Larimar Therapeutics (LRMR) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	LRMR
Entity Registrant Name	LARIMAR THERAPEUTICS, INC.
Entity Central Index Key	0001374690
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,710,450
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36510
Entity Tax Identification Number	20-3857670
Entity Address, Address Line One	Three Bala Plaza East
Entity Address, Address Line Two	Suite 506
Entity Address, City or Town	Bala Cynwyd
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19004
City Area Code	844
Local Phone Number	511-9056
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation State Country Code	DE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 62,564	$ 70,097
Prepaid expenses and other current assets	2,315	2,107
Total current assets	64,879	72,204
Property and equipment, net	1,067	1,049
Operating lease right-of-use assets	3,270	3,406
Restricted cash	1,339	1,339
Other assets	668	669
Total assets	71,223	78,667
Current liabilities:
Accounts payable	2,417	1,660
Accrued expenses	5,840	6,592
Operating lease liabilities, current	616	594
Total current liabilities	8,873	8,846
Operating lease liabilities	5,245	5,408
Total liabilities	14,118	14,254
Commitments and contingencies (See Note 9)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of March 31, 2022 and December 31, 2021; no shares issued and outstanding as of March 31, 2022 and December 31, 2021
Common stock, $0.001 par value per share; 115,000,000 shares authorized as of March 31, 2022 and December 31, 2021;17,710,450 shares issued and outstanding as of March 31, 2022 and December 31, 2021	18	18
Additional paid-in capital	182,280	180,645
Accumulated deficit	(125,193)	(116,250)
Total stockholders’ equity	57,105	64,413
Total liabilities and stockholders’ equity	$ 71,223	$ 78,667

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	17,710,450	17,710,450
Common stock, shares outstanding	17,710,450	17,710,450

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 5,806	$ 8,974
General and administrative	3,081	3,132
Total operating expenses	8,887	12,106
Loss from operations	(8,887)	(12,106)
Other income (expense), net	(56)	18
Net loss and Total comprehensive loss	$ (8,943)	$ (12,088)
Net loss per share, basic	$ (0.49)	$ (0.76)
Net loss per share, diluted	$ (0.49)	$ (0.76)
Weighted average common shares outstanding, basic	18,338,853	15,996,133
Weighted average common shares outstanding, diluted	18,338,853	15,996,133

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2020	$ 89,692	$ 15	$ 155,290	$ (65,614)	$ 1
Beginning balance, shares at Dec. 31, 2020		15,367,730
Stock-based compensation expense	1,180		1,180
Net loss	(12,088)			(12,088)
Ending balance at Mar. 31, 2021	78,784	$ 15	156,470	(77,702)	$ 1
Ending balance, shares at Mar. 31, 2021		15,367,730
Beginning balance at Dec. 31, 2021	64,413	$ 18	180,645	(116,250)
Beginning balance, shares at Dec. 31, 2021		17,710,450
Stock-based compensation expense	1,635		1,635
Net loss	(8,943)			(8,943)
Ending balance at Mar. 31, 2022	$ 57,105	$ 18	$ 182,280	$ (125,193)
Ending balance, shares at Mar. 31, 2022		17,710,450

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (8,943)	$ (12,088)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,635	1,180
Depreciation expense	82	73
Amortization of premium on marketable securities		(5)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(208)	625
Accounts payable	657	564
Accrued expenses	(752)	(1,232)
Right-of-use assets	136	131
Operating lease liabilities	(141)	(123)
Other assets	1	(331)
Net cash used in operating activities:	(7,533)	(11,206)
Cash flows from investing activities:
Purchase of marketable debt securities		(1,749)
Maturities and sales of marketable debt securities		7,000
Net cash provided by investing activities		5,251
Cash flows from financing activities:
Net increase in cash, cash equivalents and restricted cash	(7,533)	(5,955)
Cash, cash equivalents and restricted cash at beginning of period	71,436	69,487
Cash, cash equivalents and restricted cash at end of period	63,903	63,532
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses	$ 100	$ 31

