Eledon Pharmaceuticals (ELDN) 10-K 24 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	ELDN
Entity Registrant Name	ELEDON PHARMACEUTICALS, INC.
Entity Central Index Key	0001404281
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-36620
Entity Tax Identification Number	20-1000967
Entity Address, Address Line One	19900 MacArthur Boulevard
Entity Address, Address Line Two	Suite 550
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	(949)
Local Phone Number	238-8090
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,306,788
Entity Public Float			$ 113,157,343
Auditor Firm ID	170
Auditor Name	KMJ Corbin & Company LLP
Auditor Location	Irvine, California
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2022 Annual Meeting of Stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end December 31, 2021, are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 84,833	$ 114,195
Prepaid expenses and other current assets	3,513	1,435
Total current assets	88,346	115,630
Operating lease asset, net	768	138
Goodwill	48,648	48,648
In-process research and development	32,386	32,386
Other assets	400	383
Total assets	170,548	197,185
Current liabilities:
Accounts payable	1,813	1,366
Current operating lease liability	369	144
Accrued expenses and other liabilities	2,219	973
Total current liabilities	4,401	2,483
Deferred tax liability	1,752	4,106
Non-current operating lease liability	400
Total liabilities	6,553	6,589
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.001 par value, 200,000,000 shares authorized at December 31, 2021 and 2020; 14,306,788 and 15,160,397 shares issued and outstanding at December 31, 2021 and 2020, respectively	14	15
Additional paid-in capital	278,880	270,974
Accumulated deficit	(114,899)	(80,393)
Total stockholders’ equity	163,995	190,596
Total liabilities and stockholders’ equity	170,548	197,185
Series X1 Non-voting Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Series X Non-voting Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	14,306,788	15,160,397
Common stock, shares outstanding	14,306,788	15,160,397
Series X1 Non-voting Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	515,000	515,000
Preferred stock, shares issued	108,070	108,070
Preferred stock, shares outstanding	108,070	108,070
Series X Non-voting Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	6,204	0
Preferred stock, shares outstanding	6,204	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses
Research and development	$ 23,735	$ 6,131
General and administrative	13,132	10,052
Restructuring expense	2,300	2,282
Total operating expenses	36,867	18,465
Loss from operations	(36,867)	(18,465)
Other income, net	7	79
Warrant inducement expense		(4,829)
Loss before income tax benefit	(36,860)	(23,215)
Income tax benefit	2,354	404
Net loss and comprehensive loss	$ (34,506)	$ (22,811)
Net loss per share, basic and diluted	$ (2.33)	$ (15.72)
Weighted-average common shares outstanding, basic and diluted	14,819,582	1,451,432

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Series X1 Non-voting Convertible Preferred Stock [Member]	Series X1 Non-voting Convertible Preferred Stock [Member]Common Stock [Member]	Series X Non Voting Convertible Preferred Stock
Balance as of December 31, 2019 at Dec. 31, 2019	$ 9,465	$ 1	$ 67,046	$ (57,582)
Balance as of December 31, 2019 at Dec. 31, 2019		720,408
Issuance of common stock in connection with PIPE transaction, net of issuance costs	8,550	$ 1	8,549
Issuance of preferred stock in connection with PIPE transaction, net of issuance costs, Shares		1,004,111
Issuance of common stock in connection with exercise of warrants, net of issuance costs	5,380		5,380
Issuance of common stock in connection with exercise of warrants, net of issuance costs, Shares		421,772
Issuance of common stock in connection with conversion of Series X preferred stock			(13)			$ 13
Issuance of common stock in connection with conversion of Series X preferred stock, Shares		210,888			(231,068)	12,837,056	(3,796)
Issuance of common stock in connection with vesting of restricted stock units		3,056
Issuance of preferred stock in connection with acquisition	1,194		1,194
Issuance of preferred stock in connection with acquisition		175,488
Cancellation of common stock in connection with exchange for preferred stock, Shares		(210,889)					3,796
Cancellation of common stock in connection with reverse split	(25)		(25)
Cancellation of common stock in connection with reverse split, Shares		(1,493)
Issuance of preferred stock in connection with acquisition	69,723		69,723
Issuance of preferred stock in connection with acquisition,shares					140,026
Issuance of preferred stock in connection with PIPE transaction, net of issuance costs	95,226		95,226
Issuance of preferred stock in connection with PIPE transaction, net of issuance costs, shares					199,112
Fair value of options assumed in acquisition	2,950		2,950
Fair value of warrants assumed in acquisition	12,944		12,944
Warrant inducement expense	4,829		4,829
Stock-based compensation	3,171		3,171
Net loss and other comprehensive loss	(22,811)			(22,811)
Ending Balance at Dec. 31, 2020	190,596	$ 15	270,974	(80,393)
Temporary Equity, Ending Balance, Shares at Dec. 31, 2020					108,070
Ending Balance, Shares at Dec. 31, 2020		15,160,397
Cancellation of common stock in connection with exchange for preferred stock, Shares		(344,666)					6,204
Cancellation of common stock in connection with exchange for warrants		$ (1)	1
Cancellation of common stock in connection with exchange for warrants, Shares		(509,117)
Stock-based compensation	7,904		7,904
Stock options exercised	$ 1		1
Stock options exercised, Shares	174	174
Net loss and other comprehensive loss	$ (34,506)			(34,506)
Ending Balance at Dec. 31, 2021	$ 163,995	$ 14	$ 278,880	$ (114,899)
Temporary Equity, Ending Balance, Shares at Dec. 31, 2021					108,070
Ending Balance, Shares at Dec. 31, 2021		14,306,788					6,204
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2020					108,070

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (34,506)	$ (22,811)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		5
Amortization of operating lease asset	195	178
Warrant inducement expense		4,829
Stock-based compensation	7,904	3,171
Deferred income taxes	(2,354)	(404)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,095)	39
Accounts payable and accrued expenses	2,143	(39)
Operating lease liability	(200)	(180)
Net cash used in operating activities	(28,913)	(15,212)
Investing activities
Cash and cash equivalents received from acquisition		11,035
Net cash provided by investing activities		11,035
Financing activities
Proceeds from issuance of common stock, net		9,000
Proceeds from issuance of non-voting preferred stock in connection with PIPE transaction, net		95,226
Proceeds from exercise of warrants, net		5,380
Proceeds from exercise of stock options	1
Payment of offering costs in connection with PIPE transaction	(450)
Cash paid for cancellation of common stock in connection with reverse split		(25)
Net cash (used in) provided by financing activities	(449)	109,581
Net change in cash and cash equivalents	(29,362)	105,404
Cash and cash equivalents at beginning of year	114,195	8,791
Cash and cash equivalents at end of year	84,833	114,195
Supplemental disclosure of non-cash investing and financing activities
Increase in operating lease asset and liability due to new and modified operating leases	825
Common stock exchange for warrants	$ 1
Conversion of Series X1 non-voting convertible preferred stock into common stock		13
Issuance of common stock in acquisition		1,194
Issuance of Series X non-voting convertible preferred stock in acquisition		69,723
Fair value of options assumed in acquisition		2,950
Fair value of warrants assumed in acquisition		12,944
Accrued offering costs		$ 450

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business	Note 1. Description of Business Eledon Pharmaceuticals, Inc. (formerly Novus Therapeutics, Inc.) is a clinical stage biopharmaceutical company focused on developing life-changing, targeted medicines for persons living with an autoimmune disease, requiring an organ or cell-based transplant, or living with amyotrophic lateral sclerosis (“ALS”). Unless otherwise indicated, references to the terms “Eledon,” “our,” “us,” “we”, or the “Company” refer to Eledon Pharmaceuticals, Inc. and its wholly owned subsidiaries, on a consolidated basis. The Company’s lead compound in development is tegoprubart, an anti-CD40L antibody with high affinity for CD40 ligand, a well-validated biological target with broad therapeutic potential. On September 14, 2020, Eledon acquired Anelixis Therapeutics, Inc. (“Anelixis”), a privately held clinical stage biotechnology company developing a next generation anti-CD40L antibody as a potential treatment for organ and cellular transplantation, autoimmune diseases, and neurodegenerative diseases (see Note 10). Following the acquisition of Anelixis, Novus changed its name to Eledon Pharmaceuticals, Inc. The Company has continued to maintain its corporate headquarters in Southern California and has research and development facilities in the Boston, Massachusetts area.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Eledon, a Delaware corporation, owns 100% of the issued and outstanding common stock or other ownership interest in Anelixis Therapeutics, LLC, a Delaware corporation, and Otic Pharma , Ltd., a private limited company organized under the laws of the State of Israel (“Otic”) All significant intercompany accounts and transactions among the entities have been eliminated in consolidation. Liquidity and Financial Condition The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. The Company recorded a net loss of $34.5 million and used $28.9 million of cash in operating activities for the year ended December 31, 2021. As of December 31, 2021, the Company had cash and cash equivalents of $84.8 million, working capital of $83.9 million and an accumulated deficit of $114.9 million. Due to continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future. In order to continue these activities, the Company will need to raise additional funds through public or private debt and equity financings or strategic collaboration and licensing arrangements. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. At the time of issuance of the consolidated financial statements for the year ended December 31, 2021, the Company’s management performed an analysis and concluded that the Company had sufficient cash resources to meet its anticipated cash needs through at least the next 12 months from the date of issuance of the accompanying consolidated financial statements. September 2020 Stock Purchase Agreement On September 14, 2020, Eledon entered into a Stock Purchase Agreement (the “ Purchase Agreement ”) with certain institutional and accredited investors (the “ Investors ”). Pursuant to the Purchase Agreement, Eledon agreed to sell an aggregate of approximately 199,112 shares of Series X 1 1 Financing ”). ach share of Series X 1 1 On December 23, 2020, the Company sold 1,004,111 shares of its common stock for gross proceeds of $9.0 million as part of the September 2020 Purchase Agreement. Reverse Stock Split On October 5, 2020, Eledon effected a reverse stock-split of its issued and outstanding common stock and options for common stock at a ratio of one-for-eighteen. The Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware effecting the reverse stock-split. The accompanying consolidated financial statements and notes, as well as other share and per-share data herein, give retroactive effect to the reverse stock-split for all periods presented. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation, accruals for liabilities, fair value of assets acquired and liabilities assumed in a business combination, impairment of long-lived assets, including Cash and Cash Equivalents Cash represents cash deposits held at financial institutions. The Company considers all liquid investments purchased with an original maturity of three months or less and that can be liquidated without prior notice or penalty to be cash equivalents. The carrying value of cash equivalents approximates their fair value due to the short-term maturities of these instruments. Cash equivalents are held for the purpose of meeting short-term liquidity requirements, rather than for investment purposes. The Company had $9.2 million in cash equivalents at December 31, 2021 and 2020. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The Company measures the fair value of certain of its financial instruments on a recurring basis. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the 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. There have been no transfers of assets for liabilities between these fair value measurement classifications during the periods presented. The Company had no financial instruments, assets or liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020. Concentration of Credit Risk and Other Risks and Uncertainties As of December 31, 2021 and 2020, all of the Company’s long-lived assets were located in the United States. Financial instruments that are subject to concentration of credit risk consist primarily of cash equivalents. The Company’s policy is to invest cash in institutional money market funds to limit the amount of credit exposure. At times, the Company maintains cash equivalents in short‑term money market funds and it has not experienced any losses on its cash equivalents. The Company’s products will require approval from the U.S. Food and Drug Administration (“FDA”) and foreign regulatory agencies before commercial sales can commence. There can be no assurance that its products will receive any of these required approvals. The denial or delay of such approvals may impact the Company’s business in the future. In addition, after the approval by the FDA, there is still an ongoing risk of adverse events that did not appear during the product approval process. The Company is subject to risks common to companies in the pharmaceutical industry, including, but not limited to, new technological innovations, clinical development risk, establishment of appropriate commercial partnerships, protection of proprietary technology, compliance with government and environmental regulations, uncertainty of market acceptance of products, product liability, the volatility of its stock price and the need to obtain additional financing. Our facilities and equipment, including those of our suppliers and vendors, may be affected by natural or man-made disasters. Our administrative office is based in Irvine, California and we manage all our research and development activities through third parties that are located throughout the world. We have taken precautions to safeguard our facilities, equipment and systems, including insurance, health and safety protocols, and off-site storage of computer data. However, our facilities and systems, as well as those of our third-party suppliers and vendors, may be vulnerable to earthquakes, fire, storm, health emergencies, including the ongoing COVID-19 pandemic, power loss, telecommunications failures, physical and software break-ins, software viruses and similar events which could cause substantial delays in our operations, damage or destroy our equipment or inventory, and cause us to incur additional expenses and delay research and development activities. In addition, the insurance coverage we maintain may not be adequate to cover our losses in any circumstance and may not continue to be available to use on acceptable terms, or at all. Business Combinations Accounting for acquisitions requires extensive use of estimates and judgment to measure the fair value of the identifiable tangible and intangible assets acquired, including in-process research and development (“IPR&D”) and liabilities assumed. Additionally, the Company must determine whether an acquired entity is considered a business or a set of net assets because the excess of the purchase price over the fair value of net assets acquired can only be recognized as goodwill in a business combination. The Company accounted for the acquisition of Anelixis as a business combination under the acquisition method of accounting. Consideration paid to acquire Anelixis was measured at fair value and included the exchange of Anelixis’ common stock. The allocation of the purchase price resulted in recognition of intangible assets related to goodwill and IPR&D. Acquired IPR&D is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. The operating activity for Anelixis, the acquiree for accounting purposes, was immediately integrated with Eledon post-acquisition, therefore it is not practical to segregate results of operations related specifically to Anelixis since the date of acquisition. During the measurement period, which extends no later than one year from the acquisition date, the Company may record certain adjustments to the carrying value of the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, all adjustments are recorded in the consolidated statements of operations as operating expenses or income. Reportable Segments Operating segments under GAAP are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer and the Company has determined that it operates in one business segment, which is the development of Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired under the acquisition method of accounting. Goodwill is not amortized but is evaluated for impairment as of December 31 of each year or if indicators of impairment exist that would, more likely than not, reduce the fair value from its carrying amount. The Company performs its goodwill impairment analysis at the reporting unit level, which aligns with the Company’s reporting structure and availability of discrete financial information. If a quantitative assessment is performed the evaluation includes management estimates of cash flow projections based on internal future projections . Key assumptions for these projections include revenue growth, future gross and operating margin growth, and its weighted cost of capital and terminal growth rates. The revenue and margin growth is based on increased sales of new products as the Company maintains investments in research and development. Additional assumed value creators may include increased efficiencies from capital spending. The resulting cash flows are discounted using a weighted average cost of capital. Operating mechanisms and requirements to ensure that growth and efficiency assumptions will ultimately be realized are also considered in the evaluation, including timing and probability of regulatory approvals for Company products to be commercialized. The Company’s market capitalization is also considered as a part of its analysis. The Company’s annual evaluation for impairment of goodwill consists of one reporting unit. In accordance with the Company’s policy, the Company completed its annual evaluation for impairment as of December 31, 2021 using the qualitative assessment and determined that no impairment existed. Long-Lived Assets Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Additions, major renewals and improvements are capitalized and repair and maintenance costs are charged to expense as incurred. Leasehold improvements are amortized over the remaining life of the initial lease term or the estimated useful lives of the assets, whichever is shorter. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value. Significant management judgment is required in the forecast of future operating results that are used in the preparation of expected cash flows. No impairments of long-lived assets have been identified during the years presented. In-Process Research and Development The fair value of in-process research and development (“IPR&D”) acquired through a business combination is capitalized as an indefinite-lived intangible asset until the completion or abandonment of the related research and development activities. When the related research and development is completed, the asset will be assigned a useful life and amortized. The fair value of an IPR&D intangible asset is determined using the replacement cost method. This method involves arriving at an asset’s value by reference to the present-day cost, in an arms-length transaction, of replacing that asset with a similar asset in a similar condition. Research and Development Expenses Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. The Company’s contracts with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to its vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. These contracts may be terminated by the Company upon written notice and the Company is generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances the Company may be further responsible for termination fees and penalties. The Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities through December 31, 2021. Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, preferred stock, and stock options and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share was the same for the periods presented due to the Company’s net loss position. Year Ended December 31, 2021 2020 (In thousands, except share and per share data) Net loss $ (34,506 ) $ (22,811 ) Net loss per share, basic and diluted $ (2.33 ) $ (15.72 ) Weighted-average number of common shares 14,819,582 1,451,432 The computation of diluted earnings per share excludes stock options, warrants, and restricted stock units that are anti-dilutive. For the year ended December 31, 2021, common share equivalents of 1,087,174 shares were anti-dilutive. For the year ended December 31, 2020, common share equivalents of 632,543 shares were anti-dilutive. Stock-Based Compensation For stock options granted to employees and directors, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The fair value of stock options is determined using the Black-Scholes option pricing model, using assumptions which are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical industry. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior, the Company determined the expected life assumption using the simplified method for stock options granted to employees, which is an average of the options ordinary vesting period and the contractual term. For stock options granted to the Company’s board of directors (the “ Board ”) , the Company determined the expected life assumption using the simplified method as the starting point with an average period of twelve (12) months added to take into account for the extended range of time of 12 to 18 months vested stock options granted to Board members may be exercised upon termination . The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock - based compensation. Restricted Stock Units (“RSU”) and Performance-Based Stock Units (“PRSU”) are measured and recognized based on the quoted market price of our common stock on the date of grant. In March 2020, the Board approved an increase of 28,816 shares issuable under the 2014 Stock Incentive Plan (the “2014 Plan”) and 7,204 shares issuable under the 2014 Employee Stock Purchase Plan (the “ESPP”). On December 18, 2020, the Company held the Special Meeting, whereby the Company’s stockholders approved the 2020 Long Term Incentive Plan (the “2020 Plan”). The aggregate number of shares of stock available for issuance under the 2020 Plan will initially be 4,860,000 shares of Common Stock, which represented approximately 15% of the total issued and outstanding shares of the Company’s common stock as of the record date of the Special Meeting (calculated on an as-converted basis and without regard to the potential application of beneficial ownership conversion limitations on the Preferred Stock) and may be increased by the number of shares under the 2014 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company . Based on projected utilization rates, the Board currently intends that the initial shares under the 2020 Plan will be sufficient to fund the Company’s equity compensation needs for approximately three years from the date of the Special Meeting. The 2014 Plan was closed to new grants following the approval of the 2020 Plan, and therefore, there were no shares reserved for issuance under the 2014 Plan as of December 31, 2021. The number of shares reserved for issuance under the 2020 Plan and ESPP was 4,077,417 and 24,077 shares, respectively, as of December 31, 2021. Stock-based compensation expense related to stock options granted to nonemployees is recognized based on the estimated fair value of the stock options on their grant date, determined using the Black-Scholes option pricing model. The awards generally vest over the period the Company expects to receive services from the nonemployees. Similar to stock options granted to employees, the fair value of stock options granted to nonemployees, is determined using the Black-Scholes option pricing model, involves assumptions that are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical industry. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior on stock options granted to nonemployees, the Company determined the contractual term is the appropriate period for expected life on stock options granted to nonemployees. The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock-based compensation. Income Taxes Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. We assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history, and reliability of forecasting. We have provided a valuation allowance on our deferred tax assets as of December 31, 2021 and 2020 because we believe it is more likely than not that a majority of our deferred tax assets will not be realized as of this date. The Company evaluates the accounting for uncertainty in income tax recognized in its consolidated financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its consolidated financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has not accrued any liabilities for any such uncertain tax positions as of December 31, 2021 and 2020. The Company is subject to U.S. federal and state tax authority examinations for all the years since inception due to net operating loss and tax credit carryforwards. The net operating losses and tax credits are subject to adjustment until the statute closes on the year the attributes are ultimately utilized. The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. For additional information, see Note 6. Income Taxes. Reclassifications Certain reclassifications of prior period amounts have been made to conform to the current period presentation. Recently Adopted Accounting Pronouncements No new accounting pronouncement issued or effective during the fiscal period had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

