Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-38535 | ||
Entity Registrant Name | APTINYX INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-4626057 | ||
Entity Address, Address Line One | 909 Davis Street | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | Evanston | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60201 | ||
City Area Code | 847 | ||
Local Phone Number | 871-0377 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | APTX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 136 | ||
Entity Common Stock, Shares Outstanding | 67,715,718 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Chicago, Illinois | ||
Auditor Firm ID | 34 | ||
Entity Central Index Key | 0001674365 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 106,124 | $ 141,028 |
Restricted cash | 197 | 179 |
Accounts receivable | 257 | |
Prepaid expenses and other current assets | 8,422 | 8,140 |
Total current assets | 114,743 | 149,604 |
Other assets | 92 | |
Property and equipment, net | 185 | 910 |
Total assets | 114,928 | 150,606 |
Current liabilities: | ||
Accounts payable | 622 | 1,209 |
Accrued expenses and other current liabilities | 5,064 | 3,374 |
Total current liabilities | 5,686 | 4,583 |
Term loan, non-current | 14,155 | |
Other long-term liabilities | 331 | 114 |
Total liabilities | 20,172 | 4,697 |
Commitments and contingencies (see Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 10,000 shares authorized and no shares issued and outstanding as of December 31, 2021 and December 31, 2020 | ||
Common stock, $0.01 par value, 150,000 shares authorized as of December 31, 2021 and December 31, 2020, 67,716 and 67,716 issued and outstanding as of December 31, 2021 and December 31, 2020 | 677 | 633 |
Additional paid-in capital | 381,966 | 358,277 |
Accumulated deficit | (287,887) | (213,001) |
Total stockholders' equity | 94,756 | 145,909 |
Total liabilities and stockholders' equity | $ 114,928 | $ 150,606 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 67,716,000 | 63,257,000 |
Common stock, shares outstanding | 67,716,000 | 63,257,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Collaboration revenue | $ 1,000 | $ 1,564 |
Type of Revenue [Extensible List] | aptx:CollaborationRevenueMember | aptx:CollaborationRevenueMember |
Operating expenses: | ||
Research and development | $ 55,444 | $ 32,835 |
General and administrative | 20,090 | 19,494 |
Total operating expenses | 75,534 | 52,329 |
Loss from operations | (74,534) | (50,765) |
Other income (expense), net | (352) | 712 |
Net loss and comprehensive loss | $ (74,886) | $ (50,053) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (1.11) | $ (1.02) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (1.11) | $ (1.02) |
Weighted-average number of common shares outstanding, basic (in shares) | 67,220 | 48,866 |
Weighted-average number of common shares outstanding, diluted (in shares) | 67,220 | 48,866 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | ATM OfferingCommon stock | ATM OfferingAdditional paid-in capital | ATM Offering | Follow-on Public OfferingCommon stock | Follow-on Public OfferingAdditional paid-in capital | Follow-on Public Offering | Common stock | Additional paid-in capital | Accumulated deficit | Total |
Stockholders' (deficit) equity beginning balance at Dec. 31, 2019 | $ 337 | $ 263,922 | $ (162,948) | $ 101,311 | ||||||
Stockholders' (deficit) equity shares beginning balance at Dec. 31, 2019 | 33,739 | |||||||||
Stockholders' (Deficit) Equity Rollforward | ||||||||||
Issuance of common stock upon vesting of restricted stock | $ 1 | (1) | ||||||||
Issuance of common stock upon vesting of restricted stock (in shares) | 23 | |||||||||
Stock-based compensation | 9,979 | 9,979 | ||||||||
Issuance of common stock | $ 15 | $ 5,690 | $ 5,705 | $ 278 | $ 78,199 | $ 78,477 | ||||
Issuance of common stock (in shares) | 1,491 | 27,792 | ||||||||
Issuance of common stock upon exercise of stock options | $ 2 | 488 | 490 | |||||||
Issuance of common stock upon exercise of stock options (in shares) | 212 | |||||||||
Net loss | (50,053) | (50,053) | ||||||||
Stockholders' (deficit) equity ending balance at Dec. 31, 2020 | $ 633 | 358,277 | (213,001) | $ 145,909 | ||||||
Stockholders' (deficit) equity shares ending balance at Dec. 31, 2020 | 63,257 | 63,257 | ||||||||
Stockholders' (Deficit) Equity Rollforward | ||||||||||
Issuance of common stock upon vesting of restricted stock | $ 11 | (11) | ||||||||
Issuance of common stock upon vesting of restricted stock (in shares) | 1,089 | |||||||||
Issuance of warrants in connection with term loan financing | 255 | $ 255 | ||||||||
Repurchase of shares for tax withholdings | $ (3) | (909) | (912) | |||||||
Repurchase of shares for tax withholdings (in shares) | (347) | |||||||||
Stock-based compensation | 9,719 | 9,719 | ||||||||
Issuance of common stock | $ 36 | $ 14,502 | $ 14,538 | |||||||
Issuance of common stock (in shares) | 3,630 | |||||||||
Issuance of common stock upon exercise of stock options | 133 | 133 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 87 | |||||||||
Net loss | (74,886) | (74,886) | ||||||||
Stockholders' (deficit) equity ending balance at Dec. 31, 2021 | $ 677 | $ 381,966 | $ (287,887) | $ 94,756 | ||||||
Stockholders' (deficit) equity shares ending balance at Dec. 31, 2021 | 67,716 | 67,716 |
Statements of Stockholders' E_2
Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Sales commissions and other offering costs | $ 66 | $ 688 |
Follow-on Public Offering | ||
Sales commissions and other offering costs | 4,898 | |
ATM Offering | ||
Sales commissions and other offering costs | $ 529 | $ 274 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (74,886) | $ (50,053) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 526 | 421 |
Change in fair value of derivative liability associated with contingently issuable warrants | 44 | |
Non-cash interest expense related to term loan | 154 | |
Stock-based compensation expense | 9,719 | 9,979 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (296) | (2,557) |
Accounts receivable | 257 | 187 |
Accounts payable | (587) | (340) |
Accrued expenses and other liabilities | 1,644 | 7 |
Net cash used in operating activities | (63,425) | (42,356) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (214) | |
Proceeds from sale of property and equipment | 121 | |
Net cash provided by (used in) investing activities | 121 | (214) |
Cash flows from financing activities: | ||
Proceeds from stock options exercised | 133 | 490 |
Repurchase of shares for tax withholdings | (912) | |
Proceeds from issuance of term loan, net of issuance costs paid to lender | 14,638 | |
Payments of debt issuance costs | (82) | |
Proceeds from public offering, net of underwriters' discounts | 79,074 | |
Proceeds from at the market offering, net of sales commission | 14,615 | 5,799 |
Payment of offering costs | (66) | (688) |
Net cash provided by financing activities | 28,326 | 84,675 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (34,978) | 42,105 |
Cash, cash equivalents and restricted cash, at beginning of period | 141,299 | 99,194 |
Cash, cash equivalents and restricted cash, at end of period | 106,321 | 141,299 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 255 | |
Supplemental disclosure of non-cash investing and financing activities: | ||
Deferred offering costs not yet paid | $ 4 | |
Debt issuance costs not yet paid | 13 | |
Recognition of derivative liability associated with contingently issuable warrants | 287 | |
Issuance of warrants in connection with term loan financing | $ 255 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization | |
Organization | 1. Organization Description of business Aptinyx Inc. (the “Company” or “Aptinyx”) was incorporated in Delaware on June 24, 2015 and maintains its headquarters in Evanston, Illinois. Aptinyx is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel, proprietary, synthetic small molecules for the treatment of brain and nervous system disorders. Aptinyx has a platform for discovering proprietary compounds that work through a novel mechanism: modulation of N-methyl-D-aspartate receptors (“NMDAr”), which are vital to normal and effective brain and nervous system functions. This mechanism has applicability across a number of brain and nervous system disorders. Liquidity and capital resources The Company has incurred losses and negative cash flows from operations since inception and had an accumulated deficit of $287.9 million as of December 31, 2021. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to complete clinical studies and launch and commercialize any product candidates for which it receives regulatory approval. There can be no assurance that such financing will be available or will be at terms acceptable to the Company. On July 1, 2019, the Company entered into a Sales Agreement (the “2019 Sales Agreement”) with Cowen and Company, LLC (“Cowen”) pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $24.0 million under an “at the market” offering program (the “2019 ATM Offering”). The Sales Agreement provides that Cowen will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the 2019 ATM Offering. Between July 1, 2019 and December 31, 2021, the Company sold an aggregate of 5,120,940 shares at a weighted-average price of $3.99 per share for net proceeds of $20.4 million after deducting sales commission and other offering expenses including 3,629,458 shares for net proceeds of $14.5 million during the year ended December 31, 2021. On January 14, 2020, the Company completed a follow-on On October 26, 2020, the Company completed a follow-on On September 15, 2021, the Company entered into a Loan and Security agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“Lender”). The Loan Agreement provides up to $50.0 million principal in term loans, $15.0 million of which was funded at the time the Company entered into the agreement. See Note 10 for additional details regarding the Loan Agreement. On September 16, 2021, the Company entered into a Sales Agreement (the “2021 Sales Agreement”) with Cowen pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $50.0 million under an “at the market” offering program (the “2021 ATM Offering”) and which supersedes the 2019 Sales Agreement and 2019 ATM Offering. The 2021 Sales Agreement provides that Cowen will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the 2021 ATM Offering. Between September 16, 2021 and December 31, 2021, no shares of common stock have been issued and sold pursuant to the 2021 Sales Agreement. As of December 31, 2021, the Company had cash and cash equivalents of $106.1 million which it believes will be sufficient to fund its planned operations for a period of at least twelve months from the date of the issuance of these financial statements. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2021 | |
Basis of presentation | |
