Zosano Pharma (ZSANQ) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36570
Entity Registrant Name	ZOSANO PHARMA CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4488360
Entity Address, Address Line One	34790 Ardentech Court
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94555
City Area Code	510
Local Phone Number	745-1200
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ZSAN
Security Exchange Name	NASDAQ
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		118,346,993
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001587221

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 17,147	$ 35,263
Prepaid expenses and other current assets	983	453
Total current assets	18,130	35,716
Restricted cash	455	455
Property and equipment, net	32,337	30,909
Operating lease right-of-use assets	4,073	4,928
Other long-term assets	0	3
Total assets	54,995	72,011
Current liabilities:
Accounts payable	1,551	1,884
Accrued compensation	1,916	2,294
Build-to-suit obligation, current portion, net of debt issuance costs and discount	4,528	4,779
Operating lease liabilities, current portion	1,552	1,378
Paycheck Protection Program loan, current portion	0	809
Other accrued liabilities	2,092	3,367
Total current liabilities	11,639	14,511
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount	1,424	4,359
Operating lease liabilities, long-term portion	3,502	4,687
Paycheck Protection Program loan, long-term portion	0	812
Other long-term liabilities	226	127
Total liabilities	16,791	24,496
Commitments and contingencies (see note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value; 250,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 118,114,793 and 102,066,218 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	12	10
Additional paid-in capital	393,336	379,695
Accumulated deficit	(355,144)	(332,190)
Total stockholders’ equity	38,204	47,515
Total liabilities and stockholders’ equity	$ 54,995	$ 72,011

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	118,114,793	102,066,218
Common stock, shares outstanding (in shares)	118,114,793	102,066,218

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Service revenue	$ 252	$ 0	$ 698	$ 0
Operating expenses:
Cost of service revenue	340	0	704	0
Research and development	5,985	5,824	16,315	16,270
General and administrative	2,522	2,704	8,294	8,552
Total operating expenses	8,847	8,528	25,313	24,822
Loss from operations	(8,595)	(8,528)	(24,615)	(24,822)
Other income (expense):
Interest income	1	2	2	17
Interest expense	(17)	(165)	(136)	(561)
Other income (expense), net	(57)	4	1,795	95
Loss before provision for income taxes	(8,668)	(8,687)	(22,954)	(25,271)
Provision for income taxes	0	0	0	0
Net loss and comprehensive loss	(8,668)	(8,687)	(22,954)	(25,271)
Comprehensive loss	$ (8,668)	$ (8,687)	$ (22,954)	$ (25,271)
Net loss per common share - basic (in USD per share)	$ (0.07)	$ (0.11)	$ (0.21)	$ (0.45)
Net loss per common share - diluted (in USD per share)	$ (0.07)	$ (0.11)	$ (0.21)	$ (0.45)
Weighted-average common shares used in computing net loss per common share – basic (in shares)	115,765	77,883	109,730	56,437
Weighted-average common shares used in computing net loss per common share – diluted (in shares)	115,765	77,883	109,730	56,437
Revenue from Contract with Customer, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Cost, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]	Service [Member]

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	At-The-Market Offering	Pre-funded Warrants With Public Stock Offering	Series E Warrant	Series E WarrantRegistered Direct Offering, RDO	Series C Warrant	Common Stock	Common StockAt-The-Market Offering	Common StockPre-funded Warrants With Public Stock Offering	Common StockSeries E Warrant	Common StockSeries E WarrantRegistered Direct Offering, RDO	Common StockSeries C Warrant	Common StockSeries D Warrants	Additional Paid-In Capital	Additional Paid-In CapitalAt-The-Market Offering	Additional Paid-In CapitalPre-funded Warrants With Public Stock Offering	Additional Paid-In CapitalSeries E Warrant	Additional Paid-In CapitalSeries E WarrantRegistered Direct Offering, RDO	Additional Paid-In CapitalSeries C Warrant	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019							23,503,214
Beginning balance at Dec. 31, 2019	$ 9,392						$ 2							$ 308,211						$ (298,821)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise (in shares)												2,649,723	2,161,539
Issuance of common stock upon exercise						$ 1,722													$ 1,722
Issuance of common stock in connection with offering, net (in shares)								2,151,346	11,992,307		11,903,506
Issuance of common stock in connection with offering, net		$ 2,706	$ 8,264		$ 10,211				$ 2		$ 1				$ 2,706	$ 8,262		$ 10,210
Stock-based compensation	364													364
Net loss	(8,689)																			(8,689)
Ending balance (in shares) at Mar. 31, 2020							54,361,635
Ending balance at Mar. 31, 2020	23,970						$ 5							331,475						(307,510)
Beginning balance (in shares) at Dec. 31, 2019							23,503,214
Beginning balance at Dec. 31, 2019	9,392						$ 2							308,211						(298,821)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(25,271)
Ending balance (in shares) at Sep. 30, 2020							102,066,218
Ending balance at Sep. 30, 2020	55,244						$ 10							379,326						(324,092)
Beginning balance (in shares) at Mar. 31, 2020							54,361,635
Beginning balance at Mar. 31, 2020	23,970						$ 5							331,475						(307,510)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise (in shares)												1,333,385
Issuance of common stock upon exercise						867													867
Issuance of common stock in connection with offering, net (in shares)								1,550,231
Issuance of common stock in connection with offering, net		1,161						$ 1							1,160
Stock-based compensation	361													361
Net loss	(7,895)																			(7,895)
Ending balance (in shares) at Jun. 30, 2020							57,245,251
Ending balance at Jun. 30, 2020	18,464						$ 6							333,863						(315,405)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise (in shares)										7,194,004		10,003,038
Issuance of common stock upon exercise				$ 5,773		6,502				$ 1		$ 1					$ 5,772		6,501
Issuance of common stock in connection with offering, net (in shares)								11,686,795	15,937,130
Issuance of common stock in connection with offering, net		12,366	$ 20,387					$ 1	$ 1						12,365	$ 20,386
Stock-based compensation	439													439
Net loss	(8,687)																			(8,687)
Ending balance (in shares) at Sep. 30, 2020							102,066,218
Ending balance at Sep. 30, 2020	$ 55,244						$ 10							379,326						(324,092)
Beginning balance (in shares) at Dec. 31, 2020	102,066,218						102,066,218
Beginning balance at Dec. 31, 2020	$ 47,515						$ 10							379,695						(332,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise (in shares)										4,078,667		145,000
Issuance of common stock upon exercise				$ 3,274		$ 94				$ 1							$ 3,273		$ 94
Issuance of common stock in connection with offering, net (in shares)								82,935
Stock-based compensation	410													410
Net loss	(8,142)																			(8,142)
Ending balance (in shares) at Mar. 31, 2021							106,372,820
Ending balance at Mar. 31, 2021	$ 43,151						$ 11							383,472						(340,332)
Beginning balance (in shares) at Dec. 31, 2020	102,066,218						102,066,218
Beginning balance at Dec. 31, 2020	$ 47,515						$ 10							379,695						(332,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (22,954)
Ending balance (in shares) at Sep. 30, 2021	118,114,793						118,114,793
Ending balance at Sep. 30, 2021	$ 38,204						$ 12							393,336						(355,144)
Beginning balance (in shares) at Mar. 31, 2021							106,372,820
Beginning balance at Mar. 31, 2021	43,151						$ 11							383,472						(340,332)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with offering, net (in shares)								6,848,672
Issuance of common stock in connection with offering, net		5,531													5,531
Release of restricted stock units (in shares)							107,799
Stock-based compensation	528													528
Net loss	(6,144)																			(6,144)
Ending balance (in shares) at Jun. 30, 2021							113,329,291
Ending balance at Jun. 30, 2021	43,066						$ 11							389,531						(346,476)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with offering, net (in shares)								4,785,502
Issuance of common stock in connection with offering, net		$ 3,309						$ 1							$ 3,308
Stock-based compensation	497													497
Net loss	$ (8,668)																			(8,668)
Ending balance (in shares) at Sep. 30, 2021	118,114,793						118,114,793
Ending balance at Sep. 30, 2021	$ 38,204						$ 12							$ 393,336						$ (355,144)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (22,954)	$ (25,271)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,435	1,164
Change in operating lease right-of-use assets	855	712
Depreciation and amortization	1,323	993
Effective interest on financing obligations	363	560
Capitalized effective interest	(306)	(353)
Gain on forgiveness of Paycheck Protection Program loan	(1,629)	0
Loss on disposal of fixed assets	62	0
Change in operating assets and liabilities:
Prepaid expenses and other assets	(527)	(179)
Accounts payable	198	(1,915)
Accrued compensation and other accrued liabilities	432	(312)
Operating lease liabilities	(1,011)	(835)
Net cash used in operating activities	(21,759)	(25,436)
Cash flows from investing activities:
Purchases of property and equipment	(5,015)	(7,711)
Net cash used in investing activities	(5,015)	(7,711)
Cash flows from financing activities:
Proceeds from Paycheck Protection Program loan	0	1,610
Principal payments on financing obligations	(3,550)	(1,482)
Net cash provided by financing activities	8,658	70,385
Net (decrease) increase in cash, cash equivalents and restricted cash	(18,116)	37,238
Cash, cash equivalents and restricted cash at beginning of period	35,718	6,771
Cash, cash equivalents and restricted cash at end of period	17,602	44,009
Supplemental cash flow information:
Cash paid for interest	509	738
Non-cash investing and financing activities:
Forgiveness of Paycheck Protection Program loan	1,629	0
Acquisition of property and equipment under accounts payable and other accrued liabilities	914	3,237
Accrued offering costs	0	425
Asset retirement obligation	89	97
Public Stock Offering
Cash flows from financing activities:
Proceeds from public offering of securities	0	20,728
At-The-Market Offering
Cash flows from financing activities:
Proceeds from public offering of securities	8,840	16,266
Registered Direct Offering
Cash flows from financing activities:
Proceeds from public offering of securities	0	10,135
Pre-funded Warrants With Public Stock Offering
Cash flows from financing activities:
Proceeds from public offering of securities	0	8,264
Series E Warrant
Cash flows from financing activities:
Proceeds from warrant exercises	3,274	5,773
Series C Warrant
Cash flows from financing activities:
Proceeds from warrant exercises	94	$ 9,091
Series C Warrant | Public Stock Offering
Cash flows from financing activities:
Proceeds from warrant exercises	$ 100

