Actinium Pharmaceuticals (ATNM) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Document Information Line Items
Entity Registrant Name	ACTINIUM PHARMACEUTICALS, INC.
Trading Symbol	ATNM
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		25,184,654
Amendment Flag	false
Entity Central Index Key	0001388320
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36374
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2963609
Entity Address, Address Line One	275 Madison Ave, 7th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	(646)
Local Phone Number	677-3870
Title of 12(b) Security	Common stock, par value $0.001
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 116,330	$ 77,829
Restricted cash	392	392
Security deposit	50	50
Prepaid expenses and other current assets	1,525	1,478
Total Current Assets	118,297	79,749
Property and equipment, net of accumulated depreciation of $395 and $335	557	340
Security deposit – long term	299
Operating leases right-of-use assets	2,629	241
Finance leases right-of-use assets	18	58
Total Assets	121,800	80,388
Current Liabilities:
Accounts payable and accrued expenses	5,767	5,535
Other revenue deferred– current liability	204	998
Operating leases current liability	292	245
Finance leases current liability	19	62
Total Current Liabilities	6,282	6,840
Long-term license revenue deferred	35,000
Long-term operating leases obligations	2,335
Long-term finance leases obligations	2	3
Total Liabilities	43,619	6,843
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 24,870,623 and 22,143,974 shares issued and outstanding, respectively	25	22
Additional paid-in capital	346,800	329,271
Accumulated deficit	(268,644)	(255,748)
Total Stockholders’ Equity	78,181	73,545
Total Liabilities and Stockholders’ Equity	$ 121,800	$ 80,388

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Property and equipment, net of accumulated depreciation (in Dollars)	$ 395	$ 335
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	24,870,623	22,143,974
Common stock, shares outstanding	24,870,623	22,143,974

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Revenue
Other revenue	45	266	985	888
Total revenue	45	266	985	888
Operating expenses:
Research and development, net of reimbursements	4,662	3,631	9,031	7,907
General and administrative	3,233	1,710	4,968	3,428
Total operating expenses	7,895	5,341	13,999	11,335
Loss from operations	(7,850)	(5,075)	(13,014)	(10,447)
Other income:
Interest income - net	83	54	118	106
Total other income	83	54	118	106
Net loss	$ (7,767)	$ (5,021)	$ (12,896)	$ (10,341)
Net loss per common share – basic and diluted (in Dollars per share)	$ (0.33)	$ (0.25)	$ (0.56)	$ (0.54)
Weighted average common shares outstanding – basic and diluted (in Shares)	23,731,886	20,231,278	22,942,317	19,308,487

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net loss per common share – basic and diluted (in Dollars per share)	$ (0.33)	$ (0.25)	$ (0.56)	$ (0.54)
Weighted average common shares outstanding – basic and diluted (in Shares)	23,731,886	20,231,278	22,942,317	19,308,487

