Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover Abstract | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $0.001 par value per share | |
Trading Symbol | NXTC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,973,289 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 18,358 | $ 13,082 |
Marketable securities | 77,643 | 95,217 |
Prepaid expenses and other current assets | 6,551 | 4,426 |
Total current assets | 102,552 | 112,725 |
Property and equipment, net | 7,097 | 9,033 |
Right of use assets | 3,632 | 4,398 |
Other assets | 1,878 | 1,882 |
Total assets | 115,159 | 128,038 |
Current liabilities: | ||
Accounts payable | 4,491 | 2,330 |
Accrued liabilities and other liabilities | 5,092 | 4,553 |
Total current liabilities | 9,583 | 6,883 |
Lease liabilities, long term | 5,773 | 5,949 |
Other long-term liabilities | 755 | 785 |
Total liabilities | 16,111 | 13,617 |
Stockholders' equity: | ||
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; No shares issued and outstanding at March 31, 2024 and December 31, 2023 | ||
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; 27,903,627 and 27,903,027 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 28 | 28 |
Additional paid-in capital | 440,791 | 439,097 |
Accumulated other comprehensive loss | (182) | (222) |
Accumulated deficit | (341,589) | (324,482) |
Total stockholders' equity | 99,048 | 114,421 |
Total liabilities and stockholders' equity | $ 115,159 | $ 128,038 |
CONDENSED BALANCE SHEETS - (Par
CONDENSED BALANCE SHEETS - (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 27,903,627 | 27,903,027 |
Common stock, shares outstanding | 27,903,627 | 27,903,027 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 11,398 | $ 11,647 |
General and administrative | 4,364 | 5,424 |
Restructuring and asset impairment charges | 2,542 | |
Total operating expenses | 18,304 | 17,071 |
Loss from operations | (18,304) | (17,071) |
Other income, net | 1,197 | 975 |
Net loss | $ (17,107) | $ (16,096) |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.61) | $ (0.58) |
Diluted (in dollars per share) | $ (0.61) | $ (0.58) |
Weighted average shares outstanding | ||
Basic (in shares) | 27,903,040 | 27,774,536 |
Diluted (in shares) | 27,903,040 | 27,774,536 |
Comprehensive loss: | ||
Net Income (Loss) | $ (17,107) | $ (16,096) |
Unrealized gain on marketable securities | 40 | 691 |
Total comprehensive loss | $ (17,067) | $ (15,405) |
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, 2022 | $ 28 | $ 430,755 | $ (1,494) | $ (261,759) | $ 167,530 |
Balance at the beginning (in shares) at Dec. 31, 2022 | 27,774,536 | ||||
Increase (Decrease) in Stockholders' Deficit | |||||
Stock based compensation | 2,078 | 2,078 | |||
Unrealized gain (loss) on marketable securities, net of tax $0 | 691 | 691 | |||
Net Income (Loss) | (16,096) | (16,096) | |||
Balance at the end at Mar. 31, 2023 | $ 28 | 432,833 | (803) | (277,855) | 154,203 |
Balance at the end (in shares) at Mar. 31, 2023 | 27,774,536 | ||||
Balance at the beginning at Dec. 31, 2023 | $ 28 | 439,097 | (222) | (324,482) | $ 114,421 |
Balance at the beginning (in shares) at Dec. 31, 2023 | 27,903,027 | 27,903,027 | |||
Increase (Decrease) in Stockholders' Deficit | |||||
Stock based compensation | 1,693 | $ 1,693 | |||
Exercise of stock options | 1 | 1 | |||
Exercise of stock options (in shares) | 600 | ||||
Unrealized gain (loss) on marketable securities, net of tax $0 | 40 | 40 | |||
Net Income (Loss) | (17,107) | (17,107) | |||
Balance at the end at Mar. 31, 2024 | $ 28 | $ 440,791 | $ (182) | $ (341,589) | $ 99,048 |
Balance at the end (in shares) at Mar. 31, 2024 | 27,903,627 | 27,903,627 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (17,107) | $ (16,096) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 790 | 960 |
Amortization of premiums and discounts on marketable securities | (304) | 82 |
Stock-based compensation | 1,693 | 2,078 |
Asset impairment | 1,787 | |
Loss on disposal of property and equipment | 150 | 150 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (2,109) | 1,089 |
Accounts payable | 2,161 | (2,351) |
Accrued liabilities and other liabilities | 539 | (551) |
Lease liabilities | (176) | (113) |
Other long-term liabilities | (30) | (27) |
Net cash used in operating activities | (12,606) | (14,779) |
Cash flows from investing activities: | ||
Sales and maturities of marketable securities | 29,055 | 49,773 |
Purchases of marketable securities | (11,137) | (31,403) |
Purchases of property and equipment | (37) | (248) |
Net cash provided by investing activities | 17,881 | 18,122 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 1 | |
Net cash provided by financing activities | 1 | |
Net increase in cash and cash equivalents | 5,276 | 3,343 |
Cash and cash equivalents - beginning of period | 13,082 | 26,630 |
Cash and cash equivalents - end of period | 18,358 | 29,973 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | $ 19 | $ 21 |
Nature of the Business
Nature of the Business | 3 Months Ended |
Mar. 31, 2024 | |
