Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Trading Symbol | VRCA | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Verrica Pharmaceuticals Inc. | |
Entity Central Index Key | 0001660334 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,094,053 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transaction Period | true | |
Entity File Number | 001-38529 | |
Entity Tax Identification Number | 46-3137900 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 44 West Gay Street | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | West Chester | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19380 | |
City Area Code | 484 | |
Local Phone Number | 453-3300 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,430 | $ 15,752 |
Marketable securities | 8,968 | 54,602 |
Restricted Cash | 40,000 | 0 |
Unbilled receivable | 218 | 0 |
Prepaid expenses and other assets | 2,725 | 3,974 |
Total current assets | 57,341 | 74,328 |
Property and equipment, net | 4,044 | 3,894 |
Operating lease right-of-use asset | 1,582 | 1,608 |
Other non-current assets | 469 | 295 |
Total assets | 63,436 | 80,125 |
Current liabilities: | ||
Accounts payable | 714 | 845 |
Accrued expenses and other current liabilities | 2,414 | 3,266 |
Operating lease liability | 283 | 245 |
Financing lease liability | 7 | 6 |
Debt, net | 42,293 | 41,693 |
Total current liabilities | 45,711 | 46,055 |
Operating lease liability | 1,379 | 1,449 |
Financing lease liability | 13 | 16 |
Total liabilities | 47,103 | 47,520 |
Commitments and Contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.0001 par value; 200,000,000 authorized; 27,624,197 shares issued and 27,519,053 shares outstanding as of June 30, 2022 and December 31, 2021 | 3 | 3 |
Treasury stock, at cost, 105,144 shares as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Additional paid-in capital | 173,998 | 171,597 |
Accumulated deficit | (157,604) | (138,966) |
Accumulated other comprehensive loss | (64) | (29) |
Total stockholders’ equity | 16,333 | 32,605 |
Total liabilities and stockholders’ equity | $ 63,436 | $ 80,125 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 27,624,197 | 27,519,053 |
Common stock, shares outstanding | 27,624,197 | 27,519,053 |
Treasury stock, shares | 105,144 | 105,144 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
License revenue | $ 214 | $ 0 | $ 645 | $ 12,000 |
Revenue from Contract with Customer, Product and Service [Extensible List] | License revenue | License revenue | License revenue | License revenue |
Operating expenses: | ||||
Research and development | $ 4,162 | $ 3,447 | $ 6,885 | $ 8,809 |
General and administrative | 5,173 | 7,284 | 10,291 | 13,861 |
Total operating expenses | 9,335 | 10,731 | 17,176 | 22,670 |
Loss from operations | (9,121) | (10,731) | (16,531) | (10,670) |
Other income (expense): | ||||
Interest income | 20 | 33 | 42 | 65 |
Interest expense | (1,066) | (1,077) | (2,094) | (2,106) |
Other expense | (1) | 0 | (55) | 0 |
Total other expense | (1,047) | (1,044) | (2,107) | (2,041) |
Net loss | $ (10,168) | $ (11,775) | $ (18,638) | $ (12,711) |
Net loss per share, basic | $ (0.37) | $ (0.43) | $ (0.68) | $ (0.46) |
Net loss per share, diluted | $ (0.37) | $ (0.43) | $ (0.68) | $ (0.46) |
Weighted average common shares outstanding, basic | 27,519,053 | 27,513,665 | 27,519,053 | 27,697,985 |
Weighted average common shares outstanding, diluted | 27,519,053 | 27,513,665 | 27,519,053 | 27,697,985 |
Net loss | $ (10,168) | $ (11,775) | $ (18,638) | $ (12,711) |
Other comprehensive gain: | ||||
Unrealized loss on marketable securities | (2) | (4) | (35) | (2) |
Comprehensive loss | $ (10,170) | $ (11,779) | $ (18,673) | $ (12,713) |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Subscription Receivable [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] |
Beginning Balance at Dec. 31, 2020 | $ 32,986 | $ 3 | $ 136,868 | $ (103,886) | $ 1 | ||
Beginning Balance (shares) at Dec. 31, 2020 | 25,546,257 | 105,144 | |||||
Stock-based compensation | 1,403 | 1,403 | |||||
Issuance of common stock, net of issuance costs | 28,115 | 28,115 | |||||
Issuance of common stock, net of issuance costs (shares) | 2,033,899 | ||||||
Exercise of stock options | 240 | 240 | |||||
Exercise of stock options (shares) | 15,708 | ||||||
Net loss | (936) | (936) | |||||
Unrealized gain (loss) on marketable securities | 2 | 2 | |||||
Ending Balance at Mar. 31, 2021 | 61,810 | $ 3 | 166,626 | (104,822) | 3 | ||
Ending Balance (shares) at Mar. 31, 2021 | 27,595,864 | 105,144 | |||||
Beginning Balance at Dec. 31, 2020 | 32,986 | $ 3 | 136,868 | (103,886) | 1 | ||
Beginning Balance (shares) at Dec. 31, 2020 | 25,546,257 | 105,144 | |||||
Net loss | (12,711) | ||||||
Unrealized gain (loss) on marketable securities | (2) | ||||||
Ending Balance at Jun. 30, 2021 | 52,156 | $ 3 | 168,751 | (116,597) | (1) | ||
Ending Balance (shares) at Jun. 30, 2021 | 27,619,864 | 105,144 | |||||
Beginning Balance at Mar. 31, 2021 | 61,810 | $ 3 | 166,626 | (104,822) | 3 | ||
Beginning Balance (shares) at Mar. 31, 2021 | 27,595,864 | 105,144 | |||||
Stock-based compensation | 1,848 | 1,848 | |||||
Exercise of stock options | 277 | 277 | |||||
Exercise of stock options (shares) | 24,000 | ||||||
Net loss | (11,775) | (11,775) | |||||
Unrealized gain (loss) on marketable securities | (4) | (4) | |||||
Ending Balance at Jun. 30, 2021 | 52,156 | $ 3 | 168,751 | (116,597) | (1) | ||
Ending Balance (shares) at Jun. 30, 2021 | 27,619,864 | 105,144 | |||||
Beginning Balance at Dec. 31, 2021 | 32,605 | $ 3 | 171,597 | (138,966) | (29) | ||
Beginning Balance (shares) at Dec. 31, 2021 | 27,624,197 | 105,144 | |||||
Stock-based compensation | 1,316 | 1,316 | |||||
Net loss | (8,470) | (8,470) | |||||
Unrealized gain (loss) on marketable securities | (33) | (33) | |||||
Ending Balance at Mar. 31, 2022 | 25,418 | $ 3 | 172,913 | (147,436) | (62) | ||
Ending Balance (shares) at Mar. 31, 2022 | 27,624,197 | 105,144 | |||||
Beginning Balance at Dec. 31, 2021 | $ 32,605 | $ 3 | 171,597 | (138,966) | (29) | ||
Beginning Balance (shares) at Dec. 31, 2021 | 27,624,197 | 105,144 | |||||
Exercise of stock options (shares) | 0 | ||||||
Net loss | $ (18,638) | ||||||
Unrealized gain (loss) on marketable securities | (35) | ||||||
Ending Balance at Jun. 30, 2022 | 16,333 | $ 3 | 173,998 | $ 0 | (157,604) | $ 0 | (64) |
Ending Balance (shares) at Jun. 30, 2022 | 27,624,197 | 105,144 | |||||
Beginning Balance at Mar. 31, 2022 | 25,418 | $ 3 | 172,913 | (147,436) | (62) | ||
Beginning Balance (shares) at Mar. 31, 2022 | 27,624,197 | 105,144 | |||||
Stock-based compensation | 1,085 | 1,085 | |||||
Net loss | (10,168) | (10,168) | |||||
Unrealized gain (loss) on marketable securities | (2) | (2) | |||||
Ending Balance at Jun. 30, 2022 | $ 16,333 | $ 3 | $ 173,998 | $ 0 | $ (157,604) | $ 0 | $ (64) |
Ending Balance (shares) at Jun. 30, 2022 | 27,624,197 | 105,144 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (18,638) | $ (12,711) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,401 | 3,251 |
Amortization of premiums (discounts) on marketable securities | 76 | (25) |
Depreciation expense | 196 | 48 |
Non cash interest expense | 626 | 729 |
Reduction in operating lease right-of-use asset | 125 | 113 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 1,048 | 218 |
Accounts payable | (131) | 435 |
Unbilled receivable | (218) | 0 |
