Aldeyra Therapeutics (ALDX) 10-Q 5 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	ALDX
Entity Registrant Name	ALDEYRA THERAPEUTICS, INC.
Entity Central Index Key	0001341235
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		58,323,116
Entity Current Reporting Status	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity File Number	001-36332
Entity Tax Identification Number	20-1968197
Entity Address, Address Line One	131 Hartwell Avenue
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	Lexington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02421
City Area Code	781
Local Phone Number	761-4904
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 42,012,015	$ 104,790,989
Cash equivalent - reverse repurchase agreements	79,000,000	125,000,000
Marketable securities	75,677,040	0
Prepaid expenses and other current assets	4,052,355	2,961,781
Total current assets	200,741,410	232,752,770
Right-of-use assets	239,873	351,863
Fixed assets, net	34,041	32,487
Total assets	201,015,324	233,137,120
Current liabilities:
Accounts payable	264,225	1,019,702
Accrued expenses	10,810,155	10,523,353
Current portion of long-term debt	4,925,765	0
Current portion of operating lease liabilities	242,636	229,607
Total current liabilities	16,242,781	11,772,662
Operating lease liabilities, long-term	0	125,232
Long-term debt, net of current portion	10,743,535	15,503,703
Total liabilities	26,986,316	27,401,597
Commitments and contingencies (Notes 13, 14, and 15)
Stockholders' equity:
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.001 par value; 150,000,000 authorized and 58,301,491 and 58,081,215 shares issued and outstanding, respectively	58,301	58,081
Additional paid-in capital	503,517,715	500,369,444
Accumulated other comprehensive income	(285,763)	0
Accumulated deficit	(329,261,245)	(294,692,002)
Total stockholders’ equity	174,029,008	205,735,523
Total liabilities and stockholders’ equity	$ 201,015,324	$ 233,137,120

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	58,301,491	58,081,215
Common stock, shares outstanding	58,301,491	58,081,215

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 14,570,654	$ 11,474,446	$ 26,804,975	$ 19,200,788
General and administrative	3,144,280	3,068,652	7,393,667	6,173,355
Loss from operations	(17,714,934)	(14,543,098)	(34,198,642)	(25,374,143)
Other income (expense):
Interest income	344,378	39,665	445,760	63,427
Interest expense	(410,395)	(433,477)	(816,361)	(916,056)
Total other income (expense), net	(66,017)	(393,812)	(370,601)	(852,629)
Net loss	$ (17,780,951)	$ (14,936,910)	$ (34,569,243)	$ (26,226,772)
Earnings Per Share, Basic	$ (0.30)	$ (0.28)	$ (0.59)	$ (0.52)
Earnings Per Share, Diluted	$ (0.30)	$ (0.28)	$ (0.59)	$ (0.52)
Weighted Average Number of Shares Outstanding, Basic	58,301,491	54,280,393	58,299,686	49,979,545
Weighted Average Number of Shares Outstanding, Diluted	58,301,491	54,280,393	58,299,686	49,979,545

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (17,780,951)	$ (14,936,910)	$ (34,569,243)	$ (26,226,772)
Other comprehensive income:
Unrealized loss on marketable securities, net of tax	(224,086)	0	(285,763)	0
Total other comprehensive income	(224,086)	0	(285,763)	0
Comprehensive loss	$ (18,005,037)	$ (14,936,910)	$ (34,855,006)	$ (26,226,772)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Common Stock [Member] Helio Vision Inc [Member] Founders [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Helio Vision Inc [Member] Founders [Member]	Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2020	$ 59,508,558	$ 38,667		$ 296,385,619		$ 0	$ (236,915,728)
Beginning Balance, Shares at Dec. 31, 2020		38,667,491
Stock-based compensation	3,465,555			3,465,555
Release of restrictions on Helio founders shares			$ 70		$ (70)
Release of restrictions on Helio founders' shares, Shares			70,398
Issuance of common stock in connection with Helio Vision, Inc. acquisition milestone	2,499,991	$ 247		2,499,744
Issuance of common stock in connection with Helio Vision, Inc. acquisition milestone, shares		246,562
Issuance of common stock, net of issuance costs	189,811,611	$ 18,092		189,793,519
Issuance of common stock, net of issuance costs, Shares		18,091,947
Issuance of common stock, exercise of stock options	4,611,127	$ 631		4,610,496
Issuance of common stock, exercise of stock options, Shares		631,217
Issuance of common stock, employee stock purchase plan	9,875	$ 3		9,872
Issuance of common stock, employee stock purchase plan, Shares		2,786
Issuance of common stock, vested restricted stock awards		$ 287		(287)
Issuance of common stock, vested restricted stock awards, Shares		286,944
Net loss	(26,226,772)						(26,226,772)
Ending Balance at Jun. 30, 2021	233,679,945	$ 57,997		496,764,448		0	(263,142,500)
Ending Balance, Shares at Jun. 30, 2021		57,997,345
Beginning Balance at Mar. 31, 2021	126,074,472	$ 47,651		374,232,411			(248,205,590)
Beginning Balance, Shares at Mar. 31, 2021		47,651,035
Stock-based compensation	2,173,385			2,173,385
Release of restrictions on Helio founders shares			$ 35		(35)
Release of restrictions on Helio founders' shares, Shares			35,393
Issuance of common stock, net of issuance costs	119,762,161	$ 10,224		119,751,937
Issuance of common stock, net of issuance costs, Shares		10,223,526
Issuance of common stock, exercise of stock options	606,837	$ 87		606,750
Issuance of common stock, exercise of stock options, Shares		87,391
Net loss	(14,936,910)						(14,936,910)
Ending Balance at Jun. 30, 2021	233,679,945	$ 57,997		496,764,448		0	(263,142,500)
Ending Balance, Shares at Jun. 30, 2021		57,997,345
Beginning Balance at Dec. 31, 2021	205,735,523	$ 58,081		500,369,444		0	(294,692,002)
Beginning Balance, Shares at Dec. 31, 2021		58,081,215
Stock-based compensation	3,125,167			3,125,167
Release of restrictions on Helio founders shares			$ 11		$ (11)
Release of restrictions on Helio founders' shares, Shares			10,890
Issuance of common stock, employee stock purchase plan	23,324	$ 7		23,317
Issuance of common stock, employee stock purchase plan, Shares		6,860
Issuance of common stock, vested restricted stock awards		$ 202		(202)
Issuance of common stock, vested restricted stock awards, Shares		202,526
Other comprehensive loss	(285,763)					(285,763)
Net loss	(34,569,243)						(34,569,243)
Ending Balance at Jun. 30, 2022	174,029,008	$ 58,301		503,517,715		(285,763)	(329,261,245)
Ending Balance, Shares at Jun. 30, 2022		58,301,491
Beginning Balance at Mar. 31, 2022	190,688,722	$ 58,301		502,172,392		(61,677)	(311,480,294)
Beginning Balance, Shares at Mar. 31, 2022		58,301,491
Stock-based compensation	1,345,323			1,345,323
Other comprehensive loss	(224,086)					(224,086)
Net loss	(17,780,951)						(17,780,951)
Ending Balance at Jun. 30, 2022	$ 174,029,008	$ 58,301		$ 503,517,715		$ (285,763)	$ (329,261,245)
Ending Balance, Shares at Jun. 30, 2022		58,301,491

