Cover page
Cover page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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, $0.0001 par value | |
Trading Symbol | ZSAN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,902,260 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001587221 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,529 | $ 11,043 |
Accounts receivable | 91 | 146 |
Prepaid expenses and other current assets | 2,012 | 420 |
Total current assets | 15,632 | 11,609 |
Restricted cash | 455 | 455 |
Property and equipment, net | 7,922 | 32,557 |
Operating lease right-of-use assets | 2,436 | 3,769 |
Total assets | 26,445 | 48,390 |
Current liabilities: | ||
Accounts payable | 3,720 | 2,120 |
Accrued compensation | 475 | 1,767 |
Build-to-suit obligation, current portion, net of debt issuance costs and discount | 1,739 | 3,822 |
Operating lease liabilities, current portion | 1,642 | 1,606 |
Other accrued liabilities | 2,154 | 1,818 |
Total current liabilities | 9,730 | 11,133 |
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount | 0 | 970 |
Operating lease liabilities, long-term portion | 2,662 | 3,081 |
Other long-term liabilities | 0 | 231 |
Total liabilities | 12,392 | 15,415 |
Commitments and contingencies (see note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.0001 par value; 250,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 4,902,260 and 3,434,451 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 0 | 0 |
Additional paid-in capital | 409,577 | 395,090 |
Accumulated deficit | (395,524) | (362,115) |
Total stockholders’ equity | 14,053 | 32,975 |
Total liabilities and stockholders’ equity | $ 26,445 | $ 48,390 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 4,902,260 | 3,434,451 |
Common stock, shares outstanding (in shares) | 4,902,260 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Service revenue | $ 132 | $ 258 |
Operating expenses: | ||
Cost of service revenue | 86 | 162 |
Research and development | 4,481 | 5,330 |
General and administrative | 2,942 | 2,814 |
Impairment loss | 25,941 | 0 |
Total operating expenses | 33,450 | 8,306 |
Loss from operations | (33,318) | (8,048) |
Other income (expense): | ||
Interest income | 2 | 1 |
Interest expense | (73) | (97) |
Other income (expense), net | (20) | 2 |
Loss before provision for income taxes | (33,409) | (8,142) |
Provision for income taxes | 0 | 0 |
Net loss | $ (33,409) | $ (8,142) |
Net loss per common share - basic (in USD per share) | $ (7.86) | $ (2.73) |
Net loss per common share - diluted (in USD per share) | $ (7.86) | $ (2.73) |
Weighted-average common shares used in computing net loss per common share – basic (in shares) | 4,248 | 2,981 |
Weighted-average common shares used in computing net loss per common share – diluted (in shares) | 4,248 | 2,981 |
Revenue from Contract with Customer, Product and Service [Extensible List] | Service [Member] | Service [Member] |
Cost, Product and Service [Extensible List] | Service [Member] | Service [Member] |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Series F WarrantAt The Public Stock Offering | Series E Warrant | Series C Warrant | Common Stock | Common StockAt-The-Market Offering | Common StockSeries F WarrantAt The Public Stock Offering | Common StockSeries E Warrant | Common StockSeries C Warrant | Additional Paid-In Capital | Additional Paid-In CapitalSeries F WarrantAt The Public Stock Offering | Additional Paid-In CapitalSeries E Warrant | Additional Paid-In CapitalSeries C Warrant | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 2,916,177 | |||||||||||||
Beginning balance at Dec. 31, 2020 | $ 47,515 | $ 0 | $ 379,705 | $ (332,190) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of common stock upon exercise (in shares) | 116,533 | 4,143 | ||||||||||||
Issuance of common stock upon exercise | $ 3,274 | $ 94 | $ 0 | $ 3,274 | $ 94 | |||||||||
Issuance of common stock in connection with offering, net (in shares) | 2,370 | |||||||||||||
Stock-based compensation | 410 | 410 | ||||||||||||
Net loss | (8,142) | (8,142) | ||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 3,039,223 | |||||||||||||
Ending balance at Mar. 31, 2021 | 43,151 | $ 0 | 383,483 | (340,332) | ||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 3,434,451 | |||||||||||||
Beginning balance at Dec. 31, 2021 | 32,975 | $ 0 | 395,090 | (362,115) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of common stock upon exercise (in shares) | 1,464,284 | |||||||||||||
Issuance of common stock upon exercise | $ 14,053 | $ 14,053 | ||||||||||||
Release of restricted stock units (in shares) | 3,525 | |||||||||||||
Stock-based compensation | 434 | 434 | ||||||||||||
Net loss | $ (33,409) | (33,409) | ||||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 4,902,260 | 4,902,260 | ||||||||||||
Ending balance at Mar. 31, 2022 | $ 14,053 | $ 0 | $ 409,577 | $ (395,524) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (33,409) | $ (8,142) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 250 | 435 |
Stock-based compensation | 434 | 410 |
Change in operating lease right-of-use assets | 259 | 277 |
Accretion of asset retirement obligation | 249 | 3 |
Effective interest on financing obligations | 56 | 141 |
Capitalized effective interest | (28) | (102) |
Loss on impairment of long-lived assets | 25,941 | 0 |
Change in operating assets and liabilities: | ||
Accounts receivable, prepaid expenses and other assets | (1,488) | (1,138) |
Accounts payable | 724 | 332 |
Accrued compensation and other accrued liabilities | (1,145) | 651 |
Operating lease liabilities | (383) | (327) |
Net cash used in operating activities | (8,540) | (7,460) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (65) | (3,236) |
Net cash used in investing activities | (65) | (3,236) |
Cash flows from financing activities: | ||
Principal payments on financing obligations | (3,112) | (1,158) |
Net cash provided by financing activities | 11,091 | 2,315 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,486 | (8,381) |
Cash, cash equivalents and restricted cash at beginning of period | 11,498 | 35,718 |
Cash, cash equivalents and restricted cash at end of period | 13,984 | 27,337 |