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization The Company Zosano Pharma Corporation (the “Company”) is a clinical-stage biopharmaceutical company focused on providing rapid systemic administration of therapeutics and other bioactive molecules to patients using its proprietary transdermal microneedle system (“System”). The Company submitted a 505(b)(2) New Drug Application (“NDA”) for M207 to the U.S. Food and Drug Administration (the “FDA”) on December 20, 2019, and on October 20, 2020, the Company received a Complete Response Letter (“CRL”) from the FDA with respect to the NDA. The CRL cited inconsistent zolmitriptan exposure levels observed across clinical pharmacology studies, which had been previously identified in the FDA’s discipline review letter received by the Company on September 29, 2020. Specifically, the CRL noted differences in zolmitriptan exposures observed between subjects receiving different lots of M207 in the Company’s trials and inadequate pharmacokinetic (“PK”) bridging between the lots that made interpretation of some safety data unclear. The CRL referenced unexpected high plasma concentrations of zolmitriptan observed in five study subjects enrolled in the Company’s PK studies. The FDA recommended that the Company conduct a repeat bioequivalence study comparing lots manufactured with the equipment used during development. The CRL noted that additional product quality validation data, which were planned to be submitted following approval, if received, were required to be submitted with the application. In addition, the CRL mentioned that due to U.S. Government and/or Agency-wide restrictions on travel, inspections of the Company’s contract manufacturing facilities were not able to be conducted but would be required before the application may be approved. On January 29, 2021, the Company held a Type A meeting with the FDA Division of Neurology II (the “Division”) regarding the requirements for resubmission of the M207 NDA and, on February 19, 2021, the Company received the final minutes from the FDA. The Type A meeting minutes were generally consistent with the Company's expectations to conduct an additional PK study for inclusion in an NDA resubmission package. In a post-meeting comment, the FDA recommended a skin assessment on patients in the PK study to generate additional safety information which was included in the proposed study protocol submitted to the FDA for review. On April 12, 2021, the Company received FDA comments and recommendations to the Company’s proposed PK study protocol for M207. The Company made the recommended changes to the study protocol and established an agreement with a contract research organization to conduct the PK study required to support the resubmission of the M207 505(b)(2) NDA. On October 4, 2021, the Company announced that it had received preliminary top-line results from the PK study and had been granted a Type C written response-only meeting with the FDA regarding the resubmission of the M207 NDA. On October 25, 2021, the Company received full data tables from its PK study, which were consistent with the preliminary top-line results announced on October 4, 2021. On October 27, 2021, the Company submitted a briefing package to the FDA in advance of the Type C written-response-only meeting previously granted by the FDA to obtain feedback on the Company's strategy for resubmitting the M207 505(b)(2) NDA. If FDA approval is received, the Company expects that commercialization of M207 would initially occur using drug product produced in the Fremont, California facility, on a timeline yet to be determined. The Company does not anticipate realizing product revenues unless and until the FDA approves the M207 NDA and the Company begins commercializing M207, which events may never occur. Liquidity and Substantial Doubt about Going Concern Since inception, the Company has incurred recurring operating losses and negative cash flows from operating activities, and as of September 30, 2021, had an accumulated deficit of approximately $355.1 million. As of September 30, 2021, the Company had approximately $17.1 million in cash and cash equivalents. Presently, the Company does not have sufficient cash and cash equivalents to enable it to fund its anticipated level of operations and meet its obligations as they become due within twelve months following the date of filing of this Quarterly Report on Form 10-Q. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 2021 Shelf Registration The Company filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on July 14, 2021 (“2021 Shelf Registration Statement”). The 2021 Shelf Registration Statement provides the Company with the ability to issue common stock and other securities as described in the registration statement from time to time up to an aggregate amount of $150.0 million. 2020 Shelf Registration The Company filed a shelf registration statement on Form S-3 with the SEC, which was declared effective by the SEC on April 16, 2020 (“2020 Shelf Registration Statement”). The 2020 Shelf Registration Statement provides the Company with the ability to issue common stock and other securities as described in the registration statement from time to time up to an aggregate amount of $74.5 million, of which approximately $3.7 million was available at September 30, 2021. At-the-Market Offering Program - 2021 On June 28, 2021, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC (together, the “Sales Agents”) to establish an at-the-market offering program (“2021 ATM”), under which the Company may sell from time to time, at its option, up to an aggregate of $30.0 million of shares of its common stock. Shares sold under the 2021 ATM are issued pursuant to the Company’s 2020 Shelf Registration Statement and a prospectus supplement dated June 28, 2021. The Company is required to pay the Sales Agents a commission of 3% of the gross proceeds from the sale of shares and has also agreed to provide the Sales Agents with customary indemnification rights. During the three and nine months ended September 30, 2021, the Company issued and sold 4,785,502 shares of its common stock at an average price of $0.76 per share under the 2021 ATM for aggregate net proceeds of $3.3 million after deducting commissions and offering expenses payable by the Company. From October 1, 2021 through November 5, 2021, the Company issued and sold 232,200 shares of its common stock at an average price of $0.67 per share under the 2021 ATM for aggregate proceeds of $0.2 million after deducting commissions. As of the date of this Quarterly Report on Form 10-Q, the Company has approximately $26.2 million available to be offered and sold under the 2021 ATM. At-the-Market Offering Program - 2020 On June 8, 2020, the Company entered into a sales agreement with BTIG, LLC (“BTIG”) as sales agent to establish an at-the-market offering program (“2020 ATM”), under which the Company was permitted to offer and sell, from time to time, shares of common stock having a maximum aggregate offering price of up to $20.0 million. The Company was required to pay BTIG a commission of 3% of the gross proceeds from the sale of shares and also agreed to provide BTIG with customary indemnification rights. During the nine months ended September 30, 2021, the Company issued and sold 6,931,607 shares of its common stock at an average price of $0.84 per share under the 2020 ATM for aggregate net proceeds of $5.5 million after deducting commissions and offering expenses payable by the Company. The shares were sold pursuant to the Company’s 2020 Shelf Registration Statement and a prospectus supplement dated June 8, 2020. As of June 30, 2021, no shares remained available for sale under the 2020 ATM. Registered Direct Offering - March 2020 On March 4, 2020, the Company entered into a securities purchase agreement with certain institutional investors for the issuance and sale in a registered direct offering (the “March 2020 Offering”) of (i) 11,903,506 shares of the Company’s common stock and (ii) Series E Warrants to purchase up to a total of 11,903,506 shares of common stock at an offering price of $0.9275 per share and accompanying warrant. The Series E Warrants have an exercise price of $0.8025 per share, were immediately exercisable and expire five years from the date of issuance. During the nine months ended September 30, 2021, Series E Warrants to purchase 4,078,667 shares of common stock were exercised at an exercise price of $0.8025 per share for aggregate proceeds of approximately $3.3 million. No Series E Warrants were exercised during the three months ended September 30, 2021. The shares were sold pursuant to an effective shelf registration statement and a prospectus supplement dated March 4, 2020. As of the date of this Quarterly Report on Form 10-Q, the Company has Series E Warrants to purchase 630,835 shares of common stock outstanding. Public Offering - February 2020 On February 14, 2020, the Company closed an underwritten offering (the “February 2020 Offering”) for the issuance and sale of (i) 10,146,154 Class A Units, each consisting of one share of common stock and one Series C Warrant to purchase one share of common stock, at a public offering price of $0.65 per Class A Unit, and (ii) 2,161,539 Class B Units, each consisting of one Series D Pre-Funded Warrant to purchase one share of common stock and one Series C Warrant to purchase one share of common stock, at a public offering price of $0.6499 per Class B Unit. The Series C Warrants have an exercise price of $0.65 per share, were immediately exercisable and expire five years from the date of issuance. The Series D Pre-Funded Warrants had an exercise price of $0.0001 per share and were fully exercised in connection with the closing of the offering. The Company granted the underwriter a 30-day option to purchase up to an additional 1,846,153 shares of common stock and/or additional Series C Warrants to purchase up to 1,846,153 shares of common stock. The underwriter fully exercised its option to purchase the shares and the Series C Warrants. During the nine months ended September 30, 2021, Series C Warrants to purchase 145,000 shares of common stock were exercised at an exercise price of $0.65 per share for aggregate proceeds of approximately $0.1 million. No Series C Warrants were exercised during the three months ended September 30, 2021. The shares were sold pursuant to an effective shelf registration statement and a prospectus supplement dated February 12, 2020. As of the date of this Quarterly Report on Form 10-Q, the Company has Series C Warrants to purchase 22,700 shares of common stock outstanding. The Company intends to raise additional capital through the issuance of additional equity through public or private offerings, debt financings or strategic alliances with pharmaceutical partners, or any combination of the above. However, there can be no assurances that, if the Company attempts to raise additional capital, it will be successful in doing so on terms acceptable to the Company, or at all. The Company’s inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and it may have to cease its operations. Further, there can be no assurance that it will be able to gain access and/or be able to execute on securing new sources of funding, new development opportunities, successfully obtain regulatory approvals for and commercialize new products, achieve significant product revenues from its products (if approved), or achieve or sustain profitability in the future. The Company will continue to evaluate its timelines, strategic needs and working capital requirements. COVID-19 Pandemic On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic. Due to the COVID-19 pandemic, there has been uncertainty in the global financial markets and economic conditions. The Company is closely monitoring the impact of the COVID-19 pandemic on its business, including how it will impact its employees, clinical trials and third-party service providers who perform critical services for the Company's business. The pandemic did appear to negatively impact enrollment and conduct of the Company's cluster headache study. In addition, the impact of the COVID-19 pandemic on the global financial markets and economic conditions could impact the Company's ability to raise capital through an equity financing, debt financing, a license or collaboration or a combination of such sources of capital, and as a result, its ability to continue as a going concern. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it. As of the date of issuance of this Quarterly Report on Form 10-Q, management is not aware of any specific event or circumstances that would require an update to its estimates or a revision of the carrying value of its assets or liabilities. These estimates may change, as new events occur, and additional information is obtained.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Regulation S-X. They do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other subsequent period. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K and filed with the United States Securities and Exchange Commission (“SEC”) on March 11, 2021. The preparation of the accompanying financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of expenses during the periods reported. Actual results could differ from those estimates or assumptions. Significant Accounting Policies There have been no significant changes to the Company’s accounting policies during the nine months ended September 30, 2021, as compared to the significant accounting policies described in Note 2 of the "Notes to the Financial Statements" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents. As of September 30, 2021 and December 31, 2020, the Company had restricted cash of approximately $0.5 million consisting primarily of deposits of $0.3 million to secure its building lease until the end of the lease term and a deposit of approximately $0.1 million to a utility provider. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets and as presented as cash, cash equivalents and restricted cash in the statements of cash flows: September 30, 2021 September 30, 2020 (unaudited; in thousands) Cash and cash equivalents $ 17,147 $ 43,554 Restricted cash 455 455 Total $ 17,602 $ 44,009 Fair Value Instruments The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents and accounts payable, approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term financial obligations approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company's long-term financial obligations approximates fair value as interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, common stock warrants, stock options and restricted stock units (“RSUs”) are considered to be potential dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2021 September 30, 2020 (unaudited; shares) Options to purchase common stock 4,613,658 2,673,444 RSUs 872,236 342,317 Warrants to purchase common stock 728,535 5,148,108 Total 6,214,429 8,163,869 Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This new guidance simplifies the accounting for income taxes by removing certain exceptions to general principles, clarifying requirements and including amendments to improve consistent application of the guidance. The guidance specifically removes the exception to the incremental approach for intra period tax allocation when there is a loss from continuing operations and income or a gain from other items, such as discontinued operations or other comprehensive income. The guidance also requires an entity to recognize a franchise tax that is partially based on income as an income-based tax and to account for any other amounts incurred as a non-income based tax. The Company adopted the guidance beginning January 1, 2021 using a prospective approach. The adoption of the guidance did not have a material impact on its financial statements.