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited)	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (34,569,243)	$ (26,226,772)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,230,913	4,705,218
Non-cash interest expense	165,597	243,873
Net amortization of premium on debt securities available for sale	(8,614)	0
Depreciation and amortization expense	126,753	134,557
Change in assets and liabilities:
Prepaid expenses and other current assets	(1,090,574)	(1,254,761)
Accounts payable	755,477	712,823
Accrued expenses and other liabilities	68,853	859,046
Net cash used in operating activities	(32,831,792)	(22,544,108)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of fixed assets	(16,317)	(7,806)
Purchases of marketable securities	(87,954,189)	0
Sales and maturities of marketable securities	12,000,000	0
Net cash used in investing activities	(75,970,506)	(7,806)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	0	189,811,611
Proceeds from exercise of stock options	0	4,611,127
Proceeds from employee stock purchase plan	23,324	9,875
Net cash provided by financing activities	23,324	194,432,613
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(108,778,974)	171,880,699
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	229,790,989	77,858,311
CASH AND CASH EQUIVALENTS, END OF PERIOD	121,012,015	249,739,010
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	652,167	681,333
SUPPLEMENTAL INFORMATION AND DISCLOSURES OF NONCASH ACTIVITIES:
Offering costs not yet paid	0	66,000
Common stock issued in connection with Helio Vision, Inc. acquisition milestone	58,301
Helio Vision Inc [Member]
SUPPLEMENTAL INFORMATION AND DISCLOSURES OF NONCASH ACTIVITIES:
Common stock issued in connection with Helio Vision, Inc. acquisition milestone	$ 0	$ 2,499,991

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. NATURE OF BUSINESS Aldeyra Therapeutics, Inc., together with its wholly-owned subsidiaries (the “Company” or “Aldeyra”), a Delaware corporation, is a clinical-stage biotechnology company developing innovative therapies designed to treat immune-mediated diseases. The Company’s principal activities to date include business planning, research and development activities, and raising capital.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	2. BASIS OF PRESENTATION The accompanying interim condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 17, 2022 (2021 Form 10-K). The financial information as of June 30, 2022, and the three and six months ended June 30, 2022 and 2021, respectively, is unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for the fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented, have been included. The balance sheet data as of December 31, 2021 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Based on its current operating plan, the Company believes that its cash, cash equivalents, and marketable securities as of June 30, 2022, will be sufficient to fund currently projected operating expenses through the end of 2023, including the planned new drug application (NDA) submissions and initial commercialization for reproxalap and ADX-2191, if approved; and continued early and late-stage development of the Company’s product candidates in ocular and systemic immune-mediated diseases. As a result of the COVID-19 pandemic, clinical site availability, staffing, and patient recruitment have been negatively affected and the timelines to complete the Company’s clinical trials may be delayed. The Company’s assessment of its liquidity and capital resources includes an estimate of the financial impacts of these changes. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commercialize product candidates; or conduct any substantial, additional development requirements requested by the Food and Drug Administration (FDA). Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional funding, it will be required to significantly decrease the amount of planned expenditures and may be required to cease operations. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, clinical trial accruals, deferred and accrued research and development costs, stock-based compensation, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Summary of Significant Accounting Policies There were no changes to significant accounting policies during the six months ended June 30, 2022, as compared to the those identified in the 2021 Form 10-K. 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): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of ASU 2016-13 but does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Helio Vision Acquisition

