Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33958 | ||
Entity Registrant Name | SELLAS Life Sciences Group, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-8099512 | ||
Entity Address, Address Line One | 7 Times Square | ||
Entity Address, Address Line Two | Suite 2503 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | (646) | ||
Local Phone Number | 200-5278 | ||
Title of 12(b) Security | Common Stock, $0.0001 Par Value per share | ||
Trading Symbol | SLS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 44,401,259 | ||
Entity Common Stock, Shares Outstanding | 56,267,670 | ||
Documents Incorporated by Reference | Certain information required in Part III of this Annual Report on Form 10-K is incorporated from the registrant’s Proxy Statement for its 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K, provided that if such Proxy Statement is not filed within such period, such information will be included in an amendment to this Form 10-K to be filed within such 120-day period. | ||
Entity Central Index Key | 0001390478 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 659 |
Auditor Name | Moss Adams LLP |
Auditor Location | Campbell, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,530 | $ 17,125 |
Restricted cash and cash equivalents | 100 | 100 |
Prepaid expenses and other current assets | 542 | 531 |
Total current assets | 3,172 | 17,756 |
Operating lease right-of-use assets | 858 | 874 |
Goodwill | 1,914 | 1,914 |
Deposits and other assets | 275 | 399 |
Total assets | 6,219 | 20,943 |
Current liabilities: | ||
Accounts payable | 5,639 | 3,357 |
Accrued expenses and other current liabilities | 7,650 | 6,286 |
Operating lease liabilities | 446 | 372 |
Acquired in-process research and development payable | 0 | 5,500 |
Total current liabilities | 13,735 | 15,515 |
Operating lease liabilities, non-current | 460 | 573 |
Warrant liability | 0 | 4 |
Total liabilities | 14,195 | 16,092 |
Commitments and contingencies (Note 7) | ||
Stockholders’ (deficit) equity: | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; Series A convertible preferred stock, 17,500 shares designated; 0 shares issued and outstanding at December 31, 2023 and 2022 | 0 | 0 |
Common stock, $0.0001 par value; 350,000,000 shares authorized, 32,132,890 and 21,005,405 shares issued and outstanding at December 31, 2023 and 2022, respectively | 3 | 2 |
Additional paid-in capital | 209,265 | 184,753 |
Accumulated deficit | (217,244) | (179,904) |
Total stockholders’ (deficit) equity | (7,976) | 4,851 |
Total liabilities and stockholders’ (deficit) equity | $ 6,219 | $ 20,943 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 32,132,890 | 21,005,405 |
Common stock, shares outstanding (in shares) | 32,132,890 | 21,005,405 |
Series A Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 17,500 | 17,500 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Licensing revenue | $ 0 | $ 1,000,000 |
Operating expenses: | ||
Cost of licensing revenue | 0 | 100,000 |
Research and development | 24,007,000 | 20,268,000 |
General and administrative | 13,862,000 | 12,582,000 |
Acquired in-process research and development | 0 | 10,000,000 |
Total operating expenses | 37,869,000 | 42,950,000 |
Loss from operations | (37,869,000) | (41,950,000) |
Non-operating income: | ||
Change in fair value of warrant liability | 4,000 | 36,000 |
Change in fair value of contingent consideration | 0 | 296,000 |
Interest income | 525,000 | 317,000 |
Total non-operating income | 529,000 | 649,000 |
Net loss | $ (37,340,000) | $ (41,301,000) |
Per share information: | ||
Net loss per common share, basic (in dollars per share) | $ (1.34) | $ (2.13) |
Net loss per common share, diluted (in dollars per share) | $ (1.34) | $ (2.13) |
Weighted-average common shares outstanding, basic (in shares) | 27,777,111 | 19,395,709 |
Weighted-average common shares outstanding, diluted (in shares) | 27,777,111 | 19,395,709 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($) $ in Thousands | Total | Common Stock | Common Stock Pre-Funded Warrants | Additional Paid-In Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 15,895,637 | ||||
Beginning balance at Dec. 31, 2021 | $ 20,347 | $ 2 | $ 158,948 | $ (138,603) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock and common stock warrants, net of issuance costs (in shares) | 4,629,630 | ||||
Issuance of common stock and common stock warrants, net of issuance costs | 22,946 | 22,946 | |||
Issuance of common stock, net of issuance costs (in shares) | 415,005 | ||||
Issuance of common stock, net of issuance costs | 1,048 | 1,048 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 25,089 | ||||
Issuance of common stock under employee stock purchase plan | 85 | 85 | |||
Vesting of restricted stock units (in shares) | 40,044 | ||||
Stock-based compensation | 1,726 | 1,726 | |||
Net loss | $ (41,301) | (41,301) | |||
Ending balance (in shares) at Dec. 31, 2022 | 21,005,405 | 21,005,405 | |||
Ending balance at Dec. 31, 2022 | $ 4,851 | $ 2 | 184,753 | (179,904) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock and common stock warrants, net of issuance costs (in shares) | 10,320,217 | ||||
Issuance of common stock and common stock warrants, net of issuance costs | 22,040 | $ 1 | 22,039 | ||
Issuance of common stock, net of issuance costs (in shares) | 92,882 | ||||
Issuance of common stock, net of issuance costs | 289 | 289 | |||
Issuance of common stock upon the exercise of warrants (in shares) | 14,000 | 552,300 | |||
Issuance of common stock upon the exercise of warrants | 14 | 14 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 91,454 | ||||
Issuance of common stock under employee stock purchase plan | 107 | 107 | |||
Vesting of restricted stock units (in shares) | 85,245 | ||||
Tax withholding on vesting of restricted stock units (in shares) | (28,613) | ||||
Tax withholding on vesting of restricted stock units | (31) | (31) | |||
Stock-based compensation | 2,094 | 2,094 | |||
Net loss | $ (37,340) | (37,340) | |||
Ending balance (in shares) at Dec. 31, 2023 | 32,132,890 | 32,132,890 | |||
Ending balance at Dec. 31, 2023 | $ (7,976) | $ 3 | $ 209,265 | $ (217,244) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (37,340) | $ (41,301) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development charge | 0 | 10,000 |
Non-cash stock-based compensation | 2,094 | 1,726 |
Non-cash lease expense | 495 | 457 |
Change in fair value of contingent consideration | 0 | (296) |
Change in fair value of common stock warrants | (4) | (36) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 113 | 1,253 |
Accounts payable | 2,301 | 1,213 |
Accrued expenses and other current liabilities | 1,449 | 3,646 |
Operating lease liabilities | (518) | (471) |
Net cash used in operating activities | (31,410) | (23,809) |
Cash flows from investing activities: | ||
Cash paid for acquisition of in-process research and development | (5,500) | (4,500) |
Net cash used in investing activities | (5,500) | (4,500) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock and common stock warrants, net of issuance costs | 21,936 | 22,946 |
Proceeds from issuance of common stock, net of issuance costs | 289 | 1,048 |
Proceeds from the exercise of warrants | 14 | 0 |
Proceeds from employee stock plan purchases | 107 | 85 |
Tax withholding on vesting of restricted stock units | (31) | 0 |
Net cash provided by financing activities | 22,315 | 24,079 |
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents | (14,595) | (4,230) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at the beginning of year | 17,225 | 21,455 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of year | 2,630 | 17,225 |
Supplemental disclosure of cash flow information: | ||
Cash received during the year for interest | 525 | 317 |
Supplemental disclosures: | ||
Payable for acquired in-process research and development | 0 | 5,500 |
Increase in operating lease right of use assets and current and non-current operating lease liabilities | 368 | 449 |
Offering costs in accounts payable and accrued expenses | $ 103 | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business SELLAS Life Sciences Group, Inc. is a late-stage clinical biopharmaceutical company focused on novel therapeutics for a broad range of cancer indications. SELLAS’ lead product candidate, galinpepimut-S ("GPS"), is a cancer immunotherapeutic agent licensed from Memorial Sloan Kettering Cancer Center ("MSK") and targets the Wilms Tumor 1 ("WT1") protein, which is present in an array of tumor types. GPS has potential as a monotherapy or in combination with other immunotherapeutic agents to address a broad spectrum of hematologic, or blood, cancers and solid tumor indications. SELLAS' second product candidate is SLS009 (formerly GFH009), a small molecule, highly selective cyclin-dependent kinase 9 ("CDK9") inhibitor, which the Company licensed from GenFleet Therapeutics (Shanghai), Inc. ("GenFleet"), for all therapeutic and diagnostic uses in the world outside of mainland China, Hong Kong, Macau and Taiwan ("SLS009 Territory"). As used in this Annual Report on Form 10-K, the words the "Company," and "SELLAS" refer to SELLAS Life Sciences Group, Inc. and its consolidated subsidiaries. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company expects its costs and expenses to increase as it continues to develop its product candidates and progress its current and planned clinical programs. Pursuant to the requirements of Accounting Standard Codification ("ASC") 205-40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , management must evaluate whether there are conditions or 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. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date these financial statements are issued, but will consider such plans if (1) it is probable that the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant condition or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. Certain elements of the Company’s operating plan to alleviate the conditions that raise substantial doubt are outside of the Company’s control and cannot be included in management’s evaluation under the requirements of ASC 205-40. Since inception, the Company has incurred recurring losses and negative cash flows from operations and has an accumulated deficit of $217.2 million as of December 31, 2023. During the year ended December 31, 2023, the Company incurred a net loss of $37.3 million and used $31.4 million of cash in operations. The Company continues to expect to generate operating losses and negative cash flows for the next few years and will need additional funding to support its planned operating activities through profitability. The transition to profitability is dependent upon the successful development, approval, and commercialization of the Company's product candidates and the achievement of a level of revenues adequate to support its cost structure. As of December 31, 2023, the Company had cash and cash equivalents of $2.5 million. The Company expects its cash and cash equivalents, together with the net proceeds from a public offering completed on January 8, 2024 (the "January 2024 Offering") and the registered direct offering completed on March 19, 2024 (the "March 2024 Registered Direct Offering"), will not be sufficient to fund its current planned operations for at least the next twelve months from the date of issuance of these financial statements. These conditions give rise to a substantial doubt over the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. On March 19, 2024, the Company consummated the March 2024 Registered Direct Offering, in which we entered into a Securities Purchase Agreement with two institutional investors pursuant to which the Company agreed to issue and sell 11,000,000 shares of our common stock and 2,029,316 pre-funded warrants exercisable for shares of common stock. Each share of common stock was sold together at a purchase price of $1.535 and each pre-funded warrant was sold at a purchase price of $1.5349. The gross proceeds to the Company from the March 2024 Registered Direct Offering were approximately $20.0 million, before deducting the placement agent's fees and related offering expenses. In a concurrent private placement, the Company agreed to issue to the two institutional investors exercisable for up to an aggregate of 13,029,316 shares of common stock warrants at an exercise price of $1.41 per share. Subsequent to the closing of the March 2024 Registered Direct Offering, 1,014,658 pre-funded warrants were exercised for shares of common stock. On January 8, 2024, the Company consummated the January 