Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ALRN | |
Entity Registrant Name | Aileron Therapeutics, Inc. | |
Entity Central Index Key | 0001420565 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 4,541,167 | |
Entity File Number | 001-38130 | |
Entity Tax Identification Number | 13-4196017 | |
Entity Address, Address Line One | 738 Main Street | |
Entity Address, Address Line Two | #398 | |
Entity Address, City or Town | Waltham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02451 | |
City Area Code | 617 | |
Local Phone Number | 995-0900 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,783 | $ 5,194 |
Investments | 8,938 | 16,048 |
Prepaid expenses and other current assets | 359 | 606 |
Restricted cash | 25 | 25 |
Total current assets | 17,105 | 21,873 |
Operating lease, right-of-use asset | 40 | |
Other non-current assets | 24 | |
Property and equipment, net | 52 | 70 |
Total assets | 17,157 | 22,007 |
Current liabilities: | ||
Accounts payable | 458 | 1,720 |
Accrued expenses and other current liabilities | 2,426 | 1,631 |
Operating lease liability, current portion | 33 | |
Total current liabilities | 2,884 | 3,384 |
Total liabilities | 2,884 | 3,384 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized and no shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | ||
Common stock, $0.001 par value; 45,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 4,541,167 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 91 | 91 |
Additional paid-in capital | 291,756 | 291,365 |
Accumulated other comprehensive loss | (10) | (48) |
Accumulated deficit | (277,564) | (272,785) |
Total stockholders’ equity | 14,273 | 18,623 |
Total liabilities and stockholders’ equity | $ 17,157 | $ 22,007 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 4,541,167 | 4,541,167 |
Common stock, shares outstanding | 4,541,167 | 4,541,167 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 1,810 | 5,893 |
General and administrative | 2,179 | 2,528 |
Restructuring and Other Costs | 1,022 | |
Total operating expenses | 5,011 | 8,421 |
Loss from operations | (5,011) | (8,421) |
Interest income | 55 | 21 |
Other income, net | 177 | (22) |
Net loss | $ (4,779) | $ (8,422) |
Net loss per share - basic | $ (1.05) | $ (1.86) |
Net loss per share - diluted | $ (1.05) | $ (1.86) |
Weighted average common shares outstanding - basic | 4,541,167 | 4,533,679 |
Weighted average common shares outstanding - diluted | 4,541,167 | 4,533,679 |
Comprehensive loss: | ||
Net loss | $ (4,779) | $ (8,422) |
Other comprehensive loss: | ||
Unrealized gain (loss) on investments, net of tax of $0 | 38 | (62) |
Total other comprehensive gain (loss) | 38 | (62) |
Total comprehensive loss | $ (4,741) | $ (8,484) |
Condensed Statements of Opera_2
Condensed Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Unrealized gain (loss) on investments, net of tax | $ 0 | $ 0 |
Condensed Statement of Stockhol
Condensed Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ 43,904 | $ 91 | $ 289,282 | $ (13) | $ (245,456) |
Beginning balance, shares at Dec. 31, 2021 | 4,528,667 | ||||
Issuance of common stock, shares | 12,500 | ||||
Stock-based compensation expense | 689 | 689 | |||
Unrealized gain (loss) on investments | (62) | (62) | |||
Net loss | (8,422) | (8,422) | |||
Ending balance at Mar. 31, 2022 | 36,109 | $ 91 | 289,971 | (75) | (253,878) |
Ending balance, shares at Mar. 31, 2022 | 4,541,167 | ||||
Beginning balance at Dec. 31, 2022 | $ 18,623 | $ 91 | 291,365 | (48) | (272,785) |
Beginning balance, shares at Dec. 31, 2022 | 4,541,167 | 4,541,167 | |||
Stock-based compensation expense | $ 391 | 391 | |||
Unrealized gain (loss) on investments | 38 | 38 | |||
Net loss | (4,779) | (4,779) | |||
Ending balance at Mar. 31, 2023 | $ 14,273 | $ 91 | $ 291,756 | $ (10) | $ (277,564) |
Ending balance, shares at Mar. 31, 2023 | 4,541,167 | 4,541,167 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (4,779) | $ (8,422) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 43 | 41 |
Net amortization of premiums and discounts on investments | (103) | (3) |
Stock-based compensation expense | 391 | 689 |
Loss on disposal of fixed assets | 16 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 247 | 326 |
Other assets | 24 | |
Accounts payable | (1,262) | (187) |
Operating lease liabilities | (33) | (31) |
Accrued expenses and other current liabilities | 795 | (213) |
Net cash used in operating activities | (4,661) | (7,800) |
Cash flows from investing activities: | ||
Purchases of investments | (4,712) | |
Proceeds from sales or maturities of investments | 7,250 | 16,361 |
Net cash provided by investing activities | 7,250 | 11,649 |
Cash flows from financing activities: | ||
Net increase in cash, cash equivalents and restricted cash | 2,589 | 3,849 |
Cash, cash equivalents and restricted cash at beginning of period | 5,219 | 3,625 |
Cash, cash equivalents and restricted cash at end of period | $ 7,808 | $ 7,474 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1 . Nature of the Business and Basis of Presentation Aileron Therapeutics, Inc. (“Aileron” or the “Company”) is a clinical stage chemoprotection oncology company. The Company's product candidate, ALRN-6924, is a MDM2/MDMX dual inhibitor that leverages our proprietary peptide drug technology. On February 21, 2023 , the Company decided to terminate its Phase 1b chemoprotection trial of ALRN-6924 in patients with p53-mutated breast cancer and further development of ALRN-6924. The Company determined to reduce the Company’s remaining workforce from nine to three full-time employees. The Company also announced that it is exploring a range of strategic alternatives to maximize stockholder value. The Company has engaged a third party to act as a strategic advisor for this process. Strategic alternatives that are being evaluated may include, but are not limited to, an acquisition, a merger, a business combination, a sale of assets or other transaction. There is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed . When used as a chemoprotective agent, ALRN-6924 is designed to activate p53, which in turn upregulates p21, a known inhibitor of the cell replication cycle. ALRN-6924 was the only reported chemoprotective agent in clinical development to employ a biomarker strategy, in which we exclusively focused on treating patients with p53-mutated cancers. The Company originally initiated development of ALRN-6924 as an anti-cancer agent to restore p53-dependent tumor suppression in p53 wild-type tumors. When used as an anti-cancer agent, ALRN-6924 is designed to disrupt the interaction of p53 suppressors MDM2 and MDMX with tumor suppressor p53 to reactivate tumor suppression in non-mutant, or wild-type, p53 cancers. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, uncertainties in the clinical development of product candidates and in the ability to obtain needed additional financing. ALRN-6924 will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. On November 10, 2022, the Company effected a one-for-twenty reverse stock split on its common stock (the “Reverse Stock Split”). The Reverse Stock Split was reflected on the Nasdaq Capital Market beginning with the opening of trading on November 11, 2022. Pursuant to the Reverse Stock Split, every 20 shares of the Company's issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. The Reverse Stock Split reduced the authorized number of shares of common stock from 300,000,000 to 15,000,000 and, pursuant to the certificate of amendment, such reduced authorized number of shares of common stock was subsequently multiplied by three, such that following the Reverse Stock Split the Company has 45,000,000 shares of common stock authorized. The Reverse Stock Split affected all issued and outstanding shares of the Company's common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding stock options, outstanding warrants and the Company's equity incentive plans were proportionately adjusted. All share and per share amounts of the common stock included in the accompanying financial statements have been retrospectively adjusted to give effect to the Reverse Stock Split for all periods presented. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Liquidity In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued. The Company’s interim financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. Through March 31, 2023 , the Company has financed operations primarily through $ 145,467 in net proceeds from sales of common stock and warrants, $ 131,211 from sales of preferred stock prior to its IPO, and $ 34,910 from a collaboration agreement in 2010. As of March 31, 2023, the Company had cash, cash equivalents and investments of $ 16,721 . The Company has incurred losses and negative cash flows from operations and had an accumulated deficit of $ 277,564 as of March 31, 2023. The Company expects to continue to generate losses for the foreseeable future. While the Company has cash, cash equivalents and investments of $ 16,721 as of March 31, 2023, due to the inherent uncertainty in the timing and cost of potential strategic alternatives, including their impact on its cash consumption, the Company has concluded that as of the date of this Quarterly Report on Form 10-Q there is substantial doubt about its ability to continue as a going concern for a period of twelve months from the issuance of these interim financial statements. The Company would need substantial funding to support its continuing operations. There can be no assurance that a strategic transaction will be completed and the Company’s board of directors may decide to pursue a dissolution and liquidation. If the Company is unable to enter into a strategic transaction, on a timely basis or at all, the Company may consider seeking protection under the bankruptcy laws. If the Company decides to seek protection under the bankruptcy laws, the Company would expect that it would file for bankruptcy at a time that is earlier than when it would otherwise exhaust its cash resources. If the Company decides to dissolve and liquidate its assets or to seek protection under the bankruptcy laws, it is unclear to what extent the Company will be able to pay its obligations, and, it is further unclear whether and to what extent any resources will be available for distributions to its stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 . Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Unaudited Interim Financial Information The accompanying unaudited condensed financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 20, 2023. The unaudited interim condensed financial statements have been prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2023, the results of its operations for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2022 has been derived from the Company’s audited financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 20, 2023. Our significant accounting policies are described in Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 20, 2023. Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the Company has maintained all of its cash, cash equivalents and investment balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company generally invests its excess cash in money market funds, commercial paper and corporate notes that are subject to minimal credit and market risks. Management has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. Prior to the February 2023 decision to discontinue development of ALRN-6924, the Company was dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relied on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could have been adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs . Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (ASU 2016-13 or Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The ASU will be effective for the Company's fiscal year beginning January 1, 2023, and the Company does not expect adoption to have a material effect on the Company’s financial statements or disclosures. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Fair Value of Financial Assets
Fair Value of Financial Assets | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets | 3 . Fair Value of Financial Assets The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,475 $ — $ — $ 5,475 Investments: Commercial paper — 8,938 — 8,938 $ 5,475 $ 8,938 $ — $ 14,413 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,661 $ — $ — $ 1,661 Investments: Commercial paper — 12,814 — 12,814 Treasury bills — 3,234 — 3,234 $ 1,661 $ 16,048 $ — $ 17,709 As of March 31, 2023 and December 31, 2022 , the Company’s cash equivalents and investments were invested in money market funds, commercial paper and treasury bills and valued based on Level 1 and Level 2 inputs. In determining the fair value of its commercial paper at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. The Company’s cash equivalents have original maturities of less than 90 days from the date of purchase. All available-for-sale investments have contractual maturities of less than one year . During the three months ended March 31, 2023 and the year ended December 31, 2022 , there were no transfers in or out of Level 3. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4 . Investments As of March 31, 2023 and December 31, 2022, the fair value of available-for-sale investments by type of security was as follows: March 31, 2023 Amortized Gross Gross Fair Investments: Commercial paper $ 8,948 $ — $ ( 10 ) $ 8,938 $ 8,948 $ — $ ( 10 ) $ 8,938 December 31, 2022 Amortized Gross Gross Fair Investments: Commercial paper $ 12,846 $ — $ ( 32 ) $ 12,814 Treasury bills 3,250 — ( 16 ) 3,234 $ 16,096 $ — $ ( 48 ) $ 16,048 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5 . Property and Equipment, Net Property and equipment, net consisted of the following: March 31, December 31, Computer equipment and software $ 324 $ 340 Less: Accumulated depreciation and amortization ( 272 ) ( 270 ) $ 52 $ 70 Depreciation and amortization expense for the three months ended March 31, 2023 and 2022 was $ 13 and $ 15 respectively. During the three months ended March 31, 2023 assets with a cost of $ 16 and accumulated depreciation of $ 10 were disposed of for no proceeds, resulting in a loss on disposal of $ 6 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, External research and development services $ 444 $ 533 Payroll and payroll-related costs 145 425 Professional fees 810 492 Restructuring and other costs (Note 8) 992 — Other 35 181 $ 2,426 $ 1,631 |
