Aldeyra Therapeutics (ALDX) 10-K 7 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Small Business	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,895,768
Entity Public Float			$ 483,311,890
Entity Tax Identification Number	20-1968197
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Specified portions of the registrant’s proxy statement with respect to the registrant’s 2024 Annual Meeting of Stockholders, which is to be filed pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year ended December 31, 2023 , are incorporated by reference into Part III of this Annual Report on Form 10-K
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
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.001 par value per share
Entity File Number	001-36332
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	Boston, Massachusetts
Document Financial Statement Error Correction [Flag]	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 142,823,016	$ 144,419,364
Marketable securities	0	29,881,520
Prepaid expenses and other current assets	4,987,317	6,722,229
Total current assets	147,810,333	181,023,113
Fixed assets, net	5,764	19,279
Right-of-use assets	510,814	249,265
Total assets	148,326,911	181,291,657
Current liabilities:
Accounts payable	1,338,057	133,625
Accrued expenses	5,536,464	14,065,885
Current portion of long-term debt	15,146,546	911,763
Operating lease liabilities	239,183	249,265
Total current liabilities	22,260,250	15,360,538
Deferred collaboration revenue, long-term	6,000,000	0
Operating lease liabilities, long-term	271,631	0
Long-term debt, net of current portion	0	14,923,090
Total liabilities	28,531,881	30,283,628
Commitments and contingencies (Notes 3 & 13)
Stockholders' equity:
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued and outstanding	0	0
Common stock, voting, $0.001 par value; 150,000,000 authorized and 59,195,951 and 58,560,078 shares issued and outstanding, respectively	59,196	58,560
Additional paid-in capital	513,994,982	507,770,045
Accumulated other comprehensive income	0	(103,938)
Accumulated deficit	(394,259,148)	(356,716,638)
Total stockholders’ equity	119,795,030	151,008,029
Total liabilities and stockholders’ equity	$ 148,326,911	$ 181,291,657

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	59,195,951	58,560,078
Common stock, shares outstanding	59,195,951	58,560,078

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 29,458,719	$ 47,306,066
General and administrative	13,335,364	15,373,921
Loss from operations	(42,794,083)	(62,679,987)
Other income (expense):
Interest income	7,323,008	2,349,449
Interest expense	(2,071,435)	(1,694,098)
Total other income, net	5,251,573	655,351
Net loss	$ (37,542,510)	$ (62,024,636)
Net loss per share - basic	$ (0.64)	$ (1.06)
Net loss per share - diluted	$ (0.64)	$ (1.06)
Weighted average common shares outstanding - basic	58,943,205	58,405,897
Weighted average common shares outstanding - diluted	58,943,205	58,405,897

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (37,542,510)	$ (62,024,636)
Other comprehensive income (loss):
Reclassification of losses to net loss	103,938	(103,938)
Unrealized (loss) on marketable securities		(103,938)
Total other comprehensive income (loss)	103,938	(103,938)
Comprehensive loss	$ (37,438,572)	$ (62,128,574)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Voting Stock [Member]	Common Voting 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, 2021	$ 205,735,523	$ 58,081		$ 500,369,444			$ (294,692,002)
Beginning Balance, Shares at Dec. 31, 2021		58,081,215
Stock-based compensation	6,180,988			6,180,988
Release of restrictions on Helio founders' shares			$ 11		$ (11)
Release of restrictions on Helio founders' shares, Shares			10,890
Issuance of common stock, exercise of stock options	1,123,427	$ 237		1,123,190
Issuance of common stock, exercise of stock options, Shares		236,962
Issuance of common stock, employee stock purchase plan	96,665	$ 29		96,636
Issuance of common stock, employee stock purchase plan, Shares		28,485
Issuance of common stock, vested restricted stock awards		$ 202		(202)
Issuance of common stock, vested restricted stock awards, shares		202,526
Other comprehensive income (loss)	(103,938)					$ (103,938)
Net loss	(62,024,636)						(62,024,636)
Ending Balance at Dec. 31, 2022	151,008,029	$ 58,560		507,770,045		(103,938)	(356,716,638)
Ending Balance, Shares at Dec. 31, 2022		58,560,078
Stock-based compensation	6,453,293			6,453,293
Issuance of common stock, exercise of stock options	$ 194,129	$ 307		193,822
Issuance of common stock, exercise of stock options, Shares	306,328	306,328
Issuance of common stock, employee stock purchase plan	$ 111,102	$ 26		111,076
Issuance of common stock, employee stock purchase plan, Shares		26,168
Issuance of common stock, vested restricted stock awards		$ 377		(377)
Issuance of common stock, vested restricted stock awards, shares		377,184
Common stock withheld for tax obligations on option exercise		(73,807)
Common stock withheld for tax obligations on option exercise	(532,951)	$ (74)		(532,877)
Other comprehensive income (loss)	103,938					103,938
Net loss	(37,542,510)						(37,542,510)
Ending Balance at Dec. 31, 2023	$ 119,795,030	$ 59,196		$ 513,994,982		$ 0	$ (394,259,148)
Ending Balance, Shares at Dec. 31, 2023		59,195,951

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (37,542,510)	$ (62,024,636)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	5,752,771	8,288,976
Non-cash interest expense	354,193	331,150
Net amortization of premium on marketable securities	(14,542)	(47,245)
Depreciation and amortization expense	262,780	258,707
Change in operating assets and liabilities:
Prepaid expenses and other current assets	1,734,912	(3,760,448)
Accounts payable	1,204,432	(886,077)
Accrued expenses and other liabilities	(8,078,164)	1,202,386
Deferred collaboration revenue	6,000,000	0
Net cash used in operating activities	(30,326,128)	(56,637,187)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of fixed assets	0	(16,317)
Purchases of marketable securities	0	(92,938,213)
Maturities of marketable securities	30,000,000	63,000,000
Net cash provided by (used in) investing activities	30,000,000	(29,954,530)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	194,129	1,123,427
Tax withholding payments for net share-settled equity awards	(532,951)	0
Proceeds from employee stock purchase plan	111,102	96,665
Debt end of term charge paid in cash	(1,042,500)	0
Net cash (used in) provided by financing activities	(1,270,220)	1,220,092
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,596,348)	(85,371,625)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	144,419,364	229,790,989
CASH AND CASH EQUIVALENTS, END OF PERIOD	142,823,016	144,419,364
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$ 1,702,188	$ 1,338,542