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 18	$ 292,275	$ (230,974)	$ 61,319
Balance (in Shares) at Dec. 31, 2020	17,532,893
Stock-based compensation		376		376
Sale of common stock, net of costs	$ 1	14,360		14,361
Sale of common stock, net of costs (in Shares)	1,712,745
Net loss			(5,320)	(5,320)
Balance at Mar. 31, 2021	$ 19	307,011	(236,294)	70,736
Balance (in Shares) at Mar. 31, 2021	19,245,638
Balance at Dec. 31, 2020	$ 18	292,275	(230,974)	61,319
Balance (in Shares) at Dec. 31, 2020	17,532,893
Net loss				(10,341)
Balance at Jun. 30, 2021	$ 21	321,793	(241,315)	80,499
Balance (in Shares) at Jun. 30, 2021	21,090,931
Balance at Mar. 31, 2021	$ 19	307,011	(236,294)	70,736
Balance (in Shares) at Mar. 31, 2021	19,245,638
Stock-based compensation		459		459
Stock-based compensation (in Shares)	8,705
Sale of common stock, net of issuance costs	$ 2	14,317		14,319
Sale of common stock, net of issuance costs (in Shares)	1,835,688
Exercise of stock options		6		6
Exercise of stock options (in Shares)	900
Net loss			(5,021)	(5,021)
Balance at Jun. 30, 2021	$ 21	321,793	(241,315)	80,499
Balance (in Shares) at Jun. 30, 2021	21,090,931
Balance at Dec. 31, 2021	$ 22	329,271	(255,748)	73,545
Balance (in Shares) at Dec. 31, 2021	22,143,974
Stock-based compensation		421		421
Net loss			(5,129)	(5,129)
Balance at Mar. 31, 2022	$ 22	329,692	(260,877)	68,837
Balance (in Shares) at Mar. 31, 2022	22,143,974
Balance at Dec. 31, 2021	$ 22	329,271	(255,748)	73,545
Balance (in Shares) at Dec. 31, 2021	22,143,974
Net loss				(12,896)
Balance at Jun. 30, 2022	$ 25	346,800	(268,644)	78,181
Balance (in Shares) at Jun. 30, 2022	24,870,623
Balance at Mar. 31, 2022	$ 22	329,692	(260,877)	68,837
Balance (in Shares) at Mar. 31, 2022	22,143,974
Stock-based compensation		425		425
Sale of common stock, net of issuance costs	$ 3	16,683		16,686
Sale of common stock, net of issuance costs (in Shares)	2,726,649
Net loss			(7,767)	(7,767)
Balance at Jun. 30, 2022	$ 25	$ 346,800	$ (268,644)	$ 78,181
Balance (in Shares) at Jun. 30, 2022	24,870,623

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities:
Net loss	$ (12,896)	$ (10,341)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	846	835
Depreciation	317	254
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(47)	106
Payment of security deposit	(299)
Accounts payable and accrued expenses	232	(913)
Other revenue deferred– current liability	(794)
Long-term license revenue deferred	35,000
Operating lease liabilities	(222)	(167)
Net Cash Provided By/Used In Operating Activities	22,137	(10,226)
Purchase of property and equipment	(277)	(65)
Net Cash Used In Investing Activities	(277)	(65)
Payments on finance leases	(45)	(42)
Sales of shares of common stock, net of costs	16,686	28,680
Proceeds from exercise of stock options		6
Net Cash Provided By Financing Activities	16,641	28,644
Net change in cash, cash equivalents, and restricted cash	38,501	18,353
Cash, cash equivalents, and restricted cash at beginning of period	78,221	63,999
Cash, cash equivalents, and restricted cash at end of period	116,722	82,352
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for income taxes

