Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | APVO | |
Entity Registrant Name | APTEVO THERAPEUTICS INC. | |
Entity Central Index Key | 0001671584 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 9,420,489 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Address, Address Line One | 2401 4th Avenue | |
Entity Address, Address Line Two | Suite 1050 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98121 | |
City Area Code | 206 | |
Local Phone Number | 838-0500 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 81-1567056 | |
Entity File Number | 001-37746 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 8,066 | $ 16,904 |
Prepaid expenses | 798 | 1,473 |
Other current assets | 715 | 689 |
Total current assets | 9,579 | 19,066 |
Property and equipment, net | 697 | 895 |
Operating lease right-of-use asset | 4,645 | 4,881 |
Total assets | 14,921 | 24,842 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 3,736 | 3,984 |
Accrued compensation | 892 | 2,098 |
Other current liabilities | 791 | 1,142 |
Total current liabilities | 5,419 | 7,224 |
Other long-term liabilities | 14 | |
Operating lease liability | 5,025 | 5,397 |
Total liabilities | 10,458 | 12,621 |
Stockholders' equity: | ||
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding | ||
Common stock: $0.001 par value; 500,000,000 shares authorized; 4,080,665 and 442,458 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 69 | 61 |
Additional paid-in capital | 240,558 | 235,607 |
Accumulated deficit | (236,164) | (223,447) |
Total stockholders' equity | 4,463 | 12,221 |
Total liabilities and stockholders' equity | $ 14,921 | $ 24,842 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 4,080,665 | 442,458 |
Common stock, shares outstanding | 4,080,665 | 442,458 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses: | ||||
Research and development | $ (3,643,000) | $ (5,462,000) | $ (7,395,000) | $ (9,630,000) |
General and administrative | (2,381,000) | (2,716,000) | (5,612,000) | (6,304,000) |
Loss from operations | (6,024,000) | (8,178,000) | (13,007,000) | (15,934,000) |
Other income: | ||||
Other income from continuing operations, net | 141,000 | 230,000 | 290,000 | 163,000 |
Gain related to sale of non-financial asset | 9,650,000 | |||
Net loss from continuing operations | (5,883,000) | (7,948,000) | (12,717,000) | (6,121,000) |
Discontinued operations: | ||||
Income from discontinued operations | 0 | 0 | 0 | 946,000 |
Net loss | $ (5,883,000) | $ (7,948,000) | $ (12,717,000) | $ (5,175,000) |
Basic and diluted net loss per share from continuing operations: | ||||
Basic | $ (1.67) | $ (53.95) | $ (6.02) | $ (37.45) |
Diluted | (1.67) | (53.95) | (6.02) | (37.45) |
Basic net loss per share | (1.67) | (53.95) | (6.02) | (31.67) |
Diluted net loss per share | $ (1.67) | $ (53.95) | $ (6.02) | $ (31.67) |
Shares used in calculation: | ||||
Basic shares used in calculation | 3,519,875 | 147,321 | 2,111,131 | 163,425 |
Diluted shares used in calculation | 3,519,875 | 147,321 | 2,111,131 | 163,425 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net loss | $ (12,717) | $ (5,175) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 992 | 1,380 |
Depreciation and amortization | 197 | 328 |
Non-cash interest expense and other | 10 | |
Changes in operating assets and liabilities: | ||
Royalty receivable | 2,500 | |
Prepaid expenses and other current assets | 650 | 641 |
Operating lease right-of-use asset | 236 | 205 |
Accounts payable, accrued compensation and other liabilities | (1,805) | 205 |
Long-term operating lease liability | (357) | (331) |
Net cash used in operating activities | (12,804) | (237) |
Financing Activities | ||
Payments of long-term debt, including fees | (3,467) | |
Value of equity awards withheld for tax liability | (1) | (8) |
Proceeds from issuance of common stock | 3,970 | 2,083 |
Payments in lieu of fractional shares | (3) | |
Net cash provided by (used in) financing activities | 3,966 | (1,392) |
Decrease in cash and cash equivalents | (8,838) | (1,629) |
Cash and cash equivalents at beginning of period | 16,904 | 22,635 |
Cash and cash equivalents at end of period | $ 8,066 | $ 21,006 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance at Dec. 31, 2022 | $ 17,974 | $ 48 | $ 223,962 | $ (206,036) |
Balance (in shares) at Dec. 31, 2022 | 146,961 | |||
Common stock issued upon vesting of restricted stock units | (8) | (8) | ||
Common stock issued upon vesting of restricted stock units (in shares) | 961 | |||
Issuances of common stock | 1,602 | $ 1 | 1,601 | |
Issuances of common stock (in shares) | 16,611 | |||
Stock-based compensation | 915 | 915 | ||
Net income (loss) for the period | 2,773 | 2,773 | ||
Balance at Mar. 31, 2023 | 23,256 | $ 49 | 226,470 | (203,263) |
Balance (in shares) at Mar. 31, 2023 | 164,533 | |||
Balance at Dec. 31, 2022 | 17,974 | $ 48 | 223,962 | (206,036) |
Balance (in shares) at Dec. 31, 2022 | 146,961 | |||
Net income (loss) for the period | (5,175) | |||
Balance at Jun. 30, 2023 | 16,253 | $ 49 | 227,415 | (211,211) |
Balance (in shares) at Jun. 30, 2023 | 171,441 | |||
Balance at Mar. 31, 2023 | 23,256 | $ 49 | 226,470 | (203,263) |
Balance (in shares) at Mar. 31, 2023 | 164,533 | |||
Common stock issued upon vesting of restricted stock units | (2) | (2) | ||
Common stock issued upon vesting of restricted stock units (in shares) | 90 | |||
Issuances of common stock | 482 | 482 | ||
Issuances of common stock (in shares) | 6,818 | |||
Stock-based compensation | 465 | 465 | ||
Net income (loss) for the period | (7,948) | (7,948) | ||
Balance at Jun. 30, 2023 | 16,253 | $ 49 | 227,415 | (211,211) |
Balance (in shares) at Jun. 30, 2023 | 171,441 | |||
Balance at Dec. 31, 2023 | 12,221 | $ 61 | 235,607 | (223,447) |
Balance (in shares) at Dec. 31, 2023 | 442,458 | |||
Common stock issued upon vesting of restricted stock units (in shares) | 213 | |||
Issuances of common stock | $ 5 | (5) | ||
Issuances of common stock (in shares) | 231,130 | |||
Payment in lieu of fractional shares in connection with the 1-for-44 reverse stock split effected on March 5, 2024 | (3) | (3) | ||
Payment in lieu of fractional shares in connection with the 1-for-44 reverse stock split effected on March 5, 2024 (in shares) | (371) | |||
Stock-based compensation | 719 | 719 | ||
Net income (loss) for the period | (6,834) | (6,834) | ||
Balance at Mar. 31, 2024 | 6,103 | $ 66 | 236,318 | (230,281) |
Balance (in shares) at Mar. 31, 2024 | 673,430 | |||
Balance at Dec. 31, 2023 | 12,221 | $ 61 | 235,607 | (223,447) |
Balance (in shares) at Dec. 31, 2023 | 442,458 | |||
Net income (loss) for the period | (12,717) | |||
Balance at Jun. 30, 2024 | 4,463 | $ 69 | 240,558 | (236,164) |
Balance (in shares) at Jun. 30, 2024 | 4,080,665 | |||
Balance at Mar. 31, 2024 | 6,103 | $ 66 | 236,318 | (230,281) |
Balance (in shares) at Mar. 31, 2024 | 673,430 | |||
Common stock issued upon vesting of restricted stock units (in shares) | 2,257 | |||
Issuances of common stock | 3,970 | $ 3 | 3,967 | |
Issuances of common stock (in shares) | 3,404,978 | |||
Stock-based compensation | 273 | 273 | ||
Net income (loss) for the period | (5,883) | (5,883) | ||
Balance at Jun. 30, 2024 | $ 4,463 | $ 69 | $ 240,558 | $ (236,164) |
Balance (in shares) at Jun. 30, 2024 | 4,080,665 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)(Parenthetical) | 3 Months Ended | ||
Mar. 05, 2024 | Feb. 27, 2024 | Mar. 31, 2024 | |
Statement of Stockholders' Equity [Abstract] | |||
Reverse stock split | 0.02 | 0.02 | 0.02 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (5,883) | $ (6,834) | $ (7,948) | $ 2,773 | $ (12,717) | $ (5,175) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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 |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Note 1. Nature of Business and Significant Accounting Policies Organization and Liquidity Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a clinical-stage, research and development biotechnology company focused on developing novel immuno-oncology candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs. Our clinical candidates, APVO436 and ALG.APV-527, and preclinical candidates, APVO603 and APVO711, were developed using our ADAPTIR modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX modular protein technology platform. We are currently trading on the Nasdaq Capital Market under the symbol "APVO." The accompanying financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the uncertainty of our ability to continue as a going concern, nor do they include adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. For the six months ended June 30, 2024, we had a net loss of $ 12.7 million. We had an accumulated deficit of $ 236.2 million as of June 30, 2024. For the six months ended June 30, 2024, net cash used in our operating activities was $ 12.8 million. We have suffered recurring losses from operations and negative cash flows from operating activities. When considered in aggregate, these factors raise