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (37,542,510)	$ (62,024,636)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. NATURE OF BUSINESS Aldeyra Therapeutics, Inc. (Aldeyra, Company, we, us and our) was incorporated in the state of Delaware on August 13, 2004 as Neuron Systems, Inc. On December 20, 2012, the Company changed its name to Aldexa Therapeutics, Inc. and, on March 17, 2014, the Company changed its name to Aldeyra Therapeutics, Inc. Aldeyra, together with its wholly-owned subsidiaries, is a clinical-stage biotechnology company devoted to discovering innovative therapies designed to treat immune-mediated diseases. The Company’s principal activities to date include research and development activities along with related general business planning, including raising capital.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation – The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Risks and Uncertainties –The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (FDA) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. Based on its current operating plan, the Company believes that its cash and cash equivalents will be sufficient to fund the Company’s currently projected operating expenses and debt obligations for at least the next 12 months from the date the financial statements are issued. The Company’s assessment of its liquidity and capital resources includes an estimate of the financial impacts of these changes. The Company has based its projections of operating capital requirements on its current operating plan, which includes several assumptions that may prove to be incorrect, and the Company may use all of its available capital resources sooner than the Company expects. 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; commence or continue ongoing commercialization activities, including manufacturing, sales, marketing and distribution, for any of its product candidates for which the Company may receive marketing approval; or conduct any substantial, additional development requirements requested by the 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 could be forced to delay, reduce or eliminate its research and development programs and its reproxalap commercialization efforts. 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 consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions, including fair value estimates for investments, that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s 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. Loss Contingencies – The outcome of loss contingencies, legal proceedings, indemnification matters, and claims brought against us is subject to uncertainty. An estimated loss contingency is accrued by a charge to earnings if it is probable that an asset has been impaired or a liability has been incurred and the amount can be reasonably estimated. Determination of whether to accrue a loss requires evaluation of the probability of an unfavorable outcome and the ability to make a reasonable estimate. Changes in these estimates could affect the timing and amount of accrual of loss contingencies and could be material to the financial statements. Segment Information – Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of next-generation medicines to improve the lives of patients with immune-mediated diseases. Cash and Cash Equivalents – The Company classifies all highly liquid investments with original maturities of three months or less as cash equivalents and all highly liquid investments with original maturities of greater than three months but less than 12 months as current marketable securities. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company invests its cash primarily in reverse repurchase agreements (RRAs), government securities and obligations, and money market funds. RRAs are collateralized by deposits in the form of ‘Government Securities and Obligations’ for an amount not less than 102 % of their value. The Company does not record an asset or liability related to the collateral as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least an A (or equivalent) credit rating. The Company utilizes a third-party custodian to manage the exchange of funds as well as the requirement that collateral received is maintained at 102% of the value of the RRAs on a daily basis. Marketable Securities – Marketable securities consist of government securities and obligations with original maturities of more than 90 days . Debt investments are classified as available-for-sale and are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of other comprehensive income/(loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. Fair Value of Financial Instruments – Financial instruments including cash equivalents and accounts payable are carried in the financial statements at amounts that approximate their fair value based on the short maturities of those instruments. Marketable securities are carried at fair value and are more fully described in Note 6. The carrying amount of the Company’s credit facility with Hercules Capital, Inc. approximates fair value since the effective interest rate approximates market rates currently available to the Company. Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk principally consist of cash, cash equivalents and marketable securities, if any. The Company places its cash and cash equivalents and marketable securities with financial institutions which management believes have high credit ratings and may hold some amounts exceed federally insured limits. As part of its cash and investment management processes, the Company performs periodic evaluations of the credit standing of the financial institutions with whom it maintains deposits. Intellectual Property – The legal and professional costs incurred by the Company to acquire its patent rights are expensed as incurred and included in general and administrative expenses. At December 31, 2023 and 2022, the Company has determined that these expenses have not met the criteria to be capitalized since the future benefits to be derived from the patents is uncertain. Intellectual property related expenses for the years ended December 31, 2023 and 2022 were $ 1.2 million and $ 1.0 million, respectively. Collaborative Arrangements – The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC 808, Collaborative Arrangements (ASC 808) . This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain units of account, the Company first determines which units of account of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606) , if any, and which units of may be subject to other specific recognition guidance, if any. For units of account of collaboration arrangements that are accounted for pursuant to ASC 808, and not subject to other specific recognition guidance, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For collaboration arrangements that are within the scope of ASC 808, the Company evaluates the income statement classification for presentation of amounts due from or owed to other participants associated with multiple activities in a collaboration arrangement based on the nature of each separate activity. Payments or reimbursements that are the result of a collaborative relationship instead of a customer relationship, such as co-development and co-commercialization activities, are recorded as research and development expense or selling, general and administrative expense, in the event of a payment to the collaborative partner in a period, or a reduction to these expense line items in the event of a reimbursement from the collaboration partner in a period, as appropriate. Income Taxes – The Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740) , in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax liabilities and assets for expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740 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. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Management is not aware of any uncertain tax positions. Research and Development Costs – Research and development (R&D) costs are charged to expense as incurred and relate to salaries, employee benefits, stock-based compensation related to employees, consulting services, other operating costs and expenses associated with preclinical and clinical trial activities. Payments made by the Company in advance for research and development services not yet provided and/or for materials not yet received are recorded as prepaid expenses. Accrued liabilities are recorded related to those expenses for which vendors have not yet billed us with respect to services provided and/or materials that we have received. Preclinical and clinical trial expenses relate to third-party services, subject-related fees at the sites where the Company’s clinical trials are being conducted, laboratory costs, analysis costs, toxicology studies and investigator fees. Costs associated with these expenses are generally payable on the passage of time or when certain milestones are achieved. Expense is recorded during the period incurred or in the period in which a milestone is achieved. In order to ensure that the Company has adequately provided for preclinical and clinical expenses during the proper period, the Company maintains an accrual for these expenses. These accruals are assessed on a quarterly basis and are based on such assumptions as expected total cost, the number of subjects and clinical trial sites and length of the study. Actual results may differ from these estimates and could have a material impact on the Company’s reported results. The Company’s historical accrual estimates have not been materially different from actual costs. In-process research and development – Assets purchased in an asset acquisition transaction are expensed as in-process research and development (IPR&D) unless the assets acquired are deemed to have an alternative future use, provided that the acquired asset did not also include processes or activities that would constitute a “business” as defined under GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Acquired IPR&D payments are immediately expensed in the period in which they are incurred and include upfront payments, as well as transaction fees and subsequent pre-commercial milestone payments. Research and development costs incurred after the acquisition are expensed as incurred. Stock-Based Compensation – Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation – Stock Compensation . For options, the fair value of stock-based payments is estimated, on the date of grant, using the Black-Scholes option pricing model. For restricted stock units, fair value is based on the fair value of the underlying stock on the date of grant. The resulting fair value for restricted stock units and options expected to vest is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the applicable restricted stock units or option. The Company records the effect of forfeitures and cancellations when they occur. For performance-based awards, at each reporting period we assess the probability that the performance condition(s) will be achieved. We use the accelerated attribution method to expense the awards over the continuous service period based on the probability of achieving the performance conditions. We estimate the continuous service period based on our best estimate of the period over which an award’s vesting condition(s) will be achieved. We review and evaluate these estimates on a quarterly basis. The Company has cash awards and performance cash settled bonus awards, which are awards that will be settled in cash on their vesting dates (Liability Awards), rather than in equity units. The fair value of Liability Awards is updated at each balance sheet date and changes in the fair value of the vested portions of the Liability Awards are recorded as increases or decreases to compensation expense. The Company recognizes forfeitures as they occur. Comprehensive Loss – Comprehensive loss is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources. For December 31, 2023, comprehensive loss is equal to the Company’s net loss of $ 37.5 million and a reclassification of losses on marketable securities to net loss of $ 0.1 million. For December 31, 2022, comprehensive loss is equal to the Company's net loss of $ 62.0 million and an unrealized loss on marketable securities of $ 0.1 million. Net Loss Per Share – The Company computes net loss per share in accordance with the two-class method. Under the two-class method, net loss is allocated between common stock and other participating securities based on their participation rights. The Company has determined that the nonvested shares issued to the Helio founders represents a participating security and as such the nonvested shares are excluded from basic earnings per share. Net losses are not allocated to the nonvested stockholders for computing net loss per share under the two-class method because nonvested stockholders do not have contractual obligations to share in the losses of the Company. Basic earnings per share is calculated by dividing net loss allocable to common stockholders by the weighted average number of common stock outstanding during the period, excluding the effects of any potentially dilutive instruments. Diluted net loss per share is computed using the more dilutive of (a) the two-class method, or (b) treasury stock method, as applicable, to the potentially dilutive instruments. The weighted-average number of common shares outstanding gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and restricted stock units, warrants, if any, and nonvested shares. Recent Accounting Pronouncements – In June 2016, the FASB issued (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 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 adopted this standard as of January 1, 2023, and there was no material impact to the Company's financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating the disclosure requirements related to the new standard. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the disclosure requirements related to the new standard.

Helio vision acquisition

Helio vision acquisition	12 Months Ended
	Dec. 31, 2023
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 year ended December 31, 2022, the Company recorded $ 0.1 million of research and development compensation expense, for the founders’ restricted shares. There are no further obligations related to 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 an new drug application (NDA) 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 an NDA 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 December 31, 2023. 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 founders as compensation expense and to the Helio non-founders as an IPR&D expense if there is no alternative future use. No other milestones related to the remaining Milestone Shares are considered probable of being achieved as of December 31, 2023 .

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	NET LOSS PER SHARE For the years ended December 31, 2023 and 2022, 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: Years ended December 31, 2023 2022 Options to purchase common stock 5,868,816 5,403,982 Nonvested restricted stock units 944,497 1,184,603 Total of common stock equivalents 6,813,313 6,588,585

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash, and Cash Equivalents	5. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES At December 31, 2023, cash and cash equivalents were comprised of: Carrying Estimated Fair Cash and Cash Cash $ 128,510,451 $ 128,510,451 $ 128,510,451 Money market funds 14,312,565 $ 14,312,565 14,312,565 Total cash and cash equivalents $ 142,823,016 $ 142,823,016 $ 142,823,016 There were no marketable securities held at December 31, 2023. At December 31, 2022, cash, cash equivalents, and marketable securities were comprised of: Carrying Unrecognized Unrecognized Estimated Fair Cash and Cash Current Cash $ 135,151,081 $ — $ — $ 135,151,081 $ 135,151,081 $ — Money market funds 9,268,283 — — 9,268,283 9,268,283 — Total cash and cash equivalents $ 144,419,364 $ — $ — $ 144,419,364 $ 144,419,364 $ — U.S. government agency securities $ 29,985,458 $ — $ ( 103,938 ) $ 29,881,520 $ — 29,881,520 Available for sale (1) 29,985,458 — ( 103,938 ) 29,881,520 — 29,881,520 Total cash, cash equivalents, and current marketable securities $ 144,419,364 $ 29,881,520 (1) Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive loss. The contractual maturities of all cash equivalents and available for sale securities were less than one year at December 31, 2023

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. The following table presents information about the Company’s assets measured at fair value at December 31, 2023 and December 31, 2022: December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 14,312,565 $ — $ — $ 14,312,565 Total assets at fair value $ 14,312,565 $ — $ — $ 14,312,565 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 9,268,283 $ — $ — $ 9,268,283 U.S. government agency securities (b) — 29,881,520 — 29,881,520 Total assets at fair value $ 9,268,283 $ 29,881,520 $ — $ 39,149,803 (a) Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets . (b) U.S. government agency securities are recorded at fair market value, which are determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

Prepaid expenses and other curr

Prepaid expenses and other current assets	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023 and 2022 were: December 31, December 31, 2023 2022 Deferred research and development expenses $ 4,463,783 $ 2,605,252 Prepaid insurance expenses 340,388 432,230 Other current receivables — 3,242,026 Miscellaneous prepaid expenses and other current assets 183,146 442,721 Total prepaid expenses and other current assets $ 4,987,317 $ 6,722,229

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	ACCRUED EXPENSES Accrued expenses at December 31, 2023 and 2022 were: December 31, December 31, 2023 2022 Accrued compensation $ 3,087,937 $ 3,821,904 Accrued research and development expenses 1,687,327 8,476,422 Accrued other expenses 761,200 1,767,559 Total accrued expenses $ 5,536,464 $ 14,065,885