Lease
Lease | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lease | 7. Lease On March 26, 2021, the Company entered into a sublease agreement (the “Sublease”) by and among the Company, Vittoria Industries North America, Inc. (the “Sublessor”) and Waterfront Equity Partners, LLC (the “Lessor”), under which the Company was leasing approximately 3,365 square feet of office space located at 285 Summer Street, Unit 101, Boston, Massachusetts (the “Premises”). The Sublease was subject and subordinate to a lease agreement, dated as of July 13, 2012, by and between the Sublessor and Lessor (the “Prime Lease”), pursuant to which the Sublessor is leasing the Premises from the Lessor. The Sublease expired March 31, 2023 and we did not renew the Sublease. Following expiration of the Sublease, we are operating virtually, and expect to do so for the foreseeable future. |
Restructuring and Other Costs
Restructuring and Other Costs | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Costs | 8. Restructuring and Other Costs On February 16, 2023, the Board of Directors of the Company determined to reduce the Company’s remaining workforce from nine to three full-time employees. The determination to effect the workforce reduction was made in connection with the Company’s decision to terminate its Phase 1b breast cancer trial of ALRN-6924 and further development of ALRN-6924. As a result of the above restructuring initiatives, the Company incurred restructuring-related charges of $ 1,022 for the three months ended March 31, 2023. Restructuring-related charges were comprised of one-time termination costs in connection with the reduction-in-workforce, including severance, benefits, and related costs. As of March 31, 2023, the short-term portion of the accrued restructuring balance, or $ 992 , is included in “Accrued expenses and other current liabilities” in the accompanying balance sheets. The Company has paid immaterial amounts for the three months ended March 31, 2023, and expects that payment of these remaining costs will be made through the second quarter of 2023. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Common Stock | 9. Common Stock On June 16, 2021, the Company filed a certificate of amendment to its restated certificate of incorporation which increased the authorized number of shares of common stock from 7,500,000 shares of $ 0.001 par value common stock to 15,000,000 shares of common stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors, if any, subject to the preferential dividend rights of the preferred stock. As of March 31, 2023 and December 31, 2022 , no dividends had been declared. Reverse Stock Split The Company’s stockholders approved a reverse stock split of the Company’s common stock on June 15, 2022. The Company effected the Reverse Stock Split on November 10, 2022. Pursuant to the Reverse Stock Split, every 20 shares of the Company's issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. The Reverse Stock Split reduced the authorized number of shares of common stock from 300,000,000 to 15,000,000 and, pursuant to the certificate of amendment, such reduced authorized number of shares of common stock was subsequently multiplied by three, such that following the Reverse Stock Split the Company has 45,000,000 shares of common stock authorized. The Reverse Stock Split affected all issued and outstanding shares of the Company's common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding stock options, outstanding warrants and the Company’s equity incentive plans were proportionately adjusted. All share and per share amounts disclosed give effect to the Reverse Stock Split on a retroactive basis. Sales of Common Stock On January 6, 2021, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold, in a registered direct offering (the “Offering”), an aggregate of 1,631,549 shares of common stock, $ 0.001 par value per share, at a purchase price per share of $ 22.00 (the “Shares”). The aggregate gross proceeds of the Offering were $ 35,894 , before deducting $ 2,887 of fees payable to the placement agent and other offering expenses payable by the Company. The Offering closed on January 8, 2021 . Between January 1, 2021 and January 28, 2021, the Company issued and sold an aggregate 358,749 shares of its common stock pursuant to its sales agreement with JonesTrading Institutional Services LLC (“JonesTrading”), resulting in gross proceeds of $ 9,658 , before deducting expenses of $ 290 . The Company terminated its sales agreement with Jones Trading in January 2021. On January 29, 2021, the Company entered into a Capital on Demand Sales Agreement (the “ATM Sales Agreement”) with JonesTrading and William Blair & Company, L.L.C. (“William Blair” and, collectively with JonesTrading, the “Agents”), pursuant to which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $ 30,000 from time to time through or to the Agents (the “ATM Offering”). During the year ended December 31, 2021, the Company issued and sold an aggregate of 261,270 shares of its common stock pursuant to the ATM Sales Agreement, resulting in gross proceeds of $ 10,922 before deducting expenses of $ 329 . Pursuant to a prospectus relating to the ATM Sales Agreement filed by the Company with the SEC on June 21, 2022, the Company may from time to time offer and sell shares of its common stock having an aggregate offering price of up to $ 14,024 under the ATM Sales Agreement. There were no sales under the ATM Sales Agreement during the three months ended March 31, 2023, or the year ended December 31, 2022. During the year ended December 31, 2021, the Company issued and sold an aggregate of 68,750 shares of its common stock to Lincoln Park Capital, LLC pursuant to a purchase agreement entered into between Lincoln Park Capital, LLC and the Company in September 2020, resulting in gross proceeds of $ 2,614 . During the year ended December 31, 2020, the Company issued and sold 29,411 shares to LPC under the purchase agreement for proceeds of $ 500 . There were no sales under the purchase agreement during the three months ended March 31, 2023 , or the year ended December 31, 2022. Under the purchase agreement, the Company may not effect any sales of shares of common stock on any purchase date that the closing sale price of its common stock on Nasdaq is less than the floor price of $ 6.00 per share, which will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction In June 2020, the Company issued and sold in an underwritten public offering an aggregate of 508,102 shares of common stock, including an additional 53,557 shares of common stock upon the partial exercise of an option of the underwriter to purchase additional shares, for a purchase price to the public of $ 22.00 per share. The Company received aggregate gross proceeds from the public offering of approximately $ 11,178 , before deducting underwriting discounts