Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Protara Therapeutics, Inc. | |
Entity Central Index Key | 0001359931 | |
Entity File Number | 001-36694 | |
Entity Tax Identification Number | 20-4580525 | |
Entity Incorporation, State or Country Code | DE | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Contact Personnel [Line Items] | ||
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 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | (646) | |
Local Phone Number | 844-0337 | |
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | TARA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 20,589,976 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 52,231 | $ 39,586 |
Marketable debt securities | 2,992 | 25,994 |
Prepaid expenses and other current assets | 2,690 | 3,125 |
Total current assets | 57,913 | 68,705 |
Restricted cash, non-current | 745 | 745 |
Property and equipment, net | 1,213 | 1,296 |
Operating lease right-of-use asset | 5,018 | 5,264 |
Other assets | 3,245 | 2,944 |
Total assets | 68,134 | 78,954 |
Current liabilities: | ||
Accounts payable | 972 | 2,434 |
Accrued expenses and other current liabilities | 3,529 | 2,732 |
Operating lease liability | 1,000 | 983 |
Total current liabilities | 5,501 | 6,149 |
Operating lease liability, non-current | 4,227 | 4,484 |
Total liabilities | 9,728 | 10,633 |
Commitments and contingencies (Note 9) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares: Series 1 Convertible Preferred Stock, 8,028 shares authorized at March 31, 2024 and December 31, 2023, 7,991 shares issued and outstanding as of March 31, 2024 and December 31, 2023. | ||
Common stock, $0.001 par value, authorized 100,000,000 shares: Common stock, 11,433,837 and 11,364,903 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. | 11 | 11 |
Additional paid-in capital | 269,875 | 268,725 |
Accumulated deficit | (211,479) | (200,384) |
Accumulated other comprehensive income (loss) | (1) | (31) |
Total stockholders’ equity | 58,406 | 68,321 |
Total liabilities and stockholders’ equity | $ 68,134 | $ 78,954 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 11,433,837 | 11,364,903 |
Common stock, shares outstanding | 11,433,837 | 11,364,903 |
Series 1 Convertible Preferred Stock | ||
Preferred stock, shares authorized | 8,028 | 8,028 |
Preferred stock, shares issued | 7,991 | 7,991 |
Preferred stock, shares outstanding | 7,991 | 7,991 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 7,748 | $ 5,143 |
General and administrative | 4,103 | 4,589 |
Total operating expenses | 11,851 | 9,732 |
Loss from operations | (11,851) | (9,732) |
Other income (expense), net: | ||
Interest and investment income | 756 | 687 |
Other income (expense), net | 756 | 687 |
Net loss | $ (11,095) | $ (9,045) |
Net loss per share attributable to common stockholders, basic (in Dollars per share) | $ (0.97) | $ (0.8) |
Weighted-average shares outstanding, basic (in Shares) | 11,420,948 | 11,303,869 |
Other comprehensive income (loss): | ||
Net unrealized gain (loss) on marketable debt securities | $ 30 | $ 219 |
Other comprehensive income (loss) | 30 | 219 |
Comprehensive loss | $ (11,065) | $ (8,826) |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net loss per share attributable to common stockholders, diluted | $ (0.97) | $ (0.80) |
Weighted average shares outstanding, diluted | 11,420,948 | 11,303,869 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Preferred Stock Series 1 Convertible | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2022 | $ 11 | $ 262,724 | $ (159,964) | $ (688) | $ 102,083 | |
Balance (in Shares) at Dec. 31, 2022 | 8,027 | 11,267,389 | ||||
Settlement of restricted stock units | (64) | (64) | ||||
Settlement of restricted stock units (in Shares) | 39,364 | |||||
Stock-based compensation - restricted stock units | 314 | 314 | ||||
Stock-based compensation - stock options | 1,261 | 1,261 | ||||
Net unrealized (loss) gain on marketable debt securities | 219 | 219 | ||||
Net loss | (9,045) | (9,045) | ||||
Balance at Mar. 31, 2023 | $ 11 | 264,235 | (169,009) | (469) | 94,768 | |
Balance (in Shares) at Mar. 31, 2023 | 8,027 | 11,306,753 | ||||
Balance at Dec. 31, 2023 | $ 11 | 268,725 | (200,384) | (31) | 68,321 | |
Balance (in Shares) at Dec. 31, 2023 | 7,991 | 11,364,903 | ||||
Settlement of restricted stock units | (76) | (76) | ||||
Settlement of restricted stock units (in Shares) | 68,934 | |||||
Stock-based compensation - restricted stock units | 151 | 151 | ||||
Stock-based compensation - stock options | 1,075 | 1,075 | ||||
Net unrealized (loss) gain on marketable debt securities | 30 | 30 | ||||
Net loss | (11,095) | (11,095) | ||||
Balance at Mar. 31, 2024 | $ 11 | $ 269,875 | $ (211,479) | $ (1) | $ 58,406 | |
Balance (in Shares) at Mar. 31, 2024 | 7,991 | 11,433,837 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows used in operating activities: | ||
Net loss | $ (11,095) | $ (9,045) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,226 | 1,575 |
Operating lease right-of-use asset | 246 | 341 |
Depreciation | 83 | 77 |
Amortization of premium (Accretion of discount) on marketable debt securities | (68) | (71) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 435 | (6,145) |
Other assets | (301) | 58 |
Accounts payable | (1,462) | 2,495 |
Accrued expenses and other current liabilities | 797 | (1,841) |
Operating lease liabilities | (240) | (332) |
Net cash used in operating activities | (10,379) | (12,888) |
Cash flows from investing activities: | ||
Purchase of marketable debt securities | (12,186) | |
Proceeds from maturity and redemption of marketable debt securities | 23,100 | 22,052 |
Purchase of property and equipment | (6) | |
Net cash provided by investing activities | 23,100 | 9,860 |
Cash flows from financing activities: | ||
Repurchase of shares in connection with settlement of RSUs | (76) | (64) |
Net cash used in financing activities | (76) | (64) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 12,645 | (3,092) |
Cash and cash equivalents and restricted cash - beginning of year | 40,331 | 24,872 |
Cash and cash equivalents and restricted cash - end of period | 52,976 | 21,780 |
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 52,231 | 21,035 |
Restricted cash, non-current | 745 | 745 |
Cash and cash equivalents and restricted cash | 52,976 | 21,780 |
Supplemental schedule of noncash financing activities: | ||
Accrued financing fees | $ 385 |
Organization and Nature of the
Organization and Nature of the Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization and Nature of the Business [Abstract] | |
