Summit Therapeutics (SMMT) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 04, 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	001-36866
Entity Registrant Name	Summit Therapeutics Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1979717
Entity Address, Address Line One	One Broadway, 14th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	514-7149
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SMMT
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		98,122,356
Entity Central Index Key	0001599298
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 77,450	$ 71,791
Accounts receivable	870	1,464
Prepaid expenses	4,350	7,161
Other current assets	1,475	1,201
Research and development tax credit receivable	15,290	15,695
Total current assets	99,435	97,312
Non-current assets:
Research and development tax credit receivable	1,655	0
Property and equipment, net	965	694
Right-of-use assets	2,432	2,790
Goodwill	1,953	2,009
Intangible assets, net	9,866	10,399
Other assets	166	170
Total assets	116,472	113,374
Current liabilities:
Accounts payable	6,959	4,374
Accrued expenses	7,569	7,197
Accrued compensation	1,514	4,125
Lease liabilities	907	1,091
Deferred revenue and other income	5,097	7,939
Other current liabilities	678	897
Total current liabilities	22,724	25,623
Non-current liabilities:
Lease liabilities, net of current portion	1,535	1,691
Other non-current liabilities	2,751	2,776
Promissory note payable to a related party	25,055	0
Total liabilities	52,065	30,090
Commitments and contingencies (Note 14)
Stockholders' equity:
#REF!	981	980
Additional paid-in capital	388,328	384,049
Accumulated other comprehensive loss	(3,957)	(2,197)
Accumulated deficit	(320,945)	(299,548)
Total stockholders' equity	64,407	83,284
Total liabilities and stockholders' equity	$ 116,472	$ 113,374

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	98,122,356	98,039,540
Common stock, shares outstanding (in shares)	98,122,356	98,039,540

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement And Statement Of Comprehensive Income [Abstract]
Revenue	$ 250	$ 192
Operating expenses:
Research and development	20,556	18,379
General and administrative	6,659	4,185
Total operating expenses	27,215	22,564
Other operating income	4,807	5,449
Operating loss	(22,158)	(16,923)
Other income (expense), net	761	(565)
Net loss	(21,397)	(17,488)
Other comprehensive (loss) income:
Foreign currency translation adjustments	$ (1,760)	$ 675
Net loss per share:
Basic (in dollars per share)	$ (0.22)	$ (0.21)
Diluted (in dollars per share)	$ (0.22)	$ (0.21)
Weighted-average shares used to compute net loss per share:
Basic (in shares)	98,070,095	82,817,836
Diluted (in shares)	98,070,095	82,817,836
Comprehensive loss:
Net loss	$ (21,397)	$ (17,488)
Comprehensive loss	$ (23,157)	$ (16,813)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		82,575,064
Beginning balance at Dec. 31, 2020	$ 79,453	$ 826	$ 293,367	$ (3,794)	$ (210,946)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options (in shares)		344,458
Issuance of common stock from exercise of stock options	897	$ 3	894
Stock-based compensation	868		868
Foreign currency translation adjustment	675			675
Net loss	(17,488)				(17,488)
Ending balance (in shares) at Mar. 31, 2021		82,919,522
Ending balance at Mar. 31, 2021	$ 64,405	$ 829	295,129	(3,119)	(228,434)
Beginning balance (in shares) at Dec. 31, 2021	98,039,540	98,039,540
Beginning balance at Dec. 31, 2021	$ 83,284	$ 980	384,049	(2,197)	(299,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under stock purchase and award plans (in shares)		82,816
Issuance of shares under stock purchase and award plans	$ 187	$ 1	186
Issuance of common stock from exercise of stock options (in shares)	11,995
Stock-based compensation	$ 3,996		3,996
Promissory note payable to related party - imputed interest (see Note 11)	97		97
Foreign currency translation adjustment	(1,760)			(1,760)
Net loss	$ (21,397)				(21,397)
Ending balance (in shares) at Mar. 31, 2022	98,122,356	98,122,356
Ending balance at Mar. 31, 2022	$ 64,407	$ 981	$ 388,328	$ (3,957)	$ (320,945)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows used in operating activities:
Net loss	$ (21,397,000)	$ (17,488,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest expense	198,000	103,000
Unrealized foreign exchange loss (gain)	1,037,000	(1,719,000)
Amortization of operating right-of-use assets	298,000	152,000
Depreciation	69,000	80,000
Amortization of intangible assets	248,000	255,000
Stock-based compensation	3,996,000	868,000
Change in operating assets and liabilities:
Accounts receivable	455,000	(114,000)
Prepaid expenses	2,682,000	1,638,000
Other current assets	(370,000)	549,000
Research and development tax credit receivable	(1,666,000)	(3,661,000)
Deferred revenue and other income	(2,658,000)	(1,200,000)
Accounts payable	2,759,000	(2,082,000)
Accrued liabilities	(832,000)	1,961,000
Accrued compensation	(3,523,000)	141,000
Operating lease liabilities	(297,000)	(152,000)
Net cash used in operating activities	(19,001,000)	(20,669,000)
Cash flows used in investing activities:
Purchases of property and equipment	(361,000)	(39,000)
Net cash used in investing activities	(361,000)	(39,000)
Cash flows provided by financing activities:
Proceeds from related party promissory note	25,000,000	55,000,000
Proceeds received related to employee stock awards	187,000	897,000
Net cash provided by financing activities	25,187,000	55,897,000
Effect of exchange rate changes on cash	(166,000)	588,000
Increase in cash	5,659,000	35,777,000
Cash at beginning of the period	71,791,000	66,417,000
Cash at end of the period	77,450,000	102,194,000
Supplemental Disclosure of Cash Flow Information:
Promissory note issuance costs in accrued expenses	0	38,000
Lease assets obtained in exchange for operating lease liabilities	$ 0	$ 1,085,000