Master Services Agreement with

Master Services Agreement with Eversana	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Master Services Agreement with Eversana	Master Services Agreement with Eversana On August 6, 2020, the Company entered into a master services agreement (the “Eversana Agreement”) with Eversana Life Science Services, LLC (“Eversana”) for the commercialization of M207 in the United States, if approved by the FDA. Under the terms of the Eversana Agreement, Eversana and the Company will cooperate to conduct activities over the term of the Eversana Agreement. The Company maintains ownership of the M207 NDA as well as all legal, regulatory and manufacturing responsibilities for M207. Eversana receives an exclusive right to conduct agreed commercialization activities and will utilize its internal sales organization along with its other commercial capabilities for market access, marketing, distribution and patient support services for M207. Eversana will receive reimbursement of certain commercialization costs pursuant to a commercialization budget estimated at approximately $250.0 million and a low double digit to mid-teen percentage of product profits if and when Company net sales of M207 surpass certain costs incurred by the parties pursuant to the commercialization budget. The term of the Eversana Agreement is five years following the date, if any, that the FDA approves the M207 NDA. Upon expiration or termination of the Eversana Agreement, the Company will retain all profits from product sales consummated after expiration or termination and assume all future corresponding commercialization responsibilities. The Company may terminate the Eversana Agreement if Eversana fails to provide pre-commercial or commercial plans and budgets by specified dates, if the Company decides to discontinue development or commercialization efforts for M207 in the United States (subject to a termination payment if such termination occurs within a specified time period), or upon a change of control of the Company. Under the original terms, either party could terminate the Eversana Agreement if FDA approval was not received by July 31, 2021, if net profits are not realized within a specified time period following commercial launch, for material breach of the Eversana Agreement by the other party that is not cured within a defined time period, for insolvency of the other party, if M207 is subject to a safety recall in the United States or if M207 is not commercially launched within a specified time period after FDA approval of the NDA (other than by reason of the terminating party’s failure to perform its obligations under the Eversana Agreement). In addition, under the Eversana Agreement, following FDA approval of the M207 NDA, Eversana has agreed to provide a revolving credit facility of up to $5.0 million (the “Credit Facility”) to the Company pursuant to a loan agreement to be entered into between Eversana and the Company on a subsequent date. The loan will bear interest at an annual rate equal to 10.0%, to be paid monthly, and the Company will be able to prepay any amounts borrowed under the Credit Facility at any time without penalty or premium. The Credit Facility will be secured by substantially all of the Company’s assets, subject to prior liens and security interests. On September 28, 2021, the Company entered into Amendment No. 1, effective as of September 29, 2021 (the “Eversana Amendment”), to the Eversana Agreement, which modified the provision in the Eversana Agreement that provided for termination by either party of the Eversana Agreement if FDA approval was not received by July 31, 2021 to December 31, 2021, with written notice within sixty days of such date. In addition, the Eversana Amendment provides that if the NDA is approved, the deferral mechanism, payment terms and loan terms in the Eversana Agreement will be adjusted as mutually agreed by both parties. The Company is accounting for the Eversana Agreement as a collaborative arrangement. As of September 30, 2021, no material accruals, expenses, payments, or revenues were recorded by the Company in connection with the Eversana Agreement.