Accrued expenses and other current liabilities | (880) | 239 |
Deferred revenue | 0 | (500) |
Operating lease liability | (126) | (83) |
Net cash used in operating activities | (15,521) | (8,286) |
Cash flows from investing activities | ||
Sales and maturities of marketable securities | 50,000 | 35,600 |
Purchases of marketable securities | (4,477) | (46,216) |
Purchases of property and equipment | (159) | (607) |
Deposits | (146) | (77) |
Net cash provided by (used in) investing activities | 45,218 | (11,300) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 0 | 513 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 28,119 |
Proceeds from Debt, Net of Issuance Costs | 0 | 4,975 |
Debt issuance costs | (17) | 0 |
Repayment of financing lease | (2) | (1) |
Net cash (used in) provided by financing activities | (19) | 33,606 |
Net increase in cash, cash equivalents and restricted cash | 29,678 | 14,020 |
Cash, cash equivalents and restricted cash at the beginning of the period | 15,752 | 10,686 |
Cash, cash equivalents and restricted cash at the end of the period | 45,430 | 24,706 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property and equipment purchases payable or accrued at period end | 291 | 239 |
Right-of-use asset obtained in exchange for lease obligation | 99 | 0 |
Change in unrealized gain on marketable securities | (35) | (2) |
Cash paid for interest | $ 1,468 | $ 1,376 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1—Nature of Business Verrica Pharmaceuticals Inc. (the “Company”) was formed on July 3, 2013 and is incorporated in the State of Delaware. The Company is a dermatology therapeutics company committed to the development and commercialization of novel treatments that provide meaningful benefit for people living with skin diseases. Liquidity The Company has incurred substantial operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of June 30, 2022, the Company had an accumulated deficit of $ 157.6 mi llion. On March 17, 2021, the Company entered into the Torii Agreement (see Note 11), pursuant to which the Company received an upfront payment from Torii of $ 11.5 million in April 2021. On March 25, 2021, the Company closed a follow-on public offering in which it sold 2,033,899 shares of common stock at a public offering price of $ 14.75 per share, resulting in net proceeds of $ 28.1 million after deducting underwriting discounts and commissions and offering expense s. On July 5, 2022, the Company closed a follow-on public offering in which it sold 12,000,000 shares of common stock at a public offering price of $ 2.10 per share. On July 8, 2022, the Company sold an additional 1,575,000 shares of common stock, pursuant to the partial exercise of the underwriter's over-allotment option, resulting in cumulative net proceeds o f $ 26.8 m illion after deducting underwriting discounts, commissions and offering expenses (see Note 12). In March 2020, the Company entered into a Mezzanine Loan Agreement (see Note 7) pursuant to which the Company borrowed (i) $ 35.0 million in March 2020 and (ii) $ 5.0 million on March 1, 2021. On March 1, 2022, the Company entered into a second amendment to the Mezzanine Loan Agreement (the “Second Mezzanine Loan Amendment”). Pursuant to the Second Mezzanine Loan Amendment the Company is no longer required to maintain a minimum liquidity ratio or achieve minimum levels of trailing six-month net product revenues but will be required to maintain a minimum balance equal to the outstanding amount of the Term Loans under the Existing Mezzanine Credit Facility (as defined in Note 7) in a separate money market account with Silicon Valley Bank (“SVB”). Additionally, the Company entered into a second amendment (the “Second Senior Loan Amendment”) to the Senior Loan Agreement (as defined in Note 7). Pursuant to the Second Senior Loan Amendment, the Company is no longer required to achieve minimum levels of trailing six-month net product revenues. On July 11, 2022 the Company voluntarily repaid in full the debt outstanding under the Mezzanine Loan and Security Agreement (see Note 12). As o f June 30, 2022 the Company had cash, cash equivalents, marketable securities and restricted cash of $ 54.4 milli on. The Company believes its existing cash, cash equivalents and marketable securities as of June 30, 2022 plus proceeds from the July 2022 public offering of $ 26.8 mi llion (see Note 12) less the paydown of the debt will be sufficient to support the Company’s planned operations into the third quarter of 2023. Substantial additional financing will be needed by the Company to fund its operations. The Company's condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company anticipates incurring additional losses until such time, if ever, that it can obtain marketing approval to sell, and then generate significant sales of VP-102. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. The Company plans to secure additional capital in the future through equity or debt financings, partnerships, or other sources to carry out the Company’s planned development activities. If the Company is unable to raise capital when needed or on attractive terms, the Company would be forced to delay, reduce or eliminate its research and development programs or future commercialization efforts . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2—Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2022. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The Company has been actively monitoring the COVID-19 pandemic and its impact globally. Management believes the financial results for the year ended December 31, 2021 and the six months ended June 30, 2022, were not significantly impacted by COVID-19. In addition, management believes the remote working arrangements, travel restrictions and any other regulations imposed by various governmental jurisdictions have had limited impact on the Company’s ability to maintain internal operations during the year. 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 it or treat COVID-19. As a direct result of COVID-19, the Company decided to delay the initiation of its previously planned Phase 2 clinical trial to evaluate VP-103 in subjects with plantar warts . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. S ignificant Accounting Policies Restricted Cash Restricted cash at June 30, 2022 includes a cash deposit with SVB as required under the Existing Mezzanine Credit Facility with a minimum balance equal to the outstanding amount of the Term Loans under the Existing Mezzanine Credit Facility. Net Loss Per Share Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive : As of June 30, 2022 2021 Shares issuable upon exercise of stock options 3,435,645 3,762,336 Non-vested shares under restricted stock grants 425,000 475,000 |
Investments In Marketable Secur
Investments In Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments [Abstract] | |