Basis of Presentation | 2. Basis of presentation The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Company meets the definition of an emerging growth company, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Recently adopted accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity : Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Recently issued accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 3. Summary of significant accounting policies Use of estimates The financial statements are prepared in conformity with GAAP. This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Risk and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of: future clinical study results, the scope, rate of progress and expense of the Company’s ongoing as well as any additional preclinical studies, clinical studies and other research and development activities, clinical study enrollment rate or design, the manufacturing of the Company’s product candidates, significant and changing government regulation, and the timing and receipt of any regulatory approvals. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. The Company is dependent upon third-party manufacturers to supply product for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and final drug product related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and final drug product. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. On March 27, 2020, the Company suspended patient enrollment for certain ongoing Phase 2 clinical studies, including its NYX-2925 studies in painful diabetic peripheral neuropathy and fibromyalgia and its NYX-458 study in Parkinson’s disease cognitive impairment and dementia with Lewy bodies. The Company re-initiated enrollment in its NYX-2925 study in fibromyalgia in September 2020, in its NYX-2925 study in painful diabetic peripheral neuropathy in January 2021, and in its NYX-458 study in Parkinson’s disease cognitive impairment and dementia with Lewy bodies in March 2021. The Company has initiated some and may take additional temporary precautionary measures intended to help ensure the well-being of its employees and minimize business disruption. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at December 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. Another prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the availability of capital, timing and ability of the Company to complete certain clinical studies, and other efforts required to advance the development of its targets. Revenue recognition Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the performance obligation(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) determine the recognition period. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, Revenue from Contracts with Customers, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Significant judgments exercised by management include the identification of performance obligations, and whether such promised goods or services are considered distinct. The Company evaluates promised goods or services on a contract by contract basis to determine whether each promise represents a good or service that is distinct or has the same pattern of transfer as other promises. A promised good or service is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contact. If the good or service is not considered distinct, the Company combines such promises and accounts for them as a single combined performance obligation. Accounts receivable Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. During the years ended December 31, 2021 and 2020, one research collaborator, Allergan plc (“Allergan”) represented 100% of the Company’s revenues (see Note 4). The associated accounts receivable were approximately $0.0 million and $0.3 million at December 31, 2021 and 2020, respectively. The Company writes off uncollectible receivables based on specific identification when the likelihood of collection is remote. No allowance was deemed necessary at December 31, 2021 and 2020. Cash, cash equivalents and restricted cash Cash and cash equivalents consist of cash and, if applicable, highly liquid investments with an original maturity of three months or less when purchased. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (amounts in thousands). As of December 31, 2021 2020 Cash and cash equivalents $ 106,124 $ 141,028 Short-term and long-term restricted cash 197 271 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 106,321 $ 141,299 Amounts included in restricted cash represent those amounts required to be held as a security deposit in the form of letters of credit for the Company’s leased office facility and cash collateral held by credit card. Concentrations of credit risk The Company, at times, maintains cash and cash equivalents in accounts with a financial institution in excess of the amount insured by the Federal Deposit Insurance Corporation. The Company monitors the financial stability of this institution regularly and management does not believe there is significant credit risk associated with deposits in excess of federally insured amounts. Fair value of financial instruments ASC 820, Fair Value Measurement ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no Level 3 assets as of December 31, 2021 or 2020. Level 3 liabilities as of December 31, 2021 and 2020 was $0.3 million and $0.0 million. The carrying values reported in the Company’s balance sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses are reasonable estimates of their fair values due to the short-term nature of these items. Property and equipment Property and equipment are stated at cost. Maintenance and repairs are charged to expense as incurred. Additions, improvements and replacements are capitalized. Depreciation of property and equipment is provided for by the straight-line method over the estimated useful lives of the related assets. The estimated useful lives of property and equipment are as follows: Description Estimated useful life Computer software and equipment 3 years Office equipment and furniture 5 years Laboratory equipment 5 years Leasehold improvements Lesser of the estimated useful life or term of the lease Construction-in-progress reflects property and equipment yet to be placed in service. Impairment of long-lived assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If the sum of the estimated future undiscounted cash flows expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset group. The Company has not recorded any impairment losses on long-lived assets for the years ended December 31, 2021 and 2020. Research and development Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, depreciation, contract services and other related costs. Research and development costs are expensed to operations as the related obligation is incurred. The Company has entered into various research and development contracts with research institutions, clinical research organizations, clinical manufacturing organizations and other companies. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected on the balance sheet as prepaid or accrued expenses. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Term loans When the Company issues debt with a conversion feature, it assesses whether the conversion feature meets the requirements to be treated as a derivative, as follows: (a) one or more underlyings, typically the price of the Company’s common stock; (b) one or more notional amounts or payment provisions or both, generally the number of shares upon conversion; (c) no initial net investment, which typically excludes the amount borrowed; and (d) net settlement provisions, which in the case of convertible debt generally means the stock received upon conversion can be readily sold for cash. An embedded equity-linked component that meets the definition of a derivative does not have to be separated from the host instrument if the component qualifies for the scope exception for certain contracts involving an issuer’s own equity. The scope exception applies if the contract is both (a) indexed to its own stock; and (b) classified in stockholders’ equity in its balance sheet. If the conversion feature meets the requirements to be treated as a derivative, the conversion features is bifurcated and separately accounted for under ASC Topic 815. Warrants In accordance with ASC Topic 470-20-25, when the Company issues debt with warrants, the Company treats the warrants as a debt discount, recorded as a contra-liability against the debt, and amortizes the balance over the life of the underlying debt as amortization of debt discount expense in the statements of operations. The offset to the contra-liability is recorded as additional paid-in capital in the Company’s balance sheets if the warrants are not treated as a derivative or as liability warrants. The Company determines the fair value of the warrants at issuance using the Black-Scholes option pricing model. Stock-based compensation The Company has stock-based compensation plans that cover the Company’s directors and employees and are more fully described in Note 13. Stock-based compensation cost is estimated at the grant date based on the fair value of the award, and the cost is recognized as expense ratably over the vesting period. Income taxes The Company accounts for income taxes under the liability method in accordance with FASB ASC 740, Income Taxes. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon an examination. Any recognized income tax positions would be measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement would be reflected in the period in which the change in judgment occurs. At December 31, 2021 and 2020, the Company had no liability for income tax associated with uncertain tax positions. The Company would recognize any corresponding interest and penalties associated with its income tax positions in income tax expense. There was no income tax interest or penalties incurred in 2021 or 2020. Segment data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing therapies to treat disorders of the brain and nervous system. All tangible assets are held in the United States and all revenue is generated in the United States. Comprehensive loss Comprehensive loss is equal to net loss as presented in the accompanying statements of operations. Net loss per share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the Company has reported net losses for each period presented. |
Research collaboration agreemen
Research collaboration agreement with Allergan | 12 Months Ended |
Dec. 31, 2021 | |
Research collaboration agreement with Allergan | |
Research collaboration agreement with Allergan | 4. Research collaboration agreement with Allergan On July 24, 2015, the Company entered into a Research Collaboration Agreement (“RCA”) with Naurex Inc., a subsidiary of Allergan plc (“Allergan”), which became a wholly owned subsidiary of AbbVie Inc. in May 2020. Under the terms of the agreement, the RCA terminated upon the earlier of (i) 180 days after a predetermined anniversary of the effective date of the RCA and (ii) the date on which Allergan exercises the last of The Company concluded that Allergan meets the definition of a customer, and therefore concluded that the RCA represents a contract with a customer that falls within the scope of ASC 606. Performance obligations The Company identified the following promised goods or services within the RCA: ● Research Licenses – the Company provided access to exclusive licenses under all of the Company’s NMDAr technologies, during the research term for the sole purpose of conducting research and development activities (the “Research Licenses”). Historically, the Company’s licenses have held no value to the customer on a standalone basis, as the research compounds were in the early discovery phase and required the Company’s expertise for further development. Accordingly, the Research Licenses were not considered distinct. ● Research and Development Services – the Company provided research and development services that were performed on behalf of, or with, Allergan (the “Research and Development Services”). As discussed within Research Licenses above, the Company’s licenses have historically held no value without the specialized Research and Development Services. As the Company generally only provided Research and Development Services for internally generated small molecules that modulate NMDArs which require a license to be utilized by a third party, the Research and Development Services were not considered distinct. ● Joint Steering Committee – the Company actively participated in a joint steering committee, which allowed the Company and its collaboration partner to direct the progression and prioritization of the