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1 - Description of Business and Summary of Significant Accounting Policies Nature of Business - Basis of Presentation - Principles of Consolidation - Use of Estimates Impact of COVID–19 Pandemic on Financial Statements - Many countries around the world have continued to impose quarantines and restrictions on travel and mass gatherings to slow the spread of the virus. Accordingly, the Company’s ability to continue to operate its business may also be limited. Such events may result in a period of business, supply and drug product manufacturing disruption, and in reduced operations, any of which could materially affect the Company’s business, financial condition and results of operations. In response to COVID-19, the Company implemented hybrid working for its office-based staff, while its research staff has been actively working in its laboratory throughout the pandemic and thus far, has not experienced a significant disruption or delay in its operations as it relates to the clinical development, preclinical research or drug production of its drug candidates. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity. In addition, a recession or market correction resulting from the spread of COVID-19 could materially affect the Company’s business and the value of the Company’s common stock. Additionally, COVID-19 may result in delays in receiving approvals from local and foreign regulatory authorities, delays in necessary interactions with IRB’s or Institutional Review Boards, local and foreign regulators, ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees. To date, COVID-19 has not had a financial impact on the Company. The Company continues to monitor the impacts of COVID-19 on the global economy and on its business operations. However, at this time, it is difficult to predict how long the potential operational impacts of COVID-19 will last or to what degree further disruption might impact the Company’s operations and financial results. Cash, Cash Equivalents and Restricted Cash - The following is a summary of cash, cash equivalents and restricted cash at June 30, 2022 and December 31, 2021: (in thousands) June 30, December 31, Cash and cash equivalents $ 116,330 $ 77,829 Restricted cash 392 392 Cash, cash equivalents and restricted cash $ 116,772 $ 78,221 Restricted cash relates to a certificate of deposit held as collateral for a letter of credit issued in connection with the Company’s lease for corporate office space. Leases Revenue Recognition Revenue From Contracts With Customers At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the promised goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. In determining whether goods or services are distinct, the Company evaluates certain criteria, including whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (capable of being distinct) and (ii) the good or service is separately identifiable from other goods or services in the contract (distinct in the context of the contract). The Company then determines the transaction price, which is the amount of consideration it expects to be entitled from a customer in exchange for the promised goods or services for each performance obligation and recognizes the associated revenue as each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which it expects to be entitled. Variable consideration includes payments in the form of collaboration milestone payments. If an arrangement includes collaboration milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. ASC 606 requires the Company to allocate the arrangement consideration on a relative standalone selling price basis for each performance obligation after determining the transaction price of the contract and identifying the performance obligations to which that amount should be allocated. The relative standalone selling price is defined in the revenue standard as the price at which an entity would sell a promised good or service separately to a customer. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation as each performance obligation is satisfied, either at a point in time or over time, and if over time, recognition is based on the use of an output or input method. Collaborative Arrangements - . Grant Revenue – License Revenue – Upfront license fees Development, regulatory or commercial milestone payments Sales-based milestone payments and royalties Upfront payments and fees may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements or when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty associated with any variable consideration is subsequently resolved. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Research and Development Costs - Share-Based Payments - Net Loss Per Common Share (in thousands) June 30, June 30, Options 1,431 859 Warrants 2,053 2,114 Total 3,484 2,973 Recently Adopted Accounting Pronouncements – Earnings Per Share (topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40) – Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance Recently Issued Accounting Pronouncements – Business Combinations (Topic 805), Account for Contract Assets and Contract Liabilities from Contracts with Customers

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 2 - Commitments and Contingencies On June 15, 2012, the Company entered into a license and sponsored research agreement with Fred Hutchinson Cancer Research Center (“FHCRC”) to build upon previous and ongoing clinical trials with apamistamab (licensed antibody). FHCRC has completed both a Phase 1 and Phase 2 clinical trial with apamistamab. The Company has been granted exclusive rights to the antibody and related master cell bank developed by FHCRC. A milestone payment of $1 million will be due to FHCRC upon U.S. Food and Drug Administration (“FDA”) approval of the first drug utilizing the licensed antibody. Upon commercial sale of the drug, royalty payments of 2% of net sales will be due to FHCRC.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Note 3 - Leases The Company entered into a lease for corporate office space, effective June 1, 2022. As of June 30, 2022, the Company has two operating leases for corporate office space and two finance leases for office equipment and furniture located in one of the corporate office spaces. In addition, the Company has auxiliary corporate office space that it rents on a month-to-month basis; this rental is accounted for as an operating lease with the same term as the Company’s main office. The components of lease expense are as follows: Three months ended Six months ended (in thousands) June 30, June 30, June 30, June 30, Operating lease expense $ 141 $ 93 $ 234 $ 186 Finance lease cost Amortization of right-to-use assets $ 20 $ 21 $ 41 $ 41 Interest on lease liabilities $ 1 $ 2 $ 2 $ 5 Total finance lease cost $ 21 $ 23 $ 43 $ 46 Supplemental cash flow information related to leases are as follows: Cash flow information: Six months ended (in thousands) June 30, June 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow use from operating leases $ 239 $ 188 Operating cash flow use from finance leases $ 2 $ 5 Financing cash flow use from finance leases $ 45 $ 42 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,605 $ - Finance Leases $ - $ - Weighted average remaining lease terms are as follows at June 30, 2022: Weighted average remaining lease term: Operating leases 5.0 years Finance Leases 0.5 year As the interest rate implicit in the leases was not readily determinable at the time that the leases were evaluated, the Company used its incremental borrowing rate based on the information available in determining the present value of lease payments. The Company’s incremental borrowing rate was based on the term of the lease, the economic environment of the lease and reflect the rate the Company would have had to pay to borrow on a secured basis. Below is information on the weighted average discount rates used at the time that the leases were evaluated: Weighted average discount rates: Operating leases 4.8% Finance Leases 8.0% Maturities of lease liabilities are as follows: (in thousands) Operating Finance 2022 (excluding six months ended June 30, 2022) $ 113 $ 17 2023 606 5 2024 618 - 2025 630 - 2026 643 - 2027 380 - Total lease payments $ 2,990 $ 22 Less imputed interest (363 ) (1 ) Present value of lease liabilities $ 2,627 $ 21