Investments in Marketable Securities | Note 3—Investments in Marketable Securities Investments in marketable securities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 5,016 $ — $ ( 48 ) $ 4,968 Asset-backed securities 4,017 — ( 17 ) 4,000 Total marketable securities $ 9,033 $ — $ ( 65 ) $ 8,968 December 31, 2021 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 15,272 $ — $ ( 15 ) $ 15,257 Commercial paper 28,980 — - 28,980 Asset-backed securities 10,379 — ( 14 ) 10,365 Total marketable securities $ 54,631 $ — $ ( 29 ) $ 54,602 Unrealized gains and losses on marketable securities are recorded as a separate component of accumulated other comprehensive loss included in stockholders’ equity. Realized gains (losses) are included in interest income (expense) in the statement of operations and comprehensive loss on a specific identification basis. There were no marketable securities with a maturity of greater than one year for either period presented. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Accretion of bond discount and premium on marketable securities and interest income on marketable securities is recorded as interest income on the statement of operations and comprehensive loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Quoted market prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, 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 following tables presents fair value of the Company’s marketable securities (in thousands): Fair Value Measurement as of June 30, 2022 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 4,968 $ — $ — $ 4,968 Asset-backed securities — 4,000 — 4,000 Total assets $ 4,968 $ 4,000 $ — $ 8,968 Fair Value Measurement as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 15,257 $ — $ — $ 15,257 Commercial paper — 28,980 — 28,980 Asset-backed securities — 10,365 — 10,365 Total assets $ 15,257 $ 39,345 $ — $ 54,602 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 4—Property and Equipment Property and equipment, net consisted of (in thousands): As of As of June 30, December 31, 2022 2021 Machinery and equipment $ 737 $ 737 Office furniture and fixtures 303 303 Office equipment 301 301 Leasehold improvements 54 49 Automobiles 27 27 Construction in process 3,072 2,731 4,494 4,148 Accumulated depreciation ( 450 ) ( 254 ) Total property and equipment, net $ 4,044 $ 3,894 The Company has recorded an asset classified as construction in process associated with the construction of a product assembly and packaging line that would be placed into service for commercial manufacturing upon future regulatory product approval. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 5—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of As of December 31, Compensation and related costs $ 1,171 $ 1,667 Professional fees 519 406 Interest expense 242 250 Construction in process 167 131 Machinery and equipment 124 124 Clinical trials and drug development 116 613 Other accrued expenses and other current liabilities 75 75 Total accrued expenses and other current liabilities $ 2,414 $ 3,266 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | N ote 6—Leases Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases (Topic 842) . Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if available, otherwise at the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company does not act as a lessor. The Company leased office space in West Chester, Pennsylvania under an agreement classified as an operating lease that expired in May 2021 . On July 1, 2019 , the Company entered into a lease for office space located in West Chester which was further amended on March 12, 2020 to include additional office space. The initial term will expire on September 1, 2027 . Base rent over the initial term is approximately $ 2.4 million, and the Company is also responsible for its share of the landlord’s operating expense. The Company leases office space in Cranford, New Jersey under an agreement classified as an operating lease, which commenced on May 1, 2022 and expires on April 30, 2025 . Base rent over the initial term is approximately $ 104,000 . During the period ending June 30, 2022, the Company recognized a right-of-use asset of $ 99,000 and a lease liability of $ 95,000 . The Company leases a vehicle under a financing lease that expires in 2025 . The net basis of the vehicle lease o f $ 19 thou sand is recorded as property and equipment on the condensed balance sheet. The components of lease expense are as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Finance lease cost: Amortization lease assets $ 2 $ 1 $ 3 $ 1 Finance lease costs — 1 — 1 Total finance lease costs $ 2 $ 2 $ 3 $ 2 Operating lease: Operating lease costs $ 90 $ 84 $ 175 $ 175 Short-term lease costs — 5 8 10 Total operating lease expense $ 90 $ 89 $ 183 $ 185 Maturities of the Company’s operating and finance leases, excluding short-term leases, as of June 30, 2022 are as follows (in thousands): June 30, 2022 Operating Finance 2022 (remaining 6 months) 187 4 2023 383 7 2024 392 8 2025 372 2 Thereafter 613 — Total lease payments 1,947 21 Less imputed interest ( 285 ) ( 1 ) Lease liability $ 1,662 $ 20 The weighted average remaining term and discount rate are as follows: Other information: Operating Finance Weighted average remaining lease term 5.08 2.83 Weighted-average discount rate 6.25 % 4.35 % |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 7—Debt On March 10, 2020 (the “Effective Date”), the Company entered into (i) a mezzanine loan and security agreement (the “Mezzanine Loan Agreement”) with SVB, as administrative agent and collateral agent (the “Agent”), and Silicon Valley Bank and West River Innovation Lending Fund VIII, L.P., as lenders (the “Mezzanine Lenders”), pursuant to which the Mezzanine Lenders have agreed to lend the Company up to $ 50.0 million in a series of term loans, and (ii) a loan and security agreement (the “Senior Loan Agreement”, and together with the Mezzanine Loan Agreement, the “Loan Agreements”) with Silicon Valley Bank, as lender (the “Senior Lender”, and together with the Mezzanine Lenders, the “Lenders”), pursuant to which the Senior Lender has agreed to provide the Company with a revolving line of credit of up to $ 5.0 million. Upon entering into the Loan Agreements, the Company borrowed $ 35.0 million in term loans from the Mezzanine Lenders (the “Term A Loan”). On October 26, 2020, the Company entered into (i) the first amendment to the Mezzanine Loan Agreement (the “Mezzanine Loan Amendment”) and (ii) the first amendment to the Senior Loan Agreement (the “Senior Loan Amendment” and together with the Mezzanine Loan Amendment the “Loan Agreement Amendments”) with the Lenders, under which the Company borrowed an additional $ 5.0 million in term loans on March 1, 2021 (the “Term B1 Loan” and, together with the Term A Loan, the "Term Loans"). On March 1, 2022, the Company entered into the Second Mezzanine Loan Amendment to its existing mezzanine loan and security agreement (as amended prior to the Amendment, the “Existing Mezzanine Credit Facility”) with SVB, as administrative agent and a lender and SVB Innovation Credit Fund VIII, L.P., as a lender. Pursuant to the Second Mezzanine Loan Amendment, the Company is no longer required to maintain a minimum liquidity ratio or achieve minimum levels of trailing six-month net product revenues. Under the terms of the Second Mezzanine Loan Amendment, the Company will be required to maintain a minimum cash balance equal to the outstanding amount of the term loans under the Existing Mezzanine Credit Facility at all times in a separate money market account with SVB. The Company also entered into the Second Senior Loan Amendment (together with the Second Mezzanine Loan Amendment, the “Second Amendments”) to its existing loan and security agreement with SVB (as amended