basis exceeds fair value. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive income (loss). When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, our intent to sell or the likelihood that we would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. We recorded no allowance for credit losses in the condensed consolidated statement of operations and comprehensive loss during the three months ended March 31, 2023. As of March 31, 2023, all available-for-sale investments had a variety of effective maturity dates of less than two years . As of March 31, 2023, $ 89.8 million of our short-term investments had maturities less than one year and $ 3.9 million had maturities greater than one year. As of March 31, 2023 and December 31, 2022, accrued interest receivable on available-for-sale securities for each of the period-ended was $ 0.2 million. |
License, Collaboration and Othe
License, Collaboration and Other Agreements | 3 Months Ended |
Mar. 31, 2023 | |
License Agreement [Abstract] | |
License, Collaboration and Other Agreements | 3. License, Collaboration and Other Agreements Kyorin Pharmaceutical Co., Ltd. In January 2020, we entered into a collaboration and license agreement (Kyorin Agreement) with Kyorin Pharmaceutical Co., Ltd. (Kyorin) for the development and commercialization of efzofitimod for the treatment of interstitial lung disease (ILD) in Japan. Under the Kyorin Agreement, Kyorin received an exclusive right to develop and commercialize efzofitimod in Japan for all forms of ILD, and is obligated to fund all research, development, regulatory, marketing and commercialization activities in Japan. In September 2020, Kyorin began dosing patients in a Phase 1 clinical trial of efzofitimod (known as KRP-R120 in Japan) and completed the last subject visit in December 2020. The Phase 1 clinical trial, which was conducted and funded by Kyorin, was a placebo-controlled clinical trial to evaluate the safety, pharmacokinetics (PK) and immunogenicity of efzofitimod in 32 healthy Japanese male volunteers. Efzofitimod was observed to be generally well-tolerated with no drug-related serious adverse events, and PK findings were consistent with previous studies of efzofitimod. Kyorin is also participating in the EFZO-FIT study as the local sponsor in Japan. In February 2023, Kyorin dosed the first patient in Japan in the EFZO-FIT study which triggered a $ 10.0 million milestone payment to us. To date, the Kyorin Agreement has generated $ 20.0 million in upfront and milestone payments to us and we are eligible to receive up to an additional $ 155.0 million in the aggregate upon achievement of certain development, regulatory and sales milestones, as well as tiered royalties on any net sales in Japan. Either party may terminate the Kyorin Agreement in the event that the other party breaches the agreement and fails to cure the breach, becomes insolvent or challenges certain of the intellectual property rights licensed under the agreement. We assessed our license and collaboration with Kyorin in accordance with Topic 606 and concluded that Kyorin is a customer. We identified the following performance obligations under the Kyorin Agreement: 1) the license of efzofitimod for ILD in Japan; and 2) free clinical trial material for Kyorin’s Phase 1 clinical trial. Kyorin is participating in the EFZO-FIT study and received approval from the Pharmaceuticals and Medical Devices Agency (PMDA) to commence the EFZO-FIT study in Japan in December 2022. Additionally, i n February 2023, Kyorin dosed the first patient in Japan in the EFZO-FIT study which triggered a $ 10.0 million milestone payment to us. We recognized this $ 10.0 million milestone payment as revenue during the year ended December 31, 2022, as we determined the milestone became probable of achievement as of December 31, 2022, with Kyorin having scheduled site visits for patient screenings by that time. We received this $ 10.0 million milestone payment during the three months ended March 31, 2023. For each of the three months ended March 31, 2023 and 2022, there were no activities that triggered additional license and collaboration agreement revenue under the Kyorin Agreement. The remaining milestones and royalty payments under the Kyorin Agreement are variable consideration. Since milestone payments are binary in nature, we will use the “most-likely” method to evaluate whether the milestones should be included as revenue. We will constrain these amounts until the milestone is probable of being achieved. The royalties are dependent on future sales by Kyorin which are at the full discretion of Kyorin. Accordingly, we constrain these amounts until the future sales have occurred. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 4. Commitments and Contingencies Operating Leases New Corporate Headquarters Facility Lease In May 2022, we entered into a lease (Lease) with San Diego Creekside, LLC (Landlord), as lessor, pursuant to which we agreed to lease from Landlord approximately 23,696 rentable square feet (subject to increase pursuant to the terms of the Lease) of office and laboratory space. The term of the lease (the Lease Term) commenced on March 20, 2023 (the Lease Commencement Date) and will continue for 124 months. We have an option to extend the Lease Term for five years . Base rent during such extension period would be at the fair market rent for the Premises. Under the terms of the Lease, the base rent during the first 12 months of the Lease Term will be $ 5.75 per square foot of rentable area per month, subject to certain upward adjustments of approximately 3.0 % annually. As of March 31, 2023, we have incurred $ 4.8 million in tenant improvement costs, and these costs are included in property and equipment, net on our condensed consolidated balance sheets. We are entitled to an allowance of up to $ 5.5 million for tenant improvements of which as of March 31, 2023, we received $ 4.5 million from the Landlord. The Lease also includes an option to utilize an additional allowance of up to $ 0.6 million, which, if used by us, would be repaid by us as additional monthly base rent, amortized at eight percent ( 8.0 %) per annum during the Lease Term. We provided a $ 0.7 million security deposit in the form of a letter of credit which is included in restricted cash on our condensed consolidated balance sheet as of March 31, 2023. Previous Corporate Headquarters Facility Lease Our operating lease for our previous corporate headquarters is subject to base lease payments, additional charges for common area maintenance and other costs and terminates in May 2023. Future minimum payments under the facility leases and reconciliation to the operating lease liability as of March 31, 2023 were as follows (in thousands): Operating Leases 2023 $ 1,031 2024 1,976 2025 1,909 2026 1,777 2027 1,831 2028 and thereafter 11,103 Less: Amount representing interest ( 6,680 ) Present value of lease payments 12,947 Less: Current portion of operating lease liability ( 381 ) Less: Tenant improvement allowance not yet received ( 650 ) Long-term operating lease liability, net of current portion $ 11,916 For each of the three months ended March 31, 2023 and 2022, we recorded an operating lease expense of $ 0.7 million and $ 0.2 million, respectively. As of March 31, 2023, the weighted-average remaining lease term was 9.8 years and the weighted average discount rate was 8.8 %. Financing Leases In April 2022, we entered into a master financing lease agreement to lease various research and development and information technology equipment over a 48-month term. Future minimum payments under the financing lease and reconciliation to the financing lease liability as of March 31, 2023 were as follows (in thousands): Financing Leases 2023 $ 422 2024 563 2025 563 2026 606 2027 185 Less: Amount representing interest ( 349 ) Present value of lease payments 1,990 Less: Current portion of financing lease liability ( 420 ) Long-term financing lease liability, net of current portion $ 1,570 As of March 31, 2023, the weighted-average remaining lease term was 3.7 years and the weighted-average discount rate was 8.2 %. We provided a $ 2.4 million deposit to be held as collateral for the leased equipment, and this deposit is included in restricted cash as of March 31, 2023. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 5. Stockholders’ Equity Underwritten Follow-On Public Offerings In February 2023, we completed an underwritten follow-on public offering of 23,125,000 shares of our common stock, including the partial exercise of the underwriters’ option to purchase additional shares, at a price to the public of $ 2.25 per share. The total net proceeds from the offering were approximately $ 48.1 million, after deducting underwriting discounts, commissions and offering expenses payable by us. At the Market Offering Programs In April 2022, we entered into an Open Market Sale Agreement SM with Jefferies LLC (Jefferies) implementing an “at-the-market” offering program (the Jefferies ATM Offering Program), pursuant to which we may offer and sell, from time to time and at our option, up to an aggregate of $ 65.0 million of shares of our common stock through Jefferies, acting as sales agent. Jefferies is entitled to a fixed commission rate of up to 3.0 % of the gross sales proceeds of shares sold under the Jefferies ATM Offering Program. During 2022, we sold an aggregate of 1,421,627 shares of common stock at a weighted-average price of $ 3.09 per share for net proceeds of approximately $ 4.0 million under the Jefferies ATM Offering Program. During the three months ended March 31, 2023, we sold an aggregate of 694,012 shares of common stock at a weighted-average price of $ 2.30 per share for net proceeds of approximately $ 1.5 million under the Jefferies ATM Offering Program. Common Stock Reserved for Future Issuance Common stock reserved for future issuance was as follows: March 31, 2023 Common stock warrants 13,760 Common stock options and restricted stock units 3,922,930 Shares available under the 2015 equity incentive plan 83,313 Shares available under the 2022 inducement plan 109,833 Shares available under the employee stock purchase plan 801,321 4,931,157 The following table summarizes our stock option activity under all equity incentive plans for the three months ended March 31, 2023: Number of Weighted- Outstanding as of December 31, 2022 2,956,170 $ 7.45 Granted 938,485 $ 2.20 Canceled/forfeited/expired ( 71,052 ) $ 4.37 Outstanding as of March 31, 2023 3,823,603 $ 