Organization and Nature of the Business | 1. Organization and Nature of the Business Overview Protara Therapeutics, Inc., and its consolidated subsidiaries (“Protara” or the “Company”), is a clinical-stage biopharmaceutical company committed to advancing transformative therapies for the treatment of cancer and rare diseases. Protara’s portfolio includes two development programs utilizing TARA-002, an investigational cell therapy in development for the treatment of non-muscle invasive bladder cancer, or NMIBC, and lymphatic malformations, or LMs. Additionally, the Company’s portfolio includes Intravenous, or IV, Choline Chloride, an investigational phospholipid substrate replacement therapy in development for patients receiving parenteral nutrition, or PN. Liquidity and Capital Resources On April 5, 2024, the Company entered into a subscription agreement with certain purchasers and subsequently closed a private placement transaction, or the Private Placement, on April 10, 2024. Pursuant to the Private Placement the Company sold 9,143,380 shares of common stock and, for certain purchasers, pre-funded warrants to purchase an aggregate of 1,700,000 shares of common stock. In each case, the shares of common stock and pre-funded warrants were accompanied by warrants to purchase an aggregate of up to 10,843,380 shares of common stock at a price of $5.25. Each share of common stock along with its attached common warrant, had a purchase price of $4.15 and each pre-funded warrant, along with its attached common warrant, had a purchase price of $4.149. At the close of the Private Placement on April 10, 2024, the Company received total net proceeds of approximately $41,963 after deducting placement agent fees and offering expenses. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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, 2023, filed with the United States Securities and Exchange Commission, or SEC, on March 13, 2024. Except as reflected below, there were no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K. 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 March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States, or 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 GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the 2023 and 2022 audited consolidated financial statements and notes included in the Annual Report on Form 10-K. The December 31, 2023 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 GAAP for complete financial statements. In the opinion of management, the 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 months ended March 31, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any other interim period or future year or period. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant items subject to such estimates include but are not limited to research and development accruals as well as contingencies. On an ongoing basis, the Company’s management evaluates its estimates based on historical and anticipated results, trends, and various other assumptions believed to be reasonable. Actual results could differ from those estimates. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents, restricted cash and investments in marketable debt securities. The Company currently invests its excess cash primarily in money market funds and high quality investment grade 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. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board, or the FASB, issued ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements, including additional, more detailed information about a reportable segment’s expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is available. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-07, but believes it will not have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The standard is effective for public companies for annual periods beginning after December 15, 2024. Early adoption is available. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-09, but believes it will not have a material impact on its consolidated financial statements and disclosures. 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. Other than the disclosure of the Private Placement described above in the Liquidity and Capital Resources section of Note 1. Organization and Nature of the Business, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments 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 tables present the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques it utilizes to determine such fair value: As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (a) $ 51,781 $ - $ - $ 51,781 Restricted cash, non-current: Money market funds (b) 745 - - 745 Marketable debt securities: Corporate bonds (c) - 2,992 - 2,992 Total $ 52,526 $ 2,992 $ - $ 55,518 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (a) $ 39,031 $ - $ - $ 39,031 Restricted cash, non-current: Money market funds (b) 745 - - 745 Marketable debt securities: Corporate bonds (c) - 23,495 - 23,495 Agency bonds (c) - 2,499 - 2,499 Total $ 39,776 $ 25,994 $ - $ 65,770 (a) Money market funds and bonds with original maturities of 90 days or less are included within Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted money market funds are included within Restricted cash, non-current in the condensed consolidated balance sheets. (c) Bonds with original maturities greater than 90 days are included within Marketable debt securities in the condensed consolidated balance sheets and classified as current or non-current based upon whether the maturity of the financial asset is less than or greater than 12 months. Money market funds are classified as Level 1 within the fair value hierarchy, because they are valued using quoted prices in active markets. Corporate and agency bonds classified as Level 2 within the fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. There were no transfers of financial instruments among Level 1, Level 2, and Level 3 during the period presented. Cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities at March 31, 2024 and December 31, 2023 are carried at amounts that approximate fair value due to their short-term maturities. |
Marketable Debt Securities
Marketable Debt Securities | 3 Months Ended |
Mar. 31, 2024 | |
Marketable Debt Securities [Abstract] | |