prior to the Amendment, the “Existing Senior Credit Facility” and together with the Existing Mezzanine Credit Facility, the “Existing Credit Facilities”) pursuant to which, the Company is no longer required to achieve minimum levels of trailing six-month net product revenues. Pursuant to the Second Amendments, the Term Loans were interest-only through February 28, 2023, followed by 12 equal monthly payments of principal and interest. On July 11, 2022 the Company voluntarily repaid in full the debt outstanding under the Loan Agreements (see Note 12). The Company has classified all outstanding principal and final payment fees as a current liability in the accompanying balance sheet as of June 30, 2022. The Company has incurred debt discount and issuance costs of $ 4.3 million, including the final payment fee of $ 3.8 million, that are classified as a contra-liability on the condensed balance sheet. The Company incurred additional debt issuance costs related to the revolving credit line of $ 0.1 million, classified as other non-current assets in the condensed balance sheet. These costs related to the revolving credit line are being amortized to interest expense over the life of the loans using the straight-line method. For the three and six months ended June 30, 2022 , the Company recognized interest expense of $ 1.1 million and $ 2.1 million, respectively, of which $ 0.8 million and $ 1.5 million, respectively, was interest on the term loan and $ 0.3 million and $ 0.6 million, respectively, was non-cash interest expense related to the amortization of deferred debt issuance costs and accrual of the final payment fe e. The following table summarizes the composition of debt as reflected on the balance sheet as of June 30, 2022 (in thousands): Gross proceeds $ 40,000 Accrued final payment fee 3,750 Unamortized debt discount and issuance costs ( 1,457 ) Total short-term debt, net $ 42,293 The aggregate maturities of debt as of June 30, 2022, are as follows (in thousands): 2023 $ 33,333 2024 (1) 6,667 $ 40,000 (1) Excludes the final payment fee due at time of maturity |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8—Stock-Based Compensation Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s condensed statements of operations for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 340 $ 425 $ 757 $ 723 General and administrative 745 1,423 1,644 2,528 Total stock-based compensation $ 1,085 $ 1,848 $ 2,401 $ 3,251 Stock Options The following table summarizes the Company’s stock option activity for the six months ended June 30, 2022: Weighted average Weighted average remaining contractual Aggregate intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2021 3,443,817 $ 10.05 7.8 $ 3,952,803 Granted 433,536 7.49 Exercised — Forfeitures ( 406,622 ) 10.36 Expired ( 35,086 ) 13.75 Outstanding as of June 30, 2022 3,435,645 $ 9.66 7.1 $ 60,501 Options vested and exercisable as of 2,126,509 $ 9.10 6.2 $ 60,501 As of June 30, 2022 , the total unrecognized compensation related to unvested stock option awards granted was $ 9.2 million, which the Company expects to recognize over a weighted-average period of 2.59 years. Restricted Stock In November 2019 and August 2020, the Company granted 300,000 and 250,000 restricted stock units, respectively to its executive officers. As of June 30, 2022 , 425,000 restricted stock units were outstanding. The restricted stock units vest 50 % upon receipt of regulatory approval of the Company’s new drug application for VP-102 for the treatment of molluscum (the “Approval Date”) and 50 % shall vest on the one year anniversary of the Approval Date subject to the holders’ continuous service through each applicable date. The following is a summary of changes in the status of non-vested RSUs: Weighted Average Grant Date Fair Number of Shares Value Nonvested as of December 31, 2021 425,000 $ 11.68 Granted — — Forfeitures — — Nonvested as of June 30, 2022 425,000 $ 11.68 No compensation expenses have been recognized for these nonvested restricted stock units as these shares are performance based and the triggering event was not determined to be probable as of June 30, 2022. As of June 30, 2022 , the total unrecognized compensation expense related to the restricted stock units was $ 5.0 million. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9—Related Party Transactions Prior to the completion of the initial public offering of the Company’s common stock in June 2018, the Company was controlled by PBM VP Holdings, LLC (“PBM VP Holdings”) an affiliate of PBM Capital Group, LLC (“PBM”). Paul B. Manning, who is the Chairman and Chief Executive Officer of PBM and the current chairman of the Company’s Board of Directors, and certain entities affiliated with Mr. Manning, continue to be the Company’s largest shareholder on a collective basis. On December 2, 2015, the Company entered into a Services Agreement (the “SA”) with PBM. Pursuant to the terms of the SA, which had an initial term of twelve months (and was automatically renewable for successive monthly periods), PBM rendered advisory and consulting services to the Company. Services provided under the SA included certain business development, operations, technical, contract, accounting and back office support services. In consideration for these services, the Company was obligated to pay PBM a monthly management fee. On October 1, 2019, the SA was amended to reduce the monthly management fee to $ 5,000 as a result of a reduction in services provided by PBM. For the three months ended June 30, 2022 and 2021 , the Company recognized expenses under the SA of $ 10,000 and $ 15,000 respectively, of which $ 6,000 and $ 9,000 , respectively, were included in general and administrative expenses and $ 4,000 and $ 6,000 , respectively, were included in research and development expenses. For the six months ended June 30, 2022 and 2021 , the Company recognized expenses under the SA of $ 25,000 and $ 30,000 , respectively, of which $ 15,000 and $ 18,000 , respectively, were included in general and administrative expenses and $ 10,000 and $ 12,000 , respectively, were included in research and development. As of June 30, 2022 , the Company had a $ 5,000 outstanding payable due to PBM and its affiliate s. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10—Commitments and Contingencies On June 6, 2022, plaintiff Kranthi Gorlamari, or Gorlamari, filed a putative class action complaint captioned Gorlamari v. Verrica Pharmaceuticals, Inc., et al., in the U.S. District Court for the Eastern District of Pennsylvania against the Company and certain of its executive officers (“Defendants”). The complaint alleges that Defendants violated federal securities laws by, among other things, failing to disclose certain manufacturing deficiencies at the facility where the Company’s contract manufacturer produced bulk solution for the VP-102 drug device and that such deficiencies posed a risk to the prospects for regulatory approval of VP-102 for molluscum. The complaint seeks unspecified compensatory damages on behalf of Gorlamari and all other persons and entities which purchased or otherwise acquired our securities between May 28, 2021 and May 24, 2022. The litigation is still in the very early stages, and the Company intends to vigorously defend itself against these allegations. The Company is also involved in ordinary, routine legal proceedings that are not considered by management to be material. In the opinion of Company counsel and management, the ultimate liabilities resulting from such legal proceedings will not materially affect the financial position of the Company or its results of operations or cash flows. |