6.22 The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: March 31, 2023 2022 Expected term (in years) $ 6.02 6.02 – 6.08 Risk-free interest rate 4.0 % 1.7 % – 2.4 % Expected volatility 82.0 % 85.8 % – 86.5 % Expected dividend yield 0.0 % 0.0 % The following table summarizes our restricted stock unit activity under all equity incentive plans for the three months ended March 31, 2023: Number of Outstanding Weighted-Average Balance as of December 31, 2022 121,438 $ 5.09 Released ( 22,111 ) $ 5.39 Balance as of March 31, 2023 99,327 $ 5.02 Stock-based Compensation The allocation of stock-based compensation for all options and restricted stock units and stock issued pursuant to our employee stock purchase plan is as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 129 $ 107 General and administrative 490 310 Total stock-based compensation expense $ 619 $ 417 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 6. Subsequent Events From April 1, 2023 through May 5, 2023, we sold an aggregate of 916,143 shares of common stock at a weighted-average price of $ 2.07 through the Jefferies ATM Offering Program for net proceeds of $ 1.8 million. |
Organization, Business, Basis_2
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business We were incorporated in the State of Delaware on September 8, 2005. We are a biotherapeutics company engaged in the discovery and development of first-in-class medicines from our proprietary tRNA synthetase platform. |
Principles of Consolidation | Principles of Consolidation Our condensed consolidated financial statements include our accounts and our 98 % majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma). All intercompany transactions and balances are eliminated in consolidation. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) and follow the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In our opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial position and our results of operations and cash flows for periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2022, contained in our Annual Report on Form 10-K filed with the SEC on March 14, 2023. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. |
Risks and Uncertainties | Risks and Uncertainties In addition to the COVID-19 pandemic and the ongoing Ukraine-Russia conflict, global economic and business activities continue to face widespread macroeconomic uncertainties, including labor shortages, inflation and monetary supply shifts, and recession risks, which has resulted in further volatility in the U.S. and global financial markets and which has led to, and may continue to lead to, additional disruptions to trade, commerce, pricing stability, credit availability and supply chain continuity globally. The ultimate long-term impact of the COVID-19 pandemic, the ongoing Ukraine-Russia conflict and other evolving geopolitical and macroeconomic conditions on our business is uncertain, although we continue to actively monitor the impact of these factors on our results of operations, financial condition and cash flows. The extent of the impact of these factors on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected timeframe, will depend on future developments, which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact our business. |
Liquidity and Financial Condition | Liquidity and Financial Condition We have incurred net losses in each year since our inception in 2005, including a consolidated net loss of $ 12.0 million for the three months ended March 31, 2023. As of March 31, 2023, we had an accumulated deficit of $ 429.6 million. We believe that our existing cash, cash equivalents, restricted cash and available-for-sale investments of $ 117.6 million as of March 31, 2023 will be sufficient to meet our material cash requirements from known contractual and other obligations for a period of at least one year from the filing date of this Quarterly Report on Form 10-Q. We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years at a minimum. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to raise substantial additional capital to fund our operations. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our preclinical and clinical development efforts and the timing and nature of the regulatory approval process for our product candidates. We anticipate that we will seek to fund our operations through equity offerings, grant funding, collaborations, strategic partnerships and/or licensing arrangements, and when we are closer to commercialization of our product candidates potentially through debt financings. However, we may be unable to raise additional capital or enter into such arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such arrangements when needed would have a negative impact on our financial condition and ability to develop our product candidates. |
Restricted Cash | Restricted Cash As of March 31, 2023, restricted cash was approximately $ 3.2 million, which was held as a security deposit in conjunction with our new facility lease and financing leases as discussed further in Note 4 - Commitments and Contingencies. |
Allowance of Credit Losses | Allowance of Credit Losses For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss. We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on our unaudited condensed consolidated balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us. |