substantial doubt about our ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. We will need to raise additional funds to support our operating and capital needs in addition to our existing cash resources, cash to be generated from future milestones related to IXINITY sales and regulatory approvals achieved by Medexus Pharmaceuticals ("Medexus"), and exercise of common warrants. We may choose to raise additional funds to support our operating and capital needs in the future. We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) whether and to what extent potential milestones are received from Medexus with respect to IXINITY; (e) macroeconomic conditions such as rising interest rates, inflation and costs; and (f) other items affecting our forecasted level of expenditures and use of cash resources. We may attempt to obtain other public or private financing, collaborative or licensing arrangements with strategic partners, or through credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences, and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing, or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back, or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to continue our operations. If any of these events occurs, our ability to achieve our development goals may be adversely affected. Given the continuing global economic and geopolitical climate, including rising interest rates and stock market volatility, we may experience delays or difficulties in the financing environment and raising capital due to economic uncertainty. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC ("Aptevo R&D"). All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates. Significant Accounting Policies Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the "Purchase Agreement") with XOMA (US) LLC ("XOMA") pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement with Medexus, dated February 28, 2020 (the "LLC Purchase Agreement"). Under the terms of the Purchase Agreement, we received $ 9.6 million at closing (the "Closing Payment") and an additional post-closing payment of $ 0.05 million. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification ("ASC") 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the "SEC") on March 5, 2024. Our other significant accounting policies have not changed materially from the policies previously reported. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 2. Discontinued Operations The accompanying unaudited condensed consolidated financial statements include discontinued operations from the sale of business products and segments. The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands): For the Six Months Ended June 30, 2024 2023 Deferred payment from Medexus — 523 Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics — 163 Gain on contingent consideration from Kamada — 260 Income from discontinued operations $ — $ 946 For the three months ended June 30, 2024 and 2023, and the six months ended June 30, 2024 , we did no t record income from discontinued operations. For the six months ended June 30, 2023 , we collected $ 0.5 million in deferred payments from Medexus related to IXINITY sales and $ 0.2 million related to funds released from escrow from the sale of Aptevo BioTherapeutics in 2020. Additionally, we received $ 0.3 million related to the sale of hyperimmune business to Saol (later acquired by Kamada, Ltd.) as a result of the collection of certain accounts receivable. |
XOMA Transaction
XOMA Transaction | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
XOMA Transaction | Note 3. XOMA Transaction On March 29, 2023, we entered into and closed a Purchase Agreement with XOMA pursuant to which we sold to XOMA our right, title and interest in and to all of the deferred payments and a portion of the milestone payments from Medexus under our LLC Purchase Agreement. Under the terms of our Purchase Agreement with XOMA, we received $ 9.6 million at closing and an additional post-closing payment of $ 0.05 million. In exchange for the Closing Payment, we sold to XOMA our right, title and interest to the following payments under the LLC Purchase Agreement: (i) 100 % of the Company’s entitlement to receive the deferred payments that may become due and payable following March 29, 2023 (including, for avoidance of doubt, any and all payments earned during Q1 2023), (ii) 25 % of the Company’s entitlement to receive the Canadian approval milestone payment; and (iii) 50 % of the Company’s entitlement to receive the European approval milestone payments and net sales milestone payment. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. |
Collaboration Agreements
Collaboration Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration Agreements | Note 4. Collaboration Agreements Alligator Bioscience AB On July 20, 2017, our wholly owned subsidiary, Aptevo R&D, entered into a collaboration and option agreement (the "Collaboration Agreement") with Alligator Bioscience AB ("Alligator"), pursuant to which Aptevo and Alligator have been collaboratively developing ALG.APV-527, a first-in-class bispecific antibody candidate simultaneously targeting 4-1BB (CD137), a member of the TNFR superfamily of a costimulatory receptor found on activated T cells, and 5T4, a tumor antigen widely overexpressed in a number of different types of cancer. We assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Alligator, is not a customer. As such the arrangement is not in the scope of ASC 606 and is instead treated as a collaborative agreement under ASC 808 – Collaborative Arrangements ("ASC 808"). In accordance with ASC 808, we concluded that because the Collaboration Agreement is a cost sharing agreement, there is no revenue. For the six months ended June 30, 2024 and 2023 , we recorded approximately $ 1.3 million and $ 1.5 million, which represent our 50 % cost share, in our research and development expense related to the Collaboration Agreement, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, it gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows: Level 1— Quoted prices in active markets for identical assets and liabilities; Level 2— Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At June 30, 2024 and December 31, 2023, we had $ 7.1 million and $ 13.2 million in Level 1 money market funds, respectively. The carrying amounts of our money market funds approximate their fair value. At June 30, 2024 and December 31, 2023 , we did no t have any Level 2 or Level 3 assets. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 6. Cash and Cash Equivalents The Company’s cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds. The following table shows our cash and cash equivalents as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Cash $ 962 $ 3,733 Cash equivalents 7,104 13,171 Total cash and cash equivalents $ 8,066 $ 16,904 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Note 7. Leases Office Space Lease - Operating We have an operating lease related to our office and laboratory space in Seattle, Washington with a term through April 2030 and two options to extend the lease term, each by five years . As of June 30, 2024 , we are not reasonably certain to exercise the two options to extend the lease term and our lease liability is recorded through April 30, 2030. For the three and six months ended June 30, 2024 and 2023 , we recorded $ 0.2 million and $ 0.4 million, respectively, related to variable lease expense. Components of lease expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 297 $ 297 $ 594 $ 594 Total lease cost $ 297 $ 297 $ 594 $ 594 Right of use assets acquired under operating leases: As of June 30, As of December 31, (in thousands) 2024 2023 Seattle office lease, including amendment $ 4,645 $ 4,881 Total operating leases $ 4,645 $ 4,881 Lease payments: For the Six Months Ended June 30, (in thousands) 2024 2023 For operating leases $ 688 $ 459 As of June 30, 2024 , the long-term and current portion of the lease liabilities was $ 5.0 million and $ 0.7 million, respectively. As of June 30, 2023 , the long-term and current portion of the lease liabilities was $ 5.7 million and $ 0.6 million, respectively. As of June 30, 2024 , the weighted-average remaining lease term and weighted-average discount rate for operating leases was 5.84 years and 12.03 %. |
Reverse Stock Split
Reverse Stock Split | 6 Months Ended |
Jun. 30, 2024 | |
Reverse Stock Split [Abstract] | |