Helio Vision Acquisition	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Helio Vision Acquisition	3. Helio Vision Acquisition On January 28, 2019 (Closing Date), the Company acquired Helio Vision, Inc. (Helio). As a result of the acquisition, the Company initially issued an aggregate of 1,160,444 shares of common stock to the former securityholders and an advisor of Helio. The founders of Helio were issued 568,627 shares and non-founders were issued 591,817 shares. The Helio founders’ shares were subject to vesting based on continued service to the Company through January 28, 2022. The Company recognized the expense associated with the founders’ restricted shares as research and development compensation expense on a straight-line basis as the shares vested over the three-year period. For the six months ended June 30, 2022 and 2021, the Company recorded $ 0.1 million and $ 0.6 million of research and development compensation expense, respectively, for the founders’ restricted shares. In January 2021, pursuant to the terms of the acquisition agreement, the Company issued 246,562 shares of its common stock to the former securityholders of Helio (January Shares). In addition, the Company, subject to the conditions of the acquisition agreement, is contingently obligated to make additional payments to the former securityholders of Helio as follows: (a) $ 10.0 million of common stock following approval by the FDA of a new drug application for the prevention and/or treatment of proliferative vitreoretinopathy or a substantially similar label prior to the 10th anniversary of the Closing Date; and (b) $ 2.5 million of common stock following FDA approval of a new drug application for an indication (other than proliferative vitreoretinopathy or a substantially similar label) prior to the 12th anniversary of the Closing Date (the shares of common stock issuable pursuant to the preceding clauses (a) and (b) are referred to herein as the Milestone Shares), provided that in no event shall the Company be obligated to issue more than an aggregate of 5,248,885 shares of common stock in connection with the Helio acquisition. Additionally, in the event of certain change of control or divestitures by the Company, certain former convertible noteholders of Helio will be entitled to a tax gross-up payment in an amount not to exceed $ 1.0 million in the aggregate. The Company determined that liability accounting is not required for the Milestone Shares under FASB ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480). The Company also determined that the Milestone Shares meet the scope exception as a derivative under FASB ASC Topic 815, Derivatives and Hedging (ASC 815), from inception of the Milestone Shares through June 30, 2022 . Accordingly, the Milestone Shares are evaluated under FASB ASC Topic 450, Contingencies (ASC 450) and the Company will record a liability related to the Milestone Shares if the milestones are achieved, and the obligation to issue the Milestone Shares becomes probable. At such time, the Company will record the cost of the Milestone Shares issued to the Helio founders as a compensation expense and to the Helio non-founders as an in-process research and development (IPR&D) expense if there is no alternative future use. At December 31, 2020, the issuance of the January Shares was considered probable and $ 2.5 million was accrued as contingent consideration payable in stock and the Company recorded $ 1.8 million to IPR&D (Milestone IPR&D), which included a $ 0.5 million income tax benefit, and $ 1.2 million of compensation expense related to the January Shares, which amounted to 246,562 shares and were issued during the quarter ended March 31, 2021. No other milestones related to the remaining Milestone Shares are probable of being achieved as of June 30, 2022 .

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	4. NET LOSS PER SHARE For the three and six months ended June 30, 2022 and 2021, diluted weighted average common shares outstanding is equal to basic weighted average common shares due to the Company’s net loss position. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three and Six Months Ended June 30, 2022 2021 Options to purchase common stock 5,864,338 4,490,867 Nonvested restricted stock units 536,860 501,254 Nonvested Helio founder shares (1) — 82,458 Total of common stock equivalents 6,401,198 5,074,579 (1) Represents 82,458 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at June 30, 2021 , and were not included in stockholders’ equity at such date.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	5. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES At June 30, 2022, cash, cash equivalents, and marketable securities were comprised of: Carrying Unrecognized Estimated Cash and Cash Current Cash $ 33,372,798 $ — $ 33,372,798 $ 33,372,798 $ — Money market funds 8,639,217 — 8,639,217 8,639,217 — Reverse repurchase agreements 79,000,000 — 79,000,000 79,000,000 — Total cash and cash equivalents $ 121,012,015 $ — $ 121,012,015 $ 121,012,015 — U.S. government agency securities 75,962,803 ( 285,763 ) 75,677,040 — 75,677,040 Available for sale (1) 75,962,803 ( 285,763 ) 75,677,040 — 75,677,040 Total cash, cash equivalents, and current marketable securities $ 121,012,015 $ 75,677,040 At December 31, 2021, cash, cash equivalents, and marketable securities were comprised of: Carrying Unrecognized Estimated Cash and Cash Current Cash $ 100,364,523 $ — $ 100,364,523 $ 100,364,523 $ — Money market funds 4,426,466 — 4,426,466 4,426,466 — Reverse repurchase agreements 125,000,000 — 125,000,000 125,000,000 — Total cash and cash equivalents $ 229,790,989 $ — $ 229,790,989 $ 229,790,989 — Available for sale (1) — — — — — Total cash, cash equivalents, and current marketable securities $ 229,790,989 $ — There were no marketable securities held at December 31, 2021. (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. The contractual maturities of all available for sale securities were less than one year at June 30, 2022 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements , establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1 – Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There were no liabilities measured at fair value at June 30, 2022 or December 31, 2021. Money market funds included in cash and cash equivalents in the consolidated balance sheets, are recorded at fair value and considered as Level 1 inputs under the fair value hierarchy. Reverse repurchase agreements and U.S. government agency securities are recorded at fair market value and considered as Level 2 inputs under the fair value hierarchy. Financial instruments including cash equivalents, clinical trial prepayments to contract research organizations, and accounts payable are carried in the consolidated financial statements at amounts that approximate their fair value based on the short maturities of those instruments. The carrying amount of the Company’s term loan under the Hercules Credit Facility (as defined in Note 9) approximates market rates currently available to the Company.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	7. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets at June 30, 2022 and December 31, 2021 were: June 30, December 31, 2022 2021 Deferred research and development expenses $ 2,628,351 $ 2,404,145 Prepaid insurance expenses 1,096,426 435,410 Miscellaneous prepaid expenses and other current assets 327,578 122,226 Total prepaid expenses and other current assets $ 4,052,355 $ 2,961,781

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	8. ACCRUED EXPENSES Accrued expenses at June 30, 2022 and December 31, 2021 were: June 30, December 31, 2022 2021 Accrued compensation $ 1,242,723 $ 1,512,885 Accrued research and development 8,695,554 8,415,560 Accrued other expenses 871,878 594,908 Total accrued expenses $ 10,810,155 $ 10,523,353