2024 Offering on a "reasonable best efforts" basis, issuing 10,130,000 shares of common stock and an aggregate of 1,870,000 pre-funded warrants exercisable for shares of common stock, together with accompanying warrants to purchase an aggregate of 12,000,000 shares of common stock. Each share of common stock and accompanying common warrant were sold together at a combined offering price of $0.75, and each pre-funded warrant and accompanying common warrant were sold together at a combined offering price of $0.7499. The aggregate gross proceeds to us from the January 2024 Offering were approximately $9.0 million, before deducting placement agents' fees and related offering expenses. On November 2, 2023, the Company consummated a registered direct offering (the "November 2023 Registered Direct Offering"), pursuant to a Securities Purchase Agreement with a single institutional investor under which the Company agreed to issue and sell, 3,100,000 shares of its common stock and 552,300 pre-funded warrants exercisable for shares of common stock, together with accompanying warrants to purchase an aggregate of 3,652,300 shares of common stock. Each share of common stock and accompanying warrant were sold together at a combined purchase price of $1.0952 and each pre-funded warrant and accompanying warrant were sold together at a combined purchase price of $1.0951. The net proceeds to the Company from the November 2023 Registered Direct Offering were approximately $3.5 million, after deducting placement agents' fees and related offering expenses. On February 28, 2023, the Company consummated an underwritten public offering (the "February 2023 Offering"), issuing 7,220,217 shares of common stock and accompanying common stock warrants to purchase an aggregate of 7,220,217 shares of common stock. The shares of common stock and accompanying common stock warrants were sold at a combined price of $2.77 per share and accompanying common stock warrant. Each common stock warrant sold with the shares of common stock represents the right to purchase one share of the Company’s common stock at an exercise price of $2.77 per share. The common stock warrants are exercisable immediately and will expire on February 28, 2028, five years from the date of issuance. The net proceeds to the Company from the February 2023 Offering were approximately $18.5 million, after deducting underwriting discounts and commissions and estimated offering expenses, and excluding the exercise of any warrants. On April 16, 2021, the Company entered into a Controlled Equity Offering SM Sales Agreement (the "Sales Agreement"), with Cantor Fitzgerald & Co. (the "Agent"). From time to time during the term of the Sales Agreement, the Company could offer and sell shares of common stock having an aggregate offering price up to a total of $50.0 million in gross proceeds. The Agent was entitled to collect a fee equal to 3% of the gross sales price of all shares of common stock sold. Shares of common stock sold under the Sales Agreement were offered and sold pursuant to the Company's registration statement on Form S-3, which was filed with the U.S. Securities and Exchange Commission ("SEC") on April 16, 2021 and declared effective on April 29, 2021. During the year ended December 31, 2023, the Company sold 92,882 shares of common stock pursuant to the Sales Agreement at an average price of $3.21 per share for aggregate net proceeds of approximately $0.3 million. On January 2, 2024, the Company mutually agreed with the Agent to terminate the Sales Agreement. In December 2020, the Company, together with its wholly-owned subsidiary, SLSG Limited, LLC, entered into an Exclusive License Agreement (the “3D Medicines Agreement”) with 3D Medicines Inc. ("3D Medicines"), pursuant to which the Company granted 3D Medicines a sublicensable, royalty-bearing license, under certain intellectual property owned or controlled by the Company, to develop, manufacture and have manufactured, and commercialize GPS and heptavalent GPS product candidates for all therapeutic and other diagnostic uses in mainland China, Hong Kong, Macau and Taiwan ("3DMed Territory"). As of December 31, 2023, the Company has received an aggregate of $10.5 million in upfront payments and certain technology transfer and regulatory milestones. There is a total of $191.5 million in potential future development, regulatory, and sales milestones, not including future royalties, remains under the 3D Medicines Agreement, which milestones are all variable in nature and not under the Company's control. The Company will require substantial additional financing to commercially develop any current or future product candidates. If the Company is unable to obtain additional funding on a timely basis, it will be required to scale back its plans and place certain activities on hold. The Company currently does not have any commitments to obtain additional funds. The Company's management continues to evaluate different strategies to obtain the required funding for future operations. These strategies may include public and private placements of equity and/or debt securities, as well as payments from potential strategic research and development collaborations or licensing and/or marketing arrangements with pharmaceutical companies. Additionally, the Company continues to pursue discussions with global and regional pharmaceutical companies for licensing and/or co-development rights to the Company's product candidates. There can be no assurance that these future funding efforts will be successful. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. Unless the context otherwise indicates, reference in these notes to the "Company" refer to SELLAS Life Sciences Group, Inc., and its wholly owned subsidiaries, Private SELLAS, SLSG Limited, LLC, Sellas Life Sciences Limited, and Apthera, Inc. The functional currency of the Company's non-U.S. operations is the U.S. dollar. Use of Estimates The preparation of these consolidated financial statements in accordance with U.S. 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. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, carrying value of goodwill, and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment. Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2023 and 2022, the carrying amounts of the Company’s financial instruments, including cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments and were categorized as Level 1. As of December 31, 2022, the carrying amounts of the Company’s liability-classified warrants were recorded at their estimated fair value. The fair value of the warrants utilize certain unobservable inputs that fall within Level 3 of the fair value hierarchy. See Note 5 for additional information on the fair value of certain financial assets and liabilities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions, the balances of which frequently exceed federally insured limits. If any of the financial institutions with whom we do business were to be placed into receivership, we may be unable to access to the cash we have on deposit with such institutions. Cash and Cash Equivalents The Company considers any highly liquid investments, such as money market funds, with an original maturity of three months or less to be cash and cash equivalents. Restricted Cash and Cash Equivalents Restricted cash consists of certificates of deposit on hand with the Company’s financial institutions as collateral for its corporate credit cards. The following table provides a reconciliation of the components of cash, cash equivalents, restricted cash, and restricted cash equivalents reported in the Company's consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in thousands): December 31, 2023 2022 Cash and cash equivalents $ 2,530 $ 17,125 Restricted cash and cash equivalents 100 100 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,630 $ 17,225 As of December 31, 2023 and 2022, the Company maintained $0.1 million on hand with the Company's financial institutions as collateral for its corporate credit cards. Goodwill Goodwill is the excess of the cost of an acquired entity over the net amounts assigned to tangible and intangible assets acquired and liabilities assumed. Goodwill is not amortized but is subject to an annual impairment test. The Company has a single reporting unit and all goodwill relates to that reporting unit. The Company performs its annual goodwill impairment test on October 1 of each fiscal year, or more frequently if changes in circumstances or the occurrence of events suggest that an impairment exists. The Company continually evaluates financial performance, economic conditions and other relevant developments in assessing if an interim period impairment test is necessary. The Company's goodwill balance at December 31, 2023 and 2022 was $1.9 million. The Company did not recognize any impairment of goodwill during the years ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, there were no accumulated impairment losses related to goodwill. Leases The Company accounts for its leasing arrangements under ASU No. 2016-02, Leases (Topic 842) (“Topic 842”). Under Topic 842, all significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use ("ROU"), assets and lease liabilities are recognized at the commencement date. An ROU asset and corresponding lease liability is not recorded for leases with an initial term of 12 months or less (short term leases) and the Company recognizes lease expense for these leases as incurred over the lease term. ROU assets represent the Company’s right to use an underlying asset during the reasonably certain lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments, and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements contain lease and non-lease components, which are generally accounted for separately. See Note 7 for discussion of the Company’s facility leases. Revenue Recognition The Company records revenue in accordance with ASC Topic 606, Revenue From Contracts with Customers ("Topic 606"). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five-steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. See Note 10 for further discussion of the Company's revenue recognition associated with the 3D Medicines Agreement. Development, Regulatory and Sales Milestones and Other Payments At the inception of each arrangement that includes regulatory or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved 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. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Acquired In-Process Research and Development Costs incurred in obtaining technology licenses are immediately recognized as acquired in-process research and development expense, provided the technology licensed has no alternative future use as the technology and know-how acquired are not currently commercially viable. Payments related to contingent consideration such as development milestones, commercial milestones and royalties (Note 7) will be recognized when the contingency is probable and reasonably estimable in accordance with ASC 450, Contingencies . Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and recognized as research and development expenses as the services are provided. Clinical study costs, a component of research and development expenses, are accrued over the service periods specified in the contracts and adjusted as necessary based on an ongoing review of the level of effort and costs actually incurred. Research and development expenses consist primarily of development research performed by contract research organizations ("CROs"), personnel costs, including salaries, benefits and stock-based compensation, clinical drug supply, investigator grants, materials and supplies, consulting fees, licenses and fees, preclinical studies, and overhead allocations consisting of various support and facility-related costs. Stock-based Compensation The Company measures employee and non-employee director share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. Estimating the fair value of share-based awards requires the input of subjective assumptions, including the expected life of the options and stock price volatility. The Company accounts for forfeitures for stock option awards as they occur. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in estimating the fair value of share-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. The expected life of the stock options is estimated using the “simplified method,” as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. The stock price volatility assumption is based on the historical volatility of the Company's publicly traded common stock. The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option. Restricted Stock Units with Performance and Service Conditions The Company's Board of Directors has granted restricted stock units ("RSUs") to employees that vest based on performance and service conditions. The fair values of the performance-based RSUs are measured on the date of grant and are based on the Company's closing stock price on such date. Compensation expense is recognized for the number of performance-based RSUs expected to be earned, provided the requisite service period has been rendered, after assessing the probability that certain performance criteria will be met. Cumulative adjustments are recorded each quarter to reflect the estimated outcome of the performance-related conditions until the date results are determined and settled. The Company accounts for forfeitures of performance-based RSUs when they occur. If performance criteria are not met or are not expected to be met, any compensation expense previously recognized to date associated with the performance-based RSUs will be reversed. Restricted Stock Units with Service Conditions Only The Board of Directors has granted RSUs to certain employees that vest based on continuous service. Time-vested RSUs awarded to employees vest one-fourth per year annually over four years, provided the employee remains employed with the Company. The fair values of the time-vested RSUs are measured on the date of grant and are based on the Company's closing stock price on such date. Compensation expense for time-vested RSUs with service conditions only are recognized straight-line over the applicable service period. The Company accounts for forfeitures of time-vested RSUs when they occur. Previously recognized compensation expense for forfeited RSUs are reversed in the period the time-vested RSUs are forfeited. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax returns, if such a position is more likely than not to be sustained. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. No interest or penalties associated with unrecognized tax positions were recognized in either of the years ended December 31, 2023 or 2022. The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax basis of assets or liabilities and their reported amounts in the consolidated financial statements in accordance with FASB ASC 740-10, “ Accounting for Income Taxes” (“ASC 740-10”). These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. ASC 740-10 requires that a valuation allowance be established when management determines that it is more likely than not that all or a portion of a deferred asset will not be realized. The Company evaluates the realizability of its net deferred income tax assets and valuation allowances as necessary, at least on an annual basis. During this evaluation, the Company reviews its forecasts of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred income tax assets to determine if a valuation allowance is required. Adjustments to the valuation allowance will increase or decrease the Company’s income tax provision or benefit. The recognition and measurement of benefits related to the Company’s tax positions requires significant judgment, as uncertainties often exist with respect to new laws, new interpretations of existing laws, and rulings by taxing authorities. Differences between actual results and the Company’s assumptions or changes in the Company’s assumptions in future periods are recorded in the period they become known. Net Loss Per Share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as their impact would be anti-dilutive (in thousands): December 31, 2023 2022 Common stock warrants 15,854 5,141 Stock options 1,607 1,040 Restricted stock units 338 255 17,799 6,436 Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. The Company is currently evaluating the impact of the ASU on the consolidated financial statement disclosures but does not expect a material impact upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures , which amends the guidance in ASC 740, Income Taxes. The ASU is intended to improve the transparency of income tax disclosures by prescribing standard categories and greater disaggregation of information in the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the income tax disclosures within the consolidated financial statements but does not expect a material impact upon adoption. |
Collaboration and In-License Ag
Collaboration and In-License Agreements | 12 Months Ended |
Dec. 31, 2023 | |
License Agreements [Abstract] | |
Collaboration and In-License Agreements | Collaboration and In-License Agreements As part of its business, the Company enters into in-licensing agreements with third parties that often require milestone and royalty payments based on the progress of the licensed asset through development and commercial stages. Milestone payments may be required, for example, upon approval of the product for marketing by a regulatory agency, and the Company may be required to make royalty payments based upon a percentage of net sales of the product. The expenditures required under these arrangements in any period may be material and are likely to fluctuate from period to period. These arrangements may permit the Company to unilaterally terminate development of the product and thereby avoid future contingent payments; however, the Company is unlikely to cease development if the compound successfully achieves clinical testing objectives. Exclusive License Agreement with GenFleet Therapeutics (Shanghai) Inc. On March 31, 2022, the Company entered into an exclusive license agreement with GenFleet pursuant to which GenFleet granted to the Company a sublicensable royalty-bearing license under certain of its intellectual property, to develop, manufacture, and commercialize SLS009 for the treatment, diagnosis or prevention of disease in humans and animals in the SLS009 Territory. In consideration for the exclusive license, the Company agreed to pay to GenFleet (i) an upfront and technology transfer fee of $10.0 million, all of which has been paid as of December 31, 2023, (ii) development and regulatory milestone payments for up to three indications totaling up to $48.0 million in the aggregate, and (iii) sales milestone payments totaling up to $92.0 million in the aggregate upon the achievement of certain net sales thresholds in a given calendar year. The Company also agreed to pay GenFleet single-digit tiered royalties based upon a percentage of annual net sales, with the royalty rate escalating based on the level of annual net sales of SLS009 in the SLS009 Territory ranging from the low to high single digits. During the year ended December 31, 2022, the Company expensed $10.0 million related to the acquired technology as in-process research and development based on the assessment that the technology has no alternative future use as the technology and know-how acquired are not currently commercially viable. During the years ended December 31, 2023 and 2022, the Company made cash payments of $5.5 million and $4.5 million, respectively, pursuant to the exclusive license agreement. Exclusive License Agreement with Memorial Sloan Kettering Cancer Center ("MSK") On September 4, 2014, the Company entered into a license agreement (the “Original MSK License Agreement”) with MSK under which the Company was granted an exclusive license to develop and commercialize MSK’s WT1 peptide vaccine technology. The Original MSK License Agreement, unless terminated earlier in accordance with the terms of the Original MSK License Agreement, will continue on a country-by-country and licensed product-by-licensed product basis, until the later of: (i) expiration of the last valid claim embracing such licensed product; (ii) expiration of any market exclusivity period granted by law with respect to such licensed product; or (iii) ten (10) years from the first commercial sale in such country. On May 25, 2017, the Company and MSK entered into an Amended and Restated Exclusive License Agreement (the “MSK A&R License Agreement”). Under the MSK A&R License Agreement, the Company expanded its license under the original MSK License Agreement, as amended, to include a license to commercially develop certain additional WT1 peptides through a program of exploiting certain patents and other rights covering such peptides. The MSK A&R License Agreement, among other changes, added certain milestone payments for each additional patent licensed product as defined in the MSK A&R License Agreement. On October 11, 2017, the Company and MSK entered into a second Amended and Restated Exclusive License Agreement (the “Second MSK A&R License Agreement”). Under the Second MSK A&R License Agreement, the Company and MSK extended certain milestone dates for the Company in exchange for increased milestone payments. The Compan y incurred $0.1 million of guaranteed minimum royalty payments under the Second MSK A&R License Agreement during the years ended December 31, 2023 and 2022. Such expenses have been included in research and development costs. The Compan y incurred $0.1 million |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets (in thousands): Description December 31, 2023 Quoted Prices In Significant Other Unobservable Assets: Cash equivalents $ 2,314 $ 2,314 $ — $ — Restricted cash equivalents 100 100 — — Total assets measured and recorded at fair value $ 2,414 $ 2,414 $ — $ — Liabilities: Warrant liability $ — $ — $ — $ — Total liabilities measured and recorded at fair value $ — $ — $ — $ — Description December 31, 2022 Quoted Prices In Significant Other Unobservable Assets: Cash equivalents $ 16,609 $ 16,609 $ — $ — Restricted cash equivalents 100 100 — — Total assets measured and recorded at fair value $ 16,709 $ 16,709 $ — $ — Liabilities: Warrant liability $ 4 $ — $ — $ 4 Total liabilities measured and recorded at fair value $ 4 $ — $ — $ 4 The Company did not transfer any financial instruments into or out of Level 3 classification during the years ended December 31, 2023 and 2022. See Note 9 for a reconciliation of the changes in the fair value of the warrant liability for the years ended December 31, 2023 and 2022. |
Balance Sheet Accounts
Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Accounts | Balance Sheet Accounts Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2023 2022 Clinical trial costs $ 399 $ 184 Insurance 87 219 Professional fees 56 82 Other — 46 Prepaid expenses and other current assets $ 542 $ 531 Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2023 2022 Clinical trial costs $ 5,672 $ 4,509 Compensation and related benefits 1,493 1,439 Professional fees 443 338 Other 42 — Accrued expenses and other current liabilities $ 7,650 $ 6,286 |
Legal Proceedings, Commitments