Marketable Debt Securities | 4. Marketable Debt Securities Marketable debt securities, all of which were classified as available-for-sale, consist of the following: As of March 31, 2024 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 2,993 $ - $ (1 ) $ 2,992 Total $ 2,993 $ - $ (1 ) $ 2,992 As of December 31, 2023 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 23,525 $ - $ (30 ) $ 23,495 Agency bonds - presented in marketable debt securities 2,500 - (1 ) 2,499 Total $ 26,025 $ - $ (31 ) $ 25,994 The amount of realized gains and losses reclassified into earnings for the three months ended March 31, 2024 and 2023 was $0. Gains, if any, would be included in investment income within the condensed consolidated statements of operations and comprehensive loss. The Company has recorded the securities at fair value in its condensed consolidated balance sheets 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. The amount of realized gains and losses reclassified into earnings have not been material to the Company’s condensed consolidated statements of operations and comprehensive loss. 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. The contractual maturities of all securities held at March 31, 2024 was 1 month or less. There were no sales of securities in the periods presented. Credit Losses Securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of the excess, if any, is caused by expected credit losses. For the period ended March 31, 2024, it was determined that none Marketable debt securities in a loss position consist of the following: As of March 31, 2024 In Continuous Loss Position In Continuous Loss Position Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Corporate bonds – presented in marketable debt securities $ 1,993 $ (1 ) $ - $ - $ 1,993 $ (1 ) Total $ 1,993 $ (1 ) $ - $ - $ 1,993 $ (1 ) As of December 31, 2023 In Continuous Loss Position In Continuous Loss Position Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Corporate bonds – presented in marketable debt securities $ 19,498 $ (27 ) $ 3,997 $ (3 ) $ 23,495 $ (30 ) Agency bonds – presented in marketable debt securities 2,499 (1 ) - - 2,499 (1 ) Total $ 21,997 $ (28 ) $ 3,997 $ (3 ) $ 25,994 $ (31 ) Investment Income Interest and investment income consist of the following: For the 2024 2023 Interest income $ 679 $ 605 Accretion/(Amortization) of discount/premium, net 68 82 Dividend income 9 - Total interest and investment income $ 756 $ 687 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: As of March 31, December 31, Prepaid research and development $ 1,539 $ 1,957 Prepaid insurance 572 659 Prepaid retention bonuses 240 - Prepaid software 117 67 Accrued interest on marketable debt securities 23 242 Other prepaid expenses 196 163 Other current assets 3 37 Total $ 2,690 $ 3,125 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Other Assets | 6. Other Assets Other assets consist of the following: As of March 31, December, 31, Prepaid research and development, non-current $ 2,625 $ 2,661 Deferred offering costs 385 - Prepaid insurance, non-current 204 272 Other non-current assets 31 11 Total $ 3,245 $ 2,944 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of March 31, December 31, Research and development costs $ 1,814 $ 440 Employee costs 1,065 2,112 Accrued financing fees 385 - Other expenses 265 180 Total $ 3,529 $ 2,732 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 8. Leases Operating leases Leases classified as operating leases are included in operating lease right-of use, or ROU, assets, operating lease liabilities and operating lease liabilities, non-current, in the Company’s condensed consolidated balance sheets. Cash paid for operating lease liabilities was $332 during each of the three months ended March 31, 2024 and 2023. Lease expense consist of the following: For the Lease cost 2024 2023 Operating lease cost $ 338 $ 341 Total $ 338 $ 341 Variable lease expenses for the three months ended March 31, 2024 were $20. Variable lease expenses for the three months ended March 31, 2023 were not material. The weighted-average remaining lease term and the weighted average discount rate for operating leases were: As of Weighted-average discount rate 7.0 % Weighted-average remaining lease term – operating lease (in months) 52 As of March 31, 2024, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For Years Ending December 31, Operating 2024 (excluding the three months ended March 31, 2024) $ 995 2025 1,395 2026 1,429 2027 1,429 2028 718 Thereafter 87 Total operating lease payments 6,053 Less: imputed interest (826 ) Present value of future minimum lease payments $ 5,227 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. 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 8 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 | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | 10 Stockholders’ Equity Common Stock As of March 31, 2024 and December 31, 2023, the Company had 100,000,000 shares of common stock authorized for issuance, $0.001 par value per share, of which 11,433,837 and 11,364,903 shares were issued and outstanding, respectively. The holders of the Company’s common stock are entitled to one vote per share. Preferred Stock As of March 31, 2024 and December 31, 2023, the Company had 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 were authorized for issuance and 7,991 shares were issued and outstanding as of March 31, 2024 and December 31, 2023. 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. During August 2023, approximately 36 shares of Series 1 Convertible Preferred Stock were converted into 35,823 shares of common stock. The holders of Series 1 Convertible Preferred Stock are not entitled to vote. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11 Stock-Based Compensation 2020 Inducement Plan On March 26, 2020, the Compensation Committee of the Board of Directors, or the Compensation Committee, approved 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 March 31, 2024, there were 409,000 shares of common stock subject to outstanding awards and 191,00 2017 Equity Incentive Plan On August 10, 2017, Private ArTara (a predecessor entity of the Company), its Board of Directors and its stockholders approved the ArTara Therapeutics, Inc. 2017 Equity Incentive Plan to enable Private ArTara and its affiliates to recruit and retain highly qualified personnel and to incentivize personnel for productivity and growth. The 2017 Equity Incentive Plan provided for the grant of a total of 2,000,000 shares for the issuance of stock options, stock appreciation rights, restricted stock and restricted stock units to among others, members of the Board of Directors, employees, consultants