Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2022 | |
Cover Abstract | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38905 | |
Entity Registrant Name | NextCure, Inc. | |
Entity Central Index Key | 0001661059 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5231247 | |
Entity Address, Address Line One | 9000 Virginia Manor Road | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Beltsville | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20705 | |
City Area Code | 240 | |
Local Phone Number | 399-4900 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | NXTC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,748,844 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 28,163 | $ 12,337 |
Marketable securities | 157,329 | 207,254 |
Restricted cash | 39 | 39 |
Prepaid expenses and other current assets | 7,423 | 8,187 |
Total current assets | 192,954 | 227,817 |
Property and equipment, net | 12,615 | 13,992 |
Other assets | 801 | 577 |
Total assets | 206,370 | 242,386 |
Current liabilities: | ||
Accounts payable | 2,272 | 1,942 |
Accrued liabilities | 3,325 | 4,449 |
Deferred rent, current portion | 100 | 217 |
Total current liabilities | 5,697 | 6,608 |
Deferred rent, net of current portion | 2,477 | 2,392 |
Total liabilities | 8,174 | 9,000 |
Stockholders' equity | ||
Preferred stock; par value of $0.001 per share; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021, No shares issued and outstanding at June 30, 2022 and December 31, 2021 | ||
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2022 and December 31, 2021. 27,748,844 and 27,680,997 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 28 | 28 |
Additional paid-in capital | 426,056 | 421,047 |
Accumulated other comprehensive loss | (2,340) | (663) |
Accumulated deficit | (225,548) | (187,026) |
Total stockholders' equity | 198,196 | 233,386 |
Total liabilities and stockholders' equity | $ 206,370 | $ 242,386 |
CONDENSED BALANCE SHEETS - (Par
CONDENSED BALANCE SHEETS - (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
CONDENSED BALANCE SHEETS | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, number of shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, number of shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,748,844 | 27,680,997 |
Common stock, shares outstanding | 27,748,844 | 27,680,997 |
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 | |
Operating expenses: | ||||
Research and development | $ 12,825 | $ 11,945 | $ 27,849 | $ 24,331 |
General and administrative | 5,303 | 6,007 | 11,050 | 10,855 |
Total operating expenses | 18,128 | 17,952 | 38,899 | 35,186 |
Loss from operations | (18,128) | (17,952) | (38,899) | (35,186) |
Other income (expense), net | 208 | (35) | 377 | 666 |
Net loss | $ (17,920) | $ (17,987) | $ (38,522) | $ (34,520) |
Net loss per common share | ||||
Basic (in dollars per share) | $ (0.65) | $ (0.65) | $ (1.39) | $ (1.25) |
Diluted (in dollars per share) | $ (0.65) | $ (0.65) | $ (1.39) | $ (1.25) |
Weighted average shares outstanding | ||||
Basic (in shares) | 27,744,762 | 27,610,398 | 27,726,864 | 27,603,948 |
Diluted (in shares) | 27,744,762 | 27,610,398 | 27,726,864 | 27,603,948 |
Comprehensive loss: | ||||
Net loss | $ (17,920) | $ (17,987) | $ (38,522) | $ (34,520) |
Unrealized loss on marketable securities | (141) | (374) | (1,677) | (974) |
Total comprehensive loss | $ (18,061) | $ (18,361) | $ (40,199) | $ (35,494) |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Balance at the beginning at Dec. 31, 2020 | $ 28 | $ 410,551 | $ 779 | $ (117,637) | $ 293,721 |
Balance at the beginning (in shares) at Dec. 31, 2020 | 27,568,802 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Stock based compensation | 2,508 | 2,508 | |||
Exercise of stock options | 63 | 63 | |||
Exercise of stock options (in shares) | 35,615 | ||||
Unrealized gain (loss) on marketable securities, net of tax $0 | (600) | (600) | |||
Net loss | (16,533) | (16,533) | |||
Balance at the end at Mar. 31, 2021 | $ 28 | 413,122 | 179 | (134,170) | 279,159 |
Balance at the end (in shares) at Mar. 31, 2021 | 27,604,417 | ||||
Balance at the beginning at Dec. 31, 2020 | $ 28 | 410,551 | 779 | (117,637) | 293,721 |
Balance at the beginning (in shares) at Dec. 31, 2020 | 27,568,802 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Net loss | (34,520) | ||||
Balance at the end at Jun. 30, 2021 | $ 28 | 415,922 | (195) | (152,157) | 263,598 |
Balance at the end (in shares) at Jun. 30, 2021 | 27,611,555 | ||||
Balance at the beginning at Mar. 31, 2021 | $ 28 | 413,122 | 179 | (134,170) | 279,159 |