Prepaid Expenses Other Assets A

Prepaid Expenses Other Assets Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Prepaid Expenses Other Assets Accrued Expenses And Other Liabilities [Abstract]
Prepaid Expenses, Other Assets, Accrued Expenses and Other Liabilities	Note 3. Prepaid Expenses, Other Assets, Accrued Expenses and Other Liabilities Prepaid expenses and other current assets consisted of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Prepaid insurance $ 1,344 $ 1,157 Prepaid clinical 2,039 89 Prepaid other 96 41 Insurance receivable — 110 Other current assets 34 38 Total prepaid expenses and other current assets $ 3,513 $ 1,435 Accrued expenses and other liabilities consisted of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Accrued compensation and related expenses $ 1,411 $ 98 Accrued severance 104 12 Accrued clinical 454 258 Accrued professional services 167 9 Accrued costs associated with PIPE financing - 450 Accrued other 83 146 Total accrued expenses and other liabilities $ 2,219 $ 973

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	Note 4. Goodwill On September 14, 2020, the Company acquired Anelixis (see Note 10). The changes in the carrying amount of goodwill consisted of the following for the years ended December 31, 2021 and 2020 (in thousands): Total Balance as of January 1, 2020 $ — Acquisition of Anelixis 48,648 Balance as of December 31, 2020 48,648 Goodwill acquired — Balance as of December 31, 2021 $ 48,648