Cash Equivalents and Investment

Cash Equivalents and Investments in Marketable Securities	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash Equivalents and Investments in Marketable Securities	Cash Equivalents and Investments in Marketable Securities The following table summarizes the Company's cash equivalents and investments in marketable securities at fair value on a recurring basis: As of September 30, 2021: Fair Value Measurements Total Quoted prices in active market Significant other observable inputs Significant unobservable inputs (unaudited; in thousands) Money market funds classified as cash equivalents $ 15,420 $ 15,420 $ — $ — As of December 31, 2020: Fair Value Measurements Total Quoted prices in active market Significant other observable inputs Significant unobservable inputs (in thousands) Money market funds classified as cash equivalents $ 33,918 $ 33,918 $ — $ —

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Balance Sheet Components Prepaid Expenses and Other Current Assets The following table summarizes the Company’s prepaid expenses and other current assets for each of the periods presented: September 30, 2021 December 31, 2020 (unaudited; in thousands) (in thousands) Prepaid insurance $ 315 $ 66 Prepaid software and subscriptions 159 118 Prepaid services 142 97 Other receivables 115 — Unbilled revenue 81 124 Deferred offering costs 75 48 Other 96 — Total $ 983 $ 453 Property and Equipment The following table summarizes the Company’s property and equipment for each of the periods presented: September 30, 2021 December 31, 2020 (unaudited; in thousands) (in thousands) Leasehold improvements $ 24,301 $ 24,212 Manufacturing equipment 15,013 14,893 Laboratory and office equipment 1,641 1,641 Computer equipment and software 181 172 Construction-in-progress 20,750 18,239 Property and equipment at cost 61,886 59,157 Less: accumulated depreciation (29,549) (28,248) Total $ 32,337 $ 30,909 Depreciation expense was approximately $0.4 million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively. Depreciation expense was approximately $1.3 million and $1.0 million for the nine months ended September 30, 2021 and 2020, respectively. Construction-in-progress (“CIP”) included $16.4 million and $14.6 million of an asset relating to the build-to-suit arrangement for construction of the Company's commercial coating and primary packaging system as of September 30, 2021 and December 31, 2020, respectively, of which capitalized construction period interest was $3.2 million and $2.4 million as of September 30, 2021 and December 31, 2020, respectively (See Note 7. Debt Financing ). Other Accrued Liabilities The following table summarizes the Company’s other accrued liabilities for each of the periods presented: September 30, 2021 December 31, 2020 (unaudited; in thousands) (in thousands) Contract manufacturing services $ 655 $ 71 Professional service fees 575 175 Pre-clinical and clinical studies 326 22 Construction-in-progress obligations 305 2,993 Deferred revenue 47 — Other 184 106 Total $ 2,092 $ 3,367

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Operating Leases The Company has a non-cancelable operating lease for office, research and development, and manufacturing facilities in Fremont, California through August 31, 2024, with an option to further extend the lease for an additional 60 months subject to certain terms and conditions. The Company also has operating leases for manufacturing space at two of its contract manufacturing organizations (“CMOs”). The operating leases are embedded in agreements with these CMOs that include lease and non-lease components. The following table summarizes the impact of the Company's operating leases on its financial statements for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (unaudited; in thousands) Statements of Operations and Comprehensive Loss Operating lease costs $ 439 $ 422 $ 1,317 $ 1,266 Nine Months Ended September 30, 2021 2020 (Unaudited; in thousands) Statements of Cash Flows Operating cash flows from operating leases - cash paid for operating leases $ 1,473 $ 1,388 The following table summarizes the lease terms and discount rates for the Company's leases as of September 30, 2021: (unaudited) Weighted-average remaining lease term (in years) 2.89 Weighted-average discount rate 11 % The following table summarizes the maturities of the Company's lease liabilities for each year ending December 31, as of September 30, 2021: (unaudited; in thousands) 2021 $ 502 2022 2,043 2023 2,017 2024 1,371 Total undiscounted cash flows 5,933 Less: amount representing interest (879) Present value of lease liabilities $ 5,054 Current portion $ 1,552 Long-term portion 3,502 Total $ 5,054

Debt Financing

Debt Financing	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Financing	Debt Financing Build-to-Suit Obligation with Trinity The Company has a build-to-suit arrangement (the “Agreement”) with Trinity Funding 1, LLC (successor to Trinity Capital Fund III, L.P.) (“Trinity”) to finance the third-party construction of the Company's commercial coating and primary packaging system (the “Equipment”), which was delivered in the first quarter of 2021 and is currently being installed and qualified at the Company's CMO. Under the Agreement, Trinity provided the Company $14.0 million for equipment costs and associated soft costs (“Total Cost”), with an initial drawdown of $5.0 million and additional drawdowns in increments of not less than $0.5 million. Under the Agreement, each individual drawdown represents a separate financing arrangement with its own term and stated interest rate. Each drawdown is non-cancelable, with no prepayment options. In consideration of the financing arrangement, as collateral, the Company granted Trinity a first-priority lien and security interest in substantially all of the Company's assets. On May 27, 2020, the Company entered into the First Amendment to Lease Documents (the “Trinity Amendment”). The Trinity Amendment, among other things, extended each individual drawdown term from 36 months to 42 months by providing for an interest-only period from May 2020 through October 2020. Principal payments recommenced November 1, 2020. Additionally, the Trinity Amendment removed all end-of-term options other than the option to purchase the equipment at 12% of the Total Cost, which is equal to the drawdown amount (“Purchase Option Fee”), which the Company intends to exercise at the end of each 42-month-term. The transfer of title from Trinity to the Company will occur at the end of the final 42-month-term, provided that the purchase option was executed, and the Purchase Option Fee was paid in full at the end of each 42-month-term. The security interest will terminate on the earlier to occur of (i) the date that falls six (6) months after the delivery and installation of the Equipment or (ii) payment in full of all amounts owed. The Company accounted for the Trinity Amendment as a debt modification under ASC 470-50, as the amended terms were not substantially different from the terms of the Agreement. The Company determined that it controls the Equipment during the construction period due to its involvement in and its obligations related to the construction of the Equipment. Accordingly, construction costs incurred were recorded as construction-in-progress, a component of property and equipment on the balance sheet, and the Trinity financing obligation was recorded as a build-to-suit obligation on the balance sheet. As of September 30, 2021, the Company had an aggregate commercial coating and primary packaging system CIP balance of $16.4 million, that included $3.2 million of interest related to its build-to-suit obligation. In connection with the build-to-suit arrangement, the Company issued common stock warrants (“Trinity Warrants”) for a total of 75,000 shares of common stock at an exercise price of $3.5928 per share. The Trinity Warrants expire on September 25, 2025. Proceeds allocated to the Trinity Warrants based on their relative fair value approximated $243,000 and were recorded as a discount to the initial $5.0 million drawdown under the Trinity financing arrangement and are being amortized as interest over the term of the September 2018 drawdown. The Trinity build-to-suit arrangement requires compliance with various affirmative and restrictive covenants in regard to making certain investments and other restricted payments, engaging in mergers or consolidations, and the sale or transfer of certain assets. Failure to comply with any of these covenants, or pay principal, interest or other amounts when due, would constitute an event of default under the applicable agreement. The Company was in compliance with its covenants with respect to the Trinity build-to-suit arrangement as of September 30, 2021. The following table summarizes the debt obligations as of September 30, 2021: Drawdown Date Drawdown Amount Principal Balance Purchase Option Fee Discount on Purchase Option Fee Unamortized Discounts and Issuance Costs Monthly Payment Stated Interest Rate Amended Effective Interest Rate Maturity Date (unaudited; in thousands) 09/25/2018 $ 5,000 $ 775 $ 600 $ (4) $ (24) $ 160 9.43 % 24.38 % 04/01/2022 12/11/2018 2,800 689 336 (5) (15) 90 9.68 % 18.25 % 07/01/2022 06/06/2019 2,300 968 276 (11) (35) 74 9.93 % 18.08 % 01/01/2023 09/13/2019 2,300 1,162 276 (15) (51) 74 9.93 % 18.04 % 04/01/2023 11/27/2019 1,600 896 192 (13) (45) 52 9.93 % 18.16 % 06/01/2023 Total $ 14,000 $ 4,490 $ 1,680 $ (48) $ (170) $ 450 The following table summarizes the Company's build-to-suit obligation as of September 30, 2021 (unaudited; in thousands) : Build-to-suit obligation principal amount $ 4,490 Build-to-suit obligation Purchase Option Fees at present value 1,632 Less: unamortized Purchase Option Fees (140) unamortized warrants, discounts and issuance costs (30) Build-to-suit obligation, net of debt issuance costs and discount $ 5,952 Build-to-suit obligation, current portion, net of debt issuance costs and discount $ 4,528 Build-to-suit obligation, long-term portion, net of debt issuance costs and discount 1,424 Build-to-suit obligation, net of debt issuance costs and discount $ 5,952 The following table summarizes future minimum payments on the Company’s build-to-suit obligation, including payments of principal and interest and Purchase Option Fees for each year ending December 31 as of September 30, 2021: Principal Interest Purchase Option Fees Total (unaudited; in thousands) 2021 $ 1,239 $ 111 $ — $ 1,350 2022 2,979 189 936 4,104 2023 272 8 744 1,024 Total $ 4,490 $ 308 $ 1,680 $ 6,478 The following table summarizes interest incurred on the Company's build-to-suit obligation for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (unaudited; in thousands) Build-to-suit obligation, cash interest expense $ 140 $ 225 $ 507 $ 705 Build-to-suit obligation, effective interest expense 99 147 355 560 Less: build-to-suit obligation, interest capitalized (223) (217) (735) (746) Build-to-suit obligation interest expense $ 16 $ 155 $ 127 $ 519 PPP Loan On April 21, 2020, the Company executed a promissory note (the “PPP Note”) evidencing an unsecured loan in the amount of $1.6 million under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (“PPP”) was established under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). On June 10, 2021, the Company was notified by its lender, Silicon Valley Bank, that its PPP Loan, in the amount of $1,610,000 in principal and $18,515 in accrued interest, was forgiven in its entirety by the SBA. The forgiveness of the PPP Loan and accrued interest was recorded as a gain in other income (expense), net in the Company's statement of operations in the second quarter of 2021.