Use of Estimates | Use of Estimates Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure for these items in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed consolidated financial statements relate to clinical trial and research and development expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. |
Leases | Leases We determine if an arrangement is a lease at inception. Short-term leases with an initial term of 12 months or less are not recorded on our balance sheet. For long-term operating leases with an initial term of greater than 12 months, we recognize an operating right-of-use asset (ROU) and a lease liability based on the present value of future lease payments using an estimated rate of interest that we would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. We determine the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses in our condensed consolidated statements of operations. For financing leases, interest expense and amortization of the ROU is included in operating expenses in our condensed consolidated statements of operations and variable lease payments are expensed as incurred. If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional ROU that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional ROU. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, we reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the lease liability for the modified lease as an adjustment to the corresponding operating lease ROU asset. Our ROU assets consist of operating leases and financing leases. Operating leases include our new corporate headquarters and laboratory space and our prior corporate headquarters. Our prior corporate headquarters lease will expire in May 2023. Financing leases include various research and development and information technology equipment. We do not separate lease and non-lease components of our long-term leases. |
Revenue Recognition | Revenue Recognition We evaluate our agreements under ASC Topic 606, Revenue from Contracts with Customers and ASC Topic 808, Collaborative Arrangements . We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our agreement, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. As part of the accounting for these arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. We use key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. We recognize revenue in one of two ways, over time or at a point in time. We recognize revenue over time when we are executing on our performance obligation over time and our partner receives benefit over time. For example, we recognize revenue over time when we provide research and development services. We recognize revenue at a point in time when we transfer control of a distinct performance obligation to our partner. For example, if a license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of warrants for common stock, options and restricted stock units outstanding under our stock option plans and estimated shares to be purchased under our employee stock purchase plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Potentially dilutive securities not considered for the calculation of diluted net loss per share are as follows (in common stock equivalents): March 31, 2023 2022 Common stock warrants 13,760 13,760 Common stock options and restricted stock units 3,922,930 1,824,164 Employee stock purchase plan 34,588 2,045 Total 3,971,278 1,839,969 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in Topic 326 replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We adopted Topic 326 on January 1, 2023. The adoption did not have a material impact on our condensed consolidated financial statements. |
Organization, Business, Basis_3
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share | Potentially dilutive securities not considered for the calculation of diluted net loss per share are as follows (in common stock equivalents): March 31, 2023 2022 Common stock warrants 13,760 13,760 Common stock options and restricted stock units 3,922,930 1,824,164 Employee stock purchase plan 34,588 2,045 Total 3,971,278 1,839,969 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Total Quoted Prices in Markets Identical Significant Significant As of March 31, 2023 Assets: Current: Cash equivalents $ 20,514 $ 20,514 $ — $ — Available-for-sale investments: Commercial paper 52,492 — 52,492 — Corporate debt securities 20,880 — 20,880 — Municipal bonds 1,001 — 1,001 — U.S. government agencies 19,322 — 19,322 Total available-for-sale investments 93,695 — 93,695 — Total assets measured at fair value $ 114,209 $ 20,514 $ 93,695 $ — Fair Value Measurements Using Total Quoted Prices in Markets Identical Significant Significant As of December 31, 2022 Assets: Current: Cash equivalents $ 8,585 $ 8,585 $ — $ — Available-for-sale investments: Commercial paper 28,074 — 28,074 — Corporate debt securities 26,094 — 26,094 — Municipal bonds 1,997 — 1,997 — Total available-for-sale investments 56,165 — 56,165 — Total assets measured at fair value $ 64,750 $ 8,585 $ 56,165 $ — |