and commissions and offering expenses of $ 932 . On April 2, 2019, the Company issued and sold in a private placement an aggregate of (i) 591,922 units, consisting of 591,922 shares of its common stock and associated warrants, or the common warrants, to purchase an aggregate of 591,922 shares of common stock, for a combined price of $ 40.20 per unit and (ii) 54,837 units, consisting of (a) pre-funded warrants to purchase 54,837 shares of our common stock and (b) associated common warrants to purchase 54,837 shares of common stock, for a combined price of $ 40.20 per unit. The pre-funded warrants had an exercise price of $ 0.20 per share and had no expiration. In July 2019, all outstanding pre-funded warrants were exercised for 54,837 shares of common stock. At March 31, 2023 , there were 646,759 common warrants outstanding with an exercise price of $ 40.00 per share. The Company has assessed the warrants for appropriate equity or liability classification and determined the warrants are freestanding instruments that do not meet the definition of a liability pursuant to ASC 480 and do not meet the definition of a derivative pursuant to ASC 815. The warrants are indexed to the Company’s common stock and meet all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the warrants are classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Awards | 10. Stock-Based Awards 2021 Stock Incentive Plan The Company’s 2021 Stock Incentive Plan (the “2021 Plan”) was approved by the Company’s stockholders on June 15, 2021 and became effective on June 16, 2021. Under the 2021 Plan, the Company may grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, awards of restricted stock units and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2021 Plan; however, incentive stock options may only be granted to employees. The 2021 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The number of shares of common stock covered by options and the date those options become exercisable, type of options to be granted, exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the 2021 Plan with service-based vesting conditions generally vest over four years and may not have a duration in excess of ten years , although options have been granted with vesting terms of less than four years . The total number of shares of common stock that may be issued under the 2021 Plan was 758,811 a s of March 31, 2023 , of which 346,074 s hares remained available for grant. The Company initially reserved 625,000 shares of common stock, plus the number of shares of common stock subject to outstanding awards under the Company’s 2017 Stock Incentive Plan (the “2017 Plan”), and the Company’s 2016 Stock Incentive Plan (“the 2016 Plan”) and the Company’s 2006 Stock Incentive Plan, as amended (the “2006 Plan”) that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right up to 314,006 shares. Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards. The exercise price for stock options granted may not be less than the fair market value of the common stock as of the date of grant. 2017 Stock Incentive Plan The 2017 Plan was approved by the Company’s stockholders on June 16, 2017, and became effective on June 28, 2017. Under the 2017 Plan, the Company could grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, awards of restricted stock units and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors were eligible to receive awards under the 2017 Plan; however, incentive stock options could only be granted to employees. The 2017 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The number of shares of common stock covered by options and the date those options become exercisable, type of options granted, exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the 2017 Plan with service-based vesting conditions generally vest over four years and may not have a duration in excess of ten years , although options have been granted with vesting terms of less than four years . The exercise price for stock options granted may not be less than the fair market value of the common stock as of the date of grant. As of the effective date of the 2021 Plan, the board of directors determined to grant no further awards under the 2017 Plan. Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards under the 2021 Plan. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards under the 2021 Plan. 2017 Employee Stock Purchase Plan On June 16, 2017, the Company’s stockholders approved the 2017 Employee Stock Purchase Plan (the “2017 ESPP”), which became effective on June 28, 2017. A total of 7,500 shares of common stock were initially reserved for issuance under this plan. Under the 2017 ESPP, the number of shares of common stock that may be issued under the 2017 ESPP will automatically increase on each January 1, beginning with the fiscal year ending December 31, 2018 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2027, equal to the least of (i) 31,120 shares, (ii) 1 % of the outstanding shares of common stock on such date and (iii) an amount determined by the Company’s board of directors. The compensation committee of the board of directors has determined that the number of shares of common stock that may be issued under the 2017 ESPP would no t be increased on January 1, 2022 or January 1, 2023. The Company has no t issued any shares under the 2017 ESPP. Stock Option Valuation There were no options granted to employees or directors during the three months ended March 31, 2023 . The assumptions that the Company used to determine the grant-date fair value of the stock options granted to employees and directors during the three months ended March 31, 2022 were as follows, presented on a weighted average basis : Three Months Ended Risk-free interest rate 2.33 % Expected term (in years) 6.1 Expected volatility 94.4 % Expected dividend yield 0 % Stock Options The following table summarizes the Company’s stock option activity since January 1, 2023: Number of Weighted Weighted Aggregate (in years) Outstanding at December 31, 2022 537,112 $ 29.77 7.9 $ — Granted — Exercised — Canceled, forfeited or expired ( 30,126 ) Outstanding at March 31, 2023 506,986 $ 30.67 7.3 $ — Options exercisable at March 31, 2023 318,792 $ 38.10 6.6 $ — Options vested and expected to vest at March 31, 2023 318,792 $ 30.10 7.3 $ — Options exercisable at December 31, 2022 288,821 $ 40.15 7.1 $ — Options vested and expected to vest at December 31, 2022 529,549 $ 29.95 7.8 $ — There were no options granted to employees or directors during the three months ended March 31, 2023. The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2022 was $ 0.39 . The aggregate fair value of stock options that vested during the three months ended March 31, 2023 and 2022 was $ 405 and $ 186 , respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. There were no stock options exercised during the three months ended March 31, 2023 and 2022. Restricted Stock Units The Company did not have any restricted stock activity during the three months ended March 31, 2023. Stock-Based Compensation The Company recorded stock-based compensation expense related to stock options and restricted stock units in the following expense categories of its statements of operations and comprehensive loss: Three Months Ended March 31, 2023 2022 Research and development expenses $ 119 $ 143 General and administrative expenses 272 546 $ 391 $ 689 As of March 31, 2023 , the Company had an aggregate of $ 2,459 of unrecognized stock-based compensation expense, which it expects to recognize over a weighted average period of 2.30 years. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 11. Net Loss per Share Basic and diluted net loss per share was calculated as follows : Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 4,779 ) $ ( 8,422 ) Denominator: Weighted average common shares outstanding—basic 4,541,167 4,533,679 Net loss per share —basic and diluted $ ( 1.05 ) $ ( 1.86 ) The Company’s potential dilutive securities as of March 31, 2023 and 2022, which include stock options and warrants, have been excluded from the computation of diluted net loss per share whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Warrants to purchase common stock 646,759 646,759 Stock options to purchase common stock 506,986 597,874 Total 1,153,745 1,244,633 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Intellectual Property Licenses Harvard and Dana-Farber Agreement In August 2006, the Company entered into an exclusive license agreement with President and Fellows of Harvard College (“Harvard”) and Dana-Farber Cancer Institute (“DFCI”). The agreement granted the Company an exclusive worldwide license, with the right to sublicense, under specified patents and patent applications to develop, obtain regulatory approval for and commercialize specified product candidates based on cell-permeating peptides. Under the agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize one or more licensed products and to achieve specified milestone events by specified dates. In connection with entering into the agreement, the Company paid an upfront license fee and issued to Harvard and DFCI shares of its common stock. In February 2010, the agreement was amended and restated (the “Harvard/DFCI agreement”) under which additional patent rights were added to the scope of the license agreement and the annual license maintenance fees were increased. Under the Harvard/DFCI agreement, the Company is obligated to make aggregate milestones payments of up to $ 7,700 per licensed therapeutic product upon the Company’s achievement of specified clinical, regulatory and sales milestones with respect to such product and up to $ 700 per licensed diagnostic product upon the Company’s achievement of specified regulatory and sales milestones with respect to such product. In addition, the Company is obligated to pay royalties of low single-digit percentages on annual net sales of licensed products sold by the Company, its affiliates or its sublicensees. The royalties are payable on a product-by-product and country-by-country basis, and may be reduced in specified circumstances. In addition, the Harvard/DFCI agreement obligates the Company to pay a percentage, up to the mid-twenties, of fees received by the Company in connection with its sublicense of the licensed products. In accordance with the terms of the Harvard/DFCI agreement, the Company’s sublicense payment obligations may be subject to specified reductions. The Harvard/DFCI agreement requires the Company to pay annual license maintenance fees of $ 110 . Any payments made in connection with the annual license maintenance fees will be credited against any royalties due. The Company incurred license maintenance fees of $ 110 during each of the three months ended March 31, 2023 and 2022 , respectively. The Company did no t make any milestone payments during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 , no additional milestones had been achieved and no liabilities for additional milestone payments had been recorded in the Company’s financial statements. As of March 31, 2023 , the Company had not developed a commercial product using the licensed technologies and no royalties under the Harvard/DFCI agreement had been paid or were due. Under the Harvard/DFCI agreement, the Company is responsible for all patent expenses related to the prosecution and maintenance of the licensed patents and applications in-licensed under the agreement as well as cost reimbursement of amounts incurred for all documented patent-related expenses. The agreement will expire on a product-by-product and country-by-country basis upon the last to expire of any valid patent claim pertaining to licensed products covered under the agreement. Umicore Agreement In December 2006, the Company entered into a license agreement with Materia, Inc. (“Materia”), under which it was granted a non-exclusive worldwide license, with the right to sublicense, under specified patent and patent applications to utilize Materia’s catalysts to develop, obtain regulatory approval for and commercialize specified peptides owned or controlled by Materia and the right to manufacture specified compositions owned or controlled by Materia. In February 2017, Materia assigned the license agreement (the “Umicore agreement”) to Umicore Precious Metals Chemistry USA, LLC (“Umicore”), and Umicore agreed to continue to supply the Company under the agreement. Under the Umicore agreement, the Company is obligated to make aggregate milestone payments to Umicore of up to $ 6,400 upon the Company’s achievement of specified clinical, regulatory and sales milestones with respect to each licensed product. In addition, the Company is obligated to pay tiered royalties ranging in the low single-digit percentages on annual net sales of licensed products sold by the Company or its sublicensees. The royalties are payable on a product-by-product and country-by-country basis and may be reduced in specified circumstances. The Umicore agreement requires the Company to pay annual license fees of $ 50 . The Company incurred license fees of $ 50 during the three months ended March 31, 2023 and 2022, respectively. The Company did no t make any milestone payments during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 , no additional milestones had been achieved and no liabilities for additional milestone payments had been recorded in the Company’s financial statements. The Umicore agreement expires upon the expiration of the Company’s obligation to pay royalties in each territory covered under the agreement. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims for indemnification that would have a material effect on its financial position, results of operations or cash flows, and it had not accrued any liabilities related to such obligations in its financial statements as of March 31, 2023 or December 31, 2022 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 20, 2023. The unaudited interim condensed financial statements have been prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2023, the results of its operations for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2022 has been derived from the Company’s audited financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 20, 2023. Our significant accounting policies are described in Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 20, 2023. |
