Protara Therapeutics (TARA) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Document Information Line Items
Entity Registrant Name	Protara Therapeutics, Inc.
Trading Symbol	TARA
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,235,731
Amendment Flag	false
Entity Central Index Key	0001359931
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36694
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4580525
Entity Address, Address Line One	345 Park Avenue South
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	(646)
Local Phone Number	844-0337
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 40,742	$ 168,598
Restricted cash		50
Marketable debt securities, current	53,016
Prepaid expenses and other current assets	1,937	787
Total current assets	95,695	169,435
Non-current assets:
Restricted cash, non-current	745	745
Marketable debt securities, non-current	44,652
Property and equipment, net	1,729	1,240
Operating lease right-of-use asset	7,413	1,060
Goodwill	29,517	29,517
Other assets, non-current	946	1,160
Total assets	180,697	203,157
Current liabilities:
Accounts payable	928	914
Accrued expenses	1,920	1,913
Operating lease liability, current	840	88
Total current liabilities	3,688	2,915
Non-current liabilities:
Operating lease liability, non-current	6,603	999
Total liabilities	10,291	3,914
Commitments and Contingencies (Note 6)
Stockholders’ Equity
Preferred Stock, $0.001 par value, authorized 10,000,000 shares: Series 1 Convertible Preferred Stock, 8,028 shares authorized at September 30, 2021 and December 31, 2020, 8,027 shares issued and outstanding as of September 30, 2021 and December 31, 2020.
Common Stock, $0.001 par value, authorized 100,000,000 shares: Common Stock, 11,235,731 and 11,211,840 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively.	11	11
Additional Paid in Capital	254,218	245,992
Accumulated Deficit	(83,784)	(46,760)
Accumulated Other Comprehensive Income (Loss)	(39)
Total Stockholders’ Equity	170,406	199,243
Total Liabilities and Stockholders’ Equity	$ 180,697	$ 203,157

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	11,235,731	11,211,840
Common stock, shares outstanding	11,235,731	11,211,840
Series 1 Convertible Preferred Stock
Preferred stock, shares authorized	8,028	8,028
Preferred stock, shares issued	8,027	8,027
Preferred stock, shares outstanding	8,027	8,027

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expense:
Research & development	$ 4,093	$ 2,796	$ 17,020	$ 8,330
General & administrative	6,737	5,266	20,182	17,157
Total operating expenses	10,830	8,062	37,202	25,487
Operating loss	(10,830)	(8,062)	(37,202)	(25,487)
Other income, net
Interest income, net	(53)	(92)	(178)	(317)
Total other income, net	(53)	(92)	(178)	(317)
Net loss	(10,777)	(7,970)	(37,024)	(25,170)
Other comprehensive gain (loss):
Unrealized gains (losses) on available-for-sale marketable debt securities	62		(39)
Total other comprehensive gain (loss)	62		(39)
Comprehensive Loss	$ (10,715)	$ (7,970)	$ (37,063)	$ (25,170)
Weighted Average Shares Outstanding, basic and diluted (in Shares)	11,235,507	6,324,295	11,231,513	5,910,849
Net loss per share, basic and diluted (in Dollars per share)	$ (0.96)	$ (1.26)	$ (3.3)	$ (4.26)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Series 1 Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2019		$ 3	$ 10,651	$ (12,782)		$ (2,128)
Balance (in Shares) at Dec. 31, 2019		2,627,533
Issuance of Common Stock in ArTara Private Placement, net of offering costs			1,867			1,867
Issuance of Common Stock in ArTara Private Placement, net of offering costs (in Shares)		284,875
Issuance of Common Stock in Proteon Private Placement, net of offering costs		$ 2	12,411			12,413
Issuance of Common Stock in Proteon Private Placement, net of offering costs (in Shares)		1,896,888
Issuance of Series 1 Convertible Preferred Stock in Proteon Private Placement, net of offering costs			25,319			25,319
Issuance of Series 1 Convertible Preferred Stock in Proteon Private Placement, net of offering costs (in Shares)	3,879
Reverse business combination		$ 1	34,532			34,533
Reverse business combination (in Shares)		1,033,907
Stock-based compensation - restricted stock units			2,430			2,430
Stock-based compensation - stock options			368			368
Net loss				(10,060)		(10,060)
Balance at Mar. 31, 2020		$ 6	87,578	(22,842)		64,742
Balance (in Shares) at Mar. 31, 2020	3,879	5,843,203
Stock-based compensation - restricted stock units			1,315			1,315
Stock-based compensation - stock options			514			514
Net loss				(7,140)		(7,140)
Balance at Jun. 30, 2020		$ 6	89,407	(29,982)		59,431
Balance (in Shares) at Jun. 30, 2020	3,879	5,843,203
Stock-based compensation - restricted stock units			1,307			1,307
Settlement of restricted stock units (in Shares)		20,870
Exercise of stock options			530			530
Exercise of stock options (in Shares)		57,767
Issuance of Common Stock in public offering, net of offering costs		$ 5	73,566			73,571
Issuance of Common Stock in public offering, net of offering costs (in Shares)		4,600,000
Issuance of Series 1 Convertible Preferred in public offering, net of offering costs			66,283			66,283
Issuance of Series 1 Convertible Preferred in public offering, net of offering costs (in Shares)	4,148
Stock-based compensation - stock options			1,474			1,474
Net loss				(7,970)		(7,970)
Balance at Sep. 30, 2020		$ 11	232,567	(37,952)		194,626
Balance (in Shares) at Sep. 30, 2020	8,027	10,521,840
Balance at Dec. 31, 2020		$ 11	245,992	(46,760)		199,243
Balance (in Shares) at Dec. 31, 2020	8,027	11,211,840
Stock-based compensation - restricted stock units			1,303			1,303
Settlement of restricted stock units			(228)			(228)
Settlement of restricted stock units (in Shares)		16,766
Stock-based compensation - stock options			1,437			1,437
Unrealized gains on available-for-sale marketable debt securities					(164)	(164)
Net loss				(13,465)		(13,465)
Balance at Mar. 31, 2021		$ 11	248,504	(60,225)	(164)	188,126
Balance (in Shares) at Mar. 31, 2021	8,027	11,228,606
Stock-based compensation - restricted stock units			1,360			1,360
Settlement of restricted stock units (in Shares)		5,250
Stock-based compensation - stock options			1,638			1,638
Unrealized gains on available-for-sale marketable debt securities					63	63
Net loss				(12,782)		(12,782)
Balance at Jun. 30, 2021		$ 11	251,502	(73,007)	(101)	178,405
Balance (in Shares) at Jun. 30, 2021	8,027	11,233,856
Stock-based compensation - restricted stock units			1,307			1,307
Settlement of restricted stock units (in Shares)		1,875
Stock-based compensation - stock options			1,409			1,409
Unrealized gains on available-for-sale marketable debt securities					62	62
Net loss				(10,777)		(10,777)
Balance at Sep. 30, 2021		$ 11	$ 254,218	$ (83,784)	$ (39)	$ 170,406
Balance (in Shares) at Sep. 30, 2021	8,027	11,235,731