and service providers to the Company and its affiliates. As of January 9, 2020, no additional awards will be made under the 2017 Equity Incentive Plan. 2014 Equity Incentive Plan On October 3, 2014, the stockholders approved the 2014 Equity Incentive Plan. On June 20, 2017, the Company’s Board of Directors amended the 2014 Equity Incentive Plan, or the Amended and Restated 2014 Plan. On July 31, 2017, the stockholders approved this amendment. On January 1, 2020, Protara Therapeutics, Inc. amended its Amended and Restated 2014 Equity Incentive Plan. The Amended and Restated 2014 Plan, as amended, 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 Amended and Restated 2014 Plan, as amended, provides that the number of shares reserved and available for issuance will automatically increase each January 1, by four percent of the Company’s common stock on the immediately preceding December 31, adjusted for the number of shares of the Company’s common stock issuable upon conversion of any security that the Company may issue that is convertible into or exchangeable for the Company’s common stock, or such lesser number of shares as determined by the Company’s Board of Directors. On January 1, 2024, pursuant to the annual evergreen feature of the Amended and Restated 2014 Plan, as amended, the number of shares authorized under the Amended and Restated 2014 Plan, as amended, was increased by 911,380 shares to 4,474,683 shares. As of March 31, 2024, there were 4,090,945 shares of common stock subject to outstanding awards and 181,939 shares of common stock available for future issuance under the Amended and Restated 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 plan. 2014 Employee Stock Purchase Plan On October 3, 2014, the stockholders approved the 2014 Employee Stock Purchase Plan, or the 2014 ESPP. The 2014 ESPP initially authorized the issuance of up to 3,513 shares of the Company’s 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 1 st On January 1, 2024, pursuant to the increase per the 2014 ESPP, the number of shares authorized under the 2014 ESPP was increased by 7,025 shares to 46,112 shares. As of March 31, 2024, the authorized number of shares under the 2014 ESPP was 46,112 and the number of shares available for issuance was 46,112. During the three months ended March 31, 2024 and 2023, no shares were issued under the 2014 ESPP. Restricted Stock Units The following table summarizes restricted stock unit, or RSU, activities for the three months ended March 31, 2024: Restricted Weighted Non-vested as of December 31, 2023 236,679 $ 7.07 Granted 210,700 1.91 Forfeited - - Vested (104,484 ) 10.57 Non-vested as of March 31, 2024 342,895 $ 2.84 The fair value of RSUs is amortized on a straight-line basis over the requisite service period of the respective awards. As of March 31, 2024, the unamortized value of RSUs was $821. As of March 31, 2024, the weighted average remaining amortization period was 2.32 years. As of March 31, 2024 and December 31, 2023, 289,500 RSUs have vested that have not yet been settled into shares of the Company’s common stock. During the three months ended March 31, 2024, the Company issued 68,934 shares of the Company’s common stock from the net settlement of 104,484 RSUs. The Company paid $76 in connection with the net share settlement of these RSUs. Stock Options The following table summarizes stock option activities for the three months ended March 31, 2024: Options Weighted Weighted Aggregate Outstanding as of December 31, 2023 2,900,205 $ 9.50 8.03 $ 20 Granted 1,102,300 1.91 - - Exercised - - - - Forfeited - - - - Expired (627 ) 3.20 - - Outstanding as of March 31, 2024 4,001,878 $ 7.41 7.45 $ 3,675 Vested and expected to vest at March 31, 2024 4,001,878 $ 7.41 7.45 $ 3,675 Exercisable as of March 31, 2024 1,648,715 12.90 6.71 429 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2023 and March 31, 2024, respectively. The intrinsic value of options exercised during the period ended March 31, 2024 was $0 and no options were exercised. The weighted average grant date fair value per share of the options granted during the three months ended March 31, 2024 and 2023 was $1.52 and $2.42 respectively. As of March 31, 2024, there was approximately $6,301 of unrecognized share-based compensation for unvested stock option grants, which is expected to be recognized over a weighted average period of 2.86 years. The total unrecognized stock-based compensation cost will be adjusted for actual forfeitures as they occur. Summary of Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized: For the Three Months Ended 2024 2023 Restricted stock units $ 151 $ 314 Stock options 1,075 1,261 Total $ 1,226 $ 1,575 Stock-based compensation expense was reflected within the condensed consolidated statements of operations and comprehensive loss as: For the Three Months Ended 2024 2023 Research and development $ 374 $ 400 General and administrative 852 1,175 Total $ 1,226 $ 1,575 |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Net Loss Per Common Share [Abstract] | |
Net Loss Per Common Share | 12. Net Loss per Common Share The following table sets forth the computation of the net loss per share attributable to common stockholders, basic and diluted: For the Three Months Ended 2024 2023 Numerator: Net loss attributable to common stockholders $ (11,095 ) $ (9,045 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 11,420,948 11,303,869 Net loss per share attributable to common stockholders, basic and diluted $ (0.97 ) $ (0.80 ) Since the Company was in a net loss position for all periods presented, net loss per share attributable to common stockholders was the same, on a basic and diluted basis, as the inclusion of all potential common equivalent shares outstanding would have been anti-dilutive. The Company excluded the following potential shares of common stock, 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: As of 2024 2023 Stock options issued and outstanding 4,001,878 2,973,531 Restricted stock units issued and outstanding 632,395 586,061 Conversion of Series 1 Convertible Preferred Stock 7,993,217 8,029,039 Total potentially dilutive shares 12,627,490 11,588,631 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (11,095) | $ (9,045) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements and the related disclosures as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States, or 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 GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the 2023 and 2022 audited consolidated financial statements and notes included in the Annual Report on Form 10-K. The December 31, 2023 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 GAAP for complete financial statements. In the opinion of management, the 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 months ended March 31, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any other interim period or future year or period. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant items subject to such estimates include but are not limited to research and development accruals as well as contingencies. On an ongoing basis, the Company’s management evaluates its estimates based on historical and anticipated results, trends, and various other assumptions believed to be reasonable. Actual results could differ from those estimates. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. |