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the Company has maintained all of its cash, cash equivalents and investment balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company generally invests its excess cash in money market funds, commercial paper and corporate notes that are subject to minimal credit and market risks. Management has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. Prior to the February 2023 decision to discontinue development of ALRN-6924, the Company was dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relied on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could have been adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs . |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (ASU 2016-13 or Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The ASU will be effective for the Company's fiscal year beginning January 1, 2023, and the Company does not expect adoption to have a material effect on the Company’s financial statements or disclosures. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Fair Value of Financial Assets
Fair Value of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,475 $ — $ — $ 5,475 Investments: Commercial paper — 8,938 — 8,938 $ 5,475 $ 8,938 $ — $ 14,413 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,661 $ — $ — $ 1,661 Investments: Commercial paper — 12,814 — 12,814 Treasury bills — 3,234 — 3,234 $ 1,661 $ 16,048 $ — $ 17,709 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Fair Value of Available for Sale Investments | As of March 31, 2023 and December 31, 2022, the fair value of available-for-sale investments by type of security was as follows: March 31, 2023 Amortized Gross Gross Fair Investments: Commercial paper $ 8,948 $ — $ ( 10 ) $ 8,938 $ 8,948 $ — $ ( 10 ) $ 8,938 December 31, 2022 Amortized Gross Gross Fair Investments: Commercial paper $ 12,846 $ — $ ( 32 ) $ 12,814 Treasury bills 3,250 — ( 16 ) 3,234 $ 16,096 $ — $ ( 48 ) $ 16,048 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following: March 31, December 31, Computer equipment and software $ 324 $ 340 Less: Accumulated depreciation and amortization ( 272 ) ( 270 ) $ 52 $ 70 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: March 31, December 31, External research and development services $ 444 $ 533 Payroll and payroll-related costs 145 425 Professional fees 810 492 Restructuring and other costs (Note 8) 992 — Other 35 181 $ 2,426 $ 1,631 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Valuation Assumptions of Stock Options Granted | The assumptions that the Company used to determine the grant-date fair value of the stock options granted to employees and directors during the three months ended March 31, 2022 were as follows, presented on a weighted average basis : Three Months Ended Risk-free interest rate 2.33 % Expected term (in years) 6.1 Expected volatility 94.4 % Expected dividend yield 0 % |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity since January 1, 2023: Number of Weighted Weighted Aggregate (in years) Outstanding at December 31, 2022 537,112 $ 29.77 7.9 $ — Granted — Exercised — Canceled, forfeited or expired ( 30,126 ) Outstanding at March 31, 2023 506,986 $ 30.67 7.3 $ — Options exercisable at March 31, 2023 318,792 $ 38.10 6.6 $ — Options vested and expected to vest at March 31, 2023 318,792 $ 30.10 7.3 $ — Options exercisable at December 31, 2022 288,821 $ 40.15 7.1 $ — Options vested and expected to vest at December 31, 2022 529,549 $ 29.95 7.8 $ — |
Summary of Stock Based Compensation Expense | The Company recorded stock-based compensation expense related to stock options and restricted stock units in the following expense categories of its statements of operations and comprehensive loss: Three Months Ended March 31, 2023 2022 Research and development expenses $ 119 $ 143 General and administrative expenses 272 546 $ 391 $ 689 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss per Share | Basic and diluted net loss per share was calculated as follows : Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 4,779 ) $ ( 8,422 ) Denominator: Weighted average common shares outstanding—basic 4,541,167 4,533,679 Net loss per share —basic and diluted $ ( 1.05 ) $ ( 1.86 ) |
Summary of Potential Common Shares Excluded from Calculation of Diluted Net Loss per Share | The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Warrants to purchase common stock 646,759 646,759 Stock options to purchase common stock 506,986 597,874 Total 1,153,745 1,244,633 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Nov. 10, 2022 shares | Mar. 31, 2023 USD ($) Employees shares | Dec. 31, 2022 USD ($) Employees shares | Nov. 09, 2022 shares | Jun. 16, 2021 shares | Dec. 31, 2020 shares | |
Class of Stock [Line Items] | ||||||
Proceeds from collaboration agreement | $ 34,910 | |||||
Cash, cash equivalents and investments | 16,721 | |||||
Accumulated deficit | $ (277,564) | $ (272,785) | ||||
Workforce reduction, remaining number of employees | Employees | 3 | 9 | ||||
Common stock, shares authorized | shares | 15,000,000 | 45,000,000 | 45,000,000 | 300,000,000 | 15,000,000 | 7,500,000 |
Reverse stock split, description | On November 10, 2022, the Company effected a one-for-twenty reverse stock split on its common stock (the “Reverse Stock Split”). The Reverse Stock Split was reflected on the Nasdaq Capital Market beginning with the opening of trading on November 11, 2022. Pursuant to the Reverse Stock Split, every 20 shares of the Company's issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. The Reverse Stock Split reduced the authorized number of shares of common stock from 300,000,000 to 15,000,000 and, pursuant to the certificate of amendment, such reduced authorized number of shares of common stock was subsequently multiplied by three, such that following the Reverse Stock Split the Company has 45,000,000 shares of common stock authorized. The Reverse Stock Split affected all issued and outstanding shares of the Company's common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding stock options, outstanding warrants and the Company's equity incentive plans were proportionately adjusted. All share and per share amounts of the common stock included in the accompanying financial statements have been retrospectively adjusted to give effect to the Reverse Stock Split for all periods presented. | |||||
Reverse stock split conversion ratio | 0.05 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from sales of stock | $ 145,467 | |||||
Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from sales of stock | $ 131,211 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | $ 8,938 | $ 16,048 |
Commercial Paper [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 8,938 | 12,814 |
Treasury Bills [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 3,234 | |
Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value of Financial Instruments | 14,413 | 17,709 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value of Financial Instruments | 5,475 | 1,661 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value of Financial Instruments | 8,938 | 16,048 |