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies Operating Leases The Company leases office space under various operating leases. Total rent expense for all operating leases in the consolidated statements of operations and comprehensive loss was approximately $0.3 million and $0.2 million for the years ended December 31, 2021 and 2020, respectively. The Company has an operating lease for approximately 5,197 square feet of office space in Irvine, California, which was set to expire on September 30, 2021. On May 3, 2021, the Company extended the term of the lease through December 31, 2022, by amending the office lease effective October 1, 2021. On November 4, 2021, the Company entered into an operating lease for approximately 6,138 square feet of office space in Burlington, Massachusetts, that expires on November 20, 2024. The Company determines if a contract contains a lease at inception. Our office leases have remaining terms ranging from one year to three years and do not include options to extend the leases for additional periods. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities as adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. As we have no outstanding debt nor committed credit facilities, secured or otherwise, we estimate this rate based on prevailing financial market conditions, comparable company and credit analysis, and management’s judgment. Our leases contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. While we do not currently have any lease agreement with lease and non-lease components, we elected to account for lease and non-lease components as separate components. We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one month and 12 months or less, and expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less, that do not include an option to purchase the underlying asset that we are reasonably certain to exercise, are not recorded on the consolidated balance sheet. The components of lease expense were as follows: Year Ended December 31, 2021 2020 Operating lease cost (a) $ 283 $ 195 (a) Other information related to leases was as follows (in thousands, except lease term and discount rate): Year Ended December 31, 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liability: Operating cash flows from operating lease $ 208 $ 188 Operating lease asset obtained in exchange for lease liability: Operating lease $ 825 $ — Remaining lease term Operating lease 2.41 years 0.75 years Discount rate Operating lease 3.00 % 3.25 % Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for the succeeding fiscal year and thereafter (in thousands): Year Ended December 31, 2021 2022 $ 387 2023 212 2024 200 Total minimum lease payments 799 Less imputed interest (30 ) Present value of lease liabilities 769 Less current portion of operating lease liability (369 ) Non-current operating lease liability $ 400 Grants and Licenses ALS Therapy Development Foundation, Inc. License Agreement In May 2015, Anelixis executed a License Agreement (the “Agreement”), which is an exclusive (“ The first and second milestones of the Agreement are the dosing of the first subjects in a first toxicity study in non-human primates and the dosing of the first patient in a Phase I Clinical Trial, respectively. Both of these milestones were achieved as of December 31, 2018 and 2017. The fee due for the achievement of these milestones was $ 1.0 million 1.0 million The Agreement was amended and restated in February 2020, and a first amendment to the restated license agreement was executed in September 2020. As amended in September 2020, the remaining milestone payments for a first licensed product total $6.0 million. In the event that the Company develops a second licensed product, the Company is obligated to pay up to $2.5 million in additional milestone payments. In addition to the milestone payments, the Company is required to pay ALS TDI an amended annual license maintenance fee of $0.1 million beginning on the earlier of January 1, 2022, the Company’s first sublicense, or change in control, as defined in the Agreement. Furthermore, the Company shall pay ALS TDI fees based on reaching certain levels of annual net sales of any product produced with the patent rights. A royalty in the low single digits will be due on aggregate net sales. Upon the first calendar year of reaching $500.0 million in aggregate net sales, the Company shall pay ALS TDI a one-time milestone payment of $15.0 million. Upon the first calendar year of reaching $1.0 billion in aggregate net sales, the Company is obligated to pay ALS TDI a one-time milestone payment of $30.0 million. Israeli Innovation Authority Grant From 2012 through 2015, the Company received grants in the amount of approximately $0.5 million from the Israeli Innovation Authority (previously the Office of Chief Scientist) of the Israeli Ministry of Economy and Industry designated for investments in research and development. The grants are linked to the U.S. dollar and bear annual interest of LIBOR. The grants are to be repaid as royalties from sales of the products developed by the Company from their investments in research and development. Because the Company has not yet earned revenues related to these investments and cannot estimate potential royalties, no liabilities related to these grants have been recorded as of each period presented. Repayment of the grant is contingent upon the successful completion of the Company’s research and development programs and generating sales. The Company has no obligation to repay these grants, if the research and development program fails, is unsuccessful or aborted or if no sales are generated. The Company had not yet generated sales as of December 31, 2021; therefore, no liability was recorded for the repayment in the accompanying consolidated financial statements. Legal Matters The Company is involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and contractual matters. In connection with these matters, the Company assesses, on a regular basis, the probability and range of possible loss based on the developments in these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable results could occur, assessing contingencies is highly subjective and requires judgments about future events. The Company regularly reviews outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures. The amount of ultimate loss may differ from these estimates. Each matter presents its own unique circumstances, and prior litigation does not necessarily provide a reliable basis on which to predict the outcome, or range of outcomes, in any individual proceeding. Because of the uncertainties related to the occurrence, amount, and range of loss on any pending litigation or claim, the Company does not consider a liability probable and is currently unable to predict their ultimate outcome, and, with respect to any pending litigation or claim where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. In the event that opposing litigants in outstanding litigation proceedings or claims ultimately succeed at trial and any subsequent appeals on their claims, any potential loss or charges in excess of any established accruals, individually or in the aggregate, could have a material adverse effect on the Company’s business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable outcome occurs or becomes probable, and potentially in future periods. Legal Proceedings On September 22, 2014, Tokai, the legal predecessor of the Company, completed the initial public offering of its common stock (the “IPO”). On July 25, 2017, a purported stockholder of Tokai filed a lawsuit in the U.S. District Court for the District of Massachusetts, entitled Peter B. Angelos v. Tokai Pharmaceuticals, Inc., et al., No. 1:17-cv-11365-MLW. The lawsuit was filed against Tokai, Jodie P. Morrison, Lee H. Kalowski, Seth L. Harrison, Timothy J. Barberich, David A. Kessler, Joseph A. Yanchik, III, and the underwriters of the IPO. The lawsuit alleges that Tokai made false and misleading statements and omissions about its clinical trials for galeterone, in violation of the Securities Act of 1933 and the Securities Exchange Act of 1934. The lawsuit seeks, among other things, unspecified compensatory damages, interest, costs, and attorneys’ fees. On September 7, 2018, plaintiff filed an amended complaint. Defendants moved to dismiss the amended complaint on October 15, 2018. Plaintiff opposed defendants’ motion on November 19, 2018, defendants filed a reply in support of their motion on December 17, 2018, and plaintiff filed a sur-reply in support of his opposition on January 8, 2019. On February 18, 2020, the court held a hearing on defendants’ motion to dismiss. The court also ordered the parties to confer and notify it by March 10, 2020, if they reached an agreement to settle the case. On March 10, 2020, pursuant to the court’s order, the parties advised the court they did not agree on a settlement. On July 15, 2020, plaintiff filed a Notice of Supplemental Authority, and on July 21, 2020, defendants filed a response. On October 9, 2020, the court entered an order granting defendants’ motion to dismiss and dismissing the action in its entirety. Judgment was entered on October 14, 2020. On November 12, 2020, plaintiff filed a notice of appeal. On February 17, 2021, the parties submitted a stipulated motion to dismiss the appeal, following a settlement payment to plaintiff by the Company’s insurance carrier of an immaterial amount. On February 18, 2021, the United States Court of Appeals for the First Circuit granted the motion, enter judgment dismissing the appeal, and issued the mandate. Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future because of these indemnification obligations. No amounts associated with such indemnifications have been recorded to date. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual at December 31, 2021 and 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 6. Income Taxes L oss before income taxes are as follows (in thousands): Year Ended December 31, 2021 2020 Losses before income taxes: U.S. $ (37,055 ) $ (23,408 ) Non-U.S. 195 193 Total $ (36,860 ) $ (23,215 ) The provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, 2021 2020 Current: Federal $ — $ — State — — Foreign — — — — Deferred: Federal (2,746 ) (404 ) State 392 — Foreign — — (2,354 ) (404 ) Provision (benefit) for income taxes $ (2,354 ) $ (404 ) The Company is subject to income taxes under U.S. tax laws. Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. Deferred tax assets and liabilities are determined using the enacted tax rates in effect for the years in which those tax assets are expected to be realized. A valuation allowance is established when it is more likely than not the future realization of all or some of the deferred tax assets will not be achieved. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis, and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history, and reliability of forecasting. Based on its review, the Company concluded that it was more likely than not that they would not realize the benefit of a portion of its deferred tax assets in the future. This conclusion was based on historical and projected operating performance, as well as the Company’s expectation that its operations will not generate sufficient taxable income in future periods to realize the tax benefits associated with the deferred tax assets within the statutory carryover periods. Therefore, the Company has a valuation allowance on its deferred tax assets as of December 31, 2021. The Company will continue to assess the need for a valuation allowance on its deferred tax assets by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the statement of operations for the period that the adjustment is determined to be required. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2021 2020 Statutory Federal income tax rate $ (7,741 ) $ (4,875 ) State income taxes, net of Federal tax benefits (445 ) — Tax credits (651 ) (215 ) Change in warrant fair market value — 1,014 Stock-based compensation 651 252 Goodwill impairment — — Permanent items 2 627 Section 382 limitation on net operating losses and credits — 10,562 State rate differential 235 — NOL true-up (991 ) — Other 146 89 Change in valuation allowance 6,440 (7,858 ) Total provision (benefit) for income taxes $ (2,354 ) $ (404 ) Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 consisted of the following (in thousands): Year Ended December 31, 2021 2020 Net operating loss carryforwards $ 12,531 $ 5,151 Research and development tax credits 1,356 705 Accruals and reserves 296 14 Stock compensation 1,867 802 Depreciation and amortization 1,713 1,905 Lease liability 171 30 Total deferred tax assets 17,934 8,607 Right-of-use asset (171 ) (29 ) Acquired IPR&D (7,192 ) (6,801 ) Total deferred tax liabilities (7,363 ) (6,830 ) Less: valuation allowance (12,323 ) (5,883 ) Net deferred tax liabilities $ (1,752 ) $ (4,106 ) The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands): Year Ended December 31, 2021 2020 Gross unrecognized tax benefits at the beginning of the year $ 764 $ 548 Additions from tax positions taken in the current year 712 233 Additions from tax positions taken in prior years — 531 Reductions from tax positions taken in prior years (7 ) (548 ) Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 1,469 $ 764 The deferred income tax assets have been offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $6.4 million from December 31, 2020 to December 31, 2021. The net valuation allowance decreased by $5.1 million from December 31, 2019 to December 31, 2020. The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood, and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a valuation allowance has been established. As of December 31, 2021 and 2020, the Company had federal net operating loss carryforwards of approximately $46.9 million and $14.4 million, respectively, available to reduce future taxable income. As of December 31, 2021 and 2020, the Company also has state net operating loss carryforwards of $15.0 million and $6.2 million, respectively. Both the federal and state net operating loss carryforwards incurred before 2018 begin expiring in 2035 if not utilized. The federal net operating losses incurred since 2018 of $46.1 million do not expire. The state net operating losses begin to expire in 2035. As of December 31, 2021 and 2020, the Company had Israeli net operating losses of $7.9 million and $7.9 million, respectively, which carryforward indefinitely. As of December 31, 2021 and 2020, the Company had federal research and development tax credit carryforwards of approximately $1.9 million and $1.0 million, respectively. If not utilized, the carryforwards will begin expiring in 2036. As of December 31, 2021 and 2020, the Company has state research and development credit carryforwards or approximately $1.1 million and $0.6 million, respectively, which will begin expiring in 2030 if not utilized. Pursuant to Internal Revenue Code (“IRC) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year The Company’s ability to use its remaining net operating loss and tax credit carryforwards may be further limited if the Company experiences a Section 382 ownership change in connection with future changes in our stock ownership. In the United States, the Company files income tax returns in the U.S. Federal jurisdiction, California and Massachusetts. The Company’s tax years for 2017 and forward are subject to examination by the Federal and California tax authorities due to the carryforward of unutilized net operating losses and research and development credits. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest and penalties associated with uncertain tax positions as of December 31, 2021 and 2020. The Company has not recorded any interest or penalties in 2021 or 2020.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity 2020 Common Stock Exchange Agreement On February 13, 2020, the Company entered into an exchange agreement (the “Exchange Agreement”) with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P. and Biotechnology Value Trading Fund OS, L.P. (the “Exchanging Stockholders”), pursuant to which the Exchanging Stockholders exchanged (the “Exchange”) 210,888 shares of the Company’s common stock for 3,796 shares of newly designated Series X non-voting Convertible Preferred Stock (the “Series X Preferred Stock”). The Company agreed to reimburse the Exchanging Stockholders for their expenses in connection with the Exchange up to a total of $25,000, which was recorded as operating expense in the Company’s consolidated statements of operations and comprehensive loss. The Exchange was completed on February 19, 2020. On February 13, 2020, in connection with the Exchange, the Company filed a Certificate of Designation setting forth the preferences, rights and limitations of the Series X Preferred Stock with the Secretary of State of the State of Delaware. The number of shares so designated shall be 10,000 and Series X Preferred Stock shall have a par value of $0.001 per share. Each share of Series X Preferred Stock will be convertible into 55.5556 shares of common stock at the option of the holder at any time subject to certain limitations, including, that the holder will be prohibited from converting Series X Preferred Stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock above a conversion blocker, which is initially set at 9.99% of the total common stock then issued and outstanding immediately following the conversion of such shares of Series X Preferred Stock. In the event of the Company’s liquidation, dissolution or winding up, holders of Series X Preferred Stock will participate pari passu with any distribution of proceeds to holders of common stock. Holders of Series X Preferred Stock are entitled to receive dividends on shares of Series X Preferred Stock equal (on an as-if-converted-to-common stock basis) to and in the same form as dividends actually paid on the common stock or other junior securities of the Company. Shares of Series X Preferred Stock will generally have no voting rights, except as required by law and except that the consent of a majority of the holders of the outstanding Series X Preferred Stock will be required to amend the terms of the Series X Preferred Stock. SEC Accounting Series Release No. 268 , Presentation in Financial Statements of “Redeemable Preferred Stocks” Each share of Series X Preferred Stock shall be convertible into 55.5556 shares of common stock, at the option of the holder, at any time after the date of issuance. The Company evaluated the embedded optional conversion feature in accordance with the guidance under ASC 815, Derivatives and Hedging common stock to each share of Series X Preferred Stock, the Company concluded that there is no intrinsic value to the beneficial conversion feature. Each share of Series X Preferred Stock contains redemption put features that allow the holders of the Series X Preferred Stock the right to receive, in lieu of the right to receive conversion shares, for each conversion share that would have been issuable upon such conversion immediately prior to the occurrence of an effective change in control (“Fundamental Transaction”), the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of one share of common stock Derivatives and Hedging On June 1, 2020 and June 10, 2020, the Exchanging Stockholders converted a total of 3,285 shares of Series X Preferred Stock into 182,500 shares of common stock. September 2020 Anelixis Acquisition On September 14, 2020, the Company acquired Anelixis, after which Anelixis became a wholly owned subsidiary of the Company. Under the terms of the acquisition, the Company issued to the stockholders of Anelixis 175,488 shares of Company common stock and 140,026 shares of Series X 1 1 On December 18, 2020, at the Special Meeting, the Company’s stockholders approved the issuance of the Company’s common stock, upon conversion of the Company’s Series X 1 Series X 1 September 2020 Stock Purchase Agreement On September 14, 2020, Eledon entered into the Purchase Agreement with the Investors. Pursuant to the Purchase Agreement, Novus agreed to sell an aggregate of approximately 199,112 shares of Series X 1 1 1 1 filed with the SEC The Company records shares of preferred stock at their respective fair values on the dates of issuance, net of issuance costs. Holders of Series X 1 1 1 1 accordance with the listing rules of the Nasdaq Stock Market ; subject to certain limitations, including, that the holder will be prohibited from converting Series 1 Preferred Stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock above a conversion blocker, which is initially set at 9.99 % of the total common stock then issued and outstanding immediately following the conversion of such shares of Series X 1 Preferred Stock. The Company applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities, and classified the Series X 1 1 The Company analyzed the conversion provision related to the Series X 1 On December 18, 2020, at the Special Meeting, the Company’s stockholders approved the issuance of the Company’s common stock, upon conversion of the Company’s Series X 1 1 On December 23, 2020, the Company sold 1,004,111 shares of its common stock for gross proceeds of $9.0 million that was contingent upon the satisfaction of certain incremental closing conditions, as described above. 2020 Warrant Exercise Transactions On January 10, 2020 and January 15, 2020, the Company entered into warrant exercise agreements (the “Exercise Agreements”) with the holders (the “Holders”) of its Series A Warrants and Series B Warrants (collectively, the “Warrants”), pursuant to which the Holders agreed to exercise in cash their Warrants to purchase an aggregate of 383,235 shares of the Company’s common stock at a reduced exercise price of $12.87 per share, plus an additional $2.25 per share for the issuance of the private placement warrants for gross proceeds (before placement agent fees and expenses) to the Company of approximately $5.8 million (the “Exercise Transaction”). Under the Exercise Agreements, the Company also agreed to issue to the Holders new warrants to purchase up to 383,235 shares of the Company’s common stock at an exercise price of $12.96 per share, with an exercise period of five and a half years In addition, the Company agreed to issue to the placement agent warrants to purchase up to 19,162 shares of common stock, representing 5.0% of the aggregate number of shares of common stock issued in the Exercise Transaction. The placement agent warrants have substantially the same terms as the Private Placement Warrants issued to the Holders, except that the placement agent warrants have an exercise price equal to $18.90. A warrant inducement expense of $4.8 million was recorded which was determined using the Black-Scholes option pricing model and was calculated as the difference between the fair value of the Warrants prior to, and immediately after, the reduction in the exercise price on the date of repricing in addition to the fair value of the Private Placement Warrants issued. For the year ended December 31, 2020, the Holders exercised approximately 64,171 Private Placement Warrants in a cashless exchange for 28,553 shares of the Company’s common stock. Additionally, approximately 9,985 private placement warrants were exercised for 9,985 shares of the Company’s common stock for gross proceeds of $188,773. December 2020 Exchange Agreements On December 31, 2020, the Company entered into an exchange agreement (the “Series X Exchange Agreement”) with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS, L.P. , MSI BVF SPV, L.L.C. (collectively, the “BVF Exchanging Stockholders”) and Cormorant Global Healthcare Master Fund, LP (together with the BVF Exchanging Stockholders, the “Series X Exchanging Stockholders”), pursuant to which the Series X Exchanging Stockholders exchanged (the “Series X Exchange”) 344,666 shares of the Company’s common stock for 6,203.98 shares of Series X Convertible Preferred Stock. In addition, on December 31, 2020 the Company entered into an exchange agreement (the “Warrant Exchange Agreement,” and together with the Series X Exchange Agreement, the “Exchange Agreements”) with the BVF Exchanging Stockholders, pursuant to which the BVF Exchanging Stockholders exchanged (the “Warrant Exchange,” and together with the Series X Exchange, “the Exchanges”) 509,117 shares of the Common Stock for one or more pre-funded warrants to purchase an aggregate of 509,117 shares of the Common Stock at a nominal exercise price (the “Warrants”). The Company recorded the shares of Series X Preferred Stock and Warrants issuable as preferred stock and warrant subscriptions at December 31, 2020, since the physical settlement of the Exchanges was made on January 5, 2021, whereby the transfer agent recorded the exchange of common stock for the issuance of preferred stock and warrants. September 2021 Warrant Exchange Agreement On September 21, 2021, the Company issued warrants exercisable for 298,692 shares of common stock in exchange for warrants exercisable for 5,376.456 shares of Series X 1 X 1 Common Stock Warrants As of December 31, 2021, 1,145,631 warrants were exercisable into common stock (after rounding for fractional shares and subject to beneficial ownership conversion blockers) The following table shows the warrants to purchase common stock activity: Rollforward of Warrant Activity Registered direct warrants, placement agent Private placement warrants Private placement warrants, placement agent Warrants exchanged for common stock Warrants exchanged for Series X 1 Total Balance as of December 31, 2020 9,581 319,064 9,177 — — 337,822 Issued — — — 509,117 298,692 807,809 Exercised — — — — — — Cancelled/Expired — — — — — — Balance as of December 31, 2021 9,581 319,064 9,177 509,117 298,692 1,145,631 Series X 1 As of December 31, 2021, 50,207.419 warrants were exercisable into Series X 1 which are convertible into 2,789,301 of common stock (after rounding for fractional shares and subject to beneficial ownership conversion blockers). The following table shows the warrants to purchase Series X 1 Rollforward of Series X 1 Warrants assumed and replaced in acquisition Total Balance as of December 31, 2020 55,583.875 55,583.875 Assumed and replaced — — Exercised — — Cancelled/Expired (5,376.456 ) (5,376.456 ) Balance as of December 31, 2021 50,207.419 50,207.419 2021 Equity Distribution Agreement On March 31, 2021, the Company filed a prospectus and prospectus supplement (the “2021 Prospectus”) under which the Company may offer and sell, from time to time, pursuant to an equity distribution agreement with Jeffries LLC, up to $75.0 million in shares of its common stock. During the year ended December 31, 2021, no shares were sold under the 2021 Prospectus.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation Stock Option Plans The Company has three stock compensation plans, the 2020 Stock Incentive Plan (the “2020 Plan”), the 2014 Stock Incentive Plan (the “2014 Plan”) and the 2007 Stock Incentive Plan (the “2007 Plan”). The 2020 Plan permits the Company to make grants of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights and other stock-based awards to the Company’s employees, officers, directors, consultants and advisors; however, incentive stock options may only be granted to the Company’s employees. The number of shares initially reserved for issuance under the 2020 Plan was 4,860,000 shares of common stock and may be increased by the number of shares under the 2014 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company. Options remain outstanding under the 2007, 2014 and the 2020 Plan. The number of shares subject to and the exercise prices applicable to these outstanding options were adjusted in connection with the one-for- eighteen 1,151 As of December 31, 2021, a total of stock awards were available for grant under the 2020 Plan. The following table summarizes all option activity under the 2007 Plan, 2014 Plan, 2020 Plan and inducement grants: Shares Issuable Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In years) Outstanding as of January 1, 2020 91,403 $ 139.96 8.2 $ — Granted 2,191,462 9.15 Options Assumed 1,346,398 7.58 Forfeited / Canceled (7,784 ) 586.16 Outstanding as of December 31, 2020 3,621,479 10.63 8.9 $ — Granted 702,836 10.69 Exercised (174 ) 4.73 Forfeited / Canceled (110,164 ) 19.50 Outstanding as of December 31, 2021 4,213,977 $ 10.33 8.4 $ — Options vested and expected to vest as of December 31, 2021 4,132,506 $ 10.18 8.2 $ — Options exercisable as of December 31, 2021 1,871,327 $ 11.64 7.8 $ — As of December 31, 2021, the range of exercise prices was between $4.73 and $2,147 for options outstanding. Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock on the date of exercise. There was no aggregate intrinsic value of options exercised during the year ended December 31, 2021. The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted in the periods presented Year Ended December 31, 2021 2020 Expected stock price volatility 105% - 110% 74% - 87% Risk-free interest rate 1% 1% - 3% Expected life of option (in years) 6.25 - 6.75 6 Estimated dividend yield 0% 0% Restricted Stock Units The following table shows the RSU activity, as follows: Shares Issuable Under RSUs Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In years) Outstanding as of January 1, 2020 3,056 $ 66.96 9.2 $ — Granted — — RSUs Vested (3,056 ) 66.96 9.2 Forfeited / Canceled — — Outstanding as of December 31, 2020 — — — — Granted 20,000 5.07 9.8 RSUs Vested — — Forfeited / Canceled — — Outstanding as of December 31, 2021 20,000 $ 5.07 9.8 $ — RSUs vested and expected to vest as of December 31, 2021 20,000 $ 5.07 9.8 $ — RSUs exercisable as of December 31, 2021 — $ — $ — Stock-based Compensation Expense Total compensation expense related to all of the Company’s stock-based awards for the years ended December 31, 2021 and 2020 was comprised of the following (in thousands): Year Ended December 31, 2021 2020 Stock-based compensation classified as: Research and development expense $ 3,166 $ 1,254 General and administrative expense 4,738 1,917 Total stock-based compensation expense $ 7,904 $ 3,171 As of December 31, 2021, total unrecognized stock-based compensation expense related to non-vested equity awards was $15.9 million, which is expected to be recognized over an estimated weighted-average period of 2.3 years. Stock-based compensation expense for the year ended December 31, 2021 included no stock-based compensation expense related to performance-based options granted during 2021. During the year ended December 31, 2020, PRSUs awarded to employees totaling 3,056 shares vested and resulted in the recognition of $0.2 million in stock-based compensation expense. No PRSUs were awarded for the year ended December, 31, 2021.