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Credit Facility	9. CREDIT FACILITY The Company’s long-term debt obligation consists of amounts the Company is obligated to repay under its credit facility with Hercules Capital, Inc. (Hercules). In March 2019, the Company entered into a Loan and Security Agreement (Loan and Security Agreement or Hercules Credit Facility) with Hercules and several banks and other financial institutions or entities, from time-to-time parties thereto (collectively, referred to herein as Lender), providing for a term loan of up to $ 60.0 million, subject to the satisfaction of certain conditions contained therein, that is secured by a lien covering all of the Company’s assets, other than the Company’s intellectual property. The Loan and Security Agreement provided for (i) an initial term loan advance of up to $ 5.0 million at the Company’s option, which expired unutilized on April 15, 2019; (ii) three additional term loan advances of up to $ 15.0 million each, at the Company’s option, available to the Company upon the occurrence of certain pre-specified funding conditions prior to September 30, 2019 (2019 Tranche), March 31, 2020 (2020 Tranche), and March 31, 2021 (2021 Tranche); and (iii) a final additional term loan advance (Fourth Loan Tranche) of up to $ 10.0 million prior to December 31, 2021, at the Company’s option, subject to approval by the Lender’s investment committee. The 2019 Tranche was drawn down in full by the Company in September 2019 and the 2020 Tranche and 2021 Tranche expired unutilized prior to the Company satisfying the funding conditions for such tranche. On April 20, 2021, the Company entered into the First Amendment to the Loan and Security Agreement (First Amendment). The First Amendment, among other things, (i) increased the Fourth Loan Tranche from $ 10.0 million to $ 20.0 million and extended the deadline for drawing down the Fourth Loan Tranche to July 1, 2022; (ii) lowered the variable per annum rate of interest on borrowings under the Loan and Security Agreement from the greater of (a) 9.10 % and (b) the prime rate (as reported in the Wall Street Journal or any successor publication thereto) plus 3.10 % to the greater of (x) the Prime Rate (as defined therein) plus 3.10% or (y) 8.60%; (iii) extended the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement are required from May 1, 2021 to July 1, 2022; and (iv) following the satisfaction of certain conditions, which conditions were satisfied in April 2021, further extended the expiration of the interest-only period and the deadline for drawing down the Fourth Loan Tranche to May 1, 2023 . Repayment of the aggregate outstanding principal balance of the term loan, in monthly installments, commences upon expiration of the interest-only period and continues through October 1, 2023 (Maturity Date). The First Amendment was determined to be a modification in accordance with FASB ASC Topic 470, Debt and did not result in extinguishment. In connection with the Hercules Credit Facility, the Company incurred a commitment charge of $ 25,000 , transaction costs of $ 273,186 , a fee of $ 375,000 upon closing, and will be required to pay a fee of 6.95 % multiplied by the aggregate amount of advances under the Loan and Security Agreement at maturity (End of Term Charge). The fees, transaction costs, and the End of Term Charge are amortized to interest expense from 2019 through the Maturity Date using the effective interest method. The effective interest rate was 10.8 % at June 30, 2022 . At the Company’s option, the Company may elect to prepay all, but not less than all, of the outstanding term loan by paying the entire principal balance and all accrued and unpaid interest thereon plus all fees and other amounts due under the Loan and Security Agreement as of the date of such prepayment, including a prepayment charge equal to 1.5 % of the principal amount being prepaid. Following the effective time of the First Amendment and as of June 30, 2022 an aggregate of $ 35.0 million, subject to the terms and conditions of the Loan and Security Agreement, may be made available to the Company for borrowing, $ 15.0 million of which was funded prior to the date of the First Amendment. Long-term debt consisted of the following: June 30, December 31, 2022 2021 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 807,531 703,269 Unamortized debt issuance costs ( 138,231 ) ( 199,566 ) Less: current portion ( 4,925,765 ) — Total long-term debt $ 10,743,535 $ 15,503,703 Future principal payments, including the End of Term Charge, are as follows for the years ending December 31: 2022 $ — 2023 16,042,500 Total $ 16,042,500 The Loan and Security Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. As of June 30, 2022 , the Company was in compliance with all covenants of the Hercules Credit Facility in all material respects. In addition, subject to the terms of the Loan and Security Agreement, the Company granted the Lender the right to purchase up to an aggregate of $ 2.0 million of the Company’s equity securities, or instruments exercisable for or convertible into equity securities, sold to investors in financings upon the same terms and conditions afforded to such other investors.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders Equity	10. STOCKHOLDERS’ EQUITY In January 2021, the Company sold an aggregate of 7.9 million shares of its common stock at a public offering price of $ 9.50 per share, in an underwritten public offering, for an aggregate gross cash purchase price of $ 74.7 million or net proceeds of $ 70.0 million after deducting underwriters’ discount, commissions, and other offering expenses. In March 2021, the Company entered into an Open Market Sales Agreement SM with Jefferies LLC, as sales agent (2021 Jefferies Sales Agreement). Pursuant to the 2021 Jefferies Sales Agreement, the Company may offer and sell, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $ 100.0 million. The Company has no obligation to sell any shares under the 2021 Jefferies Sales Agreement, and could at any time suspend solicitations and offers under the 2021 Jefferies Sales Agreement. As of June 30, 2022 no sales had been made pursuant to the 2021 Jefferies Sales Agreement. In May and June 2021, the Company sold an aggregate of 10.2 million shares of its common stock at a public offering price of $ 12.50 per share, in an underwritten public offering, for an aggregate gross cash purchase price of $ 127.8 million or net proceeds of $ 119.8 million after deducting underwriters’ discount, commissions, and other offering expenses, which included the partial exercise of the underwriters' option to purchase additional shares.