Cash and cash equivalents | 13,529 | 26,882 |
Restricted cash | 455 | 455 |
Cash, cash equivalents and restricted cash at end of period | 13,984 | 27,337 |
Supplemental cash flow information: | ||
Cash paid for interest | 81 | 198 |
Non-cash investing and financing activities: | ||
Acquisition of property and equipment under accounts payable and other accrued liabilities | 1,547 | 1,750 |
Accrued offering costs | 150 | 105 |
Asset retirement obligation | 0 | 89 |
Public Stock Offering | ||
Cash flows from financing activities: | ||
Proceeds from public offering of securities | 14,203 | 0 |
At-The-Market Offering | ||
Cash flows from financing activities: | ||
Proceeds from public offering of securities | 0 | 105 |
Series E Warrant | ||
Cash flows from financing activities: | ||
Proceeds from warrant exercises | 0 | 3,274 |
Series C Warrant | ||
Cash flows from financing activities: | ||
Proceeds from warrant exercises | $ 0 | $ 94 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
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 (the “CRL”) from the FDA with respect to the NDA. On January 18, 2022, the Company resubmitted its NDA to the FDA under Section 505(b)(2) of the Food, Drug, and Cosmetic Act. On February 17, 2022, the Company received a response letter from the FDA (the "FDA Notice") stating that they did not consider the resubmitted NDA to be a complete response to the deficiencies identified in the CRL and that the FDA will not begin substantive review of the application until a complete response is received. On April 14, 2022, the FDA granted the Company a twelve-month extension until April 20, 2023 to resubmit its NDA without considering the application to have been withdrawn. However, in order to preserve its capital and cash resources, the Company has suspended its M207 program, manufacturing operations at its Fremont, California facility and activities at its third-party contract manufacturing organizations ("CMOs") related to the qualification of commercial manufacturing equipment. The Company does not currently have capital or resources to continue with the development of M207 or resubmission of the NDA. Liquidity and Substantial Doubt about Going Concern Since inception, the Company has incurred recurring operating losses and negative cash flows from operating activities, and expects to incur significant losses in the foreseeable future. As of March 31, 2022, the Company had an accumulated deficit of $395.5 million and approximately $13.5 million in cash and cash equivalents. The Company does not have cash and cash equivalents sufficient 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. If the Company is not able to obtain required funding in the near future or obtain funding on favorable terms it will have a material adverse effect on its operations. Without additional capital, the Company's liquidity, financial condition and business prospects will be materially and adversely affected, and it may have to cease operations. Additionally, the Company's ability to raise capital is limited by the significant decline in the Company's market capitalization and current market conditions. The Company has retained SierraConstellation Partners, LLC, as an independent financial advisor to assist in exploring financial and strategic alternatives to maximize value, which may include, but not be limited to, asset or equity sales, joint venture and partnership opportunities, and restructuring, amendment or refinancing of existing liabilities. The Company is also evaluating various alternatives to improve its liquidity, including but not limited to, further reductions of operating expenditures and other contractual obligations. There can be no assurances that the Company will be able to successfully raise capital, improve its financial position and liquidity, restructure its obligations, enter into any asset or equity sale, joint venture or partnership opportunity and/or otherwise achieve any of these objectives. The Company is seeking opportunities to evaluate collaborations with strategic partners to further the clinical development of its technology. However, it cannot forecast with any degree of certainty if it will receive additional capital or collaboration revenue in the future, as a result of any partnership that it might pursue for any potential future use of its technology or how such arrangements would affect its development plans or capital requirements. As a result of these uncertainties, the Company is unable to determine the duration and completion of costs of research and development projects or if, when and to what extent it will generate revenue. Additionally, a future collaborative partner may only be interested in applying the Company's technology in the development and advancement of their own product candidates. 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. 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 may impact its employees, any clinical trials, third-party service providers who perform critical services for the Company's business and its 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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, 2021, included in the Company’s Annual Report on Form 10-K and filed with the United States Securities and Exchange Commission (“SEC”) on March 17, 2022. 