joint discovery programs. As the JSC would not occur or benefit the customer without the use of the Research Licenses and the related Research and Development Services, and given the Company’s proprietary knowledge of the Research Licenses and the NMDAr technologies, this is not considered distinct. The Company also evaluated whether the option granted to the customer to acquire additional goods or services represented a material right at contract inception. Upon Allergan’s exercise of one of its options, the Company was obligated to transfer control of all intellectual property relating to the optioned compound to Allergan, after which the Company has no further interest in, or continuing involvement with, such optioned compound. The Company evaluated the customer options for material rights, that is, whether the option was to acquire additional goods or services for free or at a discount, and concluded that the options are priced, at contract inception, at standalone selling price. Consequently, the customer options do not represent a performance obligation at the outset of the arrangement since they are contingent upon the option exercise which is outside of the Company’s control. The Company has concluded that there is a single combined performance obligation (comprising the Research Licenses, Research and Development Services, and participation in the JSC) which is satisfied over time, as the Research and Development Services are performed. The exercise of the option to acquire exclusive rights to develop and commercialize AGN-241751 or AGN-281705 are not considered a performance obligation until the time of option exercise. Transaction price The RCA includes both fixed and variable consideration. Fixed payments, such as contractually defined fees per full-time employee (“FTE”), are included in the transaction price at contract inception, while variable consideration, such as reimbursement for Research and Development Services, are estimated and then evaluated for constraints upon inception of the contract and evaluated on a quarterly basis thereafter. Research and Development Services are updated for actual invoices. There were no capitalized costs associated with obtaining the contract. The Company used an input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. The Company used fixed FTE efforts and variable out-of-pocket costs as actual costs incurred relative to the annual budget research plan to measure progress towards fulfillment of the performance obligation. An input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. The Company does not anticipate significant changes as the research plan is reviewed and adjusted annually and approved by the JSC. There are no significant financing components in the contract. The Company has determined that the option fee is representative of standalone selling price and concluded that it would recognize revenue for the option fee at a point in time, on the date of exercise, due to the significant uncertainty of whether or not Allergan would exercise the option. The Company recognizes the option fee at a point in time because control of the underlying intellectual property transfers to the customer, and the customer is able to use and benefit from the license. The Company has no further rights, interests, or remaining performance obligations associated with any optioned compound, once exercised. During the years ended December 31, 2021 and 2020, the Company recorded expenses of $0.0 million and $3.2 million, respectively, for certain development activities in accordance with the terms of the RCA, of which 50% was reimbursed by Allergan. The Company received reimbursements of $0.0 million and $1.6 million during the years ended December 31, 2021 and 2020, respectively. Such reimbursements were reported within collaboration revenue in the statements of operations. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair value measurements | |
Fair value measurements | 5. Fair value measurements Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are as follows (in thousands): December 31, 2021 Level 1 Level 2 Level 3 Assets Money market funds, included in cash and cash equivalents $ 103,859 $ 103,859 $ — $ — Money market funds, included in restricted cash 197 197 — — Total Assets $ 104,056 $ 104,056 $ — $ — Liabilities Derivative liability, included in other long-term liabilities $ 331 $ — $ — $ 331 Total Liabilities $ 331 $ — $ — $ 331 Assets measured at fair value on a recurring basis as of December 31, 2020 are as follows (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Assets Money market funds, included in cash and cash equivalents $ 140,283 $ 140,283 $ — $ — Money market funds, included in restricted cash 179 179 — — Money market funds, included in other assets 92 92 — — Total Assets $ 140,554 $ 140,554 $ — $ — |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid expenses and other current assets | |
Prepaid expenses and other current assets | 6. Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following (in thousands): As of December 31, 2021 2020 Prepaid clinical $ 4,693 $ 6,052 Prepaid insurance 1,122 1,177 Prepaid manufacturing costs 2,241 613 Other prepaid expenses and current assets 366 298 Total prepaid expenses and other current assets $ 8,422 $ 8,140 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment | |
Property and equipment | 7. Property and equipment Property and equipment are as follows (in thousands): As of December 31, 2021 2020 Computer software and equipment $ — $ 15 Office equipment and furniture 152 176 Laboratory equipment 401 1,801 Leasehold improvements 979 1,062 Less accumulated depreciation (1,347) (2,144) Property and equipment, net $ 185 $ 910 Depreciation expense was $0.6 and $0.5 million for the years ended December 31, 2021 and 2020. The Company disposed of certain laboratory equipment during the year ended December 31, 2021 that were fully depreciated at the time of disposal. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 8. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of December 31, 2021 2020 Employee-related expenses $ 2,567 $ 2,039 Development costs and sponsored research 1,347 897 Clinical trials 810 195 Other 340 243 Total accrued expenses and other current liabilities $ 5,064 $ 3,374 |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2021 | |
Operating leases | |
Operating leases | 9. Operating leases The Company enters into various non-cancelable, operating lease agreements for its facilities and equipment in order to conduct its operations. The Company expenses rent on a straight-line basis over the life of the lease and has recorded deferred rent on the balance sheets within both accrued expenses and other current liabilities and other long-term liabilities. On October 13, 2016, the Company entered into a lease agreement with the landlord for office space totaling approximately 16,500 square feet. The term of this lease commenced on April 1, 2017 and continues through August 31, 2022. The Company has an option to renew the lease for one renewal term of 5 years. The lease provided the Company with a tenant improvement allowance of $0.4 million. The Company recorded the tenant improvement allowance incurred as a deferred lease incentive and is amortizing the deferred lease incentive through a reduction of rent expense ratably over the lease term. On July 18, 2018, the Company entered into a sublease agreement for additional office space adjacent to the Company’s existing headquarters in Evanston, Illinois, totaling approximately 6,172 square feet. The term of the lease commenced on July 18, 2018 and continues through September 30, 2022. On January 31, 2019, the sublease agreement was terminated, and the Company entered into an amended lease agreement with the landlord for the same additional office space. The terms commence on February 1, 2019 and continue through August 31, 2022. Total rent expense, inclusive of lease incentives, under the operating lease agreements amounted to $0.8 million and $0.9 million for the years ended December 31, 2021 and 2020, respectively. Aggregate future minimum annual rental commitments under these non-cancelable lease agreements are as follows at December 31, 2021 (in thousands): Year ending December 31, 2022 $ 628 2023 — 2024 — 2025 — 2026 — Thereafter — $ 628 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt | |
Debt | 10. Debt On September 15, 2021, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with K2 HealthVentures LLC (the “Lender”). The Lender has agreed to make available to the Company term loans in an aggregate principal amount of up to $50.0 million under the Loan Agreement. The Company plans to use the proceeds of the term loans to support clinical development as well as for working capital and general corporate purposes. The Loan Agreement provides a term loan commitment of $50.0 million in four potential tranches: (i) a $15.0 million term loan facility funded on September 15, 2021 (the “First Tranche Term Loan”), (ii) a $10.0 million term loan facility (the “Second Tranche Term Loan”) available at the Company’s option between January 1, 2022 and June 30, 2022, (iii) a $10.0 million term loan facility (the “Third Tranche Term Loan”) available at the Company’s option between July 1, 2022 and December 1, 2022 subject to the draw of the Second Tranche Term Loan and positive phase 2 clinical data from NYX-2925 or NYX-458 and progression of another clinical asset, and (iv) a $15.0 million term loan facility (the “Fourth Tranche Term Loan”) available through July 1, 2023 at the Company’s option but subject to review of financial and clinical plan and Lender’s Investment Committee approval. All four of these term loans have a maturity date of September 1, 2025. Borrowings under all four term loan facilities bear interest at a floating per annum rate equal to the greater of (i) 7.95% and (ii) the Prime Rate plus 4.70% . The Company is permitted to make interest-only payments on the First Tranche Term Loan for the first 24 months following the funding date. The interest-only period can be extended by an additional 12 months , subject to the funding of the Second Tranche Term Loan and the funding of the Third Tranche Term Loan. The term of the combined facility will be 48 months , with repayment in monthly installments commencing at the end of the resulting interest-only period as outlined above through the end of the 48-month term. The Company is obligated to pay a final fee equal to 6.45% of the aggregate amount of the term loans funded (“Exit Fee”), to occur upon the earliest of (i) the maturity date, (ii) the acceleration of the term loans, and (iii) the prepayment of the term loans. The Company has the option to prepay all, but not less than all, of the outstanding principal balance of the term loans under the Loan Agreement. If the Company prepays all of the term loans prior to the maturity date, it will pay the Lender a prepayment penalty fee based on a percentage of the outstanding principal balance, equal to 3% if the payment occurs on or before 24 months after the initial funding date, 2% if the prepayment occurs more than 24 months after, but on or before 36 months after the initial funding date, or 1% if the prepayment occurs more than 36 months after the initial funding date. The Company also is obligated to pay the Lender an origination fee of 0.8% of all term loans funded at the time of funding. The Lender may, at its option, elect to convert any portion of no more than $4.0 million of the then outstanding term loan amount and all accrued and unpaid interest thereon into shares of the Company’s common stock at a conversion price of the lesser of $4.25 per share and the price per share of the common stock in the Company’s next equity offering in which the Company receives at least $20.0 million of gross proceeds . The Company determined that the embedded conversion option is not required to be separated from the term loan. The embedded conversion option meets the derivative accounting scope exception since the embedded conversion option is indexed to the Company’s own common stock and qualifies for classification within stockholders’ equity. The Company’s obligations under the Loan Agreement are secured by a first priority security interest in substantially all of its assets. The Loan Agreement contains customary representations and warranties, and also includes customary events of default, including payment default, breach of covenants, change of control, and material adverse effects. The Loan Agreement restricts certain activities, such as disposing of the Company’s business or certain assets, incurring additional debt or liens or making payments on other debt, making certain investments and declaring dividends, acquiring or merging with another entity, engaging in transactions with affiliates or encumbering intellectual property, among others. There are no financial covenants associated with the Loan Agreement. The Company was in compliance with all non-financial covenants under the Loan Agreement as of December 31, 2021. Upon the occurrence of an event of default, a default interest rate of an addition 5% per annum may be applied to the outstanding loan balances, and the Lender may declare all outstanding obligations immediately due and payable and exercise all of its rights and remedies as set forth in the Loan Agreement and under applicable law. The Company recorded interest expense related to the Loan Agreement of $0.5 million for the year ended December 31, 2021. Future principal debt payments of the term loans funded as of December 31, 2021 are as follows (in thousands): 2022 $ — 2023 1,745 2024 7,333 2025 5,922 Total principal payments 15,000 Exit Fee 968 Total principal payments and Exit Fee 15,968 Less: Unamortized debt discount related to warrants (500) Less: Unamortized debt discount related to Exit Fee (892) Less: Unamortized debt issuance costs (421) Term loan, non-current $ 14,155 |
Warrants and derivative liabili
Warrants and derivative liability | 12 Months Ended |
Dec. 31, 2021 | |
Warrants and derivative liability | |
Warrants and derivative liability | 11. Warrants and derivative liability On September 15, 2021, the Company entered into the Loan Agreement with the Lender pursuant to which the Lender may provide the Company with term loans in an aggregate principal amount of up to $50.0 million. On September 15, 2021, in connection with the funding of the First Tranche Term Loan, the Company issued a warrant exercisable for 147,600 shares of the Company’s common stock at an exercise price of $2.29 per share. The warrant is immediately exercisable for 147,600 shares and expires on September 15, 2031. No warrants had been exercised as of December 31, 2021. Any shares of the Company’s common stock issued upon exercise of the warrant are permitted to be settled in unregistered shares. The warrant is classified as equity as it meets all the conditions under GAAP for equity classification. The Company has calculated the fair value of the warrant for initial measurement and reassesses whether equity classification for the warrant is appropriate upon any changes to the warrants or capital structure, at each balance sheet date. The Company determined that the fair value of the warrants issued in connection with the First Tranche Term Loan was $0.3 million. The specific assumptions used to determine the fair value of the warrants at the issue date were as follows: Expected volatility 95 % Expected dividends None Expected term 5.00 Years Risk-free rate 0.81 % The Company is conditionally obligated to issue a fixed number of additional warrants (“Additional Warrants”) in the amount of 344,398 shares upon the funding of the Second, Third and Fourth Tranche Term Loans with the same exercise price and contractual term. The contingent obligation to issue the Additional Warrants did not meet the derivative scope exception or equity classification criteria and were accounted for as a derivative liability. The contingently issuable Additional Warrants derivative liability had an initial fair value of $ million and was recorded as additional debt discount and as a separate derivative liability within other long-term liabilities in the balance sheet. The Additional Warrants derivative liability will be remeasured each reporting period until settled or extinguished with subsequent changes in fair value recorded through other income (expense), net in the statements of operations. The initial fair value of the Additional Warrants derivative liability was determined using a Black-Scholes option pricing model based on the same input assumptions above, with an additional assessment required for the probability that the Second, Third and Fourth Tranche Term Loans will be funded which would trigger the issuance of the Additional Warrants. The following table provides a reconciliation of the beginning and ending balances for the Company’s Additional Warrants derivative liability recognized in connection with the term loan measured at fair value using significant unobservable inputs (Level 3): Additional Warrants Balance at December 31, 2020 $ — Fair value of Additional Warrant Derivative Liability issued during the period 287 Change in fair value 44 Derecognition — Balance at December 31, 2021 $ 331 The specific assumptions used to determine the fair value of the warrants as of December 31, 2021 were as follows: Expected volatility 95 % Expected dividends None Expected term 5.00 Years Risk-free rate 1.26 % |
Stockholders' equity
Stockholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' equity | |
Stockholders' equity | 12. Stockholders’ equity Preferred Stock The Company is also authorized to issue 10 million shares of undesignated preferred stock, par value $0.01, in one or more series. As of December 31, 2021 Common stock As of December 31, 2021 and 2020, the Company had reserved common stock for issuance as follows (in thousands): As of December 31, 2021 2020 Stock options issued and outstanding 10,713 6,684 Unvested restricted stock units — 1,091 Warrants 148 — 10,861 7,775 |
Stock incentive plan
Stock incentive plan | 12 Months Ended |
Dec. 31, 2021 | |
Stock incentive plan | |
Stock incentive plan | 13. Stock incentive plan In October 2015, the Company established a stock option plan (“2015 Plan”) to provide for the issuance of shares of common stock pursuant to stock options, stock appreciation rights, stock purchase rights, restricted stock agreements and long-term performance awards granted to key employees, directors and consultants of the Company. In June 2018, the Company’s stockholders approved the 2018 Stock Option and Incentive Plan (the “2018 Plan”), which became effective on June 20, 2018. The number of shares available for grant under the Company’s stock option plan were as follows (in thousands): Available for grant as of January 1, 2020 3,081 Plan amendment 1,348 Grants (3,071) Forfeitures and cancellations 886 Available for grant as of December 31, 2020 2,244 Plan amendment 2,530 Grants (4,610) Forfeitures and cancellations 496 Available for grant as of December 31, 2021 660 Stock-based compensation expense Non-cash stock-based compensation expense recognized in the accompanying statements of operations relating to all stock-based awards for the years ended December 31, 2021 and 2020 are as follows (in thousands): Year ended December 31, 2021 2020 Research and development $ 2,677 $ 2,259 General and administrative 7,042 7,720 Total stock‑based compensation expense $ 9,719 $ 9,979 Restricted stock units In June 2020 and May 2019, the Company issued an aggregate of 205,200 and 1,183,400 restricted stock units, respectively, to employees. The restricted stock units issued in 2020 vest ten months from the date of grant. The restricted stock units issued in 2019 vest two years from the date of grant. The Company at any time may accelerate the vesting of the restricted stock units. Such shares are not accounted for as outstanding until they vest. The table below summarizes activity related to restricted stock units (in thousands, except per share amounts): Weighted ‑ average grant date fair value Shares per share Unvested as of December 31, 2020 1,091 $ 3.63 Issued — $ — Vested (1,089) 3.63 Forfeited and canceled (2) 3.63 Unvested as of December 31, 2021 — $ — Non-cash restricted stock unit award expense recognized in the accompanying statements of operations was $0.8 million and $2.0 million for the years ended December 31, 2021 and 2020. There were no unvested restricted stock units as of December 31, 2021. Stock options During the years ended December 31, 2021 and 2020, the Company granted 4.6 million and 2.9 million stock options, respectively. The options have a ten-year life and generally vest over a period of four years, subject to continuous employment. The weighted-average grant date fair value per share of each option granted during the years ended December 31, 2021 and 2020 was $2.42 and $2.09, respectively. As of December 31, 2021, there was $15.0 million of unrecognized compensation cost related to non-vested stock options which is expected to be recognized over a weighted-average period of 2.53 years. The fair value of each option award is estimated on the date of grant using a Black-Scholes option pricing valuation model that uses various assumptions regarding the: (1) expected volatility, (2) expected life of the option, (3) expected dividend yield, and (4) risk-free interest rate. T he expected volatility for the Company’s options is based on a weighted-average of the historical volatility of share values of publicly traded companies within the biotechnology industry which, beginning in 2021, now includes the historical volatility of the Company’s stock since the Company’s IPO The specific assumptions used to determine the fair value of the stock options granted during the years ended December 31, 2021 and 2020 were as follows: Year ended December 31, 2021 2020 Expected volatility 95%-100% 76%-82% Expected dividends None None Expected option life 5.27 - 6.08 Years 5.00 - 6.08 Years Risk-free rate 0.48 – 1.29% 0.28 – 1.18% The table below summarizes activity related to stock options (in thousands, except per share amounts): Weighted ‑ Weighted ‑ average average remaining Aggregate exercise contractual intrinsic Options Shares price term value Outstanding, January 1, 2020 4,798 $ 8.75 8.29 $ 1,159 Granted 2,859 3.17 Exercised (212) 2.32 Forfeited and canceled (761) 5.96 Outstanding, December 31, 2020 6,684 $ 6.88 7.96 $ 1,582 Granted 4,610 3.11 Exercised (87) 1.53 Forfeited and canceled (494) 5.51 Outstanding, December 31, 2021 10,713 $ 5.36 8.07 $ 718 Vested and expected to vest at December 31, 2021 10,713 $ 5.36 8.07 $ 718 Exercisable at December 31, 2021 4,841 $ 7.08 6.87 $ 128 Employee stock purchase plan On June 5, 2018, the Company's stockholders approved the 2018 Employee Stock Purchase Plan (the "ESPP"), which became effective upon the completion of the Company's initial public offering. A total of 314,697 shares of common stock were initially reserved for issuance under this plan. In addition, the number of shares of common stock that may be issued under the ESPP automatically increase on January 1 of each year through January 1, 2028, by the lesser of (i) 1% of the number of shares of the Company's common stock outstanding on the immediately preceding December 31 and (ii) such lesser number of shares as determined by the administrator of the Company's ESPP. |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Net loss per share | |