Nature of the Business and Oper

Nature of the Business and Operations and Recent Events	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Operations and Recent Events	Nature of the Business and Operations and Recent Events Nature of Business and Operations The terms "Summit" and the "Company" refer to Summit Therapeutics Inc. and its subsidiaries. The Company is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase life expectancy, and resolve serious unmet needs. The Company's novel mechanism pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines. The Company's lead product candidate, ridinilazole, is a novel first-in-class drug that is engaged in a global Phase III clinical trial program. On December 20, 2021, the Company announced topline results for the Phase III Ri-CoDIFy study evaluating ridinilazole for treating patients suffering from Clostridioides difficile infection, also known as C. difficile infection, or CDI. The Company's second product candidate, SMT-738, was announced in May 2021 for combating multidrug resistant infections, specifically Carbapenem-resistant Enterobacteriaceae (“CRE”) infections. SMT-738 is the first of a novel class of precision antibiotics that has entered into preclinical development. The Company intends to expand its portfolio by developing further new mechanism, new era product offerings in the therapeutic areas of oncology and infectious diseases and/or product offerings that are designed to work in harmony with the human gut microbiome. Recent Events On May 12, 2021, the Company closed its rights offering, which was fully subscribed. The Company received aggregate gross proceeds from the rights offering of $75,000 from the sale of 14,312,976 shares of its common stock at a price per share of $5.24. Issuance costs associated with the rights offering were immaterial. In connection with the closing of the rights offering, a promissory note dated April 20, 2021, that was outstanding and had been issued by the Company in favor of the Company's Chairman, Chief Executive Officer, and the beneficial owner of approximately 70% of its outstanding common stock prior to this rights offering, Robert W. Duggan, in the principal amount of $55,000, matured and became due and the Company repaid all principal and accrued interest thereunder using a portion of the proceeds from the rights offering. On August 11, 2021, based on a thorough review of the design and enrollment status of its two ongoing blinded Phase III Ri-CoDIFy trials, the Company announced that it combined its two blinded pivotal Phase III clinical trials evaluating ridinilazole versus vancomycin into a single study and presented this decision to the United States ("U.S.") Food and Drug Administration (the "FDA") as such. During September 2021, the Company received feedback from the FDA that the FDA did not agree with the change to the primary endpoint that the Company proposed and subsequently implemented in its then ongoing Phase III Ri-CoDIFy studies when combining the trials. On December 20, 2021, the Company announced topline results for the Phase III Ri-CoDIFy study evaluating ridinilazole, for the treatment of and Sustained Clinical Response (“SCR”), as defined below, for patients suffering from  C. difficile  infection ("C. diff. infection" or "CDI"). The study showed that ridinilazole resulted in a numerically higher SCR rate than vancomycin, but did not meet the study’s primary endpoint for superiority. The pivotal Phase III clinical trial consisted of two Phase III clinical trials combined into a single study, designed to assess, as the primary endpoint, the superiority of ridinilazole compared to vancomycin in SCR, which is defined as clinical response of the treated episode of CDI and no recurrence of CDI through 30 days after the end of treatment. Additional endpoints included safety, tolerability, analyses of the gut microbiome and metabolome, in addition to quality of life and health economic outcome measures. We are in the process of evaluating the future path forward with respect to ridinilazole, including potential partnership opportunities. On March 10, 2022, Mr. Robert W. Duggan, entered into a Note Purchase Agreement (the “2022 Note”), pursuant to which he has loaned the Company $25,000 in exchange for the issuance by the Company of an unsecured promissory note in the amount of $25,000. The 2022 Note accrues interest at a rate per annum equal to the prime rate as reported in the Wall Street Journal , which was 3.25% as of the effective date and 3.5% as of March 31, 2022.. The 2022 Note becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25,000 or (ii) 18 months from the date of issuance of the 2022 Note.

Basis of Presentation and Use o

Basis of Presentation and Use of Estimates	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of March 31, 2022, and for the three months ended March 31, 2022 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented at December 31, 2021 has been derived from the consolidated audited financial statement as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Summit Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 17, 2022. The financial results of the Company's activities are reported in United States Dollars. The progression of the COVID-19 pandemic continues to evolve and its enduring impact on the Company's business remains uncertain. Management believes the estimates and assumptions underlying its unaudited interim financial statements are reasonable and supportable based on the information available as of March 31, 2022, however, the extent to which the COVID-19 pandemic impacts the Company's financial results for the remainder of 2022 and beyond will depend on future developments that are highly uncertain and cannot be predicted at this time. Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued research and development expenses, stock-based compensation, intangible assets, goodwill, other long-lived assets and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Recently Issued or Adopted Acco

Recently Issued or Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued or Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10, " Government Assistance (Topic 832)." This ASU increases the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements as diversity currently exists in the recognition, measurement, presentation and disclosure of government assistance received by business entities because of the lack of specific authoritative guidance in U.S. GAAP. This ASU is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2021. Early application of this ASU is permitted. The Company adopted and applied the amendments of this ASU to its disclosures during the fourth quarter of 2021 and the application of this ASU did not have a material impact on its financial position, results of operations or cash flows. In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency relating to: 1) recognition of an acquired contract liability and 2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination, whereas current U.S. GAAP requires that the acquirer measure such assets and liabilities