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. Reverse Stock Split On April 8, 2022, at a special meeting of stockholders, the Company's stockholders approved a proposal authorizing its board of directors, in its discretion, to effect a reverse stock split of the Company's outstanding shares of common stock at a ratio ranging from 1-for-5 to 1-for-50 to be determined by the board of directors and effected, if at all, no later than May 16, 2022. On April 8, 2022, the Company's board of directors approved a 1-for-35 reverse stock split of the Company's outstanding common stock, which was effected on April 11, 2022. At the effective time, every thirty-five shares of common stock issued and outstanding were automatically combined into one share of issued and outstanding common stock. The par value remained unchanged at $0.0001 per share. No fractional shares of common stock were issued in the reverse stock split, but in lieu thereof, each holder of common stock who would otherwise have been entitled to a fraction of a share in the reverse stock split received a cash payment. A proportionate adjustment was made to the per share exercise price, if applicable, and the number of shares issuable upon the exercise or vesting of outstanding equity awards, options and warrants to purchase shares of the Company's common stock and to the number of shares reserved for issuance pursuant to its equity incentive compensation plans. The reverse stock split affected all stockholders of the Company's common stock uniformly, and did not affect any stockholder’s percentage of ownership interest. As a result of the reverse stock split, the number of the Company’s outstanding shares of common stock as of April 11, 2022 decreased from 171,579,255 (pre-split) shares to 4,902,260 (post-split) shares. Unless otherwise noted, all share and per share information included in these financial statements have been retroactively adjusted to give effect to the reverse stock split. The reverse stock split did not affect the number of shares of common stock authorized for issuance under the Company's certificate of incorporation, which remained at 250,000,000 shares. Significant Accounting Policies There have been no significant changes to the Company’s accounting policies during the three months ended March 31, 2022, 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, 2021. 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 March 31, 2022 and December 31, 2021, 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. 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 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. Impairment of Long-Lived Assets The Company evaluates its long-lived assets for indications of possible impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. 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: March 31, 2022 March 31, 2021 (unaudited; shares) Warrants to purchase common stock 1,704,739 26,413 Options to purchase common stock 141,681 123,363 RSUs 23,558 26,370 Total 1,869,978 176,146 |
Master Services Agreement with
Master Services Agreement with Eversana | 3 Months Ended |
Mar. 31, 2022 | |
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, 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. The term of the Eversana Agreement is five years following the date, if any, that the FDA approves the M207 NDA. 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. Either party can terminate the Eversana Agreement 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). 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. Neither party exercised its right to terminate the Eversana Agreement due to FDA approval not being received by December 31, 2021. The Company is accounting for the Eversana Agreement as a collaborative arrangement. As of March 31, 2022, no material accruals, expenses, payments, or revenues were recorded by the Company in connection with the Eversana Agreement. |
Impairment Loss
Impairment Loss | 3 Months Ended |
Mar. 31, 2022 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Impairment Loss | Impairment Loss The Company determined that receipt of the FDA Notice on February 17, 2022 was an indicator of impairment and performed an impairment analysis of its property and equipment and right-of-use assets as of that date. The analysis determined that the fair value of the assets, which was calculated using the cost approach for property and equipment and a market approach for right-of-use assets, was lower than the carrying value. The cost approach uses a current replacement and/or reproduction cost minus physical deterioration, functional and economic obsolescence, with consideration for lack of marketability. Accordingly, the Company recorded an impairment loss of $25.9 million for the three months ended March 31, 2022, consisting of $24.8 million of property and equipment and $1.1 million of right-of-use assets. The impairment loss was primarily related to the write-down of specialized equipment and related manufacturing space for the commercial manufacture of the Company's suspended M207 program. In association with the impairment analysis, the following assets were measured at fair value at February 17, 2022: Fair Value Measurements Total Quoted prices in active market Significant other observable inputs Significant unobservable inputs (unaudited; in thousands) Property and equipment $ 7,965 $ — $ — $ 7,965 Operating lease right-of-use assets $ 2,550 $ — $ — $ 2,550 |
Cash Equivalents
Cash Equivalents | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash Equivalents | Cash Equivalents The following table summarizes the Company's cash equivalents at fair value on a recurring basis: As of March 31, 2022: 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 $ 11,921 $ 11,921 $ — $ — As of December 31, 2021: 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 $ 9,421 $ 9,421 $ — $ — |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
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: March 31, 2022 December 31, 2021 (unaudited; in thousands) (in thousands) Prepaid insurance $ 912 $ 79 Prepaid services 893 146 Prepaid software and subscriptions 72 87 Deferred offering costs 67 85 Unbilled revenue 16 — Other 52 23 Total $ 2,012 $ 420 Property and Equipment The following table summarizes the Company’s property and equipment for each of the periods presented: March 31, 2022 December 31, 2021 (unaudited; in thousands) (in thousands) Leasehold improvements $ 17,622 $ 24,301 Manufacturing equipment 12,365 15,075 Laboratory and office equipment 1,457 1,641 Computer equipment and software 177 181 Construction-in-progress 6,438 21,348 Property and equipment, gross 38,059 62,546 Less: accumulated depreciation (30,137) (29,989) Total $ 7,922 $ 32,557 In the first quarter of 2022, the Company recorded an impairment loss on its property and equipment of $24.8 million (See Note 4. Impairment Loss ). Depreciation expense was approximately $0.3 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively. Construction-in-progress included $5.5 million and $16.5 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 March 31, 2022 and December 31, 2021, respectively, of which capitalized construction period interest was $3.3 million as of December 31, 2021 (See Note 8. Debt Financing ). The Company did not capitalize any interest after the impairment of the Company's long-lived assets and all construction period interest was recorded as an impairment loss in the Company's condensed statement of operations for the three months ended March 31, 2022. Other Accrued Liabilities The following table summarizes the Company’s other accrued liabilities for each of the periods presented: March 31, 2022 December 31, 2021 (unaudited; in thousands) (in thousands) Construction-in-progress obligations $ 594 $ 918 Asset retirement obligation 460 — Contract manufacturing services 408 17 Accrued taxes 217 — Professional service fees 183 258 Pre-clinical and clinical studies 124 397 Deferred revenue — 26 Other 168 202 Total $ 2,154 $ 1,818 Construction-in-progress obligations represent accrued liabilities for construction of dedicated manufacturing space at one of the Company's CMOs. The asset retirement obligation represents the costs that would be required to be paid to this CMO to remove the Company's equipment and restore its facility (See Note 11. Commitments and Contingencies |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
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 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 March 31, 2022 2021 (unaudited; in thousands) Statements of Operations Operating lease costs $ 439 $ 439 Three Months Ended March 31, 2022 2021 (unaudited; in thousands) Statements of Cash Flows Operating cash flows from operating leases - cash paid for operating leases $ 508 $ 489 The following table summarizes the lease terms and discount rates for the Company's leases as of March 31, 2022: (unaudited) Weighted-average remaining lease term (in years) 2.40 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 March 31, 2022: (unaudited; in thousands) 2022 $ 1,534 2023 2,017 2024 1,371 Total undiscounted cash flows 4,922 Less: amount representing interest (618) Present value of lease liabilities $ 4,304 Current portion $ 1,642 Long-term portion 2,662 Total $ 4,304 |
Debt Financing
Debt Financing | 3 Months Ended |
Mar. 31, 2022 | |
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 to the Company's CMO in the first quarter of 2021 for installation and qualification. 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 represented a separate financing arrangement with its own term and stated interest rate, which varied from 9.43% to 9.93%. Each drawdown was 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. 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 total drawdown amount (“Purchase Option Fee”). 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. On March 11, 2022, the Company entered into a Second Amendment to Lease Documents (the “Second Amendment”) with Trinity. The Second Amendment, among other things, provided for an upfront payment of $2.0 million in lease payments from the Company to Trinity on the date of the Second Amendment, modified the remaining monthly lease payments and Purchase Option Fee payments due under the Agreement to $215,441 per month from April 1, 2022 to December 1, 2022, established a minimum cash covenant equal to three times the remaining aggregate amount of lease payments due, and amended the definition of material adverse event, certain events of default, and certain operating covenants. 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 modification resulted in an interest rate of approximately 15.2% and an effective interest rate of approximately 26.85% for the modified term. 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 March 31, 2022, the Company had an aggregate commercial coating and primary packaging system construction-in-progress balance of $5.5 million. The Trinity build-to-suit arrangement requires compliance with various affirmative and restrictive covenants in regard to maintaining a minimum cash balance equal to three times the remaining aggregate amount of lease payments due, 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 March 31, 2022. The following table summarizes the Company's build-to-suit obligation as of March 31, 2022 (unaudited; in thousands) : Build-to-suit obligation principal amount $ 1,822 Less: unamortized discounts and issuance costs (83) Build-to-suit obligation, net of debt issuance costs and discount $ 1,739 The following table summarizes future minimum payments on the Company’s build-to-suit obligation as of March 31, 2022: Principal Interest Total (unaudited; in thousands) 2022 1,822 117 1,939 The following table summarizes interest incurred on the Company's build-to-suit obligation for each of the periods presented: Three Months Ended March 31, 2022 2021 (unaudited; in thousands) Build-to-suit obligation, cash interest expense $ 83 $ 197 Build-to-suit obligation, effective interest expense 56 137 Less: build-to-suit obligation, interest capitalized (67) (242) Build-to-suit obligation interest expense $ 72 $ 92 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Shelf Registration Statements 2021 Shelf Registration Statement The Company filed a shelf registration statement on Form S-3 with the SEC, which was declared effective by the SEC on July 14, 2021 (the “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. In February 2022, the Company used approximately $33.1 million of the $150.0 million. 