Legal Proceedings, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings, Commitments and Contingencies | Legal Proceedings, Commitments and Contingencies Legal Proceedings From time to time, the Company is subject to various pending or threatened legal actions and proceedings, including those that arise in the ordinary course of its business, which may include employment matters, breach of contract disputes and stockholder litigation. Such actions and proceedings are subject to many uncertainties and to outcomes that are not predictable with assurance and that may not be known for extended periods of time. The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, when the Company has assessed that a loss is probable and an amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. On December 20, 2023, the Company commenced a binding arbitration proceeding against 3D Medicines, administered by the Hong Kong International Arbitration Centre and governed by New York State law in accordance with the dispute resolution provisions in the 3D Medicines Agreement. The arbitration proceeding involves, among other things, the trigger and payment of the relevant milestone payments due to the Company as well as 3D Medicines’ failure to use commercially reasonable best efforts to develop GPS in the 3DMed Territory, and particularly in mainland China. See Item 3. Legal Proceedings. Except for this arbitration proceeding, a s of December 31, 2023, there was no other pending or threatened litigation. Contingent Consideration related to Development, Regulatory and Commercial Milestone Payments The Company acquires assets still in development and enters into research and development arrangements with third parties that often require milestone and royalty payments based on the progress of the asset through development stages. Milestone payments may be required, for example, upon approval of the product for marketing by a regulatory agency. In certain agreements, the Company is required to make royalty payments based upon a percentage of the sales. These arrangements may be material individually, and in the unlikely event that milestones for multiple products covered by these arrangements were reached in the same period, the aggregate charge to expense could be material to the results of operations. In addition, these arrangements often give the Company the discretion to unilaterally terminate development of the product, which would allow the Company to avoid making the contingent payments; however, the Company is unlikely to cease development if the compound successfully achieves clinical testing objectives. See Note 4 for additional information on the Company’s commitments under collaboration and license agreements. Leases The Company has a non-cancelable operating lease for certain executive, administrative, and general business office space for its headquarters in New York, New York, which commenced on June 5, 2020, was amended in February 2022 to add additional space, and had an initial lease term through December 30, 2024. The Company assessed the lease amendment for the additional space and determined it should be accounted for as a separate contract. On December 11, 2023, the Company agreed to extend the expiration date for its office space through September 30, 2025. The Company assessed the amendment for the lease extension and determined it should be accounted for as a modification. Accordingly, on the effective modification date, the Company remeasured its operating lease liabilities and corresponding operating lease right-of-use assets at the present value of the remaining lease payments. The weighted average discount rate used to account for the Company's operating lease under ASC 842, Leases, as of December 31, 2023 is approximately 13.0%. As of December 31, 2023, the leases have a remaining term of 1.75 years. Rent expense related to the Company's operating lease was approximately $0.5 million for each of the years ended December 31, 2023 and 2022. The Company made cash payments related to operating leases of approximately $0.5 million during each of the years ended December 31, 2023 and 2022. Future minimum rental payments under the Company's non-cancelable operating lease are as follows as of December 31, 2023 (in thousands): Total minimum lease payments: 2024 $ 533 2025 477 Total future minimum lease payments 1,010 Less: imputed interest (104) Operating lease liabilities $ 906 |
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' (Deficit) Equity | Stockholders’ (Deficit) Equity Preferred Stock The Company has authorized up to 5,000,000 shares of preferred stock, $0.0001 par value per share, for issuance. There were no preferred shares outstanding as of December 31, 2023 and 2022. Common Stock The Company has authorized up to 350,000,000 shares of common stock, $0.0001 par value per share, for issuance. Shares of common stock reserved for future issuance are as follows (in thousands): December 31, 2023 Warrants outstanding 15,854 Stock options outstanding 1,607 Restricted stock units outstanding 338 Shares reserved for future issuance under the 2023 Amended and Restated Equity Incentive Plan 3,951 Shares reserved for future issuance under the Employee Stock Purchase Plans 183 Total shares of common stock reserved for future issuance 21,933 |
Warrants to Acquire Shares of C
Warrants to Acquire Shares of Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants to Acquire Shares of Common Stock | Warrants to Acquire Shares of Common Stock The following is a summary of the Company's warrants to acquire shares of common stock activity for the year ended December 31, 2023 (in thousands, except per share data): Warrant Issuance Outstanding, December 31, 2022 Granted Exercised Canceled/Expired Outstanding, December 31, 2023 Exercise Price Per Share Expiration Warrants classified as equity: November 2023 Registered Direct — 3,652 — — 3,652 $ 0.9702 November 2028 November 2023 Registered Direct Pre-Funded Warrants — 552 (552) — — $ 0.0001 November 2028 February 2023 Offering — 7,220 (14) — 7,206 $ 0.9702 February 2028 April 2022 Offering 4,630 — — — 4,630 $ 3.2291 April 2027 - November 2028 January 2020 Offering 309 — — — 309 $ 3.9300 July 2025 July 2020 PIPE Offering 25 — — — 25 $ 3.3000 August 2025 Other 164 — — (132) 32 $ 7.5000 March 2024 - June 2024 5,128 11,424 (566) (132) 15,854 Warrants classified as liability: 13 — — (13) — $ 7.5000 5,141 11,424 (566) (145) 15,854 In connection with the closing of the January 2024 Offering at a combined offering price of $0.75, the Company agreed to (i) reduce the exercise price of an aggregate of 3,863,851 warrants that were issued to certain purchasers in an underwritten public offering that closed on April 5, 2022 (the "April 2022 Offering") to $0.75, (ii) reduce the exercise price of an aggregate of 3,652,300 warrants that were issued in the November 2023 Registered Direct Offering to $0.75, and (iii) extend the termination date of the April 2022 Offering warrants and the November 2023 Registered Direct Offering warrants to January 8, 2029. Concurrent with the closing of the January 2024 Offering, the exercise price of an aggregate of 7,220,217 warrants were also reduced to an exercise price of $0.75 per share. Warrants to acquire shares of common stock primarily consist of equity-classified warrants. In addition, warrants to acquire shares of common stock that may require the Company to settle in cash are liability-classified warrants. Warrants Classified as Equity Equity-classified warrants consist of warrants to acquire common stock issued in connection with previous equity financings. During its evaluation of equity classification for warrants to acquire shares of common stock, the Company considered the conditions as prescribed within ASC 815-40, Derivatives and Hedging, Contracts in an Entity’s own Equity (“ASC 815-40”). The conditions within ASC 815-40 are not subject to a probability assessment. The warrants to acquire shares of common stock do not fall under the liability criteria within ASC 480, Distinguishing Liabilities from Equity , as they are not puttable and do not represent an instrument that has a redeemable underlying security. The warrants to acquire shares of common stock do meet the definition of a derivative instrument under ASC 815, but are eligible for the scope exception as they are indexed to the Company’s own stock and would be classified in permanent equity if freestanding. On February 28, 2023, in connection with closing of the February 2023 Offering, the Company entered into amendments to an aggregate of 3,438,851 warrants, which had been previously issued by the Company in the April 2022 Offering, to reduce the exercise price of such warrants from $5.40 to $3.62, the average closing price of the Company’s common stock, as reported on the Nasdaq Capital Market, for the five trading days immediately preceding the pricing of the February 2023 Offering. The Company accounted for the amendment as a cost to issue equity with the incremental fair value of approximately $0.3 million recognized as an offset to the proceeds received. However, there was no net impact to the consolidated statements of stockholders' (deficit) equity because the warrants are equity classified. On November 2, 2023, in connection with the closing of the November 2023 Registered Direct Offering, the Company entered into an amendment to reduce the exercise price of warrants to purchase up to 887,000 shares of the Company’s common stock which were issued in the April 2022 Offering and held by the purchaser in the November 2023 Registered Direct Offering to $0.9702, and amended the termination date of such warrants to November 2, 2028. Concurrent with the closing of the November 2023 Registered Direct Offering, an aggregate of 7,220,217 warrants issued in the February 2023 Offering were reduced to $0.9702 per share. The Company accounted for the change in exercise price as a cost to issue equity with the incremental fair value of approximately $0.4 million recognized as an offset to the proceeds received. However, there was no net impact to the consolidated statements of stockholders' (deficit) equity because the warrants are equity classified. Warrants Classified as Liabilities The liability-classified warrants consist of warrants to acquire common stock issued in connection with previous equity financings. These warrants may be settled in cash and were determined to not be indexed to the Company’s common stock. The Company's outstanding liability-classified warrants expired during the year ended December 31, 2023. The estimated fair value of outstanding warrants accounted for as liabilities was determined at each balance sheet date through expiration. Any decrease or increase in the estimated fair value of the warrant liability as of each balance sheet date was recorded in the consolidated statement of operations as a change in fair value of warrant liability. The fair value of the warrants accounted for as liabilities is estimated using a Black-Scholes pricing model with the following inputs: As of December 31, 2023 2022 Risk free interest rate n/a 4.75 % Volatility n/a 120.60% Expected term (years) n/a 0.75 Expected dividend yield n/a — % Strike price n/a $ 7.50 The changes in fair value of the warrant liability for the year ended December 31, 2023 and 2022 were as follows (in thousands): Warrant Liability Warrant liability, January 1, 2022 $ 40 Change in fair value of warrants (36) Warrant liability, December 31, 2022 4 Change in fair value of warrants (4) Warrant liability, December 31, 2023 $ — |
License Revenue with 3D Medicin
License Revenue with 3D Medicines, Inc. | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
License Revenue with 3D Medicines, Inc. | License Revenue with 3D Medicines, Inc. Exclusive License Agreement with 3D Medicines, Inc. In December 2020, the Company entered into the 3D Medicines Agreement pursuant to which the Company granted 3D Medicines a sublicensable royalty-bearing license under certain intellectual property owned or controlled by the Company, to develop, manufacture and have manufactured, and commercialize GPS and heptavalent GPS (referred to as GPS Plus) product candidates ("GPS Licensed Products") for all therapeutic and other diagnostic uses in the 3DMed Territory. In partial consideration for the rights granted by the Company, 3D Medicines agreed to pay the Company (i) a one-time upfront cash payment of $7.5 million, and (ii) milestone payments totaling up to $194.5 million in the aggregate upon the achievement of certain technology transfer, development and regulatory milestones, as well as sales milestones based on certain net sales thresholds of GPS Licensed Products in the 3DMed Territory in a given calendar year. 3D Medicines also agreed to pay tiered royalties based upon a percentage of annual net sales of GPS Licensed Products in the 3DMed Territory ranging from the high single digits to the low double digits. Revenue Recognition At inception, the Company evaluated the 3D Medicines Agreement under ASC 606 and recognized an initial transaction price of $9.5 million, which included the $7.5 million upfront fee as well as $2.0 million in development milestones that were assessed to be probable of being achieved, while the remaining milestones were variable consideration subject to constraint at inception. In the first quarter of 2022, an additional $1.0 million in licensing revenue was recognized upon approval by China’s National Medical Products Administration (“NMPA”) for a small Phase 1 clinical trial investigating safety of GPS in China. There is $191.5 million in potential future development, regulatory, and sales milestones, not including future royalties, remaining under the 3D Medicines Agreement as of December 31, 2023, which milestones are variable in nature and not under the Company's control. At the end of each reporting period, the Company reevaluates the probability of achievement of the future development, regulatory, and sales milestones subject to constraint and, if necessary, will adjust its estimate of the overall transaction price. Any such adjustments will be recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For the sales-based royalties, the Company will recognize revenue when the related sales occur. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. There was no licensing revenue recognized during the year ended December 31, 2023. Licensing revenue of $1.0 million recognized during the year ended December 31, 2022 related to the IND approval by the NMPA. There was no cost of licensing revenue recognized during the year ended December 31, 2023. Cost of licensing revenue of $0.1 million was recognized during the year ended December 31, 2022 for sublicensing fees incurred under the Second MSK A&R License Agreement in connection with the 3D Medicines Agreement. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2017 Equity Incentive Plan On December 29, 2017, the 2017 Equity Incentive Plan was approved by the stockholders of the Company, and currently allows for issuance of up to approximately 22,000 shares of common stock underlying stock options granted prior to September 10, 2019. The 2017 Equity Incentive Plan was terminated upon the approval of the 2019 Incentive Plan subject to outstanding stock options granted under the 2017 Equity Incentive Plan that remain exercisable through maturity for the Company's employees and directors. 2023 Amended and Restated Equity Incentive Plan On September 10, 2019, the 2019 Equity Incentive Plan ("2019 Equity Plan") was approved by the stockholders of the Company, which currently allows for issuance of up to approximately 6,036,000 shares of common stock in connection with the grant of stock-based awards, including stock options, restricted stock, restricted stock units, stock appreciation rights and other types of awards as deemed appropriate. The number of shares reserved for issuance under the 2019 Equity Plan automatically increased on January 1 of each year, for a period of four years, which commenced on January 1, 2020 and ended on (and including) January 1, 2023, by an amount equal to the lesser of (i) 5% of the total number of shares of common stock outstanding at the end of the prior fiscal year; and (ii) an amount determined by the Board of Directors or authorized committee. On June 20, 2023, an amendment to the 2019 Equity Plan was approved by the stockholders of the Company, which amended and restated the 2019 Equity Plan (as amended and restated, the "2023 Amended and Restated Equity Incentive Plan") to increase the number of shares of common stock authorized for issuance under the 2019 Equity Plan by 3,000,000 shares. As of December 31, 2023, approximately 3,951,000 shares of common stock were reserved for future grants under the 2019 Equity Incentive Plan. The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations for the years ended December 31, 2023 and 2022, respectively (in thousands): Years Ended December 31, 2023 2022 Research and development $ 352 $ 270 General and administrative 1,742 1,456 Total stock-based compensation $ 2,094 $ 1,726 Options to Purchase Shares of Common Stock The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock-based awards and the following assumptions were used for stock options granted during the years ended December 31, 2023 and 2022, respectively: Years Ended December 31, 2023 2022 Risk free interest rate 3.78 % 1.96 % Volatility 127.77 % 131.51 % Expected lives (years) 6.20 6.18 Expected dividend yield — % — % The weighted-average grant date fair value of options granted during the years ended December 31, 2023 and 2022 was $2.88 and $4.52, respectively. The Company’s expected common stock price volatility assumption is based upon the Company's own implied volatility in combination with the implied volatility of a basket of comparable companies. The expected life assumptions for employee grants were based upon the simplified method, which averages the contractual term of the Company’s options of 10 years with the average vesting term of four years for an average of six years. The expected life assumptions for non-employees were based upon the contractual term of the option. The dividend yield assumption is zero because the Company has never paid cash dividends and presently has no intention to do so. The risk-free interest rate used for each grant was also based upon prevailing short-term interest rates. The Company accounts for forfeitures as they occur, therefore, outstanding stock options equal vested and expected to vest stock options. As of December 31, 2023, there was $2.9 million of unrecognized compensation cost related to outstanding stock options that is expected to be recognized as a component of the Company’s operating expenses over a weighted-average period of 2.34 years. The following table summarizes stock option activity of the Company for the years ended December 31, 2023 and 2022, respectively: Total Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Outstanding at January 1, 2022 534 $ 10.09 Granted 546 5.01 Canceled (40) 6.17 Outstanding at December 31, 2022 1,040 7.57 Granted 682 3.20 Canceled (115) 4.68 Outstanding at December 31, 2023 1,607 $ 5.92 8.13 $ — Vested and exercisable at December 31, 2023 639 $ 8.78 7.26 $ — The aggregate intrinsic values of outstanding and exercisable stock options at December 31, 2023 were calculated based on the closing price of the Company’s common stock as reported on the Nasdaq Capital Market on December 29, 2023 of $1.06 per share. The aggregate intrinsic value equals the positive difference between the closing fair market value of the Company’s common stock and the exercise price of the underlying stock options. Time-Vested RSUs and RSUs with Performance Conditions The Company granted RSUs pursuant to the Company's 2023 Amended and Restated Equity Incentive Plan that will settle in shares of common stock. As of December 31, 2023, there was $1.0 million of unrecognized compensation cost related to outstanding RSUs that is expected to be recognized as a component of the Company’s operating expenses over a weighted-average period of 2.09 years. The following table summarizes RSU activity of the Company for the years ended December 31, 2023 and 2022, respectively: Total Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at January 1, 2022 200 $ 2.81 Granted 97 $ 5.34 Vested (40) $ 6.01 Canceled (2) $ 5.34 Unvested at December 31, 2022 255 $ 3.25 Granted 195 $ 3.34 Vested (85) $ 4.37 Canceled (27) $ 3.61 Unvested at December 31, 2023 338 $ 2.99 2021 Employee Stock Purchase Plan On April 22, 2021, the Board of Directors adopted the 2021 Employee Stock Purchase Plan ("2021 ESPP") which was approved by the Company's stockholders on June 8, 2021. The 2021 ESPP allows employees to contribute up to 20% of their cash earnings, subject to a maximum of $25,000 per year under Internal Revenue Service rules, to be used to purchase shares of the Company's common stock on semi-annual purchase dates. The 2021 ESPP allows eligible employees to purchase shares of common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six-month offering period during the term of the 2021 ESPP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's loss before income taxes is as follows (in thousands): As of December 31, 2023 2022 U.S. $ (10,116) $ (17,825) Non - U.S. (27,224) (23,476) $ (37,340) $ (41,301) The components of net deferred tax assets are as follows (in thousands): As of December 31, 2023 2022 Net operating loss carryforwards $ 12,220 $ 10,529 Stock-based compensation 613 229 Licensing deduction deferral 3,911 4,503 Lease liability 194 198 Capitalized Section 174 research and development 1,755 765 Other 297 282 Gross deferred tax assets 18,990 16,506 Valuation allowance (18,806) (16,322) Net deferred tax assets $ 184 $ 184 The components of gross deferred tax liabilities are as follows (in thousands): As of December 31, 2023 2022 Right of use asset $ (184) $ (184) Gross deferred tax liability $ (184) $ (184) The net deferred tax liabilities are as follows (in thousands): As of December 31, 2023 2022 Net deferred tax asset $ 184 $ 184 Gross deferred tax liability (184) (184) Net deferred tax liability $ — $ — The provision for income taxes differs from the provision computed by applying the federal statutory rate to net loss before income taxes as follows: As of December 31, 2023 2022 U.S. federal statutory income tax rate (21.0) % (21.0) % State and local taxes, net of federal benefit (0.4) % (0.1) % Foreign rate differential 15.3 % 11.9 % Valuation allowance 6.5 % 8.7 % Permanent differences 0.4 % 0.2 % Other (0.8) % 0.3 % Effective income tax rate — % — % There was no income tax benefit or expense for the years ended December 31, 2023 and 2022. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized in the near term. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The valuation allowance increased by approximately $2.5 million for the year ended December 31, 2023, which was primarily driven by net operating loss ("NOL") carryforwards, capitalized research and development and stock-based compensation, which were partially offset by a decrease related to licensing deduction deferrals. At December 31, 2023, the Company had domestic federal and state net operating loss carryforwards of approximately $57.1 million and $3.6 million, respectively, available to reduce future taxable income, which expire beginning in 2027. Under the provisions of the Internal Revenue Code, the net operating losses (“NOL”) and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed several financings since its inception, which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. Utilization of the net operating loss and tax credits carryforwards may be limited by “ownership change” rules, as defined in Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. This annual limitation may result in the expiration of the net operating losses and credits before utilization. The Company files income tax returns in the United States and various state jurisdictions. For U.S. federal and state income tax purposes, the statute of limitations currently remains open for the years ending December 31, 2020 to present and December 31, 2019 to present, respectively. In addition, all of the net operating losses and research and development credit carryforwards that may be utilized in future years may be subject to examination. The Company does not recognize tax benefits that are not more-likely-than-not to be supported based upon the technical merits of the tax position taken. In assessing its unrecognized tax benefits, the Company has analyzed its tax return filing positions in all of the federal, state and foreign filing jurisdictions where it is required to file income tax returns, as well as all open years in those jurisdictions. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company sponsors a 401(k) Plan. Employees become eligible for participation upon the start of employment. Participants may elect to have a portion of their salary deferred and contributed to the 401(k) Plan up to the limit allowed under the Internal Revenue Code. The Company makes a matching contribution to the plan for each participant who has elected to make tax-deferred contributions for the plan year. The Company made matching contributions which amounted to approximately $139,000 and $129,000 for the years ended December 31, 2023 and 2022, respectively. These amounts were charged to the consolidated statements of operations. The employer contributions vest immediately. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated all events or transactions that occurred after December 31, 2023 up through the date these consolidated financial statements were issued. Other than as disclosed elsewhere in the notes to the consolidated financial statements, the Company did not have any material subsequent events. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net loss | $ (37,340) | $ (41,301) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. Unless the context otherwise indicates, reference in these notes to the "Company" refer to SELLAS Life Sciences Group, Inc., and its wholly owned subsidiaries, Private SELLAS, SLSG Limited, LLC, Sellas Life Sciences Limited, and Apthera, Inc. The functional currency of the Company's non-U.S. operations is the U.S. dollar. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in accordance with U.S. 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. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, carrying value of goodwill, and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates. |