Schedule of Available-for-sale Investments | As of March 31, 2023 and December 31, 2022, available-for-sale investments are detailed as follows (in thousands): March 31, 2023 Contractual Maturity Gross Gross Gross Market Value Available-for-sale investments: Commercial paper Within 1 year $ 52,552 $ 3 $ ( 63 ) $ 52,492 Corporate debt securities 1 to 2 years 21,031 13 ( 164 ) 20,880 Municipal bonds Within 1 year 1,013 — ( 12 ) 1,001 U.S. government agencies Within 1 year 19,297 26 ( 1 ) 19,322 $ 93,893 $ 42 $ ( 240 ) $ 93,695 December 31, 2022 Contractual Maturity Gross Gross Gross Market Value Available-for-sale investments: Commercial paper Within 1 year $ 28,121 $ — $ ( 47 ) $ 28,074 Corporate debt securities 1 to 2 years 26,401 — ( 307 ) 26,094 Municipal bonds Within 1 year 2,026 — ( 29 ) 1,997 $ 56,548 $ — $ ( 383 ) $ 56,165 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instruments [Abstract] | |
Schedule of Future Minimum Payments under Facility Lease and Reconciliation to Operating Lease Liability | Future minimum payments under the facility leases and reconciliation to the operating lease liability as of March 31, 2023 were as follows (in thousands): Operating Leases 2023 $ 1,031 2024 1,976 2025 1,909 2026 1,777 2027 1,831 2028 and thereafter 11,103 Less: Amount representing interest ( 6,680 ) Present value of lease payments 12,947 Less: Current portion of operating lease liability ( 381 ) Less: Tenant improvement allowance not yet received ( 650 ) Long-term operating lease liability, net of current portion $ 11,916 |
Schedule of Future Minimum Payments under Financing Lease and Reconciliation to Financing Lease Liability | Future minimum payments under the financing lease and reconciliation to the financing lease liability as of March 31, 2023 were as follows (in thousands): Financing Leases 2023 $ 422 2024 563 2025 563 2026 606 2027 185 Less: Amount representing interest ( 349 ) Present value of lease payments 1,990 Less: Current portion of financing lease liability ( 420 ) Long-term financing lease liability, net of current portion $ 1,570 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Common Stock Reserved for Future Issuance | Common Stock Reserved for Future Issuance Common stock reserved for future issuance was as follows: March 31, 2023 Common stock warrants 13,760 Common stock options and restricted stock units 3,922,930 Shares available under the 2015 equity incentive plan 83,313 Shares available under the 2022 inducement plan 109,833 Shares available under the employee stock purchase plan 801,321 4,931,157 |
Summary of Stock Option Activity | The following table summarizes our stock option activity under all equity incentive plans for the three months ended March 31, 2023: Number of Weighted- Outstanding as of December 31, 2022 2,956,170 $ 7.45 Granted 938,485 $ 2.20 Canceled/forfeited/expired ( 71,052 ) $ 4.37 Outstanding as of March 31, 2023 3,823,603 $ 6.22 |
Schedule of Restricted Stock Units Activity | The following table summarizes our restricted stock unit activity under all equity incentive plans for the three months ended March 31, 2023: Number of Outstanding Weighted-Average Balance as of December 31, 2022 121,438 $ 5.09 Released ( 22,111 ) $ 5.39 Balance as of March 31, 2023 99,327 $ 5.02 |
Schedule of Allocation of Stock-Based Compensation for All Options Including Performance Options with Market Condition and Restricted Stock Units | The allocation of stock-based compensation for all options and restricted stock units and stock issued pursuant to our employee stock purchase plan is as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 129 $ 107 General and administrative 490 310 Total stock-based compensation expense $ 619 $ 417 |
Employee Stock Option [Member] | |
Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition | The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: March 31, 2023 2022 Expected term (in years) $ 6.02 6.02 – 6.08 Risk-free interest rate 4.0 % 1.7 % – 2.4 % Expected volatility 82.0 % 85.8 % – 86.5 % Expected dividend yield 0.0 % 0.0 % |
Organization, Business, Basis_4
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Description Of Business [Line Items] | |||
Net loss | $ (11,951) | $ (12,153) | |
Accumulated deficit | (429,585) | $ (417,634) | |
Cash, cash equivalents, restricted cash and available-for-sale investments | 117,600 | ||
Restricted cash | $ 3,190 | $ 0 | $ 3,165 |
Pangu BioPharma [Member] | Hong Kong [Member] | |||
Description Of Business [Line Items] | |||
Majority-owned subsidiary percentage | 98% |
Organization, Business, Basis_5
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Considered for Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 3,971,278 | 1,839,969 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 13,760 | 13,760 |
Common Stock Options and Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 3,922,930 | 1,824,164 |
Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 34,588 | 2,045 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 20,514 | $ 8,585 |
Total assets measured at fair value | 114,209 | 64,750 |
Available-for-sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 93,695 | 56,165 |
Available-for-sale [Member] | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 19,322 | |
Available-for-sale [Member] | Short-term Investments | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 52,492 | 28,074 |