2020 Shelf Registration Statement 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 (the “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 March 31, 2022. Offering - February 2022 On February 8, 2022, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Maxim Group LLC (“Maxim”) related to the public offering by the Company of 1,464,284 units (“Units”), each consisting of one share of the Company's common stock and one Series F Common Stock Purchase Warrant (“Series F Warrant”) to purchase one share of the Company's common stock, at a public offering price of $10.50 per Unit (the "February 2022 Offering"). The Company also granted Maxim an option for a period of 30 days to purchase up to an additional 219,642 shares of common stock and/or additional Series F Warrants to purchase up to 219,642 shares of common stock. Maxim partially exercised the option and purchased the additional Series F Warrants to purchase up to 219,642 shares of common stock. The option to purchase additional shares of common stock expired unexercised. The net proceeds from the offering and the exercise by Maxim of the option to purchase the additional Series F Warrants were approximately $14.1 million after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The offering was made pursuant to the 2021 Shelf Registration Statement and a prospectus supplement and accompanying prospectus filed with the SEC. At-the-Market Offering Programs 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 (the “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 months ended March 31, 2022, no shares of the Company's stock were sold under the program. As of March 31, 2022, the Company has up to approximately $25.0 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 three months ended March 31, 2021, the Company issued and sold 2,369 shares of its common stock at an average price of $45.82 per share under the 2020 ATM with aggregate net proceeds of less than $1,000 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. No shares remain available for sale under the 2020 ATM. 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, 2021 March 31, 2022 unaudited Series F - February 2022 — 1,683,929 — — 1,683,929 $ 10.5000 02/10/27 Series E - March 2020 18,022 — — — 18,022 $ 28.0875 03/06/25 Series C - February 2020 646 — — — 646 $ 22.7500 02/14/25 Trinity - September 2018 2,142 — — — 2,142 $ 125.7480 09/25/25 Total 20,810 1,683,929 — — 1,704,739 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. Series F Warrants |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022 (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, 2022 151,727 $ 71.53 28,388 $ 34.86 Granted 1,768 $ 8.22 — Released — (3,525) $ 42.04 Canceled/forfeited/expired (11,814) $ 91.05 (1,305) $ 39.17 Outstanding at March 31, 2022 141,681 $ 69.11 23,558 $ 33.54 On January 1, 2022, the number of shares of common stock authorized for issuance under the 2014 Plan was increased by 120,205 shares pursuant to the automatic annual increase provisions of the 2014 Plan. As of March 31, 2022, 139,998 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 March 31, 2022 2021 (unaudited; in thousands) Research and development $ 116 $ 138 General and administrative 318 272 Total $ 434 $ 410 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 $4.6 million in 2022, $11.5 million in 2023 and $14.0 million in 2024 and beyond, 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, technology transfer in 2022, 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 current 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 $3.3 million, of which $1.3 million was a current liability on the balance sheet as of March 31, 2022. 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 may 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 March 31, 2022. Legal Proceedings The Company is not party to any material pending legal proceedings. However, it may from time to time, become involved in 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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, 2021, included in the Company’s Annual Report on Form 10-K and filed with the United States Securities and Exchange Commission (“SEC”) on March 17, 2022. 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 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. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets for indications of possible impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. |
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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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: March 31, 2022 March 31, 2021 (unaudited; shares) Warrants to purchase common stock 1,704,739 26,413 Options to purchase common stock 141,681 123,363 RSUs 23,558 26,370 Total 1,869,978 176,146 |
Impairment Loss (Tables)
Impairment Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Impairment Analysis Of Fair Value Measurement | In association with the impairment analysis, the following assets were measured at fair value at February 17, 2022: Fair Value Measurements Total Quoted prices in active market Significant other observable inputs Significant unobservable inputs (unaudited; in thousands) Property and equipment $ 7,965 $ — $ — $ 7,965 Operating lease right-of-use assets $ 2,550 $ — $ — $ 2,550 |
Cash Equivalents (Tables)
Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash Equivalents and Investments in Marketable Securities | The following table summarizes the Company's cash equivalents at fair value on a recurring basis: As of March 31, 2022: 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 $ 11,921 $ 11,921 $ — $ — As of December 31, 2021: 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 $ 9,421 $ 9,421 $ — $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of 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: March 31, 2022 December 31, 2021 (unaudited; in thousands) (in thousands) Prepaid insurance $ 912 $ 79 Prepaid services 893 146 Prepaid software and subscriptions 72 87 Deferred offering costs 67 85 Unbilled revenue 16 — Other 52 23 Total $ 2,012 $ 420 |
Schedule of Property and Equipment | The following table summarizes the Company’s property and equipment for each of the periods presented: March 31, 2022 December 31, 2021 (unaudited; in thousands) (in thousands) Leasehold improvements $ 17,622 $ 24,301 Manufacturing equipment 12,365 15,075 Laboratory and office equipment 1,457 1,641 Computer equipment and software 177 181 Construction-in-progress 6,438 21,348 Property and equipment, gross 38,059 62,546 Less: accumulated depreciation (30,137) (29,989) Total $ 7,922 $ 32,557 |