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, restricted cash and investments in marketable debt securities. The Company currently invests its excess cash primarily in money market funds and high quality investment grade 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. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board, or the FASB, issued ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements, including additional, more detailed information about a reportable segment’s expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is available. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-07, but believes it will not have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The standard is effective for public companies for annual periods beginning after December 15, 2024. Early adoption is available. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-09, but believes it will not have a material impact on its consolidated financial statements and disclosures. |
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. Other than the disclosure of the Private Placement described above in the Liquidity and Capital Resources section of Note 1. Organization and Nature of the Business, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value of Financial Instruments [Abstract] | |
Schedule of Financial Assets and Liabilities that are Measured and Carried at Fair Value | The following tables present the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques it utilizes to determine such fair value: As of March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (a) $ 51,781 $ - $ - $ 51,781 Restricted cash, non-current: Money market funds (b) 745 - - 745 Marketable debt securities: Corporate bonds (c) - 2,992 - 2,992 Total $ 52,526 $ 2,992 $ - $ 55,518 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds (a) $ 39,031 $ - $ - $ 39,031 Restricted cash, non-current: Money market funds (b) 745 - - 745 Marketable debt securities: Corporate bonds (c) - 23,495 - 23,495 Agency bonds (c) - 2,499 - 2,499 Total $ 39,776 $ 25,994 $ - $ 65,770 (a) Money market funds and bonds with original maturities of 90 days or less are included within Cash and cash equivalents in the condensed consolidated balance sheets. (b) Restricted money market funds are included within Restricted cash, non-current in the condensed consolidated balance sheets. (c) Bonds with original maturities greater than 90 days are included within Marketable debt securities in the condensed consolidated balance sheets and classified as current or non-current based upon whether the maturity of the financial asset is less than or greater than 12 months. |
Marketable Debt Securities (Tab
Marketable Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Marketable Debt Securities [Abstract] | |
Schedule of Marketable Debt Securities | Marketable debt securities, all of which were classified as available-for-sale, consist of the following: As of March 31, 2024 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 2,993 $ - $ (1 ) $ 2,992 Total $ 2,993 $ - $ (1 ) $ 2,992 As of December 31, 2023 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 23,525 $ - $ (30 ) $ 23,495 Agency bonds - presented in marketable debt securities 2,500 - (1 ) 2,499 Total $ 26,025 $ - $ (31 ) $ 25,994 |
Schedule of Marketable Debt Securities in a Loss Position | Marketable debt securities in a loss position consist of the following: As of March 31, 2024 In Continuous Loss Position In Continuous Loss Position Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Corporate bonds – presented in marketable debt securities $ 1,993 $ (1 ) $ - $ - $ 1,993 $ (1 ) Total $ 1,993 $ (1 ) $ - $ - $ 1,993 $ (1 ) As of December 31, 2023 In Continuous Loss Position In Continuous Loss Position Total Estimated Unrealized Estimated Unrealized Estimated Unrealized Corporate bonds – presented in marketable debt securities $ 19,498 $ (27 ) $ 3,997 $ (3 ) $ 23,495 $ (30 ) Agency bonds – presented in marketable debt securities 2,499 (1 ) - - 2,499 (1 ) Total $ 21,997 $ (28 ) $ 3,997 $ (3 ) $ 25,994 $ (31 ) |
Schedule of Investment Income | Interest and investment income consist of the following: For the 2024 2023 Interest income $ 679 $ 605 Accretion/(Amortization) of discount/premium, net 68 82 Dividend income 9 - Total interest and investment income $ 756 $ 687 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: As of March 31, December 31, Prepaid research and development $ 1,539 $ 1,957 Prepaid insurance 572 659 Prepaid retention bonuses 240 - Prepaid software 117 67 Accrued interest on marketable debt securities 23 242 Other prepaid expenses 196 163 Other current assets 3 37 Total $ 2,690 $ 3,125 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: As of March 31, December, 31, Prepaid research and development, non-current $ 2,625 $ 2,661 Deferred offering costs 385 - Prepaid insurance, non-current 204 272 Other non-current assets 31 11 Total $ 3,245 $ 2,944 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and other current liabilities consist of the following: As of March 31, December 31, Research and development costs $ 1,814 $ 440 Employee costs 1,065 2,112 Accrued financing fees 385 - Other expenses 265 180 Total $ 3,529 $ 2,732 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | Lease expense consist of the following: For the Lease cost 2024 2023 Operating lease cost $ 338 $ 341 Total $ 338 $ 341 |
Schedule of Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Operating Leases | The weighted-average remaining lease term and the weighted average discount rate for operating leases were: As of Weighted-average discount rate 7.0 % Weighted-average remaining lease term – operating lease (in months) 52 |