Common Stock Warrants

Common Stock Warrants	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Common Stock Warrants	Common Stock Warrants The following table summarizes the Company's issued and outstanding common stock warrants: Warrants Outstanding as of Issued Exercised Expired Warrants Outstanding as of Exercise Price per Share Expiration Date December 31, 2020 September 30, 2021 unaudited Series E - March 2020 4,709,502 — (4,078,667) — 630,835 $ 0.8025 03/06/25 Series C - February 2020 167,700 — (145,000) — 22,700 $ 0.6500 02/14/25 Trinity - September 2018 75,000 — — — 75,000 $ 3.5928 09/25/25 Series B - August 2016 195,906 — — (195,906) — Total 5,148,108 — (4,223,667) (195,906) 728,535 Each warrant grants the holder the right to purchase one share of common stock. Equity warrants are recorded at their relative fair market value in the stockholders’ equity section of the balance sheet. The Company’s equity warrants can only be settled through the issuance of shares and do not have any anti-dilution or price reset provision.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes activity under the Amended and Restated 2014 Equity and Incentive Plan (“2014 Plan”), the 2012 Stock Incentive Plan and inducement grants issued to new employees outside of the 2014 Plan in accordance with Nasdaq Listing Rule 5635(c)(4) for the nine months ended September 30, 2021 (unaudited): Number of Shares Subject to Outstanding Stock Options Weighted-Average Exercise Price per Share Number of RSUs Outstanding Weighted-Average Grant Date Fair Value per Share Outstanding at January 1, 2021 2,724,537 $ 3.31 335,004 $ 0.84 Granted 2,112,500 $ 1.17 670,250 $ 1.17 Released — $ — (107,799) $ 0.84 Canceled/forfeited/expired (223,379) $ 3.46 (25,219) $ 1.04 Outstanding at September 30, 2021 4,613,658 $ 2.32 872,236 $ 1.09 On January 1, 2021, the number of shares of common stock authorized for issuance under the 2014 Plan was increased by 3,572,317 shares pursuant to the automatic annual increase provisions of the 2014 Plan. As of September 30, 2021, 1,129,087 shares of common stock were available for issuance under the 2014 Plan. Stock-Based Compensation Expense The following table summarizes the Company's stock compensation expense for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (unaudited; in thousands) Research and development $ 185 $ 177 $ 505 $ 507 General and administrative 312 262 930 657 Total $ 497 $ 439 $ 1,435 $ 1,164

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contract Manufacturing Organizations The Company has a technology transfer agreement and a manufacturing and supply agreement with a CMO to provide services related to the manufacture and commercialization of M207. During the term of the agreement, the CMO will provide services related to processing, packaging, labeling and storing M207, in addition to other services such as stability testing, quality control and assurance, and waste disposal. The agreements call for annual fees of $2.8 million in 2021 escalating to $14.0 million in 2024, to be paid in equal monthly installments. The annual fee includes the production of a defined number of units with an option to purchase additional units at a defined price, the transfer of technology in 2021 and other operating expenses. The agreement contains negotiated representations and warranties, indemnification, limitations of liability, and other provisions. The initial term of the manufacturing and supply agreement continues until the seventh anniversary of the date on which the Company receives NDA approval of M207 in the United States. The Company may terminate the agreements upon denial of regulatory approvals or if regulatory approvals are withdrawn under certain circumstances for the cost to remove the Company's equipment and restore the CMO's facility, which is recorded as a liability on the balance sheet. The Company may also elect to terminate the contracts for convenience, which would result in cancellation fees in the amount of 50% of the annual fee due in the year that the contract is terminated, and costs to remove the Company's equipment and restore the CMO's facility. The Company or the CMO may terminate the agreement for the other’s uncured material breach, uncured force majeure or bankruptcy or insolvency-related events. The Company has non-cancelable commitments with this CMO for the construction of manufacturing space and technology transfer fees totaling $3.0 million, of which $0.6 million was a current liability on the balance sheet as of September 30, 2021. The Company has additional agreements with CMOs to provide services related to the manufacture and assembly of component parts of M207. Under these agreements, the Company may be required to pay up to an aggregate of $7.4 million in various fees and minimum purchase requirements; however, significant portions of these payments will not be required if the FDA does not approve M207, and no such payment will be required in the event of a material breach by a CMO. Indemnification and Guarantees In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of September 30, 2021. Legal Proceedings On October 29, 2020 and November 6, 2020, two stockholders filed alleged class action lawsuits against the Company and certain of its current and former executive officers in the United States District Court for the Northern District of California: Carr v. Zosano Pharma Corporation, et al., Case No. 3:20-cv-07625, and Becerra v. Zosano Pharma Corporation, et al., Case No. 3:20-cv-07850. The complaints were filed purportedly on behalf of all persons who purchased or otherwise acquired the Company's securities between February 13, 2017 and September 30, 2020 (the “Class Period”). The complaints alleged that the Company and certain of its current and former executive officers made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects in violation of Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The plaintiffs sought damages, interest, costs, attorneys’ fees and other unspecified relief. On February 4, 2021, the Carr and Becerra actions were consolidated and the court appointed two Co-Lead Plaintiffs and two law firms as Co-Lead Counsel in the consolidated action (the “Securities Action”). The Co-Lead Plaintiffs filed their consolidated amended complaint on March 30, 2021, which alleged the same claims as the previous complaints and extended the Class Period through October 20, 2020. The Company filed a motion to dismiss the consolidated amended complaint on May 14, 2021; the Co-Lead Plaintiffs filed their opposition brief on June 14, 2021; and the Company filed a reply brief by July 6, 2021. The hearing on the motion was held on July 22, 2021 and the Court took the motion under submission. On September 1, 2021, the Court issued an order granting the Company’s motion and dismissing in full the Securities Action (“Dismissal Order”), but granting the Co-Lead Plaintiffs in the Securities Action leave to file an amended complaint within 30 days. The Co-Lead Plaintiffs in the Securities Action elected not to file an amended complaint and, on October 8, 2021, the parties to the Securities Action filed a Joint Stipulation of Dismissal dismissing the Securities Action with prejudice and waiving Co-Lead Plaintiffs’ right to appeal the Dismissal Order. The Joint Stipulation was approved by the Court the same day, ending the Securities Action. On February 9, 2021, a stockholder filed a derivative action, purportedly on behalf of the Company (named as a nominal defendant), against certain of the Company's current and former executive officers and directors in the United States District Court for the District of Delaware: Gensemer v. Lo, et al., Case No. 1:21-cv-00168 (the “Derivative Action”). The complaint alleged breaches of the defendants’ fiduciary duties as the Company's directors and/or officers, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, violations of Section 14(a) of the Exchange Act, and for contribution under Sections 10(b) and 21D of the Exchange Act. The plaintiff sought damages, restitution, interest, attorneys’ fees and costs, and other unspecified relief. Pursuant to stipulation of the parties, on March 24, 2021, the Court entered an order staying the Derivative Action, including all deadlines, conferences and hearings, until the final resolution of the Company's motion to dismiss in the Securities Action, including through any amendments and/or appeals. On October 18, 2021, the plaintiff elected to voluntarily dismiss the Derivative Action without prejudice, with each side bearing their own costs and fees. The dismissal was approved by the Court on October 19, 2021, ending the Derivative Action. Although both the Securities Action and Derivative Action have ended, the Company, from time to time, may be involved in other lawsuits and legal proceedings, which arise in the ordinary course of business. Lawsuits and legal proceedings are subject to inherent uncertainties and an adverse result in any lawsuit or legal proceeding may materially adversely affect the Company's business, financial condition and results of operations. The Company accrues for contingencies when it believes that a loss is probable and that it can reasonably estimate the amount of any such loss. To the extent that there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Regulation S-X. They do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other subsequent period. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K and filed with the United States Securities and Exchange Commission (“SEC”) on March 11, 2021. The preparation of the accompanying financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of expenses during the periods reported. Actual results could differ from those estimates or assumptions.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash equivalents.
Fair Value Instruments	Fair Value Instruments The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents and accounts payable, approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term financial obligations approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company's long-term financial obligations approximates fair value as interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, common stock warrants, stock options and restricted stock units (“RSUs”) are considered to be potential dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented.
Recently Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This new guidance simplifies the accounting for income taxes by removing certain exceptions to general principles, clarifying requirements and including amendments to improve consistent application of the guidance. The guidance specifically removes the exception to the incremental approach for intra period tax allocation when there is a loss from continuing operations and income or a gain from other items, such as discontinued operations or other comprehensive income. The guidance also requires an entity to recognize a franchise tax that is partially based on income as an income-based tax and to account for any other amounts incurred as a non-income based tax. The Company adopted the guidance beginning January 1, 2021 using a prospective approach. The adoption of the guidance did not have a material impact on its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Reconciliation of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets and as presented as cash, cash equivalents and restricted cash in the statements of cash flows: September 30, 2021 September 30, 2020 (unaudited; in thousands) Cash and cash equivalents $ 17,147 $ 43,554 Restricted cash 455 455 Total $ 17,602 $ 44,009
Schedule of Outstanding Common Stock Equivalents	The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2021 September 30, 2020 (unaudited; shares) Options to purchase common stock 4,613,658 2,673,444 RSUs 872,236 342,317 Warrants to purchase common stock 728,535 5,148,108 Total 6,214,429 8,163,869