Liquidity and Capital Resources

Liquidity and Capital Resources	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Capital Resources	Liquidity and Capital Resources During the three months ended March 31, 2022, the Company incurred a net loss of $21,397 and cash flows used in operating activities was $19,001. As of March 31, 2022, the Company had an accumulated deficit of $320,945, cash of $77,450, short-term research and development tax credits of $15,290 and accounts receivable of $870. The Company expects to continue to generate operating losses for the foreseeable future. Until the Company can generate substantial revenue and achieve profitability, the Company will need to raise additional capital to fund its ongoing operations and capital needs. Based on the Company's current funding arrangements and financial resources as of March 31, 2022, the Company has the ability to fund its operating costs and working capital needs for more than twelve months from the date of issuance of this quarterly report on Form 10-Q. In order to continue to fund the operations of the Company beyond this time period, management has developed plans, which primarily consist of raising additional capital through some combination of equity or debt financings, and/or potentially entering into new collaborations. There is no assurance, however, that additional financing will be available when needed or that management of the Company will be able to obtain financing on terms acceptable to the Company. If the Company is unable to obtain funding when required in the future, the Company could be required to delay, reduce, or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. The accompanying consolidated financial statements are prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of the business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classifications of liabilities that might result from the outcome of this uncertainty.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's chief operating decision makers (the "CODM function"), which are the Company’s Chief Executive Officer and Chief Operating Officer, utilize financial information to make decisions about allocating resources and assessing performance for the entire Company. The CODM function approves of key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts, such as revenue contracts and collaboration agreements and approves the Company's consolidated operating budget. The CODM function views the Company’s operations and manages its business as a single reportable operating segment. The Company's single reportable operating segment covers the Company’s research and development activities, primarily comprising of the CDI program and antibiotic pipeline research activities. As the Company operates as one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. The Company operates in two geographic regions: the U.K. and the U.S. The following table summarizes the Company's long-lived assets, which include the Company's property and equipment, net and right-of-use assets by geography: March 31, 2022 December 31, 2021 United Kingdom $ 2,871 $ 2,762 United States 526 722 $ 3,397 $ 3,484 For details of revenue from external customers by geography refer to Note 6.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table summarizes revenue by category: Three Months Ended 2022 2021 Revenue by category: Licensing agreements $ 250 $ 192 $ 250 $ 192 Revenue recognized in the period consists only of amounts received from the license and commercialization agreement with Eurofarma Laboratórios S.A. The following table summarizes revenue by geography: Three Months Ended 2022 2021 Revenue by geography: Latin America $ 250 $ 192 $ 250 $ 192 The analysis of revenue by geography has been identified on the basis of the customer’s geographical location. The following table summarizes the deferred revenue relating to Eurofarma Laboratórios S.A. and deferred other income relating to BARDA (as defined in Note 7), respectively: 2022 2021 Beginning deferred revenue and other income, January 1 (1) $ 7,939 $ 8,939 Additions 255 761 Amount of deferred revenue and other income recognized in the statement of operations (2,884) (1,980) Foreign currency adjustments (213) 86 Ending deferred revenue and other income, March 31 (2) $ 5,097 $ 7,806 (1) Beginning deferred revenue and other income as of January 1, 2022 and 2021 included $7,939 of current and $0 of long-term deferred revenue and other income, and $8,370 of current and $569 of long-term deferred revenue and other income, respectively. (2) Ending deferred revenue and other income as of March 31, 2022 and 2021 included $5,097 of current and $0 of long-term deferred revenue and other income. and $7,423 of current and $383 of long-term deferred revenue and other income, respectively. As of March 31, 2022, deferred revenue is comprised of $490 and $4,607 relating to Eurofarma and BARDA (as defined in Note 7), respectively. As of January 1, 2022, deferred revenue is comprised of $756 and $7,183 relating to Eurofarma and BARDA, respectively. Refer to Note 7 below for further details regarding other income recognized under the BARDA contract. Eurofarma Laboratórios S.A. On December 21, 2017, Summit announced it had entered into an exclusive license and commercialization agreement with Eurofarma Laboratórios S.A. ("Eurofarma"), pursuant to which the Company granted Eurofarma the exclusive right to commercialize ridinilazole in specified countries in South America, Central America and the Caribbean. The Company has retained commercialization rights in the rest of the world. Under the terms of the license and commercialization agreement with Eurofarma, the Company received an upfront payment of $2,500 from Eurofarma in December 2017. In February 2020, the Company reached the first enrollment milestone and earned $1,000. In September 2021, the Company reached the second enrollment milestone and earned $1,250. The terms of the contract have been assessed under Accounting Standards Codification 606 and currently only the upfront payment and the first two enrollment milestone payments are included in the transaction price. These payments are initially recorded as deferred revenue in the balance sheet and are recognized as revenue ratably over the performance period. Revenue recognized during the three months ended March 31, 2022 related to the upfront payment and the first two enrollment milestones earned in accordance with the Company's revenue recognition policy. Revenue recognized during the three months ended March 31, 2021 related to the upfront payment and the first enrollment milestone earned in accordance with the Company's revenue recognition policy. The revenue is being recognized ratably over the performance period to reflect the transfer of control to the customer occurring over the time period that the research and development services are provided by the Company. This output method is, in management’s judgment, the best measure of progress towards satisfying the performance obligation. As of March 31, 2022 and December 31, 2021, the current contract liability relating to the Eurofarma contract was $490 and $756, respectively, and was recorded in current deferred revenue in the condensed consolidated balance sheet. In addition, the Company could receive an additional $1,500 in development milestones upon the achievement of staged patient enrollment targets in the licensed territory in the combined Phase III clinical trial of ridinilazole. The Company is eligible to receive a further $1,000 in development milestones, $2,400 in commercial milestones and up to $18,000 in sales milestones when cumulative net sales equal or exceed $100,000 in the Eurofarma licensed territory. Each subsequent achievement of an additional $100,000 in cumulative net sales will result in the Company receiving additional milestone payments, which, when combined with anticipated product supply transfer payments from Eurofarma paid to the Company in connection with a commercial supply agreement to be entered into between the two parties, will provide payments estimated to range from a mid-teens to high-teens percentage of cumulative net sales in the Eurofarma licensed territory. The Company estimates such product supply transfer payments from Eurofarma will range from a high single-digit to low double-digit percentage of cumulative net sales in the licensed territory.

Other Operating Income

Other Operating Income	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Other Operating Income	Other Operating Income The following table sets forth the components of other operating income by category: Three Months Ended Other operating income by category: 2022 2021 Funding income from BARDA (as defined below) $ 2,634 $ 1,770 Research and development tax credits 1,696 3,679 Grant income from CARB-X (as defined below) 477 — $ 4,807 $ 5,449 BARDA (as defined below) In September 2017, the Company was awarded a funding contract from the Biomedical Advanced Research and Development Authority ("BARDA"), part of the Office of the Assistant Secretary for Preparedness and Response at the United States Department of Health and Human Services, in support of the Company's Ri-CoDIFy clinical trials and clinical development of of ridinilazole. The awarded contract was originally worth up to $62,000. In June 2019 and again in January 2020, BARDA increased the value of the contract such that it is now worth up to $72,500 and brought the total amount of committed funding to $62,400. The remaining federal government funding was dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Company of certain agreed-upon milestones for ridinilazole. This option work segment was never exercised by BARDA. The contract ran through April 2022 and was extended through December 2022 as a no cost contract, solely to close out open activities. As of March 31, 2022, an aggregate of $57,946 of the total committed BARDA funding had been received and the Company has recognized $52,796 of cumulative income since contract inception. Research and development tax credits Income from research and development ("R&D") tax credits, consists of R&D tax credits received in the U.K. The Company benefits from two U.K. R&D tax credit cash rebate regimes: Small and Medium Enterprise Program ("SME Program") and the Research and Development Expenditure Credit Program ("RDEC Program"). Qualifying expenditures largely comprise employment costs for research staff, consumables, a proportion of relevant, permitted sub-contract costs and certain internal overhead costs incurred as part of research projects for which the Company does not receive income. Tax credits related to the SME Program and RDEC Program are recorded as other operating income in the condensed consolidated statements of comprehensive loss. Under both schemes, the Company receives cash payments that are not dependent on the Company’s pre-tax net income levels. Based on criteria established by Her Majesty’s Revenue and Customs, a portion of expenditures being carried out in relation to the Company's pipeline research and development activities are eligible for the SME regime. As of March 31, 2022, the current and non-current research and development tax credit receivable was $15,290 and $1,655, respectively. As of December 31, 2021, the current and non-current research and development tax credit receivable was $15,695 and $0, respectively. CARB-X (as defined below) In May 2021, the Company announced the selection of a new preclinical candidate, SMT-738, from the DDS-04 series for development in the fight against multidrug resistant infections, specifically carbapenem-resistant Enterobacteriaceae ("CRE") infections. Simultaneously, the Company announced it had received an award from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program ("CARB-X") to progress this candidate through preclinical development and Phase 1a clinical trials. The award commits initial funding of up to $4,100, with the possibility of up to another $3,700 based on the achievement of future milestones. As of March 31, 2022, $937 of grant funding from CARB-X has been received, $141 is in accounts receivable for amounts billed, $555 is unbilled and included in other current assets as a contract asset and the Company has recognized $1,633 of cumulative income since contract inception.