Schedule of Annual Minimum Lease Payments of the Company’s Operating Lease Liabilities | As of March 31, 2024, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For Years Ending December 31, Operating 2024 (excluding the three months ended March 31, 2024) $ 995 2025 1,395 2026 1,429 2027 1,429 2028 718 Thereafter 87 Total operating lease payments 6,053 Less: imputed interest (826 ) Present value of future minimum lease payments $ 5,227 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stock-Based Compensation [Abstract] | |
Schedule of Restricted Stock Unit Activity | The following table summarizes restricted stock unit, or RSU, activities for the three months ended March 31, 2024: Restricted Weighted Non-vested as of December 31, 2023 236,679 $ 7.07 Granted 210,700 1.91 Forfeited - - Vested (104,484 ) 10.57 Non-vested as of March 31, 2024 342,895 $ 2.84 |
Schedule of Stock Option Activities | The following table summarizes stock option activities for the three months ended March 31, 2024: Options Weighted Weighted Aggregate Outstanding as of December 31, 2023 2,900,205 $ 9.50 8.03 $ 20 Granted 1,102,300 1.91 - - Exercised - - - - Forfeited - - - - Expired (627 ) 3.20 - - Outstanding as of March 31, 2024 4,001,878 $ 7.41 7.45 $ 3,675 Vested and expected to vest at March 31, 2024 4,001,878 $ 7.41 7.45 $ 3,675 Exercisable as of March 31, 2024 1,648,715 12.90 6.71 429 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2023 and March 31, 2024, respectively. The intrinsic value of options exercised during the period ended March 31, 2024 was $0 and no options were exercised. |
Schedule of Total Stock-Based Compensation Costs | The following tables summarize total stock-based compensation costs recognized: For the Three Months Ended 2024 2023 Restricted stock units $ 151 $ 314 Stock options 1,075 1,261 Total $ 1,226 $ 1,575 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was reflected within the condensed consolidated statements of operations and comprehensive loss as: For the Three Months Ended 2024 2023 Research and development $ 374 $ 400 General and administrative 852 1,175 Total $ 1,226 $ 1,575 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Net Loss Per Common Share [Abstract] | |
Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted | The following table sets forth the computation of the net loss per share attributable to common stockholders, basic and diluted: For the Three Months Ended 2024 2023 Numerator: Net loss attributable to common stockholders $ (11,095 ) $ (9,045 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 11,420,948 11,303,869 Net loss per share attributable to common stockholders, basic and diluted $ (0.97 ) $ (0.80 ) |
Schedule of Weighted Average Dilutive Common Shares | The Company excluded the following potential shares of common stock, 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 As of 2024 2023 Stock options issued and outstanding 4,001,878 2,973,531 Restricted stock units issued and outstanding 632,395 586,061 Conversion of Series 1 Convertible Preferred Stock 7,993,217 8,029,039 Total potentially dilutive shares 12,627,490 11,588,631 |
Organization and Nature of th_2
Organization and Nature of the Business (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | Apr. 10, 2024 | Apr. 05, 2024 |
Organization and Nature of the Business (Details) [Line Items] | ||
Gross proceeds shares | $ 41,963 | |
Common Share Warrant [Member] | ||
Organization and Nature of the Business (Details) [Line Items] | ||
Sold of common stock | 9,143,380 | |
Warrant purchase price | $ 4.15 | |
Pre-Funded Warrant [Member] | ||
Organization and Nature of the Business (Details) [Line Items] | ||
Warrants purchase aggregate shares | 1,700,000 | |
Warrant purchase price | $ 4.149 | |
Warrant [Member] | ||
Organization and Nature of the Business (Details) [Line Items] | ||
Warrants purchase aggregate shares | 10,843,380 | |
Warrant purchase price | $ 5.25 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Schedule of Financial Assets and Liabilities that are Measured and Carried at Fair Value - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Cash equivalents: | |||
Money market funds | [1] | $ 51,781 | $ 39,031 |
Restricted cash, non-current: | |||
Money market funds | [2] | 745 | 745 |
Marketable debt securities: | |||
Corporate bonds | [3] | 2,992 | 23,495 |
Agency bonds | [3] | 2,499 | |
Total | 55,518 | 65,770 | |
Level 1 [Member] | |||
Cash equivalents: | |||
Money market funds | [1] | 51,781 | 39,031 |
Restricted cash, non-current: | |||
Money market funds | [2] | 745 | 745 |
Marketable debt securities: | |||
Corporate bonds | [3] | ||
Agency bonds | [3] | ||
Total | 52,526 | 39,776 | |
Level 2 [Member] | |||
Cash equivalents: | |||
Money market funds | [1] | ||
Restricted cash, non-current: | |||
Money market funds | [2] | ||
Marketable debt securities: | |||
Corporate bonds | [3] | 2,992 | 23,495 |
Agency bonds | [3] | 2,499 | |
Total | 2,992 | 25,994 | |
Level 3 [Member] | |||
Cash equivalents: | |||
Money market funds | [1] | ||
Restricted cash, non-current: | |||
Money market funds | [2] | ||
Marketable debt securities: | |||
Corporate bonds | [3] | ||
Agency bonds | [3] | ||
Total | |||
[1] Money market funds and bonds with original maturities of 90 days or less are included within Cash and cash equivalents in the condensed consolidated balance sheets. Restricted money market funds are included within Restricted cash, non-current in the condensed consolidated balance sheets. Bonds with original maturities greater than 90 days are included within Marketable debt securities in the condensed consolidated balance sheets and classified as current or non-current based upon whether the maturity of the financial asset is less than or greater than 12 months. |
Marketable Debt Securities (Det
Marketable Debt Securities (Details) - USD ($) | 3 Months Ended | |
Jan. 01, 2023 | Mar. 31, 2024 | |
Marketable Debt Securities [Abstract] | ||
Realized gains and losses | $ 0 | $ 0 |
Unrealized loss is related to expected credit losses |
Marketable Debt Securities (D_2
Marketable Debt Securities (Details) - Schedule of Marketable Debt Securities - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 2,993 | $ 26,025 |
Unrealized Gains | ||
Unrealized Losses | (1) | (31) |
Estimated Fair Value | 2,992 | 25,994 |
Corporate bonds - presented in marketable debt securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 2,993 | 23,525 |
Unrealized Gains | ||