Other Revenue

Other Revenue	6 Months Ended
	Jun. 30, 2022
Other revenue [Abstract]
Other revenue	Note 4 – Other revenue The Company determined that certain collaborations with a third party are within the scope of ASC 606. The collaboration agreement is made up of multiple modules related to various research activities. The Company identified a single performance obligation to provide research services within each module for which the Company receives monetary consideration. The third party can choose to proceed with each module or can terminate the agreement at any time. The Company recognizes revenue for each module on a straight-line basis over the expected module period. Revenue for succeeding modules is not recognized until all contingencies are resolved, inclusive of the third party’s ability to terminate the module. Other revenue recognized during the three months and six months ended June 30, 2022 was $0.0 million and $0.9 million, respectively, and for the three months and six months ended June 30, 2021 was $0.3 million and $0.9 million, respectively. The Company has a grant from a government-sponsored entity for research and development related activities that provide for payments for reimbursed costs, which includes overhead and general and administrative costs as well as an administrative fee. The Company recognizes revenue from grants as it performs services under this arrangement. Associated expenses are recognized when incurred as research and development expense. Other revenue recognized during the three months and six months ended June 30, 2022 was $0.0 million and $0.1 million, respectively. There was no other revenue recognized from a grant from a government-sponsored entity during the six months ended June 30, 2021. On April 7, 2022, the Company entered into a license and supply agreement (the “License Agreement”) with Immedica Pharma AB (“Immedica”), pursuant to which Immedica licensed the exclusive product rights for commercialization of Iomab-B (I-131 apamistamab) in the European Economic Area, Middle East and North Africa (EUMENA) including Algeria, Andorra, Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Monaco, Morocco, Oman, Palestine, Qatar, San Marino, Saudi Arabia, Switzerland, Syria, Tunisia, Turkey, the United Arab Emirates, the United Kingdom, the Vatican City and Yemen. Upon signing, the Company was entitled to an upfront payment of $35 million from Immedica, which was received in May 2022. Under the terms of the License Agreement, the Company is eligible to receive regulatory and commercial milestone payments and is entitled to receive royalties in the mid-20 percent range on net sales of the product in certain countries that may result from the License Agreement. The Company will continue to be responsible for certain clinical development activities and the manufacturing of Iomab-B and will retain commercialization rights in the U.S. and rest of the world. The Company’s contract liabilities are recorded within Other revenue deferred – current liability or Long-term license revenue deferred in its condensed consolidated balance sheets depending on the short-term or long-term nature of the payments to be recognized. The Company’s contract liabilities primarily consist of advanced payments from licensees. Other revenue deferred – current liability was $0.2 million at June 30, 2022 and $0.9 million at December 31, 2021. Long-term license revenue deferred was $35.0 million at June 30, 2022; there was no long-term license revenue deferred at December 31, 2021. This deferred revenue will be recognized upon EU regulatory approval of Iomab B.