Cash Equivalents and Investme_2

Cash Equivalents and Investments in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Summary of Cash Equivalents and Investments in Marketable Securities	The following table summarizes the Company's cash equivalents and investments in marketable securities at fair value on a recurring basis: As of September 30, 2021: Fair Value Measurements Total Quoted prices in active market Significant other observable inputs Significant unobservable inputs (unaudited; in thousands) Money market funds classified as cash equivalents $ 15,420 $ 15,420 $ — $ — As of December 31, 2020: Fair Value Measurements Total Quoted prices in active market Significant other observable inputs Significant unobservable inputs (in thousands) Money market funds classified as cash equivalents $ 33,918 $ 33,918 $ — $ —

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	The following table summarizes the Company’s prepaid expenses and other current assets for each of the periods presented: September 30, 2021 December 31, 2020 (unaudited; in thousands) (in thousands) Prepaid insurance $ 315 $ 66 Prepaid software and subscriptions 159 118 Prepaid services 142 97 Other receivables 115 — Unbilled revenue 81 124 Deferred offering costs 75 48 Other 96 — Total $ 983 $ 453
Schedule of Property and Equipment	The following table summarizes the Company’s property and equipment for each of the periods presented: September 30, 2021 December 31, 2020 (unaudited; in thousands) (in thousands) Leasehold improvements $ 24,301 $ 24,212 Manufacturing equipment 15,013 14,893 Laboratory and office equipment 1,641 1,641 Computer equipment and software 181 172 Construction-in-progress 20,750 18,239 Property and equipment at cost 61,886 59,157 Less: accumulated depreciation (29,549) (28,248) Total $ 32,337 $ 30,909
Schedule of Accrued Liabilities	The following table summarizes the Company’s other accrued liabilities for each of the periods presented: September 30, 2021 December 31, 2020 (unaudited; in thousands) (in thousands) Contract manufacturing services $ 655 $ 71 Professional service fees 575 175 Pre-clinical and clinical studies 326 22 Construction-in-progress obligations 305 2,993 Deferred revenue 47 — Other 184 106 Total $ 2,092 $ 3,367

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease, Cost	The following table summarizes the impact of the Company's operating leases on its financial statements for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (unaudited; in thousands) Statements of Operations and Comprehensive Loss Operating lease costs $ 439 $ 422 $ 1,317 $ 1,266 Nine Months Ended September 30, 2021 2020 (Unaudited; in thousands) Statements of Cash Flows Operating cash flows from operating leases - cash paid for operating leases $ 1,473 $ 1,388 The following table summarizes the lease terms and discount rates for the Company's leases as of September 30, 2021: (unaudited) Weighted-average remaining lease term (in years) 2.89 Weighted-average discount rate 11 %
Operating Leases, Scheduled Lease Payments	The following table summarizes the maturities of the Company's lease liabilities for each year ending December 31, as of September 30, 2021: (unaudited; in thousands) 2021 $ 502 2022 2,043 2023 2,017 2024 1,371 Total undiscounted cash flows 5,933 Less: amount representing interest (879) Present value of lease liabilities $ 5,054 Current portion $ 1,552 Long-term portion 3,502 Total $ 5,054

Debt Financing (Tables)

Debt Financing (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the debt obligations as of September 30, 2021: Drawdown Date Drawdown Amount Principal Balance Purchase Option Fee Discount on Purchase Option Fee Unamortized Discounts and Issuance Costs Monthly Payment Stated Interest Rate Amended Effective Interest Rate Maturity Date (unaudited; in thousands) 09/25/2018 $ 5,000 $ 775 $ 600 $ (4) $ (24) $ 160 9.43 % 24.38 % 04/01/2022 12/11/2018 2,800 689 336 (5) (15) 90 9.68 % 18.25 % 07/01/2022 06/06/2019 2,300 968 276 (11) (35) 74 9.93 % 18.08 % 01/01/2023 09/13/2019 2,300 1,162 276 (15) (51) 74 9.93 % 18.04 % 04/01/2023 11/27/2019 1,600 896 192 (13) (45) 52 9.93 % 18.16 % 06/01/2023 Total $ 14,000 $ 4,490 $ 1,680 $ (48) $ (170) $ 450 The following table summarizes the Company's build-to-suit obligation as of September 30, 2021 (unaudited; in thousands) : Build-to-suit obligation principal amount $ 4,490 Build-to-suit obligation Purchase Option Fees at present value 1,632 Less: unamortized Purchase Option Fees (140) unamortized warrants, discounts and issuance costs (30) Build-to-suit obligation, net of debt issuance costs and discount $ 5,952 Build-to-suit obligation, current portion, net of debt issuance costs and discount $ 4,528 Build-to-suit obligation, long-term portion, net of debt issuance costs and discount 1,424 Build-to-suit obligation, net of debt issuance costs and discount $ 5,952
Schedule of Maturities of Long-term Debt	The following table summarizes future minimum payments on the Company’s build-to-suit obligation, including payments of principal and interest and Purchase Option Fees for each year ending December 31 as of September 30, 2021: Principal Interest Purchase Option Fees Total (unaudited; in thousands) 2021 $ 1,239 $ 111 $ — $ 1,350 2022 2,979 189 936 4,104 2023 272 8 744 1,024 Total $ 4,490 $ 308 $ 1,680 $ 6,478
Schedule of Debt	The following table summarizes interest incurred on the Company's build-to-suit obligation for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (unaudited; in thousands) Build-to-suit obligation, cash interest expense $ 140 $ 225 $ 507 $ 705 Build-to-suit obligation, effective interest expense 99 147 355 560 Less: build-to-suit obligation, interest capitalized (223) (217) (735) (746) Build-to-suit obligation interest expense $ 16 $ 155 $ 127 $ 519

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Summary of Warrants Issued and Outstanding	The following table summarizes the Company's issued and outstanding common stock warrants: Warrants Outstanding as of Issued Exercised Expired Warrants Outstanding as of Exercise Price per Share Expiration Date December 31, 2020 September 30, 2021 unaudited Series E - March 2020 4,709,502 — (4,078,667) — 630,835 $ 0.8025 03/06/25 Series C - February 2020 167,700 — (145,000) — 22,700 $ 0.6500 02/14/25 Trinity - September 2018 75,000 — — — 75,000 $ 3.5928 09/25/25 Series B - August 2016 195,906 — — (195,906) — Total 5,148,108 — (4,223,667) (195,906) 728,535

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes activity under the Amended and Restated 2014 Equity and Incentive Plan (“2014 Plan”), the 2012 Stock Incentive Plan and inducement grants issued to new employees outside of the 2014 Plan in accordance with Nasdaq Listing Rule 5635(c)(4) for the nine months ended September 30, 2021 (unaudited): Number of Shares Subject to Outstanding Stock Options Weighted-Average Exercise Price per Share Number of RSUs Outstanding Weighted-Average Grant Date Fair Value per Share Outstanding at January 1, 2021 2,724,537 $ 3.31 335,004 $ 0.84 Granted 2,112,500 $ 1.17 670,250 $ 1.17 Released — $ — (107,799) $ 0.84 Canceled/forfeited/expired (223,379) $ 3.46 (25,219) $ 1.04 Outstanding at September 30, 2021 4,613,658 $ 2.32 872,236 $ 1.09
Summary of Stock-Based Compensation Expense	The following table summarizes the Company's stock compensation expense for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (unaudited; in thousands) Research and development $ 185 $ 177 $ 505 $ 507 General and administrative 312 262 930 657 Total $ 497 $ 439 $ 1,435 $ 1,164