Unrealized Losses | (1) | (30) |
Estimated Fair Value | $ 2,992 | 23,495 |
Agency bonds – presented in marketable debt securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 2,500 | |
Unrealized Gains | ||
Unrealized Losses | (1) | |
Estimated Fair Value | $ 2,499 |
Marketable Debt Securities (D_3
Marketable Debt Securities (Details) - Schedule of Marketable Debt Securities in a Loss Position - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | $ 1,993 | $ 25,994 |
Unrealized Losses | (1) | (31) |
In Continuous Loss Position Less Than Twelve Months [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 1,993 | 21,997 |
Unrealized Losses | (1) | (28) |
In Continuous Loss Position Greater Than Twelve Months [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 3,997 | |
Unrealized Losses | (3) | |
Corporate Bonds – Presented in Marketable Debt Securities [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 1,993 | 23,495 |
Unrealized Losses | (1) | (30) |
Corporate Bonds – Presented in Marketable Debt Securities [Member] | In Continuous Loss Position Less Than Twelve Months [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 1,993 | 19,498 |
Unrealized Losses | (1) | (27) |
Corporate Bonds – Presented in Marketable Debt Securities [Member] | In Continuous Loss Position Greater Than Twelve Months [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 3,997 | |
Unrealized Losses | (3) | |
Agency Bonds – Presented in Marketable Debt Securities [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 2,499 | |
Unrealized Losses | (1) | |
Agency Bonds – Presented in Marketable Debt Securities [Member] | In Continuous Loss Position Less Than Twelve Months [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | 2,499 | |
Unrealized Losses | (1) | |
Agency Bonds – Presented in Marketable Debt Securities [Member] | In Continuous Loss Position Greater Than Twelve Months [Member] | ||
Security Owned Not Readily Marketable [Line Items] | ||
Estimated Fair Value | ||
Unrealized Losses |
Marketable Debt Securities (D_4
Marketable Debt Securities (Details) - Schedule of Investment Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Marketable Debt Securities [Abstract] | ||
Interest income | $ 679 | $ 605 |
Accretion/(Amortization) of discount/premium, net | 68 | 82 |
Dividend income | 9 | |
Total interest and investment income | $ 756 | $ 687 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid Expenses and Other Current Assets [Abstract] | ||
Prepaid research and development | $ 1,539 | $ 1,957 |
Prepaid insurance | 572 | 659 |
Prepaid retention bonuses | 240 | |
Prepaid software | 117 | 67 |
Accrued interest on marketable debt securities | 23 | 242 |
Other prepaid expenses | 196 | 163 |
Other current assets | 3 | 37 |
Total | $ 2,690 | $ 3,125 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Other Assets [Abstract] | ||
Prepaid research and development, non-current | $ 2,625 | $ 2,661 |
Deferred offering costs | 385 | |
Prepaid insurance, non-current | 204 | 272 |
Other non-current assets | 31 | 11 |
Total | $ 3,245 | $ 2,944 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Accrued Expenses [Abstract] | ||
Research and development costs | $ 1,814 | $ 440 |
Employee costs | 1,065 | 2,112 |
Accrued financing fees | 385 | |
Other expenses | 265 | 180 |
Total | $ 3,529 | $ 2,732 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 332 | $ 332 |
Variable lease expense | $ 20 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Components of Lease Expense - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Components of Lease Expense [Abstract] | ||
Operating lease cost | $ 338 | $ 341 |
Total | $ 338 | $ 341 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Operating Leases | Mar. 31, 2024 |
Schedule of Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Operating Leases [Abstract] | |
Weighted-average discount rate | 7% |
Weighted-average remaining lease term – operating lease (in months) | 52 months |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Annual Minimum Lease Payments of the Company’s Operating Lease Liabilities $ in Thousands | Mar. 31, 2024 USD ($) |
Schedule of Operating Lease Payments Included in the Measurement of Lease Liabilities [Abstract] | |
2024 | $ 995 |
2025 | 1,395 |
2026 | 1,429 |
2027 | 1,429 |
2028 | 718 |
Thereafter | 87 |
Total operating lease payments | 6,053 |
Less: imputed interest | (826) |
Present value of future minimum lease payments | $ 5,227 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - $ / shares | 3 Months Ended | ||
Aug. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Common Stock [Member] | |||
Stockholders’ Equity [Line Items] | |||
Common stock authorized | 100,000,000 | 100,000,000 | |
Common shares of par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Common stock shares issued | 11,433,837 | 11,433,837 | |
Common stock, shares outstanding | 11,364,903 | 11,364,903 | |
Number of vote per share | one | ||
Converted share of common stock | 35,823 | ||
Preferred Stock [Member] | |||
Stockholders’ Equity [Line Items] | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Series 1 Convertible Preferred Stock [Member] | |||
Stockholders’ Equity [Line Items] | |||
Preferred stock, shares authorized | 8,028 | 8,028 | |
Preferred stock, shares issued | 7,991 | 7,991 | |
Preferred stock, shares outstanding | 7,991 | 7,991 | |
Conversion of shares | 1,000 | ||
Conversion of price (in Dollars per share) | $ 7.01 | ||
Preferred shares redeemed during conversion | 36 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jan. 01, 2024 | Oct. 03, 2014 | |
Stock-Based Compensation [Line Items] | |||||
Common stock subject to outstanding awards | 11,433,837 | 11,364,903 | |||
Common stock shares | 46,112 | ||||
Intrinsic value option (in Dollars) | $ 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Unrecognized share based compensation (in Dollars) | $ 821,000 | ||||
Recognized over a weighted average period | 2 years 3 months 25 days | ||||
Number of RSUs | 289,500 | 289,500 | |||
Issued of shares | 68,934 | ||||
Number of RSUs Settled | 104,484 | ||||
Net share settlement (in Dollars) | $ 76,000 | ||||
Stock Options [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Unrecognized share based compensation (in Dollars) | $ 6,301,000 | ||||
Recognized over a weighted average period | 2 years 10 months 9 days | ||||
Weighted average grant fair value per share (in Dollars per share) | $ 1.52 | $ 2.42 | |||
2020 Inducement Plan [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Common stock shares | 600,000 | ||||