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Equity	Note 5 - Equity In August 2020 the Company entered into the Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which the Company may sell, from time to time, through or to JonesTrading, up to an aggregate of $200 million of its common stock. Shares of common stock are offered pursuant to a shelf registration statement on Form S-3 filed with the SEC on August 7, 2020. As of December 31, 2021, the Company had sold 6.7 million shares of common stock, resulting in gross proceeds of $59.1 million and net proceeds of $57.0 million. For the six months ended June 30, 2022, the Company sold 2.7 million shares of common stock, resulting in gross proceeds of $17.2 million and net proceeds of $16.7 million. For the six months ended June 30, 2021, the Company sold 3.5 million shares of common stock, resulting in gross proceeds of $29.6 million and net proceeds of $28.7 million. On June 28, 2022, the Company entered into an Amendment and Restated Capital on Demand™ Sales Agreement (the “A&R Sales Agreement”) with JonesTrading and B. Riley Securities, Inc. (“B. Riley Securities”). The A&R Sales Agreement modifies the original Capital on Demand™ Sales Agreement to include B. Riley Securities as an additional sales agent thereunder. Stock Options The following is a summary of stock option activity for the six months ended June 30, 2022: (in thousands, except for per-share amounts) Number of Weighted Weighted Aggregate Outstanding, January 1, 2022 1,362 $ 12.45 8.69 $ - Granted 120 5.23 Cancelled (51 ) 8.89 Outstanding, June 30, 2022 1,431 11.97 8.36 - Exercisable, June 30, 2022 473 22.19 7.07 - During the six months ended June 30, 2022, the Company granted new employees options to purchase 120 thousand shares of common stock with an exercise price ranging from $5.20 to $5.93 per share, a term of 10 years, and a vesting period of 4 years. The options have an aggregated fair value of $442 thousand that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate range from 1.52% to 3.03% (2) expected life of 6 years, (3) expected volatility range from 78.8% to 79.9%, and (4) zero expected dividends. The fair values of all options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at June 30, 2022 was $4.4 million related to unvested options, which is expected to be expensed over a weighted average of 3.0 years. During the six months ended June 30, 2022 and 2021, the Company recorded compensation expense related to stock options of $0.8 million and $0.7 million, respectively. Warrants Following is a summary of warrant activity for the six months ended June 30, 2022: (in thousands, except for per-share amounts) Number of Shares Weighted Weighted Aggregate Outstanding, January 1, 2022 2,112 $ 20.52 1.76 $ 276 Granted - - Exercised - - Cancelled/Expired (59 ) 3.62 Outstanding, June 30, 2022 2,053 $ 21.01 1.32 $ - Exercisable, June 30, 2022 2,049 $ 20.57 1.31 $ -

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2022
Subsequent Event [Abstract]
Subsequent Event	Note 6 – Subsequent Event Since June 30, 2022, the Company has sold 0.3 million shares of common stock under its A&R Sales Agreement, resulting in net proceeds of $1.4 million. On August 2, 2022, warrants to purchase an aggregate of 0.6 million shares of common stock expired. These warrants were issued on August 2, 2017, when the Company completed an underwritten offering of 0.7 million shares of its common stock and warrants to purchase an aggregate of 0.6 million shares of its common stock at a price of $22.50 per share and related warrant. The warrants were exercisable for a period of 5 years at an exercise price of $31.50 per share. As of August 12, 2022, the Company has 1.4 million warrants outstanding.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of Business	Nature of Business -
Basis of Presentation	Basis of Presentation -
Principles of Consolidation	Principles of Consolidation -
Use of Estimates	Use of Estimates
Impact of COVID–19 Pandemic on Financial Statements	Impact of COVID–19 Pandemic on Financial Statements - Many countries around the world have continued to impose quarantines and restrictions on travel and mass gatherings to slow the spread of the virus. Accordingly, the Company’s ability to continue to operate its business may also be limited. Such events may result in a period of business, supply and drug product manufacturing disruption, and in reduced operations, any of which could materially affect the Company’s business, financial condition and results of operations. In response to COVID-19, the Company implemented hybrid working for its office-based staff, while its research staff has been actively working in its laboratory throughout the pandemic and thus far, has not experienced a significant disruption or delay in its operations as it relates to the clinical development, preclinical research or drug production of its drug candidates. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity. In addition, a recession or market correction resulting from the spread of COVID-19 could materially affect the Company’s business and the value of the Company’s common stock. Additionally, COVID-19 may result in delays in receiving approvals from local and foreign regulatory authorities, delays in necessary interactions with IRB’s or Institutional Review Boards, local and foreign regulators, ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees. To date, COVID-19 has not had a financial impact on the Company. The Company continues to monitor the impacts of COVID-19 on the global economy and on its business operations. However, at this time, it is difficult to predict how long the potential operational impacts of COVID-19 will last or to what degree further disruption might impact the Company’s operations and financial results.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash - The following is a summary of cash, cash equivalents and restricted cash at June 30, 2022 and December 31, 2021: (in thousands) June 30, December 31, Cash and cash equivalents $ 116,330 $ 77,829 Restricted cash 392 392 Cash, cash equivalents and restricted cash $ 116,772 $ 78,221 Restricted cash relates to a certificate of deposit held as collateral for a letter of credit issued in connection with the Company’s lease for corporate office space.
Leases	Leases
Revenue Recognition	Revenue Recognition Revenue From Contracts With Customers At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the promised goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. In determining whether goods or services are distinct, the Company evaluates certain criteria, including whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (capable of being distinct) and (ii) the good or service is separately identifiable from other goods or services in the contract (distinct in the context of the contract). The Company then determines the transaction price, which is the amount of consideration it expects to be entitled from a customer in exchange for the promised goods or services for each performance obligation and recognizes the associated revenue as each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which it expects to be entitled. Variable consideration includes payments in the form of collaboration milestone payments. If an arrangement includes collaboration milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. ASC 606 requires the Company to allocate the arrangement consideration on a relative standalone selling price basis for each performance obligation after determining the transaction price of the contract and identifying the performance obligations to which that amount should be allocated. The relative standalone selling price is defined in the revenue standard as the price at which an entity would sell a promised good or service separately to a customer. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation as each performance obligation is satisfied, either at a point in time or over time, and if over time, recognition is based on the use of an output or input method.
Collaborative Arrangements	Collaborative Arrangements - .
Grant Revenue	Grant Revenue –
License Revenue	License Revenue – Upfront license fees Development, regulatory or commercial milestone payments Sales-based milestone payments and royalties Upfront payments and fees may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements or when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty associated with any variable consideration is subsequently resolved. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional.
Research and Development Costs	Research and Development Costs -
Share-Based Payments	Share-Based Payments -
Net Loss Per Common Share	Net Loss Per Common Share
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements – Earnings Per Share (topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40) – Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements – Business Combinations (Topic 805), Account for Contract Assets and Contract Liabilities from Contracts with Customers