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows used in operating activities:
Net loss	$ (37,024)	$ (25,170)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	8,454	7,407
Operating lease right-of-use asset	712	61
Depreciation	63	71
Amortization of premium on marketable debt securities	1,280
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(605)	1,107
Other Assets, non-current	213	(42)
Accounts payable	14	1,197
Accrued expenses	5	(1,236)
Operating lease liabilities	(707)	(36)
Net cash used in operating activities	(27,595)	(16,641)
Cash flows (used in)/provided by investing activities:
Cash and restricted cash acquired in connection with the reverse merger with ArTara Therapeutics, Inc.		3,719
Purchase of marketable debt securities, available-for-sale	(115,959)
Proceeds from maturity of marketable debt securities, available-for-sale	2,600
Proceeds from redemption of marketable debt securities, available-for-sale	13,828
Purchase of property and equipment	(552)	(373)
Net cash (used in)/provided by investing activities	(100,083)	3,346
Cash flows (used in)/provided by financing activities:
Proceeds from - ArTara Private Placement, net of offering costs		1,867
Proceeds from - Common Stock in Proteon Private Placement, net of offering costs		12,413
Proceeds from - Series 1 Convertible Preferred Stock in Proteon Private Placement, net of offering costs		25,319
Proceeds from September Series 1 Convertible Preferred, net of offering costs		66,284
Proceeds from September Common Stock, net of offering costs		73,571
Repayments under short-term debt		(1,298)
Proceeds from the exercise of stock options		530
Repurchase of shares in connection with settlement of RSUs	(228)
Net cash (used in)/provided by financing activities	(228)	178,686
Net (decrease)/increase in cash and cash equivalents and restricted cash	(127,906)	165,391
Cash and cash equivalents and restricted cash - beginning of year	169,393	564
Cash and cash equivalents and restricted cash - end of period	41,487	165,955
Cash paid for:
Interest		26
Income Taxes
Non-cash investing and financing activities:
Deferred offering costs recognized that were previously recorded in accrued expenses		122
Purchase of insurance agreement with notes payable		1,669
Common stock issued in connection with the reverse merger with ArTara Therapeutics, Inc.		$ 34,533