Restructuring Expense

Restructuring Expense	12 Months Ended
	Dec. 31, 2021
Restructuring And Related Activities [Abstract]
Restructuring Expense	Note 9. Restructuring Expense On June 11, 2020, following the announcement regarding the topline results from the phase 2a clinical trial of OP0201, Eledon announced that its Board approved a plan to reduce the size of its workforce. The workforce reduction, which was completed in June 2020, was designed to reduce the Company’s operating expenses while it is conducting a review of development and strategic alternatives. On September 3, 2020, the Board accepted the resignation of Gregory Flesher as the Company’s Chief Executive Officer and a member of the Board. Mr. Flesher’s resignation was effective as of the close of business on September 4, 2020. The resignation of Mr. Flesher was not the result of any dispute or disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Concurrent with his resignation, Mr. Flesher entered into a consulting agreement with the Company pursuant to which he will provide consulting and transition-support services as requested by the Company at an hourly rate consistent with his target compensation. For the year ended December 31, 2020, Eledon incurred and paid $2.3 million in expenses related to the workforce reduction.

Business Acquisition

Business Acquisition	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Business Acquisition	Note 10. Business Acquisition On September 14, 2020, the Company acquired Anelixis pursuant to that certain Agreement and Plan of Merger, dated September 14, 2020 (the “ Merger Agreement ”), by and among Eledon, Nautilus Merger Sub 1, Inc., a Delaware corporation and wholly owned subsidiary of Eledon (“ First Merger Sub ”), Nautilus Merger Sub 2, LLC, a Delaware limited liability company and wholly owned subsidiary of Eledon (“ Second Merger Sub ”), and Anelixis. Pursuant to the Merger Agreement, First Merger Sub merged with and into Anelixis, pursuant to which Anelixis was the surviving entity and became a wholly owned subsidiary of Eledon (the “ First Merger ”). Immediately following the First Merger, Anelixis merged with and into Second Merger Sub, pursuant to which Second Merger Sub was the surviving entity (the “ Second Merger, ” together with the First Merger, the “ Merger ”). The Merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes Under the terms of the Merger Agreement, at the closing of the Merger, Eledon issued to the stockholders of Anelixis 175,488 shares of the common stock of Eledon, par value $0.001 per share, and 140,026 shares of newly designated Series X 1 1 1 In addition to the common stock and preferred stock issued, certain outstanding warrants issued and equity awards granted by Anelixis were not settled upon completion of the merger, and instead were assumed and then replaced with Eledon warrants and equity awards. The amounts for the assumed and replaced warrants and equity awards attributed to pre-merger services are included in other consideration amounts transferred and added to goodwill. The Company determined that FASB Accounting Standards Codification Topic 805 (“ASC 805”), Business Combinations , is the authoritative guidance in accounting for this transaction and for determining whether Anelixis was a dormant, non-operating entity that would not meet the definition of a business under ASC 805. If Anelixis was not an operating entity, the acquisition would instead be considered a capital transaction and equivalent to the issuance of shares by Novus for the net monetary assets of Anelixis accompanied by a recapitalization. Conversely, if Anelixis was determined to be a business, the acquisition method of accounting would apply and the difference between the acquisition date fair value of the total consideration transferred and the aggregate values assigned to the assets acquired and liabilities assumed would be recorded as goodwill. The Company evaluated the terms of the Merger Agreement and the transaction under the applicable accounting guidance and determined that Anelixis satisfied the definition of a business under ASC 805 and as further clarified by ASU 2017-01. Based on this analysis, the Company accounted for the acquisition of Anelixis as a business combination under the acquisition method of accounting as it had determined that Anelixis’ assets acquired in the transaction included an input and a substantive process that together significantly contributed to the ability to create outputs. Additionally, the Company was determined to be both the legal and accounting acquirer as it had issued equity interests to acquire all of Anelixis’ equity interests. Goodwill generated from the acquisition was primarily attributable to the expected synergies from combining operations and expanding market potential, together with certain intangible assets that do not qualify for separate recognition. None of the approximately $48.6 million in goodwill is expected to be deductible for tax purposes. Concurrently and in connection with the execution of the Merger Agreement, the Company entered into the Purchase Agreement with certain institutional and accredited investors. Pursuant to the Stock Purchase Agreement, the Company agreed to sell an aggregate of approximately 199,112 shares of Series X 1 1 X 1 On December 18, 2020, the Company held the Special Meeting, whereby the Company’s stockholders approved the issuance of the Company’s common stock, upon conversion of the Company’s Series X 1 1 1 On December 23, 2020, the Company sold 1,004,111 shares of its common stock for gross proceeds of $9.0 million that was contingent upon the satisfaction of certain incremental closing conditions, as described above. Acquisition Consideration The following table summarizes the fair value of the purchase price consideration to acquire Anelixis (in thousands): Description Amount Fair value of purchase consideration: Common shares issued (1) $ 1,194 Preferred shares issued (2) 69,723 Options assumed (3) 2,950 Warrants assumed (3) 12,944 Total purchase consideration $ 86,811 (1) The fair value of common shares issued in the merger is based (2) The fair value of preferred shares issued in the merger is based on the amount per share of Series X 1 (3) The fair value of the options and warrants assumed and replaced in the merger is based on applying the Black-Scholes valuation method using appropriate inputs of volatility rates ranging from 82% to 83%, expected terms of 5.0 to 5.9 years and risk-free rates of 0.27% to 0.45%. Purchase Price Allocation The following is an allocation of the purchase price as of the September 14, 2020 acquisition closing date based upon the estimated fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands): Description Amount Cash and cash equivalents $ 11,035 Prepaid expenses and other current assets 26 Other non-current assets 12 Accounts payable (580 ) Accrued expenses and other liabilities (206 ) Deferred tax liability (4,510 ) Net identifiable assets acquired 5,777 Goodwill 48,648 Identifiable intangible assets 32,386 Net assets acquired $ 86,811 Acquisition costs of approximately $2.9 million were included in general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2020. Deferred Income Taxes The net deferred tax liability was based upon the difference between the estimated book basis and tax basis of net assets acquired and an estimate for the final pre-acquisition net operating losses of Anelixis. Identifiable Intangible Assets Through its acquisition of Anelixis, the Company acquired intangible assets that consisted of IPR&D with an estimated fair value of $32.4 million, related to its clinical development program of tegoprubart. The estimated fair value of the IPR&D was determined by management based on an external valuation specialist’s analysis of replacement costs to recreate tegoprubart in its current clinical stage. The replacement cost method contemplates the cost to recreate the utility of tegoprubart but in a form that is not a replica of tegoprubart. In this method, the replacement cost is determined and reduced for depreciation of the asset. In this context, depreciation has three components: (i) physical deterioration, (ii) functional obsolescence, and (iii) economic obsolescence. Goodwill Under the acquisition method of accounting, goodwill of approximately $48.6 million would be generated after accounting for Anelixis’ assets acquired, liabilities assumed, and intangible assets identified and valued. Pro Forma Information (Unaudited) The following unaudited pro forma combined financial information is presented to illustrate the estimated effects of the Merger based on the historical financial statements and accounting records of Eledon and Anelixis after giving effect to the Merger and the Merger-related pro forma adjustments. The unaudited pro forma combined statement of operations for the years ended December 31, 2020 combine the historical statements of operations of Eledon and Anelixis, giving effect to the Merger as if it had occurred on January 1, 2020, the first day of the fiscal year ended December 31, 2020. The unaudited pro forma combined financial information has been presented for informational purposes only. The unaudited pro forma combined financial information does not purport to represent the actual results of operations that Eledon and Anelixis would have achieved had the companies been combined during the periods presented in the unaudited pro forma combined financial statements and is not intended to project the future results of operations that the combined company may achieve after the Merger. The unaudited pro forma combined financial information does not reflect any potential cost savings that may be realized as a result of the Merger and also does not reflect any restructuring or integration-related costs to achieve those potential cost savings. Additionally, the unaudited pro forma combined financial information does not reflect any merger-related expenses incurred by the Company or pre-merger Anelixis . The unaudited pro forma combined financial information also excludes certain other income and other expense items as part of the acquisition of Anelixis. For the year ended December 31, 2020, a gain of approximately $0.7 million due to the forgiveness of Anelixis debt was removed from pro forma other income. Approximately $ 0.5 million ex cluded from pro forma other expenses for the years ended December 31, 2020, for interest expense related to notes that were converted into equity interest in the Company. Year Ended December 31, 2020 Revenue $ 120 Operating expenses Research and development 9,489 General and administrative 8,317 Restructuring expense 2,282 Total operating expenses 20,088 Loss from operations (19,968 ) Other income (expense), net 79 Warrant inducement expense (4,829 ) Loss before provision for income taxes (24,718 ) Income tax benefit 404 Net loss and other comprehensive loss $ (24,314 ) Net loss per share, basic and diluted $ (15.44 ) Weighted-average shares outstanding, basic and diluted 1,574,657 Actual net loss and other comprehensive loss of Anelixis since September 14, 2020 that is included in our consolidated statement of operations for the year ended December 31, 2020, is approximately $2.5 million. Anelixis did not recognize any revenue in 2020 since its acquisition by the Company.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The Company has evaluated events subsequent to December 31, 2021 through the filing date of this Annual Report on Form 10-K. Any material subsequent events that occurred during this time have been properly recognized or disclosed in the consolidated financial statements and accompanying notes. On January 11, 2022, the Company entered into an exchange agreement (the “Series X 1 1 1 F ollowing the Series X 1 X 1 Preferred Stock outstanding, which are convertible into 6,553,894 shares of common stock (after rounding for fractional shares and subject to beneficial ownership conversion blockers