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES No current or deferred tax provision expenses for federal and state income taxes have been recorded as the Company has incurred losses since inception for tax purposes. 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 tax purposes. In assessing the realizability of net deferred taxes in accordance with Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740), the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception, anticipated net losses in the near future, reversals of existing temporary differences, and expiration of various federal and state attributes, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100 % valuation allowance has been applied against net deferred tax assets. Under Section 382 of the Internal Revenue Code of 1986, as amended (Section 382), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (NOLs) and certain other tax assets (tax attributes) to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period (generally three years). Transactions involving the Company’s common stock, within the testing period, even those outside the Company’s control, such as purchases or sales by investors, within the testing period could result in an ownership change. A limitation on the Company’s ability to utilize some or all its NOLs or credits could have a material adverse effect on the Company’s results of operations and cash flows. Prior to December 31, 2021, the Company believes it underwent four ownership changes. However, management believes that its aggregate Section 382 limitation (including the additional limitation for recognized “built-in-gains”) is sufficient so that no current impairment of its pre-ownership change tax attributes is required. Any future ownership changes, including those resulting from the Company’s future financing activities, may cause its existing tax attributes to incur additional limitations. As of June 30, 2022, the Company pays income taxes in the U.S. (Federal and Massachusetts). The Company is open to examination for the tax years ended December 31, 2020, 2019 and 2018. In addition, any loss years remain open to the extent that losses are available for carryover to future years. The Company accounts for uncertain tax positions pursuant to ASC 740-10 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. Accordingly, in the provision for income taxes, the Company recognizes interest accrued related to unrecognized tax benefits and penalties; however, management is currently unaware of any uncertain tax positions. As a result, the Company does not have any liabilities recorded including interest or penalties for uncertain tax positions.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The Company has two equity incentive plans that provide for the granting of stock options, restricted stock, stock appreciation rights, stock units, and performance cash awards to certain employees, members of the board of directors, and consultants of the Company with a generally prescribed contractual term of ten years . As of June 30, 2022, there were 5,050,230 shares of common stock available for grant under the Company’s equity incentive plans. In 2019, 2020, and 2022 the Company granted performance cash awards under its Management Cash Incentive Plan, as amended. The performance cash awards vest in four annual installments from the date of grant and entitle the employees to receive a cash payment, on the earlier of (i) four years from the date of grant or (ii) a change of control, equal in value to the amount by which the then value of the Company’s common stock exceeds the base value. As of June 30, 2022 , $ 0.6 million was accrued as compensation expense for vested performance cash awards. The Company recognizes stock-based compensation expense over the requisite service period. The Company's share-based awards are accounted for as equity instruments. The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, performance cash awards, and Helio founders’ shares are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development expenses $ 640,017 $ 1,180,305 $ 1,485,683 $ 2,373,172 General and administrative expenses 654,318 1,143,256 $ 1,745,230 $ 2,332,046 Total stock-based compensation expense $ 1,294,335 $ 2,323,561 $ 3,230,913 $ 4,705,218 Stock Options The table below summarizes activity relating to stock options under the incentive plans for the six months ended June 30, 2022: Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 4,622,870 $ 6.73 Granted 1,721,297 $ 4.04 Forfeitures ( 479,829 ) $ 6.19 Outstanding at June 30, 2022 5,864,338 $ 5.99 7.06 $ 1,600,420 Exercisable at June 30, 2022 3,661,884 $ 6.18 5.75 $ 1,190,252 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2022 of $ 3.99 and the per share exercise price of the underlying options. As of June 30, 2022, unamortized stock-based compensation for stock options outstanding was $ 8.0 million and is expected to be recognized over a weighted average period of 2.58 years. Total unrecognized compensation cost will be adjusted for future forfeitures, if necessary. Restricted Stock Units The table below summarizes activity relating to restricted stock units (RSUs) for the six months ended June 30, 2022: Number Outstanding at December 31, 2021 501,255 Granted 407,717 Cancelled / Forfeited ( 169,586 ) Vested / Settled ( 202,526 ) Outstanding at June 30, 2022 536,860 The weighted-average grant date fair value of RSUs granted was $ 4.52 per share for the six months ended June 30, 2022. As of June 30, 2022, the outstanding RSUs had unamortized stock-based compensation of $ 2.2 million with a weighted-average remaining recognition period of 2.68 years and an aggregate intrinsic value of $ 2.1 million . Employee Stock Purchase Plan At June 30, 2022, the Company had 1,807,619 shares available for issuance under the 2016 Employee Stock Purchase Plan (2016 ESPP). A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows: Six Months Ended June 30, 2022 2021 Weighted-average grant-date fair value per share $ 1.65 $ 2.49 Total stock-based compensation expense $ 33,342 $ 23,127