Schedule of Accrued Liabilities | The following table summarizes the Company’s other accrued liabilities for each of the periods presented: March 31, 2022 December 31, 2021 (unaudited; in thousands) (in thousands) Construction-in-progress obligations $ 594 $ 918 Asset retirement obligation 460 — Contract manufacturing services 408 17 Accrued taxes 217 — Professional service fees 183 258 Pre-clinical and clinical studies 124 397 Deferred revenue — 26 Other 168 202 Total $ 2,154 $ 1,818 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of 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 March 31, 2022 2021 (unaudited; in thousands) Statements of Operations Operating lease costs $ 439 $ 439 Three Months Ended March 31, 2022 2021 (unaudited; in thousands) Statements of Cash Flows Operating cash flows from operating leases - cash paid for operating leases $ 508 $ 489 The following table summarizes the lease terms and discount rates for the Company's leases as of March 31, 2022: (unaudited) Weighted-average remaining lease term (in years) 2.40 Weighted-average discount rate 11 % |
Schedule of 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 March 31, 2022: (unaudited; in thousands) 2022 $ 1,534 2023 2,017 2024 1,371 Total undiscounted cash flows 4,922 Less: amount representing interest (618) Present value of lease liabilities $ 4,304 Current portion $ 1,642 Long-term portion 2,662 Total $ 4,304 |
Debt Financing (Tables)
Debt Financing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the Company's build-to-suit obligation as of March 31, 2022 (unaudited; in thousands) : Build-to-suit obligation principal amount $ 1,822 Less: unamortized discounts and issuance costs (83) Build-to-suit obligation, net of debt issuance costs and discount $ 1,739 |
Schedule of Maturities of Long-term Debt | The following table summarizes future minimum payments on the Company’s build-to-suit obligation as of March 31, 2022: Principal Interest Total (unaudited; in thousands) 2022 1,822 117 1,939 |
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 March 31, 2022 2021 (unaudited; in thousands) Build-to-suit obligation, cash interest expense $ 83 $ 197 Build-to-suit obligation, effective interest expense 56 137 Less: build-to-suit obligation, interest capitalized (67) (242) Build-to-suit obligation interest expense $ 72 $ 92 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 March 31, 2022 unaudited Series F - February 2022 — 1,683,929 — — 1,683,929 $ 10.5000 02/10/27 Series E - March 2020 18,022 — — — 18,022 $ 28.0875 03/06/25 Series C - February 2020 646 — — — 646 $ 22.7500 02/14/25 Trinity - September 2018 2,142 — — — 2,142 $ 125.7480 09/25/25 Total 20,810 1,683,929 — — 1,704,739 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule 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 three months ended March 31, 2022 (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, 2022 151,727 $ 71.53 28,388 $ 34.86 Granted 1,768 $ 8.22 — Released — (3,525) $ 42.04 Canceled/forfeited/expired (11,814) $ 91.05 (1,305) $ 39.17 Outstanding at March 31, 2022 141,681 $ 69.11 23,558 $ 33.54 |
Schedule of Stock-Based Compensation Expense | The following table summarizes the Company's stock compensation expense for each of the periods presented: Three Months Ended March 31, 2022 2021 (unaudited; in thousands) Research and development $ 116 $ 138 General and administrative 318 272 Total $ 434 $ 410 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 395,524 | $ 362,115 | |
Cash and cash equivalents | $ 13,529 | $ 11,043 | $ 26,882 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Millions | Apr. 11, 2022shares | Apr. 10, 2022shares | Apr. 08, 2022$ / sharesshares | Mar. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares |
Summary Of Significant Accounting Policies [Line Items] | |||||
Common stock, par value (in USD per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Common stock, shares outstanding (in shares) | 4,902,260 | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | |||
Restricted cash | $ | $ 0.5 | $ 0.5 | |||
Deposit Building Lease | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ | 0.3 | 0.3 | |||
Deposit Utility Provider | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ | $ 0.1 | $ 0.1 | |||
Subsequent Event | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Conversion ratio of reverse stock split | 0.03 | ||||
Common stock issued and outstanding (in shares) | 35 | ||||
Stocks post split (in shares) | 1 | ||||
Common stock, par value (in USD per share) | $ / shares | $ 0.0001 | ||||
Common stock, shares outstanding (in shares) | 171,579,255 | ||||
Reverse stock splits (in shares) | 4,902,260 | ||||
Common stock, shares authorized (in shares) | 250,000,000 | ||||
Minimum | Subsequent Event | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Conversion ratio of reverse stock split | 0.20 | ||||
Maximum | Subsequent Event | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Conversion ratio of reverse stock split | 0.02 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Outstanding Common Stock Equivalents Excluded from Computations of Diluted Net Loss per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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) | 1,869,978 | 176,146 |
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) | 1,704,739 | 26,413 |
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) | 141,681 | 123,363 |
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) | 23,558 | 26,370 |
Master Services Agreement wit_2
Master Services Agreement with Eversana (Details) | Aug. 06, 2020 |
Eversana Life Services L L C | Commercialization Of M207 | Affiliated Entity | |
Related Party Transaction [Line Items] | |
Term of the agreement | 5 years |
Impairment Loss - Narrative (De
Impairment Loss - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Loss on impairment of long-lived assets | $ 25,941 | $ 0 |
Property, Plant and Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Loss on impairment of long-lived assets | 24,800 | |
Right-of-use assets | ||
Lessee, Lease, Description [Line Items] | ||
Loss on impairment of long-lived assets | $ 1,100 |
Impairment Loss - Fair Value Me
Impairment Loss - Fair Value Measurement (Details) - Reported Value Measurement $ in Thousands | Mar. 31, 2022USD ($) |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Property and equipment, net | $ 7,965 |