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Eledon, a Delaware corporation, owns 100% of the issued and outstanding common stock or other ownership interest in Anelixis Therapeutics, LLC, a Delaware corporation, and Otic Pharma , Ltd., a private limited company organized under the laws of the State of Israel (“Otic”) All significant intercompany accounts and transactions among the entities have been eliminated in consolidation.
Liquidity and Financial Condition	Liquidity and Financial Condition The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. The Company recorded a net loss of $34.5 million and used $28.9 million of cash in operating activities for the year ended December 31, 2021. As of December 31, 2021, the Company had cash and cash equivalents of $84.8 million, working capital of $83.9 million and an accumulated deficit of $114.9 million. Due to continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future. In order to continue these activities, the Company will need to raise additional funds through public or private debt and equity financings or strategic collaboration and licensing arrangements. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. At the time of issuance of the consolidated financial statements for the year ended December 31, 2021, the Company’s management performed an analysis and concluded that the Company had sufficient cash resources to meet its anticipated cash needs through at least the next 12 months from the date of issuance of the accompanying consolidated financial statements. September 2020 Stock Purchase Agreement On September 14, 2020, Eledon entered into a Stock Purchase Agreement (the “ Purchase Agreement ”) with certain institutional and accredited investors (the “ Investors ”). Pursuant to the Purchase Agreement, Eledon agreed to sell an aggregate of approximately 199,112 shares of Series X 1 1 Financing ”). ach share of Series X 1 1 On December 23, 2020, the Company sold 1,004,111 shares of its common stock for gross proceeds of $9.0 million as part of the September 2020 Purchase Agreement. Reverse Stock Split On October 5, 2020, Eledon effected a reverse stock-split of its issued and outstanding common stock and options for common stock at a ratio of one-for-eighteen. The Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware effecting the reverse stock-split. The accompanying consolidated financial statements and notes, as well as other share and per-share data herein, give retroactive effect to the reverse stock-split for all periods presented.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation, accruals for liabilities, fair value of assets acquired and liabilities assumed in a business combination, impairment of long-lived assets, including
Cash and Cash Equivalents	Cash and Cash Equivalents Cash represents cash deposits held at financial institutions. The Company considers all liquid investments purchased with an original maturity of three months or less and that can be liquidated without prior notice or penalty to be cash equivalents. The carrying value of cash equivalents approximates their fair value due to the short-term maturities of these instruments. Cash equivalents are held for the purpose of meeting short-term liquidity requirements, rather than for investment purposes. The Company had $9.2 million in cash equivalents at December 31, 2021 and 2020.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are recorded at fair value. The Company measures the fair value of certain of its financial instruments on a recurring basis. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the 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. There have been no transfers of assets for liabilities between these fair value measurement classifications during the periods presented. The Company had no financial instruments, assets or liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties As of December 31, 2021 and 2020, all of the Company’s long-lived assets were located in the United States. Financial instruments that are subject to concentration of credit risk consist primarily of cash equivalents. The Company’s policy is to invest cash in institutional money market funds to limit the amount of credit exposure. At times, the Company maintains cash equivalents in short‑term money market funds and it has not experienced any losses on its cash equivalents. The Company’s products will require approval from the U.S. Food and Drug Administration (“FDA”) and foreign regulatory agencies before commercial sales can commence. There can be no assurance that its products will receive any of these required approvals. The denial or delay of such approvals may impact the Company’s business in the future. In addition, after the approval by the FDA, there is still an ongoing risk of adverse events that did not appear during the product approval process. The Company is subject to risks common to companies in the pharmaceutical industry, including, but not limited to, new technological innovations, clinical development risk, establishment of appropriate commercial partnerships, protection of proprietary technology, compliance with government and environmental regulations, uncertainty of market acceptance of products, product liability, the volatility of its stock price and the need to obtain additional financing. Our facilities and equipment, including those of our suppliers and vendors, may be affected by natural or man-made disasters. Our administrative office is based in Irvine, California and we manage all our research and development activities through third parties that are located throughout the world. We have taken precautions to safeguard our facilities, equipment and systems, including insurance, health and safety protocols, and off-site storage of computer data. However, our facilities and systems, as well as those of our third-party suppliers and vendors, may be vulnerable to earthquakes, fire, storm, health emergencies, including the ongoing COVID-19 pandemic, power loss, telecommunications failures, physical and software break-ins, software viruses and similar events which could cause substantial delays in our operations, damage or destroy our equipment or inventory, and cause us to incur additional expenses and delay research and development activities. In addition, the insurance coverage we maintain may not be adequate to cover our losses in any circumstance and may not continue to be available to use on acceptable terms, or at all.
Business Combinations	Business Combinations Accounting for acquisitions requires extensive use of estimates and judgment to measure the fair value of the identifiable tangible and intangible assets acquired, including in-process research and development (“IPR&D”) and liabilities assumed. Additionally, the Company must determine whether an acquired entity is considered a business or a set of net assets because the excess of the purchase price over the fair value of net assets acquired can only be recognized as goodwill in a business combination. The Company accounted for the acquisition of Anelixis as a business combination under the acquisition method of accounting. Consideration paid to acquire Anelixis was measured at fair value and included the exchange of Anelixis’ common stock. The allocation of the purchase price resulted in recognition of intangible assets related to goodwill and IPR&D. Acquired IPR&D is recognized at fair value and initially characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. The operating activity for Anelixis, the acquiree for accounting purposes, was immediately integrated with Eledon post-acquisition, therefore it is not practical to segregate results of operations related specifically to Anelixis since the date of acquisition. During the measurement period, which extends no later than one year from the acquisition date, the Company may record certain adjustments to the carrying value of the assets acquired and liabilities assumed with the corresponding offset to goodwill. After the measurement period, all adjustments are recorded in the consolidated statements of operations as operating expenses or income.
Reportable Segments	Reportable Segments Operating segments under GAAP are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer and the Company has determined that it operates in one business segment, which is the development of
Goodwill	Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired under the acquisition method of accounting. Goodwill is not amortized but is evaluated for impairment as of December 31 of each year or if indicators of impairment exist that would, more likely than not, reduce the fair value from its carrying amount. The Company performs its goodwill impairment analysis at the reporting unit level, which aligns with the Company’s reporting structure and availability of discrete financial information. If a quantitative assessment is performed the evaluation includes management estimates of cash flow projections based on internal future projections . Key assumptions for these projections include revenue growth, future gross and operating margin growth, and its weighted cost of capital and terminal growth rates. The revenue and margin growth is based on increased sales of new products as the Company maintains investments in research and development. Additional assumed value creators may include increased efficiencies from capital spending. The resulting cash flows are discounted using a weighted average cost of capital. Operating mechanisms and requirements to ensure that growth and efficiency assumptions will ultimately be realized are also considered in the evaluation, including timing and probability of regulatory approvals for Company products to be commercialized. The Company’s market capitalization is also considered as a part of its analysis. The Company’s annual evaluation for impairment of goodwill consists of one reporting unit. In accordance with the Company’s policy, the Company completed its annual evaluation for impairment as of December 31, 2021 using the qualitative assessment and determined that no impairment existed.
Long-Lived Assets	Long-Lived Assets Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Additions, major renewals and improvements are capitalized and repair and maintenance costs are charged to expense as incurred. Leasehold improvements are amortized over the remaining life of the initial lease term or the estimated useful lives of the assets, whichever is shorter. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount. An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value. Significant management judgment is required in the forecast of future operating results that are used in the preparation of expected cash flows. No impairments of long-lived assets have been identified during the years presented.
In-Process Research and Development	In-Process Research and Development The fair value of in-process research and development (“IPR&D”) acquired through a business combination is capitalized as an indefinite-lived intangible asset until the completion or abandonment of the related research and development activities. When the related research and development is completed, the asset will be assigned a useful life and amortized. The fair value of an IPR&D intangible asset is determined using the replacement cost method. This method involves arriving at an asset’s value by reference to the present-day cost, in an arms-length transaction, of replacing that asset with a similar asset in a similar condition.
Research and Development Expenses	Research and Development Expenses Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. The Company’s contracts with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to its vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. These contracts may be terminated by the Company upon written notice and the Company is generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances the Company may be further responsible for termination fees and penalties. The Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities through December 31, 2021.
Net Loss Per Share	Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, preferred stock, and stock options and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share was the same for the periods presented due to the Company’s net loss position. Year Ended December 31, 2021 2020 (In thousands, except share and per share data) Net loss $ (34,506 ) $ (22,811 ) Net loss per share, basic and diluted $ (2.33 ) $ (15.72 ) Weighted-average number of common shares 14,819,582 1,451,432 The computation of diluted earnings per share excludes stock options, warrants, and restricted stock units that are anti-dilutive. For the year ended December 31, 2021, common share equivalents of 1,087,174 shares were anti-dilutive. For the year ended December 31, 2020, common share equivalents of 632,543 shares were anti-dilutive.
Stock-Based Compensation	Stock-Based Compensation For stock options granted to employees and directors, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The fair value of stock options is determined using the Black-Scholes option pricing model, using assumptions which are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical industry. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior, the Company determined the expected life assumption using the simplified method for stock options granted to employees, which is an average of the options ordinary vesting period and the contractual term. For stock options granted to the Company’s board of directors (the “ Board ”) , the Company determined the expected life assumption using the simplified method as the starting point with an average period of twelve (12) months added to take into account for the extended range of time of 12 to 18 months vested stock options granted to Board members may be exercised upon termination . The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock - based compensation. Restricted Stock Units (“RSU”) and Performance-Based Stock Units (“PRSU”) are measured and recognized based on the quoted market price of our common stock on the date of grant. In March 2020, the Board approved an increase of 28,816 shares issuable under the 2014 Stock Incentive Plan (the “2014 Plan”) and 7,204 shares issuable under the 2014 Employee Stock Purchase Plan (the “ESPP”). On December 18, 2020, the Company held the Special Meeting, whereby the Company’s stockholders approved the 2020 Long Term Incentive Plan (the “2020 Plan”). The aggregate number of shares of stock available for issuance under the 2020 Plan will initially be 4,860,000 shares of Common Stock, which represented approximately 15% of the total issued and outstanding shares of the Company’s common stock as of the record date of the Special Meeting (calculated on an as-converted basis and without regard to the potential application of beneficial ownership conversion limitations on the Preferred Stock) and may be increased by the number of shares under the 2014 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company . Based on projected utilization rates, the Board currently intends that the initial shares under the 2020 Plan will be sufficient to fund the Company’s equity compensation needs for approximately three years from the date of the Special Meeting. The 2014 Plan was closed to new grants following the approval of the 2020 Plan, and therefore, there were no shares reserved for issuance under the 2014 Plan as of December 31, 2021. The number of shares reserved for issuance under the 2020 Plan and ESPP was 4,077,417 and 24,077 shares, respectively, as of December 31, 2021. Stock-based compensation expense related to stock options granted to nonemployees is recognized based on the estimated fair value of the stock options on their grant date, determined using the Black-Scholes option pricing model. The awards generally vest over the period the Company expects to receive services from the nonemployees. Similar to stock options granted to employees, the fair value of stock options granted to nonemployees, is determined using the Black-Scholes option pricing model, involves assumptions that are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical industry. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior on stock options granted to nonemployees, the Company determined the contractual term is the appropriate period for expected life on stock options granted to nonemployees. The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock-based compensation.
Income Taxes	Income Taxes Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. We assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history, and reliability of forecasting. We have provided a valuation allowance on our deferred tax assets as of December 31, 2021 and 2020 because we believe it is more likely than not that a majority of our deferred tax assets will not be realized as of this date. The Company evaluates the accounting for uncertainty in income tax recognized in its consolidated financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its consolidated financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has not accrued any liabilities for any such uncertain tax positions as of December 31, 2021 and 2020. The Company is subject to U.S. federal and state tax authority examinations for all the years since inception due to net operating loss and tax credit carryforwards. The net operating losses and tax credits are subject to adjustment until the statute closes on the year the attributes are ultimately utilized. The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. For additional information, see Note 6. Income Taxes.
Reclassifications	Reclassifications Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Recently Issued or Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements No new accounting pronouncement issued or effective during the fiscal period had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Common Share Equivalents Included from Computation of Net Loss Per Share	Year Ended December 31, 2021 2020 (In thousands, except share and per share data) Net loss $ (34,506 ) $ (22,811 ) Net loss per share, basic and diluted $ (2.33 ) $ (15.72 ) Weighted-average number of common shares 14,819,582 1,451,432