Segment Information | Segment Information |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2023 and 2022, the carrying amounts of the Company’s financial instruments, including cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments and were categorized as Level 1. As of December 31, 2022, the carrying amounts of the Company’s liability-classified warrants were recorded at their estimated fair value. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions, the balances of which frequently exceed federally insured limits. If any of the financial institutions with whom we do business were to be placed into receivership, we may be unable to access to the cash we have on deposit with such institutions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers any highly liquid investments, such as money market funds, with an original maturity of three months or less to be cash and cash equivalents. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash consists of certificates of deposit on hand with the Company’s financial institutions as collateral for its corporate credit cards. |
Goodwill | Goodwill |
Leases | Leases The Company accounts for its leasing arrangements under ASU No. 2016-02, Leases (Topic 842) (“Topic 842”). Under Topic 842, all significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use ("ROU"), assets and lease liabilities are recognized at the commencement date. An ROU asset and corresponding lease liability is not recorded for leases with an initial term of 12 months or less (short term leases) and the Company recognizes lease expense for these leases as incurred over the lease term. |
Revenue Recognition | Revenue Recognition The Company records revenue in accordance with ASC Topic 606, Revenue From Contracts with Customers ("Topic 606"). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five-steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. See Note 10 for further discussion of the Company's revenue recognition associated with the 3D Medicines Agreement. Development, Regulatory and Sales Milestones and Other Payments At the inception of each arrangement that includes regulatory or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved 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. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. |
Acquired In-Process Research and Development | Acquired In-Process Research and Development Costs incurred in obtaining technology licenses are immediately recognized as acquired in-process research and development expense, provided the technology licensed has no alternative future use as the technology and know-how acquired are not currently commercially viable. Payments related to contingent consideration such as development milestones, commercial milestones and royalties (Note 7) will be recognized when the contingency is probable and reasonably estimable in accordance with ASC 450, Contingencies . |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and recognized as research and development expenses as the services are provided. Clinical study costs, a component of research and development expenses, are accrued over the service periods specified in the contracts and adjusted as necessary based on an ongoing review of the level of effort and costs actually incurred. Research and development expenses consist primarily of development research performed by contract research organizations ("CROs"), personnel costs, including salaries, benefits and stock-based compensation, clinical drug supply, investigator grants, materials and supplies, consulting fees, licenses and fees, preclinical studies, and overhead allocations consisting of various support and facility-related costs. |
Stock-based Compensation | Stock-based Compensation The Company measures employee and non-employee director share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. Estimating the fair value of share-based awards requires the input of subjective assumptions, including the expected life of the options and stock price volatility. The Company accounts for forfeitures for stock option awards as they occur. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in estimating the fair value of share-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. The expected life of the stock options is estimated using the “simplified method,” as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option. The stock price volatility assumption is based on the historical volatility of the Company's publicly traded common stock. The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option. Restricted Stock Units with Performance and Service Conditions The Company's Board of Directors has granted restricted stock units ("RSUs") to employees that vest based on performance and service conditions. The fair values of the performance-based RSUs are measured on the date of grant and are based on the Company's closing stock price on such date. Compensation expense is recognized for the number of performance-based RSUs expected to be earned, provided the requisite service period has been rendered, after assessing the probability that certain performance criteria will be met. Cumulative adjustments are recorded each quarter to reflect the estimated outcome of the performance-related conditions until the date results are determined and settled. The Company accounts for forfeitures of performance-based RSUs when they occur. If performance criteria are not met or are not expected to be met, any compensation expense previously recognized to date associated with the performance-based RSUs will be reversed. Restricted Stock Units with Service Conditions Only |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax returns, if such a position is more likely than not to be sustained. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. No interest or penalties associated with unrecognized tax positions were recognized in either of the years ended December 31, 2023 or 2022. The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax basis of assets or liabilities and their reported amounts in the consolidated financial statements in accordance with FASB ASC 740-10, “ Accounting for Income Taxes” (“ASC 740-10”). These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of the assets or liabilities are recovered or settled. ASC 740-10 requires that a valuation allowance be established when management determines that it is more likely than not that all or a portion of a deferred asset will not be realized. The Company evaluates the realizability of its net deferred income tax assets and valuation allowances as necessary, at least on an annual basis. During this evaluation, the Company reviews its forecasts of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred income tax assets to determine if a valuation allowance is required. Adjustments to the valuation allowance will increase or decrease the Company’s income tax provision or benefit. The recognition and measurement of benefits related to the Company’s tax positions requires significant judgment, as uncertainties often exist with respect to new laws, new interpretations of existing laws, and rulings by taxing authorities. Differences between actual results and the Company’s assumptions or changes in the Company’s assumptions in future periods are recorded in the period they become known. |
Net Loss Per Share | Net Loss Per Share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, stock options and unvested restricted stock that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. |
Recent Accounting Pronouncements Adopted and Recent Accounting Standards Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. The Company is currently evaluating the impact of the ASU on the consolidated financial statement disclosures but does not expect a material impact upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures , which amends the guidance in ASC 740, Income Taxes. The ASU is intended to improve the transparency of income tax disclosures by prescribing standard categories and greater disaggregation of information in the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the income tax disclosures within the consolidated financial statements but does not expect a material impact upon adoption. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of the components of cash, cash equivalents, restricted cash, and restricted cash equivalents reported in the Company's consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in thousands): December 31, 2023 2022 Cash and cash equivalents $ 2,530 $ 17,125 Restricted cash and cash equivalents 100 100 Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,630 $ 17,225 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding, as their impact would be anti-dilutive (in thousands): December 31, 2023 2022 Common stock warrants 15,854 5,141 Stock options 1,607 1,040 Restricted stock units 338 255 17,799 6,436 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets (in thousands): Description December 31, 2023 Quoted Prices In Significant Other Unobservable Assets: Cash equivalents $ 2,314 $ 2,314 $ — $ — Restricted cash equivalents 100 100 — — Total assets measured and recorded at fair value $ 2,414 $ 2,414 $ — $ — Liabilities: Warrant liability $ — $ — $ — $ — Total liabilities measured and recorded at fair value $ — $ — $ — $ — Description December 31, 2022 Quoted Prices In Significant Other Unobservable Assets: Cash equivalents $ 16,609 $ 16,609 $ — $ — Restricted cash equivalents 100 100 — — Total assets measured and recorded at fair value $ 16,709 $ 16,709 $ — $ — Liabilities: Warrant liability $ 4 $ — $ — $ 4 Total liabilities measured and recorded at fair value $ 4 $ — $ — $ 4 |
Balance Sheet Accounts (Tables)
Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2023 2022 Clinical trial costs $ 399 $ 184 Insurance 87 219 Professional fees 56 82 Other — 46 Prepaid expenses and other current assets $ 542 $ 531 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2023 2022 Clinical trial costs $ 5,672 $ 4,509 Compensation and related benefits 1,493 1,439 Professional fees 443 338 Other 42 — Accrued expenses and other current liabilities $ 7,650 $ 6,286 |
Legal Proceedings, Commitment_2
Legal Proceedings, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum rental payments under the Company's non-cancelable operating lease are as follows as of December 31, 2023 (in thousands): Total minimum lease payments: 2024 $ 533 2025 477 Total future minimum lease payments 1,010 Less: imputed interest (104) Operating lease liabilities $ 906 |
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Shares of common stock reserved for future issuance are as follows (in thousands): December 31, 2023 Warrants outstanding 15,854 Stock options outstanding 1,607 Restricted stock units outstanding 338 Shares reserved for future issuance under the 2023 Amended and Restated Equity Incentive Plan 3,951 Shares reserved for future issuance under the Employee Stock Purchase Plans 183 Total shares of common stock reserved for future issuance 21,933 |
Warrants to Acquire Shares of_2
Warrants to Acquire Shares of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of Warrant Activity | The following is a summary of the Company's warrants to acquire shares of common stock activity for the year ended December 31, 2023 (in thousands, except per share data): Warrant Issuance Outstanding, December 31, 2022 Granted Exercised Canceled/Expired Outstanding, December 31, 2023 Exercise Price Per Share Expiration Warrants classified as equity: November 2023 Registered Direct — 3,652 — — 3,652 $ 0.9702 November 2028 November 2023 Registered Direct Pre-Funded Warrants — 552 (552) — — $ 0.0001 November 2028 February 2023 Offering — 7,220 (14) — 7,206 $ 0.9702 February 2028 April 2022 Offering 4,630 — — — 4,630 $ 3.2291 April 2027 - November 2028 January 2020 Offering 309 — — — 309 $ 3.9300 July 2025 July 2020 PIPE Offering 25 — — — 25 $ 3.3000 August 2025 Other 164 — — (132) 32 $ 7.5000 March 2024 - June 2024 5,128 11,424 (566) (132) 15,854 Warrants classified as liability: 13 — — (13) — $ 7.5000 5,141 11,424 (566) (145) 15,854 |
Schedule of Fair Value of Warrants is Estimated Using Black-Scholes Option Pricing Model | The fair value of the warrants accounted for as liabilities is estimated using a Black-Scholes pricing model with the following inputs: As of December 31, 2023 2022 Risk free interest rate n/a 4.75 % Volatility n/a 120.60% Expected term (years) n/a 0.75 Expected dividend yield n/a — % Strike price n/a $ 7.50 |
Schedule of Changes in Fair Value of Warrant Liability | The changes in fair value of the warrant liability for the year ended December 31, 2023 and 2022 were as follows (in thousands): Warrant Liability Warrant liability, January 1, 2022 $ 40 Change in fair value of warrants (36) Warrant liability, December 31, 2022 4 Change in fair value of warrants (4) Warrant liability, December 31, 2023 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Allocated Stock-based Compensation Expense | The following table summarizes the components of stock-based compensation expense in the consolidated statements of operations for the years ended December 31, 2023 and 2022, respectively (in thousands): Years Ended December 31, 2023 2022 Research and development $ 352 $ 270 General and administrative 1,742 1,456 Total stock-based compensation $ 2,094 $ 1,726 |