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands

Jun. 28, 2021

Jun. 08, 2020

Mar. 04, 2020

Feb. 14, 2020

Nov. 05, 2021

Sep. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

Jul. 14, 2021

Jun. 30, 2021

Dec. 31, 2020

Apr. 16, 2020

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Accumulated deficit

$ 355,144

$ 355,144

$ 332,190

Cash and cash equivalents

$ 17,147

$ 17,147

$ 43,554

$ 35,263

Warrants outstanding (in shares)

728,535

728,535

5,148,108

Common stock warrants issued (in shares)

1

1

Series E - March 2020

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Warrants outstanding (in shares)

630,835

630,835

4,709,502

Exercise price (in USD per share)

$ 0.8025

$ 0.8025

Series C Warrant

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Proceeds from warrant exercises

$ 94

$ 9,091

Series D Preferred Stock

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Exercise price (in USD per share)

$ 0.0001

Series C - February 2020

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Warrants outstanding (in shares)

22,700

22,700

167,700

Exercise price (in USD per share)

$ 0.6500

$ 0.6500

2021 Shelf Registration

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Sale of stock offer maximum

$ 150,000

2020 Shelf Registration

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Sale of stock offer maximum

$ 74,500

Consideration from sale of stock

$ 3,700

At-the-Market Offering Program - 2021

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Maximum aggregate offering price (up to)

$ 30,000

Commissions on proceeds from the sale of shares

3.00%

Sale of stock, remaining available for sale transaction

$ 26,200

At-the-Market Offering Program - 2021 | Common Stock

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

4,785,502

4,785,502

At-the-Market Offering Program - 2021 | Common Stock | Subsequent Event

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

232,200

At-the-Market Offering Program - 2020

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Consideration from sale of stock

$ 3,300

$ 5,500

Maximum aggregate offering price (up to)

$ 20,000

Commissions on proceeds from the sale of shares

3.00%

Sale of stock, remaining available for sale (in shares)

0

At-the-Market Offering Program - 2020 | Subsequent Event

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Consideration from sale of stock

$ 200

At-the-Market Offering Program - 2020 | Common Stock

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

6,931,607

Sale of stock average price per share (in USD per share)

$ 0.76

$ 0.84

At-the-Market Offering Program - 2020 | Common Stock | Subsequent Event

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Sale of stock average price per share (in USD per share)

$ 0.67

Registered Direct Offering

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

11,903,506

Price of stock sold (in USD per share)

$ 0.9275

Warrants expiration term

5 years

Warrants to purchase common stock (in shares)

0

Registered Direct Offering | Series E - March 2020

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Price of stock sold (in USD per share)

$ 0.8025

$ 0.8025

$ 0.8025

Warrants to purchase common stock (in shares)

4,078,667

Proceeds from warrant exercises

$ 3,300

Public Stock Offering

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Warrants to purchase common stock (in shares)

0

Period for additional purchase of stock

30 days

Public Stock Offering | Common Class A

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

10,146,154

Price of stock sold (in USD per share)

$ 0.65

Number of share of common stock Included in the issued combination (in shares)

1

Public Stock Offering | Common Class B

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

2,161,539

Price of stock sold (in USD per share)

$ 0.6499

Warrants expiration term

5 years

Public Stock Offering | Common Class C

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued in transaction (in shares)

1,846,153

Public Stock Offering | Series C Warrant

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Warrants to purchase common stock (in shares)

145,000

Proceeds from warrant exercises

$ 100

Exercise price (in USD per share)

$ 0.65

$ 0.65

Public Stock Offering | Series C Warrant | Common Class A

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Number of share of warrants included in the issued combination (in shares)

1

Common stock warrants issued (in shares)

1

Public Stock Offering | Series C Warrant | Common Class B

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Number of share of warrants included in the issued combination (in shares)

1

Common stock warrants issued (in shares)

1

Exercise price (in USD per share)

$ 0.65

Public Stock Offering | Series D Pre Funded Warrant | Common Class B

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Number of share of common stock Included in the issued combination (in shares)

1

Number of share of warrants included in the issued combination (in shares)

1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 455	$ 455	$ 455
Deposit Building Lease
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	300	300
Deposit Utility Provider
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 100	$ 100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 17,147	$ 35,263	$ 43,554
Restricted cash	455	455	455
Total	$ 17,602	$ 35,718	$ 44,009	$ 6,771

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Outstanding Common Stock Equivalents Excluded from Computations of Diluted Net Loss per Common Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share (in shares)	6,214,429	8,163,869,000
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share (in shares)	4,613,658	2,673,444,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share (in shares)	872,236	342,317,000
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share (in shares)	728,535	5,148,108,000

Master Services Agreement wit_2

Master Services Agreement with Eversana (Details) - Eversana Life Services L L C - Commercialization Of M207 $ in Millions	Aug. 06, 2020USD ($)
Related Party Transaction [Line Items]
Commercialization budged	$ 250
Affiliated Entity
Related Party Transaction [Line Items]
Term of the agreement	5 years
Revolving Credit Facility | Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction	$ 5
Annual rate	10.00%

Cash Equivalents and Investme_3

Cash Equivalents and Investments in Marketable Securities (Details) - Fair Value, Measurements, Recurring - Money Market Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Money market funds classified as cash equivalents	$ 15,420	$ 33,918
Quoted prices in active market Level 1
Debt Securities, Available-for-sale [Line Items]
Money market funds classified as cash equivalents	15,420	33,918
Significant other observable inputs Level 2
Debt Securities, Available-for-sale [Line Items]
Money market funds classified as cash equivalents	0	0
Significant unobservable inputs Level 3
Debt Securities, Available-for-sale [Line Items]
Money market funds classified as cash equivalents	$ 0	$ 0

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Prepaid insurance	$ 315	$ 66
Prepaid software and subscriptions	159	118
Prepaid services	142	97
Other receivables	115	0
Unbilled revenue	81	124
Deferred offering costs	75	48
Other	96	0
Total	$ 983	$ 453

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment at cost	$ 61,886	$ 59,157
Less: accumulated depreciation	(29,549)	(28,248)
Property and equipment, net	32,337	30,909
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment at cost	24,301	24,212
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property and equipment at cost	15,013	14,893
Laboratory and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment at cost	1,641	1,641
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment at cost	181	172
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment at cost	$ 20,750	$ 18,239

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 400	$ 500	$ 1,323	$ 993
Capitalized interest	3,200		3,200		$ 2,400
Construction In Progress Build-to-Suit Lease Asset
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 16,400		$ 16,400		$ 14,600

Balance Sheet Components - Othe

Balance Sheet Components - Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Contract manufacturing services	$ 655	$ 71
Professional service fees	575	175
Pre-clinical and clinical studies	326	22
Construction-in-progress obligations	305	2,993
Deferred revenue	47	0
Other	184	106
Total	$ 2,092	$ 3,367

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Extension period	60 months

Leases - Description of Lease C

Leases - Description of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease costs	$ 439	$ 422	$ 1,317	$ 1,266
Operating cash flows from operating leases - cash paid for operating leases			$ 1,473	$ 1,388

Leases - Description of Other L

Leases - Description of Other Lease Information (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (in years)	2 years 10 months 20 days
Weighted-average discount rate	11.00%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 502
2022	2,043
2023	2,017
2024	1,371
Total undiscounted cash flows	5,933
Less: amount representing interest	(879)
Present value of lease liabilities	5,054
Current portion	1,552	$ 1,378
Long-term portion	$ 3,502	$ 4,687

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details) - USD ($)	Jun. 10, 2021	May 27, 2020	May 26, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Apr. 21, 2020
Debt Instrument [Line Items]
Interest payment period		6 months
Capitalized interest costs				$ 3,200,000		$ 2,400,000
Common stock, shares issued (in shares)				118,114,793		102,066,218
Debt instrument, forgiveness				$ 1,629,000	$ 0
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Debt instrument, forgiveness	$ 1,610,000
Paycheck Protection Program Loan | Forgivable Loan
Debt Instrument [Line Items]
Line of credit							$ 1,600,000
Accrued Interest, forgiveness	$ 18,515
Construction In Progress Build-to-Suit Lease Asset
Debt Instrument [Line Items]
Property and equipment, gross				16,400,000		$ 14,600,000
Trinity Capital Fund III, L.P. | Warrants to purchase common stock
Debt Instrument [Line Items]
Common stock, shares issued (in shares)		75,000
Proceeds from issuance of warrants		$ 243,000
Build to Suit Obligation | Trinity Capital Fund III, L.P.
Debt Instrument [Line Items]
Aggregate principal amount				14,000,000
Line of credit		$ 5,000,000		14,000,000
Borrowing capacity				$ 500,000
Debt instrument term		42 months	36 months
Purchase percentage of equipment cost		12.00%
Common stock warrant exercise price (in USD per share)		$ 3.5928