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 focused on advancing innovative medicines that treat cancer patients that do not respond to, or have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates, antibodies and proteins. We focus on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. Since inception, the Company has devoted substantially all of its efforts and financial resources to discovery, research and development activities for the Company’s product candidates, identifying business development opportunities, raising capital and securing intellectual property rights related to the Company’s product candidates. 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 March 31, 2024, 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. As of March 31, 2024, the Company had cash, cash equivalents and marketable securities of $96.0 million. The Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its planned operations for at least the next twelve months from the issuance of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The following significant accounting policies are in addition to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”). Restructuring Charges • contractual or other employee termination benefits provided that the obligations result from services already rendered based on rights that vested or accumulate when the payment of benefits becomes probable and the amount can be reasonably estimated; • one-time employee termination benefits to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn; • contract termination costs when the Company cancels a contract in accordance with its terms; and • costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date. For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits. Long-Lived Asset Impairment Assessments Long-lived assets, including operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset group to future net cash flows estimated by the Company to be generated by such assets. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Basis of Presentation The unaudited condensed financial statements include the accounts of the Company 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. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2024 | |
Marketable Securities | |
Marketable Securities | 3. Marketable Securities Marketable securities consist of the following: March 31, 2024 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 62,716 $ — $ (151) $ 62,565 U.S. Treasury and Government agencies 15,109 — (31) 15,078 Total $ 77,825 $ — $ (182) $ 77,643 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 73,334 $ 36 $ (210) $ 73,160 U.S. Treasury and Government agencies 22,105 5 (53) 22,057 Total $ 95,439 $ 41 $ (263) $ 95,217 The Company uses the specific identification method when calculating realized gains and losses. For the three months ended March 31, 2024 and 2023, respectively, the Company recorded $0 and $0 in realized gains or losses on available-for-sale securities. 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 March 31, 2024, the Company had investments with a total fair market value of $77.6 million in an unrealized loss position, of which $7.0 million were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that the prevailing high interest rates 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 relates 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 March 31, 2024 : March 31, 2024 Fair (in thousands) Cost Value Maturities: Within 1 year $ 74,885 $ 74,703 Between 1 to 2 years 2,940 2,940 Total investments available-for-sale $ 77,825 $ 77,643 The Company has classified all of its available-for-sale investments, 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. The Company has elected to report interest receivable from its marketable securities with prepaid expenses and other current assets on its balance sheet. Interest receivable included in prepaid expenses and other current assets totaled $0.6 million and $0.8 million as of March 31, 2024 and December 31, 2023, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements | |
Fair Value Measurements | 4. 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 March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 17,858 $ 17,858 $ — $ — Marketable securities: Corporate bonds 62,565 — 62,565 — U.S. Treasury and Government agencies 15,078 — 15,078 — Total $ 95,501 $ 17,858 $ 77,643 $ — December 31, 2023 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 $ 12,582 $ 12,582 $ — $ — Marketable securities: Corporate bonds 73,160 — 73,160 — U.S. Treasury and Government agencies 22,057 — 22,057 — Total $ 107,799 $ 12,582 $ 95,217 $ — The Company did |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | 5. Leases The Company's lease portfolio consists of office space and laboratory facilities. All of the Company's leases are classified as operating leases. The terms of the Company's lease agreements currently extend through March 2030 and provide the Company with an option for a five-year extension. Under the terms of the leases, the Company pays base annual rent subject to fixed dollar increases each year and other normal operating expenses such as taxes, repairs, and maintenance. The Company evaluates renewal options at lease inception and on an ongoing basis and considers renewal options that the Company is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities in accordance with Accounting Standards Codification (“ASC”) 842. The leases do not require variable lease payments or residual value guarantees and do not contain restrictive covenants. The leases do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate as the discount rate when measuring the operating lease liability. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Operating lease expense was $272,000 for both the three months ended March 31, 2024 and March 31, 2023. Operating cash flows used for operating leases during the three months ended March 31, 2024 and March 31, 2023 were $277,000 and $246,000 , respectively. As of March 31, 2024, the weighted-average remaining lease term was 6.0 years, and the weighted average discount rate was 7.46% . As of March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands), which are included in Accrued liabilities and other liabilities and Lease liabilities, long term in the accompanying balance sheet: 2024 $ 850 2025 1,214 2026 1,355 2027 1,396 2028 1,438 Thereafter 1,857 Total future minimum payments $ 8,110 Less: present value discount (1,659) Present value of lease liabilities $ 6,451 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
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. As of March 31, 2024, 931,387 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, 2023 6,817,102 $ 8.83 7.3 $ 52 Granted 2,835,600 $ 1.66 — — Exercised (600) $ 1.55 — — Forfeitures (445,998) $ 2.27 — — Outstanding as of March 31, 2024 9,206,104 $ 6.94 7.7 3,032 Exercisable as of March 31, 2024 4,461,149 $ 11.43 6.1 $ 763 (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 December 31, 2023 and March 31, 2024. The weighted average grant date fair value of stock options granted to employees for the three months ended March 31, 2024 was $1.22 using the Black-Scholes option pricing model. There were 600 stock options exercised during the three months ended March 31, 2024. As of March 31, 2024, there was $8.8 million of total unrecognized compensation expense related to unvested options under the Plans that will be recognized over a weighted-average period of approximately 1.8 years. The aggregate grant date fair value of stock options vested during the three months ended March 31, 2024 and 2023 was approximately $2.0 million and $2.9 million, respectively. Stock-based compensation expense was classified on the statements of operations as follows for the three months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Research and development $ 669 $ 722 General and administrative 1,024 1,356 Total stock-based compensation expense $ 1,693 $ 2,078 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: Three Months Ended March 31, 2024 2023 Expected term 6.1 years 6.1 years Expected volatility 83.3 % 81.4 % Risk free interest rate 3.9-4.2 % 3.6 - 4.1 % 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 eligible employees of the Company to purchase shares of Company stock at a discounted price. As of March 31, 2024, 173,017 shares of common stock had been issued pursuant to the ESPP and 896,693 shares were reserved for future issuance thereunder. |
Collaboration Agreements
Collaboration Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Collaboration Agreements | |
Collaboration Agreements | 7. Collaboration Agreement with LigaChem Biosciences, Inc. (“LigaChem”), formerly known as LegoChem Biosciences In November 2022, the Company entered into a Research Collaboration and Co-Development Agreement (“Agreement”) with LigaChem to develop up to three antibody drug conjugates. Under the terms of the Agreement, both parties equally share the costs of developing the molecules and profits on commercialized products. The collaboration consists of up to three research programs for which a research plan will be developed. With respect to a research plan, each party shall use reasonable efforts to execute and perform the activities assigned to it. Each party shall be solely responsible for costs associated with its assigned activities as outlined in the research plan. Upon successful completion of a research plan, or as otherwise agreed, the parties may designate a research product as a co-development product. Upon designation of a co-development product, cost sharing on a 50-50 basis between the Company and LigaChem would begin. The activities associated with the research plan and co-development products will be coordinated by a joint steering committee, which is comprised of an equal number of representatives from the Company and LigaChem. If and when a co-development product becomes commercialized, the Company and LigaChem would equally share in the profits. There are no implied licenses