Reverse Stock Split | Note 8. Reverse Stock Split On February 5, 2024, we held a Special Meeting of the Stockholders (the "Special Meeting") at which our stockholders approved a series of alternate amendments to the Amended and Restated Certificate of Incorporation to effect, at the option of our Board of Directors (the "Board"), a reverse split of Aptevo's common stock at a ratio ranging from 1-for-15 to 1-for-44 , inclusive, with the effectiveness of one of such amendments and the abandonment of the other amendments, or the abandonment of all amendments, to be determined by the Board in its sole discretion following the Special Meeting. The specific 1-for-44 reverse split ratio was subsequently approved by the Board on February 27, 2024. On March 5, 2024, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-44 reverse stock split of the Company's outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split became effective on March 5, 2024 at 5:01 p.m. Eastern Time, and our common stock began trading on the Nasdaq Capital Market, on a split-adjusted basis, at market open on March 6, 2024. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who would otherwise be entitled to receive a fractional share received a cash payment in lieu thereof. We have adjusted all common stock and stock equivalent figures retroactively in this Form 10-Q for all periods presented to reflect the Reverse Stock Split. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Note 9. Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common share equivalents outstanding for the period using the as-if converted method. For the purpose of this calculation, warrants, stock options and restricted stock units ("RSUs") are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income (loss) from continuing operations or income (loss) from discontinued operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Common stock equivalents include warrants, stock options and unvested RSUs. The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net loss from continuing operations $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 6,121 ) Income from discontinued operations — — — 946 Net loss $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 5,175 ) Basic and diluted net loss per share from continuing operations: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Basic and diluted net income per share from discontinued operations: Basic $ — $ — $ — $ 5.79 Diluted $ — $ — $ — $ 5.79 Basic and diluted net loss per share: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Shares used in calculation: Basic 3,519,875 147,321 2,111,131 163,425 Diluted 3,519,875 147,321 2,111,131 163,425 The following table represents all potentially dilutive shares: As of June 30, 2024 2023 Warrants 7,489,253 7,967 Outstanding options to purchase common stock 9,670 10,618 Unvested RSUs 5,263 7,727 We use the treasury stock method when determining dilutive shares. For the three and six months ended June 30, 2024 and 2023 , the Company was in a net loss position, therefore the share number used to calculate diluted earnings per share is the same as the basic earnings per share. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Note 10. Equity August 2023 Public Raise On August 4, 2023, we completed a public offering of common stock and warrants, which included the following: • 50,488 shares of common stock at a price of $ 27.28 per share. • Pre-funded warrants to purchase up to 132,793 shares of common stock at a price of $ 27.28 per with an exercise price of $ 0.001 per share. As of June 30, 2024, all pre-funded warrants have been exercised. • Series A and Series B common warrants to purchase up to an aggregate of 366,562 shares of common stock at an exercise price of $ 27.28 per share. We received net proceeds of $ 4.3 million, net of transaction costs, as a result of this offering. In the fourth quarter of 2023, an aggregate of 322,691 Series A and Series B common warrants were exercised as part of our November 2023 warrant inducement agreement with certain holders of our common warrants. The Series A and Series B common warrants are exercisable immediately following the date of issuance and will expire on August 4, 2028 and February 4, 2025 , respectively . In connection with a registered direct offering of the Company that closed on July 1, 2024 (the “Registered Direct Offering”), the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our August 2023 public offering, such that these common warrants will have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024 , we have 42,555 Series A and 1,316 Series B common warrants outstanding from our August 2023 public offering with an exercise price of $ 27.28 per share. Of these outstanding common warrants, 41,239 Series A common warrants have an amended exercise price of $ 0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events." If such warrants are exercised, we will receive up to an additional $ 0.1 million in gross proceeds. November 2023 Warrant Inducement On November 9, 2023, we entered into a warrant inducement agreement (the "Inducement Agreement") with certain holders of our Series A and Series B common warrants issued in connection with our August 2023 public offering to exercise for cash 140,726 Series A and 181,965 Series B common warrants at a reduced exercise price of $ 10.25 . We received $ 3.3 million in gross proceeds from the exercise of these warrants and issued an aggregate of 645,382 new Series A and new Series B warrants as follows: • 281,452 Series A common warrants to purchase an aggregate of up to 281,452 shares of common stock at $ 10.25 per share, of which 140,726 Series A-1 common warrants were immediately exercisable and 140,726 Series A-2 common warrants were exercisable at any time on or after February 5, 2024 . The Series A-1 and Series A-2 common warrants have terms of four years and eight months , and five years , respectively. • 363,930 Series B common warrants to purchase an aggregate of up to 363,930 shares of common stock at $ 10.25 per share, of which 181,965 Series B-1 common warrants were immediately exercisable and 181,695 Series B-2 common warrants were exercisable at any time on or after February 5, 2024 . The Series B-1 and Series B-2 common warrants have terms of fourteen months and twenty-four months , respectively. On July 1, 2024, in connection with the Registered Direct Offering, the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our November 2023 warrant inducement, such that these common warrants will have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024 , we have 140,726 Series A-1, 140,726 Series A-2, 181,965 Series B-1 and 181,965 Series B-2 common warrants outstanding from our November 2023 warrant inducement with an exercise price of $ 10.25 per share. Of these outstanding common warrants, 131,964 Series A-1, 131,964 Series A-2, 173,203 Series B-1 and 173,203 Series B-2 common warrants have an amended exercise price of $ 0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events." If such warrants are exercised, we will receive up to an additional $ 0.7 million in gross proceeds. April 2024 Public Raise On April 15, 2024, we completed a public offering of common stock and warrants, in which we received net proceeds of $ 4.0 million, net of transaction costs, which included the following: • 926,666 shares of common stock and accompanying common warrants to purchase up to 1,853,332 shares of common stock at a public offering price of $ 1.35 per share; and • Pre-funded warrants to purchase up to 2,473,334 shares of common stock and accompanying common warrants to purchase up to 4,946,668 shares of common stock at a combined public offering price of $ 1.3499 per pre-funded warrant, which is equal to the public offering price per share of common stock less the $ 0.0001 per share exercise price of each such pre-funded warrant. As of June 30, 2024, all pre-funded warrants have been exercised. The common warrants are exercisable immediately following the date of issuance and will expire in April 2029. On July 1, 2024, in connection with the Registered Direct Offering, the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our April 2024 public offering, such that these common warrants will have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024 , we have 6,800,000 common warrants outstanding from our April 2024 public offering with an exercise price of $ 1.35 per share, of which 6,666,668 common warrants have an amended exercise price of $ 0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events." If such warrants are exercised, we will receive up to an additional $ 3.6 million in proceeds. Number of Weighted-Average Exercise Price Weighted- Outstanding at December 31, 2023 697,220 $ 20.36 2.99 Issued 6,800,000 1.35 4.75 Exercised — — — Expired ( 7,967 ) 800.80 — Outstanding at June 30, 2024 7,489,253 $ 2.27 4.54 Exercisable at June 30, 2024 7,489,253 $ 2.27 4.54 Aptevo uses Black-Scholes valuation model for estimating the fair value of the common warrants included in the April 2024 public offering. Set forth below are the assumptions used in valuing the common warrants issued: For the Six Months Ended June 30, 2024 Expected dividend yield 0.00 % Expected volatility 110.01 % Risk-free interest rate 5.16 % Expected average life of warrants 5 years Equity Distribution Agreement The Company previously entered into an Equity Distribution Agreement with Piper Sandler (the "Equity Distribution Agreement") under which we could issue and sell through Piper Sandler shares of our common stock pursuant to a Registration Statement on Form S-3 (the "Shelf Registration Statement") which we filed on December 14, 2020, and expired in December 2023. In the six months ended June 30, 2023 , the Company issued 16,611 shares of common stock at an average price of $ 99.43 under the Equity Distribution Agreement. We received $ 1.6 million in proceeds from the issuance of these shares. Lincoln Park Purchase Agreement On February 16, 2022, we entered into a Purchase Agreement ("2022 Purchase Agreement") and a Registration Rights Agreement with Lincoln Park (the "Registration Rights Agreement") to purchase up to $ 35.0 million of our common stock over a 36-month period, for which we issued 2,256 shares of our common stock to Lincoln Park for no cash consideration as an initial fee for its commitment to purchase shares of our common stock under the 2022 Purchase Agreement. For the six months ended June 30, 2024 , we did no t issue shares of our common stock and for the six months ended June 30, 2023 , we issued 6,818 shares of our common stock to Lincoln Park under the 2022 Purchase Agreement and we received $ 0.5 million in proceeds from issuance of these shares. Our Shelf Registration Statement on Form S-3 expired on December 18, 2023, without which we cannot issue shares pursuant to the 2022 Purchase Agreement. Rights Plan On November 8, 2020, our Board approved and adopted a Rights Agreement (the "Rights Agreement"), dated as of November 8, 2020, by and between the Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent, pursuant to which the Board declared a dividend of one preferred share purchase right (each, a "Right") for each outstanding share of the Company’s common stock held by stockholders as of the close of business on November 23, 2020. One Right also will be issued together with each common share issued by the Company after November 23, 2020, but before the Distribution Date (as defined in the Rights Agreement) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date. When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock , Series A Junior Participating Preferred Stock, par value $ 0.001 per share, of the Company. Subject to various exceptions, the Rights become exercisable in the event any person (excluding certain exempted or grandfathered persons) becomes the beneficial owner of ten percent ( 10 %) or more of the Company’s common stock without the approval of the Board. On November 2, 2023, we entered into amendment No. 3 to the Rights Agreement and extended the expiration of such agreement to November 4, 2024 and changed the exercise price to $ 2.02 per one one-thousandth of a Series A Junior Participating Preferred Share (as defined in the Rights Agreement), subject to adjustment. 2018 Stock Incentive Plan On June 1, 2018, at the 2018 annual meeting of the stockholders, the Company’s stockholders approved a new 2018 Stock Incentive Plan (the "2018 SIP"), which replaced the Restated 2016 Plan (the "2016 SIP") on a go-forward basis. All stock options, RSUs or other equity awards granted subsequent to June 1, 2018 have been and will be issued out of the 2018 SIP, which has 0.2 million shares of Aptevo common stock authorized for issuance. The 2018 SIP became effective immediately upon stockholder approval at the 2018 annual meeting of the stockholders. Any shares subject to outstanding stock awards granted under the 2016 SIP that (a) expire or terminate for any reason prior to exercise or settlement; (b) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (c) otherwise would have returned to the 2016 SIP for future grant pursuant to the terms of the 2016 SIP (such shares, the "Returning Shares") will immediately be added to the share reserve under the 2018 SIP as and when such shares become Returning Shares, up to a maximum of 0.2 million shares. On June 7, 2022, at the 2022 annual meeting of the stockholders, our stockholders approved the Amended and Restated 2018 SIP (the "Amended 2018 SIP") to increase the number of shares authorized for issuance under the 2018 SIP by 11,363 shares of common stock ( adjusted for 1-for-44 reverse stock split effective as of March 5, 2024). On June 7, 2024, at the 2024 annual meeting of the stockholders, our stockholders approved the Second Amended and Restated 2018 SIP (the "Second Amended 2018 SIP") to increase the number of shares authorized for issuance under the Amended 2018 SIP by 165,000 shares of common stock. As of June 30, 2024 , there are 0.2 million shares available to be granted under the Second Amended 2018 SIP. Stock options and RSUs under the Second Amended 2018 SIP generally vest pro rata over a one-year or three-year period. Stock options terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers, members of our Board, and certain other employees and consultants may be awarded options and/or RSUs with different vesting criteria, and awards granted to non-employee directors will vest over a one-year period. Option exercise and RSU grant prices for new awards granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of grant. Stock-Based Compensation Expense Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 49 $ 112 $ 291 $ 422 General and administrative 224 353 701 958 Total stock-based compensation expense $ 273 $ 465 $ 992 $ 1,380 The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes the compensation expense over the vesting period. All assumptions used to calculate the grant date fair value of non-employee equity awards are generally consistent with the assumptions used for equity awards granted to employees. In the event the Company terminates any of its consulting agreements, the unvested equity underlying the agreements would also be forfeited. The stock compensation is lower in the current period mainly due to a decrease in our stock price. Stock Options Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted: For the Six Months Ended June 30, 2024 2023 Expected dividend yield — — Expected volatility — 103.63 % Risk-free interest rate — 4.18 % Expected average life of options — 5 years The Company did no t grant stock options for the three and six months ended June 30, 2024 or for the three months ended June 30, 2023. For the six months ended June 30, 2023 , management has applied an estimated forfeiture rate of 30 %. The following is a summary of option activity for the six months ended June 30, 2024: Number of Weighted- Weighted- Balance at December 31, 2023 9,946 $ 563.19 7.38 Granted — — — Exercised — — — Forfeited ( 276 ) 658.89 — Outstanding at June 30, 2024 9,670 $ 559.24 7.04 Exercisable June 30, 2024 7,204 $ 695.34 6.58 Vested and expected to vest at June 30, 2024 9,107 $ 586.09 6.95 As of June 30, 2024 , we had $ 0.2 million of unrecognized compensation expense related to options expected to vest over a weighted-average remaining vesting period of 0.9 years. The weighted-average grant date fair value per share of options granted during the six months ended June 30, 2023 , was $ 73.92 . The total fair value of stock options vested for the six months ended June 30, 2024 and 2023 was $ 1.0 million and $ 1.1 million, respectively. The aggregate intrinsic value is the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of June 30, 2024 and the exercise price, multiplied by the number of in the money options) that would have been received by the option holders had all the option holders exercised their options on the last trading day of the quarter. Restricted Stock Units The following is a summary of RSU activity for the six months ended June 30, 2024: Number of Weighted Balance at December 31, 2023 6,342 $ 205.08 Granted 1,672 7.19 Vested ( 2,578 ) 279.59 Forfeited ( 173 ) 84.99 Outstanding and expected to vest at June 30, 2024 5,263 $ 109.66 As of June 30, 2024 , there was $ 0.4 million unrecognized stock-based compensation expense related to unvested RSUs expected to vest over the weighted-average period of 1.13 years. The fair value of each RSU has been determined to be the closing trading price of the Company’s common stock on the date of grant as quoted on the Nasdaq Capital Market. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events On July 1, 2024, we completed the Registered Direct Offering of (i) 3,621,460 shares of our common stock and accompanying common warrants ("Common Warrants") to purchase up to 7,242,920 shares of common stock at an offering price of $ 0.515 per share and accompanying Common Warrants and (ii) pre-funded warrants ("Pre-Funded Warrants") to purchase 1,718,346 shares of common stock and accompanying Common Warrants to purchase up to 3,436,692 shares of common stock at a combined offering price of $ 0.5149 per Pre-funded Warrant and accompanying Common Warrants, which is equal to the offering price per share of Common Stock and accompanying Common Warrant less the $ 0.0001 per share exercise price of each such Pre-funded Warrant. The exercise price of the Common Warrants is subject to adjustment for stock splits and similar capital transactions and is subject to repricing in the event of a share split, share dividend, share combination or other such event as described in the Common Warrants. We received $ 2.7 million in gross proceeds from the offering. Our net proceeds from the offering amounted to approximately $ 2.3 million after deducting offering expenses payable by us, including placement agent and other fees. The Common Warrants have an exercise price of $ 0.515 per share and are exercisable upon stockholder approval and will expire in August 2029. If the Common Warrants are exercised, we will receive up to an additional $ 5.5 million in proceeds. In connection with the Registered Direct Offering, the Company amended certain existing warrants that were previously issued to certain investors on (i) August 4, 2023 to purchase up to 41,239 shares of our common stock and have exercise price of $ 27.28 per share, (ii) November 9, 2023 to purchase up to 610,334 shares of our common stock and have exercise price of $ 10.252 per share, and (iii) April 15, 2024 to purchase up to 6,666,668 shares of our common stock and have exercise price of $ 1.35 per share (collectively, the “Existing Warrants”), such that the Existing Warrants have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the Common Warrants issued in the Registered Direct Offering. The amended warrants become exercisable upon the same stockholder approval as for the Common Warrants. As of June 30, 2024 , all pre-funded warrants have been exercised. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC ("Aptevo R&D"). All intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates. |
Gain Related to Sale of Nonfinancial Asset | Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the "Purchase Agreement") with XOMA (US) LLC ("XOMA") pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement with Medexus, dated February 28, 2020 (the "LLC Purchase Agreement"). Under the terms of the Purchase Agreement, we received $ 9.6 million at closing (the "Closing Payment") and an additional post-closing payment of $ 0.05 million. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification ("ASC") 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. |
Other Significant Accounting Policies | Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the "SEC") on March 5, 2024. Our other significant accounting policies have not changed materially from the policies previously reported. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation | The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands): For the Six Months Ended June 30, 2024 2023 Deferred payment from Medexus — 523 Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics — 163 Gain on contingent consideration from Kamada — 260 Income from discontinued operations $ — $ 946 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table shows our cash and cash equivalents as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Cash $ 962 $ 3,733 Cash equivalents 7,104 13,171 Total cash and cash equivalents $ 8,066 $ 16,904 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Components of Lease Expense | Components of lease expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 297 $ 297 $ 594 $ 594 Total lease cost $ 297 $ 297 $ 594 $ 594 |
Summary of Right of Use Assets Acquired Under Operating Leases | Right of use assets acquired under operating leases: As of June 30, As of December 31, (in thousands) 2024 2023 Seattle office lease, including amendment $ 4,645 $ 4,881 Total operating leases $ 4,645 $ 4,881 Lease payments: For the Six Months Ended June 30, (in thousands) 2024 2023 For operating leases $ 688 $ 459 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net loss from continuing operations $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 6,121 ) Income from discontinued operations — — — 946 Net loss $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 5,175 ) Basic and diluted net loss per share from continuing operations: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Basic and diluted net income per share from discontinued operations: Basic $ — $ — $ — $ 5.79 Diluted $ — $ — $ — $ 5.79 Basic and diluted net loss per share: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Shares used in calculation: Basic 3,519,875 147,321 2,111,131 163,425 Diluted 3,519,875 147,321 2,111,131 163,425 |
Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share | The following table represents all potentially dilutive shares: As of June 30, 2024 2023 Warrants 7,489,253 7,967 Outstanding options to purchase common stock 9,670 10,618 Unvested RSUs 5,263 7,727 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Summary of Warrant Activity | Number of Weighted-Average Exercise Price Weighted- Outstanding at December 31, 2023 697,220 $ 20.36 2.99 Issued 6,800,000 1.35 4.75 Exercised — — — Expired ( 7,967 ) 800.80 — Outstanding at June 30, 2024 7,489,253 $ 2.27 4.54 Exercisable at June 30, 2024 7,489,253 $ 2.27 4.54 |
Assumptions Used in Estimating Fair Value of Common Warrants under Black-Scholes Valuation Model | Aptevo uses Black-Scholes valuation model for estimating the fair value of the common warrants included in the April 2024 public offering. Set forth below are the assumptions used in valuing the common warrants issued: For the Six Months Ended June 30, 2024 Expected dividend yield 0.00 % Expected volatility 110.01 % Risk-free interest rate 5.16 % Expected average life of warrants 5 years |
Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted | Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 49 $ 112 $ 291 $ 422 General and administrative 224 353 701 958 Total stock-based compensation expense $ 273 $ 465 $ 992 $ 1,380 |
Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model | Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted: For the Six Months Ended June 30, 2024 2023 Expected dividend yield — — Expected volatility — 103.63 % Risk-free interest rate — 4.18 % Expected average life of options — 5 years |
Summary of Stock Option Activity | The following is a summary of option activity for the six months ended June 30, 2024: Number of Weighted- Weighted- Balance at December 31, 2023 9,946 $ 563.19 7.38 Granted — — — Exercised — — — Forfeited ( 276 ) 658.89 — Outstanding at June 30, 2024 9,670 $ 559.24 7.04 Exercisable June 30, 2024 7,204 $ 695.34 6.58 Vested and expected to vest at June 30, 2024 9,107 $ 586.09 6.95 |
Summary of RSU Activity | The following is a summary of RSU activity for the six months ended June 30, 2024: Number of Weighted Balance at December 31, 2023 6,342 $ 205.08 Granted 1,672 7.19 Vested ( 2,578 ) 279.59 Forfeited ( 173 ) 84.99 Outstanding and expected to vest at June 30, 2024 5,263 $ 109.66 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 29, 2023 USD ($) | Jun. 30, 2024 USD ($) Platform | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) Platform | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Nature Of Business [Line Items] | ||||||||
Number of technology platforms | Platform | 2 | 2 | ||||||
Net Income (Loss) | $ (5,883,000) | $ (6,834,000) | $ (7,948,000) | $ 2,773,000 | $ (12,717,000) | $ (5,175,000) | ||
Accumulated deficit | (236,164,000) | (236,164,000) | $ (223,447,000) | |||||
Net cash used in operating activities | (12,804,000) | (237,000) | ||||||
Income from discontinued operations | 0 | $ 0 | 0 | $ 946,000 | ||||
Payment Interest Purchase Agreement | ||||||||
Nature Of Business [Line Items] | ||||||||
Income from discontinued operations | $ 9,600,000 | |||||||
Additional post-closing payment | $ 50,000 | |||||||
Payment Interest Purchase Agreement | ASC 610-20 | ||||||||
Nature Of Business [Line Items] | ||||||||
Income from discontinued operations | 9,600,000 | |||||||
Additional post-closing payment | 50,000 | |||||||
Nasdaq Capital Market | ||||||||
Nature Of Business [Line Items] | ||||||||
Net Income (Loss) | (12,700,000) | |||||||
Accumulated deficit | $ (236,200,000) | (236,200,000) | ||||||
Net cash used in operating activities | $ 12,800,000 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred payment from Medexus | $ 523,000 | |||
Income from discontinued operations | $ 0 | $ 0 | $ 0 | 946,000 |
Aptevo BioTherapeutics [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred payment from Medexus | 200,000 | |||
Gain on contingent consideration | 163,000 | |||
Kamada [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on contingent consideration | $ 260,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Deferred payment | $ 523,000 | |||
Income from discontinued operations | $ 0 | $ 0 | $ 0 | 946,000 |
Hyperimmune Business | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Deferred payment | 300,000 | |||
IXINITY | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Deferred payment | 500,000 | |||
Aptevo BioTherapeutics | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Deferred payment | $ 200,000 |
XOMA Transaction - Additional I