Organization, Nature of the Bus

Organization, Nature of the Business, COVID-19, Clinical Hold and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Nature of the Business, COVID-19, Clinical Hold and Basis of Presentation	1. Organization, Clinical Development, Nature of the Business, COVID-19, Clinical Hold and Basis of Presentation Larimar Therapeutics, Inc., together with its subsidiary (the “Company” or “Larimar”), is a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using its novel cell penetrating peptide technology platform. Larimar's lead product candidate, CTI-1601, is a subcutaneously administered, recombinant fusion protein intended to deliver human frataxin ("FXN") an essential protein, to the mitochondria of patients with Friedreich’s ataxia. Friedreich’s ataxia is a rare, progressive and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality. In May 2021, Larimar reported positive topline data from its Phase 1 Friedreich’s ataxia, ("FA") program after completing dosing of the single ascending dose, ("SAD"), trial in December 2020 and of the multiple ascending dose, ("MAD"), trial in March 2021. Data from these trials demonstrate proof-of-concept by showing that daily subcutaneous injections of CTI-1601 for up to 13 days resulted in dose-dependent increases in FXN levels from baseline compared to placebo in all evaluated tissues (buccal cells, skin, and platelets). FXN levels achieved in peripheral tissues (buccal cells) following daily 50 mg and 100 mg subcutaneous injections of CTI-1601 were at or in excess of FXN levels that would be expected in phenotypically normal heterozygous carriers. There were no serious adverse events, ("SAEs"), associated with either the MAD or SAD trials. In May 2021, the FDA placed a clinical hold on the Company's CTI-1601 clinical program after the Company notified the agency of mortalities at the highest dose levels of the 26-week non-human primate toxicology study that was designed to support extended dosing of patients with CTI-1601. At the time the hold was placed, Larimar had no interventional clinical trials with patients enrolling or enrolled. In February 2022, in response to the Company submitting a complete response to the FDA, the Agency stated that it was maintaining the clinical hold and that additional data are needed to resolve the clinical hold. Larimar subsequently submitted a request for an FDA Type C meeting. This meeting request has been granted and is scheduled for early in the third quarter of 2022. Throughout the course of the interactions associated with the Type C meeting, Larimar intends to work with the Agency to enable resolution of the clinical hold and to agree on the study design and timing of the next proposed clinical trial. Larimar does not know when, or if the clinical hold will be lifted. The Company is subject to risks and uncertainties common to pre-commercial companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with governmental regulations, failure to secure regulatory approval for its drug candidates or any other product candidates and the ability to secure additional capital to fund its operations. Drug candidates currently under development will require extensive non-clinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if our drug development efforts are successful, it is uncertain when, if ever, we will realize significant revenue from product sales. In March 2020, the World Health Organization ("WHO"), declared the outbreak of COVID-19, a novel strain of Coronavirus, a global pandemic. The pandemic resulted in the temporary stoppage of the Company’s CTI-1601 Phase 1 clinical trials in patients with Friedreich’s ataxia in March 2020. In July 2020, the Company resumed these clinical trials, and has since completed both of the Company's SAD and MAD clinical trials. Since being discovered, new variants of COVID-19 have emerged. In November 2021, the Omicron variant was identified in South Africa, and has been deemed a variant of concern by the WHO. In addition to the Omicron variant, the WHO has deemed four other variants to be variants of concern: the Alpha variant, the Beta variant, the Gamma variant, and the Delta variant. All of the aforementioned variants have at least one of the following characteristics resulting in the WHO deeming them variants of concern: an increase in transmissibility or detrimental change in COVID-19 epidemiology, an increase in virulence or change in clinical disease presentation, or a decrease in effectiveness of public health and social measures or available diagnostics, vaccines, or therapeutics. Vaccines manufactured by Moderna, Pfizer and Johnson & Johnson were introduced late in the fourth quarter of 2020 and became widely available by the end of the first quarter of 2021. While the vaccines have proven effective in reducing the severity and mortality of COVID-19, including the variants that have evolved to date, the overall vaccination rate has not reached the level required for herd immunity in some areas of the country. Further, additional doses of vaccines have been and may continue to be required and individuals may refuse or fail to receive one or more such doses. The incidence of variants of COVID-19 has been increasing, particularly among unvaccinated individuals, and the Omicron variant has proven to be more easily spread than earlier variants. The low vaccination rate, the spread of the variants and the evolution of additional mutations against which the current vaccines may prove ineffective could again result in major disruptions to businesses and markets worldwide. Furthermore, the incidence of "breakthrough" infections even among vaccinated individuals have been increasing, resulting in the need for booster doses which could make COVID-19 a long-term infectious disease concern. The Company’s business, results of operations, financial condition and cash flows could be materially and adversely affected. Specifically, the Company could experience additional delays in future clinical trial timelines as a result of additional travel and hospital restrictions related to the COVID-19 pandemic and the efforts to mitigate it which may be imposed or could experience supply shortages or manufacturer shutdowns impacting the manufacture of drug substance or drug product, which could also impact clinical trial timelines. The condensed consolidated financial statements do not reflect any adjustments as a result of the pandemic. Basis of Presentation The condensed consolidated financial statements include the accounts of Larimar and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP. Going Concern Assessment The Company’s condensed consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $ 8.9 million and $ 12.1 million for the three months ended March 31, 2022 and 2021, respectively. In addition, as of March 31, 2022, the Company had an accumulated deficit of $ 125.2 million . The Company expects to continue to generate operating losses for the foreseeable future. As of March 31, 2022, the Company had approximately $ 62.6 million of cash and cash equivalents available for use to fund its operations and capital requirements. In August 2020, the Company entered into an Equity Distribution Agreement (the “ATM Agreement”) with an investment bank in connection with the establishment of an “at-the-market” offering program under which the Company could sell up to an aggregate of $ 50,000,000 of shares of its common stock from time to time through this investment bank as sales agent. In 2021, the Company sold 2,342,720 shares pursuant to the ATM Agreement for gross proceeds of $ 20.5 million. As of May 10, 2022, $ 29.2 million of additional shares of common stock remained available for sale by the Company under the ATM Agreement. See Note 7 for a further discussion of the ATM Agreement. In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of the issuance date of these condensed consolidated financial statements, the Company expects its cash and cash equivalents will be sufficient to fund its forecasted operating expenses and capital expenditure requirements, for at least the next twelve months from the issuance of these financial statements. If the timing of our clinical assumptions were delayed or if there were other forecasted assumption changes that negatively impact our operating plan, the Company could reduce expenditures in order to further extend cash resources. The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, will need additional capital to fund its future operating and capital requirements. Management is currently evaluating different strategies to obtain the required funding for future operations. Until the Company can generate substantial revenue, if ever, the Company expects to seek additional funding through a combination of public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact the Company's ability to conduct our business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize our product candidates. There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms or at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical unrest including the potential impact of the Russian invasion of Ukraine, the possibility that the conflict could expand beyond eastern Europe, the impact of the COVID-19 pandemic and/or other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern. If the Company is unable to obtain funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion or pre commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed on March 25, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2022 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021 have been made. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022 . 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expense, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities, and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures all stock-based awards granted to employees, non-employee consultants and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based and market-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified or in which the award recipient's service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Therefore, the Company estimates its expected common stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. Basic and diluted weighted average shares of common stock outstanding for the three months ended March 31, 2022 and 2021 includes the weighted average effect of 628,403 prefunded warrants for the purchase of shares of common stock, for which the remaining unfunded exercise price is $ 0.01 per share. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded 3,078,511 and 2,397,152 common stock equivalents outstanding as of March 31, 2022 and 2021, respectively, from the computation of diluted net loss per share for the three months ended March 31, 2022 and 2021 because they had an anti-dilutive impact due to the net loss incurred for the periods presented. Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the condensed consolidated results of operations, cash flows or financial position.