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss per Share	Loss per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended 2022 2021 Net loss $ (21,397) $ (17,488) Basic weighted average number of shares of common stock outstanding 98,070,095 82,817,836 Diluted weighted average number of shares of common stock outstanding 98,070,095 82,817,836 Basic net loss per share $ (0.22) $ (0.21) Diluted net loss per share $ (0.22) $ (0.21) Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the diluted net loss by the weighted-average number of common shares outstanding for the period, including potentially dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common share equivalents outstanding would have been anti-dilutive. The following potentially dilutive securities were excluded from the computation of the diluted net loss per share of common stock for the periods presented because their effect would have been anti-dilutive: As of March 31, 2022 2021 Options to purchase common stock 13,142,069 5,539,803 Warrants 5,821,137 5,821,137 Shares expected to be purchased under employee stock purchase plan 134,440 — 19,097,646 11,360,940

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is measured as the excess of the cost of the acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. The Company assigns assets acquired (including goodwill) and liabilities assumed to one or more reporting units as of the date of acquisition. Typically acquisitions related to a single reporting unit do not require the allocation of goodwill to multiple reporting units. If the products obtained in an acquisition are assigned to multiple reporting units, the goodwill is distributed to the respective reporting units as part of the purchase price allocation process. Goodwill and purchased intangible assets are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends and lower projections of profitability that may impact future operating results. As of March 31, 2022 and December 31, 2021, goodwill was $1,953 and $2,009, respectively. Changes in goodwill during the three months ended March 31, 2022 are the result of foreign currency movements. There were no goodwill impairment charges recognized for the quarter ended March 31, 2022 and there have been no cumulative goodwill impairment charges recognized to date. Intangible assets, net of accumulated amortization, impairment charges and adjustments are summarized as follows: March 31, 2022 December 31, 2021 Gross carrying amount Accumulated amortization and impairment Net Gross carrying amount Accumulated amortization and impairment Net Utrophin program acquired $ 4,362 $ (4,362) $ — $ 4,487 $ (4,487) $ — Discuva platform acquired 14,014 (4,148) 9,866 14,416 (4,017) 10,399 Option over non-financial asset 887 (887) — 912 (912) — Other patents and licenses 144 (144) — 148 (148) — $ 19,407 $ (9,541) $ 9,866 $ 19,963 $ (9,564) $ 10,399 Changes in the gross carrying amount of intangible assets during the three months ended March 31, 2022 was the result of foreign currency movements. For the three months ended March 31, 2022 and 2021, amortization expense was $248 and $255, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Company has operating leases for real estate. The Company does not have any finance leases. During the three months ended March 31, 2021, the Company recorded $1,085 of additional right-of-use assets related to a new lease that commenced during the period for its Menlo Park, California, U.S. location. There were no new right-of-use assets recorded during the three months ended March 31, 2022. The carrying value of the right-of-use assets as of March 31, 2022 and December 31, 2021 was $2,432 and $2,790, respectively. Fixed lease costs for the three months ended March 31, 2022 and 2021 were $212 and $139, respectively. Short-term lease costs and variable lease costs for each of the three month periods ended March 31, 2022 and 2021 were immaterial. The weighted average discount rate and the weighted average remaining lease term were 2.7% and 4.1 years, respectively, as of March 31, 2022. The weighted average discount rate and the weighted average remaining lease term were 1.7% and 2.1 years, respectively, as of March 31, 2021.

Promissory Note Payable to a Re

Promissory Note Payable to a Related Party	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Promissory Note Payable to a Related Party	Promissory Note Payable to a Related Party On March 10, 2022, Mr. Robert W. Duggan, entered into a Note Purchase Agreement (the “2022 Note”), pursuant to which he has loaned the Company $25,000 in exchange for the issuance by the Company of an unsecured promissory note in the amount of $25,000. The 2022 Note accrues interest at a rate per annum equal to the prime rate as reported in the Wall Street Journal , which was 3.25% as of the effective date and 3.50% as of March 31, 2022. The 2022 Note, including all accrued interest, becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25,000 or (ii) 18 months from the date of issuance of the 2022 Note. Debt issuance costs associated with the 2022 Note were immaterial and expensed as incurred. The balance of the promissory note was $25,055 and includes $55 of accrued interest as of March 31, 2022. Interest expense incurred by the Company for the three months ended March 31, 2022 and 2021 was $152 and $27, respectively. The Company recorded $97 of imputed interest on the 2022 Note to additional paid in capital for the difference between the stated rate of the note and the deemed market rate of interest. The interest incurred for the three months ended March 31, 2021 relates to the March 24, 2021 Note Purchase Agreement with Robert W. Duggan, for $55,000 which was subsequently rescinded, replaced by a second note of the same amount, and paid in full in May 2021, as described further in Note 13. March, 24, 2021 Note Purchase Agreement On March 24, 2021, Mr. Duggan, the Company's Executive Chairman and Chief Executive Officer and primary stockholder, entered into a Note Purchase Agreement (the “Initial Purchase Agreement”) pursuant to which he loaned the Company $55,000 in exchange for the issuance by the Company of an unsecured promissory note (the “Initial Note”) in the amount of $55,000. The Initial Note was to accrue interest at a rate per annum equal to 150% of the applicable 10 Year US Treasury rate, as adjusted monthly. The rate was initially estimated to be approximately 2.4%. The terms of the Initial Note were that it would mature and become due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $55,000, or (ii) 13 months from the date of issuance of the Initial Note. On April 20, 2021, the Company determined, with Mr. Duggan’s agreement, to rescind both the Initial Purchase Agreement and the Initial Note issued thereunder, and repaid the principal amount of the Initial Note in full, without interest or penalty. March 26, 2021 Sublease Agreement with Dr. Maky Zanganeh and Associates, Inc. On March 26, 2021, the Company entered into a sublease with Dr. Maky Zanganeh and Associates, Inc. ("MZA") consisting of 4,500 square feet of office space at 2882 Sand Hill Road, Menlo Park, CA (the “Sublease”). Dr. Maky Zanganeh, the Company's Chief Operating Officer, is the sole owner of MZA. The sublease runs until September 2022, The sublease runs until September 2022. The rent payable under the terms of the sublease is equivalent to the proportionate share of the rent payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up has been applied. During the three months ended March 31, 2022 and 2021 payments of $179 and $29, respectively, were made pursuant to the sublease. April 20, 2021 Note Purchase Agreement On April 20, 2021, subsequent to the repayment of the Initial Note, Mr. Duggan entered into a second Note Purchase Agreement (the “Second Purchase Agreement”) pursuant to which he loaned the Company $55,000 in exchange for the issuance by the Company of an unsecured promissory note (the “Second Note”) in the amount of $55,000. The Second Note accrued interest at a rate per annum equal to 150% of the applicable 10 Year US Treasury rate, as adjusted monthly (initially estimated to be approximately 2.4%). The Company was permitted to prepay any portion of the Second Note at its option without penalty. May 12, 2021 Rights Offering On May 12, 2021, the Company closed its rights offering, which was fully subscribed. Aggregate gross proceeds from the rights offering of $75,000 from the sale of 14,312,976 shares of the Company's common stock, of which 11,365,921 shares were purchased by Mr. Robert W. Duggan and 389,977 shares were purchased by Dr. Maky Zanganeh, at price of $5.24 per share. In connection with the closing of the rights offering, the Second Note, issued by the Company in favor of Mr. Robert W. Duggan, matured and became due and was repaid using a portion of the proceeds from the rights offering. March 10, 2022 Note Purchase Agreement On March 10, 2022, the Company entered into a Note Purchase Agreement (the "2022 Note"), with Mr. Duggan, pursuant to which Mr. Duggan loaned the Company $25,000 in exchange for the issuance by the Company of an unsecured promissory note in the amount of $25,000. The 2022 Note accrued interest at a rate per annum equal to the prime rate as reported in the Wall Street Journal , which was 3.25% as of the effective date and 3.5% as of March 31, 2022. The 2022 Note, including accrued interest, becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25,000 or (ii) 18 months from the date of issuance of the 2022 Note.