XOMA Transaction - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 29, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | |||||
Income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 946,000 | |
Payment Interest Purchase Agreement | |||||
Related Party Transaction [Line Items] | |||||
Income from discontinued operations | $ 9,600,000 | ||||
Additional post-closing payment | $ 50,000 | ||||
Percentage of entitlement to receive deferred payments | 100% | ||||
Percentage of entitlement to receive Canadian approval milestone payment | 25% | ||||
Percentage of entitlement to receive European approval milestone payment | 50% | ||||
Payment Interest Purchase Agreement | ASC 610-20 | |||||
Related Party Transaction [Line Items] | |||||
Income from discontinued operations | 9,600,000 | ||||
Additional post-closing payment | $ 50,000 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Research and development expense | $ 1.3 | $ 1.5 |
Percentage of cost related to research and development | 50% | 50% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds | $ 7,100,000 | $ 13,200,000 |
Level Two | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Level Three | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assets | $ 0 | $ 0 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Restricted Cash And Cash Equivalents Items [Line Items] | |
Cash equivalents, maturity period | 90 days |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Cash | $ 962 | $ 3,733 |
Cash equivalents | 7,104 | 13,171 |
Total cash and cash equivalents | $ 8,066 | $ 16,904 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) RenewalOption | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Lessee Lease Description [Line Items] | |||||
Operating lease right-of-use asset | $ 4,645 | $ 4,645 | $ 4,881 | ||
Long term portion of operating lease liabilities | 5,025 | $ 5,700 | 5,025 | $ 5,700 | $ 5,397 |
Current portion of operating lease liabilities | $ 700 | $ 600 | $ 700 | $ 600 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | Other Liabilities, Current | Other Liabilities, Current | |
Weighted average remaining lease term for operating leases | 5 years 10 months 2 days | 5 years 10 months 2 days | |||
Weighted discount rate for operating leases | 12.03% | 12.03% | |||
Office Space Lease | |||||
Lessee Lease Description [Line Items] | |||||
Initial operating lease term date | 2030-04 | ||||
Operating lease renewal option description | term through April 2030 and two options to extend the lease term, each by five years | ||||
Operating lease renewal option term | 5 years | 5 years | |||
Number of operating lease renewal option | RenewalOption | 2 | ||||
Operating lease option to extend | true | ||||
Variable expense | $ 200 | $ 200 | $ 400 | $ 400 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 297 | $ 297 | $ 594 | $ 594 |
Total lease cost | $ 297 | $ 297 | $ 594 | $ 594 |
Leases - Summary of Right of Us
Leases - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Lessee Lease Description [Line Items] | |||
Operating lease right-of-use asset | $ 4,645 | $ 4,881 | |
For operating leases | 688 | $ 459 | |
Seattle Office Lease, Including Amendment | |||
Lessee Lease Description [Line Items] | |||
Operating lease right-of-use asset | $ 4,645 | $ 4,881 |
Reverse Stock Split - Additiona
Reverse Stock Split - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 05, 2024 | Feb. 27, 2024 | Feb. 05, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | |
Reverse Stock Split [Line Item] | |||||
Reverse stock split | 0.02 | 0.02 | 0.02 | ||
Reverse Stock Split, outstanding common stock | On March 5, 2024, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-44 reverse stock split of the Company's outstanding common stock (the "Reverse Stock Split"). | ||||
Minimum | |||||
Reverse Stock Split [Line Item] | |||||
Reverse stock split | 0.02 | ||||
Maximum | |||||
Reverse Stock Split [Line Item] | |||||
Reverse stock split | 0.06 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||||
Net loss from continuing operations | $ (5,883) | $ (7,948) | $ (12,717) | $ (6,121) | ||
Income from discontinued operations | 946 | |||||
Net loss | $ (5,883) | $ (6,834) | $ (7,948) | $ 2,773 | $ (12,717) | $ (5,175) |
Basic and diluted net (loss) income per share: | ||||||
Basic net loss per share from continuing operations | $ (1.67) | $ (53.95) | $ (6.02) | $ (37.45) | ||
Diluted net loss per share from continuing operations | (1.67) | (53.95) | (6.02) | (37.45) | ||
Basic net income per share from discontinued operations | 5.79 | |||||
Diluted net income per share from discontinued operations | 5.79 | |||||
Basic net loss per share | (1.67) | (53.95) | (6.02) | (31.67) | ||
Diluted net loss per share | $ (1.67) | $ (53.95) | $ (6.02) | $ (31.67) | ||
Shares used in calculation: | ||||||
Basic shares used in calculation | 3,519,875 | 147,321 | 2,111,131 | 163,425 | ||
Diluted shares used in calculation | 3,519,875 | 147,321 | 2,111,131 | 163,425 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Common Warrants 2019 | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 7,489,253 | 7,967 |
Outstanding Options to Purchase Common Stock | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 9,670 | 10,618 |
Unvested RSUs | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 5,263 | 7,727 |
Equity - Additional Information
Equity - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||||||||||||||
Mar. 05, 2024 | Feb. 27, 2024 | Feb. 05, 2024 | Nov. 09, 2023 USD ($) $ / shares shares | Feb. 16, 2022 USD ($) shares | Nov. 08, 2020 $ / shares shares | Jun. 01, 2018 shares | Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) shares | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 07, 2024 shares | Apr. 15, 2024 shares | Dec. 31, 2023 $ / shares shares | Jun. 07, 2022 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ | $ 3,970,000 | $ 2,083,000 | |||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Weighted-average grant date fair value per share of options granted | $ / shares | $ 73.92 | ||||||||||||||||
Total fair value of stock option vested | $ | $ 1,000,000 | $ 1,100,000 | |||||||||||||||
Warrants outstanding | 7,489,253 | 7,489,253 | 697,220 | ||||||||||||||
Issuance of common stock, net | $ | $ 3,970,000 | $ 482,000 | $ 1,602,000 | ||||||||||||||
Reverse stock split | 0.02 | 0.02 | 0.02 | ||||||||||||||
Unvested RSUs | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Unrecognized compensation expense | $ | 400,000 | $ 400,000 | |||||||||||||||
Options expected to vest, weighted average period | 1 year 1 month 17 days | ||||||||||||||||
Employee Stock Option | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Estimated forfeiture rate | 30% | ||||||||||||||||
Unrecognized compensation expense | $ | $ 200,000 | $ 200,000 | |||||||||||||||
Options expected to vest, weighted average remaining vesting term | 10 months 24 days | ||||||||||||||||
Stock options granted | 0 | 0 | 0 | 0 | |||||||||||||
2018 Stock Incentive Plan | Unvested RSUs | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock authorized for issuance under Stock Plan | 200,000 | 165,000 | 11,363 | ||||||||||||||
Maximum number of returning shares from old plan to be add to shares reserve | 200,000 | ||||||||||||||||
Number of shares available for grant | 200,000 | 200,000 | |||||||||||||||
Stock plan termination period | 10 years | ||||||||||||||||
2018 Stock Incentive Plan | Unvested RSUs | Non-employee Directors | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock plan vesting period | 1 year | ||||||||||||||||
Broadridge Corporate Issuer Solutions | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Preferred share purchase right | 1 | ||||||||||||||||
Broadridge Corporate Issuer Solutions | Series A Junior Participating Preferred Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | ||||||||||||||||
Share portion entitled to purchase by rights | When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock | ||||||||||||||||
Warrants exercise price, per share | $ / shares | $ 2.02 | ||||||||||||||||
Percentage of beneficial ownership | 10% | ||||||||||||||||
Minimum | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Reverse stock split | 0.02 | ||||||||||||||||
Minimum | 2018 Stock Incentive Plan | Unvested RSUs | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock plan vesting period | 1 year | ||||||||||||||||
Maximum | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Reverse stock split | 0.06 | ||||||||||||||||
Maximum | 2018 Stock Incentive Plan | Unvested RSUs | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock plan vesting period | 3 years | ||||||||||||||||
Common Stock | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Issuance of common stock shares | 3,404,978 | 231,130 | 6,818 | 16,611 | |||||||||||||
Issuance of common stock, net | $ | $ 3,000 | $ 5,000 | $ 1,000 | ||||||||||||||
Warrants | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of common stock to be issued up conversion of warrants | 4,946,668 | ||||||||||||||||