License And Collaboration Agree
License And Collaboration Agreements | 6 Months Ended |
Jun. 30, 2022 | |
License And Collaboration Agreements [Abstract] | |
License and Collaboration Agreements | Note 11—License and Collaboration Agreements In August 2020, the Company entered into an option agreement with Torii Pharmaceutical Co., Ltd. (“Torii”) for the development and commercialization of the Company’s product candidates for the treatment of molluscum contagiosum and common warts in Japan, including VP-102 (the “Option Agreement”). Torii paid the Company $ 0.5 million to secure the exclusive option. The $ 0.5 million is included in deferred revenue as of December 31, 2020 in the balance sheet. On March 2, 2021, Torii exercised the exclusive option in the Option Agreement. On March 17, 2021, the Company entered into a collaboration and license agreement (the “Torii Agreement”) with Torii, pursuant to which the Company granted Torii an exclusive license to develop and commercialize the Company’s product candidates that contain a topical formulation of cantharidin for the treatment of molluscum contagiosum and common warts in Japan, including VP-102. Additionally, the Company granted Torii a right of first negotiation with respect to additional indications for the licensed products and certain additional products for use in the licensed field, in each case in Japan. Pursuant to the Torii Agreement, the Company received payments from Torii of $ 0.5 million in December 2020 and $ 11.5 million in April 2021. Additionally, the Company is entitled to receive from Torii an additional $ 58 million in aggregate payments contingent on achievement of specified development, regulatory, and sales milestones, in addition to tiered transfer price payments for supply of product in the percentage range of the mid- 30 ’s to the mid- 40 ’s of net sales. The transfer payments shall be payable, on a product-by-product basis, beginning on the first commercial sale of such product and ending on the latest of (a) expiration of the last-to-expire valid claim contained in certain licensed patents in Japan that cover such product, (b) expiration of regulatory exclusivity for the first indication for such product in Japan, and, (c) (i) with respect to the first product, ten years after first commercial sale of such product, and, (ii) with respect to any other product, the later of (x) ten years after first commercial sale of the first product and (y) five years after first commercial sale of such product. The Torii Agreement expires on a product-by-product basis upon expiration of Torii’s obligation under the agreement to make transfer price payments for such product. Torii has the right to terminate the agreement upon specified prior written notice to us. Additionally, either party may terminate the agreement in the event of an uncured material breach of the agreement by, or insolvency of, the other party. The Company may terminate the agreement in the event that Torii commences a legal action challenging the validity, enforceability or scope of any licensed patents. On March 7, 2022, pursuant to the Torii Agreement, the Company entered into a Clinical Supply Agreement with Torii, whereby the Company is obligated to supply product to Torii for use in clinical trials and other development activities. The Company recognized billed and unbilled license revenue of $ 0.2 and $ 0.6 million for the three and six months ended June 30, 2022, respectively related to supplies and development activity pursuant to this agreement. In August 2020, the Company entered into an exclusive license agreement with Lytix Biopharma AS (“Lytix”) for the use of licensed technology to research, develop, manufacture, have manufactured, use, sell, have sold, offer for sale, import, and otherwise commercialize products for use in all malignant and pre-malignant dermatological indications, other than metastatic melanoma and metastatic merkel cell carcinoma (the” Lytix Agreement”). As part of the Lytix Agreement, the Company paid Lytix a one-time up-front fee of $ 0.3 million in 2020. In addition, in May 2022 and February 2021, the Company paid Lytix a one-time $ 1.0 million and $ 2.3 million payment, respectively upon the achievement by Lytix of a regulatory milestone. The $ 1.0 and $ 2.3 million payments were recognized in research and development expense in the statement of operations for the six months ended June 30, 2022 and for the year ended December 31, 2021, respectively. The Company is also obligated to pay up to $ 111.0 million contingent on achievement of specified development, regulatory, and sales milestones, as well as tiered royalties based on worldwide annual net sales ranging in the low double digits to the mid-teens, subject to certain customary reductions. The Company’s obligation to pay royalties expires on a country-by-country and product-by-product basis on the later of the expiration or abandonment of the last to expire licensed patent covering LTX-315 anywhere in the world and expiration of regulatory exclusivity for LTX-315 in such country. Additionally, all upfront fees and milestone based payments received by the Company from a sublicensee will be treated as net sales and will be subject to the royalty payment obligations under the Lytix Agreement, and all royalties received by the Company from a sublicensee shall be shared with Lytix at a rate that is initially 50 % but decreases based on the stage of development of LTX-315 at the time such sublicense is granted. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12 – Subsequent Event On July 5, 2022, the Company closed a follow-on public offering in which it sold 12,000,000 shares of common stock at a public offering price of $ 2.10 per share. On July 8, 2022, the Company sold an additional 1,575,000 shares of common stock, pursuant to the partial exercise of the underwriter's over-allotment option at $ 2.10 per share less underwriting fee, resulting in cumulative net proceeds of $ 26.8 million after deducting underwriting discounts, commissions and offering expenses. On July 11, 2022, the Company voluntarily repaid in full the debt outstanding under the Loan Agreements. The Company’s prepayment amount was approximately $ 43.9 million, inclusive of principal amount of debt, the final payment fee, and accrued interest, and satisfied all of the Company’s outstanding debt obligations under the Loan Agreements. The Company did not incur any prepayment penalties in connection with the repayment of the amounts payable under the Loan Agreements, which had a scheduled maturity of March 1, 2024 . The prepayment was made in full using restricted cash of $ 40.0 million, which was set aside as cash collateral in a March 2022 amendment to the Mezzanine Loan Agreement, as well as cash on hand. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2022. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period. The Company has been actively monitoring the COVID-19 pandemic and its impact globally. Management believes the financial results for the year ended December 31, 2021 and the six months ended June 30, 2022, were not significantly impacted by COVID-19. In addition, management believes the remote working arrangements, travel restrictions and any other regulations imposed by various governmental jurisdictions have had limited impact on the Company’s ability to maintain internal operations during the year. 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 it or treat COVID-19. As a direct result of COVID-19, the Company decided to delay the initiation of its previously planned Phase 2 clinical trial to evaluate VP-103 in subjects with plantar warts . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. |
