Athersys, Inc / New (ATHXQ) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-33876
Entity Registrant Name	ATHERSYS, INC / NEW
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4864095
Entity Address, Address Line One	3201 Carnegie Avenue,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44115-2634
City Area Code	216
Local Phone Number	431-9900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ATHX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		197,699,500
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001368148
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 61,711	$ 35,041
Prepaid expenses and other	2,429	1,168
Total current assets	64,281	37,171
Equipment, net	3,069	2,882
Deposits and other	1,513	1,613
Total assets	68,863	41,666
Current liabilities:
Accrued compensation and related benefits	1,840	773
Accrued clinical trial related costs	2,447	1,160
Accrued expenses and other	1,044	723
Total current liabilities	19,336	12,837
Other long-term liabilities	164	220
Stockholders’ equity:
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at September 30, 2020 and December 31, 2019	0	0
Common stock, $0.001 par value; 300,000,000 shares authorized, and 197,585,732 and 159,791,585 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	198	160
Additional paid-in capital	518,147	440,735
Accumulated deficit	(474,183)	(417,624)
Total stockholders’ equity	44,162	23,271
Total liabilities and stockholders’ equity	68,863	41,666
Consolidated entity excluding, related party
Current assets:
Accounts receivable		17
Current liabilities:
Accounts payable	12,735	9,048
Healios
Current assets:
Accounts receivable	141	945
Current liabilities:
Accounts payable	1,205	1,068
Deferred revenue - Healios	65	65
Advance from Healios	$ 5,201	$ 5,338

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Stockholders’ equity:
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	197,585,732	159,791,585
Common stock, shares outstanding (in shares)	197,585,732	159,791,585

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenues	$ 85	$ (368)	$ 162	$ 5,266
Grant revenue	1	7	8	80
Revenues	86	(361)	170	5,346
Costs and expenses
Research and development	18,471	8,856	44,333	31,411
General and administrative	3,700	2,958	11,606	8,930
Depreciation	233	167	645	508
Total costs and expenses	22,404	11,981	56,584	40,849
Loss from operations	(22,318)	(12,342)	(56,414)	(35,503)
Other (expense) income, net	(225)	327	(145)	844
Net loss and comprehensive loss	$ (22,543)	$ (12,015)	$ (56,559)	$ (34,659)
Net loss per share, basic and diluted (in dollars per share)	$ (0.11)	$ (0.08)	$ (0.31)	$ (0.23)
Weighted average shares outstanding, basic and diluted (in shares)	197,343	153,096	183,841	149,767