Balance at the beginning (in shares) at Mar. 31, 2021 | 27,604,417 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Stock based compensation | 2,787 | 2,787 | |||
Exercise of stock options | 13 | 13 | |||
Exercise of stock options (in shares) | 7,138 | ||||
Unrealized gain (loss) on marketable securities, net of tax $0 | (374) | (374) | |||
Net loss | (17,987) | (17,987) | |||
Balance at the end at Jun. 30, 2021 | $ 28 | 415,922 | (195) | (152,157) | 263,598 |
Balance at the end (in shares) at Jun. 30, 2021 | 27,611,555 | ||||
Balance at the beginning at Dec. 31, 2021 | $ 28 | 421,047 | (663) | (187,026) | $ 233,386 |
Balance at the beginning (in shares) at Dec. 31, 2021 | 27,680,997 | 27,680,997 | |||
Increase (Decrease) in Stockholders' Deficit | |||||
Stock based compensation | 2,628 | $ 2,628 | |||
Exercise of stock options | 60 | 60 | |||
Exercise of stock options (in shares) | 44,165 | ||||
Unrealized gain (loss) on marketable securities, net of tax $0 | (1,536) | (1,536) | |||
Net loss | (20,602) | (20,602) | |||
Balance at the end at Mar. 31, 2022 | $ 28 | 423,735 | (2,199) | (207,628) | 213,936 |
Balance at the end (in shares) at Mar. 31, 2022 | 27,725,162 | ||||
Balance at the beginning at Dec. 31, 2021 | $ 28 | 421,047 | (663) | (187,026) | $ 233,386 |
Balance at the beginning (in shares) at Dec. 31, 2021 | 27,680,997 | 27,680,997 | |||
Increase (Decrease) in Stockholders' Deficit | |||||
Net loss | $ (38,522) | ||||
Balance at the end at Jun. 30, 2022 | $ 28 | 426,056 | (2,340) | (225,548) | $ 198,196 |
Balance at the end (in shares) at Jun. 30, 2022 | 27,748,844 | 27,748,844 | |||
Balance at the beginning at Mar. 31, 2022 | $ 28 | 423,735 | (2,199) | (207,628) | $ 213,936 |
Balance at the beginning (in shares) at Mar. 31, 2022 | 27,725,162 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Stock based compensation | 2,242 | 2,242 | |||
Exercise of stock options | 6 | 6 | |||
Exercise of stock options (in shares) | 6,255 | ||||
Issuance of shares under ESPP | 73 | 73 | |||
Issuance of shares under ESPP (in shares) | 17,427 | ||||
Unrealized gain (loss) on marketable securities, net of tax $0 | (141) | (141) | |||
Net loss | (17,920) | (17,920) | |||
Balance at the end at Jun. 30, 2022 | $ 28 | $ 426,056 | $ (2,340) | $ (225,548) | $ 198,196 |
Balance at the end (in shares) at Jun. 30, 2022 | 27,748,844 | 27,748,844 |
CONDENSED STATEMENTS OF STOCK_2
CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY | ||||
Unrealized gain (loss) on marketable securities, tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 |
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 | $ (38,522) | $ (34,520) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,096 | 1,394 |
Amortization of premiums and discounts on marketable securities | 1,906 | 1,603 |
Stock-based compensation | 4,870 | 5,295 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 540 | (4,577) |
Accounts payable | 330 | (2,550) |
Accrued liabilities | (1,124) | 717 |
Deferred rent | (32) | 1,505 |
Net cash used in operating activities | (29,936) | (31,133) |
Cash flows from investing activities: | ||
Maturities of marketable securities | 54,231 | 136,425 |
Purchases of marketable securities | (7,889) | (102,258) |
Purchases of property and equipment | (719) | (979) |
Net cash provided by investing activities | 45,623 | 33,188 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 66 | 76 |
Proceeds from shares issued under ESPP | 73 | |
Payments of the term loan | (834) | |
Net cash provided by (used in) financing activities | 139 | (758) |
Net increase in cash, cash equivalents and restricted cash | 15,826 | 1,297 |
Cash, cash equivalents and restricted cash - beginning of period | 12,376 | 36,284 |
Cash, cash equivalents and restricted cash - end of period | 28,202 | 37,581 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | $ 46 | $ 67 |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2022 | |
Nature of the Business | |