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Credit Facility	9. CREDIT FACILITY The Company’s current and 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 . The First Amendment was determined to be a modification in accordance with FASB ASC Topic 470, Debt and did not result in extinguishment. On December 22, 2022, the Company entered into the Second Amendment to the Loan and Security Agreement (Second Amendment), which became effective as of December 31, 2022 (Second Amendment Effective Date). The Second Amendment, among other things, (i) extended the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement are made from May 1, 2023 to May 1, 2024; (ii) extended the maturity date from October 1, 2023 to October 1, 2024 (Maturity Date); (iii) extended the availability of the Fourth Loan Tranche commitment of $ 20 million from May 1, 2023 to May 1, 2024 ; and (iv) amended the Prepayment Charge (as defined therein) to equal 0.75 % of the amount prepaid during the 12-month period following the Second Amendment Effective Date, and 0 % thereafter. The ability to draw the Fourth Loan Tranche remains conditioned on approval by the Lenders’ investment committee. In addition, a supplemental end of term charge of $ 292,500 (Supplemental End of Term Charge) shall be due on the earlier of (A) the Maturity Date, as amended, or (B) repayment of the aggregate amount of advances under the Loan and Security Agreement. The existing end of term charge of $ 1,042,500 (End of Term Charge) remained due on the earlier of (A) October 1, 2023 or (B) repayment of the aggregate amount of advances under the Loan and Security Agreement, and was paid on October 2, 2023. Repayment of the aggregate outstanding principal balance of the term loan, in monthly installments, commences in May 2024 upon expiration of the interest-only period and continues through the Maturity Date, as amended. The Second 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, the End of Term Charge, which was paid in October 2023, and the Company will be required to pay the Supplemental End of Term Charge. The Company paid the End of Term Charge on October 2, 2023 in the amount of $ 1,042,500 . The fees and transaction costs are amortized to interest expense from 2019 through the Maturity Date using the effective interest method. The End of Term Charge was amortized to interest expense from 2019 through October 2023, and the Supplemental End of Term Charge is amortized to interest expense from December 2022 through the Maturity Date, both using the effective interest method. The effective interest rate was 13.2 % at December 31, 2023. 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 0.75 % of the principal amount being prepaid during the 12-month period following the Second Amendment Effective Date, and 0 % thereafter. Following the effective time of the First Amendment and the Second Amendment and as of December 31, 2023 , an aggregate of $ 35 million, subject to the terms and conditions of the Loan and Security Agreement, may be made available to the Company for borrowing, $ 15 million of which was funded prior to the date of the First Amendment. Long-term debt consisted of the following: December 31, December 31, 2023 2022 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 173,646 911,763 Unamortized debt issuance costs ( 27,100 ) ( 76,910 ) Less: current portion ( 15,146,546 ) ( 911,763 ) Total long-term debt $ — $ 14,923,090 Future principal payments, including the End of Term Charge, are as follows for the years ending December 31: 2024 15,292,500 Total $ 15,292,500 The Loan and Security Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. As of December 31, 2023 , 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	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	10. STOCKHOLDERS’ EQUITY Common Stock Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. As of December 31, 2023, a total of 5,868,816 , 5,707,730 , and 2,345,426 , shares of common stock were reserved for issuance upon (i) the exercise of outstanding stock options, (ii) the issuance of stock awards under the Company’s 2023 Equity Plan, and (iii) the issuance of shares under the 2016 ESPP, respectively. 2021 Jefferies Sales Agreement In March 2021, the Company entered into an Open Market Sales Agreement SM with Jefferies LLC (Jefferies), 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. No sales had been made pursuant to the 2021 Jefferies Sales Agreement as of December 31, 2023.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
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. As of December 31, 2023, the Company had federal and state income tax net operating loss (NOL) carryforwards of approximately $ 250.6 million and $ 242.5 million , respectively. Federal NOL carryforwards generated through December 31, 2017 and state NOL carryforwards will expire at various dates through 2043 . The federal NOL carryforwards generated during the year ended December 31, 2018 and thereafter will carryforward indefinitely. As of December 31, 2023, the Company had federal and state research and development tax credit carryforwards of approximately $ 10.1 million and $ 2.1 million , respectively, which will expire at various dates through 2043 . Additionally, as of December 31, 2023, the Company had a federal orphan drug tax credit carryforward of approximately $ 2.1 million that expires in 2043 . On August 16, 2022 President Biden signed into law the Inflation Reduction Act (IRA). From a tax perspective, the IRA provisions includes a new corporate alternative minimum tax (CAMT) of 15% on adjusted financial statement income (AFSI) for corporations with over $1 billion in profits, a new excise tax on corporate stock buybacks and increased funding for IRS enforcement. A company’s AFSI can be reduced by net operating losses, foreign tax credits, general business credits and depreciation for property under Section 197. To determine its US federal income tax liability, a company will need to compute taxes under both systems — the regular tax system and the CAMT system. The company then will pay the larger amount as its tax liability in any given year. The Company does not expect to fall into the CAMT system. The IRA provisions have no impact on the Company’s financial statements for the period ended December 31, 2023. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows: Years ended December 31, 2023 2022 Deferred Tax Assets Federal & state NOL carryforward $ 67,953,701 $ 64,840,595 Federal & state R&D credit 13,794,138 12,110,003 Deferred costs 1,012,032 342,210 Intangibles – net 78,378 78,378 Accounts payable and accrued 2,135,899 2,004,737 Reserves 28,396 28,396 Stock options 3,323,000 4,042,117 Capitalized R&D expenses 16,489,741 11,151,910 Other items 167,126 98,552 Gross deferred tax assets 104,982,411 94,696,898 Valuation allowance ( 104,842,857 ) ( 94,628,799 ) Deferred tax assets, net $ 139,554 $ 68,099 Deferred Tax Liabilities Right of use asset ( 139,554 ) ( 68,099 ) TOTAL $ — $ — The change in valuation allowance of $ 10.2 million from December 31, 2022 to December 31, 2023 was primarily the result of an increase in capitalized R&D expenses, net operating losses, and tax credits. The components of the income tax benefit for the years ended December 31, 2023 and 2022, are as follows: Years ended December 31, 2023 2022 Deferred Taxes Federal $ — $ — State — — Total income tax benefit $ — $ — Future changes in federal and state tax laws pertaining to net operating loss carryforwards may also cause limitations or restrictions from us claiming such net operating losses. If the net operating loss carryforwards become unavailable to us or are fully utilized, our future taxable income will not be shielded from federal and state income taxation absent certain U.S. federal and state tax credits, and the funds otherwise available for general corporate purposes would be reduced. Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change NOLs and certain other tax assets 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, 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. The Company believes, prior to December 31, 2021 that four ownership changes occurred since inception. Management believes that its aggregate Section 382 and 383 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. Management believes there were no ownership changes from December 31, 2021 through December 31, 2023, based on a review of the Company's equity history during that period. Any future ownership changes, including those resulting from any recent or future financing activities, may cause our existing tax attributes to have additional limitations. As of December 31, 2023, the Company is subject to tax in the U.S. (Federal and Massachusetts). The Company is open to examination for the tax years ended December 31, 2022, 2021, and 2020. In addition, any loss years remain open to the extent that losses are available for carryover to future years. A reconciliation of the federal statutory tax rate of 21 % to the Company’s effective income tax rates are as follows: Years ended December 31, 2023 2022 Statutory tax rate 21.00 % 21.00 % State taxes, net of federal benefits 5.20 % 6.05 % Federal research and development credits 4.50 % 4.12 % Change in valuation allowance ( 27.21 ) % ( 28.66 ) % Stock-based compensation ( 3.45 ) % ( 2.53 ) % Other ( 0.04 ) % 0.02 % Effective tax rate 0.00 % 0.00 %