Schedule of Assumptions for Option Grants Issued | The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock-based awards and the following assumptions were used for stock options granted during the years ended December 31, 2023 and 2022, respectively: Years Ended December 31, 2023 2022 Risk free interest rate 3.78 % 1.96 % Volatility 127.77 % 131.51 % Expected lives (years) 6.20 6.18 Expected dividend yield — % — % |
Schedule of Stock Option Activity | The following table summarizes stock option activity of the Company for the years ended December 31, 2023 and 2022, respectively: Total Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Outstanding at January 1, 2022 534 $ 10.09 Granted 546 5.01 Canceled (40) 6.17 Outstanding at December 31, 2022 1,040 7.57 Granted 682 3.20 Canceled (115) 4.68 Outstanding at December 31, 2023 1,607 $ 5.92 8.13 $ — Vested and exercisable at December 31, 2023 639 $ 8.78 7.26 $ — |
Schedule of RSU Activity | The following table summarizes RSU activity of the Company for the years ended December 31, 2023 and 2022, respectively: Total Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at January 1, 2022 200 $ 2.81 Granted 97 $ 5.34 Vested (40) $ 6.01 Canceled (2) $ 5.34 Unvested at December 31, 2022 255 $ 3.25 Granted 195 $ 3.34 Vested (85) $ 4.37 Canceled (27) $ 3.61 Unvested at December 31, 2023 338 $ 2.99 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company's loss before income taxes is as follows (in thousands): As of December 31, 2023 2022 U.S. $ (10,116) $ (17,825) Non - U.S. (27,224) (23,476) $ (37,340) $ (41,301) |
Schedule of Deferred Tax Assets and Liabilities | The components of net deferred tax assets are as follows (in thousands): As of December 31, 2023 2022 Net operating loss carryforwards $ 12,220 $ 10,529 Stock-based compensation 613 229 Licensing deduction deferral 3,911 4,503 Lease liability 194 198 Capitalized Section 174 research and development 1,755 765 Other 297 282 Gross deferred tax assets 18,990 16,506 Valuation allowance (18,806) (16,322) Net deferred tax assets $ 184 $ 184 The components of gross deferred tax liabilities are as follows (in thousands): As of December 31, 2023 2022 Right of use asset $ (184) $ (184) Gross deferred tax liability $ (184) $ (184) The net deferred tax liabilities are as follows (in thousands): As of December 31, 2023 2022 Net deferred tax asset $ 184 $ 184 Gross deferred tax liability (184) (184) Net deferred tax liability $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the provision computed by applying the federal statutory rate to net loss before income taxes as follows: As of December 31, 2023 2022 U.S. federal statutory income tax rate (21.0) % (21.0) % State and local taxes, net of federal benefit (0.4) % (0.1) % Foreign rate differential 15.3 % 11.9 % Valuation allowance 6.5 % 8.7 % Permanent differences 0.4 % 0.2 % Other (0.8) % 0.3 % Effective income tax rate — % — % |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) | 12 Months Ended | ||||||||
Mar. 28, 2024 shares | Mar. 19, 2024 USD ($) investor $ / shares shares | Jan. 08, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Nov. 02, 2023 USD ($) $ / shares shares | Feb. 28, 2023 USD ($) $ / shares shares | Apr. 16, 2021 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Accumulated deficit | $ | $ 217,244,000 | $ 217,244,000 | $ 179,904,000 | ||||||
Net loss | $ | 37,340,000 | 41,301,000 | |||||||
Cash used in operating activities | $ | 31,410,000 | 23,809,000 | |||||||
Cash and cash equivalents | $ | 2,530,000 | 2,530,000 | $ 17,125,000 | ||||||
Upfront fee and milestone payments | $ | 10,500,000 | ||||||||
Potential milestone payments to be received | $ | $ 191,500,000 | $ 191,500,000 | |||||||
Subsequent Event | Pre-Funded Warrants | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Issuance of common stock upon the exercise of warrants (in shares) | 1,014,658 | ||||||||
March 2024 Registered Direct Offering | Subsequent Event | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of institutional investors | investor | 2 | ||||||||
Number of shares of stock (in shares) | 11,000,000 | ||||||||
Offering (in dollars per share) | $ / shares | $ 1.535 | ||||||||
March 2024 Registered Direct Offering | Subsequent Event | Pre-Funded Warrants | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Warrants exercisable (in shares) | 2,029,316 | ||||||||
Offering (in dollars per share) | $ / shares | $ 1.5349 | ||||||||
Net proceeds of common stock | $ | $ 20,000,000 | ||||||||
Private Placement | Subsequent Event | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Common stock to be called by warrants (in shares) | 13,029,316 | ||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 1.41 | ||||||||
Public Offering | Subsequent Event | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares of stock (in shares) | 10,130,000 | ||||||||
Offering (in dollars per share) | $ / shares | $ 0.75 | ||||||||
Public Offering | Subsequent Event | Pre-Funded Warrants | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares of stock (in shares) | 12,000,000 | ||||||||
Offering (in dollars per share) | $ / shares | $ 0.7499 | ||||||||
Net proceeds of common stock | $ | $ 9,000,000 | ||||||||
Common stock to be called by warrants (in shares) | 1,870,000 | ||||||||
Registered Direct Offering | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares of stock (in shares) | 3,100,000 | ||||||||
Offering (in dollars per share) | $ / shares | $ 1.0952 | ||||||||
Registered Direct Offering | Pre-Funded Warrants | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Warrants exercisable (in shares) | 552,300 | ||||||||
Offering (in dollars per share) | $ / shares | $ 1.0951 | ||||||||
Net proceeds of common stock | $ | $ 3,500,000 | ||||||||
Common stock to be called by warrants (in shares) | 3,652,300 | ||||||||
Underwriting Agreement | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares of stock (in shares) | 7,220,217 | ||||||||
Offering (in dollars per share) | $ / shares | $ 2.77 | ||||||||
Net proceeds of common stock | $ | $ 18,500,000 | ||||||||
Common stock to be called by warrants (in shares) | 7,220,217 | ||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 2.77 | ||||||||
Common stock warrant, shares to purchase | 1 | ||||||||
Warrant term | 5 years | ||||||||
Sales Agreement | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares of stock (in shares) | 92,882 | ||||||||
Net proceeds of common stock | $ | $ 300,000 | ||||||||
Sale of stock, authorized amount | $ | $ 50,000,000 | ||||||||
Sale of stock, agent fee, percentage of gross proceeds | 3% | ||||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 3.21 | $ 3.21 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Number of segment | segment | 1 | |
Restricted cash and cash equivalents | $ 100,000 | $ 100,000 |
Goodwill | 1,914,000 | 1,914,000 |
Goodwill impairment | 0 | 0 |
Accumulated impairment loss related to goodwill | 0 | 0 |
Interest or penalties | $ 0 | 0 |
Restricted stock units | ||
Finite-Lived Intangible Assets [Line Items] | ||
Vesting percentage | 25% | |
Award vesting period | 4 years | |
Corporate Credit Cards | ||
Finite-Lived Intangible Assets [Line Items] | ||
Restricted cash and cash equivalents | $ 100,000 | $ 100,000 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Components of Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 2,530 | $ 17,125 | |
Restricted cash and cash equivalents | 100 | 100 | |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ 2,630 | $ 17,225 | $ 21,455 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 17,799 | 6,436 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 15,854 | 5,141 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,607 | 1,040 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 338 | 255 |
Collaboration and In-License _2
Collaboration and In-License Agreements (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2022 | Sep. 04, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | |
License And Collaboration Agreements [Line Items] | ||||
Acquired in-process research and development | $ 0 | $ 10,000,000 | ||
Cost of licensing revenue | 0 | 100,000 | ||
Memorial Sloan Kettering Cancer Center | ||||
License And Collaboration Agreements [Line Items] | ||||
License agreement expiration term | 10 years | |||
Minimum annual royalty payment | 100,000 | 100,000 | ||
GenFleet Therapeutics (Shanghai) Inc | ||||
License And Collaboration Agreements [Line Items] | ||||
Upfront fee | $ 10,000,000 | |||
Eligible payment from collaboration for development and regulatory milestone achievement under collaborations agreement | 48,000,000 | |||
Maximum aggregate sales milestone payments | $ 92,000,000 | |||
Acquired in-process research and development | 10,000,000 | |||
Acquired in-process research and development payable, non-current | $ 5,500,000 | $ 4,500,000 |
Fair Value Measurements - Conti
Fair Value Measurements - Contingent Purchase Price Consideration, Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Warrant liability | $ 0 | $ 4 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 2,314 | 16,609 |
Restricted cash equivalents | 100 | 100 |
Total assets measured and recorded at fair value | 2,414 | 16,709 |
Liabilities: | ||
Warrant liability | 0 | 4 |
Total liabilities measured and recorded at fair value | 0 | 4 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1) | ||
Assets: | ||
Cash equivalents | 2,314 | 16,609 |
Restricted cash equivalents | 100 | 100 |
Total assets measured and recorded at fair value | 2,414 | 16,709 |
Liabilities: | ||
Warrant liability | 0 | 0 |
Total liabilities measured and recorded at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Total assets measured and recorded at fair value | 0 | 0 |
Liabilities: | ||
Warrant liability | 0 | 0 |
Total liabilities measured and recorded at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Total assets measured and recorded at fair value | 0 | 0 |
Liabilities: | ||
Warrant liability | 0 | 4 |
Total liabilities measured and recorded at fair value | $ 0 | $ 4 |
Balance Sheet Accounts - Prepai
Balance Sheet Accounts - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Clinical trial costs | $ 399 | $ 184 |
Insurance | 87 | 219 |
Professional fees | 56 | 82 |
Other | 0 | 46 |
Prepaid expenses and other current assets | $ 542 | $ 531 |
Balance Sheet Accounts - Accrue
Balance Sheet Accounts - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Clinical trial costs | $ 5,672 | $ 4,509 |
Compensation and related benefits | 1,493 | 1,439 |
Professional fees | 443 | 338 |
Other | 42 | 0 |
Accrued expenses and other current liabilities | $ 7,650 | $ 6,286 |
Legal Proceedings, Commitment_3
Legal Proceedings, Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease, discount rate (as a percent) | 13% | |
Operating lease, remaining term | 1 year 9 months | |
Rent expense | $ 0.5 | $ 0.5 |
Cash payments related to operating lease | $ 0.5 | $ 0.5 |
Legal Proceedings, Commitment_4
Legal Proceedings, Commitments and Contingencies - Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 533 |
2025 | 477 |
Total future minimum lease payments | 1,010 |
Less: imputed interest | (104) |
Operating lease liabilities | $ 906 |
Stockholders' (Deficit) Equit_2
Stockholders' (Deficit) Equity - Narrative (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Stockholders' (Deficit) Equit_3
Stockholders' (Deficit) Equity - Common Stock are Reserved for Future Issuance (Details) - shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrants outstanding (in shares) | 15,854 | 5,141 | |
Stock options outstanding (in shares) | 1,607 | 1,040 | 534 |
Total shares of common stock reserved for future issuance (in shares) | 21,933 | ||
2023 Amended and Restated Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 3,951 | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 183 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units outstanding (in shares) | 338 | 255 | 200 |
Warrants to Acquire Shares of_3
Warrants to Acquire Shares of Common Stock - Warrants Outstanding (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 5,141 |
Granted (in shares) | 11,424 |
Exercised (in shares) | (566) |
Canceled/Expired (in shares) | (145) |
Outstanding, end of period (in shares) | 15,854 |
Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 5,128 |
Granted (in shares) | 11,424 |
Exercised (in shares) | (566) |
Canceled/Expired (in shares) | (132) |
Outstanding, end of period (in shares) | 15,854 |
November 2023 Registered Direct | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 0 |
Granted (in shares) | 3,652 |
Exercised (in shares) | 0 |
Canceled/Expired (in shares) | 0 |
Outstanding, end of period (in shares) | 3,652 |
Exercise price (in dollars per share) | $ / shares | $ 0.9702 |
November 2023 Registered Direct Pre- Funded Warrants | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 0 |
Granted (in shares) | 552 |
Exercised (in shares) | (552) |
Canceled/Expired (in shares) | 0 |
Outstanding, end of period (in shares) | 0 |
Exercise price (in dollars per share) | $ / shares | $ 0.0001 |
February 2023 Offering | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 0 |
Granted (in shares) | 7,220 |
Exercised (in shares) | (14) |
Canceled/Expired (in shares) | 0 |
Outstanding, end of period (in shares) | 7,206 |
Exercise price (in dollars per share) | $ / shares | $ 0.9702 |
April 2022 Offering | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 4,630 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled/Expired (in shares) | 0 |
Outstanding, end of period (in shares) | 4,630 |
Exercise price (in dollars per share) | $ / shares | $ 3.2291 |
January 2020 Offering | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 309 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled/Expired (in shares) | 0 |
Outstanding, end of period (in shares) | 309 |
Exercise price (in dollars per share) | $ / shares | $ 3.9300 |
July 2020 PIPE Offering | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 25 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled/Expired (in shares) | 0 |
Outstanding, end of period (in shares) | 25 |
Exercise price (in dollars per share) | $ / shares | $ 3.3000 |
Other | Common stock warrants | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 164 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled/Expired (in shares) | (132) |
Outstanding, end of period (in shares) | 32 |
Exercise price (in dollars per share) | $ / shares | $ 7.5000 |
Warrants classified as liability: | |
Class of Warrant or Right, Outstanding [Roll Forward] | |
Outstanding, beginning of period (in shares) | 13 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Canceled/Expired (in shares) | (13) |
Outstanding, end of period (in shares) | 0 |
Exercise price (in dollars per share) | $ / shares | $ 7.5000 |
Warrants to Acquire Shares of_4
Warrants to Acquire Shares of Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2023 | Nov. 02, 2023 | Feb. 28, 2023 | Feb. 27, 2023 |
February 2023 Offering | Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant exercise price (in dollars per share) | $ 0.9702 | |||
November 2023 Registered Direct | Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant exercise price (in dollars per share) | 0.9702 | |||
April 2022 Offering | Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Warrant exercise price (in dollars per share) | 3.2291 | |||
Underwriting Agreement | ||||
Class of Warrant or Right [Line Items] | ||||
Offering (in dollars per share) | $ 2.77 | |||
Common stock to be called by warrants (in shares) | 7,220,217 | |||
Warrant exercise price (in dollars per share) | $ 2.77 | |||
Underwriting Agreement | January 2024 Offering | Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Offering (in dollars per share) | $ 0.75 | |||
Common stock to be called by warrants (in shares) | 7,220,217 | |||
Warrant exercise price (in dollars per share) | $ 0.75 | |||
Underwriting Agreement | February 2023 Offering | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock to be called by warrants (in shares) | 7,220,217 | 3,438,851 | ||
Warrant exercise price (in dollars per share) | $ 0.9702 | $ 3.62 | $ 5.40 | |
Incremental fair value | $ 0.3 | |||
Underwriting Agreement | November 2023 Registered Direct | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock to be called by warrants (in shares) | 887,000 | |||
Warrant exercise price (in dollars per share) | $ 0.9702 | |||
Incremental fair value | $ 0.4 | |||
Underwriting Agreement | November 2023 Registered Direct | Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock to be called by warrants (in shares) | 3,652,300 | |||
Warrant exercise price (in dollars per share) | $ 0.75 | |||
Underwriting Agreement | April 2022 Offering | Warrant | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock to be called by warrants (in shares) | 3,863,851 | |||
Warrant exercise price (in dollars per share) | $ 0.75 |
Warrants to Acquire Shares of_5
Warrants to Acquire Shares of Common Stock - Fair Value of Warrants is Estimated Using Black-Scholes Option Pricing Model (Details) | Dec. 31, 2022 yr $ / shares |
Risk free interest rate | |
Class of Warrant or Right [Line Items] | |
Warrants, measurement input | 0.0475 |
Volatility | |
Class of Warrant or Right [Line Items] | |
Warrants, measurement input | 1.2060 |
Expected term (years) | |
Class of Warrant or Right [Line Items] | |
Warrants, measurement input | yr | 0.75 |
Expected dividend yield | |
Class of Warrant or Right [Line Items] | |
Warrants, measurement input | 0 |
Strike price | |
Class of Warrant or Right [Line Items] | |
Warrants, measurement input | $ / shares | 7.50 |
Warrants to Acquire Shares of_6
Warrants to Acquire Shares of Common Stock - Changes in Fair Value of Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right, Fair Value [Roll Forward] | ||
Warrant liability, beginning balance | $ 4 | $ 40 |
Change in fair value of warrants | (4) | (36) |
Warrant liability, ending balance | $ 0 | $ 4 |
License Revenue with 3D Medic_2
License Revenue with 3D Medicines, Inc. - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||||
Upfront cash payment received | $ 7,500,000 | ||||
Future milestone payments received | 194,500,000 | ||||
Performance obligation, amount | 9,500,000 | ||||
Milestones probable of being achieved | $ 2,000,000 | ||||
Milestone payment received | $ 1,000,000 | ||||
Potential milestone payments to be received | $ 191,500,000 | $ 191,500,000 | |||
Licensing revenue | 0 | $ 1,000,000 | |||
Cost of licensing revenue | $ 0 | $ 100,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jun. 20, 2023 | Apr. 22, 2021 | Sep. 10, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 29, 2023 | Dec. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock reserved for issuance (in shares) | 21,933,000 | ||||||
Fair value of options granted | $ 2.88 | $ 4.52 | |||||
Averages contractual term | 10 years | ||||||
Expected dividend yield | 0% | 0% | |||||
Unrecognized compensation cost, options | $ 2,900 | ||||||
Closing price of the company's common stock (in dollars per share) | $ 1.06 | ||||||
Proceeds from employee stock plan purchases | $ 107 | $ 85 | |||||
Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost, period for recognition | 2 years 4 months 2 days | ||||||
Restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of options granted | $ 3.34 | $ 5.34 | |||||
Unrecognized compensation cost, period for recognition | 2 years 1 month 2 days | ||||||
Unrecognized compensation cost | $ 1,000 | ||||||
Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Average vesting term | 6 years | ||||||
Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Average vesting term | 4 years | ||||||
2017 Equity Incentive Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock authorized for issuance (in shares) | 22,000 | ||||||
2019 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock authorized for issuance (in shares) | 6,036,000 | ||||||
Option term | 4 years | ||||||
Increase in number of shares available for future issuance under stock based awards (as a percent) | 5% | ||||||
Increase in number of shares authorized (in shares) | 3,000,000 | ||||||
Shares of common stock reserved for issuance (in shares) | 3,951,000 | ||||||
2021 Employee Stock Purchase Plan | Employee Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of common stock reserved for issuance (in shares) | 183,000 | ||||||
Maximum employee subscription rate | 20% | ||||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 85% | ||||||
Share based compensation arrangement by share based payment award offering period | 6 months | ||||||
Number of shares purchased (in shares) | 91,454 | 25,089 | |||||
Proceeds from employee stock plan purchases | $ 100 | $ 100 |
Stock-Based Compensation - Allo
Stock-Based Compensation - Allocated Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | $ 2,094 | $ 1,726 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | 352 | 270 |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | $ 1,742 | $ 1,456 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions for Option Grants Issued (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk free interest rate | 3.78% | 1.96% |
Volatility | 127.77% | 131.51% |
Expected lives (years) | 6 years 2 months 12 days | 6 years 2 months 4 days |
Expected dividend yield | 0% | 0% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total Number of Shares | |||
Outstanding, beginning balance (in shares) | 1,607 | 1,040 | 534 |
Granted (in shares) | 682 | 546 | |
Canceled (in shares) | (115) | (40) | |
Outstanding, ending balance (in shares) | 1,607 | 1,040 | |
Vested and exercisable (In shares) | 639 | ||
Weighted Average Exercise Price Per Share | |||
Beginning balance (in dollars per share) | $ 7.57 | $ 10.09 | |
Granted (in dollars per share) | 3.20 | 5.01 | |
Canceled (in dollars per share) | 4.68 | 6.17 | |
Ending balance (in dollars per share) | 5.92 | $ 7.57 | |
Vested and exercisable (in dollars per share) | $ 8.78 | ||
Weighted Average Remaining Contractual Term (in years) | |||
Outstanding (in years) | 8 years 1 month 17 days | ||
Vested and exercisable (in years) | 7 years 3 months 3 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | ||
Vested and exercisable | $ 0 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of RSU Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted Average Exercise Price Per Share | ||
Granted (in dollars per share) | $ 2.88 | $ 4.52 |
Restricted stock units | ||
Total Number of Shares | ||
Beginning balance (in shares) | 255 | 200 |
Granted (in shares) | 195 | 97 |
Vested (in shares) | (85) | (40) |
Canceled (in shares) | (27) | (2) |
Ending balance (in shares) | 338 | 255 |
Weighted Average Exercise Price Per Share | ||
Beginning balance (in dollars per share) | $ 3.25 | $ 2.81 |
Granted (in dollars per share) | 3.34 | 5.34 |
Vested (in dollars per share) | 4.37 | 6.01 |
Canceled (in dollars per share) | 3.61 | 5.34 |
Ending balance (in dollars per share) | $ 2.99 | $ 3.25 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
U.S. | $ (10,116) | $ (17,825) |
Non - U.S. | (27,224) | (23,476) |
Loss before income taxes | $ (37,340) | $ (41,301) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 12,220 | $ 10,529 |
Stock-based compensation | 613 | 229 |
Licensing deduction deferral | 3,911 | 4,503 |
Lease liability | 194 | 198 |
Capitalized Section 174 research and development | 1,755 | 765 |
Other | 297 | 282 |
Gross deferred tax assets | 18,990 | 16,506 |
Valuation allowance | (18,806) | (16,322) |
Net deferred tax assets | $ 184 | $ 184 |
Income Taxes - Components of _2
Income Taxes - Components of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Right of use asset | $ (184) | $ (184) |
Gross deferred tax liability | $ (184) | $ (184) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax asset | $ 184 | $ 184 |
Gross deferred tax liability | (184) | (184) |
Net deferred tax liability | $ 0 | $ 0 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision Computed by Applying Federal Statutory Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory income tax rate | (21.00%) | (21.00%) |
State and local taxes, net of federal benefit | (0.40%) | (0.10%) |
Foreign rate differential | 15.30% | 11.90% |
Valuation allowance | 6.50% | 8.70% |
Permanent differences | 0.40% | 0.20% |
Other | (0.80%) | 0.30% |
Effective income tax rate | 0% | 0% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax Credit Carryforward [Line Items] | ||
Income tax provision | $ 0 | $ 0 |
Valuation allowance, deferred tax asset, increase, amount | 2,500,000 | |
Domestic Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | 57,100,000 | |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Operating loss carryforwards | $ 3,600,000 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Contribution by employer | $ 139 | $ 129 |