Debt Financing - Summary of Deb

Debt Financing - Summary of Debt Obligations (Details) - Build to Suit Obligation - USD ($)	9 Months Ended
	Sep. 30, 2021	May 27, 2020
Debt Instrument [Line Items]
Principal Balance	$ 4,490,000
Trinity Capital Fund III, L.P.
Debt Instrument [Line Items]
Drawdown Amount	14,000,000	$ 5,000,000
Principal Balance	4,490,000
Purchase Option Fee	1,680,000
Discount on Purchase Option Fee	(48,000)
Unamortized Discounts and Issuance Costs	(170,000)
Monthly Payment	450,000
Trinity Capital Fund III, L.P. | Drawdown Maturity Date Of April 012022
Debt Instrument [Line Items]
Drawdown Amount	5,000,000
Principal Balance	775,000
Purchase Option Fee	600,000
Discount on Purchase Option Fee	(4,000)
Unamortized Discounts and Issuance Costs	(24,000)
Monthly Payment	$ 160,000
Stated Interest Rate	9.43%
Amended Effective Interest Rate	24.38%
Trinity Capital Fund III, L.P. | Drawdown Maturity Date Of July 1, 2022
Debt Instrument [Line Items]
Drawdown Amount	$ 2,800,000
Principal Balance	689,000
Purchase Option Fee	336,000
Discount on Purchase Option Fee	(5,000)
Unamortized Discounts and Issuance Costs	(15,000)
Monthly Payment	$ 90,000
Stated Interest Rate	9.68%
Amended Effective Interest Rate	18.25%
Trinity Capital Fund III, L.P. | Drawdown Maturity Date Of January 1 2023
Debt Instrument [Line Items]
Drawdown Amount	$ 2,300,000
Principal Balance	968,000
Purchase Option Fee	276,000
Discount on Purchase Option Fee	(11,000)
Unamortized Discounts and Issuance Costs	(35,000)
Monthly Payment	$ 74,000
Stated Interest Rate	9.93%
Amended Effective Interest Rate	18.08%
Trinity Capital Fund III, L.P. | Drawdown Maturity Date Of April 1 2023
Debt Instrument [Line Items]
Drawdown Amount	$ 2,300,000
Principal Balance	1,162,000
Purchase Option Fee	276,000
Discount on Purchase Option Fee	(15,000)
Unamortized Discounts and Issuance Costs	(51,000)
Monthly Payment	$ 74,000
Stated Interest Rate	9.93%
Amended Effective Interest Rate	18.04%
Trinity Capital Fund III, L.P. | Drawdown Maturity Date Of June 01 2023
Debt Instrument [Line Items]
Drawdown Amount	$ 1,600,000
Principal Balance	896,000
Purchase Option Fee	192,000
Discount on Purchase Option Fee	(13,000)
Unamortized Discounts and Issuance Costs	(45,000)
Monthly Payment	$ 52,000
Stated Interest Rate	9.93%
Amended Effective Interest Rate	18.16%

Debt Financing - Summary of Lon

Debt Financing - Summary of Long-Term Debt, Net of Unamortized Debt Discount and Issuance Costs (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Build-to-suit obligation, current portion, net of debt issuance costs and discount	$ 4,528	$ 4,779
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount	1,424	$ 4,359
Build to Suit Obligation
Debt Instrument [Line Items]
Build-to-suit obligation principal amount	4,490
Build-to-suit obligation Purchase Option Fees at present value	1,632
Less: unamortized Purchase Option Fees	(140)
unamortized warrants, discounts and issuance costs	(30)
Build-to-suit obligation, net of debt issuance costs and discount	$ 5,952

Debt Financing - Future Minimum

Debt Financing - Future Minimum Payments on the Company's Current Debt, Including Payment of Principal and Interest (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Principal
2021	$ 1,239
2021	2,979
2022	272
Total	4,490
Interest
2021	111
2022	189
2023	8
Total	308
Purchase Option Fees
2021	0
2022	936
2023	744
Total	1,680
Total
2021	1,350
2022	4,104
2023	1,024
Total	$ 6,478

Debt Financing - Summary of Int

Debt Financing - Summary of Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Build-to-suit obligation interest expense	$ 17	$ 165	$ 136	$ 561
Build to Suit Obligation
Debt Instrument [Line Items]
Build-to-suit obligation, cash interest expense	140	225	507	705
Build-to-suit obligation, effective interest expense	99	147	355	560
Less: build-to-suit obligation, interest capitalized	(223)	(217)	(735)	(746)
Build-to-suit obligation interest expense	$ 16	$ 155	$ 127	$ 519

Common Stock Warrants- Issued a

Common Stock Warrants- Issued and Outstanding (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Class of Stock [Line Items]
Warrants Outstanding as of December 31, 2020 (in shares)	5,148,108
Issued (in shares)	0
Exercised (in shares)	(4,223,667)
Expired (in shares)	(195,906)
Warrants outstanding as of June 30, 2021 (in shares)	728,535
Series E - March 2020
Class of Stock [Line Items]
Warrants Outstanding as of December 31, 2020 (in shares)	4,709,502
Issued (in shares)	0
Exercised (in shares)	(4,078,667)
Expired (in shares)	0
Warrants outstanding as of June 30, 2021 (in shares)	630,835
Exercise price (in USD per share) | $ / shares	$ 0.8025
Series C - February 2020
Class of Stock [Line Items]
Warrants Outstanding as of December 31, 2020 (in shares)	167,700
Issued (in shares)	0
Exercised (in shares)	(145,000)
Expired (in shares)	0
Warrants outstanding as of June 30, 2021 (in shares)	22,700
Exercise price (in USD per share) | $ / shares	$ 0.6500
Trinity - September 2018
Class of Stock [Line Items]
Warrants Outstanding as of December 31, 2020 (in shares)	75,000
Issued (in shares)	0
Exercised (in shares)	0
Expired (in shares)	0
Warrants outstanding as of June 30, 2021 (in shares)	75,000
Exercise price (in USD per share) | $ / shares	$ 3.5928
Series B - August 2016
Class of Stock [Line Items]
Warrants Outstanding as of December 31, 2020 (in shares)	195,906
Issued (in shares)	0
Exercised (in shares)	0
Expired (in shares)	(195,906)
Warrants outstanding as of June 30, 2021 (in shares)	0
Exercise price (in USD per share) | $ / shares

Common Stock Warrants - Narrati

Common Stock Warrants - Narrative (Details)	Sep. 30, 2021shares
Equity [Abstract]
Common stock warrants issued (in shares)	1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option and Award Activity Excluding Inducement Grants (Detail)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Shares Subject to Outstanding Stock Options
Beginning balance (in shares) | shares	2,724,537
Granted (in shares) | shares	2,112,500
Released (in shares) | shares	0
Canceled/forfeited/expired (in shares) | shares	(223,379)
Ending balance (in shares) | shares	4,613,658
Weighted-Average Exercise Price per Share
Beginning balance (in USD per share) | $ / shares	$ 3.31
Granted (in USD per share) | $ / shares	1.17
Released (in USD per share) | $ / shares	0
Cancelled/forfeited/expired (in USD per share) | $ / shares	3.46
Ending balance (in USD per share) | $ / shares	$ 2.32
RSUs
Number of RSUs Outstanding
Beginning balance (in shares) | shares	335,004
Awards granted (in shares) | shares	670,250
Released (in shares) | shares	(107,799)
Awards canceled/forfeited/expired (in shares) | shares	(25,219)
Ending balance (in shares) | shares	872,236
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in USD per share) | $ / shares	$ 0.84
Awards granted (in USD per share) | $ / shares	1.17
Awards Released (in USD per share) | $ / shares	0.84
Awards canceled/forfeited/expired (in USD per share) | $ / shares	1.04
Ending balance (in USD per share) | $ / shares	$ 1.09

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) - shares	Jan. 01, 2021	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Additional shares reserved (in shares)	3,572,317
Common stock (in shares)		1,129,087

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 497	$ 439	$ 1,435	$ 1,164
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	185	177	505	507
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 312	$ 262	$ 930	$ 657

Commitments and Contingencies (

Commitments and Contingencies (Detail)	Nov. 06, 2020lawsuit	Oct. 29, 2020lawsuit	Sep. 30, 2021USD ($)
Other Commitments [Line Items]
Cancellation fees			50.00%
Guarantees agreements			$ 0
Number of class action | lawsuit	2	2
Fees Period One
Other Commitments [Line Items]
Annual fees			2,800,000
Fees Period Two
Other Commitments [Line Items]
Annual fees			14,000,000
Manufacturing Space and Technology
Other Commitments [Line Items]
Purchase price			3,000,000
Commitments payable			600,000
Additional payment			$ 7,400,000