Available-for-sale [Member] | Short-term Investments | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 20,880 | 26,094 |
Available-for-sale [Member] | Short-term Investments | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 1,001 | 1,997 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20,514 | 8,585 |
Total assets measured at fair value | 20,514 | 8,585 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 93,695 | 56,165 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 93,695 | 56,165 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 19,322 | |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 52,492 | 28,074 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 20,880 | 26,094 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | $ 1,001 | $ 1,997 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Available-for-sale Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | $ 93,893 | $ 56,548 |
Gross Unrealized Gains | 42 | |
Gross Unrealized Losses | (240) | (383) |
Market Value | 93,695 | 56,165 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 52,552 | 28,121 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (63) | (47) |
Market Value | 52,492 | 28,074 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 1,013 | 2,026 |
Gross Unrealized Losses | (12) | (29) |
Market Value | 1,001 | 1,997 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 21,031 | 26,401 |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (164) | (307) |
Market Value | 20,880 | $ 26,094 |
U.S. government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 19,297 | |
Gross Unrealized Gains | 26 | |
Gross Unrealized Losses | (1) | |
Market Value | $ 19,322 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Accrued interest receivable on available-for-sale | $ 0.2 | $ 0.2 |
Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments effective maturity period | 2 years | |
Short-term investments | $ 3.9 | |
Minimum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term investments | $ 89.8 |
License, Collaboration and Ot_2
License, Collaboration and Other Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Collaboration Revenue [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Revenue | $ 10,000,000 | ||||
Additional Collaboration Revenue [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Revenue | $ 0 | $ 0 | |||
Kyorin Pharmaceutical Co Ltd [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Upfront and milestone payments received | $ 20,000,000 | ||||
Milestone payments received | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||
Development Regulatory And Sales Milestones [Member] | Kyorin Pharmaceutical Co Ltd [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Remaining receivable based on achievement of research milestones | $ 155,000,000 |
Balance Sheet Details - Summary
Balance Sheet Details - Summary of Prepaid Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses [Line Items] | ||
Prepaid expenses | $ 3,437 | $ 2,950 |
Balance Sheet Details - Summa_2
Balance Sheet Details - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, Net | $ 5,167 | $ 3,059 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 80 | $ 81 |
Balance Sheet Details - Summa_3
Balance Sheet Details - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued expenses | $ 8,888 | $ 9,862 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | ||
Mar. 20, 2023 | May 31, 2022 USD ($) ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Commitments and Contingencies [Line Items] | ||||
Lease space | ft² | 23,696 | |||
Lessee operating lease, lease commencement date | Mar. 20, 2023 | |||
Operating lease, term of lease | 124 months | |||
Operating lease, lease not yet commenced, option to extend | We have an option to extend the Lease Term for five years. | |||
Operating lease, lease not yet commenced, extension term | 5 years | |||
Base rent per square foot | $ 5.75 | |||
Annual upward adjustments on base rate, percentage | 3% | |||
Allowance for tenant improvements | $ 5,500,000 | |||
Proceeds from the landlord | 4,500,000 | |||
Additional allowance for tenant improvements | $ 600,000 | |||
Base rent amortized percentage | 8% | |||
Security deposit | 700,000 | |||
Operating lease expense | $ 700,000 | $ 200,000 | ||
Operating lease, weighted average remaining lease term | 9 years 9 months 18 days | |||
Operating lease, weighted average discount rate | 8.80% | |||
Financing lease, term of contract | 48 months | |||
Financing lease, weighted-average remaining lease term | 3 years 8 months 12 days | |||
Financing lease, weighted-average discount rate | 8.20% | |||
Property and Equipment [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Tenant improvement costs incurred | $ 4,800,000 | |||
Leased Equipment [Member] | Restricted Cash [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Security deposit | $ 2,400,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments under Facility Lease and Reconciliation to Operating Lease Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases, Operating [Abstract] | ||
2023 | $ 1,031 | |
2024 | 1,976 | |
2025 | 1,909 | |
2026 | 1,777 | |
2027 | 1,831 | |
2028 and thereafter | 11,103 | |