Prepaid Expenses Other Assets_2

Prepaid Expenses Other Assets Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Prepaid Expenses Other Assets Accrued Expenses And Other Liabilities [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Prepaid insurance $ 1,344 $ 1,157 Prepaid clinical 2,039 89 Prepaid other 96 41 Insurance receivable — 110 Other current assets 34 38 Total prepaid expenses and other current assets $ 3,513 $ 1,435
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Accrued compensation and related expenses $ 1,411 $ 98 Accrued severance 104 12 Accrued clinical 454 258 Accrued professional services 167 9 Accrued costs associated with PIPE financing - 450 Accrued other 83 146 Total accrued expenses and other liabilities $ 2,219 $ 973

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill consisted of the following for the years ended December 31, 2021 and 2020 (in thousands): Total Balance as of January 1, 2020 $ — Acquisition of Anelixis 48,648 Balance as of December 31, 2020 48,648 Goodwill acquired — Balance as of December 31, 2021 $ 48,648

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Year Ended December 31, 2021 2020 Operating lease cost (a) $ 283 $ 195 (a)
Schedule of Other Information Related to Leases	Other information related to leases was as follows (in thousands, except lease term and discount rate): Year Ended December 31, 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liability: Operating cash flows from operating lease $ 208 $ 188 Operating lease asset obtained in exchange for lease liability: Operating lease $ 825 $ — Remaining lease term Operating lease 2.41 years 0.75 years Discount rate Operating lease 3.00 % 3.25 %
Schedule of Future Payments Under Noncancelable Operating Leases	Future payments under noncancelable operating leases having initial or remaining terms of one year or more are as follows for the succeeding fiscal year and thereafter (in thousands): Year Ended December 31, 2021 2022 $ 387 2023 212 2024 200 Total minimum lease payments 799 Less imputed interest (30 ) Present value of lease liabilities 769 Less current portion of operating lease liability (369 ) Non-current operating lease liability $ 400

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Loss Before Income Taxes	L oss before income taxes are as follows (in thousands): Year Ended December 31, 2021 2020 Losses before income taxes: U.S. $ (37,055 ) $ (23,408 ) Non-U.S. 195 193 Total $ (36,860 ) $ (23,215 )
Summary of Provision (Benefit) for Income Taxes	The provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, 2021 2020 Current: Federal $ — $ — State — — Foreign — — — — Deferred: Federal (2,746 ) (404 ) State 392 — Foreign — — (2,354 ) (404 ) Provision (benefit) for income taxes $ (2,354 ) $ (404 )
Reconciliation of U.S. Federal Statutory Income Tax Rate	A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2021 2020 Statutory Federal income tax rate $ (7,741 ) $ (4,875 ) State income taxes, net of Federal tax benefits (445 ) — Tax credits (651 ) (215 ) Change in warrant fair market value — 1,014 Stock-based compensation 651 252 Goodwill impairment — — Permanent items 2 627 Section 382 limitation on net operating losses and credits — 10,562 State rate differential 235 — NOL true-up (991 ) — Other 146 89 Change in valuation allowance 6,440 (7,858 ) Total provision (benefit) for income taxes $ (2,354 ) $ (404 )
Schedule of Significant Components Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 consisted of the following (in thousands): Year Ended December 31, 2021 2020 Net operating loss carryforwards $ 12,531 $ 5,151 Research and development tax credits 1,356 705 Accruals and reserves 296 14 Stock compensation 1,867 802 Depreciation and amortization 1,713 1,905 Lease liability 171 30 Total deferred tax assets 17,934 8,607 Right-of-use asset (171 ) (29 ) Acquired IPR&D (7,192 ) (6,801 ) Total deferred tax liabilities (7,363 ) (6,830 ) Less: valuation allowance (12,323 ) (5,883 ) Net deferred tax liabilities $ (1,752 ) $ (4,106 )
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits	The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands): Year Ended December 31, 2021 2020 Gross unrecognized tax benefits at the beginning of the year $ 764 $ 548 Additions from tax positions taken in the current year 712 233 Additions from tax positions taken in prior years — 531 Reductions from tax positions taken in prior years (7 ) (548 ) Tax settlements — — Gross unrecognized tax benefits at the end of the year $ 1,469 $ 764

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Common Stock Warrants [Member]
Class Of Stock [Line Items]
Schedule of Warrants to Purchase Common Stock Activity	The following table shows the warrants to purchase common stock activity: Rollforward of Warrant Activity Registered direct warrants, placement agent Private placement warrants Private placement warrants, placement agent Warrants exchanged for common stock Warrants exchanged for Series X 1 Total Balance as of December 31, 2020 9,581 319,064 9,177 — — 337,822 Issued — — — 509,117 298,692 807,809 Exercised — — — — — — Cancelled/Expired — — — — — — Balance as of December 31, 2021 9,581 319,064 9,177 509,117 298,692 1,145,631
Preferred Stock Warrants [Member]
Class Of Stock [Line Items]
Schedule of Warrants to Purchase Common Stock Activity	The following table shows the warrants to purchase Series X 1 Rollforward of Series X 1 Warrants assumed and replaced in acquisition Total Balance as of December 31, 2020 55,583.875 55,583.875 Assumed and replaced — — Exercised — — Cancelled/Expired (5,376.456 ) (5,376.456 ) Balance as of December 31, 2021 50,207.419 50,207.419

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of All Option Activity Under 2007 Plan, 2014 Plan, 2020 Plan and Inducement Grants	The following table summarizes all option activity under the 2007 Plan, 2014 Plan, 2020 Plan and inducement grants: Shares Issuable Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In years) Outstanding as of January 1, 2020 91,403 $ 139.96 8.2 $ — Granted 2,191,462 9.15 Options Assumed 1,346,398 7.58 Forfeited / Canceled (7,784 ) 586.16 Outstanding as of December 31, 2020 3,621,479 10.63 8.9 $ — Granted 702,836 10.69 Exercised (174 ) 4.73 Forfeited / Canceled (110,164 ) 19.50 Outstanding as of December 31, 2021 4,213,977 $ 10.33 8.4 $ — Options vested and expected to vest as of December 31, 2021 4,132,506 $ 10.18 8.2 $ — Options exercisable as of December 31, 2021 1,871,327 $ 11.64 7.8 $ —
Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options Granted	The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted in the periods presented Year Ended December 31, 2021 2020 Expected stock price volatility 105% - 110% 74% - 87% Risk-free interest rate 1% 1% - 3% Expected life of option (in years) 6.25 - 6.75 6 Estimated dividend yield 0% 0%
Summary of RSU Activity	The following table shows the RSU activity, as follows: Shares Issuable Under RSUs Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In years) Outstanding as of January 1, 2020 3,056 $ 66.96 9.2 $ — Granted — — RSUs Vested (3,056 ) 66.96 9.2 Forfeited / Canceled — — Outstanding as of December 31, 2020 — — — — Granted 20,000 5.07 9.8 RSUs Vested — — Forfeited / Canceled — — Outstanding as of December 31, 2021 20,000 $ 5.07 9.8 $ — RSUs vested and expected to vest as of December 31, 2021 20,000 $ 5.07 9.8 $ — RSUs exercisable as of December 31, 2021 — $ — $ —
Schedule of Stock-Based Compensation Expense Related to Stock-Based Awards	Total compensation expense related to all of the Company’s stock-based awards for the years ended December 31, 2021 and 2020 was comprised of the following (in thousands): Year Ended December 31, 2021 2020 Stock-based compensation classified as: Research and development expense $ 3,166 $ 1,254 General and administrative expense 4,738 1,917 Total stock-based compensation expense $ 7,904 $ 3,171

Business Acquisition (Tables)

Business Acquisition (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Summary of Fair Value of Purchase Price Consideration	The following table summarizes the fair value of the purchase price consideration to acquire Anelixis (in thousands): Description Amount Fair value of purchase consideration: Common shares issued (1) $ 1,194 Preferred shares issued (2) 69,723 Options assumed (3) 2,950 Warrants assumed (3) 12,944 Total purchase consideration $ 86,811 (1) The fair value of common shares issued in the merger is based (2) The fair value of preferred shares issued in the merger is based on the amount per share of Series X 1 (3) The fair value of the options and warrants assumed and replaced in the merger is based on applying the Black-Scholes valuation method using appropriate inputs of volatility rates ranging from 82% to 83%, expected terms of 5.0 to 5.9 years and risk-free rates of 0.27% to 0.45%.
Summary of Preliminary Estimate of Fair Value of Assets Acquired and Liabilities Assumed	The following is an allocation of the purchase price as of the September 14, 2020 acquisition closing date based upon the estimated fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands): Description Amount Cash and cash equivalents $ 11,035 Prepaid expenses and other current assets 26 Other non-current assets 12 Accounts payable (580 ) Accrued expenses and other liabilities (206 ) Deferred tax liability (4,510 ) Net identifiable assets acquired 5,777 Goodwill 48,648 Identifiable intangible assets 32,386 Net assets acquired $ 86,811
Schedule of Unaudited Pro Forma Combined Financial Information	The following unaudited pro forma combined financial information is presented to illustrate the estimated effects of the Merger based on the historical financial statements and accounting records of Eledon and Anelixis after giving effect to the Merger and the Merger-related pro forma adjustments. The unaudited pro forma combined statement of operations for the years ended December 31, 2020 combine the historical statements of operations of Eledon and Anelixis, giving effect to the Merger as if it had occurred on January 1, 2020, the first day of the fiscal year ended December 31, 2020. The unaudited pro forma combined financial information has been presented for informational purposes only. The unaudited pro forma combined financial information does not purport to represent the actual results of operations that Eledon and Anelixis would have achieved had the companies been combined during the periods presented in the unaudited pro forma combined financial statements and is not intended to project the future results of operations that the combined company may achieve after the Merger. The unaudited pro forma combined financial information does not reflect any potential cost savings that may be realized as a result of the Merger and also does not reflect any restructuring or integration-related costs to achieve those potential cost savings. Additionally, the unaudited pro forma combined financial information does not reflect any merger-related expenses incurred by the Company or pre-merger Anelixis . The unaudited pro forma combined financial information also excludes certain other income and other expense items as part of the acquisition of Anelixis. For the year ended December 31, 2020, a gain of approximately $0.7 million due to the forgiveness of Anelixis debt was removed from pro forma other income. Approximately $ 0.5 million ex cluded from pro forma other expenses for the years ended December 31, 2020, for interest expense related to notes that were converted into equity interest in the Company. Year Ended December 31, 2020 Revenue $ 120 Operating expenses Research and development 9,489 General and administrative 8,317 Restructuring expense 2,282 Total operating expenses 20,088 Loss from operations (19,968 ) Other income (expense), net 79 Warrant inducement expense (4,829 ) Loss before provision for income taxes (24,718 ) Income tax benefit 404 Net loss and other comprehensive loss $ (24,314 ) Net loss per share, basic and diluted $ (15.44 ) Weighted-average shares outstanding, basic and diluted 1,574,657

Description of Business - Addit

Description of Business - Additional Information (Detail)	Sep. 14, 2020
Anelixis [Member]
Description Of Business [Line Items]
Date of acquisition	Sep. 14, 2020

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	Dec. 23, 2020USD ($)shares	Dec. 18, 2020shares	Sep. 14, 2020USD ($)shares	Dec. 31, 2021USD ($)SegmentReporting_Unitshares	Dec. 31, 2020USD ($)shares	Mar. 31, 2020shares	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net loss				$ (34,506,000)	$ (22,811,000)
Cash used in operating activities				(28,913,000)	(15,212,000)
Cash and cash equivalents				84,833,000	114,195,000		$ 8,791,000
Working capital				83,900,000
Accumulated deficit				$ (114,899,000)	(80,393,000)
Proceeds from issuance of common stock, net					9,000,000
Reverse stock split, description				one-for-eighteen
Cash, cash equivalents and restricted cash, maturity period				three months or less
Cash equivalents				$ 9,200,000	9,200,000
Financial assets transfers level 1 to 2				0	0
Financial assets transfers level 2 to 1				0	0
Financial liabilities transfers level 1 to 2				0	0
Financial liabilities transfers level 2 to 1				$ 0	0
Number of operating business segments | Segment				1
Number of reporting units | Reporting_Unit				1
Impairment charge				$ 0
Impairments of long-lived assets				$ 0	$ 0
Antidilutive securities excluded from computation of earnings per share, amount | shares				1,087,174	632,543
Expected life assumption using simplified method					6 years
Tax benefit				$ 0
Income tax examination, likelihood of settlement, description				The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.
Income tax examination, likelihood of settlement, percentage				50.00%
2014 Stock Incentive Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Increase in number of shares of common stock authorized for issuance | shares						28,816
Common stock, number of shares reserved for issuance | shares				0
Equity compensation period				10 years
2014 Employee Stock Purchase Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Increase in number of shares of common stock authorized for issuance | shares						7,204
Common stock, number of shares reserved for issuance | shares				24,077
2020 Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, number of shares reserved for issuance | shares		4,860,000		4,077,417
Percentage of issued and outstanding shares of common stock		15.00%
Equity compensation period		3 years
Stock Options [Member] | Board of Directors [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected life assumption using simplified method, description				For stock options granted to the Company’s board of directors (the “Board”), the Company determined the expected life assumption using the simplified method as the starting point with an average period of twelve (12) months added to take into account for the extended range of time of 12 to 18 months vested stock options granted to Board members may be exercised upon termination.
Expected life assumption using simplified method				12 months
Fair Value, Measurements, Recurring [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets measured at fair value				$ 0	$ 0
Liabilities measured at fair value				$ 0	$ 0
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected life assumption using simplified method				6 years 9 months
Maximum [Member] | Stock Options [Member] | Board of Directors [Member]
Summary Of Significant Accounting Policies [Line Items]
Vesting period of stock options granted				12 months
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected life assumption using simplified method				6 years 3 months
Minimum [Member] | Stock Options [Member] | Board of Directors [Member]
Summary Of Significant Accounting Policies [Line Items]
Vesting period of stock options granted				18 months
Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Proceeds from issuance of common stock, net	$ 9,000,000
Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Proceeds from issuance of common stock, net	$ 9,000,000
Common stock, number of shares sold | shares	1,004,111				1,004,111
Common Stock [Member] | Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, number of shares sold | shares	1,004,111
Anelixis [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected life assumption using simplified method			5 years 10 months 24 days
Anelixis [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected life assumption using simplified method			5 years
Anelixis [Member] | Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Convertible preferred stock shares agreed to sell | shares			199,112
Convertible preferred stock shares aggregate purchase price			$ 99,100,000
Business combination additional commitments in equity financing			$ 9,000,000
Anelixis [Member] | Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock | shares			55.5556
Anelixis [Member] | Common Stock [Member] | Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock | shares			55.5556
Otic Pharma [Member] | Anelixis [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage				100.00%
Otic Pharma, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage				100.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Common Share Equivalents Included from Computation of Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (34,506)	$ (22,811)
Net loss per share, basic and diluted	$ (2.33)	$ (15.72)
Weighted-average common shares outstanding, basic and diluted	14,819,582	1,451,432