Net loss per share | 14. Net loss per share Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2021 and 2020 (in thousands, except per share data): Year ended December 31, 2021 2020 Numerator: Net loss attributable to common stockholders $ (74,886) $ (50,053) Denominator: Weighted-average common shares outstanding—basic and diluted 67,220 48,866 Net loss per share attributable to common stockholders—basic and diluted $ (1.11) $ (1.02) The following common stock equivalents outstanding as of December 31, 2021 and 2020, were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands): As of December 31, 2021 2020 Stock options issued and outstanding 10,713 6,684 Unvested restricted stock units — 1,091 Warrants 148 — 10,861 7,775 |
Employee benefit plan
Employee benefit plan | 12 Months Ended |
Dec. 31, 2021 | |
Employee benefit plan | |
Employee benefit plan | 15. Employee benefit plan Effective December 31, 2015, the Company established a defined contribution 401(k) plan (the “401(k) Plan”) for the benefit of its employees. All of the employees of the Company are eligible to participate in the 401(k) Plan which permits employees to make voluntary contributions up to the dollar limit allowed under the Internal Revenue Code. The 401(k) Plan also provides for matching contributions as defined by the Company of up to a combined total of 4% of an employee’s eligible annual compensation. The Company has recorded matching contributions of $0.3 million for each of the years ended December 31, 2021 and 2020, respectively. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Income taxes | 16. Income taxes Provision for income taxes There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. The reported amount of income tax expense for the years differs from the amount that would result from applying domestic federal statutory tax rates and pretax losses primarily because of changes in valuation allowance. Deferred tax assets and valuation allowance Deferred tax assets reflect the tax effects of net operating losses (“NOLs”) and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The most significant item of deferred tax assets is derived from the Company’s federal NOLs. At December 31, 2021 the Company had a U.S. federal NOL carryforward available to offset future taxable income of $252.1 million. This includes $184.8 million of gross NOLs that are limited under Sec. 382 of the Internal Revenue Code, of which $48.9 million gross NOLs were generated prior to 2018 and will begin to expire in 2035, and the remainder were generated after 2018 and have an indefinite carryforward period. All the gross NOLs that are limited are subject to a substantial annual limitation and $33.3 million will expire based on such limitations. There could also be additional ownership changes in the future which may result in additional limitations on the utilization of NOL carryforwards. As of December 31, 2021, the Company had state NOL carryforwards of $24.0 million which have a 12-year carryforward period and will begin to expire starting in 2027. A reconciliation of the U.S statutory rate to the Company’s effective tax rate is as follows: Year ended December 31, 2021 2020 Federal rate 21.0 % 21.0 % State rate 7.5 7.5 Valuation allowance (27.4) (27.8) Other (1.1) (0.7) — % — % The significant components of the Company’s net deferred tax assets are as follows (in thousands): December 31, 2021 2020 Deferred tax assets Net operating loss $ 64,850 $ 46,158 Interest expense carryforwards 88 — Stock‑based compensation 6,305 5,053 Accrued clinical trials 330 99 Accrued compensation 724 571 Accrued expenses and other, net 582 452 Total deferred tax assets 72,879 52,333 Less valuation allowance $ (72,879) $ (52,333) Net deferred tax assets — — Net deferred taxes $ — $ — The Company files federal and state income tax returns and, in the normal course of business, the Company is subject to examination by these taxing authorities. As of December 31, 2021, the Company’s tax years through December 31, 2020 are subject to examination by the U.S. federal and state taxing authorities with the exception of the December 31, 2018 tax year. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | |
Commitments and contingencies | 17. Commitments and contingencies From time to time, the Company is subject to occasional lawsuits, investigations and claims arising out of the normal conduct of business. The Company has no significant pending or threatened litigation as of December 31, 2021. In the normal course of business, the Company enters into contracts that contain a variety of indemnifications with its employees, licensors, suppliers and service providers. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown at December 31, 2021. The Company does not anticipate recognizing any significant losses relating to these arrangements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | |
Subsequent Events | 18. Subsequent events On March 15, 2022, the Second Tranche Term Loan was funded for $10.0 million. In connection with this funding, the Company issued 98,399 warrants to the Company’s common stock. The terms of the warrants are described in Note 11. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Use of estimates | Use of estimates The financial statements are prepared in conformity with GAAP. This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Risk and uncertainties | Risk and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of: future clinical study results, the scope, rate of progress and expense of the Company’s ongoing as well as any additional preclinical studies, clinical studies and other research and development activities, clinical study enrollment rate or design, the manufacturing of the Company’s product candidates, significant and changing government regulation, and the timing and receipt of any regulatory approvals. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. The Company is dependent upon third-party manufacturers to supply product for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and final drug product related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and final drug product. A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. On March 27, 2020, the Company suspended patient enrollment for certain ongoing Phase 2 clinical studies, including its NYX-2925 studies in painful diabetic peripheral neuropathy and fibromyalgia and its NYX-458 study in Parkinson’s disease cognitive impairment and dementia with Lewy bodies. The Company re-initiated enrollment in its NYX-2925 study in fibromyalgia in September 2020, in its NYX-2925 study in painful diabetic peripheral neuropathy in January 2021, and in its NYX-458 study in Parkinson’s disease cognitive impairment and dementia with Lewy bodies in March 2021. The Company has initiated some and may take additional temporary precautionary measures intended to help ensure the well-being of its employees and minimize business disruption. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at December 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. Another prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the availability of capital, timing and ability of the Company to complete certain clinical studies, and other efforts required to advance the development of its targets. |
Revenue recognition | Revenue recognition Revenue is recognized in accordance with revenue recognition accounting guidance, which utilizes five steps to determine whether revenue can be recognized and to what extent: (i) identify the contract with a customer; (ii) identify the performance obligation(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) determine the recognition period. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, Revenue from Contracts with Customers, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Significant judgments exercised by management include the identification of performance obligations, and whether such promised goods or services are considered distinct. The Company evaluates promised goods or services on a contract by contract basis to determine whether each promise represents a good or service that is distinct or has the same pattern of transfer as other promises. A promised good or service is considered distinct if the customer can benefit from the good or service independently of other goods/services either in the contract or that can be obtained elsewhere, without regard to contract exclusivity, and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contact. If the good or service is not considered distinct, the Company combines such promises and accounts for them as a single combined performance obligation. |
Accounts receivable | Accounts receivable Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. During the years ended December 31, 2021 and 2020, one research collaborator, Allergan plc (“Allergan”) represented 100% of the Company’s revenues (see Note 4). The associated accounts receivable were approximately $0.0 million and $0.3 million at December 31, 2021 and 2020, respectively. The Company writes off uncollectible receivables based on specific identification when the likelihood of collection is remote. No allowance was deemed necessary at December 31, 2021 and 2020. |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash Cash and cash equivalents consist of cash and, if applicable, highly liquid investments with an original maturity of three months or less when purchased. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (amounts in thousands). As of December 31, 2021 2020 Cash and cash equivalents $ 106,124 $ 141,028 Short-term and long-term restricted cash 197 271 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 106,321 $ 141,299 Amounts included in restricted cash represent those amounts required to be held as a security deposit in the form of letters of credit for the Company’s leased office facility and cash collateral held by credit card. |
Concentrations of credit risk | Concentrations of credit risk The Company, at times, maintains cash and cash equivalents in accounts with a financial institution in excess of the amount insured by the Federal Deposit Insurance Corporation. The Company monitors the financial stability of this institution regularly and management does not believe there is significant credit risk associated with deposits in excess of federally insured amounts. |
Fair value of financial instruments | Fair value of financial instruments ASC 820, Fair Value Measurement ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no Level 3 assets as of December 31, 2021 or 2020. Level 3 liabilities as of December 31, 2021 and 2020 was $0.3 million and $0.0 million. The carrying values reported in the Company’s balance sheets for cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses are reasonable estimates of their fair values due to the short-term nature of these items. |
Property and equipment | Property and equipment Property and equipment are stated at cost. Maintenance and repairs are charged to expense as incurred. Additions, improvements and replacements are capitalized. Depreciation of property and equipment is provided for by the straight-line method over the estimated useful lives of the related assets. The estimated useful lives of property and equipment are as follows: Description Estimated useful life Computer software and equipment 3 years Office equipment and furniture 5 years Laboratory equipment 5 years Leasehold improvements Lesser of the estimated useful life or term of the lease Construction-in-progress reflects property and equipment yet to be placed in service. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If the sum of the estimated future undiscounted cash flows expected to result from the use and eventual disposition of an asset is less than the carrying amount of the asset group, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset group. The Company has not recorded any impairment losses on long-lived assets for the years ended December 31, 2021 and 2020. |