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	13. LEASES The Company currently leases an office used to conduct business. The exercise of lease renewal options is at the Company’s discretion and the renewal to extend the lease terms are not included in the Company’s Right-Of-Use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s lease does 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 the lease payments. As of June 30, 2022, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $ 0.2 million based on the present value of the minimum rental payments in accordance with ASC Topic 842, Leases . The weighted average discount rate used for leases as of June 30, 2022 is 9.1 %. The weighted average lease term as of June 30, 2022 is 1.00 years. The operating lease expense for the six months ended June 30, 2022 was $ 126 thousand . Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2022 is as follows: 2022 remaining total lease payments $ 254,815 Less: effect of discounting ( 12,179 ) Present value of lease liabilities $ 242,636 Current operating lease liabilities $ 242,636 Non-current operating lease liabilities $ — Total $ 242,636 The Company’s gross future minimum payments under all non-cancelable operating leases as of June 30, 2022, are: Total 2022 2023 2024 2025 Operating lease obligations $ 254,815 $ 126,239 $ 128,576 $ — $ —

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2022
Legal Proceedings [Abstract]
Legal Proceedings	14. LEGAL PROCEEDINGS In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. COMMITMENTS AND CONTINGENCIES There have been no material changes to the Company’s commitments and contingencies from the information provided in Note 13, Commitments and Contingencies , of the Notes to the Consolidated Financial Statements, included in the Company’s 2021 Form 10-K.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, clinical trial accruals, deferred and accrued research and development costs, stock-based compensation, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There were no changes to significant accounting policies during the six months ended June 30, 2022, as compared to the those identified in the 2021 Form 10-K.
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): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. The accounting guidance currently in effect is based on an incurred loss model. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. The amendments under ASU 2016-13 are effective for interim and annual fiscal periods beginning after December 15, 2022. The Company is continuing to evaluate the impact of ASU 2016-13 but does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Computation of Diluted Weighted-Average Shares Outstanding	The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three and Six Months Ended June 30, 2022 2021 Options to purchase common stock 5,864,338 4,490,867 Nonvested restricted stock units 536,860 501,254 Nonvested Helio founder shares (1) — 82,458 Total of common stock equivalents 6,401,198 5,074,579

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash, and Cash Equivalents	At June 30, 2022, cash, cash equivalents, and marketable securities were comprised of: Carrying Unrecognized Estimated Cash and Cash Current Cash $ 33,372,798 $ — $ 33,372,798 $ 33,372,798 $ — Money market funds 8,639,217 — 8,639,217 8,639,217 — Reverse repurchase agreements 79,000,000 — 79,000,000 79,000,000 — Total cash and cash equivalents $ 121,012,015 $ — $ 121,012,015 $ 121,012,015 — U.S. government agency securities 75,962,803 ( 285,763 ) 75,677,040 — 75,677,040 Available for sale (1) 75,962,803 ( 285,763 ) 75,677,040 — 75,677,040 Total cash, cash equivalents, and current marketable securities $ 121,012,015 $ 75,677,040 At December 31, 2021, cash, cash equivalents, and marketable securities were comprised of: Carrying Unrecognized Estimated Cash and Cash Current Cash $ 100,364,523 $ — $ 100,364,523 $ 100,364,523 $ — Money market funds 4,426,466 — 4,426,466 4,426,466 — Reverse repurchase agreements 125,000,000 — 125,000,000 125,000,000 — Total cash and cash equivalents $ 229,790,989 $ — $ 229,790,989 $ 229,790,989 — Available for sale (1) — — — — — Total cash, cash equivalents, and current marketable securities $ 229,790,989 $ — There were no marketable securities held at December 31, 2021. (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets at June 30, 2022 and December 31, 2021 were: June 30, December 31, 2022 2021 Deferred research and development expenses $ 2,628,351 $ 2,404,145 Prepaid insurance expenses 1,096,426 435,410 Miscellaneous prepaid expenses and other current assets 327,578 122,226 Total prepaid expenses and other current assets $ 4,052,355 $ 2,961,781

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses at June 30, 2022 and December 31, 2021 were: June 30, December 31, 2022 2021 Accrued compensation $ 1,242,723 $ 1,512,885 Accrued research and development 8,695,554 8,415,560 Accrued other expenses 871,878 594,908 Total accrued expenses $ 10,810,155 $ 10,523,353

Credit Facility (Tables)

Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: June 30, December 31, 2022 2021 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 807,531 703,269 Unamortized debt issuance costs ( 138,231 ) ( 199,566 ) Less: current portion ( 4,925,765 ) — Total long-term debt $ 10,743,535 $ 15,503,703
Schedule of Principal Payments Including End of Term Charges	Future principal payments, including the End of Term Charge, are as follows for the years ending December 31: 2022 $ — 2023 16,042,500 Total $ 16,042,500

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, performance cash awards, and Helio founders’ shares are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development expenses $ 640,017 $ 1,180,305 $ 1,485,683 $ 2,373,172 General and administrative expenses 654,318 1,143,256 $ 1,745,230 $ 2,332,046 Total stock-based compensation expense $ 1,294,335 $ 2,323,561 $ 3,230,913 $ 4,705,218
Summary of Activity Relating to Stock Options	The table below summarizes activity relating to stock options under the incentive plans for the six months ended June 30, 2022: Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 4,622,870 $ 6.73 Granted 1,721,297 $ 4.04 Forfeitures ( 479,829 ) $ 6.19 Outstanding at June 30, 2022 5,864,338 $ 5.99 7.06 $ 1,600,420 Exercisable at June 30, 2022 3,661,884 $ 6.18 5.75 $ 1,190,252
Summary of Activity Relating to Restricted Stock Units	The table below summarizes activity relating to restricted stock units (RSUs) for the six months ended June 30, 2022: Number Outstanding at December 31, 2021 501,255 Granted 407,717 Cancelled / Forfeited ( 169,586 ) Vested / Settled ( 202,526 ) Outstanding at June 30, 2022 536,860
Summary of Employee Stock Purchase Plan Activity	A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows: Six Months Ended June 30, 2022 2021 Weighted-average grant-date fair value per share $ 1.65 $ 2.49 Total stock-based compensation expense $ 33,342 $ 23,127

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities	Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2022 is as follows: 2022 remaining total lease payments $ 254,815 Less: effect of discounting ( 12,179 ) Present value of lease liabilities $ 242,636 Current operating lease liabilities $ 242,636 Non-current operating lease liabilities $ — Total $ 242,636 The Company’s gross future minimum payments under all non-cancelable operating leases as of June 30, 2022, are: Total 2022 2023 2024 2025 Operating lease obligations $ 254,815 $ 126,239 $ 128,576 $ — $ —