Stock Incentive Plan

Stock Incentive Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plan	12. STOCK INCENTIVE PLAN The Company approved the 2013 Equity Incentive Plan in October 2013. On June 30, 2023, the 2013 Equity Incentive Plan was replaced by the 2023 Equity Incentive Plan (2023 Equity Plan). Prior to its replacement by the 2023 Equity Plan, the 2013 Equity Incentive Plan was amended in June 2016 and June 2018, (Amended 2013 Plan). The Amended 2013 Plan provides for the granting of stock options, restricted stock units (RSU), stock appreciation rights, and stock units to certain employees, members of the board of directors and consultants of the Company. The aggregate number of common shares that previously could have been issued under the Amended 2013 Plan automatically increase on the first business day of each year by a number of shares equal to the lower of (a) 6 % of the total number of shares of common stock outstanding on the last calendar day of the prior fiscal year, or (b) a number of shares of common stock determined by the Company’s board of directors. As of December 31, 2023, options to purchase 5,724,105 shares of common stock at a weighted average exercise price of $ 6.35 per share and 944,497 shares of common stock underlying restricted stock units remained outstanding under the Amended 2013 Plan. In May 2023, the Company's Board of Directors authorized the 2023 Equity Plan to replace the Amended 2013 Plan. On June 30, 2023, the Company's stockholders approved the 2023 Equity Plan at the Company's 2023 annual meeting of stockholders. Pursuant to the 2023 Equity Plan, the Company will not make any further grants under the Amended 2013 Plan following June 30, 2023, though awards previously granted under the Amended 2013 Plan will remain outstanding. The 2023 Equity Plan is effective for a period of ten years after June 30, 2023, and a total of 5,450,000 additional shares of the Company’s common stock, in addition to shares of the Company’s common stock that are subject to awards granted under the Amended 2013 Plan that are outstanding as of such date and that are subsequently forfeited, cancelled or expire before being exercised or settled in full and thereupon become available for grant under the 2023 Equity Plan, are authorized for issuance under the 2023 Equity Plan. As of December 31, 2023, options to purchase 144,711 shares of common stock at a weighted average exercise price of $ 8.39 per share remained outstanding under the 2023 Equity Plan. As of December 31, 2023, there were 5,707,730 shares of common stock available for grant under the 2023 Equity Plan. In 2020 and 2022 the Company granted cash awards under its Management Cash Incentive Plan, as amended (the Management Cash Incentive Plan). The Management Cash Incentive Plan provides its participants with the opportunity to earn cash incentive awards for the achievement of goals relating to the performance of the Company and was adopted in 2016. The 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 December 31, 2023 , $ 0.3 million was accrued as compensation expense for vested cash awards. There was no unrecognized expense as of December 31, 2023. In 2022, the Company granted performance cash settled bonus awards (CSBUs) under its Management Cash Incentive Plan. Subject to and conditioned upon the acceptance by the FDA of the Company's submission of an NDA for reproxalap (Performance Criteria), the awards will vest in four annual installments from the date of grant and entitle the employees to receive a cash payment for each vested CSBU, on the earlier of (i) four years from the date of grant or (ii) a change of control, equal in value of the closing price per share of the Company's common stock on the Nasdaq Capital Market on the payment date. As of December 31, 2023 , $ 1.5 million was accrued as compensation expense for CSBUs as the Performance Criteria was deemed probable and was met in February 2023. There was no unrecognized expense as of December 31, 2023. The Company recognizes stock-based compensation expense over the requisite service period. The Company’s share-based awards are accounted for as equity instruments, except for cash awards and CSBUs, which are accounted for as liabilities. The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, CSBUs, and Helio founders’ shares are as follows: Years ended December 31, 2023 2022 Research and development expenses $ 3,076,048 $ 4,087,073 General and administrative expenses 2,676,723 4,201,903 Total stock-based compensation expense $ 5,752,771 $ 8,288,976 Stock Options Terms of stock option agreements, including vesting requirements, are determined by the board of directors or its compensation committee, subject to the provisions of the respective plan from which they were granted. Options granted by the Company typically vest over a four-year period. The options are subject to acceleration of vesting in the event of certain change of control transactions. The options may be granted for a term of up to ten years from the date of grant. The exercise price for options granted under the Amended 2013 Plan and the 2023 Equity Plan must be at a price no less than 100 % of the fair market value of a common share on the date of grant. The following table summarizes option activity under the incentive plans for the year ended December 31, 2023: Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 5,403,982 $ 5.90 6.56 $ 10,506,953 Granted 1,172,775 6.96 — Forfeited ( 300,769 ) 6.16 226,418 Exercised ( 306,328 ) 0.63 2,006,635 Expired ( 100,844 ) 4.37 32,077 Outstanding at December 31, 2023 5,868,816 $ 6.40 6.44 $ 3,996 Exercisable at December 31, 2023 4,353,141 $ 6.36 5.69 $ 2,143 (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 December 31, 2023 of $ 3.51 and the per share exercise price of the underlying options. The total intrinsic value of stock options exercised was $ 2.0 million and $ 0.4 million for the years ended December 31, 2023 and 2022 , respectively. The Company records stock-based compensation related to stock options granted at fair value. During the years ended December 31, 2023 and 2022, the Company used the Black-Scholes option-pricing model to estimate the fair value of stock option grants and to determine the related compensation expense. The assumptions used in calculating the fair value of stock-based payment awards represent management’s best estimates. The weighted-average grant date fair value of options granted was $ 5.07 and $ 2.92 for the years ended December 31, 2023 and 2022 , respectively. The assumptions used in determining fair value of the employee stock options for the years ended December 31, 2023 and 2022, are as follows: December 31, December 31, Expected dividend yield 0 % 0 % Anticipated volatility 83.58 % - 83.63 % 84.82 % - 85.21 % Stock price $ 6.76 - $ 8.39 $ 3.49 - $ 4.52 Exercise price $ 6.76 - $ 8.39 $ 3.49 - $ 4.52 Expected life (years) 5.50 - 6.02 5.50 - 6.08 Risk free interest rate 4.09 % - 4.12 % 1.47 % - 3.26 % The dividend yield of zero is based on the fact that the Company has never paid cash dividends and have no present intention to pay cash dividends. Expected volatility is estimated using the historical volatility of the Company. The Company has estimated the expected life of its employee stock options using the “simplified” method, whereby, the expected life equals the average of the vesting term and the original contractual term of the option for service-based awards since the Company doesn’t have sufficient historical or implied data of its own. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon United States Treasury securities. At December 31, 2023, there is approximately $ 6.2 million of unrecognized compensation cost relating to stock options outstanding, which the Company expects to recognize over a weighted average period of 2.22 years. Total unrecognized compensation cost will be adjusted for future forfeitures, if necessary. Restricted Stock Units Terms of RSUs agreements, including vesting requirements, are determined by the board of directors or its compensation committee, subject to the provisions of the Amended 2013 Plan and the 2023 Equity Plan. RSUs granted by the Company typically vest over a four year period stock share price on the date of grant to estimated fair value. In the event that the employees’ employment with the Company terminates any unvested shares are forfeited and revert to the Company. RSUs are not included in issued and outstanding common stock until the shares are vested and released. The table below summarizes activity relating to RSUs for the year ended December 31, 2023: Number Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 1,184,603 $ 4.95 Granted 238,750 6.76 Forfeited ( 101,672 ) 4.72 Exercised/Released ( 70,904 ) 4.72 Vested ( 306,280 ) 5.42 Outstanding at December 31, 2023 944,497 $ 5.30 The weighted-average fair value of RSUs granted was $ 6.76 and $ 4.64 per share for the years ended December 31, 2023 and December 31, 2022, respectively. The total fair value of RSUs vested was $ 2.0 million and $ 1.3 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the outstanding RSUs had unamortized stock-based compensation of $ 3.6 million with a weighted-average remaining recognition period of 2.53 years and an aggregate intrinsic value of $ 3.3 million. Employee Stock Purchase Plan In March 2016, the Company’s board of directors approved the 2016 Employee Stock Purchase Plan (2016 ESPP), which became effective in June 2016 following the approval of the Company’s stockholders. The 2016 ESPP initially authorized the issuance of up to a total of 414,639 shares of the Company’s common stock to participating employees. The number of shares reserved for issuance under the 2016 ESPP automatically increases on the first business day of each fiscal year, commencing in 2017, by a number equal to the lower of (i) 1 % of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. Unless otherwise determined by the administrator of the 2016 ESPP, two offering periods of six months’ duration will begin each year on January 1 and July 1. Participating employees purchase stock under the 2016 ESPP at a price equal to the lower of 85 % of the closing price on the applicable offering commencement date or 85 % of the closing price on the applicable offering termination date. The fair value of the purchase rights granted under this plan was estimated on the date of grant using the Black-Scholes option-pricing model using assumptions as shown below: December 31, December 31, Expected dividend yield 0 % 0 % Anticipated volatility 83.61 % - 91.33 % 84.04 % - 84.99 % Stock price $ 6.96 - $ 7.98 $ 3.80 - $ 4.27 Exercise price $ 6.96 - $ 7.98 $ 3.80 - $ 4.27 Expected life (years) 0.50 0.50 Risk free interest rate 4.77 % - 5.26 % 0.22 % - 4.76 % At December 31, 2023, the Company has 2,345,426 shares available for issuance under the 2016 ESPP. The number of shares available for issuance under the 2016 ESPP was increased as of January 2, 2024 by 588,897 shares. A summary of the weighted-average grant-date fair value, shares issued and total stock-based compensation expense recognized related to the 2016 ESPP for the years ended December 31, 2023 and 2022 are as follows: December 31, December 31, Weighted-average grant-date fair value $ 2.90 $ 1.57 Total shares issued 26,168 28,485 Total stock-based compensation expense $ 44,022 $ 57,413

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES Guarantees and Indemnifications As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. Through December 31, 2023 , the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company currently does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. In-License Agreements MEEI Agreement The Company is developing ADX-2191 pursuant to an Exclusive License Agreement with Massachusetts Eye and Ear Infirmary (MEEI) originally entered into in July 2016 between MEEI and Helio Vision, Inc., as amended, (MEEI Agreement). The Company assumed the MEEI Agreement in connection with its 2019 acquisition of Helio Vision. Pursuant and subject to the MEEI Agreement, the Company obtained an exclusive, worldwide license from MEEI to develop and commercialize ADX-2191 under certain patents and patent applications, and other licenses to intellectual property (MEEI Patent Rights). The Company has agreed to use commercially reasonable efforts, to develop ADX-2191 and to meet certain specified effort and achievement benchmarks by certain dates. In consideration for the rights licensed under the MEEI Agreement, Helio Vision issued MEEI a number of shares of its preferred stock and Helio Vision agreed to pay non-creditable non-refundable license maintenance fees to MEEI of $ 15,000 on each of the second and third anniversary of the MEEI Agreement, $ 25,000 on each of the fourth and fifth anniversary of the MEEI Agreement and $ 35,000 on the sixth and each subsequent anniversary of the MEEI Agreement during the term of such agreement. In addition, Helio Vision was obligated to make future sales-dependent milestone payments to MEEI of up to the low seven figures in the aggregate, as well as royalty payments to MEEI at a rate which, as a percentage of net sales, is in the low single digits for products that incorporate or use the MEEI Patent Rights in the United States and as a percentage in the low single digits for products that incorporate or use the MEEI Patent Rights outside the United States. The Company is also obligated under the MEEI Agreement to pay MEEI a percentage of certain sublicense revenue that it receives in connection with entering into any sublicensing arrangements with any third parties, at a percentage rate which tiers downward from low-double digits to mid-single digits based on the date of the sublicense. Following the Company’s acquisition of Helio Vision, the Company became obligated to make any future payments owed under the MEEI Agreement. There is no additional equity consideration issuable under the MEEI Agreement. The MEEI Agreement will remain in effect until the expiration date of the last to expire patent licensed under the MEEI Agreement. The Company may terminate the MEEI Agreement with timely written notice to MEEI. MEEI has the right to terminate the MEEI Agreement if it, subject to certain specified cure periods, ceases all business operations with respect to licensed products, fails to pay amounts due under the MEEI Agreement, fail to comply with certain due diligence obligations, defaults in our obligation to maintain insurance, one of our officers is convicted of a felony relating to the manufacture, use, sale or importation of licensed products, we materially breach any provisions of the MEEI Agreement or in the event of its insolvency or bankruptcy. In the event of an early termination of the MEEI Agreement, all rights licensed and developed by the Company under the MEEI Agreement may revert back to MEEI. The Company has agreed to indemnify MEEI for certain claims that may arise under the MEEI Agreement. Legal Proceedings On July 31, 2023, a purported stockholder filed a putative class action lawsuit (the Securities Class Action) in the U.S. District Court for the District of Massachusetts, against the Company and certain current and former officers, captioned Juliana Paice v. Aldeyra Therapeutics, Inc., et al. (No. 23-cv-11737). On January 2, 2024, the lead plaintiff filed an amended complaint. The lawsuit alleges violations by the defendants of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. The plaintiff alleges that the defendants made false or misleading statements or failed to disclose certain information concerning (i) the New Drug Application (NDA) for and the prospects of ADX-2191 for the treatment of primary vitreoretinal lymphoma and (ii) the NDA for and the prospects of reproxalap for the treatment of dry eye disease. The lawsuit seeks, among other things, compensatory damages on behalf of herself and all persons and entities that purchased or otherwise acquired the Company's securities between January 7, 2021, and October 16, 2023, as well as attorneys’ fees and costs. On March 4, 2024, defendants filed a motion to dismiss the amended complaint. The Company disputes the plaintiff's claims and intends to vigorously defend the suit. At this time, the Company cannot reasonably predict the outcome or estimate potential losses, if any, that could result from this matter. On October 25, 2023, a purported stockholder of the Company filed a derivative complaint in Middlesex Superior Court of the Commonwealth of Massachusetts, captioned Evan Leglar v. Todd C. Brady, et al. (No. 2381-cv-02980), against certain of the Company’s executive officers and directors, and naming the Company as a nominal defendant. The derivative complaint alleges, purportedly on behalf of the Company, breaches of fiduciary duty and unjust enrichment claims against all defendants. The claims are based on substantially identical allegations as the complaint in the Securities Class Action. The lawsuit seeks, among other things, an award of damages and restitution in favor of the Company, certain changes to the Company’s corporate governance, and attorneys’ fees and costs. On November 14, 2023, the plaintiff voluntarily dismissed all claims without prejudice. In addition, from time to time, the Company is subject to litigation and claims arising in the ordinary course of business but, except as stated above, the Company is not currently a party to any material legal proceedings and the Company is not aware of any pending or threatened legal proceedings against them that the Company believes could have a material adverse effect on the Company's business, operating results, cash flows, or financial condition.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	14. LEASES The Company currently leases an office used to conduct business. 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. In November 2023, the Company entered into a lease amendment extending the lease by 12 months through December 31, 2024 and contains two options to extend the term of the lease for an additional 12 months each. Each option shall be exercisable, if at all, by giving a nine month written notice to the landlord. As of December 31, 2023 the Company believes it is probable that it will extend the option into December 2025, which had an immaterial impact to the balance sheet as of December 31, 2023. For the years ended December 31, 2023 and 2022 , right of use assets obtained in exchange for lease obligations were $ 0.5 million and $ 0.2 million, respectively. As of December 31, 2023, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $ 0.5 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 December 31, 2023 is 9.1 %. The weighted average lease term as of December 31, 2023 is 2.0 years. The operating lease expense for the year ended December 31, 2023 was $ 0.3 million . Maturities and balance sheet presentation of our lease liabilities for all operating leases as of December 31, 2023 is as follows: Remaining total lease payments $ 561,060 Less: effect of discounting ( 50,246 ) Present value of lease liabilities $ 510,814 Current operating lease liabilities $ 239,183 Non-current operating lease liabilities 271,631 Total $ 510,814 The Company’s gross future minimum payments under all non-cancelable operating leases as of December 31, 2023 are: Total 2024 2025 2026 2027 Operating lease obligations $ 561,060 $ 275,855 $ 285,205 $ — $ —