Nature of the Business | 1. Nature of the Business Organization NextCure, Inc. (“NextCure” or the “Company”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases by restoring normal immune function. Through its proprietary Functional, Integrated, NextCure Discovery in Immuno-Oncology (“FIND-IO”) platform, the Company studies various immune cells in order to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Since inception, the Company has devoted substantially all its efforts and financial resources to organizing and staffing the Company, identifying business development opportunities, raising capital, securing intellectual property rights related to the Company’s product candidates, building and optimizing the Company’s manufacturing capabilities and conducting discovery, research and development activities for the Company’s product candidates, discovery programs and its FIND-IO platform. Liquidity The Company has not generated any revenue to date from product sales and does not expect to generate any revenues from product sales in the foreseeable future. Through June 30, 2022, the Company has funded its operations primarily with proceeds from public offerings of its common stock, private placements of its preferred stock and upfront fees received under the Company’s former agreement with Eli Lilly and Company, which was terminated in March 2020. The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future. Risks and Uncertainties COVID-19 In March 2020, the World Health Organization declared the novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. In order to mitigate the spread of COVID-19, governments have imposed unprecedented restrictions on business operations, travel, and gatherings, resulting in a global economic downturn and other adverse economic and societal impacts. The COVID-19 pandemic has also overwhelmed or otherwise led to changes in the operations of many healthcare facilities, including clinical trial sites. While the Company’s laboratories have continued operations throughout the pandemic mostly without interruption, there continues to be an impact on sites that conduct clinical trials, leading to longer clinical timelines. The impact of the COVID-19 pandemic (including the impact of emerging variant strains of the COVID-19 virus) on the Company’s business and financial performance is uncertain and depends on various factors, including the scope and duration of the pandemic, the efficacy and global distribution of vaccines, government restrictions and other actions, including relief measures, implemented to address the impact of the pandemic, and resulting impacts on the financial markets and overall economy. The imposition of “lockdown,” “social distancing” and “shelter in place” directives and other restrictions on business operations, travel and gatherings by state and federal governments in the United States, as well as governments in other regions of the world in response to the COVID-19 pandemic, initially placed significant strain on the Company’s clinical trial sites, raised concerns around monitoring patient safety, slowed patient enrollment and caused delays in the Company’s clinical trials and issuance of results. Any rise of COVID-19 infection rates, especially in the United States, could continue to negatively affect enrollment going forward. The Company continues to closely monitor the COVID-19 situation and any potential impact to the Company’s planned activities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report”). Basis of Presentation The unaudited condensed financial statements include the accounts of NextCure and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report. Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. 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, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. Recently Issued Accounting Pronouncements The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards, which is generally consistent with required adoption dates of private companies. The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2022 | |
Restricted Cash. | |
Restricted Cash | 3. Restricted Cash The following table reconciles cash and cash equivalents and restricted cash per the balance sheet to the condensed statement of cash flows: June 30, December 31, (in thousands) 2022 2021 Cash and cash equivalents $ 28,163 $ 12,337 Restricted cash 39 39 Total $ 28,202 $ 12,376 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities | |
Marketable Securities | 4. Marketable Securities Marketable securities consist of the following: June 30, 2022 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 159,669 $ 1 $ (2,341) $ 157,329 Total $ 159,669 $ 1 $ (2,341) $ 157,329 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 207,917 $ 3 $ (666) $ 207,254 Total $ 207,917 $ 3 $ (666) $ 207,254 The Company uses the specific identification method when calculating realized gains and losses. For the six months ended June 30, 2022 and 2021, respectively, the Company recorded $9 thousand and $56 thousand in realized gains on available-for-sale securities, which is included in other income, net on the condensed statements of operations. The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of June 30, 2022, the Company had investments with