Business, Liquidity and Capital

Business, Liquidity and Capital Resources	9 Months Ended
	Sep. 30, 2021
Business Liquidity And Capital Resources [Abstract]
BUSINESS, LIQUIDITY AND CAPITAL RESOURCES	NOTE 1 – BUSINESS, LIQUIDITY AND CAPITAL RESOURCES Overview Protara Therapeutics, Inc., and its consolidated subsidiaries (“Protara” or the “Company”), is a clinical-stage biopharmaceutical company committed to identifying and advancing transformative therapies for the treatment of cancer and rare diseases with significant unmet needs. Protara’s portfolio includes two development programs utilizing TARA-002, an investigational cell therapy in development for the treatment of lymphatic malformations (“LMs”) and non-muscle invasive bladder cancer (“NMIBC”). The third program in the portfolio is Intravenous (“IV”) Choline Chloride, an investigational phospholipid substrate replacement therapy initially in development for patients receiving parenteral nutrition (“PN”) who have intestinal failure associated liver disease (“IFALD”). The fourth program in the portfolio is Vonapanitase, a recombinant human elastase. Liquidity, Capital Resources and Management Plans As of September 30, 2021 and December 31, 2020, the Company’s cash, cash equivalents, and marketable debt securities were $138,410 and $168,598, respectively. The Company has not generated revenues since its inception and has incurred net losses of $10,777 and $7,970 for the three months ended September 30, 2021 and 2020, respectively, and $37,024 and $25,170 for the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, cash flows used in operating activities were $27,595, consisting primarily of a net loss of $37,024 which includes non-cash stock-based compensation charges of $8,454. Since inception, the Company has met its liquidity requirements principally through the sale of its common stock (“Common Stock”) and series 1 convertible preferred stock (“Series 1 Convertible Preferred Stock”). The Company manages its capital resources to ensure the Company will continue as a going concern. The Company is in the business of developing biopharmaceuticals and has no current or near-term revenues. The Company has incurred substantial clinical and other costs in its drug development efforts. The Company will need to raise additional capital in order to fully realize management’s plans. The Company believes that its current financial resources are sufficient to satisfy the Company’s estimated liquidity needs for at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements. Impact of the COVID-19 Pandemic The impact of the COVID-19 pandemic has been and is expected to continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. Severe and/or long-term disruptions in the Company’s operations as a result of COVID-19, including in response to related public health directives and orders, will negatively impact its business, operating results and financial condition. Specifically, the Company anticipates that the stress of COVID-19 on healthcare systems around the globe may negatively impact its ability to conduct clinical trials in the near term due primarily to the lack of resources at clinical trial sites and the resulting inability to enroll patients in the trials. The Company also anticipates that the global impact of COVID-19 will negatively impact its ability to conduct nonclinical studies due primarily to laboratory closures and limited availability of personnel. In addition, while the potential economic impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, it has significantly disrupted global financial markets, and may limit the Company’s ability to access capital, which could in the future negatively affect its liquidity. A recession or market correction resulting from the spread of COVID-19 could materially affect the Company’s business and the value of its Common Stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the United States Securities and Exchange Commission (“SEC”) on March 11, 2021 (the “2020 Annual Report”). Except as reflected below, there were no changes to the Company’s significant accounting policies as described in the 2020 Annual Report. Reflected in this note are updates to accounting policies, including the impact of the adoption of new policies. Basis of Presentation The accompanying condensed consolidated financial statements and the related disclosures as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the 2020 and 2019 audited consolidated financial statements and notes included in the 2020 Annual Report. The December 31, 2020 consolidated balance sheet included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim period or future year or period. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those which result from using such estimates. Management also utilizes various other estimates, including but not limited to the recoverability of the Company’s net deferred tax assets and related valuation allowance, operating lease right-of-use assets and liabilities, determining the fair value and evaluation for impairment of goodwill and stock-based compensation. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the period that they are determined to be necessary. Actual results may differ materially from those estimates or assumptions. Reclassification Certain amounts in prior periods related to the classification of operating right-of-use assets have been reclassified to conform to current period presentation. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents. Cash and cash equivalents are held in depository and money market accounts and are reported at fair value. The Company’s restricted cash balances consist of cash deposits to collateralize letter of credit obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows: As of September 30, 2021 2020 Cash and cash equivalents $ 40,742 $ 165,905 Restricted cash, current - 50 Restricted cash, non-current 745 - Total cash, cash equivalents, and restricted cash $ 41,487 $ 165,955 Investments in marketable debt securities At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. All of the Company’s non-current investments have a maturity date that is within two years of the balance sheet date. The Company records investments at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net in the condensed consolidated statements of operations and comprehensive loss. Of the 36 securities in a loss position held by the Company, there were no securities with an other-than-temporary impairment at September 30, 2021. There were no securities in a continuous unrealized loss position for greater than twelve months at September 30, 2021. The Company has the ability to hold such securities with an unrealized loss until its forecasted recovery. The Company determined that there was no material change in the credit risk of the above investments. Leases Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods and may include options to extend or terminate the lease term, when it is reasonably certain such options will be exercised. The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less (“short-term leases”) on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents and investments in marketable debt securities. The Company currently invests its excess cash primarily in money market funds and high quality marketable debt securities of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity. Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees and directors based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of the Company’s stock options are estimated using the Black Scholes option-pricing model. The Company lacks company specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly-traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. Research and Development Costs Research and development costs are expensed as incurred. These expenses include the costs of the Company’s proprietary research and development efforts, as well as costs incurred in connection with certain licensing arrangements. Before a compound receives regulatory approval, the Company records upfront and milestone payments made to third parties under licensing arrangements as expense. Upfront payments are recorded when incurred, and milestone payments are recorded when the specific milestone or progress has been achieved. Once a compound receives regulatory approval, the Company records any milestone payments in identifiable intangible assets, less accumulated amortization and, unless the asset is determined to have an indefinite life, the Company amortizes the payments on a straight-line basis over the remaining agreement term or the expected product life cycle, whichever is shorter. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 - Measurement of Credit Losses on Financial Statements Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates The Company has evaluated other recently issued accounting pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 3 – FAIR VALUE MEASUREMENTS Marketable debt securities, all of which were classified as available-for-sale, consist of the following: September 30, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate Bonds - presented in marketable debt securities, current $ 53,018 $ - $ (2 ) $ 53,016 Corporate Bonds - presented in marketable debt securities, non-current 44,689 - (37 ) 44,652 Total $ 97,707 $ - $ (39 ) $ 97,668 As of December 31, 2020, the Company did not have any marketable debt securities. The Company has recorded the securities at fair value in its condensed consolidated balance sheet and unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold or securities that reached maturity date. Cash proceeds realized from maturities and redemptions of securities available-for-sale as of September 30, 2021 were $2,600 and $13,828, respectively. There were no sales or maturities of securities in the periods presented. Gross realized gains and losses on the redemptions of investments have not been material to the Company’s consolidated statement of operations. The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The following table presents the Company’s financial assets measured and recorded at fair value on a recurring basis using the above input categories as of September 30, 2021: September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds - presented in cash and cash equivalents $ 29,942 $ - $ - $ 29,942 Corporate bonds - presented in marketable debt securities, current - 53,016 - 53,016 Corporate bonds - presented in marketable debt securities, non-current - 44,652 - 44,652 Total assets $ 29,942 $ 97,668 $ - $ 127,610 As of December 31, 2020, the Company did not have any marketable debt securities or money market funds.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 4 – ACCRUED EXPENSES Included in the Company’s accrued expenses within the condensed consolidated financial statements are: As of, September 30, 2021 December 31, 2020 Payroll $ 1,455 $ 1,530 Taxes 30 159 Legal fees 26 156 Research and development costs 142 37 Other expenses 267 31 Total $ 1,920 $ 1,913

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leasesof Lessor Disclosure [Abstract]
LEASES	NOTE 5 – LEASES Operating leases In December 2020, the Company entered into an agreement to lease approximately 10.3 square feet of office space in New York, New York (“Office Lease”), which commenced in April 2021. The office space is owned by an affiliate of Deerfield Management Company, L.P., which together with its affiliates beneficially owned more than 5% of the Company’s voting securities at the time the lease was executed. Management determined that the lease terms were on an arms-length basis. Annual rent is approximately $1,117. The Office Lease has a term of approximately seven years, commenced on April 2, 2021, and contains provisions for a free-rent period, annual rent increases, and an allowance for tenant improvements. The Company is responsible for real estate taxes, maintenance, and other operating expenses applicable to the leased premises. The landlord was deemed to be the accounting owner of the tenant improvements, which were not material for the Office Lease. In conjunction with the Office Lease, the Company established a letter of credit of approximately $745 secured by cash balances included in restricted cash. Variable lease expenses based on our portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. The Company has an option to extend the term by five years, however, the Company determined at the lease commencement date that it was not reasonably certain to exercise the renewal option and such renewal was excluded from the operating lease right-of-use (“ROU”) asset and operating lease liability recorded for this lease. In June 2021, the Company amended the existing agreement with its Contract Development and Manufacturing Organization (“CDMO”), establishing a term of eight-years from the amendment date. These lease terms apply to the leased spaces which prior to the amendment, were leased under a quarter-to quarter arrangement. Leases classified as operating leases are included in operating lease ROU assets, current operating lease liabilities and non-current operating lease liabilities in the Company’s condensed consolidated balance sheets. The operating lease ROU assets and operating lease liabilities represents the Office Lease and the CDMO leased spaces. Cash paid for operating lease liabilities was $707 and $61 during the nine months ended September 30, 2021 and 2020, respectively, which is included in operating cash flows. The ROU asset obtained in exchange for operating lease liabilities related to the Office Lease was $6,549. Supplemental balance sheet information related to the Company’s leases was as followed: As of Operating leases: September 30, 2021 December 31, 2020 Operating ROU assets $ 7,413 $ 1,060 Operating lease liability, current $ 840 $ 88 Operating lease liability, non-current $ 6,603 $ 999 The components of lease expense for the three and nine months ended September 30, 2021 and 2020 were as follows: For the three months ended September 30, For the nine months ended September 30, Lease cost 2021 2020 2021 2020 Operating lease cost $ 367 $ 21 $ 712 $ 61 Short-term lease cost 4 3 92 151 Total $ 371 $ 24 $ 804 $ 212 Variable lease expense for the three and nine months ended September 30, 2021 were not material. The Company did not incur variable lease expense for the three and nine months ended September 30, 2020. The weighted average remaining lease term and the weighted average discount rate for operating leases were: As of September 30, 2021 As of December 31, 2020 Weighted-average discount rate 7.0 % 12.0 % Weighted-average remaining lease term – operating lease (in months) 82 87 As of September 30, 2021, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For Years Ending December 31, Operating lease 2021 (excluding the nine months ended September 30, 2021) $ 332 2022 1,327 2023 1,327 2024 1,327 2025 1,395 Thereafter 3,664 Total operating lease payments 9,372 Less: imputed interest 1,929 Present value of future minimum lease payments $ 7,443