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of cash, cash equivalents and restricted cash	(in thousands) June 30, December 31, Cash and cash equivalents $ 116,330 $ 77,829 Restricted cash 392 392 Cash, cash equivalents and restricted cash $ 116,772 $ 78,221
Schedule of diluted net loss per share anti-dilutive	(in thousands) June 30, June 30, Options 1,431 859 Warrants 2,053 2,114 Total 3,484 2,973

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of components of lease expense	Three months ended Six months ended (in thousands) June 30, June 30, June 30, June 30, Operating lease expense $ 141 $ 93 $ 234 $ 186 Finance lease cost Amortization of right-to-use assets $ 20 $ 21 $ 41 $ 41 Interest on lease liabilities $ 1 $ 2 $ 2 $ 5 Total finance lease cost $ 21 $ 23 $ 43 $ 46
Schedule of supplemental cash flow information related to leases	Six months ended (in thousands) June 30, June 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow use from operating leases $ 239 $ 188 Operating cash flow use from finance leases $ 2 $ 5 Financing cash flow use from finance leases $ 45 $ 42 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,605 $ - Finance Leases $ - $ -
Schedule of weighted average remaining lease terms	Weighted average remaining lease term: Operating leases 5.0 years Finance Leases 0.5 year
Schedule of weighted average discount rates	Weighted average discount rates: Operating leases 4.8% Finance Leases 8.0%
Schedule of maturities of lease liabilities	(in thousands) Operating Finance 2022 (excluding six months ended June 30, 2022) $ 113 $ 17 2023 606 5 2024 618 - 2025 630 - 2026 643 - 2027 380 - Total lease payments $ 2,990 $ 22 Less imputed interest (363 ) (1 ) Present value of lease liabilities $ 2,627 $ 21

