Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38022 | |
Entity Registrant Name | MATINAS BIOPHARMA HOLDINGS, INC. | |
Entity Central Index Key | 0001582554 | |
Entity Tax Identification Number | 46-3011414 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1545 Route 206 South | |
Entity Address, Address Line Two | Suite 302 | |
Entity Address, City or Town | Bedminster | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07921 | |
City Area Code | 908 | |
Local Phone Number | 484-8805 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | MTNB | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 217,264,526 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,407 | $ 6,830 |
Marketable debt securities | 11,809 | 21,933 |
Restricted cash – security deposit | 50 | 50 |
Prepaid expenses and other current assets | 1,723 | 5,719 |
Total current assets | 19,989 | 34,532 |
Non-current assets: | ||
Leasehold improvements and equipment – net | 2,021 | 2,091 |
Operating lease right-of-use assets – net | 3,206 | 3,613 |
Finance lease right-of-use assets – net | 22 | 30 |
In-process research and development | 3,017 | 3,017 |
Goodwill | 1,336 | 1,336 |
Restricted cash – security deposit | 200 | 200 |
Total non-current assets | 9,802 | 10,287 |
Total assets | 29,791 | 44,819 |
Current liabilities: | ||
Accounts payable | 835 | 618 |
Accrued expenses | 1,757 | 3,099 |
Operating lease liabilities – current | 632 | 562 |
Financing lease liabilities – current | 5 | 7 |
Total current liabilities | 3,229 | 4,286 |
Non-current liabilities: | ||
Deferred tax liability | 341 | 341 |
Operating lease liabilities – net of current portion | 3,052 | 3,533 |
Financing lease liabilities – net of current portion | 19 | 22 |
Total non-current liabilities | 3,412 | 3,896 |
Total liabilities | 6,641 | 8,182 |
Stockholders’ equity: | ||
Common stock par value $0.0001 per share, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022; 217,264,526 issued and outstanding as of September 30, 2023 and December 31, 2022 | 22 | 22 |
Additional paid-in capital | 193,746 | 190,070 |
Accumulated deficit | (170,259) | (152,631) |
Accumulated other comprehensive loss | (359) | (824) |
Total stockholders’ equity | 23,150 | 36,637 |
Total liabilities and stockholders’ equity | $ 29,791 | $ 44,819 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 217,264,526 | 217,264,526 |
Common stock, shares outstanding | 217,264,526 | 217,264,526 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue: | ||||
Contract Revenue | $ 1,063 | $ 1,096 | $ 2,125 | |
Costs and expenses: | ||||
Research and development | 3,295 | 3,707 | 10,824 | 12,811 |
General and administrative | 2,839 | 2,818 | 8,151 | 8,424 |
Total costs and expenses | 6,134 | 6,525 | 18,975 | 21,235 |
Loss from operations | (6,134) | (5,462) | (17,879) | (19,110) |
Sale of New Jersey net operating losses & tax credits | 1,734 | |||
Other income, net | 79 | 251 | 13 | |
Net loss | $ (6,055) | $ (5,462) | $ (17,628) | $ (17,363) |
Net loss per share - basic | $ (0.03) | $ (0.03) | $ (0.08) | $ (0.08) |
Net loss per share - diluted | $ (0.03) | $ (0.03) | $ (0.08) | $ (0.08) |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding - basic | 217,264,526 | 216,864,526 | 217,264,526 | 216,792,083 |
Weighted average common shares outstanding - diluted | 217,264,526 | 216,864,526 | 217,264,526 | 216,792,083 |
Other comprehensive gain/(loss), net of tax | ||||
Unrealized gain/(loss) on securities available-for-sale | $ 155 | $ (181) | $ 465 | $ (790) |
Other comprehensive gain/(loss), net of tax | 155 | (181) | 465 | (790) |
Comprehensive loss | $ (5,900) | $ (5,643) | $ (17,163) | $ (18,153) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2021 | $ 22 | $ 184,251 | $ (131,634) | $ (145) | $ 52,494 |
Balance, shares at Dec. 31, 2021 | 216,269,450 | ||||
Stock-based compensation | 3,888 | 3,888 | |||
Other comprehensive income (loss) | (790) | (790) | |||
Net loss | (17,363) | (17,363) | |||
Issuance of common stock in exchange for Options | 99 | 99 | |||
Issuance of common stock in exchange for Options, shares | 195,076 | ||||
Issuance of common stock pursuant to license agreement amendment | 291 | 291 | |||
Issuance of common stock pursuant to license agreement amendment, shares | 400,000 | ||||
Balance at Sep. 30, 2022 | $ 22 | 188,529 | (148,997) | (935) | 38,619 |
Balance, shares at Sep. 30, 2022 | 216,864,526 | ||||
Balance at Jun. 30, 2022 | $ 22 | 187,116 | (143,535) | (754) | 42,849 |
Balance, shares at Jun. 30, 2022 | 216,864,526 | ||||
Stock-based compensation | 1,413 | 1,413 | |||
Other comprehensive income (loss) | (181) | (181) | |||
Net loss | (5,462) | (5,462) | |||
Balance at Sep. 30, 2022 | $ 22 | 188,529 | (148,997) | (935) | 38,619 |
Balance, shares at Sep. 30, 2022 | 216,864,526 | ||||
Balance at Dec. 31, 2022 | $ 22 | 190,070 | (152,631) | (824) | 36,637 |
Balance, shares at Dec. 31, 2022 | 217,264,526 | ||||
Stock-based compensation | 3,676 | 3,676 | |||
Other comprehensive income (loss) | 465 | 465 | |||
Net loss | (17,628) | (17,628) | |||
Balance at Sep. 30, 2023 | $ 22 | 193,746 | (170,259) | (359) | 23,150 |
Balance, shares at Sep. 30, 2023 | 217,264,526 | ||||
Balance at Jun. 30, 2023 | $ 22 | 192,550 | (164,204) | (514) | 27,854 |
Balance, shares at Jun. 30, 2023 | 217,264,526 | ||||
Stock-based compensation | 1,196 | 1,196 | |||
Other comprehensive income (loss) | 155 | 155 | |||
Net loss | (6,055) | (6,055) | |||
Balance at Sep. 30, 2023 | $ 22 | $ 193,746 | $ (170,259) | $ (359) | $ 23,150 |
Balance, shares at Sep. 30, 2023 | 217,264,526 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (17,628) | $ (17,363) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 288 | 244 |