Research and development | Research and development Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, depreciation, contract services and other related costs. Research and development costs are expensed to operations as the related obligation is incurred. The Company has entered into various research and development contracts with research institutions, clinical research organizations, clinical manufacturing organizations and other companies. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected on the balance sheet as prepaid or accrued expenses. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. |
Term loans | Term loans When the Company issues debt with a conversion feature, it assesses whether the conversion feature meets the requirements to be treated as a derivative, as follows: (a) one or more underlyings, typically the price of the Company’s common stock; (b) one or more notional amounts or payment provisions or both, generally the number of shares upon conversion; (c) no initial net investment, which typically excludes the amount borrowed; and (d) net settlement provisions, which in the case of convertible debt generally means the stock received upon conversion can be readily sold for cash. An embedded equity-linked component that meets the definition of a derivative does not have to be separated from the host instrument if the component qualifies for the scope exception for certain contracts involving an issuer’s own equity. The scope exception applies if the contract is both (a) indexed to its own stock; and (b) classified in stockholders’ equity in its balance sheet. If the conversion feature meets the requirements to be treated as a derivative, the conversion features is bifurcated and separately accounted for under ASC Topic 815. |
Warrants | Warrants In accordance with ASC Topic 470-20-25, when the Company issues debt with warrants, the Company treats the warrants as a debt discount, recorded as a contra-liability against the debt, and amortizes the balance over the life of the underlying debt as amortization of debt discount expense in the statements of operations. The offset to the contra-liability is recorded as additional paid-in capital in the Company’s balance sheets if the warrants are not treated as a derivative or as liability warrants. The Company determines the fair value of the warrants at issuance using the Black-Scholes option pricing model. |
Stock-based compensation | Stock-based compensation The Company has stock-based compensation plans that cover the Company’s directors and employees and are more fully described in Note 13. Stock-based compensation cost is estimated at the grant date based on the fair value of the award, and the cost is recognized as expense ratably over the vesting period. |
Income taxes | Income taxes The Company accounts for income taxes under the liability method in accordance with FASB ASC 740, Income Taxes. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained upon an examination. Any recognized income tax positions would be measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement would be reflected in the period in which the change in judgment occurs. At December 31, 2021 and 2020, the Company had no liability for income tax associated with uncertain tax positions. The Company would recognize any corresponding interest and penalties associated with its income tax positions in income tax expense. There was no income tax interest or penalties incurred in 2021 or 2020. |
Segment data | Segment data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing therapies to treat disorders of the brain and nervous system. All tangible assets are held in the United States and all revenue is generated in the United States. |
Comprehensive loss | Comprehensive loss Comprehensive loss is equal to net loss as presented in the accompanying statements of operations. |
Net loss per share | Net loss per share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the Company has reported net losses for each period presented. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (amounts in thousands). As of December 31, 2021 2020 Cash and cash equivalents $ 106,124 $ 141,028 Short-term and long-term restricted cash 197 271 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 106,321 $ 141,299 |
Schedule of estimated useful lives of assets | Description Estimated useful life Computer software and equipment 3 years Office equipment and furniture 5 years Laboratory equipment 5 years Leasehold improvements Lesser of the estimated useful life or term of the lease |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair value measurements | |
Schedule of assets measured at fair value | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are as follows (in thousands): December 31, 2021 Level 1 Level 2 Level 3 Assets Money market funds, included in cash and cash equivalents $ 103,859 $ 103,859 $ — $ — Money market funds, included in restricted cash 197 197 — — Total Assets $ 104,056 $ 104,056 $ — $ — Liabilities Derivative liability, included in other long-term liabilities $ 331 $ — $ — $ 331 Total Liabilities $ 331 $ — $ — $ 331 Assets measured at fair value on a recurring basis as of December 31, 2020 are as follows (in thousands): December 31, 2020 Level 1 Level 2 Level 3 Assets Money market funds, included in cash and cash equivalents $ 140,283 $ 140,283 $ — $ — Money market funds, included in restricted cash 179 179 — — Money market funds, included in other assets 92 92 — — Total Assets $ 140,554 $ 140,554 $ — $ — |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid expenses and other current assets | |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following (in thousands): As of December 31, 2021 2020 Prepaid clinical $ 4,693 $ 6,052 Prepaid insurance 1,122 1,177 Prepaid manufacturing costs 2,241 613 Other prepaid expenses and current assets 366 298 Total prepaid expenses and other current assets $ 8,422 $ 8,140 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and equipment | |
Schedule of property and equipment, net | Property and equipment are as follows (in thousands): As of December 31, 2021 2020 Computer software and equipment $ — $ 15 Office equipment and furniture 152 176 Laboratory equipment 401 1,801 Leasehold improvements 979 1,062 Less accumulated depreciation (1,347) (2,144) Property and equipment, net $ 185 $ 910 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): As of December 31, 2021 2020 Employee-related expenses $ 2,567 $ 2,039 Development costs and sponsored research 1,347 897 Clinical trials 810 195 Other 340 243 Total accrued expenses and other current liabilities $ 5,064 $ 3,374 |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating leases | |
Schedule of aggregate future minimum annual rental commitments under non-cancelable lease agreements | Aggregate future minimum annual rental commitments under these non-cancelable lease agreements are as follows at December 31, 2021 (in thousands): Year ending December 31, 2022 $ 628 2023 — 2024 — 2025 — 2026 — Thereafter — $ 628 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt | |
Schedule of maturities of long-term debt | Future principal debt payments of the term loans funded as of December 31, 2021 are as follows (in thousands): 2022 $ — 2023 1,745 2024 7,333 2025 5,922 Total principal payments 15,000 Exit Fee 968 Total principal payments and Exit Fee 15,968 Less: Unamortized debt discount related to warrants (500) Less: Unamortized debt discount related to Exit Fee (892) Less: Unamortized debt issuance costs (421) Term loan, non-current $ 14,155 |
Warrants and derivative liabi_2
Warrants and derivative liability (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | |
Schedule of reconciliation of liabilities with significant unobservable inputs | Additional Warrants Balance at December 31, 2020 $ — Fair value of Additional Warrant Derivative Liability issued during the period 287 Change in fair value 44 Derecognition — Balance at December 31, 2021 $ 331 |
First Tranche Term Loan | |
Class of Warrant or Right [Line Items] | |
Schedule of fair value of the warrants or rights | Expected volatility 95 % Expected dividends None Expected term 5.00 Years Risk-free rate 0.81 % |
Additional Warrants | |
Class of Warrant or Right [Line Items] | |
Schedule of fair value of the warrants or rights | Expected volatility 95 % Expected dividends None Expected term 5.00 Years Risk-free rate 1.26 % |
Stockholders' equity (Tables)
Stockholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' equity | |
Schedule of the Company's common stock reserved for issuance, on an as if converted basis, | As of December 31, 2021 and 2020, the Company had reserved common stock for issuance as follows (in thousands): As of December 31, 2021 2020 Stock options issued and outstanding 10,713 6,684 Unvested restricted stock units — 1,091 Warrants 148 — 10,861 7,775 |
Stock incentive plan (Tables)
Stock incentive plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock incentive plan | |
Schedule of available shares for grant under the Company's stock option plan | The number of shares available for grant under the Company’s stock option plan were as follows (in thousands): Available for grant as of January 1, 2020 3,081 Plan amendment 1,348 Grants (3,071) Forfeitures and cancellations 886 Available for grant as of December 31, 2020 2,244 Plan amendment 2,530 Grants (4,610) Forfeitures and cancellations 496 Available for grant as of December 31, 2021 660 |
Allocation of stock-based compensation expenses | Non-cash stock-based compensation expense recognized in the accompanying statements of operations relating to all stock-based awards for the years ended December 31, 2021 and 2020 are as follows (in thousands): Year ended December 31, 2021 2020 Research and development $ 2,677 $ 2,259 General and administrative 7,042 7,720 Total stock‑based compensation expense $ 9,719 $ 9,979 |
Schedule of restricted stock unit activity | The table below summarizes activity related to restricted stock units (in thousands, except per share amounts): Weighted ‑ average grant date fair value Shares per share Unvested as of December 31, 2020 1,091 $ 3.63 Issued — $ — Vested (1,089) 3.63 Forfeited and canceled (2) 3.63 Unvested as of December 31, 2021 — $ — |
Schedule of assumptions used to determine the fair value of the stock options granted | Year ended December 31, 2021 2020 Expected volatility 95%-100% 76%-82% Expected dividends None None Expected option life 5.27 - 6.08 Years 5.00 - 6.08 Years Risk-free rate 0.48 – 1.29% 0.28 – 1.18% |
Summary of stock option activity | The table below summarizes activity related to stock options (in thousands, except per share amounts): Weighted ‑ Weighted ‑ average average remaining Aggregate exercise contractual intrinsic Options Shares price term value Outstanding, January 1, 2020 4,798 $ 8.75 8.29 $ 1,159 Granted 2,859 3.17 Exercised (212) 2.32 Forfeited and canceled (761) 5.96 Outstanding, December 31, 2020 6,684 $ 6.88 7.96 $ 1,582 Granted 4,610 3.11 Exercised (87) 1.53 Forfeited and canceled (494) 5.51 Outstanding, December 31, 2021 10,713 $ 5.36 8.07 $ 718 Vested and expected to vest at December 31, 2021 10,713 $ 5.36 8.07 $ 718 Exercisable at December 31, 2021 4,841 $ 7.08 6.87 $ 128 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net loss per share | |
Schedule of basic and diluted net loss per share attributable to common stockholders calculation | Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2021 and 2020 (in thousands, except per share data): Year ended December 31, 2021 2020 Numerator: Net loss attributable to common stockholders $ (74,886) $ (50,053) Denominator: Weighted-average common shares outstanding—basic and diluted 67,220 48,866 Net loss per share attributable to common stockholders—basic and diluted $ (1.11) $ (1.02) |