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Stock Subscription Receivable	Additional Paid-in Capital	Accumulated Deficit	Healios	HealiosCommon Stock	HealiosStock Subscription Receivable	HealiosAdditional Paid-in Capital	Consolidated entity excluding, related party	Consolidated entity excluding, related partyCommon Stock	Consolidated entity excluding, related partyAdditional Paid-in Capital
Preferred stock shares, beginning balance (in shares) at Dec. 31, 2018		0
Common stock, beginning balance (in shares) at Dec. 31, 2018			144,292,739
Beginning balance at Dec. 31, 2018	$ 43,116	$ 0	$ 144		$ 416,014	$ (373,042)
Stock-based compensation	1,090				1,090
Issuance of common stock, net of issuance cost (in shares)												3,825,000
Issuance of common stock, net of issuance cost											$ 5,607	$ 4	$ 5,603
Issuance of common stock under equity compensation plan (in shares)			158,494
Issuance of common stock under equity compensation plan	(69)				(69)
Net comprehensive income (loss)	(12,956)					(12,956)
Preferred stock shares, ending balance (in shares) at Mar. 31, 2019		0
Common stock, ending balance (in shares) at Mar. 31, 2019			148,276,233
Ending balance at Mar. 31, 2019	36,788	$ 0	$ 148		422,638	(385,998)
Preferred stock shares, beginning balance (in shares) at Dec. 31, 2018		0
Common stock, beginning balance (in shares) at Dec. 31, 2018			144,292,739
Beginning balance at Dec. 31, 2018	43,116	$ 0	$ 144		416,014	(373,042)
Net comprehensive income (loss)	(34,659)
Preferred stock shares, ending balance (in shares) at Sep. 30, 2019		0
Common stock, ending balance (in shares) at Sep. 30, 2019			155,266,720
Ending balance at Sep. 30, 2019	27,002	$ 0	$ 155		434,548	(407,701)
Preferred stock shares, beginning balance (in shares) at Mar. 31, 2019		0
Common stock, beginning balance (in shares) at Mar. 31, 2019			148,276,233
Beginning balance at Mar. 31, 2019	36,788	$ 0	$ 148		422,638	(385,998)
Stock-based compensation	1,152				1,152
Issuance of common stock, net of issuance cost (in shares)												3,350,000
Issuance of common stock, net of issuance cost											5,106	$ 4	5,102
Issuance of common stock under equity compensation plan (in shares)			151,518
Issuance of common stock under equity compensation plan	(107)				(107)
Net comprehensive income (loss)	(9,688)					(9,688)
Preferred stock shares, ending balance (in shares) at Jun. 30, 2019		0
Common stock, ending balance (in shares) at Jun. 30, 2019			151,777,751
Ending balance at Jun. 30, 2019	33,251	$ 0	$ 152		428,785	(395,686)
Stock-based compensation	1,309				1,309
Issuance of common stock, net of issuance cost (in shares)												3,300,000
Issuance of common stock, net of issuance cost											4,575	$ 3	4,572
Issuance of common stock under equity compensation plan (in shares)			188,969
Issuance of common stock under equity compensation plan	(118)				(118)
Net comprehensive income (loss)	(12,015)					(12,015)
Preferred stock shares, ending balance (in shares) at Sep. 30, 2019		0
Common stock, ending balance (in shares) at Sep. 30, 2019			155,266,720
Ending balance at Sep. 30, 2019	$ 27,002	$ 0	$ 155		434,548	(407,701)
Preferred stock shares, beginning balance (in shares) at Dec. 31, 2019	0	0
Common stock, beginning balance (in shares) at Dec. 31, 2019	159,791,585		159,791,585
Beginning balance at Dec. 31, 2019	$ 23,271	$ 0	$ 160	$ 0	440,735	(417,624)
Stock-based compensation	1,280				1,280
Stock subscription receivable from Healios warrant exercise (in shares)								4,000,000
Stock subscription receivable from Healios warrant exercise							$ 0	$ 4	$ (7,040)	$ 7,036
Issuance of common stock, net of issuance cost (in shares)												6,825,000
Issuance of common stock, net of issuance cost											10,250	$ 7	10,243
Issuance of common stock under equity compensation plan (in shares)			153,504
Issuance of common stock under equity compensation plan	(149)				(149)
Net comprehensive income (loss)	(15,644)					(15,644)
Preferred stock shares, ending balance (in shares) at Mar. 31, 2020		0
Common stock, ending balance (in shares) at Mar. 31, 2020			170,770,089
Ending balance at Mar. 31, 2020	$ 19,008	$ 0	$ 171	(7,040)	459,145	(433,268)
Preferred stock shares, beginning balance (in shares) at Dec. 31, 2019	0	0
Common stock, beginning balance (in shares) at Dec. 31, 2019	159,791,585		159,791,585
Beginning balance at Dec. 31, 2019	$ 23,271	$ 0	$ 160	0	440,735	(417,624)
Net comprehensive income (loss)	$ (56,559)
Preferred stock shares, ending balance (in shares) at Sep. 30, 2020	0	0
Common stock, ending balance (in shares) at Sep. 30, 2020	197,585,732		197,585,732
Ending balance at Sep. 30, 2020	$ 44,162	$ 0	$ 198	0	518,147	(474,183)
Preferred stock shares, beginning balance (in shares) at Mar. 31, 2020		0
Common stock, beginning balance (in shares) at Mar. 31, 2020			170,770,089
Beginning balance at Mar. 31, 2020	19,008	$ 0	$ 171	(7,040)	459,145	(433,268)
Stock-based compensation	2,579				2,579
Stock subscription receivable from Healios warrant exercise							7,040		$ 7,040
Issuance of common stock, net of issuance cost (in shares)								310,526				25,587,500
Issuance of common stock, net of issuance cost							$ 534			$ 534	53,691	$ 26	53,665
Issuance of common stock under equity compensation plan (in shares)			340,447
Issuance of common stock under equity compensation plan	(302)				(302)
Net comprehensive income (loss)	(18,372)					(18,372)
Preferred stock shares, ending balance (in shares) at Jun. 30, 2020		0
Common stock, ending balance (in shares) at Jun. 30, 2020			197,008,562
Ending balance at Jun. 30, 2020	64,178	$ 0	$ 197	0	515,621	(451,640)
Stock-based compensation	1,651				1,651
Issuance of common stock, net of issuance cost (in shares)												395,000
Issuance of common stock, net of issuance cost											$ 1,095	$ 1	$ 1,094
Issuance of common stock under equity compensation plan (in shares)			182,170
Issuance of common stock under equity compensation plan	(219)				(219)
Net comprehensive income (loss)	$ (22,543)					(22,543)
Preferred stock shares, ending balance (in shares) at Sep. 30, 2020	0	0
Common stock, ending balance (in shares) at Sep. 30, 2020	197,585,732		197,585,732
Ending balance at Sep. 30, 2020	$ 44,162	$ 0	$ 198	$ 0	$ 518,147	$ (474,183)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net loss	$ (56,559)	$ (34,659)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	645	508
Stock-based compensation	5,510	3,551
Changes in operating assets and liabilities:
Prepaid expenses, deposits and other	(1,161)	991
Net cash used in operating activities	(44,535)	(25,173)
Investing activities
Purchases of equipment	(735)	(434)
Net cash used in investing activities	(735)	(434)
Financing activities
Shares retained for withholding tax payments on stock-based awards	(670)	(320)
Net cash provided by financing activities	71,940	14,994
Increase (decrease) in cash and cash equivalents	26,670	(10,613)
Cash and cash equivalents at beginning of the period	35,041	51,059
Cash and cash equivalents at end of the period	61,711	40,446
Consolidated entity excluding, related party
Changes in operating assets and liabilities:
Accounts receivable	17	247
Accounts payable, accrued expenses and other	6,209	151
Financing activities
Proceeds from issuance of common stock, net of issuance cost	65,036	15,314
Healios
Changes in operating assets and liabilities:
Accounts receivable	804	3,333
Accounts payable to Healios	137	792
Deferred revenue - Healios	0	(323)
Advance from Healios	(137)	236
Financing activities
Proceeds from issuance of common stock, net of issuance cost	534	0
Proceeds from exercise of warrant	$ 7,040	$ 0