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain license and collaboration agreements, lease agreements, and employment agreements. Commitments under certain license agreements primarily include annual payments, payments upon the achievement of certain milestones, and royalty payments based on net sales of licensed products. Commitments under lease agreements consist of future minimum lease payments for operating leases which are further described in Note 5 of this Quarterly Report on Form 10-Q. Contingencies From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Management is of the opinion that the ultimate outcome of these matters would not have a material adverse impact on the financial position of the Company or the results of its operations. In the normal course of business, the Company enters into contracts in which it makes representations and warranties regarding the performance of its services and that its services will not infringe on third party intellectual rights. There have been no significant events related to such representations and warranties in which the Company believes the outcome could result in losses or penalties in the future.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY Authorized Common Stock As of September 30, 2021 and December 31, 2020, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 11,235,731 and 11,211,840 shares were issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. The holders of Common Stock are entitled to one vote per share. Authorized Preferred Stock As of September 30, 2021 and December 31, 2020, the Company has 10,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, of which 8,028 shares of Series 1 Convertible Preferred Stock are authorized for issuance and 8,027 shares were issued and outstanding. Each share of Series 1 Convertible Preferred Stock is convertible into approximately 1,000 shares of Common Stock, at a conversion price initially equal to approximately $7.01 per common share, subject to certain adjustments as described in the certificate of designation of preferences, rights and limitations of Series 1 Convertible Preferred Stock. The holders of Series 1 Convertible Preferred Stock are not entitled to vote.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 8 – STOCK-BASED COMPENSATION 2020 Inducement Plan On March 26, 2020, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved the ArTara Therapeutics, Inc. Inducement Plan (the “2020 Inducement Plan”) in order to award nonstatutory stock options, restricted stock awards, restricted stock unit awards and other stock-based awards to persons not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company. The 2020 Inducement Plan provides for a total of 600,000 shares for the issuance of the Company’s Common Stock. The Compensation Committee also adopted a form of stock option grant notice and stock option agreement and forms of restricted stock unit grant notice and restricted stock unit agreement for use with the Inducement Plan. As of September 30, 2021, 353,734 shares remain available to be issued under the 2020 Inducement Plan. 2014 Equity Incentive Plan On October 3, 2014, the stockholders approved the 2014 Plan. On June 20, 2017, the Company’s Board of Directors amended the 2014 Plan (the “Amended 2014 Plan”). On July 31, 2017, the stockholders approved this amendment. The Amended 2014 Plan provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock and stock unit awards, performance units, stock grants and qualified performance-based awards. The 2014 Plan provides that the number of shares reserved and available for issuance under the 2014 Plan will automatically increase each January 1, beginning January 1, 2015 by four percent of the outstanding shares of Common Stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors prior to each such January 1st. The Amended 2014 Plan clarifies that the number of shares for purposes of calculating the evergreen feature includes the number of shares of Common Stock issuable upon conversion of any security that the Company may issue that is convertible into or exchangeable for Common Stock, including, but not limited to, preferred stock or warrants. On January 1, 2021, pursuant to the Amended 2014 Plan’s annual evergreen feature, the number of shares authorized under the Amended 2014 Plan was increased by 812,889 shares to 1,861,189 shares. As of September 30, 2021, 436,154 shares remain available to be issued under the Amended 2014 Plan. Terms of the stock awards, including vesting requirements, are determined by the Board of Directors, subject to the provisions of the plans. Certain awards provide for accelerated vesting if there is a change in control as defined in the plans. 2014 Employee Stock Purchase Plan On October 3, 2014, the stockholders approved the 2014 Employee Stock Purchase Plan (the “2014 ESPP”). The 2014 ESPP initially authorized the issuance of up to 3,513 shares of Common Stock. The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 7,025 shares or any lower amount determined by the Company’s Board of Directors prior to each such January 1st. On January 1, 2021, pursuant to the increase per the 2014 ESPP, the number of shares authorized under the 2014 ESPP was increased by 7,025 shares to 25,037 shares. As of September 30, 2021, the authorized number of shares under the 2014 ESPP is 25,037 and the number of shares available for issuance is 20,365. During the nine months ended September 30, 2021 and 2020, no shares were issued under the 2014 ESPP. Restricted Stock Units The following table summarizes restricted stock unit (“RSU”) activities for the nine months ended September 30, 2021: Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested 1/1/2021 274,616 $ 29.95 Granted 10,500 - Forfeited - - Vested (171,686 ) 29.40 Non-vested 9/30/2021 113,430 $ 29.04 The fair value of restricted stock units is amortized on a straight-line basis over the requisite service periods of the respective awards. As of September 30, 2021, the unamortized value of RSUs was $2,385. As of September 30, 2021, the weighted average remaining amortization period was 2.27 years. As of September 30, 2021 and December 31, 2020, 269,689 and 132,709 RSUs, respectively, have vested that have not yet been settled into shares of Common Stock. During the nine months ended September 30, 2021, the Company issued 23,891 shares of Common Stock from the net settlement of 34,706 RSUs. The Company paid $228 in connection with the net share settlement of these RSUs. Stock Option Grants Options to Directors During the nine months ended September 30, 2021, the Board of Directors granted options for the purchase of 121,750 shares of Common Stock to members of the board of directors. These options were granted under the Company’s 2014 Equity Incentive Plan, had exercise prices ranging from $10.51 to $17.98 per share and a term of 10 years. These options vest ratably over one to three years. The options had a grant date fair value of $1,059. Options to Employees During the nine months ended September 30, 2021, the Company granted options for the purchase of 658,550 shares of Common Stock to employees of the Company. These options were granted under the Company’s 2014 Equity Incentive Plan and the 2020 Inducement Plan, had exercise prices ranging from $8.23 to $19.82 per share and a term of 10 years. These options vest ratably over approximately four years. The options had a grant date fair value of $9,380. Stock Options The Company determined the fair value of stock options granted based upon the assumptions as provided below. For the nine months ended 2021 2020 Exercise price $ 8.23 - $ 19.82 $ 20.51 - $ 51.12 Dividend yield 0.00% 0.00% Expected volatility 91.00% - 98.00% 95.00% - 101.00% Risk-free interest rate 0.45% - 1.14% 0.28% - 1.69% Expected life (in years) 5.27 - 6.08 5.27 - 6.08 Expected Term Risk-Free Interest Rate Expected Volatility Dividend Rate Fair Value of Common Stock The following table summarizes stock option activities for the nine months ended September 30, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding 1/1/2021 674,039 $ 25.23 9.06 $ 2,311 Granted 780,300 17.31 - - Exercised - - - - Forfeited (60,696 ) 21.74 - - Expired (7,788 ) 25.29 - - Outstanding 9/30/2021 1,385,855 $ 20.92 8.89 $ - Exercisable as of 9/30/2021 329,046 $ 22.76 8.13 $ - The weighted average grant date fair value of the options granted during the nine months ended September 30, 2021 and 2020 was $13.38 per share and $23.23 per share, respectively. The fair value of stock options is amortized on a straight-line basis over the requisite service periods of the respective awards. As of September 30, 2021, the unamortized value of stock options was $14,892. As of September 30, 2021, the weighted average remaining amortization period was 2.88 years. Summary of Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Restricted Stock Units $ 1,307 $ 1,307 $ 3,970 $ 5,051 Stock options 1,409 1,474 4,484 2,356 Total $ 2,716 $ 2,781 $ 8,454 $ 7,407 Stock-based compensation expense was reflected within the condensed consolidated statements of operations and comprehensive loss as: For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Research and development $ 392 $ 158 $ 1,114 $ 568 General and administrative 2,324 2,623 7,340 6,839 Total $ 2,716 $ 2,781 $ 8,454 $ 7,407