Fair Value Measurements and Mar

Fair Value Measurements and Marketable Debt Securities	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Marketable Debt Securities	3. Fair Value Measurements and Marketable Debt Securities Fair Value Measurements The Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 are measured in accordance with the standards of ASC 820, Fair Value Measurements and Disclosures , which establishes a three-level valuation hierarchy for measuring fair value and expands financial statement disclosures about fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level – 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level – 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level – 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s financial instruments consist primarily of cash, cash equivalents, marketable debt securities, accounts payable and accrued liabilities. For accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of March 31, 2022 and December 31, 2021 were considered representative of their fair values due to their short term to maturity. The following tables summarize the Company’s cash equivalents as of March 31, 2022 and December 31, 2021: Total Quoted Significant Significant (in thousands) March 31, 2022 Cash equivalents: Money market funds $ 7,423 $ 7,423 $ — $ — Total cash equivalents 7,423 7,423 — — December 31, 2021 Cash equivalents: Money market funds $ 6,137 $ 6,137 $ — $ — Commercial paper 7,549 7,549 — — Corporate bonds 1,219 1,219 — — Total cash equivalents 14,905 14,905 — —

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, December 31, 2022 2021 (in thousands) Prepaid research and development expenses $ 1,146 $ 676 Prepaid insurance 553 944 Payroll tax receivable 323 208 Other prepaid expenses and other assets 293 279 $ 2,315 $ 2,107

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2022
Assets [Abstract]
Fixed Assets	5. Fixed Assets Fixed assets, net consisted of the following: March 31, December 31, Useful Life 2022 2021 (in thousands) Computer equipment 5 years $ 66 $ 66 Lab equipment 5 years 1,192 1,092 Furniture and fixtures 7 years 456 456 Leasehold improvements lease term 31 31 1,745 1,645 Less: Accumulated depreciation ( 678 ) ( 596 ) $ 1,067 $ 1,049 Depreciation expense during the three months ended March 31, 2022 and 2021 was $ 0.1 million, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	6. Accrued Expenses March 31, December 31, 2022 2021 (in thousands) Accrued research and development expenses $ 4,775 $ 5,042 Accrued payroll and related expenses 553 1,098 Accrued other 512 452 $ 5,840 $ 6,592