or other rights created under this Agreement after designation of a co-development product. Effective April 1, 2023, the parties designated the initial co-development product under the Agreement. As such, cost sharing on a 50-50 basis commenced for the first co-development product under the Agreement. Given the involvement by both parties under this Agreement, management assessed the criteria under ASC 808 to determine if such agreement is within the scope of ASC 808. Based on the terms of the Agreement, the Company concluded that the Agreement meets the requirements of a collaboration within the guidance of ASC 808. The Company and LigaChem are active participants in the activities associated with the Agreement and are exposed to significant risks and rewards dependent on the commercial success of the activity. The Agreement is not reflective of a vendor-customer relationship and therefore not within the scope of ASC 606. Accordingly, the net costs associated with the co-development pursuant to the Agreement are expensed as incurred and recognized within research and development expenses on the statement of operations. As of March 31, 2024, LNCB74 was the lone co-development product and was in the early stages of development. During the three months ended March 31, 2024, the Company incurred more costs than LigaChem under the Agreement, and recorded a receivable from LigaChem and a corresponding reduction of $0.8 million in costs, reflecting the 50-50 cost sharing terms under the Agreement. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Asset Impairment | |
Restructuring and Asset Impairment | 8. Restructuring and Asset Impairment On March 19, 2024, the Board approved a restructuring plan and prioritization (the “2024 Restructuring”) of its clinical portfolio to focus on what the Company believes to be its highest-value opportunities in NC410 (ovarian and colorectal cancer) and LNCB74 (B7-H4 ADC). In addition to prioritizing these programs, the Company paused its internal manufacturing operations and reduced its workforce by approximately 37%. Employees affected by the reduction in force under the 2024 Restructuring are entitled to receive severance payments and Company-funded medical insurance for a specified time. During the three months ended March 31, 2024, the Company recognized $0.8 million for employees who had no requirements for future service upon approval of the 2024 Restructuring. The following table summarizes the activity for accrued severance costs for the three months ended March 31, 2024 (in thousands): 2024 Severance accrual, January 1 $ - Charges 755 Cash payments (120) Severance accrual, March 31 $ 635 The accrued severance liability of $0.6 million is payable within the next three months and has been included as accrued severance costs in accrued liabilities and other liabilities on the condensed balance sheet. The Company also completed an evaluation of the impact of the 2024 Restructuring on the carrying value of its long-lived assets. Our evaluation determined that indicators of impairment were present within right of use assets and property and equipment. Where impairment indicators existed, the Company evaluated the identified asset group and separately compared the estimated undiscounted cash flow for each asset group to the net book value of the related long-term asset. Based on this evaluation, the Company determined an impairment was present and then calculated the amount of the impairment by developing a fair value estimate of the asset group that was compared to the carrying value. The Company recorded $1.8 million of impairment charges related to a facility operating lease asset and accelerated depreciation on manufacturing equipment as of and for the three-months ended March 31, 2024. Assumptions used in this analysis included current real estate trends, length of time to enter into a sublease and the discount rate used to develop the present value estimate. Other assumptions included an estimate of the salvage value for manufacturing equipment that is no longer in use. These assumptions are considered nonrecurring Level 3 estimates. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2024 | |
Net Loss per Share Attributable to Common Stockholders | |
Net Loss per Share Attributable to Common Stockholders | 9. 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 2015 Plan and 2019 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 March 31, 2024 2023 Net loss (Numerator): Net loss - basic and diluted $ (17,107) $ (16,096) Shares (Denominator): Weighted-average shares outstanding - basic and diluted 27,903,040 27,774,536 Loss per share - basic and diluted $ (0.61) $ (0.58) For the three months ended March 31, 2024 and 2023, all 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: March 31, 2024 2023 Outstanding options to purchase common stock 9,206,104 7,030,160 Total 9,206,104 7,030,160 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes | |
Income Taxes | 10. Income Taxes The Company did not record a provision or benefit for income taxes during the three month periods ended March 31, 2024 and 2023. 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 of 1986, as amended (the “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 | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to litigation or legal proceedings arising in the ordinary course of business. The Company is not currently a party to any litigation or legal proceeding, nor is management aware of any pending or threatened litigation that, in the opinion of the Company’s management, is likely to materially affect the Company’s business or financial results. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies | |
Restructuring Charges | Restructuring Charges • contractual or other employee termination benefits provided that the obligations result from services already rendered based on rights that vested or accumulate when the payment of benefits becomes probable and the amount can be reasonably estimated; • one-time employee termination benefits to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn; • contract termination costs when the Company cancels a contract in accordance with its terms; and • costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date. For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits. |
Long-Lived Asset Impairment Assessments | Long-Lived Asset Impairment Assessments Long-lived assets, including operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset group to future net cash flows estimated by the Company to be generated by such assets. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. |
Basis of Presentation and Unaudited Financial Information | Basis of Presentation The unaudited condensed financial statements include the accounts of the Company 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. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Marketable Securities | |
Schedule of marketable securities | Marketable securities consist of the following: March 31, 2024 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 62,716 $ — $ (151) $ 62,565 U.S. Treasury and Government agencies 15,109 — (31) 15,078 Total $ 77,825 $ — $ (182) $ 77,643 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated (in thousands) Cost Gain Loss Fair Value Corporate bonds $ 73,334 $ 36 $ (210) $ 73,160 U.S. Treasury and Government agencies 22,105 5 (53) 22,057 Total $ 95,439 $ 41 $ (263) $ 95,217 |
Schedule of available-for-sale maturities | The following table summarizes maturities of the Company’s investments available-for-sale as of March 31, 2024 : March 31, 2024 Fair (in thousands) Cost Value Maturities: Within 1 year $ 74,885 $ 74,703 Between 1 to 2 years 2,940 2,940 Total investments available-for-sale $ 77,825 $ 77,643 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 17,858 $ 17,858 $ — $ — Marketable securities: Corporate bonds 62,565 — 62,565 — U.S. Treasury and Government agencies 15,078 — 15,078 — Total $ 95,501 $ 17,858 $ 77,643 $ — December 31, 2023 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 $ 12,582 $ 12,582 $ — $ — Marketable securities: Corporate bonds 73,160 — 73,160 — U.S. Treasury and Government agencies 22,057 — 22,057 — Total $ 107,799 $ 12,582 $ 95,217 $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of future minimum lease payments under non-cancellable leases | As of March 31, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands), which are included in Accrued liabilities and other liabilities and Lease liabilities, long term in the accompanying balance sheet: 2024 $ 850 2025 1,214 2026 1,355 2027 1,396 2028 1,438 Thereafter 1,857 Total future minimum payments $ 8,110 Less: present value discount (1,659) Present value of lease liabilities $ 6,451 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 6,817,102 $ 8.83 7.3 $ 52 Granted 2,835,600 $ 1.66 — — Exercised (600) $ 1.55 — — Forfeitures (445,998) $ 2.27 — — Outstanding as of March 31, 2024 9,206,104 $ 6.94 7.7 3,032 Exercisable as of March 31, 2024 4,461,149 $ 11.43 6.1 $ 763 (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 December 31, 2023 and March 31, 2024. |
Summary of stock based compensation expense recorded | Three Months Ended (in thousands) 2024 2023 Research and development $ 669 $ 722 General and administrative 1,024 1,356 Total stock-based compensation expense $ 1,693 $ 2,078 |
Summary of assumptions used in the Black Scholes option pricing model for stock options granted | Three Months Ended March 31, 2024 2023 Expected term 6.1 years 6.1 years Expected volatility 83.3 % 81.4 % Risk free interest rate 3.9-4.2 % 3.6 - 4.1 % Expected dividend yield — % — % |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Asset Impairment | |
Schedule of activity for accrued severance costs | The following table summarizes the activity for accrued severance costs for the three months ended March 31, 2024 (in thousands): 2024 Severance accrual, January 1 $ - Charges 755 Cash payments (120) Severance accrual, March 31 $ 635 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Net loss (Numerator): Net loss - basic and diluted $ (17,107) $ (16,096) Shares (Denominator): Weighted-average shares outstanding - basic and diluted 27,903,040 27,774,536 Loss per share - basic and diluted $ (0.61) $ (0.58) |