Stock based compensation expense | 3,676 | 3,888 |
Amortization of operating lease right-of-use assets | 406 | 413 |
Amortization of finance lease right-of-use assets | 7 | 15 |
Amortization of bond discount | 90 | 158 |
Stock issued pursuant to license agreement amendment | 291 | |
Changes in operating assets and liabilities: | ||
Operating lease liabilities | (411) | (391) |
Prepaid expenses and other current assets | 3,996 | (2,676) |
Accounts payable | 217 | (282) |
Accrued expenses and other liabilities | (1,340) | 846 |
Net cash used in operating activities | (10,699) | (14,857) |
Cash flows from investing activities: | ||
Purchase of marketable debt securities | (9,481) | |
Proceeds from maturities of marketable debt securities | 10,500 | 15,250 |
Purchases of leasehold improvements and equipment | (218) | (850) |
Net cash provided by investing activities | 10,282 | 4,919 |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 99 | |
Payments of finance lease liability – principal | (6) | (15) |
Net cash (used in)/provided by financing activities | (6) | 84 |
Net decrease in cash, cash equivalents and restricted cash | (423) | (9,854) |
Cash, cash equivalents and restricted cash at beginning of period | 7,080 | 21,280 |
Cash, cash equivalents and restricted cash at end of period | 6,657 | 11,426 |
Supplemental non-cash financing and investing activities: | ||
Unrealized gain/(loss) on marketable debt securities | 465 | (790) |
Right of use asset in exchange from liabilities from operating lease | $ (64) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) Attributable to Parent | $ (6,055) | $ (5,462) | $ (17,628) | $ (17,363) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 shares | |
Trading Arrangements, by Individual [Table] | |
Material Terms of Trading Arrangement | The information set forth below is included herein for the purpose of proving the disclosure required under “Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers”. (e) On November 7, 2023 Keith Kucinski chief financial officer and principal accounting officer 40,000 December 31, 2023 60,000 April 1, 2024 |
Name | Keith Kucinski |
Title | chief financial officer and principal accounting officer |
Adoption Date | November 7, 2023 |
Termination Date | December 31, 2023 |
Aggregate Available | 40,000 |
Keith Kucinski [Member] | |
Trading Arrangements, by Individual [Table] | |
Termination Date | April 1, 2024 |
Aggregate Available | 60,000 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 – Description of Business Matinas BioPharma Holdings Inc. (“Holdings”) is a Delaware corporation formed in 2013. Holdings is the parent company of Matinas BioPharma, Inc. (“BioPharma”), and Matinas BioPharma Nanotechnologies, Inc. (“Nanotechnologies,” formerly known as Aquarius Biotechnologies, Inc.), its operating subsidiaries (“Nanotechnologies”, and together with “Holdings” and “BioPharma”, “the Company”). The Company is a clinical-stage biopharmaceutical company with a focus on identifying and developing novel pharmaceutical products. |
Liquidity, Plan of Operations a
Liquidity, Plan of Operations and Going Concern | 9 Months Ended |
Sep. 30, 2023 | |
Liquidity Plan Of Operations And Going Concern | |
Liquidity, Plan of Operations and Going Concern | Note 2 – Liquidity, Plan of Operations and Going Concern The Company has experienced net losses and negative cash flows from operations each period since its inception. Through September 30, 2023, the Company had an accumulated deficit of $ 170,259 17,628 The Company has been engaged in developing its lipid nanocrystal (“LNC”) platform delivery technology and a pipeline of associated product candidates, including MAT2203 and MAT2501, since 2011. To date, the Company has not obtained regulatory approval for any of its product candidates nor generated any revenue from product sales, and the Company expects to incur significant expenses to complete development of its product candidates. The Company may never be able to obtain regulatory approval for the marketing of any of its product candidates in any indication in the United States or internationally and there can be no assurance that the Company will generate revenues or ever achieve profitability. If the Company obtains U.S. Food and Drug Administration (“FDA”) approval for one or more of its product candidates, the Company expects that its expenses will continue to increase once the Company reaches commercial launch. The Company also expects that its research and development expenses will continue to increase as it moves forward with additional clinical studies for its current product candidates and development of additional product candidates. As a result, the Company expects to continue to incur substantial losses for the foreseeable future, and that these losses will be increasing. As of September 30, 2023, the Company had cash and cash equivalents of $ 6,407 11,809 250 The ability of the Company to continue as a going concern is dependent upon control over its operating expenses, anticipated proceeds from future sales of common stock through the At-The-Market Sales Agreement (“ATM”) with BTIG, LLC. and securing additional financing. While the Company believes in the viability of this strategy and believes the actions presently being taken by the Company provide the opportunity for it to continue as a going concern, there can be no assurance the Company will be successful in its implementation. In particular, utilization of the ATM may not be viable due to market conditions and new financing may not be available on acceptable terms, or at all. These consolidated financial statements do not include any adjustments related to the recoverability and classification of asset amounts or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The Company’s significant accounting policies are described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities | Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable debt securities. Cash and cash equivalents consisted of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date. Cash, Cash Equivalents and Restricted Cash The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash at both September 30, 2023 and December 31, 2022 of $ 250 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of September 30, 2023, December 31, 2022, September 30, 2022 and December 31, 2021: Schedule of Cash, Cash Equivalents and Restricted Cash September 30, December 31, September 30, December 31, Cash and cash equivalents $ 6,407 $ 6,830 $ 11,176 $ 21,030 Restricted cash included in current/non-current assets 250 250 250 250 Cash, cash equivalents and restricted cash in the statement of cash flows $ 6,657 $ 7,080 $ 11,426 $ 21,280 Marketable Debt Securities The Company has classified its investments in marketable debt securities as available-for-sale and as a current asset. The Company’s investments in marketable debt securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized losses and gains are classified as other comprehensive (loss)/income and costs are determined on a specific identification basis. Realized gains and losses from our marketable debt securities are recorded in other income, net. For the three and nine months ended September 30, 2023, the Company recorded unrealized gains of $ 155 465 181 790 359 824 The following tables summarize the Company’s marketable debt securities as of September 30, 2023: Schedule of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 998 $ — $ (13 ) $ 985 U.S. Government Notes 11,170 — (346 ) 10,824 Total marketable debt securities $ 12,168 $ — $ (359 ) $ 11,809 Maturities of debt securities classified as available-for-sale were as follows at September 30, 2023: Schedule of Maturities of Debt Securities Available-for-sale Fair Value Due within one year $ 11,809 The following tables summarize the Company’s marketable debt securities as of December 31, 2022: Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Treasury Bonds $ 993 $ — $ (34 ) $ 959 U.S. Government Notes 16,324 — (721 ) 15,603 Corporate Debt Securities 5,440 — (69 ) 5,371 Total marketable debt securities $ 22,757 $ — $ (824 ) $ 21,933 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2022: Fair Value Due within one year $ 13,240 Due after one year through five years 8,693 $ 21,933 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 - Fair Value Measurements The Company uses the fair value hierarchy to measure the value of its financial instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The basis for fair value measurements for each level within the hierarchy is described below: ● Level 1 – Quoted prices for identical assets or liabilities in active markets. ● Level 2 – Quoted prices for identical or similar assets and liabilities in markets that are not active; or other model-derived valuations whose inputs are directly or indirectly observable or whose significant value drivers are observable. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs to the valuation model are unobservable and for which assumptions are used based on management estimates. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The carrying amounts of cash equivalents, current portion of restricted cash, prepaid expenses and other current assets, accounts payable, current portion of lease liabilities and accrued expenses approximate fair value due to the short-term nature of these instruments. A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Schedule of Fair Value Measurement of Assets and Liabilities Fair Value Hierarchy September 30, 2023 Total (Level 1) (Level 2) (Level 3) Assets Marketable Debt Securities: U.S. Treasury Bonds $ 985 $ 985 $ — $ — U.S. Government Notes 10,824 — 10,824 — Total $ 11,809 $ 985 $ 10,824 $ — Fair Value Hierarchy December 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Marketable Debt Securities: U.S. Treasury Bonds $ 959 $ 959 $ — $ — U.S. Government Notes 15,603 — 15,603 — Corporate Debt Securities 5,371 — 5,371 — Total $ 21,933 $ 959 $ 20,974 $ — Assets and liabilities carried at fair value $ 21,933 $ 959 $ 20,974 $ — U.S. treasury bonds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices for identical assets in active markets. Marketable debt securities consisting of U.S. government notes and corporate debt securities are classified as Level 2 and are valued using quoted market prices in markets that are not active. |
Leasehold Improvements and Equi
Leasehold Improvements and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Leasehold Improvements and Equipment | Note 6 – Leasehold Improvements and Equipment Leasehold improvements and equipment, summarized by major category, consist of the following as of September 30, 2023 and December 31, 2022: Schedule of Leasehold Improvements and Equipment September 30, 2023 December 31, 2022 Equipment $ 2,523 $ 2,305 Leasehold improvements 1,155 1,155 Total 3,678 3,460 Leasehold improvements and equipment, gross 3,678 3,460 Less: accumulated depreciation and amortization 1,657 1,369 Leasehold improvements and equipment, net $ 2,021 $ 2,091 Depreciation and amortization expense for the three and nine months ended September 30, 2023 was $ 98 288 89 244 218 no 629 221 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Note 7 – Accrued Expenses and Other Liabilities Accrued Expenses, summarized by major category, as of September 30, 2023 and December 31, 2022 consist of the following: Schedule of Accrued Expenses September 30, 2023 December 31, 2022 Payroll and incentives $ 1,290 $ 1,705 General and administrative expenses 407 455 Research and development expenses 60 130 Deferred revenue * — 721 Other deferred liabilities ** — 88 Total $ 1,757 $ 3,099 * At December 31, 2022, the balance included $ 688 33 ** At December 31, 2022, the balances of $ 88 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | Note 8 – Leases The Company has various lease agreements, including leases of office space, a laboratory and manufacturing facility, and various equipment. Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The assets and liabilities from operating and finance leases are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term using the Company’s incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12 Operating lease obligations The Company incurred lease expense for its operating leases of $ 225 194 677 646 139 406 138 413 Finance Leases The Company incurred interest expense on its finance leases of $ 0 2 0 1 2 7 3 15 The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of September 30, 2023: Schedule of Maturity of Operating and Finance Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2023 $ 235 $ 2 2024 956 7 2025 998 7 2026 1,040 7 2027 944 7 Thereafter 411 — Total undiscounted operating lease payments $ 4,584 $ 30 Less: Imputed interest 900 6 Present value of operating lease liabilities $ 3,684 $ 24 Weighted average remaining lease term in years 4.6 4.2 Weighted average discount rate 9.2 % 11.6 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2022: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2023 $ 916 $ 10 2024 956 7 2025 998 7 2026 1,040 7 2027 944 7 Thereafter 411 — Total undiscounted operating lease payments $ 5,265 $ 38 Less: Imputed interest 1,170 9 Present value of operating lease liabilities $ 4,095 $ 29 Weighted average remaining lease term in years 5.3 4.5 Weighted average discount rate 9.2 % 11.1 % |
Revenue Recognition, Collaborat
Revenue Recognition, Collaboration Agreements and Other | 9 Months Ended |
Sep. 30, 2023 | |
Revenue Recognition Collaboration Agreements And Other | |
Revenue Recognition, Collaboration Agreements and Other | Note 9 – Revenue Recognition, Collaboration Agreements and Other BioNTech Research Collaboration On April 8, 2022, the Company entered into the BioNTech Agreement to evaluate the combination of mRNA formats utilizing the Company’s proprietary LNC platform delivery technology. Under the terms of the BioNTech Agreement, the Company received an exclusivity fee in the amount of $ 2,750 The $ 2,750 During the first quarter of 2023, $ 688 375 Cystic Fibrosis Foundation Therapeutics Development Award On November 19, 2020, the Company entered into the CFF Agreement with the Cystic Fibrosis Foundation (“CFF”), pursuant to which it received a Therapeutics Development Award of up to $ 4.2 484 321 As of September 30, 2023, the Company has received approximately $ 3.6 4.5 0 88 Genentech Feasibility Study Agreement On December 12, 2019, the Company entered into the Genentech Agreement which involves the development of oral formulations using the Company’s LNC platform delivery technology. Under the terms of the Genentech Agreement, Genentech paid the Company a total of $ 100 33 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes Sale of net operating losses (NOLs) & tax credits The Company recognized $ 0 1,734 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 – Stockholders’ Equity Common Stock On February 8, 2022, the Company issued 400,000 100 50 291 400,000 0.728 For the nine months ended September 30, 2023 and 2022, the Company did not sell any shares of its common stock under its At-The-Market Sales Agreement with BTIG, LLC. Warrants As of September 30, 2023, the Company did not have any outstanding warrants to purchase shares of the Company’s common stock. The following table summarizes the changes in warrants outstanding during 2022 and for the nine months ended September 30, 2023: Summary of Shareholder Equity Warrants Outstanding Shares Outstanding at December 31, 2021 988 Issued — Exercised (400 ) Expired (350 ) Outstanding at December 31, 2022 238 Issued — Exercised — Expired (238 ) Outstanding at September 30, 2023 — Basic and diluted net loss per common share During the three and nine months ended September 30, 2023 and 2022, diluted loss per common share is the same as basic loss per common share because, as the Company incurred a net loss during each period presented, the potentially dilutive securities from the assumed exercise of all outstanding stock options and warrants, would have an anti-dilutive effect. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive as of September 30, 2023 and 2022: Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share As of September 30, 2023 2022 Stock options 33,234 27,729 Warrants — 988 Total 33,234 28,717 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 12 – Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2023 and 2022: Schedule of Components of Accumulated Other Comprehensive (Loss) Income Net Unrealized Accumulated Balance, December 31, 2022 $ (824 ) $ (824 ) Net unrealized gain on securities available-for-sale 465 465 Balance, September 30, 2023 $ (359 ) $ (359 ) Balance, December 31, 2021 $ (145 ) $ (145 ) Net unrealized loss on securities available-for-sale (790 ) (790 ) Balance, September 30, 2022 $ (935 ) $ (935 ) All components of accumulated other comprehensive income are net of tax. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 13 – Stock-based Compensation The Company’s Amended and Restated 2013 Equity Compensation Plan (the “Plan”) provides for the granting of incentive stock options, nonqualified stock options, restricted stock units, performance units, and stock purchase rights. There were no significant modifications to the Plan during the nine month periods ended September 30, 2023 and 2022. The term of the Plan is for 10 years The following table contains information about the Company’s stock plan at September 30, 2023: Schedule of Equtiy Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 54,294 * 37,915 ** 16,379 * Increased by 8,691 4 ** Includes both restricted stock grants and option grants The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and Development $ 507 $ 554 $ 1,576 $ 1,660 General and Administrative 689 859 2,100 2,228 Total $ 1,196 $ 1,413 $ 3,676 $ 3,888 As of September 30, 2023, total compensation costs related to unvested awards not yet recognized was $ 6,204 2.2 Stock Options The following table summarizes the activity for Company’ stock options for the nine months ended September 30, 2023: Schedule of Stock Option Activity Stock Options Outstanding at December 31, 2022 34,739 Granted 105 Exercised — Forfeited (296 ) Expired (1,314 ) Outstanding at September 30, 2023 33,234 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events On November 1, 2023, at a Special Meeting of the Company’s stockholders, a proposal for an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of its common stock at a ratio in the range of 1-for-2 to 1-for-50, with such reverse stock split to be effected at a ratio, time and date, if at all, as determined by the Company’s Board of Directors in its sole discretion. |
The information set forth below
The information set forth below is included herein for the purpose of proving the disclosure required under “Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers”. | 3 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arrangements [Line Items] | |
The information set forth below is included herein for the purpose of proving the disclosure required under “Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers”. | The information set forth below is included herein for the purpose of proving the disclosure required under “Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers”. (e) On November 7, 2023 Keith Kucinski chief financial officer and principal accounting officer 40,000 December 31, 2023 60,000 April 1, 2024 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation and principles of consolidation | Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements include the consolidated accounts of Holdings and its wholly owned subsidiaries, BioPharma, and Nanotechnologies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect the operations of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. The Company’s significant accounting policies are described in Note 3 within the Company’s Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s management has considered all recent accounting pronouncements issued and believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of September 30, 2023, December 31, 2022, September 30, 2022 and December 31, 2021: Schedule of Cash, Cash Equivalents and Restricted Cash September 30, December 31, September 30, December 31, Cash and cash equivalents $ 6,407 $ 6,830 $ 11,176 $ 21,030 Restricted cash included in current/non-current assets 250 250 250 250 Cash, cash equivalents and restricted cash in the statement of cash flows $ 6,657 $ 7,080 $ 11,426 $ 21,280 |
Schedule of Marketable Securities | The following tables summarize the Company’s marketable debt securities as of September 30, 2023: Schedule of Marketable Securities Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Amortized Unrealized Unrealized Cost Gain (Loss) Fair Value U.S. Treasury Bonds $ 998 $ — $ (13 ) $ 985 U.S. Government Notes 11,170 — (346 ) 10,824 Total marketable debt securities $ 12,168 $ — $ (359 ) $ 11,809 Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value U.S. Treasury Bonds $ 993 $ — $ (34 ) $ 959 U.S. Government Notes 16,324 — (721 ) 15,603 Corporate Debt Securities 5,440 — (69 ) 5,371 Total marketable debt securities $ 22,757 $ — $ (824 ) $ 21,933 |
Schedule of Maturities of Debt Securities Available-for-sale | Maturities of debt securities classified as available-for-sale were as follows at September 30, 2023: Schedule of Maturities of Debt Securities Available-for-sale Fair Value Due within one year $ 11,809 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2022: Fair Value Due within one year $ 13,240 Due after one year through five years 8,693 $ 21,933 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement of Assets and Liabilities | A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Schedule of Fair Value Measurement of Assets and Liabilities Fair Value Hierarchy September 30, 2023 Total (Level 1) (Level 2) (Level 3) Assets Marketable Debt Securities: U.S. Treasury Bonds $ 985 $ 985 $ — $ — U.S. Government Notes 10,824 — 10,824 — Total $ 11,809 $ 985 $ 10,824 $ — Fair Value Hierarchy December 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Marketable Debt Securities: U.S. Treasury Bonds $ 959 $ 959 $ — $ — U.S. Government Notes 15,603 — 15,603 — Corporate Debt Securities 5,371 — 5,371 — Total $ 21,933 $ 959 $ 20,974 $ — Assets and liabilities carried at fair value $ 21,933 $ 959 $ 20,974 $ — |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Leasehold Improvements and Equipment | Leasehold improvements and equipment, summarized by major category, consist of the following as of September 30, 2023 and December 31, 2022: Schedule of Leasehold Improvements and Equipment September 30, 2023 December 31, 2022 Equipment $ 2,523 $ 2,305 Leasehold improvements 1,155 1,155 Total 3,678 3,460 Leasehold improvements and equipment, gross 3,678 3,460 Less: accumulated depreciation and amortization 1,657 1,369 Leasehold improvements and equipment, net $ 2,021 $ 2,091 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses, summarized by major category, as of September 30, 2023 and December 31, 2022 consist of the following: Schedule of Accrued Expenses September 30, 2023 December 31, 2022 Payroll and incentives $ 1,290 $ 1,705 General and administrative expenses 407 455 Research and development expenses 60 130 Deferred revenue * — 721 Other deferred liabilities ** — 88 Total $ 1,757 $ 3,099 * At December 31, 2022, the balance included $ 688 33 ** At December 31, 2022, the balances of $ 88 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Schedule of Maturity of Operating and Finance Liabilities | The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of September 30, 2023: Schedule of Maturity of Operating and Finance Liabilities Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities Remainder of 2023 $ 235 $ 2 2024 956 7 2025 998 7 2026 1,040 7 2027 944 7 Thereafter 411 — Total undiscounted operating lease payments $ 4,584 $ 30 Less: Imputed interest 900 6 Present value of operating lease liabilities $ 3,684 $ 24 Weighted average remaining lease term in years 4.6 4.2 Weighted average discount rate 9.2 % 11.6 % The following table presents information about the amount and timing of liabilities arising from the Company’s operating leases and finance leases as of December 31, 2022: Maturity of Lease Liabilities Operating Lease Liabilities Finance Lease Liabilities 2023 $ 916 $ 10 2024 956 7 2025 998 7 2026 1,040 7 2027 944 7 Thereafter 411 — Total undiscounted operating lease payments $ 5,265 $ 38 Less: Imputed interest 1,170 9 Present value of operating lease liabilities $ 4,095 $ 29 Weighted average remaining lease term in years 5.3 4.5 Weighted average discount rate 9.2 % 11.1 % |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Shareholder Equity Warrants Outstanding | Summary of Shareholder Equity Warrants Outstanding Shares Outstanding at December 31, 2021 988 Issued — Exercised (400 ) Expired (350 ) Outstanding at December 31, 2022 238 Issued — Exercised — Expired (238 ) Outstanding at September 30, 2023 — |
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share | Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share As of September 30, 2023 2022 Stock options 33,234 27,729 Warrants — 988 Total 33,234 28,717 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive (Loss) Income | The following table summarizes the changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2023 and 2022: Schedule of Components of Accumulated Other Comprehensive (Loss) Income Net Unrealized Accumulated Balance, December 31, 2022 $ (824 ) $ (824 ) Net unrealized gain on securities available-for-sale 465 465 Balance, September 30, 2023 $ (359 ) $ (359 ) Balance, December 31, 2021 $ (145 ) $ (145 ) Net unrealized loss on securities available-for-sale (790 ) (790 ) Balance, September 30, 2022 $ (935 ) $ (935 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Equtiy Compensation Plan by Arrangements | The following table contains information about the Company’s stock plan at September 30, 2023: Schedule of Equtiy Compensation Plan by Arrangements Awards Awards Awards 2013 Equity Compensation Plan 54,294 * 37,915 ** 16,379 * Increased by 8,691 4 ** Includes both restricted stock grants and option grants |
Schedule of Recognized Stock Based Compensation | The Company recognized stock-based compensation expense (options and restricted share grants) in its condensed consolidated statements of operations as follows: Schedule of Recognized Stock Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and Development $ 507 $ 554 $ 1,576 $ 1,660 General and Administrative 689 859 2,100 2,228 Total $ 1,196 $ 1,413 $ 3,676 $ 3,888 |
Schedule of Stock Option Activity | The following table summarizes the activity for Company’ stock options for the nine months ended September 30, 2023: Schedule of Stock Option Activity Stock Options Outstanding at December 31, 2022 34,739 Granted 105 Exercised — Forfeited (296 ) Expired (1,314 ) Outstanding at September 30, 2023 33,234 |
Liquidity, Plan of Operations_2
Liquidity, Plan of Operations and Going Concern (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liquidity Plan Of Operations And Going Concern | ||||||
Accumulated deficit | $ 170,259 | $ 170,259 | $ 152,631 | |||
Net loss | 6,055 | $ 5,462 | 17,628 | $ 17,363 | ||
Cash and cash equivalents | 6,407 | 11,176 | 6,407 | 11,176 | 6,830 | $ 21,030 |
Marketable securities | 11,809 | 11,809 | 21,933 | |||
Restricted cash | $ 250 | $ 250 | $ 250 | $ 250 | $ 250 | $ 250 |
Schedule of Cash, Cash Equivale
Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 6,407 | $ 6,830 | $ 11,176 | $ 21,030 |
Restricted cash included in current/non-current assets | 250 | 250 | 250 | 250 |
Cash, cash equivalents and restricted cash in the statement of cash flows | $ 6,657 | $ 7,080 | $ 11,426 | $ 21,280 |
Schedule of Marketable Securiti
Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 12,168 | $ 22,757 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (359) | (824) |
Debt Securities, Available-for-Sale | 11,809 | 21,933 |
US Treasury Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 998 | 993 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (13) | (34) |
Debt Securities, Available-for-Sale | 985 | 959 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 11,170 | 16,324 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (346) | (721) |
Debt Securities, Available-for-Sale | $ 10,824 | 15,603 |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 5,440 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (69) | |
Debt Securities, Available-for-Sale | $ 5,371 |
Schedule of Maturities of Debt
Schedule of Maturities of Debt Securities Available-for-sale (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Due within one year, Fair Value | $ 11,809 | $ 13,240 |
Due after one year through five years, Fair Value | 8,693 | |
Debt securities available-for-sale, Fair Value | $ 21,933 |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | ||||||
Restricted cash | $ 250 | $ 250 | $ 250 | $ 250 | $ 250 | $ 250 |
Unrealized gain/(loss) on securities available-for-sale | 155 | (181) | 465 | (790) | ||
Unrealized gain/(loss) on securities available-for-sale | (155) | $ 181 | (465) | $ 790 | ||
Accumulated unrealized losses | $ 359 | $ 359 | $ 824 |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 11,809 | $ 21,933 |
Assets and liabilities carried at fair value | 21,933 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 985 | 959 |
Assets and liabilities carried at fair value | 959 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 10,824 | 20,974 |
Assets and liabilities carried at fair value | 20,974 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
Assets and liabilities carried at fair value | ||
US Treasury Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 985 | 959 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 985 | 959 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Government Agencies Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 10,824 | 15,603 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 10,824 | 15,603 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
Corporate Debt Securities [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 5,371 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total | 5,371 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Total |
Schedule of Leasehold Improveme
Schedule of Leasehold Improvements and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] | |||
Leasehold improvements and equipment, gross | $ 3,678 | $ 3,460 | |
Less: accumulated depreciation and amortization | 1,657 | 1,369 | |
Leasehold improvements and equipment, net | 2,021 | 2,091 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Leasehold improvements and equipment, gross | 2,523 | 2,305 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Leasehold improvements and equipment, gross | 1,155 | $ 1,155 | |
Leasehold improvements and equipment, net | $ 0 | $ 221 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization expenses | $ 98 | $ 89 | $ 288 | $ 244 | |
Purchases of leasehold improvements and equipment | 218 | 850 | |||
Leasehold improvements and equipment | 2,021 | 2,021 | $ 2,091 | ||
Leasehold Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Purchases of leasehold improvements and equipment | 218 | 629 | |||
Leasehold improvements and equipment | $ 0 | $ 221 | $ 0 | $ 221 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |||
Payroll and incentives | $ 1,290 | $ 1,705 | |
General and administrative expenses | 407 | 455 | |
Research and development expenses | 60 | 130 | |
Deferred revenue * | [1] | 721 | |
Other deferred liabilities ** | [2] | 88 | |
Total | $ 1,757 | $ 3,099 | |
[1]At December 31, 2022, the balance included $ 688 33 88 |
Schedule of Accrued Expenses _2
Schedule of Accrued Expenses (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 31, 2022 | Apr. 08, 2022 | Mar. 31, 2023 | Sep. 30, 2023 | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred liability | [1] | $ 88 | |||
BioNTech Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue recognized | 688 | $ 2,750 | $ 688 | ||
Genentech Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue recognized | 33 | ||||
CFF Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Deferred liability | $ 88 | ||||
[1]At December 31, 2022, the balances of $ 88 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating and Finance Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases | ||
Operating Lease Liabilities, Remainder of Fiscal Year | $ 235 | |
Finance Lease Liabilities, Remainder of Fiscal Year | 2 | |
Operating Lease Liabilities, Year One | 956 | $ 916 |
Finance Lease Liabilities, Year One | 7 | 10 |
Operating Lease Liabilities, Year Two | 998 | 956 |
Finance Lease Liabilities, Year Two | 7 | 7 |
Operating Lease Liabilities, Year Three | 1,040 | 998 |
Finance Lease Liabilities, Year Three | 7 | 7 |
Operating Lease Liabilities, Year Four | 944 | 1,040 |
Finance Lease Liabilities, Year Four | 7 | 7 |
Operating lease Liabilities, Year After Four | 411 | |
Finance Lease Liabilities, Year After Four | ||
Total undiscounted operating lease payments | 4,584 | 5,265 |
Total undiscounted finance lease payments | 30 | 38 |
Operating Lease Liabilities, less: Imputed interest | 900 | 1,170 |
Finance Lease Liabilities, less: Imputed interest | 6 | 9 |
Present value of operating lease liabilities | 3,684 | $ 4,095 |
Present value of finance lease liabilities | $ 24 | |
Operating Lease Liabilities, weighted average remaining lease term in years | 4 years 7 months 6 days | 5 years 3 months 18 days |
Finance Lease Liabilities, weighted average remaining lease term in years | 4 years 2 months 12 days | 4 years 6 months |
Operating Lease Liabilities, weighted average discount rate | 9.20% | 9.20% |
Finance Lease Liabilities, weighted average discount rate | 11.60% | 11.10% |
Operating lease Liabilities, Year Five | $ 944 | |
Finance Lease Liabilities, Year Five | 7 | |
Operating Lease Liabilities, Thereafter | 411 | |
Finance Lease Liabilities, Thereafter |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases | ||||
Operating lease, description | Some leases include purchase, termination or extension options for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. | |||
Remaining lease term | 12 months | 12 months | ||
Operating lease interest expense | $ 225 | $ 194 | $ 677 | $ 646 |
Operating lease right-of-use assets | 139 | 138 | 406 | 413 |
Finance lease interest expense | 0 | 0 | 2 | 1 |
Finance lease right-of-use assets | $ 2 | $ 3 | $ 7 | $ 15 |
Revenue Recognition, Collabor_2
Revenue Recognition, Collaboration Agreements and Other (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2022 | Apr. 08, 2022 | Nov. 19, 2020 | Dec. 12, 2019 | Dec. 12, 2019 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 1,063 | $ 1,096 | $ 2,125 | ||||||||
BioNTech Agreement [Member] | |||||||||||
Fees received | $ 2,750 | ||||||||||
Revenue recognized | $ 688 | $ 2,750 | $ 688 | ||||||||
Revenue | $ 375 | ||||||||||
CFF Agreement [Member] | |||||||||||
Grants receivable | 3,600 | 3,600 | |||||||||
Additional milestone payment | 4,500 | 4,500 | |||||||||
CFF Agreement [Member] | Accrued Liabilities [Member] | |||||||||||
Other Liabilities | $ 88 | $ 0 | $ 0 | ||||||||
CFF Agreement [Member] | Cystic Fibrosis Foundation [Member] | |||||||||||
Therapeutics development award | $ 4,200 | ||||||||||
Proceeds from award | $ 484 | ||||||||||
Additional milestone payment | $ 321 | ||||||||||
Genentech Feasibility Study Agreement [Member] | Genentech [Member] | |||||||||||
Revenue | $ 33 | ||||||||||
Agreement description | Genentech paid the Company a total of $100 for the development of three molecules, or $33 per molecule, which is being recognized upon the Company fulfilling its obligations for each molecule under the Genentech Agreement. | ||||||||||
Aggregate revenue | $ 100 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 0 | $ 1,734 |
Summary of Shareholder Equity W
Summary of Shareholder Equity Warrants Outstanding (Details) - shares shares in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Shares outstanding, beginning | 238 | 988 |
Shares Issued | ||
Shares Exercised | (400) | |
Shares Expired | (238) | (350) |
Shares outstanding, ending | 238 |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Excluded from Computation of Earning Per Share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 33,234 | 28,717 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 33,234 | 27,729 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 988 |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Beginning Balance | $ (824) | $ (145) |
Accumulated Other Comprehensive (Loss)/Gain, Beginning Balance | (824) | (145) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Net unrealized loss on securities available-for-sale | 465 | (790) |
Accumulated Other Comprehensive (Loss)/Gain, Net unrealized loss on securities available-for-sale | 465 | (790) |
Net Unrealized Gains (Losses) on Available-for-Sale Securities, Ending Balance | (359) | (935) |
Accumulated Other Comprehensive (Loss)/Gain, Ending Balance | $ (359) | $ (935) |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Feb. 08, 2022 | Feb. 08, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||||
Research and development expense | $ 3,295 | $ 3,707 | $ 10,824 | $ 12,811 | ||
Restated Exclusive License Agreement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Milestone fee | $ 100 | |||||
License fee | 50 | |||||
Research and development expense | $ 291 | |||||
Stock issued during new issued, shares | 400,000 | |||||
Share price | $ 0.728 | $ 0.728 | ||||
Restated Exclusive License Agreement [Member] | Unregistered Shares [Member] | Rutgers [Member] | ||||||
Class of Stock [Line Items] | ||||||
Business acquisition, equity iterest issued or issuable, shares | 400,000 |
Schedule of Equtiy Compensation
Schedule of Equtiy Compensation Plan by Arrangements (Details) - 2013 Equity Compensation Plan [Member] shares in Thousands | 9 Months Ended | |
Sep. 30, 2023 shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards Reserved for Issuance | 54,294 | [1] |
Awards Issued & Exercised | 37,915 | [2] |
Awards Available for Grant | 16,379 | |
[1]Increased by 8,691 4 |
Schedule of Equity Compensation
Schedule of Equity Compensation Plan by Arrangements (Details) (Parenthetical) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 02, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Increased shares of common stock outstanding | 8,691 | |
Percentage for common stock outstanding | 4% |
Schedule of Recognized Stock Ba
Schedule of Recognized Stock Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 1,196 | $ 1,413 | $ 3,676 | $ 3,888 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 507 | 554 | 1,576 | 1,660 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 689 | $ 859 | $ 2,100 | $ 2,228 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 shares | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance | 34,739 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 105 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | (296) |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period | (1,314) |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance | 33,234 |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
Term of the award | The term of the Plan is for 10 years |
Unrecognized share based compensation | $ 6,204 |
Unrecognized share based compensation, recognition period | 2 years 2 months 12 days |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Nov. 01, 2023 |
Subsequent Event [Member] | Director [Member] | |
Subsequent Event [Line Items] | |
Reverse stock split Description | reverse stock split of its common stock at a ratio in the range of 1-for-2 to 1-for-50, with such reverse stock split to be effected at a ratio, time and date, if at all, as determined by the Company’s Board of Directors in its sole discretion. |