Significant Agreements

Significant Agreements	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Agreements	15. SIGNIFICANT AGREEMENTS AbbVie Option Agreement On October 31, 2023 (the Option Agreement Effective Date), the Company entered into an exclusive option agreement (the Option Agreement) with AbbVie Inc. (AbbVie), pursuant to which we granted AbbVie an exclusive option (the Option) to obtain (a) a co-exclusive license in the United States to facilitate a collaboration with the Company to develop, manufacture and commercialize reproxalap in the United States, (b) an exclusive license to develop, manufacture and commercialize reproxalap outside the United States, (c) a right of first negotiation for compounds that are owned or otherwise controlled by the Company in the field of ophthalmology relating to treating conditions of the ocular surface, and (d) a right to review data for any other compounds that are owned or otherwise controlled by the Company in the fields of ophthalmology and immunology before such data is shared with any other third party (the Collaboration Agreement). AbbVie has paid the Company a non-refundable payment of $ 1 million in consideration of the Option (the Option Payment). On December 21, 2023, pursuant to the Option Agreement, AbbVie extended the period during which it may exercise the Option (the Exercise Period Extension) by paying the Company a non-refundable payment of $ 5 million (the Option Extension Fee). As a result of the Exercise Period Extension, AbbVie may exercise the Option by delivering written notice to the Company at any time during the period following the Option Agreement Effective Date until the earlier of (a) the tenth (10th) business day after the date, if any, that the Company receives approval from the U.S. Food and Drug Administration of the NDA for reproxalap in dry eye disease (the FDA Decision) and (b) the date that is eighteen (18) months after the Option Agreement Effective Date. If the Collaboration Agreement is entered into, the Option Payment and the Option Extension Fee will be credited against the upfront cash payment payable by AbbVie. For the twelve months ended December 31, 2023, the Company recognized zero collaboration revenue and $ 6.0 million of deferred collaboration revenue related to the Option Agreement and Exercise Period Extension. The Company concluded, using ASC 606 by analogy for recognition considerations as the Option Agreement was not considered to be a vendor-customer relationship, that the transaction price is $ 6.0 million (the Transaction Price), and all other amounts are excluded from the Transaction Price as they relate to fees that can only be achieved subsequent to the exercise of the Option. The Transaction Price was allocated to the single unit of account, the Option to enter into a future Collaboration Agreement which is a material right, as the Option Extension Fee and the Option Payment are creditable against the upfront payments payable by AbbVie if the Collaboration Agreement is entered into. The Company concluded that all other performance obligations were immaterial promises in the context of the Option Agreement and did not represent additional units of account. The Company will begin to recognize revenue when the Option is exercised or when the Option expires.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation – The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
Risks and Uncertainties	Risks and Uncertainties –The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (FDA) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. Based on its current operating plan, the Company believes that its cash and cash equivalents will be sufficient to fund the Company’s currently projected operating expenses and debt obligations for at least the next 12 months from the date the financial statements are issued. The Company’s assessment of its liquidity and capital resources includes an estimate of the financial impacts of these changes. The Company has based its projections of operating capital requirements on its current operating plan, which includes several assumptions that may prove to be incorrect, and the Company may use all of its available capital resources sooner than the Company expects. 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; commence or continue ongoing commercialization activities, including manufacturing, sales, marketing and distribution, for any of its product candidates for which the Company may receive marketing approval; or conduct any substantial, additional development requirements requested by the 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 could be forced to delay, reduce or eliminate its research and development programs and its reproxalap commercialization efforts. 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	Use of Estimates – The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions, including fair value estimates for investments, that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s 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.
Loss Contingencies	Loss Contingencies – The outcome of loss contingencies, legal proceedings, indemnification matters, and claims brought against us is subject to uncertainty. An estimated loss contingency is accrued by a charge to earnings if it is probable that an asset has been impaired or a liability has been incurred and the amount can be reasonably estimated. Determination of whether to accrue a loss requires evaluation of the probability of an unfavorable outcome and the ability to make a reasonable estimate. Changes in these estimates could affect the timing and amount of accrual of loss contingencies and could be material to the financial statements.
Segment Information	Segment Information – Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of next-generation medicines to improve the lives of patients with immune-mediated diseases.
Cash and Cash Equivalents	Cash and Cash Equivalents – The Company classifies all highly liquid investments with original maturities of three months or less as cash equivalents and all highly liquid investments with original maturities of greater than three months but less than 12 months as current marketable securities. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company invests its cash primarily in reverse repurchase agreements (RRAs), government securities and obligations, and money market funds. RRAs are collateralized by deposits in the form of ‘Government Securities and Obligations’ for an amount not less than 102 % of their value. The Company does not record an asset or liability related to the collateral as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least an A (or equivalent) credit rating. The Company utilizes a third-party custodian to manage the exchange of funds as well as the requirement that collateral received is maintained at 102% of the value of the RRAs on a daily basis.
Marketable Securities	Marketable Securities – Marketable securities consist of government securities and obligations with original maturities of more than 90 days . Debt investments are classified as available-for-sale and are recorded on the balance sheet at fair value with unrealized gains or losses reported as a separate component of other comprehensive income/(loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date.
Fair Value of Financial Instruments	Fair Value of Financial Instruments – Financial instruments including cash equivalents and accounts payable are carried in the financial statements at amounts that approximate their fair value based on the short maturities of those instruments. Marketable securities are carried at fair value and are more fully described in Note 6. The carrying amount of the Company’s credit facility with Hercules Capital, Inc. approximates fair value since the effective interest rate approximates market rates currently available to the Company.
Concentration of Credit Risk	Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk principally consist of cash, cash equivalents and marketable securities, if any. The Company places its cash and cash equivalents and marketable securities with financial institutions which management believes have high credit ratings and may hold some amounts exceed federally insured limits. As part of its cash and investment management processes, the Company performs periodic evaluations of the credit standing of the financial institutions with whom it maintains deposits.
Intellectual Property	Intellectual Property – The legal and professional costs incurred by the Company to acquire its patent rights are expensed as incurred and included in general and administrative expenses. At December 31, 2023 and 2022, the Company has determined that these expenses have not met the criteria to be capitalized since the future benefits to be derived from the patents is uncertain. Intellectual property related expenses for the years ended December 31, 2023 and 2022 were $ 1.2 million and $ 1.0 million, respectively.
Collaborative Arrangements	Collaborative Arrangements – The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC 808, Collaborative Arrangements (ASC 808) . This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain units of account, the Company first determines which units of account of the collaboration are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606) , if any, and which units of may be subject to other specific recognition guidance, if any. For units of account of collaboration arrangements that are accounted for pursuant to ASC 808, and not subject to other specific recognition guidance, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For collaboration arrangements that are within the scope of ASC 808, the Company evaluates the income statement classification for presentation of amounts due from or owed to other participants associated with multiple activities in a collaboration arrangement based on the nature of each separate activity. Payments or reimbursements that are the result of a collaborative relationship instead of a customer relationship, such as co-development and co-commercialization activities, are recorded as research and development expense or selling, general and administrative expense, in the event of a payment to the collaborative partner in a period, or a reduction to these expense line items in the event of a reimbursement from the collaboration partner in a period, as appropriate.
Income Taxes	Income Taxes – The Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740) , in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax liabilities and assets for expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740 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. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Management is not aware of any uncertain tax positions.
Research and Development Costs	Research and Development Costs – Research and development (R&D) costs are charged to expense as incurred and relate to salaries, employee benefits, stock-based compensation related to employees, consulting services, other operating costs and expenses associated with preclinical and clinical trial activities. Payments made by the Company in advance for research and development services not yet provided and/or for materials not yet received are recorded as prepaid expenses. Accrued liabilities are recorded related to those expenses for which vendors have not yet billed us with respect to services provided and/or materials that we have received. Preclinical and clinical trial expenses relate to third-party services, subject-related fees at the sites where the Company’s clinical trials are being conducted, laboratory costs, analysis costs, toxicology studies and investigator fees. Costs associated with these expenses are generally payable on the passage of time or when certain milestones are achieved. Expense is recorded during the period incurred or in the period in which a milestone is achieved. In order to ensure that the Company has adequately provided for preclinical and clinical expenses during the proper period, the Company maintains an accrual for these expenses. These accruals are assessed on a quarterly basis and are based on such assumptions as expected total cost, the number of subjects and clinical trial sites and length of the study. Actual results may differ from these estimates and could have a material impact on the Company’s reported results. The Company’s historical accrual estimates have not been materially different from actual costs.
In Process Research and Development	In-process research and development – Assets purchased in an asset acquisition transaction are expensed as in-process research and development (IPR&D) unless the assets acquired are deemed to have an alternative future use, provided that the acquired asset did not also include processes or activities that would constitute a “business” as defined under GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Acquired IPR&D payments are immediately expensed in the period in which they are incurred and include upfront payments, as well as transaction fees and subsequent pre-commercial milestone payments. Research and development costs incurred after the acquisition are expensed as incurred.
Stock-Based Compensation	Stock-Based Compensation – Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation – Stock Compensation . For options, the fair value of stock-based payments is estimated, on the date of grant, using the Black-Scholes option pricing model. For restricted stock units, fair value is based on the fair value of the underlying stock on the date of grant. The resulting fair value for restricted stock units and options expected to vest is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the applicable restricted stock units or option. The Company records the effect of forfeitures and cancellations when they occur. For performance-based awards, at each reporting period we assess the probability that the performance condition(s) will be achieved. We use the accelerated attribution method to expense the awards over the continuous service period based on the probability of achieving the performance conditions. We estimate the continuous service period based on our best estimate of the period over which an award’s vesting condition(s) will be achieved. We review and evaluate these estimates on a quarterly basis. The Company has cash awards and performance cash settled bonus awards, which are awards that will be settled in cash on their vesting dates (Liability Awards), rather than in equity units. The fair value of Liability Awards is updated at each balance sheet date and changes in the fair value of the vested portions of the Liability Awards are recorded as increases or decreases to compensation expense. The Company recognizes forfeitures as they occur.
Comprehensive Loss	Comprehensive Loss – Comprehensive loss is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources. For December 31, 2023, comprehensive loss is equal to the Company’s net loss of $ 37.5 million and a reclassification of losses on marketable securities to net loss of $ 0.1 million. For December 31, 2022, comprehensive loss is equal to the Company's net loss of $ 62.0 million and an unrealized loss on marketable securities of $ 0.1 million.
Net Loss Per Share	Net Loss Per Share – The Company computes net loss per share in accordance with the two-class method. Under the two-class method, net loss is allocated between common stock and other participating securities based on their participation rights. The Company has determined that the nonvested shares issued to the Helio founders represents a participating security and as such the nonvested shares are excluded from basic earnings per share. Net losses are not allocated to the nonvested stockholders for computing net loss per share under the two-class method because nonvested stockholders do not have contractual obligations to share in the losses of the Company. Basic earnings per share is calculated by dividing net loss allocable to common stockholders by the weighted average number of common stock outstanding during the period, excluding the effects of any potentially dilutive instruments. Diluted net loss per share is computed using the more dilutive of (a) the two-class method, or (b) treasury stock method, as applicable, to the potentially dilutive instruments. The weighted-average number of common shares outstanding gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and restricted stock units, warrants, if any, and nonvested shares.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – In June 2016, the FASB issued (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 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 adopted this standard as of January 1, 2023, and there was no material impact to the Company's financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating the disclosure requirements related to the new standard. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are evaluating the disclosure requirements related to the new standard.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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: Years ended December 31, 2023 2022 Options to purchase common stock 5,868,816 5,403,982 Nonvested restricted stock units 944,497 1,184,603 Total of common stock equivalents 6,813,313 6,588,585