Stock-Based Compensation and Wa

Stock-Based Compensation and Warrants	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation and Warrants	Stock-Based Compensation and Warrants The Company currently grants stock options to employees and directors under the 2020 Stock Incentive Plan (the "2020 Plan") and formerly, the Company granted stock options under the 2016 Long Term Incentive Plan (the "2016 Plan"). The 2020 Plan is administered by the Compensation Committee of the Company's Board of Directors. The 2020 Plan is intended to attract and retain employees and directors and provide an incentive for these individuals to assist the Company to achieve long-range performance goals and to enable these individuals to participate in the long-term growth of the Company. The following table presents the stock option activity for both the 2016 Plan and the 2020 Plan as of March 31, 2022: Three Months Ended Weighted average exercise price Outstanding at December 31, 2021 13,797,556 $ 5.55 Granted 336,381 $ 2.82 Forfeited (979,873) $ 3.95 Exercised (11,995) $ 1.86 Outstanding at March 31, 2022 13,142,069 $ 5.61 Exercisable at March 31, 2022 2,135,201 $ 4.19 The total intrinsic value of all outstanding and exercisable stock options at March 31, 2022 was $424 and $312, respectively. The total stock-based compensation expense included in the Company's condensed consolidated statements of comprehensive loss was as follows: Three Months Ended 2022 2021 Research and development $ 1,874 $ 323 General and administrative 2,122 546 Total stock-based compensation expense $ 3,996 $ 869 Warrants The Company had outstanding and exercisable warrants of 5,821,137 with a weighted average exercise price of $1.56 as of March 31, 2022 and December 31, 2021.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Promissory Note Payable to a Related Party On March 10, 2022, Mr. Robert W. Duggan, entered into a Note Purchase Agreement (the “2022 Note”), pursuant to which he has loaned the Company $25,000 in exchange for the issuance by the Company of an unsecured promissory note in the amount of $25,000. The 2022 Note accrues interest at a rate per annum equal to the prime rate as reported in the Wall Street Journal , which was 3.25% as of the effective date and 3.50% as of March 31, 2022. The 2022 Note, including all accrued interest, becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25,000 or (ii) 18 months from the date of issuance of the 2022 Note. Debt issuance costs associated with the 2022 Note were immaterial and expensed as incurred. The balance of the promissory note was $25,055 and includes $55 of accrued interest as of March 31, 2022. Interest expense incurred by the Company for the three months ended March 31, 2022 and 2021 was $152 and $27, respectively. The Company recorded $97 of imputed interest on the 2022 Note to additional paid in capital for the difference between the stated rate of the note and the deemed market rate of interest. The interest incurred for the three months ended March 31, 2021 relates to the March 24, 2021 Note Purchase Agreement with Robert W. Duggan, for $55,000 which was subsequently rescinded, replaced by a second note of the same amount, and paid in full in May 2021, as described further in Note 13. March, 24, 2021 Note Purchase Agreement On March 24, 2021, Mr. Duggan, the Company's Executive Chairman and Chief Executive Officer and primary stockholder, entered into a Note Purchase Agreement (the “Initial Purchase Agreement”) pursuant to which he loaned the Company $55,000 in exchange for the issuance by the Company of an unsecured promissory note (the “Initial Note”) in the amount of $55,000. The Initial Note was to accrue interest at a rate per annum equal to 150% of the applicable 10 Year US Treasury rate, as adjusted monthly. The rate was initially estimated to be approximately 2.4%. The terms of the Initial Note were that it would mature and become due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $55,000, or (ii) 13 months from the date of issuance of the Initial Note. On April 20, 2021, the Company determined, with Mr. Duggan’s agreement, to rescind both the Initial Purchase Agreement and the Initial Note issued thereunder, and repaid the principal amount of the Initial Note in full, without interest or penalty. March 26, 2021 Sublease Agreement with Dr. Maky Zanganeh and Associates, Inc. On March 26, 2021, the Company entered into a sublease with Dr. Maky Zanganeh and Associates, Inc. ("MZA") consisting of 4,500 square feet of office space at 2882 Sand Hill Road, Menlo Park, CA (the “Sublease”). Dr. Maky Zanganeh, the Company's Chief Operating Officer, is the sole owner of MZA. The sublease runs until September 2022, The sublease runs until September 2022. The rent payable under the terms of the sublease is equivalent to the proportionate share of the rent payable by MZA to the third-party landlord, based on the square footage of office space sublet by the Company, and no mark-up has been applied. During the three months ended March 31, 2022 and 2021 payments of $179 and $29, respectively, were made pursuant to the sublease. April 20, 2021 Note Purchase Agreement On April 20, 2021, subsequent to the repayment of the Initial Note, Mr. Duggan entered into a second Note Purchase Agreement (the “Second Purchase Agreement”) pursuant to which he loaned the Company $55,000 in exchange for the issuance by the Company of an unsecured promissory note (the “Second Note”) in the amount of $55,000. The Second Note accrued interest at a rate per annum equal to 150% of the applicable 10 Year US Treasury rate, as adjusted monthly (initially estimated to be approximately 2.4%). The Company was permitted to prepay any portion of the Second Note at its option without penalty. May 12, 2021 Rights Offering On May 12, 2021, the Company closed its rights offering, which was fully subscribed. Aggregate gross proceeds from the rights offering of $75,000 from the sale of 14,312,976 shares of the Company's common stock, of which 11,365,921 shares were purchased by Mr. Robert W. Duggan and 389,977 shares were purchased by Dr. Maky Zanganeh, at price of $5.24 per share. In connection with the closing of the rights offering, the Second Note, issued by the Company in favor of Mr. Robert W. Duggan, matured and became due and was repaid using a portion of the proceeds from the rights offering. March 10, 2022 Note Purchase Agreement On March 10, 2022, the Company entered into a Note Purchase Agreement (the "2022 Note"), with Mr. Duggan, pursuant to which Mr. Duggan loaned the Company $25,000 in exchange for the issuance by the Company of an unsecured promissory note in the amount of $25,000. The 2022 Note accrued interest at a rate per annum equal to the prime rate as reported in the Wall Street Journal , which was 3.25% as of the effective date and 3.5% as of March 31, 2022. The 2022 Note, including accrued interest, becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25,000 or (ii) 18 months from the date of issuance of the 2022 Note.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Fixed Asset Purchase Commitments As of March 31, 2022 and December 31, 2021, the Company had no capital commitments. Lease Commitments The Company leases office and laboratory space. There have been no material changes to the Company's lease commitments as of December 31, 2021 which were disclosed in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 17, 2022. Other Commitments The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. Most contracts provide for termination upon notice, and therefore are cancellable contracts. There have been no material changes to the Company's contractual commitments as of December 31, 2021 which were disclosed in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 17, 2022. Indemnifications The Company has entered into its standard form Indemnification Agreement for directors and executive officers, which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 18, 2020, and is incorporated by reference herein. The Indemnification Agreement provides that, subject to the provisions of the Delaware General Corporation Law, the Company is required, among other things, to indemnify its directors or executive officers for certain expenses, including attorneys' fees, judgments, fines, and settlement amounts of the types customarily incurred by them in connection with any action or proceeding arising out of their service as one of the Company's directors or executive officers. The Company believes the fair value for these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations at March 31, 2022 and December 31, 2021. Legal Proceedings The Company is not currently subject to any material legal proceedings.