Significant Accounting Policies | S ignificant Accounting Policies Restricted Cash Restricted cash at June 30, 2022 includes a cash deposit with SVB as required under the Existing Mezzanine Credit Facility with a minimum balance equal to the outstanding amount of the Term Loans under the Existing Mezzanine Credit Facility. |
Net Loss Per Share | Net Loss Per Share Net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive : As of June 30, 2022 2021 Shares issuable upon exercise of stock options 3,435,645 3,762,336 Non-vested shares under restricted stock grants 425,000 475,000 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share | The table below provides potential shares outstanding that were not included in the computation of diluted net loss per common share, as the inclusion of these securities would have been anti-dilutive : As of June 30, 2022 2021 Shares issuable upon exercise of stock options 3,435,645 3,762,336 Non-vested shares under restricted stock grants 425,000 475,000 |
Investments In Marketable Sec_2
Investments In Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments [Abstract] | |
Schedule of Marketable Securities | Investments in marketable securities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 5,016 $ — $ ( 48 ) $ 4,968 Asset-backed securities 4,017 — ( 17 ) 4,000 Total marketable securities $ 9,033 $ — $ ( 65 ) $ 8,968 December 31, 2021 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value U.S. Treasury securities $ 15,272 $ — $ ( 15 ) $ 15,257 Commercial paper 28,980 — - 28,980 Asset-backed securities 10,379 — ( 14 ) 10,365 Total marketable securities $ 54,631 $ — $ ( 29 ) $ 54,602 |
Schedule of Fair Value of Marketable Securities | The following tables presents fair value of the Company’s marketable securities (in thousands): Fair Value Measurement as of June 30, 2022 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 4,968 $ — $ — $ 4,968 Asset-backed securities — 4,000 — 4,000 Total assets $ 4,968 $ 4,000 $ — $ 8,968 Fair Value Measurement as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets U.S. treasury securities $ 15,257 $ — $ — $ 15,257 Commercial paper — 28,980 — 28,980 Asset-backed securities — 10,365 — 10,365 Total assets $ 15,257 $ 39,345 $ — $ 54,602 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of (in thousands): As of As of June 30, December 31, 2022 2021 Machinery and equipment $ 737 $ 737 Office furniture and fixtures 303 303 Office equipment 301 301 Leasehold improvements 54 49 Automobiles 27 27 Construction in process 3,072 2,731 4,494 4,148 Accumulated depreciation ( 450 ) ( 254 ) Total property and equipment, net $ 4,044 $ 3,894 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of As of December 31, Compensation and related costs $ 1,171 $ 1,667 Professional fees 519 406 Interest expense 242 250 Construction in process 167 131 Machinery and equipment 124 124 Clinical trials and drug development 116 613 Other accrued expenses and other current liabilities 75 75 Total accrued expenses and other current liabilities $ 2,414 $ 3,266 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense are as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Finance lease cost: Amortization lease assets $ 2 $ 1 $ 3 $ 1 Finance lease costs — 1 — 1 Total finance lease costs $ 2 $ 2 $ 3 $ 2 Operating lease: Operating lease costs $ 90 $ 84 $ 175 $ 175 Short-term lease costs — 5 8 10 Total operating lease expense $ 90 $ 89 $ 183 $ 185 |
Schedule of Maturities of Operating and Finance Leases | Maturities of the Company’s operating and finance leases, excluding short-term leases, as of June 30, 2022 are as follows (in thousands): June 30, 2022 Operating Finance 2022 (remaining 6 months) 187 4 2023 383 7 2024 392 8 2025 372 2 Thereafter 613 — Total lease payments 1,947 21 Less imputed interest ( 285 ) ( 1 ) Lease liability $ 1,662 $ 20 |
Schedule of Weighted Average Remaining Term and Discount Rate | The weighted average remaining term and discount rate are as follows: Other information: Operating Finance Weighted average remaining lease term 5.08 2.83 Weighted-average discount rate 6.25 % 4.35 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Composition of Debt | The following table summarizes the composition of debt as reflected on the balance sheet as of June 30, 2022 (in thousands): Gross proceeds $ 40,000 Accrued final payment fee 3,750 Unamortized debt discount and issuance costs ( 1,457 ) Total short-term debt, net $ 42,293 |
Schedule of Aggregate Maturities of Debt | The aggregate maturities of debt as of June 30, 2022, are as follows (in thousands): 2023 $ 33,333 2024 (1) 6,667 $ 40,000 (1) Excludes the final payment fee due at time of maturity |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense, which includes expense for both employees and non-employees, has been reported in the Company’s condensed statements of operations for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 340 $ 425 $ 757 $ 723 General and administrative 745 1,423 1,644 2,528 Total stock-based compensation $ 1,085 $ 1,848 $ 2,401 $ 3,251 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the six months ended June 30, 2022: Weighted average Weighted average remaining contractual Aggregate intrinsic Number of shares exercise price life (in years) value Outstanding as of December 31, 2021 3,443,817 $ 10.05 7.8 $ 3,952,803 Granted 433,536 7.49 Exercised — Forfeitures ( 406,622 ) 10.36 Expired ( 35,086 ) 13.75 Outstanding as of June 30, 2022 3,435,645 $ 9.66 7.1 $ 60,501 Options vested and exercisable as of 2,126,509 $ 9.10 6.2 $ 60,501 |
Summary of Non-vested RSUs Activities | The following is a summary of changes in the status of non-vested RSUs: Weighted Average Grant Date Fair Number of Shares Value Nonvested as of December 31, 2021 425,000 $ 11.68 Granted — — Forfeitures — — Nonvested as of June 30, 2022 425,000 $ 11.68 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||||||
Jul. 08, 2022 | Jul. 05, 2022 | Mar. 25, 2021 | Mar. 17, 2021 | Mar. 01, 2021 | Mar. 10, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2020 | |
Description Of Business [Line Items] | ||||||||||
Number of common shares sold | 1,575,000 | |||||||||
Net proceeds from issuance | $ 26,800 | $ 0 | $ 28,119 | |||||||
Accumulated deficit | (157,604) | $ (138,966) | ||||||||
Cash, cash equivalents and marketable securities | 54,400 | |||||||||
Follow-on Public Offering [Member] | ||||||||||
Description Of Business [Line Items] | ||||||||||
Number of common shares sold | 12,000,000 | 2,033,899 | ||||||||
Share price | $ 2.10 | $ 14.75 | ||||||||
Net proceeds from issuance | $ 28,100 | |||||||||
Cash, cash equivalents and marketable securities | $ 26,800 | |||||||||
Torii Agreement [Member] | Torii [Member] | ||||||||||