Summary of shares excluded from the computation of diluted net loss per share | March 31, 2024 2023 Outstanding options to purchase common stock 9,206,104 7,030,160 Total 9,206,104 7,030,160 |
Nature of the Business - Liquid
Nature of the Business - Liquidity (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Nature of the Business | |
Cash, cash equivalents and marketable securities | $ 96 |
Marketable Securities - (Detail
Marketable Securities - (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investments | |||
Amortized Cost | $ 77,825,000 | $ 95,439,000 | |
Gross Unrealized Gain | 41,000 | ||
Gross Unrealized Loss | (182,000) | (263,000) | |
Estimated Fair Value | 77,643,000 | 95,217,000 | |
Unrealized losses in a continuous loss position for more than twelve consecutive months | 7,000,000 | ||
Gross realized gains | 0 | $ 0 | |
Fair market value of investments in unrealized loss position | 77,600,000 | ||
Accrued interest receivable | $ 600,000 | $ 800,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | |
Cost Maturities: | |||
Within 1 year | $ 74,885,000 | ||
Between 1 to 2 years | 2,940,000 | ||
Total investments available for sale | 77,825,000 | ||
Fair Value Maturities: | |||
Within 1 year | 74,703,000 | ||
Between 1 to 2 years | 2,940,000 | ||
Total investments available for sale | 77,643,000 | ||
Corporate bonds | |||
Investments | |||
Amortized Cost | 62,716,000 | $ 73,334,000 | |
Gross Unrealized Gain | 36,000 | ||
Gross Unrealized Loss | (151,000) | (210,000) | |
Estimated Fair Value | 62,565,000 | 73,160,000 | |
U.S. Treasury and Government agencies | |||
Investments | |||
Amortized Cost | 15,109,000 | 22,105,000 | |
Gross Unrealized Gain | 5,000 | ||
Gross Unrealized Loss | (31,000) | (53,000) | |
Estimated Fair Value | $ 15,078,000 | $ 22,057,000 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair value of the Company's financial assets | ||
Marketable Securities | $ 77,643,000 | $ 95,217,000 |
Assets transferred into level 3 | 0 | |
Assets transferred out of level 3 | 0 | |
Corporate bonds | ||
Fair value of the Company's financial assets | ||
Marketable Securities | 62,565,000 | 73,160,000 |
U.S. Treasury and Government agencies | ||
Fair value of the Company's financial assets | ||
Marketable Securities | 15,078,000 | 22,057,000 |
Fair Value | ||
Fair value of the Company's financial assets | ||
Total financial assets | 95,501,000 | 107,799,000 |
Fair Value | Money market funds (cash equivalents) | ||
Fair value of the Company's financial assets | ||
Money market funds (cash equivalents) | 17,858,000 | 12,582,000 |
Fair Value | Corporate bonds | ||
Fair value of the Company's financial assets | ||
Marketable Securities | 62,565,000 | 73,160,000 |
Fair Value | U.S. Government agencies | ||
Fair value of the Company's financial assets | ||
Marketable Securities | 22,057,000 | |
Fair Value | U.S. Treasury and Government agencies | ||
Fair value of the Company's financial assets | ||
Marketable Securities | 15,078,000 | |
Fair Value | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the Company's financial assets | ||
Total financial assets | 17,858,000 | 12,582,000 |
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) | 17,858,000 | 12,582,000 |
Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair value of the Company's financial assets | ||
Total financial assets | 77,643,000 | 95,217,000 |
Fair Value | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Fair value of the Company's financial assets | ||
Marketable Securities | 62,565,000 | 73,160,000 |
Fair Value | Significant Other Observable Inputs (Level 2) | U.S. Government agencies | ||
Fair value of the Company's financial assets | ||
Marketable Securities | $ 22,057,000 | |
Fair Value | Significant Other Observable Inputs (Level 2) | U.S. Treasury and Government agencies | ||
Fair value of the Company's financial assets | ||
Marketable Securities | $ 15,078,000 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases | ||
Lease extension period | 5 years | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Operating lease expense | $ 272,000 | $ 272,000 |
Operating cash flows used for operating leases | $ 277,000 | $ 246,000 |
Weighted=average remaining lease term | 6 years | |
Weighted average discount rate (as a percent) | 7.46% |
Leases - Maturities (Details)
Leases - Maturities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Future minimum lease payments | |
2024 | $ 850 |
2025 | 1,214 |
2026 | 1,355 |
2027 | 1,396 |
2028 | 1,438 |
Thereafter | 1,857 |
Total future minimum payments | 8,110 |
Less: present value discount | (1,659) |
Present value of lease liabilities | $ 6,451 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 59 Months Ended | ||
May 03, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | |
2015 Plan | |||||
Number of Shares | |||||