a total fair market value of $151.3 million in an unrealized loss position, of which $33.2 million were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk. The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2022 : June 30, 2022 Fair (in thousands) Cost Value Maturities: Within 1 year $ 136,495 $ 134,648 Between 1 to 2 years 23,174 22,681 Total investments available-for-sale $ 159,669 $ 157,329 The Company has classified all its investments available-for-sale, including those with maturities beyond one year, as current assets on the accompanying condensed balance sheets based on the highly liquid nature of these investment securities and because these investment securities are considered available for use in current operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | 5. Fair Value Measurements The Company has certain financial assets recorded at fair value, which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. Level 1—Quoted market prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021: June 30, 2022 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 19,016 $ 19,016 $ — $ — Marketable securities: Corporate bonds 157,329 — 157,329 — Total $ 176,345 $ 19,016 $ 157,329 $ — December 31, 2021 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 2,680 $ 2,680 $ — $ — Marketable securities: Corporate bonds 207,254 — 207,254 — Total $ 209,934 $ 2,680 $ 207,254 $ — The Company did not transfer any assets measured at fair value on a recurring basis between levels during the six months ended June 30, 2022 and 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation | |
Stock-Based Compensation | 6. Stock-Based Compensation Employee Equity Plans The NextCure, Inc. 2015 Omnibus Incentive Plan (the “2015 Plan”) was adopted in December 2015 and provides for the grant of awards of stock options, restricted stock awards, unrestricted stock awards and restricted stock units to employees, consultants, and directors of the Company. The NextCure, Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”) became effective on May 8, 2019, the date on which the Company’s Registration Statement on Form S-1 filed in connection with the IPO was declared effective (the “Effective Date”). The Company’s board of directors (the “Board”) determined not to make additional awards under the 2015 Plan following the effectiveness of the 2019 Plan. The 2019 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards to the Company’s officers, employees, non-employee directors and other key persons (including consultants). The number of shares of common stock reserved for issuance under the 2019 Plan is 2,900,000 plus the number of shares of stock related to awards outstanding under the 2015 Plan that subsequently terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares. shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or such lesser number of shares determined by the Board. As of June 30, 2022, 2,534,766 shares were reserved for future grant under the 2019 Plan. Stock options granted under the 2015 Plan and 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after ten years. A summary of stock option activity for awards under the Plans is presented below: Options Outstanding and Exercisable Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value (1) Shares Price Life (Years) (in thousands) Outstanding as of December 31, 2021 4,545,794 $ 14.15 8.1 $ 2,860 Granted 1,704,850 $ 5.39 — — Exercised (50,420) $ 1.32 — — Forfeitures (818,944) $ 13.76 — — Outstanding as of June 30, 2022 5,381,280 $ 11.56 8.1 $ 1,935 Exercisable as of June 30, 2022 2,444,111 $ 12.84 7.0 $ 1,870 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at June 30, 2022 and December 31, 2021. The weighted average grant date fair value of stock options granted to employees for the six months ended June 30, 2022 was $3.72. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2022 was $0.2 million. As of June 30, 2022, there was $19.7 million of total unrecognized compensation expense related to unvested options under the Plans that will be recognized over a weighted-average period of approximately 2.9 years. The aggregate grant date fair value of stock options vested during the six months ended June 30, 2022 and 2021 was approximately $6.9 million and $10.3 million, respectively. Stock-based compensation expense was classified on the statements of operations as follows for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Research and development $ 728 $ 1,056 $ 1,496 $ 2,014 General and administrative 1,514 1,731 3,374 3,281 Total stock-based compensation expense $ 2,242 $ 2,787 $ 4,870 $ 5,295 The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated: Six Months Ended June 30, 2022 2021 Expected term 5.5 - 6.1 years 5.5 - 6.1 years Expected volatility 79.7 % 79.7 % Risk free interest rate 1.8 - 3.1 % 0.8 - 1.4 % Expected dividend yield — % — % Employee Stock Purchase Plan The NextCure, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) was approved in May 2019 and provides for certain employees of the Company to purchase shares of Company stock at a discounted price. As of June 30, 2022, 23,891 shares of common stock had been issued pursuant to the ESPP and 766,789 shares were reserved for future issuance thereunder. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2022 | |
Net Loss per Share Attributable to Common Stockholders | |
Net Loss per Share Attributable to Common Stockholders | 7. Net Loss Per Share Attributable to Common Stockholders The computation of basic loss per share is based on the weighted-average number of common shares outstanding, without consideration for dilutive common stock equivalents. The computation of diluted loss per share is based on the weighted-average number of common shares outstanding and dilutive potential common shares, which include shares that may be issued under the stock option plan, as determined using the treasury stock method. The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss (Numerator): Net loss - basic and diluted $ (17,920) $ (17,987) $ (38,522) $ (34,520) Shares (Denominator): Weighted-average shares outstanding - basic and diluted 27,744,762 27,610,398 27,726,864 27,603,948 Loss per share - basic and diluted $ (0.65) $ (0.65) $ (1.39) $ (1.25) For the three and six months ended June 30, 2022 and 2021, all shares of options to purchase shares of the Company’s common stock were excluded from the computation of diluted net loss per share as the effect would have been anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: June 30, 2022 2021 Outstanding options to purchase common stock 5,381,280 4,554,173 Total 5,381,280 4,554,173 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Taxes | |
Income Taxes | 8. Income Taxes The Company did not record a provision or benefit for income taxes during the three and six month periods ended June 30, 2022 and 2021. The Company continues to maintain a full valuation allowance against its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of any commercially ready products. It has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence at each reporting period. Under the provisions of Sections 382 and 383 of the Internal Revenue Code (“IRC”), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and research and development credit carryforwards that can be used to reduce future income taxes. We have not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of losses and credits attributable to periods before the change and could result in a reduction in the total losses and credits available. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Proceedings On September 21, 2020, a putative stockholder class action was filed in the U.S. District Court for the Southern District of New York styled Ye Zhou v. NextCure, Inc., et. al., Case 1:20-cv-0772 (S.D.N.Y.) (the “Ye Zhou action”). On February 26, 2021, the Lead Plaintiff filed a consolidated amended complaint that asserts claims against us, certain of our officers and members of our board of directors, and the underwriters in our May 2019 initial public offering and November 2019 underwritten secondary public offering. The complaint alleges that the defendants violated provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Securities Act of 1933, as amended, with respect to statements made regarding our lead product candidate, NC318, and the FIND-IO platform. The complaint seeks unspecified damages on behalf of a purported class of purchasers of our securities between May 8, 2019 and July 14, 2020. Defendants filed a motion to dismiss the consolidated amended complaint on April 27, 2021, and discovery is stayed pending resolution of that motion. On March 24, 2021, a purported shareholder derivative lawsuit was filed in the U.S. District Court for the District of Maryland, Southern Division, styled Zach Liu v. Richman et. al., Case:21-cv-00754 (the “Liu action”), alleging breaches of fiduciary duty by officers and/or directors, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and violations of the Exchange Act and the Securities Act of 1933. The Complaint seeks unspecified damages, attorneys’ fees and costs, declaratory relief, corporate governance changes, and