Stockholders' Equity and Stock

Stockholders' Equity and Stock Options	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Stock Options	7. Stockholders’ Equity and Stock Options Common Stock and Prefunded warrants As of March 31, 2022 , the Company’s Certificate of Incorporation, as amended and restated, authorized the Company to issue up to 115,000,000 shares of $ 0.001 par value common stock, of which 17,710,450 shares were issued and outstanding, and up to 5,000,000 shares of $ 0.001 par value undesignated preferred stock, of which no shares were issued or outstanding. The voting, dividend, and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers, and preferences of the holders of the preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders . Common stockholders are entitled to receive dividends, as may be declared by the board of directors of the Company (the “Board”), if any. No cash dividends have been declared or paid to date. Equity Distribution Agreement On August 14, 2020, the Company entered into the ATM Agreement with an investment bank in connection with the establishment of an “at-the-market” offering program under which the Company may sell up to an aggregate of $ 50,000,000 of shares of common stock (the “ATM Shares”) from time to time (the “Offering”). Under the ATM Agreement, the Company sets the parameters for the sale of ATM Shares, including the number of ATM Shares to be issued, the time period during which sales are requested to be made, limitations on the number of ATM Shares that may be sold in any one trading day and any minimum price below which sales may not be made. Sales of the ATM Shares, if any, under the ATM Agreement may be made in transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act. The Company pays its investment bank a commission equal to 3.0 % of the gross proceeds of any ATM Shares sold through its investment bank under the ATM Agreement and reimburses the investment bank for certain specified expenses. The ATM Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and its investment bank, other customary obligations of the parties and termination provisions. The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the ATM Agreement . In 2021, the Company sold 2,342,720 shares under the ATM Agreement for net proceeds of $ 19.9 million. As of March 31, 2022 , 2,354,244 shares of Common Stock have been sold under the ATM Agreement for net proceeds of $ 20.1 million. As of May 10, 2022, approximately $ 29.2 million shares of common stock still remained available for sale by the Company under the ATM Agreement. 2020 Equity Incentive Plan The Board adopted the 2020 Equity Incentive Plan (the "2020 Plan") on July 16, 2020 and the stockholders of the Company approved the 2020 Plan on September 29, 2020. The 2020 Plan replaces the predecessor plans (the "Prior Plans") that the Company assumed following its merger with Zafgen, Inc. ("Zafgen") in May 2020. Options outstanding under the Prior Plans will remain outstanding, unchanged, and subject to the terms of the Prior Plans and the respective award agreements, and no further awards will be made under the Prior Plans. However, if any award previously granted under the Prior Plans, expires, terminates, is canceled, or is forfeited for any reason after the approval of the 2020 Plan, the shares subject to that award will be added to the 2020 Plan share pool so that they can be utilized for new grants under the 2020 Plan. The 2020 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, and cash or other stock-based awards. ISOs may be granted only to the Company’s employees, including the Company’s officers, and the employees of the Company’s affiliates. All other awards may be granted to the Company’s employees, including the Company’s officers, the Company’s non-employee directors and consultants, and the employees and consultants of the Company’s affiliates. The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4 % of the shares issued and outstanding on the last day of the immediately preceding fiscal year, and (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”). The maximum aggregate number of shares that may be issued under the 2020 Plan is 8,000,000 over the ten-year term of the 2020 Plan. In 2022 and 2021, respectively, options to purchase 450 and 56,966 shares issued under the Prior Plans were cancelled and became available for grant under the 2020 Plan. As permitted by the 2020 Plan, the Company added 708,418 shares available for grant under the 2020 Plan on January 1, 2022. As of March 31, 2022 , 1,114,743 shares of common stock were available for grant under the 2020 Plan. Stock Valuation The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees: March 31, December 31, 2022 2021 Risk-free interest rate 1.75 % 0.89 % Expected term (in years) 6.25 6.19 Expected volatility 90 % 91 % Dividend yield 0.00 % 0.00 % Stock Options The following table summarizes the Company’s stock option activity for the three months ended March 31, 2022 (amounts in millions, except for share and per share data): Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value (a) Shares Price Term (in years) (in millions) Outstanding as of December 31, 2021 2,523,305 $ 1.88 7.6 Granted 600,950 8.81 Forfeited/Expired ( 45,744 ) 27.97 Outstanding as of March 31, 2022 3,078,511 $ 16.78 7.9 $ — Exercisable as of March 31, 2022 1,195,114 $ 24.53 6.3 $ — Vested and expected to vest as of March 31, 2022 3,078,511 $ 16.78 7.9 $ — (a) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at March 31, 2022 . 2022 Option Grants During the three months ended March 31, 2022 , the Company granted options to purchase 600,950 shares of common stock to employees of the Company under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date. These options vest over four years with 25 % vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The weighted-average grant date fair value of options granted during three months ended March 31, 2022 was $ 6.61 . In May 2022, the Company granted options to purchase 251,500 shares of common stock to employees and directors of the Company under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date. Of the 251,500 options granted in May 2022, 210,000 were granted to employees and vest over four years with 25 % vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The remaining 41,500 options were annual grants to the Company's directors and vest one year from the grant date. Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2022 2021 Research and development $ 655 $ 438 General and administrative 980 742 $ 1,635 $ 1,180 As of March 31, 2022 , total unrecognized compensation expense related to unvested stock options and restricted stock units was $ 16.9 million, which is expected to be recognized over a weighted average period of 2.68 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Intellectual Property Licenses The Company is party to an exclusive License Agreement (the “WFUHS License”), dated November 30, 2016 with Wake Forest University Health Sciences (“WFUHS”) and an exclusive License Agreement (the “IU License”), dated November 30, 2016, as amended, with Indiana University (“IU”). Such agreements provide for a transferable, worldwide license to certain patent rights regarding technology used by the Company with respect to the development of CTI-1601. In partial consideration for the right and license granted under these agreements, the Company will pay each of WFUHS and IU a royalty of a low single digit percentage of net sales of licensed products depending on whether there is a valid patent covering such products. As additional consideration for these agreements, the Company is obligated to pay each of WFUHS and IU certain milestone payments of up to $ 2.6 million in the aggregate upon the achievement of certain developmental milestones, commencing on the enrollment of the first patient in a Phase 1 clinical trial. The Company will also pay each of WFUHS and IU sublicensing fees ranging from a high-single digit to a low double-digit percentage of sublicense consideration depending on the Company’s achievement of certain regulatory milestones as of the time of receipt of the sublicense consideration. The Company is also obligated to reimburse WFUHS and IU for patent-related expenses. In the event that the Company disputes the validity of any of the licensed patents, the royalty rate would be tripled during such dispute. The Company is also obligated to pay to IU a minimum annual royalty of less than $ 0.1 million per annum starting in the 2020 calendar year for the term of the agreement. In the event that the Company is required to pay IU consideration, then the Company may deduct 20 % of such IU consideration on a dollar-for-dollar basis from the consideration due to WFUHS. In the event that the Company is required to pay WFUHS consideration, then the Company may deduct 60 % of such WFUHS consideration on a dollar-for-dollar basis from the consideration due to IU. During the three months ended March 31, 2022 , no milestones were achieved and no milestone expense was recognized. Both agreements continue from their effective date through the last to expire of the licensed patents unless earlier terminated by either party in accordance with their terms. Leases On August 8, 2019, the Company entered into an operating lease for office space in Bala Cynwyd, Pennsylvania, effective as of December 15, 2019, for a period of three years and six months with an option to extend the lease for three additional years. Due to required tenant improvements to be completed by the landlord, the Company did not take immediate possession of the leased property and the lease term commenced on February 15, 2020 . On May 28, 2020, the Company acquired a non-cancellable operating lease for approximately 17,705 square feet of office space (the “Premises”). The lease expires on October 30, 2029 . As part of the agreement, the Company is required to maintain a letter of credit, which upon signing was $ 1.3 million and is classified as restricted cash within the condensed consolidated financial statements. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, which costs are not included in the determination of the leases’ right-of-use assets or lease liabilities. The right-of-use asset is being amortized to other income/(expense) over the remaining lease term as a result of the sublease described below. On October 27, 2020, the Company entered into a sublease agreement (the “Sublease”) with Massachusetts Municipal Association, Inc. (the “Subtenant”), whereby the Company sublet the entire Premises to the Subtenant. The initial term of the Sublease commenced on December 4, 2020 and continues until October 30, 2029 . In connection with the Sublease, the Company evaluated the need for impairment under ASC 360 and determined there was no impairment. The Sublease provides for an initial annual base rent of $ 0.8 million, which increases annually up to a maximum annual base rent of $ 1.0 million. The Subtenant also is responsible for paying to the Company future increases in operating costs (commencing on January 1, 2022), future increases in annual tax costs (commencing July 1, 2021) and all utility costs (commencing March 1, 2021) attributable to the Premises during the term of the Sublease. As part of the Sublease, the subtenant deposited a letter of credit in the amount of $ 0.8 million to assure their performance under the sublease. If there are no uncured events of default under the sublease, the amount of this security deposit decreases over time to $ 0.4 million on the sixth anniversary of the Sublease. The Company records sublease income on this sublease on a straight-line basis as a component of other income/(expense). On November 5, 2018, the Company entered into an operating lease for office and lab space in Philadelphia, Pennsylvania, effective as of January 1, 2019 , and expiring on December 31, 2020 with an option to extend the lease for two additional years. On August 4, 2020, the Company executed the first option to extend the lease for an additional year, expiring on December 31, 2021 . On August 9, 2021, the Company executed the remaining option to extend the lease for an additional year, expiring on December 31, 2022 . The Company has determined this lease extension qualifies as a short-term lease and have applied the accounting policy election to not record the related right-of-use asset and lease liabilities. Expense arising from operating leases was $ 0.1 million during the three months ended March 31, 2022 and 2021, respectively. For operating leases, the weighted-average remaining lease term for leases at March 31, 2022 and December 31, 2021 was 7.4 and 7.6 years, respectively. For operating leases, the weighted average discount rate for leases at March 31, 2022 and December 31, 2021 was 11.0 %. The Company has not entered into any financing leases. Maturities of lease liabilities due under these lease agreements as of March 31, 2022 are as follows: Operating (in thousands) Leases Nine months ending December 31, 2022 $ 899 Year ended December 31, 2023 1,146 Year ended December 31, 2024 1,065 Year ended December 31, 2025 1,083 Year ended December 31, 2026 1,101 Thereafter 3,213 Total lease payments 8,507 Less: imputed interest ( 2,646 ) Present value of lease liabilities $ 5,861 Legal Proceedings The Company is not currently a party to any litigation, nor is management aware of any pending or threatened litigation against the Company, that it believes would materially affect the Company's business, operating results, financial condition or cash flows.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions In November 2016, the Company entered into a consulting agreement with Mark Payne, M.D (the “Consulting Engagement”). Dr. Payne was a director of Chondrial at that time, a full-time employee of IU and one of the inventors of the licensed IU intellectual property, and as such is entitled to a certain share of the revenues received by IU under the IU License. Pursuant to the terms of his consulting agreement the Company agreed to pay Dr. Payne $ 0.1 million per year over the term of the agreement and granted Dr. Payne 123,853 restricted Common Units in Holdings. On November 30, 2016, 30 % immediately vested and was associated with Chondrial Therapeutics IP, LLC (“IP LLC”) becoming a subsidiary of Holdings, which was subsequently contributed to the Company on December 31, 2018. The remaining 70 % vested ratably over 48 months beginning on December 1, 2016 and were fully vested as of December 31, 2020. The consulting agreement has a four-year term, subject to earlier termination. On November 30, 2020, The Company entered into a 1 -month extension of the Consulting Engagement, expiring on December 31, 2020 and on January 1, 2021, the Company entered into a new consulting agreement with Dr. Payne which extended the term of the Consulting Engagement for a four-year term beginning on January 1, 2021. During the three months ended March 31, 2022 and 2021 the Company recognized less than $ 0.1 million related to this consulting agreement, recorded as research and development expense in the Condensed Consolidated Statements of Operations. During 2021, the Company purchased a piece of laboratory equipment and lab supplies for a cumulative $ 0.1 million from a supplier of which one of the Company's directors is also a current director.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Larimar and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP. Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed on March 25, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2022 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021 have been made. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022 .
Going Concern Assessment	Going Concern Assessment The Company’s condensed consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $ 8.9 million and $ 12.1 million for the three months ended March 31, 2022 and 2021, respectively. In addition, as of March 31, 2022, the Company had an accumulated deficit of $ 125.2 million . The Company expects to continue to generate operating losses for the foreseeable future. As of March 31, 2022, the Company had approximately $ 62.6 million of cash and cash equivalents available for use to fund its operations and capital requirements. In August 2020, the Company entered into an Equity Distribution Agreement (the “ATM Agreement”) with an investment bank in connection with the establishment of an “at-the-market” offering program under which the Company could sell up to an aggregate of $ 50,000,000 of shares of its common stock from time to time through this investment bank as sales agent. In 2021, the Company sold 2,342,720 shares pursuant to the ATM Agreement for gross proceeds of $ 20.5 million. As of May 10, 2022, $ 29.2 million of additional shares of common stock remained available for sale by the Company under the ATM Agreement. See Note 7 for a further discussion of the ATM Agreement. In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of the issuance date of these condensed consolidated financial statements, the Company expects its cash and cash equivalents will be sufficient to fund its forecasted operating expenses and capital expenditure requirements, for at least the next twelve months from the issuance of these financial statements. If the timing of our clinical assumptions were delayed or if there were other forecasted assumption changes that negatively impact our operating plan, the Company could reduce expenditures in order to further extend cash resources. The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, will need additional capital to fund its future operating and capital requirements. Management is currently evaluating different strategies to obtain the required funding for future operations. Until the Company can generate substantial revenue, if ever, the Company expects to seek additional funding through a combination of public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact the Company's ability to conduct our business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize our product candidates. There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms or at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical unrest including the potential impact of the Russian invasion of Ukraine, the possibility that the conflict could expand beyond eastern Europe, the impact of the COVID-19 pandemic and/or other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern. If the Company is unable to obtain funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion or pre commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.
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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expense, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.
Research and Development Costs	Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities, and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred.
Patent Costs	Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock-based awards granted to employees, non-employee consultants and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based and market-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified or in which the award recipient's service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Therefore, the Company estimates its expected common stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. Basic and diluted weighted average shares of common stock outstanding for the three months ended March 31, 2022 and 2021 includes the weighted average effect of 628,403 prefunded warrants for the purchase of shares of common stock, for which the remaining unfunded exercise price is $ 0.01 per share. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded 3,078,511 and 2,397,152 common stock equivalents outstanding as of March 31, 2022 and 2021, respectively, from the computation of diluted net loss per share for the three months ended March 31, 2022 and 2021 because they had an anti-dilutive impact due to the net loss incurred for the periods presented.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the condensed consolidated results of operations, cash flows or financial position.

Fair Value Measurements and M_2

Fair Value Measurements and Marketable Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Cash Equivalents and Marketable Debt Securities	The following tables summarize the Company’s cash equivalents as of March 31, 2022 and December 31, 2021: Total Quoted Significant Significant (in thousands) March 31, 2022 Cash equivalents: Money market funds $ 7,423 $ 7,423 $ — $ — Total cash equivalents 7,423 7,423 — — December 31, 2021 Cash equivalents: Money market funds $ 6,137 $ 6,137 $ — $ — Commercial paper 7,549 7,549 — — Corporate bonds 1,219 1,219 — — Total cash equivalents 14,905 14,905 — —

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: March 31, December 31, 2022 2021 (in thousands) Prepaid research and development expenses $ 1,146 $ 676 Prepaid insurance 553 944 Payroll tax receivable 323 208 Other prepaid expenses and other assets 293 279 $ 2,315 $ 2,107

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Assets [Abstract]
Schedule of Fixed Assets, Net	Fixed assets, net consisted of the following: March 31, December 31, Useful Life 2022 2021 (in thousands) Computer equipment 5 years $ 66 $ 66 Lab equipment 5 years 1,192 1,092 Furniture and fixtures 7 years 456 456 Leasehold improvements lease term 31 31 1,745 1,645 Less: Accumulated depreciation ( 678 ) ( 596 ) $ 1,067 $ 1,049

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	March 31, December 31, 2022 2021 (in thousands) Accrued research and development expenses $ 4,775 $ 5,042 Accrued payroll and related expenses 553 1,098 Accrued other 512 452 $ 5,840 $ 6,592

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock Options (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Assumptions used to Determine Fair Value of Stock Options Granted	The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees: March 31, December 31, 2022 2021 Risk-free interest rate 1.75 % 0.89 % Expected term (in years) 6.25 6.19 Expected volatility 90 % 91 % Dividend yield 0.00 % 0.00 %
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the three months ended March 31, 2022 (amounts in millions, except for share and per share data): Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value (a) Shares Price Term (in years) (in millions) Outstanding as of December 31, 2021 2,523,305 $ 1.88 7.6 Granted 600,950 8.81 Forfeited/Expired ( 45,744 ) 27.97 Outstanding as of March 31, 2022 3,078,511 $ 16.78 7.9 $ — Exercisable as of March 31, 2022 1,195,114 $ 24.53 6.3 $ — Vested and expected to vest as of March 31, 2022 3,078,511 $ 16.78 7.9 $ — (a) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at March 31, 2022 .
Summary of Stock-Based Compensation Expense	Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2022 2021 Research and development $ 655 $ 438 General and administrative 980 742 $ 1,635 $ 1,180

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Lease Liabilities Due Under Lease Agreements	Maturities of lease liabilities due under these lease agreements as of March 31, 2022 are as follows: Operating (in thousands) Leases Nine months ending December 31, 2022 $ 899 Year ended December 31, 2023 1,146 Year ended December 31, 2024 1,065 Year ended December 31, 2025 1,083 Year ended December 31, 2026 1,101 Thereafter 3,213 Total lease payments 8,507 Less: imputed interest ( 2,646 ) Present value of lease liabilities $ 5,861