Description Of Business [Line Items] | ||||||||||
Obligated to make upfront payment | $ 11,500 | |||||||||
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term A Loan [Member] | ||||||||||
Description Of Business [Line Items] | ||||||||||
Line of credit | $ 35,000 | |||||||||
Borrowed amount | $ 35,000 | |||||||||
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term B1 Loan [Member] | ||||||||||
Description Of Business [Line Items] | ||||||||||
Borrowed amount | $ 5,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Potential Shares Outstanding not Included in Computation of Diluted Net Loss Per Common Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Shares issuable upon exercise of stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities that could potentially dilute basic earnings per share | 3,435,645 | 3,762,336 |
Non-vested shares under restricted stock grants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Securities that could potentially dilute basic earnings per share | 425,000 | 475,000 |
Investments in Marketable Sec_3
Investments in Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 9,033 | $ 54,631 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (65) | (29) |
Fair Value | 8,968 | 54,602 |
U.S. Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 5,016 | 15,272 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (48) | (15) |
Fair Value | 4,968 | 15,257 |
Commercial Paper [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 28,980 | |
Fair Value | 28,980 | |
Asset Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 4,017 | 10,379 |
Gross Unrealized Losses | (17) | (14) |
Fair Value | $ 4,000 | $ 10,365 |
Investments in Marketable Sec_4
Investments in Marketable Securities - Schedule of Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Marketable securities | $ 8,968 | $ 54,602 |
Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 4,968 | 15,257 |
Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 4,000 | 39,345 |
U.S. Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 4,968 | 15,257 |
U.S. Treasury Securities [Member] | Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 4,968 | 15,257 |
U.S. Treasury Securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 0 | |
Commercial Paper [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 28,980 | |
Commercial Paper [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 28,980 | |
Asset Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | 4,000 | 10,365 |
Asset Backed Securities [Member] | Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Marketable securities | $ 4,000 | $ 10,365 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,494 | $ 4,148 |
Accumulated depreciation | (450) | (254) |
Total property and equipment, net | 4,044 | 3,894 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 737 | 737 |
Office Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 303 | 303 |
Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 301 | 301 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 54 | 49 |
Automobiles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 27 | 27 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 3,072 | $ 2,731 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and related costs | $ 1,171 | $ 1,667 |
Professional fees | 519 | 406 |
Interest expense | 242 | 250 |
Construction in process | 167 | 131 |
Machinery and equipment | 124 | 124 |
Clinical trials and drug development | 116 | 613 |
Other accrued expenses and other current liabilities | 75 | 75 |
Total accrued expenses and other current liabilities | $ 2,414 | $ 3,266 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Mar. 12, 2020 | Jul. 01, 2019 | Jun. 30, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | ||||
Operating lease expired | 2021-05 | |||
First amendments date | Mar. 12, 2020 | |||
Lease expiration date | Sep. 01, 2027 | |||
Operating lease right of use asset | $ 1,582 | $ 1,608 | ||
Lease liability | $ 1,662 | |||
Financing leases expiration year | 2025 | |||
Financing vehicle lease, net | $ 19 | |||
Pennsylvania [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lease agreement commencement date | Jul. 01, 2019 | |||
NEW JERSEY | ||||
Lessee Lease Description [Line Items] | ||||
Lease agreement commencement date | May 01, 2022 | |||
Lease expiration date | Apr. 30, 2025 | |||
Operating lease, base rent | $ 104,000 | |||
Operating lease right of use asset | 99,000 | |||
Lease liability | 95,000 | |||
Landlord's Operating Expense [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, base rent | $ 2,400 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Amortization lease assets | $ 2 | $ 1 | $ 3 | $ 1 |
Finance lease costs | 1 | 1 | ||
Total finance lease costs | 2 | 2 | 3 | 2 |
Operating lease costs | 90 | 84 | 175 | 175 |
Short-term lease costs | 0 | 5 | 8 | 10 |
Total operating lease expense | $ 90 | $ 89 | $ 183 | $ 185 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Leases (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
Finance Lease, Remainder of Fiscal Year | $ 4 |
Finance Lease, Year one | 7 |
Finance Lease, Year Two | 8 |
Finance Lease, Year Four | 2 |
Finance Lease, Total lease payments | 21 |
Less Finance Lease imputed interest | (1) |
Finance Lease, Lease liability | 20 |
Operating Lease, Remainder of Fiscal Year | 187 |
Operating Lease, Year one | 383 |
Operating Lease, Year Two | 392 |
Operating Lease, Year Four | 372 |
Operating Lease, After Year Four | 613 |
Operating Lease, Total lease payments | 1,947 |
Less Operating Lease, imputed interest | (285) |
Operating Lease, Lease liability | $ 1,662 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Term and Discount Rate (Detail) | Jun. 30, 2022 |
Leases [Abstract] | |
Operating Lease, Weighted average remaining lease term | 5 years 29 days |
Operating Lease, Weighted-average discount rate | 6.25% |
Finance Lease, Weighted average remaining lease term | 2 years 9 months 29 days |
Finance Lease, Weighted-average discount rate | 4.35% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 01, 2021 | Mar. 10, 2020 | Jun. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Final payment fee | $ 40,000 | $ 40,000 | |||
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 50,000 | ||||
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term A Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowed amount | 35,000 | ||||
Line of credit | $ 35,000 | ||||
Mezzanine Loan Agreement [Member] | Mezzanine Lenders [Member] | Term B1 Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowed amount | $ 5,000 | ||||
Mezzanine Loan Agreement [Member] | Silicon Valley Bank (Senior Lender) [Member] | Revolving Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 5,000 | ||||
Senior Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loans, payment terms | the Term Loans were interest-only through February 28, 2023, followed by 12 equal monthly payments of principal and interest. | ||||
Debt discount and issuance costs | 4,300 | $ 4,300 | |||
Interest expense | 1,100 | 2,100 | |||
Interest on term loan | 800 | 1,500 | |||
Non-cash interest expense | 300 | 600 | |||
Senior Loan Agreement [Member] | Term Loans [Member] | Contra-Liability [Member] | |||||
Debt Instrument [Line Items] | |||||
Final payment fee | 3,800 | 3,800 | |||