restitution. On May 17, 2021, the Court granted the parties’ joint motion to stay the derivative lawsuit pending resolution of the defendants’ motion to dismiss filed in respect of the Ye Zhou action. On December 14, 2021, a purported misappropriation of certain trade secrets lawsuit was filed in Federal District Court for the District of Delaware, styled Immunaccel, LLC v. NextCure, Inc., Case No. 1:21-cv-01755-UNA (the “Immunaccel action”). The lawsuit alleges that the Company misappropriated certain trade secrets belonging to Immunaccel related to a drug discovery and screening platform named IMMUNE 3D. The complaint alleged two causes of action, one under the Delaware Uniform Trade Secrets Act and another under the Federal Defend Trade Secrets Act. The Company filed a motion to dismiss the complaint on April 22, 2022. In response to the Company’s motion to dismiss, Immunaccel filed an amended complaint on June 21, 2022 (“Amended Complaint”). The Amended Complaint added as parties to the Immunaccel action Screen Therapeutics LLC (“Screen”), an affiliate entity of Immunaccel, and Company’s CEO Michael Richman in his capacity as an individual. The Amended Complaint alleges that Mr. Richman breached certain contractual and fiduciary duties owed to Screen due to Mr. Richman’s prior relationship as in investor in, and purported advisor to, Screen. The Amended Complaint alleges four causes of action for breach of contract against Mr. Richman and three related causes of action against Mr. Richman for breach of fiduciary duty, unjust enrichment, and fraudulent misrepresentation. In addition to two trade secrets causes of action similar to those previously alleged against the Company, the Amended Complaint also alleges the Company tortiously interfered with the contracts between Mr. Richman and Screen and that the Company aided and abetted the alleged breach of fiduciary duty by Mr. Richman. The Amended Complaint seeks unspecified monetary damages, a permanent injunction and other miscellaneous relief. The Company has until August 5, 2022 to respond to the Amended Complaint. The Company intends to vigorously defend the Ye Zhou, Liu and Immunaccel actions. Based on the Company’s assessment of the facts underlying these claims, the uncertainty of litigation, and the preliminary stage of these cases, the Company cannot estimate the reasonably possible loss or range of loss that may result from these actions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Unaudited Financial Information | Basis of Presentation The unaudited condensed financial statements include the accounts of NextCure and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report. Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. |
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, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards, which is generally consistent with required adoption dates of private companies. The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restricted Cash. | |
Summary of reconciliation cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows | June 30, December 31, (in thousands) 2022 2021 Cash and cash equivalents $ 28,163 $ 12,337 Restricted cash 39 39 Total $ 28,202 $ 12,376 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities | |
Schedule of marketable securities | Marketable securities consist of the following: June 30, 2022 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 159,669 $ 1 $ (2,341) $ 157,329 Total $ 159,669 $ 1 $ (2,341) $ 157,329 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 207,917 $ 3 $ (666) $ 207,254 Total $ 207,917 $ 3 $ (666) $ 207,254 |
Schedule of available-for-sale maturities | The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2022 : June 30, 2022 Fair (in thousands) Cost Value Maturities: Within 1 year $ 136,495 $ 134,648 Between 1 to 2 years 23,174 22,681 Total investments available-for-sale $ 159,669 $ 157,329 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements | |
Summary of fair value of the Company's financial assets | The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021: June 30, 2022 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 19,016 $ 19,016 $ — $ — Marketable securities: Corporate bonds 157,329 — 157,329 — Total $ 176,345 $ 19,016 $ 157,329 $ — December 31, 2021 Significant Quoted Prices in Other Active Markets or Observable Significant Identical Assets Inputs Unobservable (in thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents: Money market funds $ 2,680 $ 2,680 $ — $ — Marketable securities: Corporate bonds 207,254 — 207,254 — Total $ 209,934 $ 2,680 $ 207,254 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation | |
Summary of stock option activity | Options Outstanding and Exercisable Weighted Weighted Average Aggregate Average Remaining Intrinsic Number of Exercise Contractual Value (1) Shares Price Life (Years) (in thousands) Outstanding as of December 31, 2021 4,545,794 $ 14.15 8.1 $ 2,860 Granted 1,704,850 $ 5.39 — — Exercised (50,420) $ 1.32 — — Forfeitures (818,944) $ 13.76 — — Outstanding as of June 30, 2022 5,381,280 $ 11.56 8.1 $ 1,935 Exercisable as of June 30, 2022 2,444,111 $ 12.84 7.0 $ 1,870 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at June 30, 2022 and December 31, 2021. |
Summary of stock based compensation expense recorded | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2022 2021 2022 2021 Research and development $ 728 $ 1,056 $ 1,496 $ 2,014 General and administrative 1,514 1,731 3,374 3,281 Total stock-based compensation expense $ 2,242 $ 2,787 $ 4,870 $ 5,295 |
Summary of assumptions used in the Black Scholes option pricing model for stock options granted | Six Months Ended June 30, 2022 2021 Expected term 5.5 - 6.1 years 5.5 - 6.1 years Expected volatility 79.7 % 79.7 % Risk free interest rate 1.8 - 3.1 % 0.8 - 1.4 % Expected dividend yield — % — % |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Net Loss per Share Attributable to Common Stockholders | |
Summary of computation of basic and diluted net loss per share attributable to common stockholders | The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss (Numerator): Net loss - basic and diluted $ (17,920) $ (17,987) $ (38,522) $ (34,520) Shares (Denominator): Weighted-average shares outstanding - basic and diluted 27,744,762 27,610,398 27,726,864 27,603,948 Loss per share - basic and diluted $ (0.65) $ (0.65) $ (1.39) $ (1.25) |
Summary of shares excluded from the computation of diluted net loss per share | June 30, 2022 2021 Outstanding options to purchase common stock 5,381,280 4,554,173 Total 5,381,280 4,554,173 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Reconciliation of cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows | ||||
Cash and cash equivalents | $ 28,163 | $ 12,337 | ||
Restricted cash | 39 | 39 | ||
Total | $ 28,202 | $ 12,376 | $ 37,581 | $ 36,284 |
Marketable Securities - (Detail
Marketable Securities - (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investments | |||
Amortized Cost | $ 159,669 | $ 207,917 | |
Gross Unrealized Gain | 1 | 3 | |
Gross Unrealized Loss | (2,341) | (666) | |
Estimated Fair Value | 157,329 | 207,254 | |
Unrealized losses in a continuous loss position for more than twelve consecutive months | 33,200 | ||
Gross realized gains | 9 | $ 56 | |
Fair market value of investments in unrealized loss position | 151,300 | ||
Cost Maturities: | |||
Within 1 year | 136,495 | ||
Between 1 to 2 years | 23,174 | ||
Total investments available for sale | 159,669 | ||
Fair Value Maturities: | |||
Within 1 year | 134,648 | ||
Between 1 to 2 years | 22,681 | ||
Total investments available for sale | 157,329 | ||
Corporate bonds | |||
Investments | |||
Amortized Cost | 159,669 | 207,917 | |
Gross Unrealized Gain | 1 | 3 | |
Gross Unrealized Loss | (2,341) | (666) | |
Estimated Fair Value | $ 157,329 | $ 207,254 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair value of the Company's financial assets | |||
Marketable Securities | $ 157,329,000 | $ 207,254,000 | |
Assets transferred into level 3 | 0 | $ 0 | |
Assets transferred out of level 3 | 0 | $ 0 | |
Corporate bonds | |||
Fair value of the Company's financial assets | |||
Marketable Securities | 157,329,000 | 207,254,000 | |
Fair Value | |||
Fair value of the Company's financial assets | |||
Total financial assets | 176,345,000 | 209,934,000 | |
Fair Value | Money market funds (cash equivalents) | |||
Fair value of the Company's financial assets | |||
Money market funds (cash equivalents) | 19,016,000 | 2,680,000 | |
Fair Value | Corporate bonds | |||
Fair value of the Company's financial assets | |||
Marketable Securities | 157,329,000 | 207,254,000 | |
Fair Value | Quoted Prices in Active Markets (Level 1) | |||
Fair value of the Company's financial assets | |||
Total financial assets | 19,016,000 | 2,680,000 | |
Fair Value | Quoted Prices in Active Markets (Level 1) | Money market funds (cash equivalents) | |||
Fair value of the Company's financial assets | |||
Money market funds (cash equivalents) | 19,016,000 | 2,680,000 | |
Fair Value | Significant Other Observable Inputs (Level 2) | |||
Fair value of the Company's financial assets | |||