Basis of Presentation and Use_2

Basis of Presentation and Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of March 31, 2022, and for the three months ended March 31, 2022 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented at December 31, 2021 has been derived from the consolidated audited financial statement as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Summit Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 17, 2022. The financial results of the Company's activities are reported in United States Dollars. The progression of the COVID-19 pandemic continues to evolve and its enduring impact on the Company's business remains uncertain. Management believes the estimates and assumptions underlying its unaudited interim financial statements are reasonable and supportable based on the information available as of March 31, 2022, however, the extent to which the COVID-19 pandemic impacts the Company's financial results for the remainder of 2022 and beyond will depend on future developments that are highly uncertain and cannot be predicted at this time.
Use of Estimates	Use of Estimates The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued research and development expenses, stock-based compensation, intangible assets, goodwill, other long-lived assets and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Recently Issued or Adopted Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10, " Government Assistance (Topic 832)." This ASU increases the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements as diversity currently exists in the recognition, measurement, presentation and disclosure of government assistance received by business entities because of the lack of specific authoritative guidance in U.S. GAAP. This ASU is effective for annual periods, and interim periods within those fiscal years, beginning after December 15, 2021. Early application of this ASU is permitted. The Company adopted and applied the amendments of this ASU to its disclosures during the fourth quarter of 2021 and the application of this ASU did not have a material impact on its financial position, results of operations or cash flows. In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency relating to: 1) recognition of an acquired contract liability and 2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination, whereas current U.S. GAAP requires that the acquirer measure such assets and liabilities

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of long-lived assets by geography	The following table summarizes the Company's long-lived assets, which include the Company's property and equipment, net and right-of-use assets by geography: March 31, 2022 December 31, 2021 United Kingdom $ 2,871 $ 2,762 United States 526 722 $ 3,397 $ 3,484

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of revenue by category	The following table summarizes revenue by category: Three Months Ended 2022 2021 Revenue by category: Licensing agreements $ 250 $ 192 $ 250 $ 192
Summary of revenue by geography	The following table summarizes revenue by geography: Three Months Ended 2022 2021 Revenue by geography: Latin America $ 250 $ 192 $ 250 $ 192
Summary of deferred revenue and other income	The following table summarizes the deferred revenue relating to Eurofarma Laboratórios S.A. and deferred other income relating to BARDA (as defined in Note 7), respectively: 2022 2021 Beginning deferred revenue and other income, January 1 (1) $ 7,939 $ 8,939 Additions 255 761 Amount of deferred revenue and other income recognized in the statement of operations (2,884) (1,980) Foreign currency adjustments (213) 86 Ending deferred revenue and other income, March 31 (2) $ 5,097 $ 7,806 (1) Beginning deferred revenue and other income as of January 1, 2022 and 2021 included $7,939 of current and $0 of long-term deferred revenue and other income, and $8,370 of current and $569 of long-term deferred revenue and other income, respectively. (2) Ending deferred revenue and other income as of March 31, 2022 and 2021 included $5,097 of current and $0 of long-term deferred revenue and other income. and $7,423 of current and $383 of long-term deferred revenue and other income, respectively.

Other Operating Income (Tables)

Other Operating Income (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Summary of other operating income by category	The following table sets forth the components of other operating income by category: Three Months Ended Other operating income by category: 2022 2021 Funding income from BARDA (as defined below) $ 2,634 $ 1,770 Research and development tax credits 1,696 3,679 Grant income from CARB-X (as defined below) 477 — $ 4,807 $ 5,449

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of net loss per share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended 2022 2021 Net loss $ (21,397) $ (17,488) Basic weighted average number of shares of common stock outstanding 98,070,095 82,817,836 Diluted weighted average number of shares of common stock outstanding 98,070,095 82,817,836 Basic net loss per share $ (0.22) $ (0.21) Diluted net loss per share $ (0.22) $ (0.21)
Schedule of potentially dilutive securities excluded from the computation of loss per share	The following potentially dilutive securities were excluded from the computation of the diluted net loss per share of common stock for the periods presented because their effect would have been anti-dilutive: As of March 31, 2022 2021 Options to purchase common stock 13,142,069 5,539,803 Warrants 5,821,137 5,821,137 Shares expected to be purchased under employee stock purchase plan 134,440 — 19,097,646 11,360,940