Senior Loan Agreement [Member] | Revolving Loans [Member] | Other Non-Current Assets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount and issuance costs | $ 100 | $ 100 |
Debt - Summary of Composition o
Debt - Summary of Composition of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Gross proceeds | $ 42,293 | $ 41,693 |
Senior Loan Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Gross proceeds | 40,000 | |
Accrued final payment fee | 3,750 | |
Unamortized debt discount and issuance costs | (1,457) | |
Total short-term debt, net | $ 42,293 |
Debt - Schedule of Aggregate Ma
Debt - Schedule of Aggregate Maturities of Debt (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 33,333 |
2024 | 6,667 |
Long-term debt | $ 40,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,085 | $ 1,848 | $ 2,401 | $ 3,251 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 340 | 425 | 757 | 723 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 745 | $ 1,423 | $ 1,644 | $ 2,528 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] | ||
Number of shares, Outstanding Beginning Balance | 3,443,817 | |
Number of shares, Granted | 433,536 | |
Number of shares, Exercised | 0 | |
Number of shares, Forfeitures | (406,622) | |
Number of shares, Expired | (35,086) | |
Number of shares, Outstanding Ending Balance | 3,435,645 | 3,443,817 |
Number of shares, Options vested and exercisable Ending Balance | 2,126,509 | |
Weighted average exercise price, Outstanding Beginning Balance | $ 10.05 | |
Weighted average exercise price, Granted | 7.49 | |
Weighted average exercise price, Forfeitures | 10.36 | |
Weighted average exercise price, Expired | 13.75 | |
Weighted average exercise price, Outstanding Ending Balance | 9.66 | $ 10.05 |
Weighted average exercise price, Options vested and exercisable Ending Balance | $ 9.10 | |
Weighted average remaining contractual life (in years), Outstanding | 7 years 1 month 6 days | 7 years 9 months 18 days |
Weighted average remaining contractual life (in years), Options vested and exercisable | 6 years 2 months 12 days | |
Aggregate intrinsic value, Outstanding | $ 60,501 | $ 3,952,803 |
Aggregate intrinsic value, Options vested and exercisable Ending Balance | $ 60,501 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unrecognized compensation related to unvested stock options | $ 9.2 | |||
Weighted-average stock option recognize period | 2 years 7 months 2 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Shares, Granted | 0 | |||
Stock vesting period | 1 year | |||
Restricted stock units outstanding | 425,000 | 425,000 | ||
Total unrecognized compensation related to nonvested restricted stock units | $ 5 | |||
Restricted Stock Units (RSUs) [Member] | Executive Officers [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Shares, Granted | 250,000 | 300,000 | ||
Restricted Stock Units (RSUs) [Member] | One Year Anniversary [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of stock subject to vesting (as a percent) | 50% | 50% | ||
Restricted Stock Units (RSUs) [Member] | New Drug Application [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of stock subject to vesting (as a percent) | 50% | 50% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Non-vested RSUs Activities (Detail) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |
Nonvested, Number of Shares, Beginning Balance | shares | 425,000 |
Nonvested, Number of Shares, Granted | shares | 0 |
Nonvested, Number of Shares, Forfeitures | shares | 0 |
Nonvested, Number of Shares, Ending Balance | shares | 425,000 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.68 |
Nonvested, Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Nonvested, Weighted Average Grant Date Fair Value, Forfeitures | $ / shares | 0 |
Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 11.68 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - PBM Capital Group, LLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Oct. 01, 2019 | Dec. 02, 2015 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||||
Services agreement initial term | 12 months | |||||
Expenses incurred under services agreement | $ 10,000 | $ 15,000 | $ 25,000 | $ 30,000 | ||
Due to related party | 5,000 | 5,000 | ||||
Amended Service Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Monthly management fee payable | $ 5,000 | |||||
General and Administrative [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses incurred under services agreement | 6,000 | 9,000 | 15,000 | 18,000 | ||
Research and Development [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses incurred under services agreement | $ 4,000 | $ 6,000 | $ 10,000 | $ 12,000 |
License and Collaboration Agr_2
License and Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Mar. 17, 2021 | May 31, 2022 | Apr. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
License And Collaboration Agreements [Line Items] | ||||||||||||
Research and development expense | $ 4,162 | $ 3,447 | $ 6,885 | $ 8,809 | ||||||||
Ltyix [Member] | ||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||
Payments upon achievements of milestone | $ 111,000 | |||||||||||
One time up front license fee | $ 1,000 | $ 2,300 | $ 300 | |||||||||
Research and development expense | 1,000 | $ 2,300 | ||||||||||
Percentage of royalty income shared | 50% | |||||||||||
Option Agreement [Member] | Torii [Member] | ||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||
Consideration receivable to secure exclusive option | $ 500 | |||||||||||
Deferred revenue | $ 500 | $ 500 | ||||||||||
Torii Agreement [Member] | Torii [Member] | ||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||
Received payment | $ 11,500 | $ 500 | ||||||||||
Payments upon achievements of milestone | $ 58,000 | |||||||||||
Billed and Unbilled License Revenue | $ 200 | $ 600 | ||||||||||
Torii Agreement [Member] | Torii [Member] | Minimum [Member] | ||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||
Mid Percentage of transfer price payments for supply of product net sales | 30% | |||||||||||
Torii Agreement [Member] | Torii [Member] | Maximum [Member] | ||||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||||
Mid Percentage of transfer price payments for supply of product net sales | 40% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 11, 2022 | Jul. 08, 2022 | Jul. 05, 2022 | Mar. 25, 2021 | Jun. 30, 2022 |
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 1,575,000 | ||||
Cash, cash equivalents and marketable securities | $ 54.4 | ||||
Follow On Public Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Share Price | $ 2.10 | $ 14.75 | |||
Stock Issued During Period, Shares, New Issues | 12,000,000 | 2,033,899 | |||
Cash, cash equivalents and marketable securities | $ 26.8 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Loans, maturity date | Mar. 01, 2024 | ||||
Per share, less underwriting fees | $ 2.10 | ||||
Prepayment of debt and fee | $ 43.9 | ||||
Subsequent Event [Member] | Mezzanine Lenders [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash, cash equivalents and marketable securities | $ 40 | ||||
Subsequent Event [Member] | Follow On Public Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Share Price | $ 2.10 | ||||
Stock Issued During Period, Shares, New Issues | 12,000,000 | ||||
Proceeds from issuance of debt | $ 26.8 | ||||
Subsequent Event [Member] | Over-Allotment Option [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 1,575,000 |