Organization, Nature of the B_2

Organization, Nature of the Business, COVID-19, Clinical Hold and Basis of Presentation - Additional Information (Detail) - USD ($)	May 10, 2022	Aug. 14, 2020	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net loss				$ 8,943,000	$ 12,088,000
Accumulated deficit				(125,193,000)		$ (116,250,000)
Cash and cash equivalents				$ 62,600,000
ATM Offering [Member] | Common Stock [Member]
Issuance of common stock | shares			2,342,720
Proceeds from issuance of common stock			$ 20,500,000
ATM Offering [Member] | Common Stock [Member] | Subsequent Event [Member]
Gross sales proceeds under sales agreement remaining amount	$ 29,200,000
ATM Offering [Member] | Common Stock [Member] | Maximum [Member]
Aggregate sale of shares of our common stock		$ 50,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Warrant issued	628,403
Warrant Exercise Price	$ 0.01
Common Stock Equivalents [Member]
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive shares	3,078,511	2,397,152

Fair Value Measurements and M_3

Fair Value Measurements and Marketable Debt Securities - Summary of Cash Equivalents and Marketable Debt Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 7,423	$ 14,905
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	7,423	6,137
Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		7,549
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		1,219
Quoted Prices in Active Markets, (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	7,423	14,905
Quoted Prices in Active Markets, (Level 1) [Member] | Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 7,423	6,137
Quoted Prices in Active Markets, (Level 1) [Member] | Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		7,549
Quoted Prices in Active Markets, (Level 1) [Member] | Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		$ 1,219

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Prepaid research and development expenses	$ 1,146	$ 676
Prepaid insurance	553	944
Payroll tax receivable	323	208
Other prepaid expenses and other assets	293	279
Total prepaid expenses and other current assets	$ 2,315	$ 2,107

Fixed Assets - Schedule of Fixe

Fixed Assets - Schedule of Fixed Assets, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fixed assets, gross	$ 1,745	$ 1,645
Less: Accumulated depreciation	(678)	(596)
Fixed assets, net	1,067	1,049
Computer Equipment [Member]
Fixed assets, gross	$ 66	66
Fixed assets, useful life	5 years
Lab Equipment [Member]
Fixed assets, gross	$ 1,192	1,092
Fixed assets, useful life	5 years
Furniture and Fixtures [Member]
Fixed assets, gross	$ 456	456
Fixed assets, useful life	7 years
Leasehold Improvements [Member]
Fixed assets, gross	$ 31	$ 31
Fixed assets, useful life	lease term

Fixed Assets - Additional Infor

Fixed Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation expense	$ 82	$ 73

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 4,775	$ 5,042
Accrued payroll and related expenses	553	1,098
Accrued other	512	452
Total accrued expenses	$ 5,840	$ 6,592

Stockholders Equity and Stock O

Stockholders Equity and Stock Options - Additional Information (Detail) - USD ($)	May 10, 2022	Jan. 01, 2022	Aug. 14, 2020	May 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Preferred stock, shares authorized					5,000,000	5,000,000	5,000,000
Preferred stock, par value					$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued					0	0	0
Preferred stock, shares outstanding					0	0	0
Common stock, shares authorized					115,000,000	115,000,000	115,000,000
Common stock, par value					$ 0.001	$ 0.001	$ 0.001
Common stock voting rights					Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
Dividend paid					$ 0		$ 0
Common stock, shares issued					17,710,450	17,710,450	17,710,450
Common stock, shares outstanding					17,710,450	17,710,450	17,710,450
Options to purchase shares of common stock granted					600,950
Unrecognized compensation expense					$ 16,900,000		$ 16,900,000
Unrecognized compensation expense recognized period					2 years 8 months 4 days
2020 Equity Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, description					The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, and (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”).
Minimum level of maximum number of shares allowed to be issued					1,700,000
Percentage of outstanding shares					4.00%
Weighted-average grant date fair value of options granted					$ 6.61
2020 Equity Incentive Plan [Member] | From Prior Plans [Member]
Shares available for grant					450		450	56,966
Maximum [Member] | 2020 Equity Incentive Plan [Member] | Incentive Stock Options [Member]
Maximum number of shares that may be issued under stock option incentive plan					8,000,000		8,000,000
Common Stock [Member] | 2020 Equity Incentive Plan [Member]
Shares available for grant					1,114,743		1,114,743
Increase in shares reserved for future issuance		708,418
Term of plan					10 years
Common Stock [Member] | 2020 Equity Incentive Plan [Member] | Forecast [Member]
Options to purchase shares of common stock granted				251,500
Common Stock [Member] | 2020 Equity Incentive Plan [Member] | Vest Over 4 Years [Member] | Employees [Member]
Options to purchase shares of common stock granted					600,950
Vesting period of stock option					4 years
Stock option vesting percentage					25.00%
Common Stock [Member] | 2020 Equity Incentive Plan [Member] | Vest Over 4 Years [Member] | Employees [Member] | Forecast [Member]
Options to purchase shares of common stock granted				210,000
Vesting period of stock option				4 years
Stock option vesting percentage				25.00%
Common Stock [Member] | 2020 Equity Incentive Plan [Member] | Vest One Year [Member] | Directors [Member] | Forecast [Member]
Options to purchase shares of common stock granted				41,500
Vesting period of stock option				1 year
ATM Offering Program [Member] | Common Stock [Member]
Issuance of common stock | shares						2,342,720
Percentage of compensation for services equal to gross proceeds			3.00%
Sales agreement, description			The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the ATM Agreement
Common stock, shares issued					2,354,244		2,354,244
Proceeds from issuance of common stock						$ 19,900,000	$ 20,100,000
ATM Offering Program [Member] | Common Stock [Member] | Subsequent Event [Member]
Gross sales proceeds under sales agreement remaining amount	$ 29,200,000
ATM Offering Program [Member] | Common Stock [Member] | Maximum [Member]
Aggregate sale of shares of our common stock			$ 50,000,000