Warrants | Series A | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants outstanding | 42,555 | 42,555 | |||||||||||||||
Warrants | Series B | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants outstanding | 1,316 | 1,316 | |||||||||||||||
Equity Distribution Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock price per share | $ / shares | $ 99.43 | $ 99.43 | |||||||||||||||
Proceeds from issuance of common stock | $ | $ 1,600,000 | ||||||||||||||||
Equity Distribution Agreement | Common Stock | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Issuance of common stock shares | 16,611 | ||||||||||||||||
Warrant Inducement Agreement | Warrants | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Additional amount to be received upon exercise of warrants | $ | $ 100,000 | ||||||||||||||||
Gross proceeds from warrant exercises | $ | $ 3,300,000 | ||||||||||||||||
Warrant Inducement Agreement | Warrants | Series A | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants outstanding | 140,726 | ||||||||||||||||
Warrant Inducement Agreement | Warrants | Series B | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants outstanding | 181,965 | ||||||||||||||||
Purchase Agreement | Lincoln Park | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ | $ 500,000 | ||||||||||||||||
Purchase Agreement | Common Stock | Lincoln Park | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Issuance of common stock shares | 2,256 | ||||||||||||||||
Cash consideration as an initial fee for commitment to purchase shares of common stock | $ | $ 0 | ||||||||||||||||
Shares of common stock issued for cash consideration | 0 | 6,818 | |||||||||||||||
Purchase Agreement | Common Stock | Maximum | Lincoln Park | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Issuance of common stock, net | $ | $ 35,000,000 | ||||||||||||||||
Series A and Series B Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercise price, per share | $ / shares | $ 10.25 | $ 10.25 | $ 10.25 | ||||||||||||||
Number of warrants issued | 645,382 | ||||||||||||||||
Series A Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercise price, per share | $ / shares | $ 10.25 | ||||||||||||||||
Number of warrants issued | 281,452 | ||||||||||||||||
Series A Common Warrants | Warrant Inducement Agreement | Common Stock | Maximum | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of common stock to be issued up conversion of warrants | 281,452 | ||||||||||||||||
Series B Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercise price, per share | $ / shares | $ 10.25 | ||||||||||||||||
Number of warrants issued | 363,930 | ||||||||||||||||
Series B Common Warrants | Warrant Inducement Agreement | Common Stock | Maximum | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of common stock to be issued up conversion of warrants | 363,930 | ||||||||||||||||
Series A-1 Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercisable date | Feb. 05, 2024 | ||||||||||||||||
Number of common stock to be issued up conversion of warrants | 140,726 | ||||||||||||||||
Warrants outstanding, term | 4 years 8 months | ||||||||||||||||
Series A-2 Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercisable date | Feb. 05, 2024 | ||||||||||||||||
Number of common stock to be issued up conversion of warrants | 140,726 | ||||||||||||||||
Warrants outstanding, term | 5 years | ||||||||||||||||
Series B-1 Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercisable date | Feb. 05, 2024 | ||||||||||||||||
Number of common stock to be issued up conversion of warrants | 181,965 | ||||||||||||||||
Warrants outstanding, term | 14 months | ||||||||||||||||
Series B-2 Common Warrants | Warrant Inducement Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Warrants exercisable date | Feb. 05, 2024 | ||||||||||||||||
Number of common stock to be issued up conversion of warrants | 181,695 | ||||||||||||||||
Warrants outstanding, term | 24 months |
Equity - August 2023 Public Rai
Equity - August 2023 Public Raise - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 01, 2024 | Apr. 15, 2024 | Aug. 04, 2023 | Dec. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Nov. 09, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Proceeds from issuance of common stock | $ 3,970 | $ 2,083 | |||||
Warrants outstanding | 697,220 | 7,489,253 | |||||
Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of common stock to be issued up conversion of warrants | 4,946,668 | ||||||
Warrants | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock price per share | $ 0.515 | ||||||
Number of common stock to be issued up conversion of warrants | 3,436,692 | ||||||
Warrants exercise price, per share | $ 0.0001 | ||||||
Additional amount to be received upon exercise of warrants | $ 3,600 | ||||||
Warrant Inducement Agreement | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Additional amount to be received upon exercise of warrants | $ 100 | ||||||
Warrant Inducement Agreement | Warrants | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Additional amount to be received upon exercise of warrants | $ 5,500 | ||||||
Series A | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants outstanding | 42,555 | ||||||
Warrants expiration date | Aug. 04, 2028 | ||||||
Series A | Warrant Inducement Agreement | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock issued upon exercise of stock options | 322,691 | ||||||
Warrants outstanding | 140,726 | ||||||
Series B | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants outstanding | 1,316 | ||||||
Warrants expiration date | Feb. 04, 2025 | ||||||
Series B | Warrant Inducement Agreement | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock issued upon exercise of stock options | 322,691 | ||||||
Warrants outstanding | 181,965 | ||||||
Pre-funded Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock price per share | $ 1.3499 | ||||||
Pre-funded Warrants | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock price per share | $ 0.5149 | ||||||
Number of common stock to be issued up conversion of warrants | 1,718,346 | ||||||
Series A and Series B Common Warrants | Warrant Inducement Agreement | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants exercise price, per share | $ 10.25 | $ 10.25 | |||||
Public Offering | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Issuance of common stock shares | 926,666 | 50,488 | |||||
Common stock price per share | $ 1.35 | $ 27.28 | |||||
Proceeds from issuance of common stock | $ 4,000 | $ 4,300 | |||||
Public Offering | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of common stock to be issued up conversion of warrants | 1,853,332 | ||||||
Public Offering | Pre-funded Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock price per share | $ 27.28 | ||||||
Number of common stock to be issued up conversion of warrants | 2,473,334 | 132,793 | |||||
Warrants exercise price, per share | $ 0.0001 | $ 0.001 | |||||
Public Offering | Series A and Series B Common Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of common stock to be issued up conversion of warrants | 366,562 | ||||||
Warrants exercise price, per share | $ 27.28 | 27.28 | |||||
Registered Direct Offering | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Issuance of common stock shares | 3,621,460 | ||||||
Proceeds from issuance of common stock | $ 2,300 | ||||||
Registered Direct Offering | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants exercise price, per share | $ 1.35 | ||||||
Warrants outstanding | 6,800,000 | ||||||
Registered Direct Offering | Warrants | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Number of common stock to be issued up conversion of warrants | 7,242,920 | ||||||
Warrants exercise price, per share | $ 0.515 | ||||||
Warrants outstanding | 6,666,668 | ||||||
Registered Direct Offering | Series A | Warrants | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants exercise price, per share | $ 0.515 | ||||||
Warrants outstanding | 41,239 |
Equity - November 2023 Warrant
Equity - November 2023 Warrant Inducement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Nov. 09, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 7,489,253 | 697,220 | ||
Existing Warrants | Subsequent Event | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants exercise price, per share | $ 0.515 | |||
Existing Warrants | Warrant Inducement Agreement | Subsequent Event | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Additional amount to be received upon exercise of warrants | $ 0.7 | |||
Existing Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants exercise price, per share | $ 0.515 | |||
Series A-1 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 140,726 | |||
Series A-1 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 131,964 | |||
Series A-2 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 140,726 | |||
Series A-2 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 131,964 | |||
Series B-1 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 181,965 | |||