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Intangible assets, net of accumulated amortization, impairment charges and adjustments are summarized as follows: March 31, 2022 December 31, 2021 Gross carrying amount Accumulated amortization and impairment Net Gross carrying amount Accumulated amortization and impairment Net Utrophin program acquired $ 4,362 $ (4,362) $ — $ 4,487 $ (4,487) $ — Discuva platform acquired 14,014 (4,148) 9,866 14,416 (4,017) 10,399 Option over non-financial asset 887 (887) — 912 (912) — Other patents and licenses 144 (144) — 148 (148) — $ 19,407 $ (9,541) $ 9,866 $ 19,963 $ (9,564) $ 10,399

Stock-Based Compensation and _2

Stock-Based Compensation and Warrants (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of stock option activity	The following table presents the stock option activity for both the 2016 Plan and the 2020 Plan as of March 31, 2022: Three Months Ended Weighted average exercise price Outstanding at December 31, 2021 13,797,556 $ 5.55 Granted 336,381 $ 2.82 Forfeited (979,873) $ 3.95 Exercised (11,995) $ 1.86 Outstanding at March 31, 2022 13,142,069 $ 5.61 Exercisable at March 31, 2022 2,135,201 $ 4.19
Schedule of stock-based compensation expense	The total stock-based compensation expense included in the Company's condensed consolidated statements of comprehensive loss was as follows: Three Months Ended 2022 2021 Research and development $ 1,874 $ 323 General and administrative 2,122 546 Total stock-based compensation expense $ 3,996 $ 869

Nature of the Business and Op_2

Nature of the Business and Operations and Recent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Mar. 10, 2022	May 12, 2021	Apr. 20, 2021	Mar. 31, 2022	Mar. 31, 2021	May 11, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from related party promissory note					$ 25,000	$ 55,000
Chief Executive Officer
Subsidiary, Sale of Stock [Line Items]
Beneficial ownership percentage							70.00%
Second Note | Chief Executive Officer
Subsidiary, Sale of Stock [Line Items]
Promissory note				$ 55,000
Proceeds from related party promissory note				$ 55,000
2022 Note | Chief Executive Officer
Subsidiary, Sale of Stock [Line Items]
Promissory note		$ 25,000
Proceeds from related party promissory note		$ 25,000
Interest rate	3.50%	3.25%
Notes payable, maturity triggering event, public offering proceeds threshold		$ 25,000
Notes payable, maximum term		18 months
Rights offering
Subsidiary, Sale of Stock [Line Items]
Consideration received on sale of stock			$ 75,000
Shares issued in transaction (in shares)			14,312,976
Share price (in dollars per share)			$ 5.24
Rights offering | Chief Executive Officer
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)			11,365,921

Liquidity and Capital Resourc_2

Liquidity and Capital Resources (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 21,397	$ 17,488
Net cash used in operating activities	19,001	$ 20,669
Accumulated deficit	320,945		$ 299,548
Cash	77,450		71,791
Short-term research and development tax credits	15,290		15,695
Accounts receivable	$ 870		$ 1,464

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segmentcountry
Segment Reporting [Abstract]
Number of operating segments | segment	1
Number of geographic regions in which the Company operates | country	2

Segment Reporting - Long-lived

Segment Reporting - Long-lived assets by geography (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 3,397	$ 3,484
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	2,871	2,762
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 526	$ 722

Revenue - Revenue by Category (

Revenue - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from External Customer [Line Items]
Revenue	$ 250	$ 192
Licensing agreements
Revenue from External Customer [Line Items]
Revenue	$ 250	$ 192

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 250	$ 192
Latin America
Disaggregation of Revenue [Line Items]
Revenue	$ 250	$ 192

Revenue - Deferred revenue and

Revenue - Deferred revenue and other income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Change in Contract with Customer, Liability [Roll Forward]
Beginning deferred revenue and other income	$ 7,939	$ 8,939
Additions	255	761
Amount of deferred revenue and other income recognized in the statement of operations	(2,884)	(1,980)
Foreign currency adjustments	(213)	86
Ending deferred revenue and other income	5,097	7,806
Current deferred revenue and other income	5,097	7,423	$ 7,939	$ 8,370
Long-term deferred revenue and other income	$ 0	$ 383	$ 0	$ 569

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)milestone	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 29, 2020USD ($)	Dec. 31, 2017USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 5,097	$ 7,939		$ 7,806	$ 8,939
Current contract liability	5,097	7,939		$ 7,423	$ 8,370
Licensing agreements | EuroFarma
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 490	756					$ 2,500
Deferred revenue, enrollment milestone			$ 1,250			$ 1,000
Number of enrollment milestones included in transaction price | milestone	2
Current contract liability	$ 490	756
Revenue entitled to receive upon achieving patient enrollment targets	1,500
Revenue entitled to receive upon achieving additional development milestones	1,000
Revenue entitled to receive upon achieving commercial milestones	2,400
Revenue entitled to receive upon achieving cumulative net sales targets	18,000
Cumulative net sales target threshold	100,000
Incremental cumulative net sales target threshold	100,000
Licensing agreements | BARDA
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 4,607	$ 7,183

Other Operating Income - Other

Other Operating Income - Other Operating Income by Category (Details) - USD ($) $ in Thousands	3 Months Ended		55 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022
Revenue from External Customer [Line Items]
Research and development tax credits	$ 1,696	$ 3,679
Other operating income	4,807	5,449
BARDA
Revenue from External Customer [Line Items]
Funding /Grant income	2,634	1,770	$ 52,796
Other grant funding counterparties
Revenue from External Customer [Line Items]
Funding /Grant income	$ 477	$ 0

Other Operating Income - Narrat

Other Operating Income - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		11 Months Ended	55 Months Ended
	May 31, 2021	Sep. 30, 2017	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Current research and development tax credit receivable			$ 15,290		$ 15,290	$ 15,290	$ 15,695
Non-current research and development tax credit receivable			1,655		1,655	1,655	0
Accounts receivable			870		870	870	$ 1,464
BARDA
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Maximum funding value		$ 62,000	72,500
Total committed funding			62,400
Funding received						57,946
Funding /Grant income			2,634	$ 1,770		52,796
CARB-X
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Funding received					937
Funding /Grant income					1,633
Committed funding base	$ 4,100
Funding increase based on achievement of future milestones	$ 3,700
Accounts receivable			141		141	141
Current contract asset			$ 555		$ 555	$ 555

Loss per Share - Computation of

Loss per Share - Computation of net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (21,397)	$ (17,488)
Basic weighted average number of shares of common stock outstanding (in shares)	98,070,095	82,817,836
Diluted weighted average number of shares of common stock outstanding (in shares)	98,070,095	82,817,836
Basic net loss per share (in dollars per share)	$ (0.22)	$ (0.21)
Diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.21)