Stockholders Equity and Stock_2

Stockholders Equity and Stock Options - Assumptions used to Determine Fair Value of Stock Options Granted (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Risk-free interest rate	1.75%	0.89%
Expected term (in years)	6 years 3 months	6 years 2 months 8 days
Expected volatility	90.00%	91.00%
Dividend yield	0.00%	0.00%

Stockholders Equity and Stock_3

Stockholders Equity and Stock Options - Summary of Stock Option Activity (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Number of shares, Outstanding	2,523,305
Number of shares, Granted	600,950
Number of shares, Forfeited/Expired	45,744
Number of shares, Outstanding	3,078,511	2,523,305
Number of shares, Exercisable as of March 31, 2022	1,195,114
Number of shares, Vested and expected to vest as of March 31, 2022	3,078,511
Weighted average exercise price, balance	$ 1.88
Weighted average exercise price, Granted	8.81
Weighted average exercise price, Forfeited/Expired	27.97
Weighted average exercise price, balance	16.78	$ 1.88
Weighted average exercise price, Exercisable as of March 31, 2022	24.53
Weighted average exercise price, Vested and expected to vest as of March 31, 2022	$ 16.78
Weighted average remaining contractual term, outstanding	7 years 10 months 24 days	7 years 7 months 6 days
Weighted average remaining contractual term, Exercisable as of March 31, 2022	6 years 3 months 18 days
Weighted average remaining contractual term, Vested and expected to vest as of March 31, 2022	7 years 10 months 24 days

Stockholders Equity and Stock_4

Stockholders Equity and Stock Options - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,635	$ 1,180
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	655	438
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 980	$ 742

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Aug. 09, 2021	Oct. 27, 2020USD ($)	Aug. 04, 2020	May 28, 2020USD ($)ft²	Aug. 08, 2019	Nov. 05, 2018	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021	Nov. 30, 2016USD ($)
Other Commitments [Line Items]
Milestone expenses							$ 0
Milestone payments due							$ 0
Weighted average remaining lease term in years							7 years 4 months 24 days		7 years 7 months 6 days
Weighted average discount rate							11.00%		11.00%
Lease expenses							$ 100	$ 100
Pennsylvania [Member] | Office [Member]
Other Commitments [Line Items]
Operating lease term					3 years 6 months
Lease extension period					3 years
Lease term commencement date					Feb. 15, 2020
Pennsylvania [Member] | Office and Lab [Member]
Other Commitments [Line Items]
Lease extension period						2 years
Lease term commencement date						Jan. 1, 2019
Lease term expiration date	Dec. 31, 2022		Dec. 31, 2021			Dec. 31, 2020
Massachusetts [Member] | Office [Member]
Other Commitments [Line Items]
Area of office space | ft²				17,705
Lease term expiration date				Oct. 30, 2029
Massachusetts [Member] | Office [Member] | Letter of Credit
Other Commitments [Line Items]
Letter of credit				$ 1,300
Massachusetts [Member] | Office Sublease [Member]
Other Commitments [Line Items]
Lease term commencement date		Dec. 4, 2020
Lease term expiration date		Oct. 30, 2029
Massachusetts [Member] | First Sublease Year [Member] | Office Sublease [Member]
Other Commitments [Line Items]
Annual base rent		$ 800
Massachusetts [Member] | First Sublease Year [Member] | Office Sublease [Member] | Letter of Credit
Other Commitments [Line Items]
Lease security deposits letters of credit		800
Massachusetts [Member] | Final Sublease Year [Member] | Office Sublease [Member]
Other Commitments [Line Items]
Annual base rent		1,000
Massachusetts [Member] | Sixth Sublease Year | Office Sublease [Member] | Letter of Credit
Other Commitments [Line Items]
Lease security deposits letters of credit		$ 400
WFUHS [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage										60.00%
WFUHS [Member] | Maximum [Member]
Other Commitments [Line Items]
Milestone payments										$ 2,600
IU [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage										20.00%
IU [Member] | Maximum [Member]
Other Commitments [Line Items]
Milestone payments										$ 2,600
Annual royalty pay obligation										$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities Due Under Lease Agreements (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
Nine months ending December 31, 2022	$ 899
Year ended December 31, 2023	1,146
Year ended December 31, 2024	1,065
Year ended December 31, 2025	1,083
Year ended December 31, 2026	1,101
Thereafter	3,213
Total lease payments	8,507
Less: imputed interest	(2,646)
Present value of lease liabilities	$ 5,861

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 01, 2021	Nov. 30, 2016	Nov. 30, 2020	Nov. 30, 2016	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Research and development expense					$ 5,806	$ 8,974
Laboratory Equipment [Member]
Related Party Transaction [Line Items]
Purchased of equipment							$ 100
Consulting Agreement [Member]
Related Party Transaction [Line Items]
Amount to be paid for consulting services				$ 100
Period of agreement	4 years	4 years
Extented period of agreement			1 month
Agreement expiration date			Dec. 31, 2020
Consulting Agreement [Member] | Holdings [Member]
Related Party Transaction [Line Items]
Restricted common units granted				123,853
Award vesting		30.00%
Consulting Agreement [Member] | Future Services [Member] | Vests Over Forty Eight Months [Member]
Related Party Transaction [Line Items]
Award vesting		70.00%
Consulting Agreement [Member] | Future Services [Member] | Remaining Restricted Common Units [Member]
Related Party Transaction [Line Items]
Vesting period of stock option		48 months
Consulting Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Research and development expense					$ 100	$ 100