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Option [Member]
Equity (Tables) [Line Items]
Schedule of stock option activity	(in thousands, except for per-share amounts) Number of Weighted Weighted Aggregate Outstanding, January 1, 2022 1,362 $ 12.45 8.69 $ - Granted 120 5.23 Cancelled (51 ) 8.89 Outstanding, June 30, 2022 1,431 11.97 8.36 - Exercisable, June 30, 2022 473 22.19 7.07 -
Warrant [Member]
Equity (Tables) [Line Items]
Schedule of warrant activities	(in thousands, except for per-share amounts) Number of Shares Weighted Weighted Aggregate Outstanding, January 1, 2022 2,112 $ 20.52 1.76 $ 276 Granted - - Exercised - - Cancelled/Expired (59 ) 3.62 Outstanding, June 30, 2022 2,053 $ 21.01 1.32 $ - Exercisable, June 30, 2022 2,049 $ 20.57 1.31 $ -

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) - Schedule of cash, cash equivalents and restricted cash - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	$ 116,330	$ 77,829
Restricted cash	392	392
Cash, cash equivalents and restricted cash	$ 116,772	$ 78,221

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies (Details) - Schedule of diluted net loss per share anti-dilutive - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,484	2,973
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,431	859
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,053	2,114

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
	Jun. 15, 2012 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Milestone payment	$ 1
Description of royalty payment	Upon commercial sale of the drug, royalty payments of 2% of net sales will be due to FHCRC.

Leases (Details)

Leases (Details)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Number of operating lease	2
Number of finance lease	2
Operating lease of auxiliary corporate office space	1

Leases (Details) - Schedule of

Leases (Details) - Schedule of components of lease expense - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of components of lease expense [Abstract]
Operating lease expense	$ 141	$ 93	$ 234	$ 186
Amortization of right-to-use assets	20	21	41	41
Interest on lease liabilities	1	2	2	5
Total finance lease cost	$ 21	$ 23	$ 43	$ 46

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of supplemental cash flow information related to leases - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Schedule of supplemental cash flow information related to leases [Abstract]
Operating cash flow use from operating leases	$ 239	$ 188
Operating cash flow use from finance leases	2	5
Financing cash flow use from finance leases	45	42
Non-cash activity:
Operating leases	2,605
Finance Leases

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of weighted average remaining lease terms	Jun. 30, 2022
Weighted average remaining lease term:
Operating leases	5 years
Finance Leases	6 months

Leases (Details) - Schedule o_4

Leases (Details) - Schedule of weighted average discount rates	Jun. 30, 2022
Weighted average discount rates:
Operating leases	4.80%
Finance Leases	8%

Leases (Details) - Schedule o_5

Leases (Details) - Schedule of maturities of lease liabilities $ in Thousands	Jun. 30, 2022 USD ($)
Operating Leases [Member]
Leases (Details) - Schedule of maturities of lease liabilities [Line Items]
2022	$ 113
2023	606
2024	618
2025	630
2026	643
2027	380
Total lease payments	2,990
Less imputed interest	(363)
Present value of lease liabilities	2,627
Finance Leases [Member]
Leases (Details) - Schedule of maturities of lease liabilities [Line Items]
2022	17
2023	5
2024
2025
2026
2027
Total lease payments	22
Less imputed interest	(1)
Present value of lease liabilities	$ 21

Other Revenue (Details)

Other Revenue (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 07, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Other revenue [Abstract]
Recognition of deferred revenue		$ 0	$ 0.3	$ 0.9	$ 0.9
Revenue recognized		0		0.1
Upfront payment	$ 35
Other revenue - current liability		0.2		0.2		$ 0.9
Long-term license revenue deferred		$ 35		$ 35