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Marketable Securities	At December 31, 2023, cash and cash equivalents were comprised of: Carrying Estimated Fair Cash and Cash Cash $ 128,510,451 $ 128,510,451 $ 128,510,451 Money market funds 14,312,565 $ 14,312,565 14,312,565 Total cash and cash equivalents $ 142,823,016 $ 142,823,016 $ 142,823,016 There were no marketable securities held at December 31, 2023. At December 31, 2022, cash, cash equivalents, and marketable securities were comprised of: Carrying Unrecognized Unrecognized Estimated Fair Cash and Cash Current Cash $ 135,151,081 $ — $ — $ 135,151,081 $ 135,151,081 $ — Money market funds 9,268,283 — — 9,268,283 9,268,283 — Total cash and cash equivalents $ 144,419,364 $ — $ — $ 144,419,364 $ 144,419,364 $ — U.S. government agency securities $ 29,985,458 $ — $ ( 103,938 ) $ 29,881,520 $ — 29,881,520 Available for sale (1) 29,985,458 — ( 103,938 ) 29,881,520 — 29,881,520 Total cash, cash equivalents, and current marketable securities $ 144,419,364 $ 29,881,520 (1) Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive loss.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s assets measured at fair value at December 31, 2023 and December 31, 2022: December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 14,312,565 $ — $ — $ 14,312,565 Total assets at fair value $ 14,312,565 $ — $ — $ 14,312,565 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 9,268,283 $ — $ — $ 9,268,283 U.S. government agency securities (b) — 29,881,520 — 29,881,520 Total assets at fair value $ 9,268,283 $ 29,881,520 $ — $ 39,149,803 (a) Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets . U.S. government agency securities are recorded at fair market value, which are determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Tables)	12 Months Ended
	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets at December 31, 2023 and 2022 were: December 31, December 31, 2023 2022 Deferred research and development expenses $ 4,463,783 $ 2,605,252 Prepaid insurance expenses 340,388 432,230 Other current receivables — 3,242,026 Miscellaneous prepaid expenses and other current assets 183,146 442,721 Total prepaid expenses and other current assets $ 4,987,317 $ 6,722,229

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses at December 31, 2023 and 2022 were: December 31, December 31, 2023 2022 Accrued compensation $ 3,087,937 $ 3,821,904 Accrued research and development expenses 1,687,327 8,476,422 Accrued other expenses 761,200 1,767,559 Total accrued expenses $ 5,536,464 $ 14,065,885

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: December 31, December 31, 2023 2022 Term loan payable $ 15,000,000 $ 15,000,000 End of term charge 173,646 911,763 Unamortized debt issuance costs ( 27,100 ) ( 76,910 ) Less: current portion ( 15,146,546 ) ( 911,763 ) Total long-term debt $ — $ 14,923,090
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: 2024 15,292,500 Total $ 15,292,500

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows: Years ended December 31, 2023 2022 Deferred Tax Assets Federal & state NOL carryforward $ 67,953,701 $ 64,840,595 Federal & state R&D credit 13,794,138 12,110,003 Deferred costs 1,012,032 342,210 Intangibles – net 78,378 78,378 Accounts payable and accrued 2,135,899 2,004,737 Reserves 28,396 28,396 Stock options 3,323,000 4,042,117 Capitalized R&D expenses 16,489,741 11,151,910 Other items 167,126 98,552 Gross deferred tax assets 104,982,411 94,696,898 Valuation allowance ( 104,842,857 ) ( 94,628,799 ) Deferred tax assets, net $ 139,554 $ 68,099 Deferred Tax Liabilities Right of use asset ( 139,554 ) ( 68,099 ) TOTAL $ — $ —
Components of Income Tax Benefit	The components of the income tax benefit for the years ended December 31, 2023 and 2022, are as follows: Years ended December 31, 2023 2022 Deferred Taxes Federal $ — $ — State — — Total income tax benefit $ — $ —
Summary of Statutory Tax Rates and Effective Tax Rates	A reconciliation of the federal statutory tax rate of 21 % to the Company’s effective income tax rates are as follows: Years ended December 31, 2023 2022 Statutory tax rate 21.00 % 21.00 % State taxes, net of federal benefits 5.20 % 6.05 % Federal research and development credits 4.50 % 4.12 % Change in valuation allowance ( 27.21 ) % ( 28.66 ) % Stock-based compensation ( 3.45 ) % ( 2.53 ) % Other ( 0.04 ) % 0.02 % Effective tax rate 0.00 % 0.00 %

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2023
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, cash awards, CSBUs, and Helio founders’ shares are as follows: Years ended December 31, 2023 2022 Research and development expenses $ 3,076,048 $ 4,087,073 General and administrative expenses 2,676,723 4,201,903 Total stock-based compensation expense $ 5,752,771 $ 8,288,976
Summary of Activity Relating to Stock Options	The following table summarizes option activity under the incentive plans for the year ended December 31, 2023: Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 5,403,982 $ 5.90 6.56 $ 10,506,953 Granted 1,172,775 6.96 — Forfeited ( 300,769 ) 6.16 226,418 Exercised ( 306,328 ) 0.63 2,006,635 Expired ( 100,844 ) 4.37 32,077 Outstanding at December 31, 2023 5,868,816 $ 6.40 6.44 $ 3,996 Exercisable at December 31, 2023 4,353,141 $ 6.36 5.69 $ 2,143 (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 December 31, 2023 of $ 3.51 and the per share exercise price of the underlying options. The total intrinsic value of stock options exercised was $ 2.0 million and $ 0.4 million for the years ended December 31, 2023 and 2022 , respectively.
Summary of Activity Relating to Restricted Stock Units	The table below summarizes activity relating to RSUs for the year ended December 31, 2023: Number Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 1,184,603 $ 4.95 Granted 238,750 6.76 Forfeited ( 101,672 ) 4.72 Exercised/Released ( 70,904 ) 4.72 Vested ( 306,280 ) 5.42 Outstanding at December 31, 2023 944,497 $ 5.30
Schedule of Fair Value of Employee Stock Purchase Plan Assumptions	The fair value of the purchase rights granted under this plan was estimated on the date of grant using the Black-Scholes option-pricing model using assumptions as shown below: December 31, December 31, Expected dividend yield 0 % 0 % Anticipated volatility 83.61 % - 91.33 % 84.04 % - 84.99 % Stock price $ 6.96 - $ 7.98 $ 3.80 - $ 4.27 Exercise price $ 6.96 - $ 7.98 $ 3.80 - $ 4.27 Expected life (years) 0.50 0.50 Risk free interest rate 4.77 % - 5.26 % 0.22 % - 4.76 %
Summary of Employee Stock Purchase Plan Activity	A summary of the weighted-average grant-date fair value, shares issued and total stock-based compensation expense recognized related to the 2016 ESPP for the years ended December 31, 2023 and 2022 are as follows: December 31, December 31, Weighted-average grant-date fair value $ 2.90 $ 1.57 Total shares issued 26,168 28,485 Total stock-based compensation expense $ 44,022 $ 57,413
Employee Stock Option
Schedule of Fair Value of Stock Option Assumptions	The assumptions used in determining fair value of the employee stock options for the years ended December 31, 2023 and 2022, are as follows: December 31, December 31, Expected dividend yield 0 % 0 % Anticipated volatility 83.58 % - 83.63 % 84.82 % - 85.21 % Stock price $ 6.76 - $ 8.39 $ 3.49 - $ 4.52 Exercise price $ 6.76 - $ 8.39 $ 3.49 - $ 4.52 Expected life (years) 5.50 - 6.02 5.50 - 6.08 Risk free interest rate 4.09 % - 4.12 % 1.47 % - 3.26 %