Recurring [Member] | Commercial Paper [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 8,938 | 12,814 |
Recurring [Member] | Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 8,938 | 12,814 |
Recurring [Member] | Treasury Bills [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 3,234 | |
Recurring [Member] | Treasury Bills [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments | 3,234 | |
Recurring [Member] | Money Market Funds [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,475 | 1,661 |
Recurring [Member] | Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 5,475 | $ 1,661 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Available-for-sale investments, maximum contractual maturity period | 1 year | |
Fair Value, assets transfers into (out of) Level 3 | $ 0 | $ 0 |
Investments - Summary of Fair V
Investments - Summary of Fair Value of Available for Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Amortized Cost | $ 8,948 | $ 16,096 |
Investments, Gross Unrealized Loss | (10) | (48) |
Investments, Fair Value | 8,938 | 16,048 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Amortized Cost | 8,948 | 12,846 |
Investments, Gross Unrealized Loss | (10) | (32) |
Investments, Fair Value | $ 8,938 | 12,814 |
Treasury Bills [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Amortized Cost | 3,250 | |
Investments, Gross Unrealized Loss | (16) | |
Investments, Fair Value | $ 3,234 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Less: Accumulated depreciation and amortization | $ (272) | $ (270) |
Property and equipment, net | 52 | 70 |
Computer Equipment and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 324 | $ 340 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 13 | $ 15 | |
Property and equipment, net | 52 | $ 70 | |
Accumulated depreciation | 272 | $ 270 | |
Assets Disposed of by Sale [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | 16 | ||
Accumulated depreciation | 10 | ||
Gain (loss) on disposal of property and equipment | $ (6) |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
External research and development services | $ 444 | $ 533 |
Payroll and payroll-related costs | 145 | 425 |
Professional fees | 810 | 492 |
Restructuring and other costs (Note 8) | 992 | |
Other | 35 | 181 |
Total accrued expenses and other current liabilities | $ 2,426 | $ 1,631 |
Lease - Additional Information
Lease - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 USD ($) | Mar. 26, 2021 ft² | |
Lessee Lease Description [Line Items] | |||
Operating lease, right-of-use asset | $ | $ 40 | ||
Sublease [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease termination date | Mar. 31, 2023 | ||
Sublease [Member] | Boston, Massachusetts [Member] | |||
Lessee Lease Description [Line Items] | |||
Area of land | ft² | 3,365 |
Restructuring and Other Costs -
Restructuring and Other Costs - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) Employees | Dec. 31, 2022 Employees | |
Restructuring and Related Activities [Abstract] | ||
Workforce reduction, remaining number of employees | Employees | 3 | 9 |
Restructuring charges | $ 1,022 | |
Accrued restructuring balance | $ 992 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Nov. 10, 2022 shares | Jan. 29, 2021 USD ($) | Jan. 06, 2021 USD ($) $ / shares shares | Apr. 02, 2019 $ / shares shares | Jan. 28, 2021 USD ($) shares | Jun. 30, 2020 USD ($) $ / shares shares | Jul. 31, 2019 shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) $ / shares shares | Nov. 09, 2022 shares | Jun. 21, 2022 USD ($) | Jun. 16, 2021 $ / shares shares | |
Class of Stock [Line Items] | |||||||||||||||
Common stock, shares authorized | 15,000,000 | 45,000,000 | 45,000,000 | 7,500,000 | 300,000,000 | 15,000,000 | |||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock, dividends declared | $ / shares | $ 0 | 0 | |||||||||||||
Reverse stock split conversion ratio | 0.05 | ||||||||||||||
Maximum floor price per share | $ / shares | $ 6 | ||||||||||||||
Common and Pre-funded Warrants [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 54,837 | ||||||||||||||
Pre-funded Warrants [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 54,837 | ||||||||||||||
Warrants outstanding exercised | 54,837 | ||||||||||||||
Warrants exercise price | $ / shares | $ 0.20 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Gross proceeds from common stock shares issued and sold | $ | $ 145,467,000 | ||||||||||||||
Stock issued during period, shares | 12,500 | ||||||||||||||
Common Warrants [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 54,837 | ||||||||||||||
Warrants outstanding | 646,759 | ||||||||||||||
Warrants exercise price | $ / shares | $ 40 | ||||||||||||||
Common Warrants [Member] | Common and Pre-funded Warrants [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Purchase price per share | $ / shares | $ 40.20 | ||||||||||||||
Underwritten Public Offering [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Purchase price per share | $ / shares | $ 22 | ||||||||||||||
Stock issued during period, shares | 508,102 | ||||||||||||||
Gross proceeds from issuance of common stock | $ | $ 11,178,000 | ||||||||||||||
Discounts, commissions and offering expenses | $ | $ 932,000 | ||||||||||||||
Additional shares of common stock issued upon partial exercise of option | 53,557 | ||||||||||||||
Private Placement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 591,922 | ||||||||||||||
Private Placement [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 591,922 | ||||||||||||||
Private Placement [Member] | Common Warrants [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 591,922 | ||||||||||||||
Purchase price per share | $ / shares | $ 40.20 | ||||||||||||||
Securities Purchase Agreement [Member] | Direct Public Offering [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||||||
Aggregate number of common stock shares issued and sold | 1,631,549 | ||||||||||||||
Expenses fees payable | $ | $ 2,887,000 | ||||||||||||||
Gross proceeds from common stock shares issued and sold | $ | $ 35,894,000 | ||||||||||||||
Securities Purchase Agreement [Member] | Direct Public Offering [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Purchase price per share | $ / shares | $ 22 | ||||||||||||||
Offering closed date | Jan. 08, 2021 | ||||||||||||||
Sales Agreement [Member] | Jones Trading Institutional Services LLC [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 358,749 | ||||||||||||||
Expenses fees payable | $ | $ 290,000 | ||||||||||||||
Gross proceeds from common stock shares issued and sold | $ | $ 9,658,000 | ||||||||||||||
ATM Sales Agreement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 0 | 0 | 261,270 | ||||||||||||
Expenses fees payable | $ | $ 329,000 | ||||||||||||||
Gross proceeds from common stock shares issued and sold | $ | $ 10,922,000 | ||||||||||||||
ATM Sales Agreement [Member] | Jones Trading Institutional Services LLC and William Blair & Company, LLC [Member] | Maximum [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock offering price | $ | $ 14,024,000 | ||||||||||||||