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Equity (Details) [Line Items]
Purchase of common stock, description		During the six months ended June 30, 2022, the Company granted new employees options to purchase 120 thousand shares of common stock with an exercise price ranging from $5.20 to $5.93 per share, a term of 10 years, and a vesting period of 4 years.
Equity Option [Member]
Equity (Details) [Line Items]
Stock option term		10 years
Vesting period of stock option		4 years
Aggregate fair value		$ 442
Stock option, description		Variables used in the Black-Scholes option-pricing model include: (1) discount rate range from 1.52% to 3.03% (2) expected life of 6 years, (3) expected volatility range from 78.8% to 79.9%, and (4) zero expected dividends.
Unrecognized compensation expense		$ 4.4
Weighted average term		3 years
Compensation expense related to stock options		$ 0.8	$ 0.7
Equity Option [Member] | Minimum [Member]
Equity (Details) [Line Items]
Exercise price (in Dollars per share)		$ 5.2
Equity Option [Member] | Maximum [Member]
Equity (Details) [Line Items]
Exercise price (in Dollars per share)		$ 5.93
Capital on Demand Sales Agreement [Member]
Equity (Details) [Line Items]
Aggregate value of common stock	$ 200
Sale of common stock, shares (in Shares)		2.7	3.5	6.7
Gross proceeds		$ 17.2	$ 29.6	$ 59.1
Net proceeds		$ 16.7	$ 28.7	$ 57

Equity (Details) - Schedule of

Equity (Details) - Schedule of stock option activity	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Schedule of stock option activity [Abstract]
Number of Shares, Outstanding Beginning | shares	1,362
Weighted Average Exercise Price, Outstanding Beginning | $ / shares	$ 12.45
Weighted Average Remaining Contractual Term (in years),Outstanding Beginning	8 years 8 months 8 days
Aggregate Intrinsic Value, Outstanding Beginning | $
Number of Shares, Granted | shares | shares	120
Weighted Average Exercise Price, Granted | $ / shares	$ 5.23
Number of Shares, Cancelled | shares	(51)
Weighted Average Exercise Price, Cancelled | $ / shares	$ 8.89
Number of Shares, Outstanding Ending | shares	1,431
Weighted Average Exercise Price, Outstanding Ending | $ / shares	$ 11.97
Weighted Average Remaining Contractual Term, Outstanding Ending	8 years 4 months 9 days
Aggregate Intrinsic Value, Outstanding Ending | $
Number of Shares Exercisable Ending | shares	473
Weighted Average Exercise Price, Exercisable Ending | $ / shares | $ / shares	$ 22.19
Weighted Average Remaining Contractual Term (in years), Exercisable Ending	7 years 25 days
Aggregate Intrinsic Value, Exercisable Ending | $

Equity (Details) - Schedule _2

Equity (Details) - Schedule of warrant activities - Warrant [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Class of Warrant [Line Items]
Number of Shares, Outstanding Beginning | shares	2,112
Weighted Average Exercise Price, Outstanding Beginning | $ / shares	$ 20.52
Weighted average remaining contractual term (in years),Outstanding beginning	1 year 9 months 3 days
Aggregate Intrinsic Value, Outstanding Beginning | $	$ 276
Number of Shares, Outstanding Ending | shares	2,053
Weighted Average Exercise Price,Outstanding Ending | $ / shares	$ 21.01
Weighted Average Remaining Contractual Term (in years),Outstanding Ending	1 year 3 months 25 days
Aggregate Intrinsic Value,Outstanding Ending | $
Number of Shares, Exercisable Ending | shares	2,049
Weighted Average Exercise Price, Exercisable Ending | $ / shares	$ 20.57
Weighted Average Remaining Contractual Term (in years), Exercisable Ending	1 year 3 months 21 days
Aggregate Intrinsic Value, Exercisable Ending | $
Number of Shares, Granted | shares
Weighted Average Exercise Price, Granted | $ / shares
Number of Shares, Exercised | shares
Weighted Average Exercise Price, Exercised | $ / shares
Number of Shares, Cancelled/Expired | shares	(59)
Weighted Average Exercise Price, Cancelled/Expired | $ / shares	$ 3.62

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Aug. 12, 2022	Aug. 02, 2017	Jun. 30, 2022
Subsequent Event (Details) [Line Items]
Shares of common stock value			$ 0.3
Net proceeds			$ 1.4
Aggregate purchase of common stock		$ 0.6
Underwritten offering		$ 0.7
Price pe share (in Dollars per share)		$ 22.5
Warrants exercisable term		5 years
Exercise price per share (in Dollars per share)		$ 31.5
Warrants outstanding (in Shares)	1.4
Warrant [Member]
Subsequent Event (Details) [Line Items]
Aggregate purchase of common stock		$ 0.6