Prepaid Expenses Other Assets_3

Prepaid Expenses Other Assets Accrued Expenses and Other Liabilities - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaid insurance	$ 1,344	$ 1,157
Prepaid clinical	2,039	89
Prepaid other	96	41
Insurance receivable		110
Other current assets	34	38
Total prepaid expenses and other current assets	$ 3,513	$ 1,435

Prepaid Expenses Other Assets_4

Prepaid Expenses Other Assets Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities And Other Liabilities [Abstract]
Accrued compensation and related expenses	$ 1,411	$ 98
Accrued severance	104	12
Accrued clinical	454	258
Accrued professional services	167	9
Accrued costs associated with PIPE financing		450
Accrued other	83	146
Total accrued expenses and other liabilities	$ 2,219	$ 973

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross Carrying Amount, Beginning balance	$ 48,648	$ 0
Goodwill acquired	0
Gross Carrying Amount, Ending balance	$ 48,648	48,648
Anelixis [Member]
Goodwill [Line Items]
Goodwill acquired		$ 48,648

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Nov. 04, 2021ft²	May 03, 2021	Dec. 31, 2021USD ($)ft²Milestone	Dec. 31, 2020USD ($)Milestone	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2015USD ($)
Other Commitments [Line Items]
Rental expense			$ 300,000	$ 200,000
Debt outstanding			0
Indemnification obligations amount			0
Contingent liabilities			$ 0	$ 0
Office of Chief Scientist of Israeli Ministry of Economy and Industry [Member]
Other Commitments [Line Items]
Grants received							$ 500,000
ALS Therapy Development Foundation, Inc. License Agreement [Member]
Other Commitments [Line Items]
Fee due for milestones achieved					$ 1,000,000	$ 1,000,000
Common stock issued in lieu of making a cash payment					$ 1,000,000	$ 1,000,000
Number of Milestones Achieved | Milestone			0	0
Remaining milestone payments for first licensed product			$ 6,000,000
Annual License Maintenance Fee			100,000
ALS Therapy Development Foundation, Inc. License Agreement [Member] | Achievement of 500 Million Aggregate Sales [Member]
Other Commitments [Line Items]
Reaching of aggregate net sales			500,000,000
Amount of one-time milestone payment			15,000,000
ALS Therapy Development Foundation, Inc. License Agreement [Member] | Achievement of 1 Billion Aggregate Sales [Member]
Other Commitments [Line Items]
Reaching of aggregate net sales			1,000,000,000
Amount of one-time milestone payment			$ 30,000,000
Minimum [Member]
Other Commitments [Line Items]
Remaining term of office lease			1 year
Maximum [Member]
Other Commitments [Line Items]
Remaining term of office lease			3 years
Maximum [Member] | ALS Therapy Development Foundation, Inc. License Agreement [Member]
Other Commitments [Line Items]
Development and regulatory milestone payments			$ 2,500,000
Irvine, California [Member]
Other Commitments [Line Items]
Area of office space | ft²			5,197
Lease expiration date		Dec. 31, 2022	Sep. 30, 2021
Effective date of lease amendment		Oct. 1, 2021
Burlington, Massachusetts [Member]
Other Commitments [Line Items]
Area of office space | ft²	6,138
Lease expiration date	Nov. 20, 2024

Commitments and Contingencies_2

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Operating lease cost	$ 283	$ 195

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Other Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liability:
Operating cash flows from operating lease	$ 208	$ 188
Operating lease asset obtained in exchange for lease liability:
Operating lease	$ 825
Remaining lease term
Operating lease	2 years 4 months 28 days	9 months
Discount rate
Operating lease	3.00%	3.25%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
2022	$ 387
2023	212
2024	200
Total minimum lease payments	799
Less imputed interest	(30)
Present value of lease liabilities	769
Less current portion of operating lease liability	(369)	$ (144)
Non-current operating lease liability	$ 400

Income Taxes - Summary of Loss

Income Taxes - Summary of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Losses before income taxes:
U.S.	$ (37,055)	$ (23,408)
Non-U.S.	195	193
Loss before income tax benefit	$ (36,860)	$ (23,215)

Income Taxes - Summary of Provi

Income Taxes - Summary of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred:
Federal	$ (2,746)	$ (404)
State	392
Deferred income tax expense (benefit)	(2,354)	(404)
Provision (benefit) for income taxes	$ (2,354)	$ (404)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Federal Income tax rate	21.00%	21.00%
Net valuation allowance Increased (decreased)	$ 6,400,000	$ 6,400,000	$ (5,100,000)
Research and development tax credit carryforwards for federal and state	$ 1,356,000	705,000
Period for which cumulative change in ownership annual use net operating loss and research and development credit carryforwards	3 years
Accrued interest and penalties associated with uncertain tax positions	$ 0	0
Interest or penalties recorded during the year	$ 0	0
Minimum [Member]
Tax Credit Carryforward [Line Items]
Percentage of cumulative change in ownership	50.00%
Domestic Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Federal net operating loss carryforwards	$ 46,900,000	14,400,000
Net operating loss carryforward expiration period	2035
Federal net operating loss carryforwards, not to expiration	$ 46,100,000
Research and development tax credit carryforwards for federal and state	$ 1,900,000	1,000,000
Research and development tax credit carryforwards expiration period	2036
State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
State net operating loss carryforwards	$ 15,000,000	6,200,000
Research and development tax credit carryforwards for federal and state	$ 1,100,000	$ 600,000
Research and development tax credit carryforwards expiration period	2030
Research and development tax credit carryforwards expiration description	As of December 31, 2021 and 2020, the Company has state research and development credit carryforwards or approximately $1.1 million and $0.6 million, respectively, which will begin expiring in 2030 if not utilized
Israeli Tax Authority [Member] | Foreign Country [Member]
Tax Credit Carryforward [Line Items]
Income tax rate		23.00%
Foreign operating losses carryforwards	$ 7,900,000	$ 7,900,000
California [Member] | State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carryforward expiration period	2035

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory Federal income tax rate	$ (7,741)	$ (4,875)
State income taxes, net of Federal tax benefits	(445)
Tax credits	(651)	(215)
Change in warrant fair market value		1,014
Stock-based compensation	651	252
Permanent items	2	627
Section 382 limitation on net operating losses and credits		10,562
State rate differential	235
NOL true-up	(991)
Other	146	89
Change in valuation allowance	6,440	(7,858)
Provision (benefit) for income taxes	$ (2,354)	$ (404)

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 12,531	$ 5,151
Research and development tax credits	1,356	705
Accruals and reserves	296	14
Stock compensation	1,867	802
Depreciation and amortization	1,713	1,905
Lease liability	171	30
Total deferred tax assets	17,934	8,607
Right-of-use asset	(171)	(29)
Acquired IPR&D	(7,192)	(6,801)
Total deferred tax liabilities	(7,363)	(6,830)
Less: valuation allowance	(12,323)	(5,883)
Net deferred tax liabilities	$ (1,752)	$ (4,106)

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits at the beginning of the year	$ 764	$ 548
Additions from tax positions taken in the current year	712	233
Additions from tax positions taken in prior years		531
Reductions from tax positions taken in prior years	(7)	(548)
Gross unrecognized tax benefits at the end of the year	$ 1,469	$ 764

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	Sep. 21, 2021shares	Dec. 23, 2020USD ($)shares	Dec. 18, 2020$ / sharesshares	Sep. 14, 2020USD ($)shares	Jun. 10, 2020shares	Feb. 13, 2020USD ($)Feature$ / sharesshares	Jan. 15, 2020USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Feb. 19, 2020shares
Class Of Stock [Line Items]
Proceeds from issuance of non-voting preferred stock in connection with PIPE transaction, net | $									$ 95,226,000
Proceeds from issuance of common stock | $									9,000,000
Warrant inducement expense | $									$ 4,829,000
September 2020 Anelixis Acquisition [Member] | Stock Options [Member]
Class Of Stock [Line Items]
Estimated fair value, assumed and replaced value | $				$ 3,000,000
Common Stock [Member]
Class Of Stock [Line Items]
Issuance of common stock in connection with conversion of Series X preferred stock, Shares									210,888
Common stock number of shares issued		1,004,111							1,004,111
Proceeds from issuance of common stock | $		$ 9,000,000
Issuance of common stock in connection with exercise of warrants, net of issuance costs, Shares									421,772
Warrants available for exercise								1,145,631
Common Stock [Member] | September 2020 Anelixis Acquisition [Member]
Class Of Stock [Line Items]
Issuance of common stock				175,488
Warrant [Member] | September 2020 Anelixis Acquisition [Member]
Class Of Stock [Line Items]
Estimated fair value, assumed and replaced value | $				$ 12,900,000
Series X Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of stock, shares converted					3,285
Number of embedded features within preferred stock | Feature						2
Issuance of common stock in connection with conversion of Series X preferred stock, Shares									(3,796)
Series X Non-voting Convertible Preferred Stock [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Issuance of common stock in connection with conversion of Series X preferred stock, Shares					182,500
Series X1 Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value | $ / shares			$ 0.001
Shares of common stock issued upon conversion of each share of preferred stock								2,789,301
Warrants available for exercise								50,207.419
Series X1 Preferred Stock [Member] | September 2020 Anelixis Acquisition [Member]
Class Of Stock [Line Items]
Issuance of common stock				140,026
Series X1 Preferred Stock [Member] | September 2020 Anelixis Acquisition [Member] | Stock Options [Member]
Class Of Stock [Line Items]
Estimated fair value, assumed and replaced				1,346,398
Estimated fair value, assumed and replaced value | $				$ 6,000,000
Series X1 Preferred Stock [Member] | Warrant [Member] | September 2020 Anelixis Acquisition [Member]
Class Of Stock [Line Items]
Estimated fair value, assumed and replaced				55,583.875
Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value | $ / shares			$ 0.001					$ 0.001	$ 0.001
Issuance of common stock in connection with conversion of Series X preferred stock, Shares			231,068						(231,068)
Issuance of preferred stock									199,112
Series X1 Non-voting Convertible Preferred Stock [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Issuance of common stock in connection with conversion of Series X preferred stock, Shares									12,837,056
2020 Common Stock Exchange Agreement [Member] | Exchanging Stockholders [Member]
Class Of Stock [Line Items]
Reimbursement of expenses | $						$ 25,000
Conversion of stock blocker provision percentage						9.99%
2020 Common Stock Exchange Agreement [Member] | Exchanging Stockholders [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Conversion of stock, shares converted						210,888
Shares of common stock issued upon conversion of each share of preferred stock						55.5556				55.5556
2020 Common Stock Exchange Agreement [Member] | Exchanging Stockholders [Member] | Series X Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued						3,796
Number of designated preferred stock shares						10,000
Preferred stock, par value | $ / shares						$ 0.001
Stock Purchase Agreement [Member] | Series X Non-voting Convertible Preferred Stock [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock				55.5556
Conversion of stock blocker provision percentage				9.99%
Stock Purchase Agreement [Member] | Series X1 Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of stock, shares converted			231,068
Preferred stock, par value | $ / shares			$ 0.001
Issuance of preferred stock				199,112
Preferred stock shares aggregate purchase price				99,100,000
Proceeds from issuance of non-voting preferred stock in connection with PIPE transaction, net | $				$ 95,200,000
Business combination additional commitments in equity financing | $				$ 9,000,000
Common stock number of shares issued		1,004,111
Proceeds from issuance of common stock | $		$ 9,000,000
Stock Purchase Agreement [Member] | Series X1 Preferred Stock [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock				55.5556
Issuance of common stock in connection with conversion of Series X preferred stock, Shares			12,837,056
2020 Warrant Exercise Transactions [Member] | Warrants [Member]
Class Of Stock [Line Items]
Warrants to purchase common stock							383,235
Warrant reduced exercise price per share | $ / shares							$ 12.87
Warrant additional exercise price per share | $ / shares							$ 2.25
Common stock shares gross proceeds value | $							$ 5,800,000
2020 Warrant Exercise Transactions [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Warrants to purchase common stock									64,171
Common stock shares gross proceeds value | $									$ 188,773
Warrant exercise price per share | $ / shares							$ 12.96
Warrants exercisable term							5 years 6 months
Issuance of common stock in connection with exercise of warrants, net of issuance costs, Shares									28,553
Number of shares exercised									9,985
2020 Warrant Exercise Transactions [Member] | Common Stock [Member] | Placement Agent [Member]
Class Of Stock [Line Items]
Warrant exercise price per share | $ / shares							$ 18.90
Percentage of warrants to issue shares of common stock							5.00%
2020 Warrant Exercise Transactions [Member] | Common Stock [Member] | Maximum [Member]
Class Of Stock [Line Items]
Warrants to purchase common stock							383,235
2020 Warrant Exercise Transactions [Member] | Common Stock [Member] | Maximum [Member] | Placement Agent [Member]
Class Of Stock [Line Items]
Warrants to purchase common stock							19,162
Series X Exchange Agreement [Member] | BVF Exchanging Stockholders, Series X Exchanging Stockholders [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Conversion of stock, shares converted									344,666
Series X Exchange Agreement [Member] | BVF Exchanging Stockholders, Series X Exchanging Stockholders [Member] | Series X Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued									6,203.98
Warrant Exchange Agreement and Exchange Agreements [Member] | BVF Exchanging Stockholders | Common Stock [Member]
Class Of Stock [Line Items]
Warrants to purchase common stock									509,117
September 2021 Warrant Exchange Agreement [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Warrants issued	298,692
September 2021 Warrant Exchange Agreement [Member] | Series X1 Non-voting Convertible Preferred Stock [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Warrants exercisable for exchange	5,376.456
Equity Distribution Agreement [Member] | Jeffries LLC [Member]
Class Of Stock [Line Items]
Common stock number of shares issued								0
Equity distribution agreement maximum value of common shares issuable | $								$ 75,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Warrants to Purchase Common Stock Activity (Detail) - Common Stock Warrants [Member]	12 Months Ended
	Dec. 31, 2021shares
Class Of Warrant Or Right [Line Items]
Beginning Balance	337,822
Warrants issued	807,809
Exercised	0
Cancelled/Expired	0
Ending Balance	1,145,631
Registered Direct Warrants, Placement Agent [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	9,581
Warrants issued	0
Exercised	0
Cancelled/Expired	0
Ending Balance	9,581
Private Placement Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	319,064
Warrants issued	0
Exercised	0
Cancelled/Expired	0
Ending Balance	319,064
Private Placement Warrants, Placement Agent [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	9,177
Warrants issued	0
Exercised	0
Cancelled/Expired	0
Ending Balance	9,177
Warrants Exchanged for Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	0
Warrants issued	509,117
Exercised	0
Cancelled/Expired	0
Ending Balance	509,117
Warrants Exchanged for Preferred Stock Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	0
Warrants issued	298,692
Exercised	0
Cancelled/Expired	0
Ending Balance	298,692