Employee Benefit Plan

Employee Benefit Plan	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	NOTE 9 – EMPLOYEE BENEFIT PLAN The Company maintains a defined contribution benefit plan under section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company matches 100% up to a 4% contribution. The 401(k) Plan was implemented in June of 2020. For the three months ended September 30, 2021 and 2020, the Company recorded expense of $50 and $34, respectively, and for the nine months ended September 30, 2021 and 2020, the Company recorded expense of $185 and $42, respectively, representing employer contributions under the 401(k) Plan.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE	NOTE 10 – NET LOSS PER COMMON SHARE Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the basic weighted-average number of shares of common stock outstanding during the period and if dilutive, the weighted-average number of potential shares of common stock, including outstanding stock options, unsettled restricted stock units, and convertible preferred stock. All potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 2020 Stock options issued and outstanding 1,385,855 622,339 Restricted stock units issued and outstanding 383,119 407,325 Conversion of Series 1 Convertible Preferred Stock 8,029,039 8,029,039 Total potentially dilutive shares 9,798,013 9,058,703

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements and the related disclosures as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the 2020 and 2019 audited consolidated financial statements and notes included in the 2020 Annual Report. The December 31, 2020 consolidated balance sheet included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or any other interim period or future year or period.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those which result from using such estimates. Management also utilizes various other estimates, including but not limited to the recoverability of the Company’s net deferred tax assets and related valuation allowance, operating lease right-of-use assets and liabilities, determining the fair value and evaluation for impairment of goodwill and stock-based compensation. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the period that they are determined to be necessary. Actual results may differ materially from those estimates or assumptions.
Reclassification	Reclassification Certain amounts in prior periods related to the classification of operating right-of-use assets have been reclassified to conform to current period presentation.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents. Cash and cash equivalents are held in depository and money market accounts and are reported at fair value. The Company’s restricted cash balances consist of cash deposits to collateralize letter of credit obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets to the total amount shown in the condensed consolidated statements of cash flows: As of September 30, 2021 2020 Cash and cash equivalents $ 40,742 $ 165,905 Restricted cash, current - 50 Restricted cash, non-current 745 - Total cash, cash equivalents, and restricted cash $ 41,487 $ 165,955
Investments in marketable debt securities	Investments in marketable debt securities At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. All of the Company’s non-current investments have a maturity date that is within two years of the balance sheet date. The Company records investments at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net in the condensed consolidated statements of operations and comprehensive loss. Of the 36 securities in a loss position held by the Company, there were no securities with an other-than-temporary impairment at September 30, 2021. There were no securities in a continuous unrealized loss position for greater than twelve months at September 30, 2021. The Company has the ability to hold such securities with an unrealized loss until its forecasted recovery. The Company determined that there was no material change in the credit risk of the above investments.
Leases	Leases Under ASC 842, lease expense is recognized as a single lease cost on a straight-line basis over the lease term. The lease term consists of non-cancelable periods and may include options to extend or terminate the lease term, when it is reasonably certain such options will be exercised. The Company enters into contracts in the normal course of business and assesses whether any such contracts contain a lease. The Company determines if an arrangement is a lease at inception if it conveys the right to control the identified asset for a period of time in exchange for consideration. The Company classifies leases as operating or financing in nature and records the associated lease liability and right-of-use asset on its balance sheet. The lease liability represents the present value of future lease payments, net of lease incentives, discounted using an incremental borrowing rate, which is a management estimate based on the information available at the commencement date of a lease arrangement. With respect to operating lease arrangements, the Company accounts for lease components, and non-lease components that are fixed, as a single lease component. Non-lease components that are variable are expensed as incurred as in the statement of operations and comprehensive loss. The Company recognizes costs associated with lease arrangements having an initial term of 12 months or less (“short-term leases”) on a straight-line basis over the lease term; such short-term leases are not recorded on the balance sheet.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents and investments in marketable debt securities. The Company currently invests its excess cash primarily in money market funds and high quality marketable debt securities of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock options and other stock-based awards granted to employees and directors based on the fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes forfeitures at the time forfeitures occur. The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same way the payroll costs or service payments are classified for the related stock-based award recipient. The fair value of the Company’s stock options are estimated using the Black Scholes option-pricing model. The Company lacks company specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly-traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. These expenses include the costs of the Company’s proprietary research and development efforts, as well as costs incurred in connection with certain licensing arrangements. Before a compound receives regulatory approval, the Company records upfront and milestone payments made to third parties under licensing arrangements as expense. Upfront payments are recorded when incurred, and milestone payments are recorded when the specific milestone or progress has been achieved. Once a compound receives regulatory approval, the Company records any milestone payments in identifiable intangible assets, less accumulated amortization and, unless the asset is determined to have an indefinite life, the Company amortizes the payments on a straight-line basis over the remaining agreement term or the expected product life cycle, whichever is shorter.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 - Measurement of Credit Losses on Financial Statements Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates The Company has evaluated other recently issued accounting pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.
Subsequent Events	Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of cash, cash equivalents, and restricted cash	As of September 30, 2021 2020 Cash and cash equivalents $ 40,742 $ 165,905 Restricted cash, current - 50 Restricted cash, non-current 745 - Total cash, cash equivalents, and restricted cash $ 41,487 $ 165,955