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities	Maturities and balance sheet presentation of our lease liabilities for all operating leases as of December 31, 2023 is as follows: Remaining total lease payments $ 561,060 Less: effect of discounting ( 50,246 ) Present value of lease liabilities $ 510,814 Current operating lease liabilities $ 239,183 Non-current operating lease liabilities 271,631 Total $ 510,814 The Company’s gross future minimum payments under all non-cancelable operating leases as of December 31, 2023 are: Total 2024 2025 2026 2027 Operating lease obligations $ 561,060 $ 275,855 $ 285,205 $ — $ —

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Number of segment | Segment	1
Investment maturity period	three months or less
Marketable securities maturity period		90 days
Unrealized gain on marketable securities		$ (103,938)
Unrealized gain (loss) on marketable securities	$ 100,000
Net loss	37,542,510	62,024,636
Intellectual Property [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Legal expense	$ 1,200,000	$ 1,000,000
Minimum [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of Collateral Deposits under Reverse Repurchase Agreement	102%

Helio vision acquisition - Addi

Helio vision acquisition - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
	Jan. 28, 2019	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
Business Acquisition [Line Items]
Share-based compensation award, vesting period					4 years
Allocated Share Based Compensation Expense			$ 5,752,771	$ 8,288,976
Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business combination, stock issued	1,160,444	246,562
Common Stock after FDA Approval prior to 10th Anniversary [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business Combination Contingent Consideration Liability	$ 10,000,000
Common Stock after FDA Approval Prior to 12th Anniversary [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business Combination Contingent Consideration Liability	$ 2,500,000
Common Stock after FDA Approval Prior to 12th Anniversary [Member] | Maximum [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration stock to be issued	5,248,885
Tax Gross-up Payment in Event of Change of Control or Divesture [Member] | Maximum [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business Combination Contingent Consideration Liability	$ 1,000,000
Research and Development Expenses [Member]
Business Acquisition [Line Items]
Allocated Share Based Compensation Expense			$ 3,076,048	4,087,073
Founders [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business combination, stock issued	568,627
Founders [Member] | Restricted Stock [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Share-based compensation award, vesting period	3 years
Founders [Member] | Restricted Stock [Member] | Research and Development Expenses [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Allocated Share Based Compensation Expense				$ 100,000
Non Founders [Member] | Helio Vision, Inc [Member]
Business Acquisition [Line Items]
Business combination, stock issued	591,817

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	6,813,313	6,588,585
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	5,868,816	5,403,982
Nonvested restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	944,497	1,184,603

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash and Cash Equivalents (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2023
Cash Cash Equivalents And Marketable Securities [Line Items]
Total Cash and cash equivalents		$ 144,419,364
Current Marketable Securities		29,881,520
Cash and Cash Equivalents		29,881,520	$ 0
Cash [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Cash		135,151,081	128,510,451
Estimated Fair Value		135,151,081	128,510,451
Cash and Cash Equivalents		135,151,081	128,510,451
Money Market Funds [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Money market funds		9,268,283	14,312,565
Estimated Fair Value		9,268,283	14,312,565
Cash and Cash Equivalents		9,268,283	14,312,565
Total Cash and cash equivalents [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Total Cash and cash equivalents		144,419,364	142,823,016
Estimated Fair Value		144,419,364	142,823,016
Cash and Cash Equivalents		144,419,364	$ 142,823,016
U.S. Government Agencies Securities [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Available for sales carrying amount		29,985,458
Available for sale unrecognized loss		(103,938)
Available for sale fair value disclosure		29,881,520
Current Marketable Securities		29,881,520
Available-for-Sale Securities [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Available for sales carrying amount	[1]	29,985,458
Available for sale unrecognized loss	[1]	(103,938)
Available for sale fair value disclosure	[1]	29,881,520
Current Marketable Securities	[1]	$ 29,881,520
[1] Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive loss.

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail)	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Marketable Securities	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)		Dec. 31, 2023	Dec. 31, 2022
Assets:
Total assets at fair value		$ 14,312,565	$ 39,149,803
Level 1 [Member]
Assets:
Total assets at fair value		14,312,565	9,268,283
Level 2 [Member]
Assets:
Total assets at fair value		0	29,881,520
Level 3 [Member]
Assets:
Total assets at fair value		0	0
Money Market Funds [Member]
Assets:
Total assets at fair value	[1]	14,312,565	9,268,283
Money Market Funds [Member] | Level 1 [Member]
Assets:
Total assets at fair value	[1]	14,312,565	9,268,283
Money Market Funds [Member] | Level 2 [Member]
Assets:
Total assets at fair value	[1]	0	0
Money Market Funds [Member] | Level 3 [Member]
Assets:
Total assets at fair value	[1]	$ 0	0
U.S. Government Agencies Securities [Member]
Assets:
Total assets at fair value	[2]		29,881,520
U.S. Government Agencies Securities [Member] | Level 1 [Member]
Assets:
Total assets at fair value	[2]		0
U.S. Government Agencies Securities [Member] | Level 2 [Member]
Assets:
Total assets at fair value	[2]		29,881,520
U.S. Government Agencies Securities [Member] | Level 3 [Member]
Assets:
Total assets at fair value	[2]		$ 0
[1] Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets U.S. government agency securities are recorded at fair market value, which are determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Deferred research and development expenses	$ 4,463,783	$ 2,605,252
Prepaid insurance expenses	340,388	432,230
Other current receivables	0	3,242,026
Miscellaneous prepaid expenses	183,146	442,721
Total prepaid expenses and other current assets	$ 4,987,317	$ 6,722,229

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 3,087,937	$ 3,821,904
Accrued research and development expenses	1,687,327	8,476,422
Accrued other expenses	761,200	1,767,559
Accrued expenses	$ 5,536,464	$ 14,065,885

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Dec. 22, 2022	Apr. 20, 2021	Dec. 22, 2022	Dec. 31, 2023	Oct. 02, 2023	Dec. 31, 2022
Line Of Credit Facility [Line Items]
Proceeds from Long-term lines of credit				$ 15,292,500
End of Term Charge				6,000,000		$ 0
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
End of Term Charge					$ 1,042,500
Credit facility prepayment fee percentage			0.75%	0.75%
Credit facility, interest rate				13.20%
Loan funded prior to the date of amendment				$ 15,000,000
Long term debt maturity				extended the maturity date from October 1, 2023 to October 1, 2024 (Maturity Date); (iii) extended the availability of the Fourth Loan Tranche commitment of $20 million from May 1, 2023 to May 1, 2024
Long term debt percentage	0%		0%	0%
Supplemental term charge	$ 292,500
Existing term charge	1,042,500
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	$ 20,000,000		$ 20,000,000	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 ($)	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Abstract]
Term loan payable	$ 15,000,000	$ 15,000,000
End of term charge	173,646	911,763
Unamortized debt issuance costs	(27,100)	(76,910)
Less: current portion	(15,146,546)	(911,763)
Total long-term debt	$ 0	$ 14,923,090

Credit Facility - Schedule of P

Credit Facility - Schedule of Principal Payments Incuding End of Term Charges (Detail)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Abstract]
2024	$ 15,292,500
Total	$ 15,292,500

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, voting rights		Each share of common stock is entitled to one vote.
2021 Jefferies Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of issuance costs	$ 100
Employee Stock Option
Class Of Stock [Line Items]
Common stock reserved for issuance of shares		5,868,816
Two Thousand And Thirteen Incentive Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance of shares		5,707,730
2016 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance of shares		2,345,426

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Income tax benefit		$ 0	$ 0
Deferred tax assets valuation allowance		100%
Net operating loss carryforwards expire period		2043
Increasing in research activities expire period		2043
Statutory tax rate		21%	21%
Change in valuation allowance		$ 10,200,000
Income tax perspective, description	the IRA provisions includes a new corporate alternative minimum tax (CAMT) of 15% on adjusted financial statement income (AFSI) for corporations with over $1 billion in profits, a new excise tax on corporate stock buybacks and increased funding for IRS enforcement.
Federal orphan drug tax credit carryforward		$ 2,100,000
Maximum [Member]
Income Tax Contingency [Line Items]
Statutory tax rate		50%
State and Federal [Member]
Income Tax Contingency [Line Items]
Income tax benefit		$ 0
Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		250,600,000
Increasing in research activities		10,100,000
State [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards		242,500,000
Increasing in research activities		$ 2,100,000

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets
Federal & state NOL carryforward	$ 67,953,701	$ 64,840,595
Federal & state R&D credit carryforward	13,794,138	12,110,003
Deferred costs	1,012,032	342,210
Intangibles – net	78,378	78,378
Accounts payable and accrued expenses	2,135,899	2,004,737
Reserves	28,396	28,396
Stock options	3,323,000	4,042,117
Capitalized R&D expenses	16,489,741	11,151,910
Other items	167,126	98,552
Gross deferred tax assets	104,982,411	94,696,898
Valuation allowance	(104,842,857)	(94,628,799)
Deferred tax assets, net	139,554	68,099
Deferred Tax Liabilities
Right of use asset	(139,554)	(68,099)
TOTAL	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Benefit (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Taxes
Federal	$ 0	$ 0
State	0	0
Total income tax benefit	$ 0	$ 0