Total financial assets | 157,329,000 | 207,254,000 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Corporate bonds | |||
Fair value of the Company's financial assets | |||
Marketable Securities | $ 157,329,000 | $ 207,254,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | 38 Months Ended | ||
May 03, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | |
2015 Plan | |||||
Number of Shares | |||||
Outstanding at the beginning (in shares) | 4,545,794 | ||||
Granted (in shares) | 1,704,850 | ||||
Exercised (in shares) | (50,420) | ||||
Forfeitures (in shares) | (818,944) | ||||
Outstanding at the end (in shares) | 5,381,280 | 4,545,794 | 5,381,280 | ||
Exercisable at the end (in shares) | 2,444,111 | 2,444,111 | |||
Weighted Average Exercise Price | |||||
Outstanding at the beginning (in dollars per share) | $ 14.15 | ||||
Granted (in dollars per share) | 5.39 | ||||
Exercised (in dollars per share) | 1.32 | ||||
Forfeited (in dollars per share) | 13.76 | ||||
Outstanding at the end (in dollars per share) | 11.56 | $ 14.15 | $ 11.56 | ||
Exercisable at the end (in dollars per share) | $ 12.84 | $ 12.84 | |||
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value | |||||
Outstanding (in years) | 8 years 1 month 6 days | 8 years 1 month 6 days | |||
Exercisable at the end (in years) | 7 years | ||||
Outstanding at the beginning (in dollars) | $ 2,860 | ||||
Outstanding at the end (in dollars) | 1,935 | $ 2,860 | $ 1,935 | ||
Exercisable at the end (in dollars) | $ 1,870 | 1,870 | |||
Weighted average grant date fair value per share of stock options granted | $ 3.72 | ||||
Aggregate intrinsic value of stock options exercised | $ 200 | ||||
Aggregate grant date fair value | 6,900 | $ 10,300 | |||
Share Based Compensation Expense Not Recognized | |||||
Unrecognized compensation cost | $ 19,700 | $ 19,700 | |||
Compensation expense recognition period | 2 years 10 months 24 days | ||||
Omnibus Incentive Plan | |||||
Stock Based Compensation | |||||
Total number of shares of common stock that may be issued | 2,900,000 | 2,900,000 | |||
Annual increase in number of share reserved for issuance (as percent) | 4% | ||||
2015 Plan and 2019 Employee Stock Purchase Plan | |||||
Stock Based Compensation | |||||
Vesting period | 4 years | ||||
Expiration period | 10 years | ||||
Number of shares reserved for issuance under the plan | 2,534,766 | 2,534,766 | |||
2019 Employee Stock Purchase Plan | |||||
Stock Based Compensation | |||||
Number of shares issued | 23,891 | ||||
Number of shares reserved for issuance under the plan | 766,789 | 766,789 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock based compensation expense | ||||
Total stock-based compensation expense | $ 2,242 | $ 2,787 | $ 4,870 | $ 5,295 |
Research and development | ||||
Stock based compensation expense | ||||
Total stock-based compensation expense | 728 | 1,056 | 1,496 | 2,014 |
General and administrative | ||||
Stock based compensation expense | ||||
Total stock-based compensation expense | $ 1,514 | $ 1,731 | $ 3,374 | $ 3,281 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair value assumptions | ||
Expected volatility | 79.70% | 79.70% |
Minimum | ||
Fair value assumptions | ||
Expected term | 5 years 6 months | 5 years 6 months |
Risk free interest rate | 1.80% | 0.80% |
Maximum | ||
Fair value assumptions | ||
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days |
Risk free interest rate | 3.10% | 1.40% |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Other (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income loss (Numerator): | ||||||
Net loss - basic and diluted | $ (17,920) | $ (20,602) | $ (17,987) | $ (16,533) | $ (38,522) | $ (34,520) |
Shares (Denominator): | ||||||
Weighted-average shares for basic EPS (in shares) | 27,744,762 | 27,610,398 | 27,726,864 | 27,603,948 | ||
Weighted-average shares for diluted EPS (in shares) | 27,744,762 | 27,610,398 | 27,726,864 | 27,603,948 | ||
Basic EPS (in dollars per share) | $ (0.65) | $ (0.65) | $ (1.39) | $ (1.25) | ||
Diluted EPS (in dollars per share) | $ (0.65) | $ (0.65) | $ (1.39) | $ (1.25) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Anti-dilutive effect (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities | ||
Antidilutive securities excluded from computation of diluted net loss per share | 5,381,280 | 4,554,173 |
Option to purchase common stock | ||
Antidilutive Securities | ||
Antidilutive securities excluded from computation of diluted net loss per share | 5,381,280 | 4,554,173 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes | ||||
Provision or benefit from income taxes | $ 0 | $ 0 | $ 0 | $ 0 |