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of marketable debt securities	September 30, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate Bonds - presented in marketable debt securities, current $ 53,018 $ - $ (2 ) $ 53,016 Corporate Bonds - presented in marketable debt securities, non-current 44,689 - (37 ) 44,652 Total $ 97,707 $ - $ (39 ) $ 97,668
Schedule of financial assets measured and recorded at fair value on a recurring basis	September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds - presented in cash and cash equivalents $ 29,942 $ - $ - $ 29,942 Corporate bonds - presented in marketable debt securities, current - 53,016 - 53,016 Corporate bonds - presented in marketable debt securities, non-current - 44,652 - 44,652 Total assets $ 29,942 $ 97,668 $ - $ 127,610

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of accrued expenses	As of, September 30, 2021 December 31, 2020 Payroll $ 1,455 $ 1,530 Taxes 30 159 Legal fees 26 156 Research and development costs 142 37 Other expenses 267 31 Total $ 1,920 $ 1,913

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leasesof Lessor Disclosure [Abstract]
Schedule of supplemental balance sheet information related to leases	As of Operating leases: September 30, 2021 December 31, 2020 Operating ROU assets $ 7,413 $ 1,060 Operating lease liability, current $ 840 $ 88 Operating lease liability, non-current $ 6,603 $ 999
Schedule of lease cost	For the three months ended September 30, For the nine months ended September 30, Lease cost 2021 2020 2021 2020 Operating lease cost $ 367 $ 21 $ 712 $ 61 Short-term lease cost 4 3 92 151 Total $ 371 $ 24 $ 804 $ 212
Schedule of other information related to leases	As of September 30, 2021 As of December 31, 2020 Weighted-average discount rate 7.0 % 12.0 % Weighted-average remaining lease term – operating lease (in months) 82 87
Schedule of annual minimum lease payments of operating lease liabilities	For Years Ending December 31, Operating lease 2021 (excluding the nine months ended September 30, 2021) $ 332 2022 1,327 2023 1,327 2024 1,327 2025 1,395 Thereafter 3,664 Total operating lease payments 9,372 Less: imputed interest 1,929 Present value of future minimum lease payments $ 7,443

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock unit activities	Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested 1/1/2021 274,616 $ 29.95 Granted 10,500 - Forfeited - - Vested (171,686 ) 29.40 Non-vested 9/30/2021 113,430 $ 29.04
Schedule of the fair value of stock options granted	For the nine months ended 2021 2020 Exercise price $ 8.23 - $ 19.82 $ 20.51 - $ 51.12 Dividend yield 0.00% 0.00% Expected volatility 91.00% - 98.00% 95.00% - 101.00% Risk-free interest rate 0.45% - 1.14% 0.28% - 1.69% Expected life (in years) 5.27 - 6.08 5.27 - 6.08
Schedule of stock option activities	Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding 1/1/2021 674,039 $ 25.23 9.06 $ 2,311 Granted 780,300 17.31 - - Exercised - - - - Forfeited (60,696 ) 21.74 - - Expired (7,788 ) 25.29 - - Outstanding 9/30/2021 1,385,855 $ 20.92 8.89 $ - Exercisable as of 9/30/2021 329,046 $ 22.76 8.13 $ -
Schedule of total stock-based compensation costs	For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Restricted Stock Units $ 1,307 $ 1,307 $ 3,970 $ 5,051 Stock options 1,409 1,474 4,484 2,356 Total $ 2,716 $ 2,781 $ 8,454 $ 7,407
Schedule of stock-based compensation expense	For the three months ended September 30, For the nine months ended September 30, 2021 2020 2021 2020 Research and development $ 392 $ 158 $ 1,114 $ 568 General and administrative 2,324 2,623 7,340 6,839 Total $ 2,716 $ 2,781 $ 8,454 $ 7,407

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of weighted average dilutive common shares	September 30, 2021 2020 Stock options issued and outstanding 1,385,855 622,339 Restricted stock units issued and outstanding 383,119 407,325 Conversion of Series 1 Convertible Preferred Stock 8,029,039 8,029,039 Total potentially dilutive shares 9,798,013 9,058,703