Common stock subject to outstanding awards | 409,000 | ||||
Common stock shares | 19,100 | ||||
2017 Equity Incentive Plan [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Common stock shares | 2,000,000 | ||||
Amended and Restated 2014 Plan [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Common stock subject to outstanding awards | 4,090,945 | ||||
Common stock shares | 181,939 | ||||
Amended and Restated 2014 Plan [Member] | Minimum [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Number of shares authorized and increased | 911,380 | ||||
Amended and Restated 2014 Plan [Member] | Maximum [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Common stock shares | 4,474,683 | ||||
2014 Employee Stock Purchase Plan [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Common stock shares | 46,112 | 3,513 | |||
Employee stock purchase plan increase, description | 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. | ||||
2014 Employee Stock Purchase Plan [Member] | Minimum [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Number of shares authorized and increased | 7,025 | ||||
2014 Employee Stock Purchase Plan [Member] | Maximum [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Common stock shares | 46,112 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of Restricted Stock Unit Activity - Restricted stock unit [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Stock-Based Compensation [Line Items] | |
Restricted Stock Units, Balance at beginning | shares | 236,679 |
Weighted Average Grant Date Fair Value, Balance at beginning | $ / shares | $ 7.07 |
Restricted Stock Units, Granted | shares | 210,700 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 1.91 |
Restricted Stock Units, Forfeited | shares | |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | |
Restricted Stock Units, Vested | shares | (104,484) |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 10.57 |
Restricted Stock Units, Balance at ending | shares | 342,895 |
Weighted Average Grant Date Fair Value, Balance at ending | $ / shares | $ 2.84 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of Stock Option Activities - Stock option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Stock-Based Compensation [Line Items] | |||
Number of Options, Balance at ending (in Shares) | 4,001,878 | 2,900,205 | |
Weighted Average Exercise Price, Balance at ending | $ 7.41 | $ 9.5 | |
Weighted Average Remaining Contractual Term (years), Balance at ending | 7 years 5 months 12 days | 8 years 10 days | |
Aggregate Intrinsic Value, Balance at ending (in Dollars) | [1] | $ 3,675 | $ 20 |
Number of Options, Granted (in Shares) | 1,102,300 | ||
Weighted Average Exercise Price, Granted | $ 1.91 | ||
Weighted Average Remaining Contractual Term (years), Granted | |||
Aggregate Intrinsic Value, Granted | |||
Number of Options, Exercised (in Shares) | |||
Weighted Average Exercise Price, Exercised | |||
Weighted Average Remaining Contractual Term (years), Exercised | |||
Aggregate Intrinsic Value, Exercised (in Dollars) | |||
Number of Options, Forfeited (in Shares) | |||
Weighted Average Exercise Price, Forfeited | |||
Weighted Average Remaining Contractual Term (years), Forfeited | |||
Aggregate Intrinsic Value, Forfeited | |||
Number of Options, Expired (in Shares) | (627) | ||
Weighted Average Exercise Price, Expired | $ 3.2 | ||
Weighted Average Remaining Contractual Term (years), Expired | |||
Aggregate Intrinsic Value, Expired (in Dollars) | |||
Number of Options, Vested or expected to vest (in Shares) | 4,001,878 | ||
Weighted Average Exercise Price, Vested or expected to vest | $ 7.41 | ||
Weighted Average Remaining Contractual Term (years), Vested or expected to vest | 7 years 5 months 12 days | ||
Aggregate Intrinsic Value, Vested or expected to vest (in Dollars) | [1] | $ 3,675 | |
Number of Options, Exercisable (in Shares) | 1,648,715 | ||
Weighted Average Exercise Price, Exercisable | $ 12.9 | ||
Weighted Average Remaining Contractual Term (years), Exercisable | 6 years 8 months 15 days | ||
Aggregate Intrinsic Value, Exercisable (in Dollars) | [1] | $ 429 | |
[1]Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on December 31, 2023 and March 31, 2024, respectively. The intrinsic value of options exercised during the period ended March 31, 2024 was $0 and no options were exercised. |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details) - Schedule of Stock-Based Compensation Costs - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-Based Compensation [Line Items] | ||
Stock-based compensation costs | $ 1,226 | $ 1,575 |
RSUs [Member] | ||
Stock-Based Compensation [Line Items] | ||
Stock-based compensation costs | 151 | 314 |
Stock options [Member] | ||
Stock-Based Compensation [Line Items] | ||
Stock-based compensation costs | $ 1,075 | $ 1,261 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details) - Schedule of Stock-Based Compensation Expense - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Stock-Based Compensation Expense [Line Items] | ||
Total stock-based compensation | $ 1,226 | $ 1,575 |
Research and development [Member] | ||
Schedule of Stock-Based Compensation Expense [Line Items] | ||
Total stock-based compensation | 374 | 400 |
General and administrative [Member] | ||
Schedule of Stock-Based Compensation Expense [Line Items] | ||
Total stock-based compensation | $ 852 | $ 1,175 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted [Abstract] | ||
Net loss attributable to common stockholders | $ (11,095) | $ (9,045) |
Weighted-average shares of common stock outstanding, basic | 11,420,948 | 11,303,869 |
Net loss per share attributable to common stockholders, basic | $ (0.97) | $ (0.8) |
Net Loss Per Common Share (De_2
Net Loss Per Common Share (Details) - Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted [Abstract] | ||
Weighted-average common shares outstanding – diluted | 11,420,948 | 11,303,869 |
Net loss per share attributable to common stockholders, diluted | $ (0.97) | $ (0.80) |
Net Loss Per Common Share (De_3
Net Loss Per Common Share (Details) - Schedule of Weighted Average Dilutive Common Shares - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 12,627,490 | 11,588,631 |
Conversion of Series 1 Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 7,993,217 | 8,029,039 |
Stock options issued and outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 4,001,878 | 2,973,531 |
Restricted stock units issued and outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 632,395 | 586,061 |