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share | The following common stock equivalents outstanding as of December 31, 2021 and 2020, were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands): As of December 31, 2021 2020 Stock options issued and outstanding 10,713 6,684 Unvested restricted stock units — 1,091 Warrants 148 — 10,861 7,775 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes | |
Summary of reconciliation of U.S. statutory rate to the Company's effective tax rate | Year ended December 31, 2021 2020 Federal rate 21.0 % 21.0 % State rate 7.5 7.5 Valuation allowance (27.4) (27.8) Other (1.1) (0.7) — % — % |
Schedule of significant components of the Company's net deferred tax assets | The significant components of the Company’s net deferred tax assets are as follows (in thousands): December 31, 2021 2020 Deferred tax assets Net operating loss $ 64,850 $ 46,158 Interest expense carryforwards 88 — Stock‑based compensation 6,305 5,053 Accrued clinical trials 330 99 Accrued compensation 724 571 Accrued expenses and other, net 582 452 Total deferred tax assets 72,879 52,333 Less valuation allowance $ (72,879) $ (52,333) Net deferred tax assets — — Net deferred taxes $ — $ — |
Organization (Details)
Organization (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 16, 2021 | Sep. 15, 2021 | Oct. 26, 2020 | Jan. 14, 2020 | Jul. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Organization | ||||||||
Accumulated deficit | $ (287,900) | $ (287,900) | ||||||
Proceeds from public offering, net of underwriters' discounts | 14,615 | $ 5,799 | ||||||
Cash and cash equivalents | $ 106,124 | $ 141,028 | $ 106,124 | |||||
Expected period of sufficient funds for planned operations | 12 months | |||||||
Proceeds from issuance of term loan | $ 14,638 | |||||||
Follow-on Public Offering | ||||||||
Organization | ||||||||
Number of common stock shares newly issued | 16,100,000 | 11,691,666 | ||||||
Public offering price of the shares sold | $ 3 | $ 3 | ||||||
Proceeds from public offering, net of underwriters' discounts | $ 45,100 | $ 33,300 | ||||||
ATM Offering | ||||||||
Organization | ||||||||
Number of common stock shares newly issued | 5,120,940 | |||||||
Public offering price of the shares sold | $ 3.99 | $ 3.99 | ||||||
Proceeds from public offering, net of underwriters' discounts | $ 20,400 | |||||||
Threshold shares agreed to be sold | $ 24,000 | |||||||
Sales commission percentage | 3.00% | |||||||
At Market Offering Program 2021 [Member] | ||||||||
Organization | ||||||||
Number of common stock shares newly issued | 0 | 3,629,458 | ||||||
Proceeds from public offering, net of underwriters' discounts | $ 14,500 | |||||||
Stock sale commission percentage | 3.00% | |||||||
Threshold shares agreed to be sold | $ 50,000 | |||||||
Loan agreement | ||||||||
Organization | ||||||||
Maximum borrowing capacity | $ 50,000 | |||||||
First Tranche Term Loan | ||||||||
Organization | ||||||||
Proceeds from issuance of term loan | $ 15,000 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($)customer | |
Concentration Risk [Line Items] | ||
Allowance for accounts receivable | $ 0 | $ 0 |
Accounts receivable | $ 257 | |
Customer Concentration Risk | Revenue | Allergan | ||
Concentration Risk [Line Items] | ||
Number of customers | customer | 1 | 1 |
Concentration risk percentage | 100.00% | 100.00% |
Customer Concentration Risk | Accounts Receivable | Allergan | ||
Concentration Risk [Line Items] | ||
Accounts receivable | $ 0 | $ 300 |
Summary of significant accoun_5
Summary of significant accounting policies - Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of significant accounting policies | |||
Cash and cash equivalents | $ 106,124 | $ 141,028 | |
Short-term and long-term restricted cash | 197 | 271 | |
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows | $ 106,321 | $ 141,299 | $ 99,194 |
Summary of significant accoun_6
Summary of significant accounting policies - Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Impairment of long lived assets | $ 0 | $ 0 |
Computer software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Office equipment and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Level 3 | ||
Property, Plant and Equipment [Line Items] | ||
Assets measured at fair value | $ 0 | 0 |
Liabilities measured at fair value | $ 300 | $ 0 |
Summary of significant accoun_7
Summary of significant accounting policies - Income taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of significant accounting policies | ||
Deferred income tax assets | $ 0 | |
Increase in valuation allowance | 20.6 | $ 6.9 |
Uncertain tax positions | 0 | 0 |
Interest or penalties recorded | $ 0 | $ 0 |
Research collaboration agreem_2
Research collaboration agreement with Allergan (Details) $ in Thousands | Jul. 24, 2015USD ($)Option | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Feb. 23, 2021USD ($) |
Research collaboration agreement with Allergan | ||||
Payment of option exercise fee | $ 1,000 | |||
Research and development | $ 55,444 | $ 32,835 | ||
RCA | ||||
Research collaboration agreement with Allergan | ||||
Agreement term | 180 days | |||
Number of options to acquire molecules | Option | 3 | |||
Payment of option exercise fee | $ 1,000 | |||
Milestone payment | 1,000 | |||
Capitalized contract costs | 0 | |||
Research and development | $ 0 | $ 3,200 | ||
Development activities reimbursement percentage | 50.00% | 50.00% | ||
Development activities expenses reimbursed | $ 0 | $ 1,600 |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Level 3 | ||
Fair value measurements | ||
Total Assets | $ 0 | $ 0 |
Recurring | ||
Fair value measurements | ||
Total Assets | 104,056 | |
Derivative liability, included in other long-term liabilities | 331 | |
Total Liabilities | 331 | |
Recurring | Money market funds, included in cash and cash equivalents | ||
Fair value measurements | ||
Money market funds | 103,859 | 140,283 |
Recurring | Money market funds, included in restricted cash | ||
Fair value measurements | ||
Money market funds | 197 | 179 |
Recurring | Money market funds, included in other assets | ||
Fair value measurements | ||
Money market funds | 92 | |
Total Assets | 140,554 | |
Recurring | Level 1 | ||
Fair value measurements | ||
Total Assets | 104,056 | |
Recurring | Level 1 | Money market funds, included in cash and cash equivalents | ||
Fair value measurements | ||
Money market funds | 103,859 | 140,283 |
Recurring | Level 1 | Money market funds, included in restricted cash | ||
Fair value measurements | ||
Money market funds | 197 | 179 |
Recurring | Level 1 | Money market funds, included in other assets | ||
Fair value measurements | ||
Money market funds | 92 | |
Total Assets | $ 140,554 | |
Recurring | Level 3 | ||
Fair value measurements | ||
Derivative liability, included in other long-term liabilities | 331 | |
Total Liabilities | $ 331 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets | ||
Prepaid clinical | $ 4,693 | $ 6,052 |
Prepaid insurance | 1,122 | 1,177 |
Prepaid Manufacturing Cost | 2,241 | 613 |
Other prepaid expenses and current assets | 366 | 298 |
Total prepaid expenses and other current assets | $ 8,422 | $ 8,140 |
Property and equipment, net (De
Property and equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property and equipment | ||
Less accumulated depreciation | $ (1,347) | $ (2,144) |
Property and equipment, net | 185 | 910 |
Depreciation | 600 | 500 |
Computer software and equipment | ||
Property and equipment | ||
Property and equipment, gross | 15 | |
Office equipment and furniture | ||
Property and equipment | ||
Property and equipment, gross | 152 | 176 |
Laboratory equipment | ||
Property and equipment | ||
Property and equipment, gross | 401 | 1,801 |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment, gross | $ 979 | $ 1,062 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued expenses and other current liabilities | ||
Employee-related expenses | $ 2,567 | $ 2,039 |
Development costs and sponsored research | 1,347 | 897 |
Clinical trials | 810 | 195 |
Other | 340 | 243 |
Total accrued expenses and other current liabilities | $ 5,064 | $ 3,374 |
Operating leases (Details)
Operating leases (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 18, 2018ft² | Oct. 13, 2016USD ($)ft²item | |
Operating leases | ||||
Leased space (in square feet) | ft² | 6,172 | 16,500 | ||
Lease renewal options | item | 1 | |||
Renewal term (in years) | 5 years | |||
Deferred lease incentive | $ 400 | |||
Rent expense inclusive of lease incentives | $ 800 | $ 900 | ||
Future minimum annual rental commitments | ||||
2022 | 628 | |||
Total | $ 628 |
Debt (Details)
Debt (Details) $ / shares in Units, $ in Thousands | Sep. 15, 2021USD ($)tranche$ / shares | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||
Proceeds from issuance of term loan | $ 14,638 | |
Loan agreement | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 50,000 | |
Number of tranches | tranche | 4 | |
Interest rate | 7.95% | |
Term of debt | 48 months | |
Final fee percentage | 6.45% | |
Threshold amount for conversion | $ 4,000 | |
Origination fee | 0.80% | |
Conversion price | $ / shares | $ 4.25 | |
Equity offering proceeds threshold to set debt conversion price | $ 20,000 | |
Additional default interest rate | 5.00% | |
Interest expense | $ 500 | |
Loan agreement | Prepayment occurs on or before 24 months after initial funding | ||
Debt Instrument [Line Items] | ||
Prepayment penalty percentage | 3.00% | |
Threshold period in which prepayment occurs | 24 months | |
Loan agreement | Prepayment occurs more than 24 months and on or before 36 months after initial funding | ||
Debt Instrument [Line Items] | ||
Prepayment penalty percentage | 2.00% | |
Loan agreement | Prepayment occurs more than 24 months and on or before 36 months after initial funding | Minimum | ||
Debt Instrument [Line Items] | ||
Threshold period in which prepayment occurs | 24 months | |
Loan agreement | Prepayment occurs more than 24 months and on or before 36 months after initial funding | Maximum | ||
Debt Instrument [Line Items] | ||
Threshold period in which prepayment occurs | 36 months | |
Loan agreement | Prepayment occurs more than 36 months after initial funding | ||
Debt Instrument [Line Items] | ||
Prepayment penalty percentage | 1.00% | |
Threshold period in which prepayment occurs | 36 months | |
Loan agreement | Prime | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.70% | |
First Tranche Term Loan | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of term loan | $ 15,000 | |
Period for which interest only payment is permitted | 24 months | |
Additional period for which interest only payment can be extended | 12 months | |
Second Tranche Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 10,000 | |
Third Tranche Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 10,000 | |
Third Tranche Term Loan For 15 Million [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 15,000 |
Debt - Future Principal Debt Pa
Debt - Future Principal Debt Payments on The Loan Payable (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Long-term Debt, Rolling Maturity [Abstract] | |
2023 | $ 1,745 |
2024 | 7,333 |
2025 | 5,922 |
Total principal payments | 15,000 |
Exit Fee | 968 |
Total principal payments and exit fee | 15,968 |
Less: Unamortized debt discount related to warrants | (500) |
Less: Unamortized debt discount related to Exit Fee | (892) |
Less: Unamortized debt issuance costs | (421) |
Note payable | $ 14,155 |
Warrants and derivative liabi_3
Warrants and derivative liability (Details) | Sep. 15, 2021USD ($)item$ / sharesshares | Dec. 31, 2021USD ($) |