Series B-1 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 173,203 | |||
Series B-2 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 181,965 | |||
Series B-2 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants outstanding | 173,203 | |||
Series A and Series B Common Warrants | Warrant Inducement Agreement | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Warrants exercise price, per share | $ 10.25 | $ 10.25 |
Equity - April 2024 Public Rais
Equity - April 2024 Public Raise - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Jul. 01, 2024 | Apr. 15, 2024 | Aug. 04, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Proceeds from issuance of common stock | $ 3,970 | $ 2,083 | ||||
Warrants outstanding | 7,489,253 | 697,220 | ||||
Warrants | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 4,946,668 | |||||
Warrants | Subsequent Event | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Common stock price per share | $ 0.515 | |||||
Number of common stock to be issued up conversion of warrants | 3,436,692 | |||||
Warrants exercise price, per share | $ 0.0001 | |||||
Additional amount to be received upon exercise of warrants | $ 3,600 | |||||
Pre-funded Warrants | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Common stock price per share | $ 1.3499 | |||||
Pre-funded Warrants | Subsequent Event | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Common stock price per share | $ 0.5149 | |||||
Number of common stock to be issued up conversion of warrants | 1,718,346 | |||||
Public Offering | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Proceeds from issuance of common stock | $ 4,000 | $ 4,300 | ||||
Issuances of common stock (in shares) | 926,666 | 50,488 | ||||
Common stock price per share | $ 1.35 | $ 27.28 | ||||
Public Offering | Warrants | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 1,853,332 | |||||
Public Offering | Pre-funded Warrants | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Common stock price per share | $ 27.28 | |||||
Number of common stock to be issued up conversion of warrants | 2,473,334 | 132,793 | ||||
Warrants exercise price, per share | $ 0.0001 | $ 0.001 | ||||
Registered Direct Offering | Subsequent Event | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Proceeds from issuance of common stock | $ 2,300 | |||||
Issuances of common stock (in shares) | 3,621,460 | |||||
Registered Direct Offering | Warrants | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Warrants exercise price, per share | $ 1.35 | |||||
Warrants outstanding | 6,800,000 | |||||
Registered Direct Offering | Warrants | Subsequent Event | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 7,242,920 | |||||
Warrants exercise price, per share | $ 0.515 | |||||
Warrants outstanding | 6,666,668 |
Equity - Summary of Warrant Act
Equity - Summary of Warrant Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 697,220 | |
Number of Shares, Issued | 6,800,000 | |
Number of Shares, Expired | (7,967) | |
Number of Shares, Outstanding, Ending Balance | 7,489,253 | 697,220 |
Number of Shares, Exercisable | 7,489,253 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 20.36 | |
Weighted-Average Exercise Price, Issued | 1.35 | |
Weighted-Average Exercise Price, Expired | 800.8 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | 2.27 | $ 20.36 |
Weighted-Average Exercise Price, Exercisable | $ 2.27 | |
Weighted-Average Remaining Term, Outstanding | 4 years 6 months 14 days | 2 years 11 months 26 days |
Weighted-Average Remaining Term, Issued | 4 years 9 months | |
Weighted-Average Remaining Term, Exercisable | 4 years 6 months 14 days |
Equity - Assumptions Used in Es
Equity - Assumptions Used in Estimating Fair Value of Common Warrants under Black-Scholes Valuation Model (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Expected dividend yield | 0% |
Expected volatility | 110.01% |
Risk-free interest rate | 5.16% |
Expected average life of warrants | 5 years |
Equity - Summary of Stock-based
Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 273 | $ 465 | $ 992 | $ 1,380 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 49 | 112 | 291 | 422 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 224 | $ 353 | $ 701 | $ 958 |
Equity - Assumptions used in Va
Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Employee Stock Option | 6 Months Ended |
Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 103.63% |
Risk-free interest rate | 4.18% |
Expected average life of options | 5 years |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Activity (Details) - Employee Stock Option - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of Shares, Outstanding, Beginning balance | 9,946 | ||||
Number of Shares, Granted | 0 | 0 | 0 | 0 | |
Number of Shares, Forfeited | (276) | ||||
Number of Shares, Outstanding, Ending balance | 9,670 | 9,670 | 9,946 | ||
Number of Shares, Exercisable | 7,204 | 7,204 | |||
Number of Shares, Vested and expected to Vest | 9,107 | 9,107 | |||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 563.19 | ||||
Weighted-Average Exercise Price, Forfeited | 658.89 | ||||
Weighted-Average Exercise Price, Outstanding, Ending balance | $ 559.24 | 559.24 | $ 563.19 | ||
Weighted-Average Exercise Price, Exercisable | 695.34 | 695.34 | |||
Weighted-Average Exercise Price, Vested and expected to vest | $ 586.09 | $ 586.09 | |||
Weighted-Average Remaining Term, Outstanding | 7 years 14 days | 7 years 4 months 17 days | |||
Weighted-Average Remaining Term, Exercisable | 6 years 6 months 29 days | ||||
Weighted-Average Remaining Term, Vested and expected to vest | 6 years 11 months 12 days |
Equity - Summary of RSU Activit
Equity - Summary of RSU Activity (Details) - Unvested RSUs - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Units, Outstanding | 6,342 | |
Number of Units, Granted | 1,672 | |
Number of Units, Vested | (2,578) | |
Number of Units, Forfeited | (173) | |
Number of Units, Outstanding and expected to vest | 5,263 | |
Weighted Average Fair Value per Unit, Outstanding | $ 205.08 | |
Weighted Average Fair Value per Unit, Granted | $ 7.19 | |
Weighted Average Fair Value per Unit, Vested | 279.59 | |
Weighted Average Fair Value per Unit, Forfeited | 84.99 | |
Weighted Average Fair Value per Unit, Outstanding and expected to vest | $ 109.66 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Jul. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Apr. 15, 2024 | Nov. 09, 2023 | Aug. 04, 2023 | |
Subsequent Event [Line Items] | ||||||
Proceeds from issuance of common stock | $ 3,970 | $ 2,083 | ||||
Pre-funded Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Common stock price per share | $ 1.3499 | |||||
August 2023 Common Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 41,239 | |||||
Warrants exercise price, per share | $ 27.28 | |||||
November 2023 Common Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 610,334 | |||||
Warrants exercise price, per share | $ 10.252 | |||||
April 2024 Common Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 6,666,668 | |||||
Warrants exercise price, per share | $ 1.35 | |||||
Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 4,946,668 | |||||
Warrants | Warrant Inducement Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Additional amount to be received upon exercise of warrants | $ 100 | |||||
Warrants | Registered Direct Offering | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price, per share | $ 1.35 | |||||
Subsequent Event | Registered Direct Offering | ||||||
Subsequent Event [Line Items] | ||||||
Gross proceeds from the offering | $ 2,700 | |||||
Proceeds from issuance of common stock | $ 2,300 | |||||
Issuance of common stock shares | 3,621,460 | |||||
Subsequent Event | Pre-funded Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 1,718,346 | |||||
Common stock price per share | $ 0.5149 | |||||
Subsequent Event | Existing Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price, per share | $ 0.515 | |||||
Subsequent Event | Existing Warrants | Warrant Inducement Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Additional amount to be received upon exercise of warrants | $ 700 | |||||
Subsequent Event | Existing Warrants | Registered Direct Offering | Warrant Inducement Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price, per share | $ 0.515 | |||||
Subsequent Event | Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 3,436,692 | |||||
Common stock price per share | $ 0.515 | |||||
Warrants exercise price, per share | $ 0.0001 | |||||
Additional amount to be received upon exercise of warrants | $ 3,600 | |||||
Subsequent Event | Warrants | Warrant Inducement Agreement | ||||||
Subsequent Event [Line Items] | ||||||
Additional amount to be received upon exercise of warrants | $ 5,500 | |||||
Subsequent Event | Warrants | Registered Direct Offering | ||||||
Subsequent Event [Line Items] | ||||||
Number of common stock to be issued up conversion of warrants | 7,242,920 | |||||
Warrants exercise price, per share | $ 0.515 |