Loss per Share - Potentially di

Loss per Share - Potentially dilutive securities excluded from the computation of loss per share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted earnings per share (in shares)	19,097,646	11,360,940
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted earnings per share (in shares)	13,142,069	5,539,803
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted earnings per share (in shares)	5,821,137	5,821,137
Shares expected to be purchased under employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted earnings per share (in shares)	134,440	0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,953,000		$ 2,009,000
Goodwill impairment charge	0
Cumulative goodwill impairment charges	0
Amortization expense	$ 248,000	$ 255,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,407	$ 19,963
Accumulated amortization and impairment	(9,541)	(9,564)
Net	9,866	10,399
Software licenses | Utrophin program acquired
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,362	4,487
Accumulated amortization and impairment	(4,362)	(4,487)
Net	0	0
Software licenses | Discuva platform acquired
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	14,014	14,416
Accumulated amortization and impairment	(4,148)	(4,017)
Net	9,866	10,399
Option over non-financial asset
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	887	912
Accumulated amortization and impairment	(887)	(912)
Net	0	0
Other patents and licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	144	148
Accumulated amortization and impairment	(144)	(148)
Net	$ 0	$ 0

Leases (Details)

Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Additional right-of-use assets recorded	$ 0	$ 1,085,000
Right-of-use assets	2,432,000		$ 2,790,000
Fixed lease costs	$ 212,000	$ 139,000
Weighted average discount rate	2.70%	1.70%
Weighted average remaining lease term	4 years 1 month 6 days	2 years 1 month 6 days

Promissory Note Payable to a _2

Promissory Note Payable to a Related Party (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 10, 2022	Mar. 24, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from related party promissory note				$ 25,000	$ 55,000
Balance of promissory note	$ 25,055			25,055		$ 0
Imputed interest				97
Additional Paid-In Capital
Related Party Transaction [Line Items]
Imputed interest				97
Chief Executive Officer
Related Party Transaction [Line Items]
Interest expense				152	$ 27
Chief Executive Officer | 2022 Note
Related Party Transaction [Line Items]
Proceeds from related party promissory note		$ 25,000
Promissory note		$ 25,000
Interest rate	3.50%	3.25%
Notes payable, maturity triggering event, public offering proceeds threshold		$ 25,000
Notes payable, maximum term		18 months
Balance of promissory note	$ 25,055			25,055
Accrued interest	$ 55			55
Chief Executive Officer | 2022 Note | Additional Paid-In Capital
Related Party Transaction [Line Items]
Imputed interest				$ 97
Chief Executive Officer | Initial Note
Related Party Transaction [Line Items]
Proceeds from related party promissory note			$ 55,000
Promissory note			55,000
Notes payable, maturity triggering event, public offering proceeds threshold			$ 55,000
Notes payable, maximum term			13 months

Stock-Based Compensation and _3

Stock-Based Compensation and Warrants - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of share options
Beginning balance (in shares) | shares	13,797,556
Granted (in shares) | shares	336,381
Forfeited (in shares) | shares	(979,873)
Exercise (in shares) | shares	(11,995)
Ending balance (in shares) | shares	13,142,069
Weighted average exercise price
Beginning balance (in dollars per share) | $ / shares	$ 5.55
Granted (in dollars per share) | $ / shares	2.82
Forfeited (in dollars per share) | $ / shares	3.95
Exercised (in dollars per share) | $ / shares	1.86
Ending balance (in dollars per share) | $ / shares	$ 5.61
Stock option activity, additional disclosures
Exercisable, number of share options (in shares) | shares	2,135,201
Weighted average exercise price, exercisable (in dollars per share) | $ / shares	$ 4.19

Stock-Based Compensation and _4

Stock-Based Compensation and Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, outstanding options	$ 424
Aggregate intrinsic value, exercisable options	$ 312
Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments outstanding (in shares)	5,821,137	5,821,137
Non-option equity instruments exercisable (in shares)	5,821,137	5,821,137
Weighted average exercise price of non-option equity instruments outstanding (in dollars per share)	$ 1.56	$ 1.56
Weighted average exercise price of non-option equity instruments exercisable (in dollars per share)	$ 1.56	$ 1.56

Stock-Based Compensation and _5

Stock-Based Compensation and Warrants - Stock-Based Compensation Expense (Details) - 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 expense	$ 3,996	$ 869
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,874	323
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,122	$ 546

Related party transactions (Det

Related party transactions (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Mar. 10, 2022USD ($)	May 12, 2021USD ($)$ / sharesshares	Apr. 20, 2021USD ($)	Mar. 24, 2021USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 26, 2021ft²
Related Party Transaction [Line Items]
Proceeds from related party promissory note						$ 25,000	$ 55,000
Rights offering
Related Party Transaction [Line Items]
Consideration received on sale of stock			$ 75,000
Shares issued in transaction (in shares) | shares			14,312,976
Share price (in dollars per share) | $ / shares			$ 5.24
Chief Executive Officer | Rights offering
Related Party Transaction [Line Items]
Shares issued in transaction (in shares) | shares			11,365,921
Chief Executive Officer | Initial Note
Related Party Transaction [Line Items]
Proceeds from related party promissory note					$ 55,000
Promissory note					$ 55,000
Notes payable, estimated interest rate					2.40%
Notes payable, maturity triggering event, public offering proceeds threshold					$ 55,000
Notes payable, maximum term					13 months
Chief Executive Officer | Initial Note | 10 year US Treasury rate
Related Party Transaction [Line Items]
Notes payable, basis spread on variable rate					150.00%
Chief Executive Officer | Second Note
Related Party Transaction [Line Items]
Proceeds from related party promissory note				$ 55,000
Promissory note				$ 55,000
Notes payable, estimated interest rate				2.40%
Chief Executive Officer | Second Note | 10 year US Treasury rate
Related Party Transaction [Line Items]
Notes payable, basis spread on variable rate				150.00%
Chief Executive Officer | 2022 Note
Related Party Transaction [Line Items]
Proceeds from related party promissory note		$ 25,000
Promissory note		25,000
Notes payable, maturity triggering event, public offering proceeds threshold		$ 25,000
Notes payable, maximum term		18 months
Interest rate	3.50%	3.25%
Affiliated entity
Related Party Transaction [Line Items]
Area of premises subleased | ft²								4,500
Payments to related party						$ 179	$ 29
Chief Operating Officer | Rights offering
Related Party Transaction [Line Items]
Shares issued in transaction (in shares) | shares			389,977

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Capital commitments	$ 0	$ 0