Business, Liquidity and Capit_2

Business, Liquidity and Capital Resources (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business, Liquidity and Capital Resources (Details) [Line Items]
Cash and cash equivalents	$ 40,742	$ 165,905	$ 40,742	$ 165,905	$ 168,598
Net losses	(10,777)	(7,970)	(37,024)	(25,170)
Non-cash stock-based compensation charges	2,716	2,781	8,454	7,407
Liquidity, Capital Resources and Management Plans [Member]
Business, Liquidity and Capital Resources (Details) [Line Items]
Cash and cash equivalents	138,410		138,410		$ 168,598
Net losses	$ 10,777	$ 7,970	37,024	$ 25,170
Cash flows used in operating activities			27,595
Non-cash stock-based compensation charges			$ 8,454

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - Schedule of cash, cash equivalents, and restricted cash - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Schedule of cash, cash equivalents, and restricted cash [Abstract]
Cash and cash equivalents	$ 40,742	$ 168,598	$ 165,905
Restricted cash, current		50	50
Restricted cash, non-current	745
Total cash, cash equivalents, and restricted cash	$ 41,487	$ 169,393	$ 165,955	$ 564

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Cash proceeds realized from maturities	$ 2,600
Redemptions of securities available-for-sale	$ 13,828

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Schedule of marketable debt securities $ in Thousands	Sep. 30, 2021USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 97,707
Unrealized Gains
Unrealized Losses	(39)
Estimated Fair Value	97,668
Corporate Bonds - presented in marketable debt securities, current [Member]
Marketable Securities [Line Items]
Amortized Cost	53,018
Unrealized Gains
Unrealized Losses	(2)
Estimated Fair Value	53,016
Corporate Bonds - presented in marketable debt securities, non-current [Member]
Marketable Securities [Line Items]
Amortized Cost	44,689
Unrealized Gains
Unrealized Losses	(37)
Estimated Fair Value	$ 44,652

Fair Value Measurements (Deta_3

Fair Value Measurements (Details) - Schedule of financial assets measured and recorded at fair value on a recurring basis $ in Thousands	Sep. 30, 2021USD ($)
Assets:
Money market funds - presented in cash and cash equivalents	$ 29,942
Total assets	127,610
Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities	53,016
Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities	44,652
Level 1 [Member]
Assets:
Money market funds - presented in cash and cash equivalents	29,942
Total assets	29,942
Level 1 [Member] | Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities
Level 1 [Member] | Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities
Level 2 [Member]
Assets:
Money market funds - presented in cash and cash equivalents
Total assets	97,668
Level 2 [Member] | Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities	53,016
Level 2 [Member] | Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities	44,652
Level 3 [Member]
Assets:
Money market funds - presented in cash and cash equivalents
Total assets
Level 3 [Member] | Corporate bonds - presented in marketable debt securities, current [Member]
Assets:
Marketable debt securities
Level 3 [Member] | Corporate bonds - presented in marketable debt securities, non-current [Member]
Assets:
Marketable debt securities

Accrued Expenses (Details) - Sc

Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of accrued expenses [Abstract]
Payroll	$ 1,455	$ 1,530
Taxes	30	159
Legal fees	26	156
Research and development costs	142	37
Other expenses	267	31
Total	$ 1,920	$ 1,913

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Leasesof Lessor Disclosure [Abstract]
Lease description	the Company entered into an agreement to lease approximately 10.3 square feet of office space in New York, New York (“Office Lease”), which commenced in April 2021. The office space is owned by an affiliate of Deerfield Management Company, L.P., which together with its affiliates beneficially owned more than 5% of the Company’s voting securities at the time the lease was executed. Management determined that the lease terms were on an arms-length basis. Annual rent is approximately $1,117.
Cash balances	$ 745
Operating leases		$ 707	$ 61
Right of use asset obtained in exchange for operating lease liabilities		$ 6,549

Leases (Details) - Schedule of

Leases (Details) - Schedule of supplemental balance sheet information related to leases - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of supplemental balance sheet information related to leases [Abstract]
Operating ROU assets	$ 7,413	$ 1,060
Operating lease liability, current	840	88
Operating lease liability, non-current	$ 6,603	$ 999

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of lease cost - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of lease cost [Abstract]
Operating lease cost	$ 367	$ 21	$ 712	$ 61
Short-term lease cost	4	3	92	151
Total	$ 371	$ 24	$ 804	$ 212

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of other information related to leases	Sep. 30, 2021	Dec. 31, 2020
Schedule of other information related to leases [Abstract]
Weighted-average discount rate	7.00%	12.00%
Weighted-average remaining lease term – operating lease (in months)	82 months	87 months

Leases (Details) - Schedule o_4

Leases (Details) - Schedule of annual minimum lease payments of operating lease liabilities $ in Thousands	Sep. 30, 2021USD ($)
Schedule of annual minimum lease payments of operating lease liabilities [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 332
2022	1,327
2023	1,327
2024	1,327
2025	1,395
Thereafter	3,664
Total operating lease payments	9,372
Less: imputed interest	1,929
Present value of future minimum lease payments	$ 7,443

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders' Equity (Details) [Line Items]
Common stock shares issued	100,000,000	100,000,000
Common shares of par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock shares issued	11,235,731	11,211,840
Common stock, shares outstanding	11,235,731	11,211,840
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred shares of par value (in Dollars per share)	$ 0.001	$ 0.001
Series 1 Convertible Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized	8,028	8,028
Preferred stock, shares issued	8,027	8,027
Preferred stock, shares outstanding	8,027	8,027
Preferred stock is convertible into share of common stock	1,000	1,000
Conversion price per common share (in Dollars per share)	$ 7.01	$ 7.01

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jan. 01, 2021	Sep. 30, 2020	Oct. 03, 2014
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock	600,000
Shares available for issuance	353,734
Common stock, shares authorized	100,000,000	100,000,000
Number of shares authorized	25,037
Number of shares available issuance	20,365
Common stock, shares issued	11,235,731	11,211,840
Options vesting period	4 years
Fair value of options (in Dollars)	$ 1,059
Expected term	10 years
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Details) [Line Items]
Unamortized value of RSUs (in Dollars)	$ 2,385
Weighted average remaining amortization period	2 years 3 months 7 days
Number of RSUs	269,689	132,709
Common stock, shares issued	23,891
Net settlement (in Dollars)	$ 34,706
Net share settlement (in Dollars)	$ 228
Grant date fair value (in Dollars per share)	$ 29.04	$ 29.95
Employee Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Weighted average remaining amortization period	2 years 10 months 17 days
Weighted average grant date fair value (in Dollars per share)	$ 13.38			$ 23.23
Unamortized value of stock (in Dollars)	$ 14,892
Board of Directors [Member]
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock	121,750
Vest period	10 years
Fair Value, Recurring [Member] | Board of Directors [Member]
Stock-Based Compensation (Details) [Line Items]
Grant date fair value (in Dollars per share)	$ 9,380
Minimum [Member]
Stock-Based Compensation (Details) [Line Items]
Exercise prices range	10.51
Options vesting period	1 year
Minimum [Member] | Board of Directors [Member]
Stock-Based Compensation (Details) [Line Items]
Exercise price (in Dollars per share)	$ 8.23
Maximum [Member]
Stock-Based Compensation (Details) [Line Items]
Exercise prices range	17.98
Options vesting period	3 years
Maximum [Member] | Board of Directors [Member]
Stock-Based Compensation (Details) [Line Items]
Exercise price (in Dollars per share)	$ 19.82
Common Stock [Member] | Board of Directors [Member]
Stock-Based Compensation (Details) [Line Items]
Issuance of common stock	658,550
2014 Equity Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Shares available for issuance	436,154
Common stock, shares authorized					3,513
Percentage of shares outstanding					1.00%
2014 Equity Incentive Plan [Member] | Minimum [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares authorized			812,889
Number of share authorized increased			7,025
2014 Equity Incentive Plan [Member] | Minimum [Member] | Board of Directors [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares authorized			7,025
2014 Equity Incentive Plan [Member] | Maximum [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock, shares authorized			1,861,189
Number of share authorized increased			25,037

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of restricted stock unit activities - Restricted stock unit [Member]	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Stock-Based Compensation (Details) - Schedule of restricted stock unit activities [Line Items]
Restricted Stock Units, Balance at beginning | shares	274,616
Weighted Average Grant Date Fair Value, Balance at beginning | $ / shares	$ 29.95
Restricted Stock Units, Granted | shares	10,500
Weighted Average Grant Date Fair Value, Granted | $ / shares
Restricted Stock Units, Forfeited | shares
Weighted Average Grant Date Fair Value, Forfeited | $ / shares
Restricted Stock Units, Vested | shares	(171,686)
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 29.4
Restricted Stock Units, Balance at ending | shares	113,430
Weighted Average Grant Date Fair Value, Balance at ending | $ / shares	$ 29.04

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted [Line Items]
Dividend yield	0.00%	0.00%
Minimum [Member]
Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted [Line Items]
Exercise price (in Dollars per share)	$ 8.23	$ 20.51
Expected volatility	91.00%	95.00%
Risk-free interest rate	0.45%	0.28%
Expected life (in years)	5 years 3 months 7 days	5 years 3 months 7 days
Maximum [Member]
Stock-Based Compensation (Details) - Schedule of the fair value of stock options granted [Line Items]
Exercise price (in Dollars per share)	$ 19.82	$ 51.12
Expected volatility	98.00%	101.00%
Risk-free interest rate	1.14%	1.69%
Expected life (in years)	6 years 29 days	6 years 29 days

Stock-Based Compensation (Det_4

Stock-Based Compensation (Details) - Schedule of stock option activities - Equity Option [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Stock-Based Compensation (Details) - Schedule of stock option activities [Line Items]
Options, Balance at beginning (in Shares) | shares	674,039
Weighted Average Exercise Price, Balance at beginning	$ 25.23
Weighted Average Remaining Contractual Term (years), Balance at beginning	9 years 21 days
Options, Aggregate Intrinsic Value, Balance at beginning (in Dollars) | $	$ 2,311
Options, Balance at ending (in Shares) | shares	1,385,855
Weighted Average Exercise Price, Balance at ending	$ 20.92
Weighted Average Remaining Contractual Term (years), Balance at ending	8 years 10 months 20 days
Options, Exercisable (in Shares) | shares	329,046
Weighted Average Exercise Price, Exercisable	$ 22.76
Weighted Average Remaining Contractual Term (years), Exercisable	8 years 1 month 17 days
Options, Granted (in Shares) | shares	780,300
Weighted Average Exercise Price, Granted	$ 17.31
Weighted Average Remaining Contractual Term (years), Granted
Aggregate Intrinsic Value, Granted
Options, Exercised
Weighted Average Exercise Price, Exercised
Weighted Average Remaining Contractual Term (years), Exercised
Aggregate Intrinsic Value, Exercised (in Dollars) | $
Options, Forfeited (in Shares) | shares	(60,696)
Weighted Average Exercise Price, Forfeited	$ 21.74
Weighted Average Remaining Contractual Term (years), Forfeited
Aggregate Intrinsic Value, Forfeited
Options, Expired (in Shares) | shares	(7,788)
Weighted Average Exercise Price, Expired	$ 25.29
Weighted Average Remaining Contractual Term (years),Expired
Aggregate Intrinsic Value, Expired

Stock-Based Compensation (Det_5

Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs [Line Items]
Total stock-based compensation	$ 2,716	$ 2,781	$ 8,454	$ 7,407
Restricted Stock Units [Member]
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs [Line Items]
Total stock-based compensation	1,307	1,307	3,970	5,051
Stock options [Member]
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs [Line Items]
Total stock-based compensation	$ 1,409	$ 1,474	$ 4,484	$ 2,356

Stock-Based Compensation (Det_6

Stock-Based Compensation (Details) - Schedule of stock-based compensation expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,716	$ 2,781	$ 8,454	$ 7,407
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	392	158	1,114	568
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,324	$ 2,623	$ 7,340	$ 6,839

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Defined contribution benefit plant, description			The Company maintains a defined contribution benefit plan under section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company matches 100% up to a 4% contribution. The 401(k) Plan was implemented in June of 2020. For the three months ended September 30, 2021 and 2020, the Company recorded expense of $50 and $34, respectively, and for the nine months ended September 30, 2021 and 2020, the Company recorded expense of $185 and $42, respectively, representing employer contributions under the 401(k) Plan.
Recorded expense	$ 50	$ 34	$ 185	$ 42

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - Schedule of weighted average dilutive common shares - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of weighted average dilutive common shares [Abstract]
Stock options issued and outstanding	1,385,855	622,339
Restricted stock units issued and outstanding	383,119	407,325
Conversion of Series 1 Convertible Preferred Stock	8,029,039	8,029,039
Total potentially dilutive shares	9,798,013	9,058,703