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Background: We are an international biotechnology company focused in the field of regenerative medicine and operate in one business segment. Our operations consist of research, preclinical development and clinical development activities, and our most advanced program is in Phase 3 clinical development. We have incurred losses since our inception in 1995 and had an accumulated deficit of $474.2 million at September 30, 2020, and we will not commence sales of our clinical product candidates until they receive regulatory approval for commercialization. We will require significant additional capital to continue our research and development programs, including progressing our clinical product candidates to commercialization and preparing for commercial-scale manufacturing and sales. At September 30, 2020, we had available cash and cash equivalents of $61.7 million. In April 2020, we completed an underwritten public offering of common stock, generating net proceeds of approximately $53.7 million. Also, in March 2020, HEALIOS K.K. (“Healios”), our collaborator in Japan, elected to exercise its warrant in full, generating proceeds of approximately $7.0 million. We believe that these recent proceeds combined with our cash on hand, certain cash receipts, proceeds from our equity facility, potential delays in non-core programs and our ability to defer certain spending will enable us to meet our obligations as they come due at least for a period of twelve months from the date of the issuance of these unaudited condensed consolidated financial statements. We expect that our near-term milestones and clinical trial results, including the results of Healios’ clinical trials, may have a significant impact on our ability to access capital from the equity capital markets. Depending on the outcome of these milestones and clinical trial results, we may accelerate, defer or stage the timing of certain programs, and we will have to continue to generate additional capital to meet our needs until we become cash flow positive from the sales of our clinical products, if they are approved for marketing. Such capital would come from new and existing collaborations and the related license fees, milestones and potential royalties, monetization of other assets, and/or the sale of equity securities from time to time including through our equity facility, and grant-funding opportunities. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial statements reflect all adjustments, consisting of normal recurring adjustments and disclosures that are, in the opinion of management, necessary for a fair presentation of financial position and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our critical accounting policies, estimates and assumptions are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which is included in this Quarterly Report on Form 10-Q.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) . This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Subsequent to issuing ASU 2016-13, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326): Effective Dates , delaying the effective date for smaller reporting companies until January 2023. We are currently evaluating the potential impact of adoption of this standard on our consolidated financial statements and disclosures, and we do not intend to early adopt.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Basic and diluted net loss per share have been computed using the weighted-average number of shares of common stock outstanding during the period. We have outstanding stock-based awards that are not used in the calculation of diluted net loss per share because to do so would be anti-dilutive. The following instruments (in thousands) were excluded from the calculation of diluted net loss per share because their effects would be antidilutive: Three months ended Nine months ended 2020 2019 2020 2019 Stock-based awards 20,585 16,536 20,585 16,536 Healios warrant – see Note 6 — 4,000 — 4,000 Total 20,585 20,536 20,585 20,536