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Warrant to Purchase Series X1 Convertible Preferred Stock Activity (Detail) - Preferred Stock Warrants [Member]	12 Months Ended
	Dec. 31, 2021shares
Class Of Warrant Or Right [Line Items]
Beginning Balance	55,583.875
Assumed and replaced	0
Exercised	0
Cancelled/Expired	(5,376.456)
Ending Balance	50,207.419
Warrants Assumed and Replaced in Acquisition [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	55,583.875
Assumed and replaced	0
Exercised	0
Cancelled/Expired	(5,376.456)
Ending Balance	50,207.419

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Plan$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock compensation plans | Plan	3
Common stock reverse stock split ratio	0.05555555555
Common stock reverse stock split description	one-for-eighteen
Number of options outstanding	4,213,977	3,621,479	91,403
Range of exercise prices | $ / shares	$ 10.33	$ 10.63	$ 139.96
Aggregate intrinsic value of options exercised | $	$ 0
Unrecognized stock-based compensation expense | $	$ 15,900,000
Unrecognized stock-based compensation expense, recognized over estimated weighted average period	2 years 3 months 18 days
Stock-based compensation expense | $	$ 7,904,000	$ 3,171,000
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	0
Number of shares vested		3,056
Value of shares vested | $	$ 0	$ 200,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices | $ / shares	$ 4.73
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices | $ / shares	$ 2,147
2020 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance	4,860,000
Number of options outstanding	782,583
Options granted, expiration period	10 years
Stock awards available for grant	4,077,417
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance	0
Number of options outstanding	100,532
Options granted, expiration period	10 years
2007 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding	1,151
Options granted, expiration period	10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of All Option Activity Under 2007 Plan, 2014 Plan, 2020 Plan and Inducement Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares Issuable Under Options
Outstanding, beginning balance	3,621,479	91,403
Granted	702,836	2,191,462
Options Assumed		1,346,398
Exercised	(174)
Forfeited / Canceled	(110,164)	(7,784)
Outstanding, ending balance	4,213,977	3,621,479	91,403
Options vested and expected to vest as of December 31, 2021	4,132,506
Options exercisable as of December 31, 2021	1,871,327
Weighted Average Exercise Price
Outstanding, beginning balance	$ 10.63	$ 139.96
Granted	10.69	9.15
Options Assumed		7.58
Exercised	4.73
Forfeited / Canceled	19.50	586.16
Outstanding, ending balance	10.33	$ 10.63	$ 139.96
Options vested and expected to vest as of December 31, 2021	10.18
Options exercisable as of December 31, 2021	$ 11.64
Weighted Average Remaining Contractual Term (In years)
Outstanding, balance	8 years 4 months 24 days	8 years 10 months 24 days	8 years 2 months 12 days
Options vested and expected to vest as of December 31, 2021	8 years 2 months 12 days
Options exercisable as of December 31, 2021	7 years 9 months 18 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected stock price volatility, minimum	105.00%	74.00%
Expected stock price volatility, maximum	110.00%	87.00%
Risk-free interest rate, minimum		1.00%
Risk-free interest rate, maximum	1.00%	3.00%
Expected life of option (in years)		6 years
Estimated dividend yield	0.00%	0.00%
Minimum [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected life of option (in years)	6 years 3 months
Maximum [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected life of option (in years)	6 years 9 months

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares Issuable Under RSUs
Options exercisable as of December 31, 2021	1,871,327
Weighted Average Exercise Price
Options exercisable as of December 31, 2021	$ 11.64
RSU [Member]
Shares Issuable Under RSUs
Outstanding, beginning balance		3,056
Granted	20,000
RSUs Vested		(3,056)
Outstanding, ending balance	20,000		3,056
RSUs vested and expected to vest as of December 31, 2021	20,000
Weighted Average Exercise Price
Outstanding, beginning balance		$ 66.96
Granted	$ 5.07
RSUs Vested		$ 66.96
Outstanding, ending balance	5.07		$ 66.96
RSUs vested and expected to vest as of December 31, 2021	$ 5.07
Weighted Average Remaining Contractual Term (In years)
Outstanding as of January 1, 2020	9 years 9 months 18 days		9 years 2 months 12 days
Granted	9 years 9 months 18 days
RSUs Vested		9 years 2 months 12 days
RSUs vested and expected to vest as of December 31, 2021	9 years 9 months 18 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Related to Stock-Based Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,904	$ 3,171
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,166	1,254
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,738	$ 1,917

Restructuring Expense - Additio

Restructuring Expense - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring And Related Activities [Abstract]
Expenses related to workforce reduction	$ 2,300	$ 2,282

Business Acquisition - Addition

Business Acquisition - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 23, 2020	Dec. 18, 2020	Sep. 14, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2021
Business Acquisition [Line Items]
Common stock, par value				$ 0.001	$ 0.001	$ 0.001
Goodwill				$ 48,648	$ 48,648	$ 48,648
Proceeds from issuance of common stock					9,000
Net loss and other comprehensive loss					24,314
General and Administrative [Member]
Business Acquisition [Line Items]
Business acquisition costs					$ 2,900
Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Business Acquisition [Line Items]
Proceeds from issuance of common stock	$ 9,000
Series X1 Preferred Stock [Member]
Business Acquisition [Line Items]
Preferred stock, par value		$ 0.001		$ 0.001	$ 0.001	$ 0.001
Issuance of common stock in connection with conversion of Series X preferred stock, Shares		231,068			(231,068)
Preferred stock, shares outstanding				108,070	108,070	108,070
Common Stock [Member]
Business Acquisition [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock		12,837,056
Common Stock [Member]
Business Acquisition [Line Items]
Issuance of common stock in connection with conversion of Series X preferred stock, Shares					210,888
Shares of common stock sold	1,004,111				1,004,111
Proceeds from issuance of common stock	$ 9,000
Common Stock [Member] | Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Business Acquisition [Line Items]
Shares of common stock sold	1,004,111
Common Stock [Member] | Series X1 Preferred Stock [Member]
Business Acquisition [Line Items]
Issuance of common stock in connection with conversion of Series X preferred stock, Shares					12,837,056
Anelixis [Member]
Business Acquisition [Line Items]
Business acquisition, date of acquisition			Sep. 14, 2020
Common stock, par value			$ 0.001
Goodwill			$ 48,648
Business acquisition costs					$ 3,400
Estimated fair value related to clinical development program			32,386
Gain from forgiveness of debt excluded from pro forma combined financial information					700
Other expenses excluded from pro forma combined financial information					$ 500
Net loss and other comprehensive loss				$ 2,500
Anelixis [Member] | In-Process Research and Development [Member]
Business Acquisition [Line Items]
Estimated fair value related to clinical development program			$ 32,400
Anelixis [Member] | Series X1 Preferred Stock [Member]
Business Acquisition [Line Items]
Shares Issued to stockholders of acquiree			140,026
Anelixis [Member] | Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Business Acquisition [Line Items]
Preferred stock shares agreed to sell			199,112
Preferred stock shares aggregate purchase price			$ 99,100
Business combination additional commitments in equity financing			$ 9,000
Anelixis [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Shares Issued to stockholders of acquiree			175,488
Shares of common stock issued upon conversion of each share of preferred stock			55.5556
Anelixis [Member] | Common Stock [Member] | Series X1 Preferred Stock [Member] | Stock Purchase Agreement [Member]
Business Acquisition [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock			55.5556

Business Acquisition - Summary

Business Acquisition - Summary of Fair Value of Purchase Price Consideration (Detail) - Anelixis [Member] $ in Thousands	Sep. 14, 2020USD ($)
Fair value of purchase consideration:
Total purchase consideration	$ 86,811
Stock Options [Member]
Fair value of purchase consideration:
Awards assumed	2,950
Common Stock [Member]
Fair value of purchase consideration:
Awards assumed	1,194
Preferred Stock [Member]
Fair value of purchase consideration:
Awards assumed	69,723
Warrant [Member]
Fair value of purchase consideration:
Awards assumed	$ 12,944

Business Acquisition - Summar_2

Business Acquisition - Summary of Fair Value of Purchase Price Consideration (Parenthetical) (Detail) - $ / shares	Sep. 14, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Expected stock price volatility, minimum		105.00%	74.00%
Expected stock price volatility, maximum		110.00%	87.00%
Expected life of option (in years)			6 years
Risk-free interest rate, minimum			1.00%
Risk-free interest rate, maximum		1.00%	3.00%
Minimum [Member]
Business Acquisition [Line Items]
Expected life of option (in years)		6 years 3 months
Maximum [Member]
Business Acquisition [Line Items]
Expected life of option (in years)		6 years 9 months
Anelixis [Member]
Business Acquisition [Line Items]
Expected stock price volatility, minimum	82.00%
Expected stock price volatility, maximum	83.00%
Risk-free interest rate, minimum	0.27%
Risk-free interest rate, maximum	0.45%
Anelixis [Member] | Minimum [Member]
Business Acquisition [Line Items]
Expected life of option (in years)	5 years
Anelixis [Member] | Maximum [Member]
Business Acquisition [Line Items]
Expected life of option (in years)	5 years 10 months 24 days
Common Stock [Member] | Anelixis [Member]
Business Acquisition [Line Items]
Business acquisition, shares issued	175,488
Business acquisition, closing price per share	$ 6.80

Business Acquisition - Summar_3

Business Acquisition - Summary of Preliminary Estimate of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Sep. 14, 2020
Business Acquisition [Line Items]
Goodwill	$ 48,648	$ 48,648
Anelixis [Member]
Business Acquisition [Line Items]
Cash and cash equivalents			$ 11,035
Prepaid expenses and other current assets			26
Other non-current assets			12
Accounts payable			(580)
Accrued expenses and other liabilities			(206)
Deferred tax liability			(4,510)
Net identifiable assets acquired			5,777
Goodwill			48,648
Identifiable intangible assets			32,386
Net assets acquired			$ 86,811

Business Acquisition - Schedule

Business Acquisition - Schedule of Unaudited Pro Forma Combined Financial Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Business Combinations [Abstract]
Revenue	$ 120
Operating expenses
Research and development	9,489
General and administrative	8,317
Restructuring expense	2,282
Total operating expenses	20,088
Loss from operations	(19,968)
Other income (expense), net	79
Warrant inducement expense	(4,829)
Loss before provision for income taxes	(24,718)
Income tax benefit	404
Net loss and other comprehensive loss	$ (24,314)
Net loss per share, basic and diluted | $ / shares	$ (15.44)
Weighted-average shares outstanding, basic and diluted | shares	1,574,657

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Jan. 11, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, par value		$ 0.001	$ 0.001
Common stock, shares outstanding		14,306,788	15,160,397
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding	13,756,788
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Conversion of stock, shares converted	6,553,894
Subsequent Event [Member] | Series X1 Preferred Stock [Member]
Subsequent Event [Line Items]
Conversion of stock, shares issued	117,970
Subsequent Event [Member] | Series X1 Exchange Agreement [Member] | Biotechnology Value Fund Exchanging Stockholders [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Conversion of stock, shares converted	550,000
Subsequent Event [Member] | Series X1 Exchange Agreement [Member] | Biotechnology Value Fund Exchanging Stockholders [Member] | Series X1 Preferred Stock [Member]
Subsequent Event [Line Items]
Conversion of stock, shares issued	9,899.99