Stock issued during period, value | $ | $ 30,000,000 | ||||||||||||||
Purchase Agreement [Member] | Linco Ln Park Capital L L C [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Aggregate number of common stock shares issued and sold | 0 | 0 | 68,750 | 29,411 | |||||||||||
Gross proceeds from common stock shares issued and sold | $ | $ 2,614,000 | $ 500,000 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jan. 01, 2023 | Jan. 01, 2022 | Jun. 16, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant-date fair value of stock options | $ 0.39 | ||||
Number of options granted to employees or directors | 0 | ||||
Aggregate fair value of stock options vested | $ 405 | $ 186 | |||
Aggregate unrecognized stock-based compensation expense | $ 2,459 | ||||
Unrecognized stock-based compensation expense, weighted average period expects for recognition | 2 years 3 months 18 days | ||||
Number of stock options exercised | 0 | 0 | |||
2021 Stock Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option granted vesting period | 4 years | ||||
Number of shares, available for grant | 758,811 | ||||
Number of shares remained available for grant | 346,074 | ||||
2021 Stock Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option granted vesting period | 4 years | ||||
Stock option expiration period | 10 years | ||||
2017 Stock Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option granted vesting period | 4 years | ||||
Stock reserved for future issuance | 625,000 | ||||
2017 Stock Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option granted vesting period | 4 years | ||||
Stock option expiration period | 10 years | ||||
2006 Stock Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Contractual repurchase right, shares | 314,006 | ||||
2017 Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, available for grant | 0 | ||||
Stock reserved for future issuance | 7,500 | ||||
Percentage of common stock shares outstanding | 1% | ||||
Increase to shares authorized for issuance | 0 | 0 | |||
Stock incentive plan description | On June 16, 2017, the Company’s stockholders approved the 2017 Employee Stock Purchase Plan (the “2017 ESPP”), which became effective on June 28, 2017. A total of 7,500 shares of common stock were initially reserved for issuance under this plan. Under the 2017 ESPP, the number of shares of common stock that may be issued under the 2017 ESPP will automatically increase on each January 1, beginning with the fiscal year ending December 31, 2018 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2027, equal to the least of (i) 31,120 shares, (ii) 1% of the outstanding shares of common stock on such date and (iii) an amount determined by the Company’s board of directors. The compensation committee of the board of directors has determined that the number of shares of common stock that may be issued under the 2017 ESPP would not be increased on January 1, 2022 or January 1, 2023. The Company has not issued any shares under the 2017 ESPP. | ||||
Maximum annual increase in common stock reserved for future issuance | 31,120 |
Stock-Based Awards - Valuation
Stock-Based Awards - Valuation Assumptions of Stock Options Granted (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate | 2.33% |
Expected term (in years) | 6 years 1 month 6 days |
Expected volatility | 94.40% |
Expected dividend yield | 0% |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock Option Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Shares, Beginning balance | 537,112 | |
Number of Shares, Canceled, forfeited or expired | (30,126) | |
Number of Shares, Ending balance | 506,986 | 537,112 |
Number of Shares, Options exercisable | 318,792 | 288,821 |
Number of Shares, Options vested and expected to vest | 318,792 | 529,549 |
Weighted Average Exercise Price, Beginning balance | $ 29.77 | |
Weighted Average Exercise Price, Ending balance | 30.67 | $ 29.77 |
Weighted Average Exercise Price, Options exercisable | 38.10 | 40.15 |
Weighted Average Exercise Price, Options vested and expected to vest | $ 30.10 | $ 29.95 |
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 3 months 18 days | 7 years 10 months 24 days |
Weighted Average Remaining Contractual Term, Options exercisable | 6 years 7 months 6 days | 7 years 1 month 6 days |
Weighted Average Remaining Contractual Term, Options vested and expected to vest | 7 years 3 months 18 days | 7 years 9 months 18 days |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 391 | $ 689 |
Research and Development [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 119 | 143 |
General and Administrative [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 272 | $ 546 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss | $ (4,779) | $ (8,422) |
Denominator: | ||
Weighted average common shares outstanding - basic | 4,541,167 | 4,533,679 |
Weighted average common shares outstanding - diluted | 4,541,167 | 4,533,679 |
Net loss per share - basic | $ (1.05) | $ (1.86) |
Net loss per share - diluted | $ (1.05) | $ (1.86) |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Potential Common Shares Excluded from Calculation of Diluted Net Loss per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 1,153,745 | 1,244,633 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 646,759 | 646,759 |
Stock Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from calculation of diluted net loss per share | 506,986 | 597,874 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2023 USD ($) Milestone | Mar. 31, 2022 USD ($) | Feb. 28, 2010 USD ($) | Dec. 31, 2006 USD ($) | |
Harvard and Dana-Farber Agreement [Member] | ||||
Other Commitments [Line Items] | ||||
Milestone payments | $ 0 | $ 0 | ||
Additional milestones achieved | Milestone | 0 | |||
Additional liabilities for milestone payments | $ 0 | |||
Payments for royalties | 0 | |||
Harvard and Dana-Farber Agreement [Member] | Therapeutic Product [Member] | ||||
Other Commitments [Line Items] | ||||
Aggregate milestones payments | $ 7,700,000 | |||
Harvard and Dana-Farber Agreement [Member] | Diagnostic Product [Member] | ||||
Other Commitments [Line Items] | ||||
Aggregate milestones payments | $ 700,000 | |||
Harvard and Dana-Farber Agreement [Member] | License [Member] | ||||
Other Commitments [Line Items] | ||||
Annual license maintenance fees | 110,000 | 110,000 | ||
Harvard and Dana-Farber Agreement [Member] | License and Maintenance [Member] | ||||
Other Commitments [Line Items] | ||||
Annual license maintenance fees | 110,000 | |||
Umicore Agreement [Member] | ||||
Other Commitments [Line Items] | ||||
Aggregate milestones payments | $ 6,400,000 | |||
Milestone payments | $ 0 | 0 | ||
Additional milestones achieved | Milestone | 0 | |||
Additional liabilities for milestone payments | 0 | |||
Umicore Agreement [Member] | License [Member] | ||||
Other Commitments [Line Items] | ||||
Annual license maintenance fees | $ 50,000 | $ 50,000 | ||
Umicore Agreement [Member] | License and Maintenance [Member] | ||||
Other Commitments [Line Items] | ||||
Annual license maintenance fees | $ 50,000 |