Collaborative Arrangements and

Collaborative Arrangements and Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangements and Revenue Recognition	Collaborative Arrangements and Revenue Recognition Healios Collaboration We have a licensing collaboration with Healios to primarily develop and commercialize our cell therapy technologies for certain disease indications in Japan, pursuant to which we received nonrefundable license fee payments and are entitled to royalties on net sales. We also have the right to receive development and commercial milestone payments from Healios, subject to certain potential credits that have been negotiated from time-to-time and are associated with modifications to the arrangement. Healios is responsible for the development and commercialization of the licensed products in the licensed territories, and we provide certain services to Healios for which we are paid. Refer to Note 6 regarding Healios’ exercise of a warrant in March 2020 and its exercise of a right to participate in certain equity transactions in May 2020. Healios Revenue Recognition At the inception of the Healios arrangement and again each time that the arrangement is modified, all material performance obligations are identified, which currently include (i) licenses to our technology, (ii) product supply services and (iii) services to transfer technology to a contract manufacturer on Healios’ behalf. It was determined that these performance obligations are separate and distinct within the context of the contract. We determine the standalone selling price of each performance obligation and the related transaction price, taking into account variable consideration using the expected value or most likely amount method and reassessing our estimates each reporting period. We constrain, or reduce, the estimates of variable consideration if it is probable that a significant reversal of previously recognized revenue could occur throughout the life of the contract, and both the likelihood and magnitude of a potential reversal of revenue are taken into consideration. During our evaluation of variable consideration in the third quarter of 2019, we determined that the estimated transaction price of certain product supply provided to Healios decreased due to a reduction in the underlying cost per dose of the product supply occurring during the quarter. Furthermore, the number of doses of clinical product requested by Healios was amended, and our revenues were further reduced during the period. These reductions collectively exceeded the amount of revenue generated during the quarter, resulting in negative contract revenue from Healios. At inception and upon each modification date, once the estimated transaction price is established, amounts are allocated to each separate performance obligation on a relative standalone selling price basis. These performance obligations include any remaining, undelivered elements at the time of modifications and any new elements from a modification to the arrangement if the conditions are not met for being treated as a separate agreement. The remaining transaction price for the performance obligations that were not yet delivered is not significant at September 30, 2020. At September 30, 2020, the contract liability, included in Deferred revenue - Healios on the unaudited condensed consolidated balance sheets, is properly classified as a current liability since the rights to consideration are expected to be satisfied, in all material respects, within one year. Advance from Healios Certain clinical product supply services that were concluded in 2019 involved a cost-sharing arrangement, the proceeds from which may either (i) result in a reduction in the proceeds we receive from Healios upon the achievement of two potential milestones and an increase to a commercial milestone under the license agreement for stroke or (ii) be repaid to Healios at our election, as defined. The cost-sharing proceeds received are recognized in Advance from Healios on the unaudited condensed consolidated balance sheets until the earlier of the milestones being achieved or such amounts being repaid to Healios at our election, at which time, the culmination of the earnings process or the repayment will be complete. Disaggregation of Revenues We recognize license-related amounts, including upfront payments, exclusivity fees, additional disease indication fees and milestones at a point in time when earned. Similarly, product supply revenue is recognized at a point in time upon delivery, as defined in the applicable product supply contracts, while service revenue (e.g., technology transfer) is recognized when earned over time in proportion to the contractual services provided. For performance obligations satisfied over time, we apply an appropriate method of measuring progress each reporting period and, if necessary, adjust the estimates of performance and the related revenue recognition. The following table presents our contract revenues disaggregated by timing of revenue recognition (in thousands): Three months ended Three months ended Point in Over Time Point in Over Time Contract Revenue from Healios Product supply revenue $ 85 $ — $ (62) $ — Service revenue — — — (306) Total disaggregated revenues $ 85 $ — $ (62) $ (306) Nine months ended Nine months ended Point in Over Time Point in Over Time Contract Revenue from Healios License fee revenue $ — $ — $ 1,624 $ — Product supply revenue 162 — 1,809 — Service revenue — — — 1,833 Total disaggregated revenues $ 162 $ — $ 3,433 $ 1,833

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Our 2019 Equity and Incentive Compensation Plan (the “EICP”) authorized at inception an aggregate of approximately 18,500,000 shares of common stock for awards to employees, directors and consultants. The EICP authorizes the issuance of stock-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock-based awards. Under the EICP, in the three-month period ended September 30, 2020, we granted 93,184 stock options to our employees. Also, in the first quarter of 2020, we awarded inducement stock options to purchase 1,000,000 shares of our common stock. As of September 30, 2020, a total of 9,295,564 shares were available for issuance under our EICP, and stock-based awards to purchase 19,585,196 shares of common stock were outstanding under our current and former equity incentive plans, and inducement awards granted outside of our equity incentive plans to purchase 1,000,000 shares of common stock were outstanding. For the three-month periods ended September 30, 2020 and 2019, stock-based compensation expense was approximately $1.7 million and $1.3 million, respectively. At September 30, 2020, total unrecognized estimated compensation cost related to unvested stock-based awards was approximately $15.7 million, which is expected to be recognized by the end of 2024 using the straight-line method.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Public Offering In April 2020, we completed an underwritten public offering of common stock, generating gross proceeds of approximately $57.6 million and net proceeds of approximately $53.7 million through the issuance of 25,587,500 shares of common stock at an offering price of $2.25 per share. Equity Purchase Agreement We have had equity purchase agreements in place since 2011 with Aspire Capital Fund LLC (“Aspire Capital”) that provide us the ability to sell shares to Aspire Capital from time to time. Currently, we have an agreement with Aspire Capital that was entered into on November 5, 2019 and includes Aspire Capital’s commitment to purchase up to an aggregate of $100.0 million of shares of our common stock over a defined timeframe. The terms of the 2019 equity facility are similar to the previous equity facilities with Aspire Capital, and we issued 350,000 shares of our common stock to Aspire Capital as a commitment fee in November 2019 and filed a registration statement for the resale of 31,000,000 shares of common stock in connection with the equity facility. Our prior equity facility that was entered into in February 2018 was fully utilized and terminated during the first quarter of 2020. We sold 395,000 shares to Aspire Capital at an average price of $2.77 per share in the third quarter of 2020, generating proceeds of $1.1 million, and sold 7,220,000 shares to Aspire Capital at an average price of $1.57 per share during the nine months ended September 30, 2020, generating proceeds of $11.3 million.We sold 3,300,000 shares to Aspire Capital at an average price of $1.39 per share in the third quarter of 2019, generating proceeds of $4.6 million, and sold 10,475,000 shares to Aspire Capital at an average price of $1.46 per share during the nine months ended September 30, 2019, generating proceeds of $15.3 million. Healios Warrant In March 2020, Healios elected to exercise its warrant in full, and we issued 4,000,000 shares of our common stock at an exercise price equal to the reference price of $1.76 per share, as defined in the warrant. Proceeds of approximately $7.0 million were received in April 2020 in accordance with the terms of the warrant. Healios Investor Rights Agreement

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe have United States (“U.S.”) federal net operating loss and research and development tax credit carryforwards, as well as state and city net operating loss carryforwards, which may be used to reduce future taxable income and tax liabilities. We also have foreign net operating loss and tax credit carryforwards, and the foreign net operating loss carryforwards do not expire. All of our deferred tax assets have been fully offset by a valuation allowance due to our cumulative losses. The carrying value of our deferred tax assets and liabilities is determined by the enacted U.S. corporate income tax rate. Consequently, any changes in the U.S. corporate income tax rate impacts the carrying value of our deferred tax assets and liabilities. Also, there are significant limitations on our ability to utilize our net operating loss and tax credit carryforwards under Section 382 of the Internal Revenue Code of 1986, as amended.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Standards	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) . This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Subsequent to issuing ASU 2016-13, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326): Effective Dates , delaying the effective date for smaller reporting companies until January 2023. We are currently evaluating the potential impact of adoption of this standard on our consolidated financial statements and disclosures, and we do not intend to early adopt.

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Instruments Excluded from Calculation of Diluted Net Loss Per Share	The following instruments (in thousands) were excluded from the calculation of diluted net loss per share because their effects would be antidilutive: Three months ended Nine months ended 2020 2019 2020 2019 Stock-based awards 20,585 16,536 20,585 16,536 Healios warrant – see Note 6 — 4,000 — 4,000 Total 20,585 20,536 20,585 20,536

Collaborative Arrangements an_2

Collaborative Arrangements and Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of Revenue	The following table presents our contract revenues disaggregated by timing of revenue recognition (in thousands): Three months ended Three months ended Point in Over Time Point in Over Time Contract Revenue from Healios Product supply revenue $ 85 $ — $ (62) $ — Service revenue — — — (306) Total disaggregated revenues $ 85 $ — $ (62) $ (306) Nine months ended Nine months ended Point in Over Time Point in Over Time Contract Revenue from Healios License fee revenue $ — $ — $ 1,624 $ — Product supply revenue 162 — 1,809 — Service revenue — — — 1,833 Total disaggregated revenues $ 162 $ — $ 3,433 $ 1,833

Background and Basis of Prese_2

Background and Basis of Presentation - Additional Information (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2020USD ($)	Sep. 30, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments | Segment		1
Accumulated deficit		$ 474,183	$ 417,624
Cash and cash equivalents		$ 61,711	$ 35,041
Public Stock Offering
Class of Stock [Line Items]
Net proceeds from public offering	$ 53,700
Healios
Class of Stock [Line Items]
Proceeds from exercise of warrant	$ 7,000

Net Loss per Share - Instrument

Net Loss per Share - Instruments Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	20,585	20,536	20,585	20,536
Stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	20,585	16,536	20,585	16,536
Healios | Healios Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	4,000	0	4,000

Collaborative Arrangements an_3

Collaborative Arrangements and Revenue Recognition - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019Milestone
Regulatory and sales milestones | Healios
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of future milestones achieved	2

Collaborative Arrangements an_4

Collaborative Arrangements and Revenue Recognition - Summary of Revenues Disaggregated by Recognition at Point in Time and Over Time (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 85	$ (368)	$ 162	$ 5,266
Point in Time
Disaggregation of Revenue [Line Items]
Revenues	85	(62)	162	3,433
Over Time
Disaggregation of Revenue [Line Items]
Revenues	0	(306)	0	1,833
Healios | Point in Time | License fee revenue
Disaggregation of Revenue [Line Items]
Revenues			0	1,624
Healios | Point in Time | Product supply revenue
Disaggregation of Revenue [Line Items]
Revenues	85	(62)	162	1,809
Healios | Point in Time | Service revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Healios | Over Time | License fee revenue
Disaggregation of Revenue [Line Items]
Revenues			0	0
Healios | Over Time | Product supply revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Healios | Over Time | Service revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ (306)	$ 0	$ 1,833

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for equity incentive plan (in shares)		18,500,000
Stock options granted (in shares)		93,184
Shares purchased for award (in shares)				1,000,000
Shares available for issuance (in shares)		9,295,564
Stock-based compensation expense		$ 1.7			$ 1.3
Unrecognized compensation cost of unvested stock awards		$ 15.7
2019 Equity And Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)		19,585,196
2019 Equity And Incentive Compensation Plan | Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-employment exercise period (in years and months)	3 months
2019 Equity And Incentive Compensation Plan | Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-employment exercise period (in years and months)	3 years
2019 Equity And Incentive Compensation Plan | Directors | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-employment exercise period (in years and months)	18 months
2019 Equity And Incentive Compensation Plan | Directors | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-employment exercise period (in years and months)	30 months
Inducement Awards Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)		1,000,000
2019 Equity And Incentive Compensation Plan, Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 1.2
Unrecognized compensation cost of unvested stock awards	$ 0.5		$ 0.5

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Nov. 05, 2019	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 30, 2019
Public Stock Offering
Class of Stock [Line Items]
Gross proceeds from public offering			$ 57,600,000
Consideration received from sale of stock			$ 53,700,000
Shares issued and sold (in shares)			25,587,500
Offering price (in dollars per share)			$ 2.25
Aspire Capital
Class of Stock [Line Items]
Equity purchase agreement, value	$ 100,000,000
Common stock issued as commitment fees (in shares)									350,000
Common stock registered for resale (in shares)									31,000,000
Net proceeds from sales of common stock					$ 1,100,000	$ 4,600,000	$ 11,300,000	$ 15,300,000
Aspire Capital | Common Stock
Class of Stock [Line Items]
Issuance of common stock, new issues (in shares)					395,000	3,300,000	7,220,000	10,475,000
Sale of additional shares at an average price (in dollars per share)					$ 2.77	$ 1.39	$ 1.57	$ 1.46
Healios
Class of Stock [Line Items]
Common stock issued upon exercise of warrant (in shares)				4,000,000
Common stock issued, price per share (in dollars per share)				$ 1.76
Proceeds from exercise of warrant			$ 7,000,000
Healios | Securities Purchase Agreement
Class of Stock [Line Items]
Consideration received from sale of stock		$ 534,105
Shares issued and sold (in shares)		310,526
Offering price (in dollars per share)		$ 1.72