Operating lease right-of-use assets | 2,550 |
Quoted prices in active market Level 1 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Property and equipment, net | 0 |
Operating lease right-of-use assets | 0 |
Significant other observable inputs Level 2 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Property and equipment, net | 0 |
Operating lease right-of-use assets | 0 |
Significant unobservable inputs Level 3 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Property and equipment, net | 7,965 |
Operating lease right-of-use assets | $ 2,550 |
Cash Equivalents (Details)
Cash Equivalents (Details) - Fair Value, Measurements, Recurring - Money Market Funds - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Money market funds classified as cash equivalents | $ 11,921 | $ 9,421 |
Quoted prices in active market Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Money market funds classified as cash equivalents | 11,921 | 9,421 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid insurance | $ 912 | $ 79 |
Prepaid services | 893 | 146 |
Prepaid software and subscriptions | 72 | 87 |
Deferred offering costs | 67 | 85 |
Unbilled revenue | 16 | 0 |
Other | 52 | 23 |
Total | $ 2,012 | $ 420 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 38,059 | $ 62,546 |
Less: accumulated depreciation | (30,137) | (29,989) |
Property and equipment, net | 7,922 | 32,557 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 17,622 | 24,301 |
Manufacturing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,365 | 15,075 |
Laboratory and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,457 | 1,641 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 177 | 181 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 6,438 | $ 21,348 |
Balance Sheet Components - Narr
Balance Sheet Components - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Loss on impairment of long-lived assets | $ 25,941 | $ 0 | |
Depreciation and amortization expense | 250 | $ 435 | |
Capitalized interest | $ 3,300 | ||
Construction In Progress Build-to-Suit Lease Asset | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,500 | $ 16,500 | |
Property, Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Loss on impairment of long-lived assets | $ 24,800 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Construction-in-progress obligations | $ 594 | $ 918 |
Asset retirement obligation | 460 | 0 |
Contract manufacturing services | 408 | 17 |
Accrued taxes | 217 | 0 |
Professional service fees | 183 | 258 |
Pre-clinical and clinical studies | 124 | 397 |
Deferred revenue | 0 | 26 |
Other | 168 | 202 |
Total | $ 2,154 | $ 1,818 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Extension period | 60 months |
Leases - Description of Lease C
Leases - Description of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease costs | $ 439 | $ 439 |
Operating cash flows from operating leases - cash paid for operating leases | $ 508 | $ 489 |
Leases - Description of Other L
Leases - Description of Other Lease Information (Details) | Mar. 31, 2022 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 2 years 4 months 24 days |
Weighted-average discount rate | 11.00% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 | $ 1,534 | |
2023 | 2,017 | |
2024 | 1,371 | |
Total undiscounted cash flows | 4,922 | |
Less: amount representing interest | (618) | |
Present value of lease liabilities | 4,304 | |
Current portion | 1,642 | $ 1,606 |
Long-term portion | $ 2,662 | $ 3,081 |
Debt Financing - Narrative (Det
Debt Financing - Narrative (Details) - USD ($) | Mar. 11, 2022 | May 27, 2020 | May 26, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Debt Instrument [Line Items] | ||||||
Interest payment period | 6 months | |||||
Construction In Progress Build-to-Suit Lease Asset | ||||||
Debt Instrument [Line Items] | ||||||
Property and equipment, gross | $ 5,500,000 | $ 16,500,000 | ||||
Trinity Capital Fund III, L.P. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 15.20% | |||||
Operating lease, expense | $ 2,000,000 | |||||
Operating lease, monthly payments | $ 215,441 | |||||
Effective interest rate | 26.85% | |||||
Build to Suit Obligation | Trinity Capital Fund III, L.P. | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 14,000,000 | |||||
Borrowing capacity | $ 500,000 | |||||
Debt instrument term | 42 months | 36 months | ||||
Purchase percentage of equipment cost | 12.00% | |||||
Build to Suit Obligation | Trinity Capital Fund III, L.P. | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 9.43% | |||||
Build to Suit Obligation | Trinity Capital Fund III, L.P. | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 9.93% | |||||
Build to Suit Obligation | Trinity Capital Fund III, L.P. | Drawdown Maturity Date Of April 012022 | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | $ 5,000,000 |
Debt Financing - Summary of Lon
Debt Financing - Summary of Long-Term Debt, Net of Unamortized Debt Discount and Issuance Costs (Detail) - Build to Suit Obligation $ in Thousands | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Build-to-suit obligation principal amount | $ 1,822 |
Debt Instrument, Unamortized Discount | (83) |
Long-term Debt, Total | $ 1,739 |
Debt Financing - Future Minimum
Debt Financing - Future Minimum Payments on the Company's Current Debt, Including Payment of Principal and Interest (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Principal | |
2022 | $ 1,822 |
Interest | |
2022 | 117 |
Total | |
2022 | $ 1,939 |
Debt Financing - Summary of Int
Debt Financing - Summary of Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Build-to-suit obligation interest expense | $ 73 | $ 97 |
Build to Suit Obligation | ||
Debt Instrument [Line Items] | ||
Build-to-suit obligation, cash interest expense | 83 | 197 |
Build-to-suit obligation, effective interest expense | 56 | 137 |
Less: build-to-suit obligation, interest capitalized | (67) | (242) |
Build-to-suit obligation interest expense | $ 72 | $ 92 |
Stockholders' Equity - Shelf Re
Stockholders' Equity - Shelf Registration (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2022 | Mar. 31, 2022 | Jul. 14, 2021 | Apr. 16, 2020 | |
A 2021 Shelf Registration | ||||
Class of Stock [Line Items] | ||||
Sale of stock offer maximum | $ 33.1 | $ 150 | ||
Consideration from sale of stock | $ 150 | |||
A 2020 Shelf Registration | ||||
Class of Stock [Line Items] | ||||
Sale of stock offer maximum | $ 74.5 | |||
Consideration from sale of stock | $ 3.7 |
Stockholders' Equity - Offering
Stockholders' Equity - Offering - February 2022 (Details) - Public Stock Offering $ / shares in Units, $ in Millions | Feb. 08, 2022USD ($)$ / sharesshares |
Class of Stock [Line Items] | |
Period for additional purchase of stock | 30 days |
Common Class F | |
Class of Stock [Line Items] | |
Right to purchase (in shares) | 219,642 |
Series F Warrant | |
Class of Stock [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 |
Price of stock sold (in USD per share) | $ / shares | $ 10.50 |
Consideration from sale of stock | $ | $ 14.1 |
Common Stock | |
Class of Stock [Line Items] | |
Shares issued in transaction (in shares) | 1,464,284 |
Common Stock | Series F Warrant | |
Class of Stock [Line Items] | |
Shares issued in transaction (in shares) | 219,642 |
Right to purchase (in shares) | 219,642 |
Stockholders' Equity - Marketin
Stockholders' Equity - Marketing Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 28, 2021 | Jun. 08, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
At-The-Market Offering Program 2021 | ||||
Class of Stock [Line Items] | ||||
Maximum aggregate offering price (up to) | $ 30,000 | |||
Commissions on proceeds from the sale of shares | 3.00% | |||
Sale of stock, remaining authorized amount | $ 25,000 | |||
At-The-Market Offering Program 2020 | ||||
Class of Stock [Line Items] | ||||
Maximum aggregate offering price (up to) | $ 20,000 | |||
Commissions on proceeds from the sale of shares | 3.00% | |||
Consideration from sale of stock | $ 1,000 | |||
Sale of stock, remaining number of shares (in shares) | 0 | |||
At-The-Market Offering Program 2020 | Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares issued in transaction (in shares) | 2,369 | |||
Sale of stock average price per share (in USD per share) | $ 45.82 |
Stockholders' Equity - Issued a
Stockholders' Equity - Issued and Outstanding (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Class of Stock [Line Items] | |
Warrants Outstanding, beginning (in shares) | 20,810 |
Issued (in shares) | 1,683,929 |
Exercised (in shares) | 0 |
Expired (in shares) | 0 |
Warrants outstanding, ending (in shares) | 1,704,739 |
Series F - February 2022 | |
Class of Stock [Line Items] | |
Warrants Outstanding, beginning (in shares) | 0 |
Issued (in shares) | 1,683,929 |
Exercised (in shares) | 0 |
Expired (in shares) | 0 |
Warrants outstanding, ending (in shares) | 1,683,929 |
Exercise price (in USD per share) | $ / shares | $ 10.5000 |
Series E - March 2020 | |
Class of Stock [Line Items] | |
Warrants Outstanding, beginning (in shares) | 18,022 |
Issued (in shares) | 0 |
Exercised (in shares) | 0 |
Expired (in shares) | 0 |
Warrants outstanding, ending (in shares) | 18,022 |
Exercise price (in USD per share) | $ / shares | $ 28.0875 |
Series C - February 2020 | |
Class of Stock [Line Items] | |
Warrants Outstanding, beginning (in shares) | 646 |
Issued (in shares) | 0 |
Exercised (in shares) | 0 |
Expired (in shares) | 0 |
Warrants outstanding, ending (in shares) | 646 |
Exercise price (in USD per share) | $ / shares | $ 22.7500 |
Trinity - September 2018 | |
Class of Stock [Line Items] | |
Warrants Outstanding, beginning (in shares) | 2,142 |
Issued (in shares) | 0 |
Exercised (in shares) | 0 |
Expired (in shares) | 0 |
Warrants outstanding, ending (in shares) | 2,142 |
Exercise price (in USD per share) | $ / shares | $ 125.7480 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Mar. 31, 2022shares |
Class of Stock [Line Items] | |
Common stock warrants issued (in shares) | 1 |
Series F Warrant | |
Class of Stock [Line Items] | |
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) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares Subject to Outstanding Stock Options | |
Beginning balance (in shares) | shares | 151,727 |
Granted (in shares) | shares | 1,768 |
Released (in shares) | shares | 0 |
Canceled/forfeited/expired (in shares) | shares | (11,814) |
Ending balance (in shares) | shares | 141,681 |
Weighted-Average Exercise Price per Share | |
Beginning balance (in USD per share) | $ / shares | $ 71.53 |
Granted (in USD per share) | $ / shares | 8.22 |
Released (in USD per share) | $ / shares | |
Cancelled/forfeited/expired (in USD per share) | $ / shares | 91.05 |
Ending balance (in USD per share) | $ / shares | $ 69.11 |
RSUs | |
Number of RSUs Outstanding | |
Beginning balance (in shares) | shares | 28,388 |
Granted (in shares) | shares | 0 |
Released (in shares) | shares | (3,525) |
Canceled/forfeited/expired (in shares) | shares | (1,305) |
Ending balance (in shares) | shares | 23,558 |
Weighted-Average Grant Date Fair Value per Share | |
Beginning balance (in USD per share) | $ / shares | $ 34.86 |
Granted (in USD per share) | $ / shares | |
Released (in USD per share) | $ / shares | 42.04 |
Canceled/forfeited/expired (in USD per share) | $ / shares | 39.17 |
Ending balance (in USD per share) | $ / shares | $ 33.54 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Detail) - shares | Jan. 01, 2022 | Mar. 31, 2022 |
Share-based Payment Arrangement [Abstract] | ||
Additional shares reserved (in shares) | 120,205 | |
Common stock (in shares) | 139,998 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 434 | $ 410 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 116 | 138 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 318 | $ 272 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Other Commitments [Line Items] | |
Cancellation fees | 50.00% |
Guarantees agreements | $ 0 |
Manufacturing Space and Technology | |
Other Commitments [Line Items] | |
Purchase price | 3,300,000 |
Commitments payable | 1,300,000 |
Additional payment | 7,400,000 |
Fees Period One | |
Other Commitments [Line Items] | |
Annual fees | 4,600,000 |
Fees Period Two | |
Other Commitments [Line Items] | |
Annual fees | 11,500,000 |
Fees Period Three | |
Other Commitments [Line Items] | |
Annual fees | $ 14,000,000 |