Income Taxes - Summary of Statu

Income Taxes - Summary of Statutory Tax Rates and Effective Tax Rates (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory tax rate	21%	21%
State taxes, net of federal benefits	5.20%	6.05%
Federal research and development credits	4.50%	4.12%
Change in valuation allowance	(27.21%)	(28.66%)
Stock-based compensation	(3.45%)	(2.53%)
Other	(0.04%)	0.02%
Effective tax rate	0%	0%

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional Information (Detail) - USD ($)			12 Months Ended
		Jan. 02, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Jan. 01, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock			5,868,816	5,403,982
Exercise price per share of common stock			$ 6.4	$ 5.9
Unrecognized Tax Benefits, Interest on Income Taxes Expense			$ 0
Number of shares outstandig						944,497
Share-based compensation award, vesting period					4 years
Fair value of a common stock percentage			100%
Aggregate Intrinsic Value, Exercisable	[1]		$ 2,143
Granted period			4 years
Share based compensation expense			$ 300,000
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted in term years					10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstandig			944,497	1,184,603
Share-based compensation award, vesting period			4 years
Weighted-Average Grant Date Fair Value, Granted			$ 5.07	$ 2.92
Unamortized stock-based compensation			$ 3,600,000
Weighted average grant date fair value, Granted			$ 6.76	$ 4.64
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value			$ 2,000,000	$ 1,300,000
Weighted average remaining recognition period			2 years 6 months 10 days
Aggregate intrinsic value of options outstanding			$ 3,300,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0%	0%
Cash dividend paid			$ 0
Unamortized stock-based compensation			$ 6,200,000
Weighted average recognition period			2 years 2 months 19 days
CSBU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Tax Benefits, Interest on Income Taxes Expense			$ 0
Share based compensation expense			$ 1,500,000
2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock			5,724,105
Exercise price per share of common stock			$ 6.35
Amended 2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of increase in common stock outstanding		6%
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance			2,345,426
Common stock issued			588,897
Expected dividend yield			0%	0%
Weighted average grant date fair value, Granted			$ 2.9	$ 1.57
Issuance of common stock authorized			414,639
Percentage increase in number of shares of common stock reserved for issuance			1%
Share-based compensation arrangement by share-based payment award, closing price on the applicable offering commencement			85%
Share-based compensation arrangement by share-based payment award, closing price on the applicable offering termination date			85%
Share-based compensation arrangement by share-based payment award, description			In March 2016, the Company’s board of directors approved the 2016 Employee Stock Purchase Plan (2016 ESPP), which became effective in June 2016 following the approval of the Company’s stockholders. The 2016 ESPP initially authorized the issuance of up to a total of 414,639 shares of the Company’s common stock to participating employees. The number of shares reserved for issuance under the 2016 ESPP automatically increases on the first business day of each fiscal year, commencing in 2017, by a number equal to the lower of (i) 1% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. Unless otherwise determined by the administrator of the 2016 ESPP, two offering periods of six months’ duration will begin each year on January 1 and July 1. Participating employees purchase stock under the 2016 ESPP at a price equal to the lower of 85% of the closing price on the applicable offering commencement date or 85% of the closing price on the applicable offering termination date.
2023 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock			144,711
Exercise price per share of common stock			$ 8.39
Common stock available for issuance			5,707,730
Issuance of common stock authorized							5,450,000
[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 December 31, 2023 of $ 3.51 and the per share exercise price of the underlying options. The total intrinsic value of stock options exercised was $ 2.0 million and $ 0.4 million for the years ended December 31, 2023 and 2022 , respectively.

Stock Incentive Plan - Schedule

Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 5,752,771	$ 8,288,976
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	3,076,048	4,087,073
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,676,723	$ 4,201,903

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of Stock Option Activity (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares Outstanding, Beginning Balance		5,403,982
Number of Shares, Granted		1,172,775
Number of Shares, Forfeited		(300,769)
Number of Shares, Exercised		(306,328)
Number of Shares, Expired		(100,844)
Number of Shares Outstanding, Ending Balance		5,868,816	5,403,982
Number of Shares Exercisable, Ending Balance		4,353,141
Weighted Average Exercise Price, Beginning Balance		$ 5.9
Weighted Average Exercise Price, Granted		6.96
Weighted Average Exercise Price, Forfeited		6.16
Weighted Average Exercise Price, Exercised		0.63
Weighted Average Exercise Price, Expired		4.37
Weighted Average Exercise Price, Ending Balance		6.4	$ 5.9
Weighted Average Exercise Price Exercisable, Ending Balance		$ 6.36
Weighted Average Contractual Term, Outstanding		6 years 5 months 8 days	6 years 6 months 21 days
Weighted Average Contractual Term, Exercisable		5 years 8 months 8 days
Aggregate Intrinsic Value, Outstanding	[1]	$ 10,506,953
Aggregate Intrinsic Value, Cancelled/Forfeited	[1]	226,418
Aggregate Intrinsic Value, Excercised	[1]	2,006,635
Aggregate Intrinsic Value, Expired	[1]	32,077
Aggregate Intrinsic Value, Outstanding	[1]	3,996	$ 10,506,953
Aggregate Intrinsic Value, Exercisable	[1]	$ 2,143
[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 December 31, 2023 of $ 3.51 and the per share exercise price of the underlying options. The total intrinsic value of stock options exercised was $ 2.0 million and $ 0.4 million for the years ended December 31, 2023 and 2022 , respectively.

Stock Incentive Plan - Summar_2

Stock Incentive Plan - Summary of Stock Option Activity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Closing market value of common stock	$ 3.51
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense)	$ 2	$ 0.4

Stock Incentive Plan - Schedu_2

Stock Incentive Plan - Schedule of Fair Value of Stock Option Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 3.51
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%	0%
Employee Stock Option | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anticipated volatility	83.58%	84.82%
Stock price	$ 6.76	$ 3.49
Exercise price	$ 6.76	$ 3.49
Expected life (years)	5 years 6 months	5 years 6 months
Risk free interest rate	4.09%	1.47%
Employee Stock Option | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anticipated volatility	83.63%	85.21%
Stock price	$ 8.39	$ 4.52
Exercise price	$ 8.39	$ 4.52
Expected life (years)	6 years 7 days	6 years 29 days
Risk free interest rate	4.12%	3.26%

Stock Incentive Plan - Summar_3

Stock Incentive Plan - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance	1,184,603
Granted	238,750
Forfeited	(101,672)
Exercised/Released	(70,904)
Vested	(306,280)
Number of Shares Outstanding, Ending Balance	944,497	1,184,603
Weighted average grant date fair value, Granted	$ 6.76	$ 4.64
Weighted-Average Grant Date Fair Value, beginning balance	4.95
Weighted-Average Grant Date Fair Value, Granted	5.07	2.92
Weighted-Average Grant Date Fair Value, Forfeited	4.72
Weighted-Average Grant Date Fair Value, Exercised/Released	4.72
Weighted-Average Grant Date Fair Value, Vested	5.42
Weighted Average Grant Date Fair Value, Ending Balance	$ 5.3	$ 4.95

Stock Incentive Plan - Schedu_3

Stock Incentive Plan - Schedule of Fair Value of Employee Stock Purchase Plan Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 3.51
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%	0%
Expected life (years)	6 months	6 months
2016 Employee Stock Purchase Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anticipated volatility	83.61%	84.04%
Stock price	$ 6.96	$ 3.8
Exercise price	$ 6.96	$ 3.8
Risk free interest rate	4.77%	0.22%
2016 Employee Stock Purchase Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anticipated volatility	91.33%	84.99%
Stock price	$ 7.98	$ 4.27
Exercise price	$ 7.98	$ 4.27
Risk free interest rate	5.26%	4.76%

Stock Incentive Plan - Summar_4

Stock Incentive Plan - Summary of Employee Stock Purchase Plan Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,752,771	$ 8,288,976
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	$ 2.9	$ 1.57
Total shares issued, Shares	26,168	28,485
Total stock-based compensation expense	$ 44,022	$ 57,413

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Outstanding material claims	$ 0
Reserve for indemnification	0
MEEI Agreement [Member]
Commitments And Contingencies [Line Items]
Additional equity consideration issuable	0
MEEI Agreement [Member] | Second and Third Anniversary [Member]
Commitments And Contingencies [Line Items]
Non-creditable non-refundable license maintenance fees	15,000
MEEI Agreement [Member] | Fourth and Fifth Anniversary [Member]
Commitments And Contingencies [Line Items]
Non-creditable non-refundable license maintenance fees	25,000
MEEI Agreement [Member] | Sixth and Subsequent Anniversary [Member]
Commitments And Contingencies [Line Items]
Non-creditable non-refundable license maintenance fees	$ 35,000

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use assets obtained in exchange for lease obligations	$ 500,000	$ 200,000
Right-of-use assets	$ 510,814	$ 249,265
Operating leases, weighted average discount rate	9.10%
Operating leases, weighted average remaining lease term (years)	2 years
Operating lease, expense	$ 300,000

Leases - Schedule of Maturities

Leases - Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remaining total lease payments, total	$ 561,060
Less: effect of discounting	(50,246)
Present value of lease liabilities	510,814
Current operating lease liabilities	239,183	$ 249,265
Non-current operating lease liabilities	271,631	$ 0
Total	$ 510,814

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail)	Dec. 31, 2023 USD ($)
Leases [Abstract]
Remaining total lease payments, total	$ 561,060
Operating lease obligations, 2024	275,855
Operating lease obligations, 2025	285,205
Operating lease obligations, 2026	0
Operating lease obligations, 2027	$ 0

Significant Agreements (Additio

Significant Agreements (Additional Information) (Details) - AbbVie Option Agreement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 21, 2023	Oct. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non Refundable Payment		$ 5	$ 1
Revenue	$ 0
Deferred Collaboration Revenue	6
Transaction Price	$ 6