Less: Amount representing interest | (6,680) | |
Present value of lease payments | 12,947 | |
Less: Current portion of operating lease liability | (381) | $ (630) |
Less: Tenant improvement allowance not yet received | (650) | |
Long-term operating lease liability, net of current portion | $ 11,916 | $ 9,633 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments under Financing Lease and Reconciliation to Financing Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finance Lease, Liability [Abstract] | ||
2023 | $ 422 | |
2024 | 563 | |
2025 | 563 | |
2026 | 606 | |
2027 | 185 | |
Less: Amount representing interest | (349) | |
Present value of lease payments | 1,990 | |
Less: Current portion of financing lease liability | (420) | $ (264) |
Long-term financing lease liability, net of current portion | $ 1,570 | $ 1,007 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Commission Rate Equal To Gross Proceeds1 | 3% | |||
Public Offerings [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 48.1 | |||
ATM Offering Program [Member] | Jefferies LLC [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares Issued, Price Per Share | $ 2.30 | $ 3.09 | ||
Proceeds from Issuance of Common Stock | $ 1.5 | $ 4 | ||
ATM Offering Program [Member] | Jefferies LLC [Member] | Sale Agreement [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Agreed upon value of sale of common stock per transaction | $ 65 | |||
Common Stock [Member] | Public Offerings [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares issued and sold | 23,125,000 | |||
Shares Issued, Price Per Share | $ 2.25 | |||
Common Stock [Member] | ATM Offering Program [Member] | Jefferies LLC [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares issued and sold | 694,012 | 1,421,627 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Detail) | Mar. 31, 2023 shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock shares reserved for issuance | 4,931,157 |
Common Stock Warrants [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock shares reserved for issuance | 13,760 |
Common Stock Options and Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock shares reserved for issuance | 3,922,930 |
Shares Available Under the 2015 Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock shares reserved for issuance | 83,313 |
Shares Available Under the 2022 Inducement Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock shares reserved for issuance | 109,833 |
Shares Available Under the Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of common stock shares reserved for issuance | 801,321 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Outstanding Stock Options, Beginning Balance | shares | 2,956,170 |
Number of Outstanding Stock Options, Granted | shares | 938,485 |
Number of Outstanding Stock Options, Canceled/forfeited/expired | shares | (71,052) |
Number of Outstanding Stock Options, Ending Balance | shares | 3,823,603 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 7.45 |
Weighted Average Exercise Price, Granted | $ / shares | 2.20 |
Weighted Average Exercise Price, Canceled/forfeited/expired | $ / shares | 4.37 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 6.22 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition (Detail) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 7 days | |
Risk-free interest rate | 4% | |
Risk-free interest rate, minimum | 1.70% | |
Risk-free interest rate, maximum | 2.40% | |
Expected volatility | 82% | |
Expected volatility, minimum | 85.80% | |
Expected volatility, maximum | 86.50% | |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 7 days | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 29 days |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Unit [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Number of Outstanding Restricted Stock Units, Beginning Balance | shares | 121,438 |
Number of Outstanding Restricted Stock Units, Released | shares | (22,111) |
Number of Outstanding Restricted Stock Units, Ending Balance | shares | 99,327 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 5.09 |
Weighted Average Grant Date Fair Value, Released | $ / shares | 5.39 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 5.02 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Allocation of Stock-Based Compensation for All Options Including Performance Options with Market Condition and Restricted Stock Units (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 619 | $ 417 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 129 | 107 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 490 | $ 310 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Jefferies LLC [Member] - ATM Offering Program [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
May 05, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||
Shares issued, price per share | $ 2.30 | $ 3.09 | |
Proceeds from issuance of common stock | $ 1.5 | $ 4 | |
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares issued and sold | 694,012 | 1,421,627 | |
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from issuance of common stock | $ 1.8 | ||
Subsequent Events [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares issued and sold | 916,143 | ||
Shares issued, price per share | $ 2.07 |