Class of Warrant or Right [Line Items] | ||
Warrants exercised | item | 0 | |
Expected volatility | ||
Class of Warrant or Right [Line Items] | ||
Warrants and rights outstanding, measurement input | 95 | 95 |
Expected dividends | ||
Class of Warrant or Right [Line Items] | ||
Warrants and rights outstanding, measurement input | 0 | 0 |
Expected term | ||
Class of Warrant or Right [Line Items] | ||
Warrants and rights outstanding, measurement input | 5 | 5 |
Risk-free rate | ||
Class of Warrant or Right [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.81 | 1.26 |
Loan agreement | ||
Class of Warrant or Right [Line Items] | ||
Maximum borrowing capacity | $ 50,000,000 | |
First Tranche Term Loan | ||
Class of Warrant or Right [Line Items] | ||
Issued warrant exercisable | shares | 147,600 | |
Exercise price | $ / shares | $ 2.29 | |
Derivative liability, included in other long-term liabilities | $ 300,000 | |
Additional Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrants obligated to be issued upon the funding of the second, third and fourth tranche term loans | 344,398 | |
Derivative liability, included in other long-term liabilities | $ 300,000 |
Warrants and derivative liabi_4
Warrants and derivative liability - Reconciliation of company's additional warrants (Details) - Additional Warrants $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Reconciliation of company's additional warrants derivative liability | |
Fair value of Additional Warrant Derivative Liability issued during the period | $ 287 |
Change in fair value | 44 |
Balance at end of period | $ 331 |
Stockholders' equity - Common s
Stockholders' equity - Common stock (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock reserved for issuance | 10,861,000 | 7,775,000 |
Warrants | ||
Common stock reserved for issuance | 148,000 | |
Stock options | ||
Common stock reserved for issuance | 10,713,000 | 6,684,000 |
Restricted Stock Units (RSUs) | ||
Common stock reserved for issuance | 1,091,000 |
Stock incentive plan (Details)
Stock incentive plan (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Stock incentive plans | |||
Awards available for future grant | 660,000 | 2,244,000 | 3,081,000 |
2018 Plan | |||
Stock incentive plans | |||
Awards available for future grant | 660,111 | ||
2015 Plan | |||
Stock incentive plans | |||
Awards available for future grant | 505,046 |
Stock incentive plan - Shares a
Stock incentive plan - Shares available for grant (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock incentive plan | ||
Available for grant Beginning of the period | 2,244 | 3,081 |
Plan amendment | 2,530 | 1,348 |
Grants | (4,610) | (3,071) |
Forfeitures and cancellations | 496 | 886 |
Available for grant End of the period | 660 | 2,244 |
Stock incentive plan - Activity
Stock incentive plan - Activity related to stock options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Granted | 4,610 | 3,071 | |
Forfeited and canceled | (496) | (886) | |
Stock options | |||
Shares | |||
Outstanding, at the beginning of the period | 6,684 | 4,798 | |
Granted | 4,610 | 2,859 | |
Exercised | (87) | (212) | |
Forfeited and canceled | (494) | (761) | |
Outstanding, at the end of the period | 10,713 | 6,684 | 4,798 |
Vested and expected to vest | 10,713 | ||
Exercisable | 4,841 | ||
Weighted-average exercise price | |||
Outstanding, at the beginning of the period | $ 6.88 | $ 8.75 | |
Granted | 3.11 | 3.17 | |
Exercised | 1.53 | 2.32 | |
Forfeited and canceled | 5.51 | 5.96 | |
Outstanding, at the end of the period | 5.36 | $ 6.88 | $ 8.75 |
Vested and expected to vest | 5.36 | ||
Exercisable at the end of the period | $ 7.08 | ||
Weighted-average remaining contractual term | |||
Weighted-average remaining contractual term | 8 years 25 days | 7 years 11 months 15 days | 8 years 3 months 14 days |
Vested and expected to vest | 8 years 25 days | ||
Exercisable | 6 years 10 months 13 days | ||
Aggregate intrinsic value | |||
Outstanding, at the beginning of the period | $ 1,582 | $ 1,159 | |
Outstanding, at the end of the period | 718 | $ 1,582 | $ 1,159 |
Vested and expected to vest | 718 | ||
Exercisable | $ 128 | ||
Weighted-average grant date fair value per share | $ 2.42 | $ 2.09 | |
Unrecognized stock-based compensation related to non-vested stock options | $ 15,000 | ||
Expenses recognized over a weighted-average period (in years) | 2 years 6 months 10 days | ||
Term of award | 10 years | ||
Vesting period | 4 years |
Stock incentive plan - Stock-ba
Stock incentive plan - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 9,719 | $ 9,979 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,677 | 2,259 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 7,042 | $ 7,720 |
Stock incentive plan - Restrict
Stock incentive plan - Restricted stock awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-cash restricted stock unit award expense recognized | $ 9,719 | $ 9,979 |
Restricted stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-cash restricted stock unit award expense recognized | $ 100 | |
Unvested restricted stock outstanding | 0 | |
Restricted stock awards | Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 6,392 | |
Restricted stock awards | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-cash restricted stock unit award expense recognized | $ 100 | |
Fair value of shares vested | $ 100 |
Stock incentive plan - Restri_2
Stock incentive plan - Restricted stock units (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average grant date fair value per share | ||||
Non-cash restricted stock unit award expense recognized | $ 9,719 | $ 9,979 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 10 months | 2 years | ||
Shares | ||||
Unvested at beginning of period (in shares) | 1,091,000 | |||
Issued (in shares) | 205,200 | 1,183,400 | ||
Vested | (1,089,000) | |||
Forfeited and canceled (in shares) | (2,000) | |||
Unvested at end of period (in shares) | 0 | 1,091,000 | ||
Weighted-average grant date fair value per share | ||||
Unvested at beginning of period (in dollars per share) | $ 3.63 | |||
Vested (in dollars per share) | 3.63 | |||
Forfeited and canceled (in dollars per share) | $ 3.63 | |||
Unvested at end of period (in dollars per share) | $ 3.63 | |||
Non-cash restricted stock unit award expense recognized | $ 800 | $ 2,000 | ||
Unrecognized compensation related to unvested restricted stock units | $ 800 | |||
Expenses recognized over a weighted-average period (in years) | 4 months 2 days |
Stock incentive plan - Fair val
Stock incentive plan - Fair value assumptions (Details) - Stock options | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 95.00% | 76.00% |
Expected volatility, maximum | 100.00% | 82.00% |
Expected dividends | 0.00% | 0.00% |
Riskfree rate, minimum | 0.48% | 0.28% |
Riskfree rate, maximum | 1.29% | 1.18% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life | 5 years 3 months 7 days | 5 years |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life | 6 years 29 days | 6 years 29 days |
Stock incentive plan - Employee
Stock incentive plan - Employee Stock Purchase Plan (Details) - shares | Jun. 05, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock reserved for issuance | 10,861,000 | 7,775,000 | |
Employee Stock Purchase Plan | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common stock reserved for issuance | 314,697 | ||
Maximum percentage increase in shares available for issuance under the ESPP | 1.00% |
Net loss per share (Details)
Net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||
Net loss attributable to common stockholders | $ (74,886) | $ (50,053) |
Denominator: | ||
Weighted-average number of common shares outstanding, basic (in shares) | 67,220 | 48,866 |
Weighted-average number of common shares outstanding, diluted (in shares) | 67,220 | 48,866 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (1.11) | $ (1.02) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (1.11) | $ (1.02) |
Net loss per share - Anti-dilut
Net loss per share - Anti-dilutive securities (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock equivalents outstanding excluded from the computation of diluted net loss per share attributable to common stockholders | ||
Outstanding anti-dilutive securities excluded from computation of diluted net loss per share | 10,861 | 7,775 |
Stock options | ||
Common stock equivalents outstanding excluded from the computation of diluted net loss per share attributable to common stockholders | ||
Outstanding anti-dilutive securities excluded from computation of diluted net loss per share | 10,713 | 6,684 |
Unvested restricted stock units | ||
Common stock equivalents outstanding excluded from the computation of diluted net loss per share attributable to common stockholders | ||
Outstanding anti-dilutive securities excluded from computation of diluted net loss per share | 1,091 | |
Warrants | ||
Common stock equivalents outstanding excluded from the computation of diluted net loss per share attributable to common stockholders | ||
Outstanding anti-dilutive securities excluded from computation of diluted net loss per share | 148 |
Employee benefit plan (Details)
Employee benefit plan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee benefit plan | ||
Matching contribution as a percentage | 4.00% | |
Matching contributions | $ 0.3 | $ 0.3 |
Income taxes (Details)
Income taxes (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income taxes | |
Income taxes | $ 0 |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and valuation allowance (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards that expire | $ 33.3 |
Federal | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | 252.1 |
NOL Gross | 184.8 |
Federal | Tax Years Prior to 2018 | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | 48.9 |
State | |
Operating Loss Carryforwards [Line Items] | |
Net operating losses | $ 24 |
NOL carryforward period | 12 years |
Income taxes - Reconciliation (
Income taxes - Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes | ||
Federal rate | 21.00% | 21.00% |
State rate | 7.50% | 7.50% |
Valuation allowance | (27.40%) | (27.80%) |
Other | (1.10%) | (0.70%) |
Income taxes - Components of ne
Income taxes - Components of net deferred tax assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Net operating loss | $ 64,850 | $ 46,158 |
Interest expense carryforwards | 88 | |
Stockbased compensation | 6,305 | 5,053 |
Accrued clinical trials | 330 | 99 |
Accrued compensation | 724 | 571 |
Accrued expenses and other, net | 582 | 452 |
Total deferred tax assets | 72,879 | 52,333 |
Less valuation allowance | (72,879) | $ (52,333) |
Net deferred taxes | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Mar. 15, 2022USD ($)shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Mar. 16, 2022USD ($)ft² | Feb. 23, 2021USD ($) | Jul. 18, 2018ft² | Oct. 13, 2016ft² |
Subsequent Event [Line Items] | ||||||||
Proceeds from public offering, net of underwriters' discounts | $ 14,615 | $ 5,799 | ||||||
Payment of option exercise fee | $ 1,000 | |||||||
Proceeds from issuance of term loan | $ 14,638 | |||||||
Leased space (in square feet) | ft² | 6,172 | 16,500 | ||||||
ATM Offering | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of common stock shares newly issued | shares | 5,120,940 | |||||||
weighted-average price | $ / shares | $ 3.99 | $ 3.99 | ||||||
Proceeds from public offering, net of underwriters' discounts | $ 20,400 | |||||||
Subsequent Event | Office space | ||||||||
Subsequent Event [Line Items] | ||||||||
Leased space (in square feet) | ft² | 22,672 | |||||||
Additional commitment | $ 0 | |||||||
Subsequent Event | Second Tranche Term Loan | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from issuance of term loan | $ 10,000 | |||||||
Class of Warrant or Right, Warrants Issued | shares | 98,399 |