Helio Vision Acquisition - Addi

Helio Vision Acquisition - Additional Information (Detail) - USD ($)		1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Jan. 28, 2019	Jan. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Allocated Share Based Compensation Expense			$ 1,294,335	$ 2,323,561		$ 3,230,913	$ 4,705,218
Research and Development Expenses [Member]
Business Acquisition [Line Items]
Allocated Share Based Compensation Expense			$ 640,017	$ 1,180,305		1,485,683	2,373,172
Helio Vision Inc [Member]
Business Acquisition [Line Items]
Business combination, stock issued	1,160,444	246,562
Contingent consideration payable in stock								$ 2,500,000
Income tax benefit								500,000
Helio Vision Inc [Member] | Common Stock after FDA Approval prior to 10th Anniversary [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration liability	$ 10,000,000
Helio Vision Inc [Member] | Common Stock after FDA Approval Prior to 12th Anniversary [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration liability	$ 2,500,000
Helio Vision Inc [Member] | Common Stock after FDA Approval Prior to 12th Anniversary [Member] | Maximum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration stock to be issued	5,248,885
Helio Vision Inc [Member] | Tax Gross-up Payment in Event of Change of Control or Divesture [Member] | Maximum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration liability	$ 1,000,000
Helio Vision Inc [Member] | Founders [Member]
Business Acquisition [Line Items]
Business combination, stock issued	568,627
Helio Vision Inc [Member] | Founders [Member] | Restricted Stock [Member]
Business Acquisition [Line Items]
Share-based compensation award, vesting period	3 years
Helio Vision Inc [Member] | Founders [Member] | Research and Development Expenses [Member] | Restricted Stock [Member]
Business Acquisition [Line Items]
Allocated Share Based Compensation Expense						$ 100,000	$ 600,000
Helio Vision Inc [Member] | Non Founders [Member]
Business Acquisition [Line Items]
Business combination, stock issued	591,817
Helio Vision Inc [Member] | Milestone [Member]
Business Acquisition [Line Items]
Business combination, stock issued					246,562
Helio Vision Inc [Member] | Milestone [Member] | Research and Development Expenses [Member] | Restricted Stock [Member]
Business Acquisition [Line Items]
Allocated Share Based Compensation Expense								1,200,000
Expense related to the Milestone IPR&D								$ 1,800,000

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents		6,401,198	5,074,579	6,401,198	5,074,579
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents		5,864,338	4,490,867	5,864,338	4,490,867
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents		536,860	501,254	536,860	501,254
Nonvested Founder Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	[1]	0	82,458	0	82,458
[1] Represents 82,458 shares of common stock that are issued and outstanding but that were subject to vesting based on service requirements at June 30, 2021 , and were not included in stockholders’ equity at such date.

Net Loss Per Share - Computat_2

Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Parenthetical) (Detail)	Jun. 30, 2021 shares
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common stock shares issued and outstanding subject of vesting shares based on service requirements	82,458

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, and Cash Equivalents (Detail) - USD ($)		6 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Cash Cash Equivalents And Marketable Securities [Line Items]
Cash		$ 33,372,798	$ 100,364,523
Money market funds		8,639,217	4,426,466
Reverse repurchase agreements		79,000,000	125,000,000
Total Cash and cash equivalents		121,012,015	229,790,989
Cash and Cash Equivalents		75,677,040	0
Cash and Cash Equivalents, at Carrying Value		121,012,015	229,790,989
Current Marketable Securities		75,677,040
Available for sale carrying Amount	[1]	75,962,803
Available for sale unrecognized loss	[1]	(285,763)
Available for sale fair value disclosure	[1]	75,677,040
U.S. government agency securities [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Current Marketable Securities		75,677,040
Available for sale carrying Amount		75,962,803
Available for sale unrecognized loss		(285,763)
Available for sale fair value disclosure		75,677,040
Available for sale [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Current Marketable Securities	[1]	75,677,040
Cash [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value		33,372,798	100,364,523
Cash and Cash Equivalents		33,372,798	100,364,523
Money Market Funds [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value		8,639,217	4,426,466
Cash and Cash Equivalents		8,639,217	4,426,466
Reverse Repurchase Agreements [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value		79,000,000	125,000,000
Cash and Cash Equivalents		79,000,000	125,000,000
Total Cash and cash equivalents [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value		121,012,015	229,790,989
Cash and Cash Equivalents		$ 121,012,015	$ 229,790,989
[1] Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income.

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail)	Dec. 31, 2021 USD ($)
Cash and Cash Equivalents [Abstract]
Marketable Securities	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on a recurring basis	$ 0	$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Deferred research and development expenses	$ 2,628,351	$ 2,404,145
Prepaid insurance expenses	1,096,426	435,410
Miscellaneous prepaid expenses and other current assets	327,578	122,226
Total prepaid expenses and other current assets	$ 4,052,355	$ 2,961,781

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 1,242,723	$ 1,512,885
Accrued research and development	8,695,554	8,415,560
Accrued other expenses	871,878	594,908
Accrued expenses	$ 10,810,155	$ 10,523,353

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($)		6 Months Ended
	Apr. 20, 2021	Jun. 30, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Proceeds from Long-term lines of credit			$ 16,042,500
Hercules Credit Facility [Member]
Line Of Credit Facility [Line Items]
Credit facility amount	$ 35,000,000	$ 60,000,000
Debt instrument annual interest rate		9.10%
Interest payment period		May 01, 2021
Interest payment extension period		May 01, 2023
Commitment charge		$ 25,000
Transaction costs		273,186
Credit facility fee		$ 375,000
Credit facility commitment fee percentage		6.95%
Credit facility, interest rate		10.80%
Credit facility prepayment fee percentage		1.50%
Loan funded prior to the date of amendment		$ 15,000,000
Hercules Credit Facility [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Loan agreement right to purchase aggregate amount of equity securities		$ 2,000,000
Hercules Credit Facility [Member] | Prime Rate [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable annual interest rate		3.10%
Hercules Credit Facility [Member] | Term Loan Advance One [Member]
Line Of Credit Facility [Line Items]
Credit facility amount		$ 5,000,000
Hercules Credit Facility [Member] | Term Loan Advance Four [Member]
Line Of Credit Facility [Line Items]
Proceeds from Long-term lines of credit		15,000,000
Hercules Credit Facility [Member] | Term Loan Advance Five [Member]
Line Of Credit Facility [Line Items]
Proceeds from Long-term lines of credit	10,000,000	$ 10,000,000
Debt instrument, increase amount	$ 20,000,000

Credit Facility - Schedule of L

Credit Facility - Schedule of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Abstract]
Term loan payable	$ 15,000,000	$ 15,000,000
End of term charge	807,531	703,269
Unamortized debt issuance costs	(138,231)	(199,566)
Less: current portion	(4,925,765)	0
Total long-term debt	$ 10,743,535	$ 15,503,703

Credit Facility - Schedule of P

Credit Facility - Schedule of Principal Payments Incuding End of Term Charges (Detail)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Abstract]
2022	$ 0
2023	16,042,500
Total	$ 16,042,500

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended			2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2021
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and other offering costs						$ 0	$ 189,811,611
Issuance of common stock, net of issuance costs					$ 119,762,161		189,811,611
Proceeds from issuance of common stock, net of issuance costs						$ 0	$ 189,811,611
Common Stock [Member]
Class Of Stock [Line Items]
Issuance of common stock, net of issuance costs, Shares					10,223,526		18,091,947
Issuance of common stock, net of issuance costs					$ 10,224		$ 18,092
Issuance of common stock, net of issuance costs, Shares					10,223,526		18,091,947
Jefferies Sales Agreement [Member]
Class Of Stock [Line Items]
Issuance of common stock, net of issuance costs, Shares		0
Issuance of common stock, net of issuance costs, Shares		0
Jefferies Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and other offering costs		$ 100,000,000
Proceeds from issuance of common stock, net of issuance costs		$ 100,000,000
Underwritten Public Offering [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and other offering costs			$ 70,000,000	$ 119,800,000
Proceeds from issuance of common stock, net of issuance costs			$ 70,000,000	$ 119,800,000
Underwritten Public Offering [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Issuance of common stock, net of issuance costs, Shares			7,900,000	10,200,000
Shares issued, price per share	$ 12.50		$ 9.50	$ 12.50	$ 12.50		$ 12.50	$ 12.50
Issuance of common stock, net of issuance costs	$ 127,800,000		$ 74,700,000
Issuance of common stock, net of issuance costs, Shares			7,900,000	10,200,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
Income Tax [Line Items]
Deferred tax assets valuation allowance	100%
Maximum [Member]
Income Tax [Line Items]
Statutory tax rate	50%
State and Federal [Member]
Income Tax [Line Items]
Income tax benefit	$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) NumberOfPlan $ / shares shares	Jun. 30, 2021 $ / shares	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted period			4 years	4 years	4 years
Share based compensation expense	$ 0.6
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation	$ 8
Weighted average recognition period	2 years 6 months 29 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation	$ 2.2
Granted | shares	407,717
Weighted-average grant-date fair value per share | $ / shares	$ 4.52
Weighted average remaining recognition period	2 years 8 months 4 days
Aggregate intrinsic value of options outstanding	$ 2.1
Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | NumberOfPlan	2
Equity incentive plans, contractual term	ten years
Common stock available for issuance | shares	5,050,230
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance | shares	1,807,619
Weighted-average grant-date fair value per share | $ / shares	$ 1.65	$ 2.49

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share Based Compensation Expense	$ 1,294,335	$ 2,323,561	$ 3,230,913	$ 4,705,218
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share Based Compensation Expense	640,017	1,180,305	1,485,683	2,373,172
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share Based Compensation Expense	$ 654,318	$ 1,143,256	$ 1,745,230	$ 2,332,046

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	4,622,870
Number of Shares, Granted | shares	1,721,297
Number of Shares, Forfeitures | shares	(479,829)
Number of Shares Outstanding, Ending Balance | shares	5,864,338
Number of Shares Exercisable, Ending Balance | shares	3,661,884
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 6.73
Weighted Average Exercise Price, Granted | $ / shares	4.04
Weighted Average Exercise Price, Forfeitures | $ / shares	6.19
Weighted Average Exercise Price, Ending Balance | $ / shares	5.99
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares	$ 6.18
Weighted Average Contractual Term, Outstanding	7 years 21 days
Weighted Average Contractual Term, Exercisable	5 years 9 months
Aggregate Intrinsic Value, Outstanding | $	$ 1,600,420	[1]
Aggregate Intrinsic Value, Exercisable | $	$ 1,190,252	[1]
[1] The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2022 of $ 3.99 and the per share exercise price of the underlying options.

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	Jun. 30, 2022 $ / shares
Share-Based Payment Arrangement [Abstract]
Closing market value of common stock	$ 3.99

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance	501,255
Granted	407,717
Cancelled	(169,586)
Vested	(202,526)
Number of Shares Outstanding, Ending Balance	536,860

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Employee Stock Purchase Plan Activity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share Based Compensation Expense	$ 1,294,335	$ 2,323,561	$ 3,230,913	$ 4,705,218
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share			$ 1.65	$ 2.49
Allocated Share Based Compensation Expense			$ 33,342	$ 23,127

Leases - Additional Information

Leases - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($)
Leases [Abstract]
Operating lease liability	$ 242,636
Operating leases, weighted average remaining lease term (years)	1 year
Operating leases, weighted average discount rate	9.10%
Operating lease, expense	$ 126,000

Leases - Schedule of Maturities

Leases - Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022 remaining total lease payments	$ 254,815
Less: effect of discounting	(12,179)
Present value of lease liabilities	242,636
Current operating lease liabilities	242,636	$ 229,607
Non-current operating lease liabilities	0	$ 125,232
Present value of lease liabilities	$ 242,636

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail)	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022 remaining total lease payments	$ 254,815
Operating lease obligations, 2022	126,239
Operating lease obligations, 2023	128,576
Operating lease obligations, 2024	0
2025	$ 0