Outstanding at the beginning (in shares) | 6,817,102 | ||||
Granted (in shares) | 2,835,600 | ||||
Exercised (in shares) | (600) | ||||
Forfeitures (in shares) | (445,998) | ||||
Outstanding at the end (in shares) | 9,206,104 | 6,817,102 | 9,206,104 | ||
Exercisable at the end (in shares) | 4,461,149 | 4,461,149 | |||
Weighted Average Exercise Price | |||||
Outstanding at the beginning (in dollars per share) | $ 8.83 | ||||
Granted (in dollars per share) | 1.66 | ||||
Exercised (in dollars per share) | 1.55 | ||||
Forfeited (in dollars per share) | 2.27 | ||||
Outstanding at the end (in dollars per share) | 6.94 | $ 8.83 | $ 6.94 | ||
Exercisable at the end (in dollars per share) | $ 11.43 | $ 11.43 | |||
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value | |||||
Outstanding (in years) | 7 years 8 months 12 days | 7 years 3 months 18 days | |||
Exercisable at the end (in years) | 6 years 1 month 6 days | ||||
Outstanding at the beginning (in dollars) | $ 52 | ||||
Outstanding at the end (in dollars) | 3,032 | $ 52 | $ 3,032 | ||
Exercisable at the end (in dollars) | $ 763 | 763 | |||
Weighted average grant date fair value per share of stock options granted | $ 1.22 | ||||
Aggregate grant date fair value | $ 2,000 | $ 2,900 | |||
Share Based Compensation Expense Not Recognized | |||||
Unrecognized compensation cost | $ 8,800 | $ 8,800 | |||
Compensation expense recognition period | 1 year 9 months 18 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 | 931,387 | 931,387 | |||
2019 Employee Stock Purchase Plan | |||||
Stock Based Compensation | |||||
Number of shares issued | 173,017 | ||||
Number of shares reserved for issuance under the plan | 896,693 | 896,693 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock based compensation expense | ||
Total stock-based compensation expense | $ 1,693 | $ 2,078 |
Research and development | ||
Stock based compensation expense | ||
Total stock-based compensation expense | 669 | 722 |
General and administrative | ||
Stock based compensation expense | ||
Total stock-based compensation expense | $ 1,024 | $ 1,356 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair value assumptions | ||
Expected term | 6 years 1 month 6 days | |
Expected volatility | 83.30% | 81.40% |
Minimum | ||
Fair value assumptions | ||
Expected term | 6 years 1 month 6 days | |
Risk free interest rate | 3.90% | 3.60% |
Maximum | ||
Fair value assumptions | ||
Risk free interest rate | 4.20% | 4.10% |
Collaboration Agreements (Detai
Collaboration Agreements (Details) - Research Collaboration and Co-Development Agreement $ in Millions | 1 Months Ended | 3 Months Ended |
Nov. 30, 2022 item | Mar. 31, 2024 USD ($) | |
Collaboration Agreements | ||
Collaboration agreements cost sharing percentage (as a percent) | 50% | |
Collaboration arrangement reduction in expenses | $ 0.8 | |
Additional receivable on collaboration agreements, finalization of cost sharing | $ 1.6 | |
LigaChem Biosciences | ||
Collaboration Agreements | ||
Maximum number of antibody drug conjugates to be developed | item | 3 | |
Collaboration agreements cost sharing percentage (as a percent) | 50% |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 19, 2024 | Mar. 31, 2024 | |
Restructuring and Asset Impairment | ||
Asset impairment | $ 1,787 | |
Employee severance | ||
Restructuring and Asset Impairment | ||
Percent of workforce reduction | 37% | |
Severance costs | 800 | |
Employee severance | Accrued liabilities and other liabilities | ||
Restructuring and Asset Impairment | ||
Accrued severance liability | $ 600 |
Restructuring and Asset Impai_4
Restructuring and Asset Impairment - Activity for accrued severance costs (Details) - Employee severance $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Activity for accrued severance costs | |
Severance accrual, Beginning balance | $ 0 |
Charges | 755 |
Cash payments | (120) |
Severance accrual, ending balance | $ 635 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income loss (Numerator): | ||
Net loss - basic and diluted | $ (17,107) | $ (16,096) |
Shares (Denominator): | ||
Weighted-average shares for basic EPS (in shares) | 27,903,040 | 27,774,536 |
Weighted-average shares for diluted EPS (in shares) | 27,903,040 | 27,774,536 |
Basic EPS (in dollars per share) | $ (0.61) | $ (0.58) |
Diluted EPS (in dollars per share) | $ (0.61) | $ (0.58) |
Net Loss per Share Attributab_4
Net Loss per Share Attributable to Common Stockholders - Anti-dilutive effect (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities | ||
Antidilutive securities excluded from computation of diluted net loss per share | 9,206,104 | 7,030,160 |
Employee Stock Option [Member] | ||
Antidilutive Securities | ||
Antidilutive securities excluded from computation of diluted net loss per share | 9,206,104 | 7,030,160 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes | ||
Provision or benefit from income taxes | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (17,107) | $ (16,096) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |