Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | true | |
Amendment Description | Finch Therapeutics Group, Inc. (the “Company”) filed its Form 10-Q for the quarterly period ended June 30, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission on August 10, 2023. The Company is filing this Amendment No. 1 on Form 10-Q/A (i) to correct the Section 302 and Section 906 Certifications (collectively, the “Certifications”) filed in the Form 10-Q as Exhibits 31.1, 31.2, and 32.1, respectively, which inadvertently set forth incorrect names and signatures on the Certifications and (ii) to correct the filing of an amendment to a material contract that was designated as filed in the Exhibit Index of the Form 10-Q but was inadvertently omitted in the filing. Except as expressly set forth herein, this Form 10-Q/A does not reflect events occurring after the date of the Form 10-Q filing or modify or update any of the other disclosures contained therein in any way other than as required to reflect the amendments discussed above. Other than the changes in exhibits referred to above, all other information in the Form 10-Q remains unchanged. | |
Entity Central Index Key | 0001733257 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Period End Date | Jun. 30, 2023 | |
Entity File Number | 001-40227 | |
Entity Registrant Name | FINCH THERAPEUTICS GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-3433558 | |
Entity Address, Address Line One | 75 State Street | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02109 | |
City Area Code | 617 | |
Local Phone Number | 229-6499 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | FNCH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,604,761 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 34,051 | $ 71,038 |
Accounts receivable | 0 | 144 |
Prepaid expenses and other current assets | 2,448 | 3,369 |
Total current assets | 36,499 | 74,551 |
Property and equipment, net | 732 | 15,936 |
Operating right-of-use assets | 27,308 | 32,752 |
In-process research and development | 0 | 32,900 |
Restricted cash, non-current | 2,318 | 2,568 |
Other assets | 0 | 4,232 |
TOTAL ASSETS | 66,857 | 162,939 |
CURRENT LIABILITIES: | ||
Accounts payable | 432 | 1,097 |
Accrued expenses and other current liabilities | 7,487 | 10,161 |
Operating lease liabilities, current | 1,656 | 3,431 |
Total current liabilities | 9,575 | 14,689 |
Deferred tax liability | 0 | 3,461 |
Loan payable, non-current | 0 | 14,653 |
Operating lease liabilities, non-current | 29,388 | 34,255 |
Other liabilities | 0 | 170 |
Total liabilities | 38,963 | 67,228 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
Preferred stock (undesignated), $0.001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 1,604,761 and 1,601,717 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 2 | 2 |
Additional paid-in capital | 372,830 | 371,350 |
Accumulated deficit | (344,938) | (275,641) |
Total stockholders' equity | 27,894 | 95,711 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 66,857 | $ 162,939 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | |
Temporary equity, shares authorized | 10,000,000 | 10,000,000 | |
Temporary equity, shares issued | 0 | 0 | |
Temporary equity, shares outstanding | 0 | 0 | |
Temporary equity, par value | $ 0.001 | $ 0.001 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, shares, issued | 1,604,761 | 1,601,717 | [1] |
Common stock, shares, outstanding | 1,604,761 | 1,601,717 | [1] |
[1] * Adjusted for the 1-for-30 reverse stock split |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
REVENUE: | |||||
Total revenue | $ 0 | $ 361 | $ 107 | $ 715 | |
OPERATING EXPENSES: | |||||
Research and development | 203 | 13,923 | 7,199 | 29,453 | |
General and administrative | 8,877 | 8,164 | 18,494 | 17,568 | |
Impairment of in-process research and development | 0 | 0 | 32,900 | 0 | |
Impairment of long-lived assets | 0 | 0 | 13,141 | 0 | |
Restructuring | 801 | 903 | 4,037 | 903 | |
Operating Expenses, Total | 9,881 | 22,990 | 75,771 | 47,924 | |
Net loss from operations | (9,881) | (22,629) | (75,664) | (47,209) | |
OTHER INCOME (EXPENSE), NET: | |||||
Interest income, net | 420 | (65) | 845 | (52) | |
Gain on lease termination | 752 | 0 | 752 | 0 | |
Loss on loan extinguishment | 0 | 0 | (1,366) | 0 | |
Gain (loss) on sale and disposal of fixed assets, net | 754 | (6) | 617 | (6) | |
Sublease and other income | 1,005 | 0 | 2,058 | 0 | |
Total other income (expense), net | 2,931 | (71) | 2,906 | (58) | |
Loss before income taxes | (6,950) | (22,700) | (72,758) | (47,267) | |
Income tax benefit | 0 | 0 | 3,461 | 0 | |
Net loss | (6,950) | (22,700) | (69,297) | (47,267) | |
Net loss attributable to common stockholders, diluted | $ (6,950) | $ (22,700) | $ (69,297) | $ (47,267) | |
Net loss per share attributable to common stockholders, basic | $ (4.33) | $ (14.31) | $ (43.21) | $ (29.82) | |
Net loss per share attributable to common stockholders, diluted | $ (4.33) | $ (14.31) | $ (43.21) | $ (29.82) | |
Weighted-average common stock outstanding, basic | [1] | 1,604,795 | 1,585,978 | 1,603,811 | 1,585,093 |
Weighted-average common stock outstanding, diluted | [1] | 1,604,795 | 1,585,978 | 1,603,811 | 1,585,093 |
[1] * Adjusted for the 1-for-30 reverse stock split |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | |
Beginning Balance, Shares at Dec. 31, 2021 | [1] | 1,583,669 | |||
Beginning Balance at Dec. 31, 2021 | $ 202,224 | $ 2 | $ 363,217 | $ (160,995) | |
Exercise of common stock options | 14 | 14 | |||
Exercise of common stock options, Shares | [1] | 680 | |||
Stock-based compensation | 2,120 | 2,120 | |||
Net loss | (24,567) | (24,567) | |||
Ending Balance, Shares at Mar. 31, 2022 | [1] | 1,584,349 | |||
Ending Balance at Mar. 31, 2022 | 179,791 | $ 2 | 365,351 | (185,562) | |
Beginning Balance, Shares at Dec. 31, 2021 | [1] | 1,583,669 | |||
Beginning Balance at Dec. 31, 2021 | 202,224 | $ 2 | 363,217 | (160,995) | |
Net loss | (47,267) | ||||
Ending Balance, Shares at Jun. 30, 2022 | [1] | 1,589,453 | |||
Ending Balance at Jun. 30, 2022 | 159,092 | $ 2 | 367,352 | (208,262) | |
Beginning Balance, Shares at Mar. 31, 2022 | [1] | 1,584,349 | |||
Beginning Balance at Mar. 31, 2022 | 179,791 | $ 2 | 365,351 | (185,562) | |
Exercise of common stock options | 61 | 61 | |||
Exercise of common stock options, Shares | [1] | 3,279 | |||
Issuance of common stock under employee stock purchase plan, Shares | [1] | 1,825 | |||
Issuance of common stock under employee stock purchase plan | 110 | 110 | |||
Stock-based compensation | 1,830 | 1,830 | |||
Net loss | (22,700) | (22,700) | |||
Ending Balance, Shares at Jun. 30, 2022 | [1] | 1,589,453 | |||
Ending Balance at Jun. 30, 2022 | 159,092 | $ 2 | 367,352 | (208,262) | |
Beginning Balance, Shares at Dec. 31, 2022 | [1] | 1,601,717 | |||
Beginning Balance at Dec. 31, 2022 | 95,711 | $ 2 | 371,350 | (275,641) | |
Vesting of restricted stock units, Shares | [1] | 3,044 | |||
Stock-based compensation | 1,180 | 1,180 | |||
Net loss | (62,347) | (62,347) | |||
Ending Balance, Shares at Mar. 31, 2023 | [1] | 1,604,761 | |||
Ending Balance at Mar. 31, 2023 | 34,544 | $ 2 | 372,530 | (337,988) | |
Beginning Balance, Shares at Dec. 31, 2022 | [1] | 1,601,717 | |||
Beginning Balance at Dec. 31, 2022 | 95,711 | $ 2 | 371,350 | (275,641) | |
Net loss | (69,297) | ||||
Ending Balance, Shares at Jun. 30, 2023 | [1] | 1,604,761 | |||
Ending Balance at Jun. 30, 2023 | 27,894 | $ 2 | 372,830 | (344,938) | |
Beginning Balance, Shares at Mar. 31, 2023 | [1] | 1,604,761 | |||
Beginning Balance at Mar. 31, 2023 | 34,544 | $ 2 | 372,530 | (337,988) | |
Stock-based compensation | 300 | 300 | |||
Net loss | (6,950) | (6,950) | |||
Ending Balance, Shares at Jun. 30, 2023 | [1] | 1,604,761 | |||
Ending Balance at Jun. 30, 2023 | $ 27,894 | $ 2 | $ 372,830 | $ (344,938) | |
[1] * Adjusted for the 1-for-30 reverse stock split |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS USED IN OPERATING ACTIVITIES: | ||
Net loss | $ (69,297) | $ (47,267) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,424 | 2,694 |
Stock-based compensation expense | 1,480 | 3,950 |
Impairment of in-process research and development | 32,900 | 0 |
Loss on loan extinguishment | 1,366 | 0 |
Impairment of long-lived assets | 13,141 | 0 |
Gain on lease termination | (752) | 0 |
(Gain) loss on sale and disposal of property and equipment | (617) | 6 |
Non-cash operating lease and interest cost | 1,939 | 1,003 |
Benefit for deferred income taxes | (3,461) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 144 | 320 |
Prepaid expenses and other current assets | 921 | (4,858) |
Other non-current assets | 4,033 | 308 |
Accounts payable | (664) | (2,431) |
Accrued expenses and other current liabilities | (2,676) | (506) |
Other non-current liabilities | (50) | 50 |
Operating lease liabilities | (2,369) | 5,246 |
Net cash used in operating activities | (22,538) | (41,485) |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ||
Proceeds on sale of property and equipment | 1,270 | 0 |
Purchases of property and equipment | (14) | (1,803) |
Net cash provided by (used in) investing activities | 1,256 | (1,803) |
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options, net | 0 | 185 |
Proceeds from borrowings under loan agreement, net | 0 | 14,738 |
Repayment of loan | (15,000) | 0 |
Payment of loan terminal fee obligation and prepayment fee | (1,155) | 0 |
Principal payments on finance lease obligation | (11) | |
Payment of deferred offering costs | 0 | (132) |
Net cash (used in) provided by financing activities | (16,155) | 14,780 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (37,437) | (28,508) |
Cash, cash equivalents and restricted cash at beginning of period | 73,805 | 135,965 |
Cash, cash equivalents and restricted cash at end of period | 36,369 | 107,457 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Property and equipment in accounts payable and accrued liabilities | 0 | 88 |
Right-of-use assets obtained in exchange for new operating lease liability | 0 | 37,094 |
Prepaid rent reclassified to right-of-use assets | $ 0 | $ 7,736 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 34,051 | $ 104,673 |
Restricted cash | 2,318 | 2,784 |
Total cash, cash equivalents and restricted cash | $ 36,369 | $ 107,457 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Business Finch Therapeutics Group, Inc. (the “Company” or “FTG”) was incorporated in 2017 as a Delaware corporation. The Company was formed as a result of a merger and recapitalization of Finch Therapeutics, Inc. (“Finch”) and Crestovo Holdings LLC (“Crestovo”) in September 2017 (the “Merger”), in which the former owners of Finch and Crestovo were issued equivalent stakes in the newly formed company, FTG. Crestovo was renamed Finch Therapeutics Holdings LLC in November 2020 (“Finch Holdings”). Finch and Finch Holdings are both wholly-owned subsidiaries of FTG. The Company is a microbiome technology company with a portfolio of intellectual property and microbiome assets. In January 2023, the Company announced the decision to wind down its development efforts and focus on realizing the value of its intellectual property estate and other assets. Liquidity and Capital Resources Management believes that the Company’s cash and cash equivalents of $ 34.1 million as of June 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months beyond the date of these condensed consolidated financial statements. However, due to the consideration of certain qualitative factors, including the Company's recurring losses from operations incurred since inception, the expectation of continuing operating losses for the foreseeable future, and uncertainty around its ability to successfully realize the full value of its intellectual property estate and other assets, the Company has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company does not currently expect to progress any product candidate through clinical trials or commercial approval and it does not currently expect to generate any revenue from product sales. The Company may never succeed in realizing the value of its intellectual property estate and other assets and, even if it does, it may never generate revenue that is significant or large enough to achieve profitability. The Company has significantly scaled back its expenses by winding down its development efforts, including by liquidating certain of its assets, terminating vendor contracts and reducing headcount. The Company may need additional funding to support its operating activities as it seeks to realize value from its intellectual property estate and other assets. Until such time, if ever, that the Company can generate substantial revenue, the Company expects to finance its cash needs through equity offerings, debt financings or other capital sources, including collaborations, licenses or similar arrangements. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. If the Company is unable to obtain funding as needed, it may decide to pursue a dissolution and liquidation. Reverse Stock Split On June 9, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s issued and outstanding common stock, par value $ 0.001 , at a ratio of 1-for-30 (the “Reverse Stock Split”). The Reverse Stock Split was reflected on the Nasdaq Global Select Market beginning with the opening of trading on June 12, 2023. Pursuant to the Reverse Stock Split, every 30 shares of the Company's issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. The Reverse Stock Split did not change the total number of shares the Company is authorized to issue. The Reverse Stock Split affected all issued and outstanding shares of the Company's common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding stock options, outstanding restricted stock units (“RSU”) and the Company's equity incentive plans were proportionately adjusted. All share and per share amounts of the common stock included in the accompanying financial statements have been retrospectively adjusted to give effect to the Reverse Stock Split for all periods presented. Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements to the current period. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act of 1933, as amended, published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 23, 2023. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022, condensed consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2023 and 2022, and condensed consolidated cash flows for the six months ended June 30, 2023 and 2022. Such adjustments are of a normal and recurring nature. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements of the Company but does not include all disclosures required by U.S. GAAP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other accounting standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on the condensed consolidated statements or disclosures. The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 23, 2023. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2023. Goodwill and Acquired In-Process Research and Development Goodwill and in-process research and development (“IPR&D”) are evaluated annually for impairment on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its fair value . To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. We estimate the fair value for our IPR&D asset using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. In January 2023, the Company made the decision to wind down its development efforts, which management concluded was an impairment indicator requiring the Company to perform an interim impairment test of IPR&D. Management's assessment for the impairment of IPR&D indicated that there are no future cash flow projections associated with its IPR&D asset and the fair value of the IPR&D asset was zero. This resulted in an impairment charge of $ 32.9 million during the six months ended June 30, 2023 . Recently Issued Accounting Pronouncements On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the Financial Accounting Standards Board (“FASB”) issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements. |
Adjustment To Prior Interim Una
Adjustment To Prior Interim Unaudited Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Adjustment To Prior Interim Unaudited Financial Statements | 3. ADJUSTMENT TO PRIOR INTERIM UNAUDITED FINANCIAL STATEMENTS During the preparation of the second quarter financial statements of fiscal year 2023, the Company identified an error in the accrual of certain costs for the fiscal quarter ended March 31, 2023, which resulted in an overstatement of accounts payable and research and development expenses for that quarter. The correction of this error impacted the unaudited condensed consolidated financial statements for the first quarter of fiscal year 2023. The Company assessed the applicable guidance issued by the SEC and the FASB and concluded this misstatement was not material, individually or in the aggregate, to its unaudited condensed consolidated financial statements for the aforementioned interim period. In the table below, the Company adjusted its previously issued first quarter unaudited condensed consolidated financial information to correct the error by decreasing accounts payable and research and development expenses by $ 1.6 million for the quarter ended March 31, 2023. The financial statements will be adjusted in subsequent filings with the Securities and Exchange Commission that include such statements, including when the first quarter Form 10-Q is filed for fiscal year 2024. Accumulated deficit as of March 31, 2023 in the accompanying statement of stockholders’ equity for the quarter ended June 30, 2023 was made smaller by $ 1.6 million due to the effects of the decreased expense accruals for the first quarter of fiscal year 2023. The following are selected line items from the financial statements also impacted by the $ 1.6 million, or $ 1,592 thousand, illustrating the effect of the error correction for the quarter ended March 31, 2023 (in thousands): As Previously Reported As Revised Research and development $ 8,588 $ 6,996 Total operating expenses ( 67,482 ) ( 65,890 ) Net loss from operations ( 67,375 ) ( 65,783 ) Loss before income taxes ( 67,400 ) ( 65,808 ) Net loss ( 63,939 ) ( 62,347 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 39.89 ) $ ( 39.19 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | . FAIR VALUE MEASUREMENTS The Company has no financial liabilities measured at fair value on a recurring basis. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): DESCRIPTION JUNE 30, QUOTED SIGNIFICANT SIGNIFICANT Money market funds $ 5,349 $ 5,349 $ — $ — DESCRIPTION DECEMBER 31, QUOTED SIGNIFICANT SIGNIFICANT Money market funds $ 69,991 $ 69,991 $ — $ — There were no transfers between fair value levels during the six months ended June 30, 2023 and the year ended December 31, 2022 . The carrying values of accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | . PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): JUNE 30, DECEMBER 31, Lab equipment $ — $ 4,146 Office furniture and fixtures 869 1,406 Leasehold improvements — 13,972 Construction work-in-progress — 316 Software — 4,883 Computer equipment 109 499 Total 978 25,222 Less: Accumulated depreciation ( 246 ) ( 9,286 ) Property and equipment, net $ 732 $ 15,936 Depreciation expense was $ 1.4 million and $ 2.7 million for the six months ended June 30, 2023 and 2022, respectively. During the quarter ended March 31, 2023, the Company recorded an impairment charge of $ 13.1 million to its long-lived assets, as it was determined that certain equipment, leasehold improvements, and software associated with program development would no longer be used following the discontinuation of the Company's Phase 3 clinical trial in CP101 and significant reduction in the Company's workforce, as announced in January 2023. In addition, during the quarter ended June 30, 2023, the Company sold its lab equipment, which resulted in a gain of $ 0.8 million included in other income (expense) on the condensed consolidated statement of operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | . LEASES Inner Belt Road Lease In December 2015, the Company entered into a 10-year lease agreement (the "Inner Belt Road Lease") for approximately 25,785 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. The monthly rental payments under the Inner Belt Road Lease, which include base rent charges of $ 0.1 million, are subject to periodic rent increases through September 2026. The Inner Belt Road Lease terminated and the Company’s rent obligations ended on June 30, 2023. The landlord agreed to refund the Company for the full amount of the Company’s security deposit, which is included in prepaid expenses and other current assets on the condensed consolidated balance sheet. The Company's lease expense under the Inner Belt Road Lease was $ 0.6 million for each of the six months ended June 30, 2023 and 2022. Hood Lease On August 3, 2021, Finch entered into a 10-year lease agreement (the “Hood Lease” ) with Hood Park LLC, pursuant to which Finch leased approximately 61,139 square feet of office and laboratory space (the “Premises” ). The Hood Lease provides Finch with an option to extend the lease for one additional five-year term . Finch’s annual base rent for the Premises started at approximately $ 4.5 million, and the lease contains annual rent escalations. Finch commenced business operations in the Premises in the second quarter of 2022, which triggered recognition of the lease for accounting purposes. The Company recorded lease expense related to the Hood Lease of $ 2.7 million and $ 0.9 million for the six months ended June 30, 2023 and 2022, respectively. Finch posted a customary letter of credit in the amount of approximately $ 2.3 million, subject to decrease on a set schedule, as a security deposit pursuant to the Hood Lease. This is included in restricted cash, non-current on the condensed consolidated balance sheet as of June 30, 2023 and December 31, 2022. In the third quarter of 2022, Finch entered into a sublease agreement to sublet approximately one third of its leased space under the Hood Lease, which commenced on August 10, 2022, for an initial term of two years , with an option for Finch to extend the sublease for up to one additional year, which Finch exercised in the fourth quarter of 2022. Additionally, in the fourth quarter of 2022, Finch entered into a second sublease agreement to sublet the remainder of its leased space under the Hood Lease for a three-year term, which commenced on December 15, 2022. For the six months ended June 30, 2023, Finch recognized sublease income of $ 1.9 million , which is presented as other income in the condensed consolidated statements of operations. No sublease income was recognized for the six months ended June 30, 2022, as the subleases had not commenced. The following table presents the classification of right-of-use assets and operating lease liabilities as of June 30, 2023 and December 31, 2022 (in thousands): BALANCE SHEET CLASSIFICATION JUNE 30, 2023 DECEMBER 31, 2022 ASSETS: Operating lease assets Operating right-of-use assets $ 27,308 $ 32,752 LIABILITIES: Operating lease liabilities Current Operating lease liabilities, current $ 1,656 $ 3,431 Noncurrent Operating lease liabilities, non-current 29,388 34,255 Total lease liabilities $ 31,044 $ 37,686 The following table represents the components of operating lease cost, which are included in general and administrative and research and development expense, and sublease income, which is included in other income on the statement of operations for the three and six months ended June 30, 2023 and 2022 (in thousands): THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Operating lease cost $ 1,678 $ 1,311 $ 3,405 $ 1,650 Short-term lease cost 4 31 17 139 Variable lease cost 87 469 532 964 Sublease income ( 959 ) — ( 1,919 ) — Total lease cost, net $ 810 $ 1,811 $ 2,035 $ 2,753 The weighted-average remaining operating lease term and discount rate as of June 30, 2023 and December 31, 2022 were as follows (in thousands): JUNE 30, 2023 DECEMBER 31, 2022 Weighted-average remaining lease term (years) 8.5 8.5 Weighted-average discount rate 8.5 % 8.3 % Supplemental disclosure of cash flow information related to operating leases for the six months ended June 30, 2023 and 2022 was as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash paid (received) for amounts included in measurement of lease liabilities $ 2,369 $ ( 5,246 ) The following table represents a summary of the Company’s future operating lease payments required as of June 30, 2023 (in thousands): 2023 $ 1,825 2024 4,795 2025 4,930 2026 5,071 2027 5,215 Thereafter 22,391 Total future minimum lease payments 44,227 Less: amount representing interest ( 13,183 ) Present value of future minimum lease payments $ 31,044 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses and Other Current Liabilities | . ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): JUNE 30, DECEMBER 31, Accrued research and development $ 99 $ 1,967 Accrued legal and professional fees 4,945 5,852 Accrued compensation and benefits 1,482 880 Accrued other 961 1,462 Total accrued expenses and other current liabilities $ 7,487 $ 10,161 |
Loan Payable
Loan Payable | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Loan Payable | . LOAN PAYABLE Hercules Loan and Security Agreement On May 11, 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., providing for a term loan with aggregate maximum borrowings of up to $ 55.0 million. Under the Loan Agreement, the Company borrowed an initial amount of $ 15.0 million, and on January 25, 2023 (the “Payoff Date”), the Company voluntarily paid off all outstanding principal, accrued and unpaid interest, fees, costs and expenses under the Loan Agreement, equal to $ 16.2 million in the aggregate, recording a loss on extinguishment of $ 1.4 million. Following the Payoff Date, all obligations, covenants, debts and liabilities of the Company under the Loan Agreement were satisfied and discharged in full, and the Loan Agreement and all other documents entered into in connection with the Loan Agreement were terminated. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | . RESTRUCTURING During the three and six months ended June 30, 2023 , the Company recognized restructuring charges of $ 0.8 million and $ 4.0 million, respectively, primarily consisting of one-time severance payments, healthcare coverage, outplacement services and related expenses in connection with the Company's January 2023 restructuring action (the “January 2023 Restructuring”). All severance payments will be completed by the second quarter of 2024. The accrued restructuring liability is included in accrued compensation and benefits as of June 30, 2023. The following table summarizes the restructuring accrual activity for the six months ended June 30, 2023 (in thousands): Accrued restructuring liability as of December 31, 2022 $ 201 Restructuring charges 4,037 Cash payments ( 2,776 ) Accrued restructuring liability as of June 30, 2023 $ 1,462 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES During the six months ended June 30, 2023 and the year ended December 31, 2022, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. There were no material changes in the Company’s tax position in the six months ended June 30, 2023 as compared to the year ended December 31, 2022 . The benefit for the six months ended June 30, 2023 reflects the full removal of the deferred tax liability on the IPR&D that was written off during the first quarter of 2023 and treated as a discrete item in the tax provision. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES Legal Contingencies On December 1, 2021, Rebiotix Inc. and Ferring Pharmaceuticals Inc. (collectively, “Rebiotix”) filed a complaint against the Company in the U.S. District Court for the District of Delaware (the “Court”). The complaint seeks a declaratory judgment of non-infringement and invalidity with respect to seven United States Patents owned by the Company: U.S. Patent Nos. 10,675,309 (the “’309 Patent”); 10,463,702 (the “’702 Patent”); 10,328,107 (the “’107 Patent”); 10,064,899; 10,022,406 (the “’406 Patent”); 9,962,413 (the “’413 Patent”); and 9,308,226. On February 7, 2022, the Company filed an answer and counterclaims against Rebiotix for infringement of the ’107, ’702, and ’309 Patents. In June 2022, Finch alleged infringement of the ’406 and ’413 Patents by Rebiotix. On March 7, 2022, the Company filed an amended answer and counterclaims, in which the Company, together with the Regents of the University of Minnesota (“UMN”), alleged infringement by Rebiotix of three U.S. Patents owned by UMN and exclusively licensed to the Company: U.S. Patent Nos. 10,251,914, 10,286,011, and 10,286,012, (collectively, the “UMN Patents”). On April 4, 2022, Rebiotix filed counterclaims for declaratory judgment of non-infringement and invalidity of the UMN Patents. On May 2, 2022, the Company and UMN responded, denying such counterclaims. The Court set a trial date for a five-day trial beginning on May 20, 2024. On January 23, 2023, the Company filed a second amended answer and counterclaims, in which the Company alleged infringement by Rebiotix of two additional U.S. Patents owned by Finch: U.S. Patent Nos. 11,541,080 (the “’080 Patent”) and 11,491,193 (the “’193 Patent”). On February 7, 2023, Rebiotix filed counterclaims for declaratory judgment of non-infringement and invalidity of the ’080 and ’193 patents. The Court issued a claim construction order on February 28, 2023. On July 6, 2023, Rebiotix filed a motion to dismiss certain counts of our second amended answer and counterclaims based on the assertion that Finch lacks standing to sue as to ’107 Patent, ’702 Patent, ’309 Patent, ’406 Patent, ’413 Patent, ’193 Patent, and ’080 Patent. Rebiotix specifically alleges that the sole named inventor on these patents, Thomas J. Borody, did not assign his rights in those patents to Finch, and as a result, Finch does not own them and therefore does not have standing to assert them. Briefing on this motion is complete. The pending lawsuit is subject to inherent uncertainties, and the actual legal fees and costs will depend upon many unknown factors. The outcome of the pending lawsuit cannot be predicted with certainty. The Company has determined that there is no probable or estimable loss contingency that is required to be recorded as of June 30, 2023. License and Royalty Payments The Company is party to license and other agreements under which it is obligated to make milestone and royalty payments and incur annual maintenance fees. The Company owes a nominal annual maintenance fee under its license agreement with UMN, (the “UMN Agreement”), as well as escalating minimum royalty amounts. The minimum payments continue in perpetuity for the University of Minnesota until the agreement is terminated. On April 12, 2023, the Company amended its agreement with UMN to, among other things, allow the Company to satisfy certain performance milestones through sublicensing agreements. The Company is party to an agreement with OpenBiome requiring the Company to pay certain milestones of up to $ 26.0 million upon the occurrence of certain R&D events, regulatory approvals, and commercial sales, and low single digit royalties on net sales of products on a product-by-product and country-by-country basis, as well as a mid-single digit royalties on sublicensing revenue related to such products. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY On February 24, 2021, the board of directors of the Company (the “Board” ) and the Company’s stockholders approved the Company’s Amended and Restated Certificate of Incorporation. The certificate authorized the issuance of up to 200,000,000 shares of $ 0.001 par value common stock and up to 10,000,000 shares of $ 0.001 par value undesignated preferred stock. The Board may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on the Company's common stock, diluting the voting power of the Company's common stock, impairing the liquidation rights of the Company's common stock, or delaying or preventing a change in control. As of June 30, 2023 , no shares of preferred stock were outstanding. Each share of common stock entitles the holder to one vote , together with the holders of any preferred stock outstanding, on all matters submitted to the stockholders for a vote. Common stockholders are also entitled to receive dividends. As of June 30, 2023 , no cash dividends have been declared or paid. As of June 30, 2023 and December 31, 2022 the Company has reserved the following shares of common stock for the exercise of stock options, common stock warrants, vesting of restricted stock and shares issuable under the employee stock purchase plan: JUNE 30, DECEMBER 31, Options to purchase common stock 72,586 109,522 Unvested restricted stock units — 9,039 Shares issuable under employee stock purchase plan — 3 72,586 118,564 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 13. STOCK-BASED COMPENSATION 2021 Equity Incentive Plan In March 2021, the Board adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”).The 2021 Plan was amended and restated as of June 8, 2023 to reflect the stock split. The 2021 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary of the Company, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates. The number of shares of common stock reserved for issuance under the Company's 2021 Plan automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to (i) 5.0 % of the total number of shares of common stock outstanding on December 31 of the year before the date of each automatic increase, or (ii) a lesser number of shares determined by the Board prior to the applicable January 1. The maximum number of shares of common stock that may be issued on the exercise of incentive stock options under the 2021 Plan is 470,000 shares. Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full or that are paid out in cash rather than in shares will not reduce the number of shares available for issuance under the 2021 Plan. On January 1, 2023, the number of shares of common stock reserved and available for issuance under the 2021 Plan automatically increased by 80,089 shares and a s of June 30, 2023 , there were 72,586 shares of common stock issuable upon the exercise of outstanding options and there were 263,753 shares available for future issuance under the 2021 Plan. 2021 Employee Stock Purchase Plan In March 2021, the Board adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The 2021 ESPP was amended and restated as of June 8, 2023 to reflect the stock split. The 2021 ESPP is administered by the Board or by a committee appointed by the Board. The 2021 ESPP provides participating employees with the opportunity to purchase shares of common stock. The occurrence and duration of offering periods under the 2021 ESPP are subject to the determinations of the compensation committee of the Board. Annually the common stock reserved and available for issuance under the 2021 ESPP automatically increases and on January 1, 2023, increased by 16,018 . As of June 30, 2023 , 3,354 shares have been issued under the 2021 ESPP and 45,167 shares are available for future issuance . Stock Options The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the six months ended June 30, 2023: SHARES WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 31, 2022 109,522 $ 293.81 6.9 $ — Granted 34,094 $ 8.15 Cancelled or forfeited ( 48,146 ) $ 327.08 Expired ( 22,884 ) $ 291.79 Outstanding as of June 30, 2023 72,586 $ 138.21 6.0 $ 13 Options exercisable as of June 30, 2023 36,785 $ 249.63 2.6 $ — Options vested or expected to vest as of June 30, 2023 72,586 $ 138.21 6.0 $ 13 As of June 30, 2023 , there was approximately $ 0.3 million of unrecognized compensation expense related to the stock-based compensation arrangements granted under the 2021 Plan remaining to be recognized. The Company expects to recognize this cost over a weighted average period of 3.7 years. Restricted Stock Unit Awards In June 2022, the Company issued RSU awards with time-based vesting conditions to employees. The fair value of an RSU award is equal to the fair market value of the Company's ordinary shares on the date of grant and the expense is recognized on a straight-line basis over the requisite service period. The RSUs primarily vest over one year from the grant date. The following table summarizes the activity of the Company’s RSUs under the 2021 Plan for the six months ended June 30, 2023: RSUs WEIGHTED- AGGREGATE Outstanding as of December 31, 2022 9,039 $ 83.88 $ 131 Vested and distributed ( 3,317 ) $ 83.80 Forfeited ( 5,722 ) $ 83.93 Unvested as of June 30, 2023 — $ — $ — Stock-Based Compensation Expense Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the periods presented is as follows (in thousands): THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Research and development $ — $ 760 $ 231 $ 1,769 General and administrative 300 1,070 1,249 2,181 Total $ 300 $ 1,830 $ 1,480 $ 3,950 |
Retirement Plan
Retirement Plan | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 14. RETIREMENT PLAN The Company has adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible employees of the Company. All employees are eligible to become participants of the plan at their hire date. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitatio ns. The Company reserves the right to make additional contributions to this plan. The Company made contributions to the plan of $ 0.1 m illion and $ 0.4 million in the six months ended June 30, 2023 and 2022 , respectively. |
Loss per Share
Loss per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Loss per Share | 15. LOSS PER SHARE Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data): FOR THE THREE MONTHS FOR THE SIX MONTHS 2023 2022 2023 2022 Numerator: Net loss $ ( 6,950 ) $ ( 22,700 ) $ ( 69,297 ) $ ( 47,267 ) Net loss attributable to ( 6,950 ) ( 22,700 ) ( 69,297 ) ( 47,267 ) Denominator: Weighted-average common 1,604,795 1,585,978 1,603,811 1,585,093 Net loss per share attributable $ ( 4.33 ) $ ( 14.31 ) $ ( 43.21 ) $ ( 29.82 ) The Company’s potentially dilutive securities, which include stock options, warrants, RSU awards and shares issuable under the employee stock purchase plan have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2023 and 2022 because including them would have had an anti-dilutive effect: SIX MONTHS ENDED JUNE 30, 2023 2022 Options to purchase common stock 72,586 109,522 Unvested restricted stock units — — 9,039 Shares issuable under employee stock purchase plan — 3 72,586 118,564 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS Except as discussed in Note 11, there have no subsequent events through the date of these financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Goodwill and Acquired In-Process Research and Development | Goodwill and Acquired In-Process Research and Development Goodwill and in-process research and development (“IPR&D”) are evaluated annually for impairment on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its fair value . To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. We estimate the fair value for our IPR&D asset using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. In January 2023, the Company made the decision to wind down its development efforts, which management concluded was an impairment indicator requiring the Company to perform an interim impairment test of IPR&D. Management's assessment for the impairment of IPR&D indicated that there are no future cash flow projections associated with its IPR&D asset and the fair value of the IPR&D asset was zero. This resulted in an impairment charge of $ 32.9 million during the six months ended June 30, 2023 . |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the Financial Accounting Standards Board (“FASB”) issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements. |
Adjustment To Prior Interim U_2
Adjustment To Prior Interim Unaudited Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of effect of error correction of prior interim unaudited financial statements | The following are selected line items from the financial statements also impacted by the $ 1.6 million, or $ 1,592 thousand, illustrating the effect of the error correction for the quarter ended March 31, 2023 (in thousands): As Previously Reported As Revised Research and development $ 8,588 $ 6,996 Total operating expenses ( 67,482 ) ( 65,890 ) Net loss from operations ( 67,375 ) ( 65,783 ) Loss before income taxes ( 67,400 ) ( 65,808 ) Net loss ( 63,939 ) ( 62,347 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 39.89 ) $ ( 39.19 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): DESCRIPTION JUNE 30, QUOTED SIGNIFICANT SIGNIFICANT Money market funds $ 5,349 $ 5,349 $ — $ — DESCRIPTION DECEMBER 31, QUOTED SIGNIFICANT SIGNIFICANT Money market funds $ 69,991 $ 69,991 $ — $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): JUNE 30, DECEMBER 31, Lab equipment $ — $ 4,146 Office furniture and fixtures 869 1,406 Leasehold improvements — 13,972 Construction work-in-progress — 316 Software — 4,883 Computer equipment 109 499 Total 978 25,222 Less: Accumulated depreciation ( 246 ) ( 9,286 ) Property and equipment, net $ 732 $ 15,936 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases Balance Sheet Information | The following table presents the classification of right-of-use assets and operating lease liabilities as of June 30, 2023 and December 31, 2022 (in thousands): BALANCE SHEET CLASSIFICATION JUNE 30, 2023 DECEMBER 31, 2022 ASSETS: Operating lease assets Operating right-of-use assets $ 27,308 $ 32,752 LIABILITIES: Operating lease liabilities Current Operating lease liabilities, current $ 1,656 $ 3,431 Noncurrent Operating lease liabilities, non-current 29,388 34,255 Total lease liabilities $ 31,044 $ 37,686 |
Summary of Components of Lease Cost | The following table represents the components of operating lease cost, which are included in general and administrative and research and development expense, and sublease income, which is included in other income on the statement of operations for the three and six months ended June 30, 2023 and 2022 (in thousands): THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Operating lease cost $ 1,678 $ 1,311 $ 3,405 $ 1,650 Short-term lease cost 4 31 17 139 Variable lease cost 87 469 532 964 Sublease income ( 959 ) — ( 1,919 ) — Total lease cost, net $ 810 $ 1,811 $ 2,035 $ 2,753 |
Summary of Weighted Average Remaining Operating Lease Term and Discount Rate | The weighted-average remaining operating lease term and discount rate as of June 30, 2023 and December 31, 2022 were as follows (in thousands): JUNE 30, 2023 DECEMBER 31, 2022 Weighted-average remaining lease term (years) 8.5 8.5 Weighted-average discount rate 8.5 % 8.3 % |
Schedule of Supplemental Cash Flow Information | Supplemental disclosure of cash flow information related to operating leases for the six months ended June 30, 2023 and 2022 was as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash paid (received) for amounts included in measurement of lease liabilities $ 2,369 $ ( 5,246 ) |
Schedule of Future Lease Payments | The following table represents a summary of the Company’s future operating lease payments required as of June 30, 2023 (in thousands): 2023 $ 1,825 2024 4,795 2025 4,930 2026 5,071 2027 5,215 Thereafter 22,391 Total future minimum lease payments 44,227 Less: amount representing interest ( 13,183 ) Present value of future minimum lease payments $ 31,044 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): JUNE 30, DECEMBER 31, Accrued research and development $ 99 $ 1,967 Accrued legal and professional fees 4,945 5,852 Accrued compensation and benefits 1,482 880 Accrued other 961 1,462 Total accrued expenses and other current liabilities $ 7,487 $ 10,161 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activity | The following table summarizes the restructuring accrual activity for the six months ended June 30, 2023 (in thousands): Accrued restructuring liability as of December 31, 2022 $ 201 Restructuring charges 4,037 Cash payments ( 2,776 ) Accrued restructuring liability as of June 30, 2023 $ 1,462 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants | As of June 30, 2023 and December 31, 2022 the Company has reserved the following shares of common stock for the exercise of stock options, common stock warrants, vesting of restricted stock and shares issuable under the employee stock purchase plan: JUNE 30, DECEMBER 31, Options to purchase common stock 72,586 109,522 Unvested restricted stock units — 9,039 Shares issuable under employee stock purchase plan — 3 72,586 118,564 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Total Stock-Based Compensation Expense | Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the periods presented is as follows (in thousands): THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Research and development $ — $ 760 $ 231 $ 1,769 General and administrative 300 1,070 1,249 2,181 Total $ 300 $ 1,830 $ 1,480 $ 3,950 |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Activity of Stock Options | The following table summarizes the activity of the Company’s RSUs under the 2021 Plan for the six months ended June 30, 2023: RSUs WEIGHTED- AGGREGATE Outstanding as of December 31, 2022 9,039 $ 83.88 $ 131 Vested and distributed ( 3,317 ) $ 83.80 Forfeited ( 5,722 ) $ 83.93 Unvested as of June 30, 2023 — $ — $ — |
Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Activity of Stock Options | The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the six months ended June 30, 2023: SHARES WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 31, 2022 109,522 $ 293.81 6.9 $ — Granted 34,094 $ 8.15 Cancelled or forfeited ( 48,146 ) $ 327.08 Expired ( 22,884 ) $ 291.79 Outstanding as of June 30, 2023 72,586 $ 138.21 6.0 $ 13 Options exercisable as of June 30, 2023 36,785 $ 249.63 2.6 $ — Options vested or expected to vest as of June 30, 2023 72,586 $ 138.21 6.0 $ 13 |
Loss per Share (Tables)
Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss per Share Attributable to Common Stockholders | Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data): FOR THE THREE MONTHS FOR THE SIX MONTHS 2023 2022 2023 2022 Numerator: Net loss $ ( 6,950 ) $ ( 22,700 ) $ ( 69,297 ) $ ( 47,267 ) Net loss attributable to ( 6,950 ) ( 22,700 ) ( 69,297 ) ( 47,267 ) Denominator: Weighted-average common 1,604,795 1,585,978 1,603,811 1,585,093 Net loss per share attributable $ ( 4.33 ) $ ( 14.31 ) $ ( 43.21 ) $ ( 29.82 ) |
Computation of Diluted Loss per Share Attributable to Common Stockholders | The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2023 and 2022 because including them would have had an anti-dilutive effect: SIX MONTHS ENDED JUNE 30, 2023 2022 Options to purchase common stock 72,586 109,522 Unvested restricted stock units — — 9,039 Shares issuable under employee stock purchase plan — 3 72,586 118,564 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Feb. 18, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Cash and cash equivalents | $ 34,051 | $ 71,038 | $ 104,673 | |
Common stock, par value | $ 0.001 | $ 0.001 | ||
Stock issued during period shares reverse stock splits | 30 | |||
Common Stock | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock, par value | $ 0.001 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Summary Of Significant Accounting Policies [Table] | |
Impairment charges | $ 32.9 |
Adjustment To Prior Interim U_3
Adjustment To Prior Interim Unaudited Financial Statements - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounting Changes and Error Corrections [Abstract] | |
Decrease in accounts payable and research and development expenses | $ 1,600 |
Reduction in accumulated deficit | 1,600 |
Error correction impact | $ 1,592 |
Adjustment To Prior Interim U_4
Adjustment To Prior Interim Unaudited Financial Statements - Schedule of effect of error correction of prior interim unaudited financial statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Research and development | $ 203 | $ 13,923 | $ 7,199 | $ 29,453 | ||
Total operating expenses | 9,881 | 22,990 | 75,771 | 47,924 | ||
Net loss from operations | (9,881) | (22,629) | (75,664) | (47,209) | ||
Loss before income taxes | (6,950) | (22,700) | (72,758) | (47,267) | ||
Net loss | $ (6,950) | $ (62,347) | $ (22,700) | $ (24,567) | $ (69,297) | $ (47,267) |
Net loss per share attributable to common stockholders - basic | $ (4.33) | $ (14.31) | $ (43.21) | $ (29.82) | ||
Net loss per share attributable to common stockholders - diluted | $ (4.33) | $ (14.31) | $ (43.21) | $ (29.82) | ||
Previously Reported | ||||||
Research and development | $ 8,588 | |||||
Total operating expenses | (67,482) | |||||
Net loss from operations | (67,375) | |||||
Loss before income taxes | (67,400) | |||||
Net loss | $ (63,939) | |||||
Net loss per share attributable to common stockholders - basic | $ (39.89) | |||||
Net loss per share attributable to common stockholders - diluted | $ (39.89) | |||||
Restatement adjustment | ||||||
Research and development | $ 6,996 | |||||
Total operating expenses | (65,890) | |||||
Net loss from operations | (65,783) | |||||
Loss before income taxes | (65,808) | |||||
Net loss | $ (62,347) | |||||
Net loss per share attributable to common stockholders - basic | $ (39.19) | |||||
Net loss per share attributable to common stockholders - diluted | $ (39.19) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Total financial assets | $ 66,857 | $ 162,939 |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | ||
ASSETS | ||
Total financial assets | 5,349 | 69,991 |
Fair Value, Measurements, Recurring | Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Total financial assets | $ 5,349 | $ 69,991 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers between fair value levels | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 978 | $ 25,222 |
Less: Accumulated depreciation | (246) | (9,286) |
Property and equipment, net | 732 | 15,936 |
Lab Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 0 | 4,146 |
Office Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total | 869 | 1,406 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 0 | 13,972 |
Construction Work-In-Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | 0 | 316 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total | 0 | 4,883 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 109 | $ 499 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 1,400 | $ 2,700 | ||
Impairment charge | $ 13,100 | |||
Gain on disposal of fixed assets | $ 800 | $ 617 | $ (6) |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Aug. 03, 2021 USD ($) ft² | Dec. 31, 2015 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 | Sep. 30, 2022 | |
Capital Leased Assets [Line Items] | ||||||||
Office and laboratory space for lease | ft² | 25,785 | |||||||
Sublease income | $ 959,000 | $ 0 | $ 1,919,000 | $ 0 | ||||
Inner Belt Road Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Sublease agreement term | 10 years | |||||||
Rental charges | $ 100,000 | |||||||
Lease expense | 600,000 | 600,000 | ||||||
Hood Park Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Sublease agreement term | 10 years | 3 years | 2 years | |||||
Office and laboratory space for lease | ft² | 61,139 | |||||||
Rental charges | $ 4,500,000 | |||||||
Lease expense | 2,700,000 | 900,000 | ||||||
Sublease income | $ 1,900,000 | $ 0 | ||||||
Lease term description | The Hood Lease provides Finch with an option to extend the lease for one additional five-year term | |||||||
Letter of Credit | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Decrease in security deposit | $ 2,300,000 |
Leases - Leases Balance Sheet I
Leases - Leases Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating right-of-use assets | $ 27,308 | $ 32,752 |
Operating lease liabilities, current | 1,656 | 3,431 |
Operating lease liabilities, non-current | 29,388 | 34,255 |
Total lease liabilities | $ 31,044 | $ 37,686 |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,678 | $ 1,311 | $ 3,405 | $ 1,650 |
Short-term lease cost | 4 | 31 | 17 | 139 |
Variable lease cost | 87 | 469 | 532 | 964 |
Sublease income | (959) | 0 | (1,919) | 0 |
Total lease cost, net | $ 810 | $ 1,811 | $ 2,035 | $ 2,753 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Operating Lease Term and Discount Rate (Details) | Jun. 30, 2023 | Dec. 31, 2022 |
Lease, Cost [Abstract] | ||
Weighted-average remaining lease term | 8 years 6 months | 8 years 6 months |
Weighted-average discount rate | 8.50% | 8.30% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Cash paid (received) for amounts included in measurement of lease liabilities | $ 2,369 | $ (5,246) |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Operating Lease Obligations [Abstract] | |
2023 | $ 1,825 |
2024 | 4,795 |
2025 | 4,930 |
2026 | 5,071 |
2027 | 5,215 |
Thereafter | 22,391 |
Total future minimum lease payments | 44,227 |
Less: amount representing interest | (13,183) |
Present value of future minimum lease payments | $ 31,044 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued research and development | $ 99 | $ 1,967 |
Accrued legal and professional fees | 4,945 | 5,852 |
Accrued compensation and benefits | 1,482 | 880 |
Accrued other | 961 | 1,462 |
Total accrued expenses and other current liabilities | $ 7,487 | $ 10,161 |
Loan Payable - Additional Infor
Loan Payable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 25, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 11, 2022 | |
Short-Term Debt [Line Items] | ||||||
Aggregate payoff amount | $ 15,000 | $ 0 | ||||
Loss on extinguishment | $ 0 | $ 0 | $ (1,366) | $ 0 | ||
Loan And Security Agreement [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Aggregate maximum borrowing capacity | $ 55,000 | |||||
Aggregate payoff amount | $ 16,200 | |||||
Loss on extinguishment | $ 1,400 | |||||
Initial amount borrowed | $ 15,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring Charges recognized | $ 801 | $ 903 | $ 4,037 | $ 903 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 801 | $ 903 | $ 4,037 | $ 903 |
Severance and Related Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrued restructuring liability as of December 31, 2022 | 201 | |||
Restructuring | 4,037 | |||
Cash payments | (2,776) | |||
Accrued restructuring liability as of June 30, 2023 | $ 1,462 | $ 1,462 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Open Biome | |
Loss Contingencies [Line Items] | |
Maximum Milestone Payment Required Under Agreement | $ 26 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Feb. 18, 2021 | |
Class Of Stock [Line Items] | |||
Common shares authorized for issuance | 200,000,000 | 200,000,000 | |
Common stock par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares outstanding | 0 | ||
Cash dividends declared or paid | $ 0 | ||
Common stock voting rights | Each share of common stock entitles the holder to one vote | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock par value | $ 0.001 | ||
Undesignated Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock par value | $ 0.001 | ||
Maximum | Common Stock | |||
Class Of Stock [Line Items] | |||
Common shares authorized for issuance | 200,000,000 | ||
Maximum | Undesignated Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred shares authorized for issuance | 10,000,000 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 72,586 | 118,564 |
Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 72,586 | 109,522 |
Unvested Restricted Stock Units | ||
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 0 | 9,039 |
Employee Stock Option Member | ||
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 0 | 3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | [1] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common Stock, Shares, Issued | 1,604,761 | 1,601,717 | ||
2017 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation expense remaining to be recognized, period | 3 years 8 months 12 days | |||
2021 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common stock shares available for future grants | 263,753 | 80,089 | ||
Percentage of increase in shares of common stock reserved for issuance | 5% | |||
Number of shares issuable upon the exercise of outstanding options | 72,586 | |||
Unrecognized compensation expense remaining to be recognized | $ 0.3 | |||
2021 Equity Incentive Plan | Incentive Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Maximum number of common stock to be issued | 470,000 | |||
2021 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common stock shares available for future grants | 45,167 | 16,018 | ||
Stock Issued During Period, Shares, New Issues | 3,354 | |||
[1] * Adjusted for the 1-for-30 reverse stock split |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity of Stock Options (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
2017 and 2021 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
SHARES, Outstanding, Beginning Balance | 109,522 | |
SHARES, Granted | 34,094 | |
SHARES, Cancelled or forfeited | (48,146) | |
SHARES, Expired | (22,884) | |
SHARES, Outstanding, Ending Balance | 72,586 | 109,522 |
SHARES, Options exercisable | 36,785 | |
SHARES, Options vested or expected to vest | shares | 72,586 | |
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance | $ 293.81 | |
WEIGHTED AVERAGE EXERCISE PRICE, Granted | 8.15 | |
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited | 327.08 | |
WEIGHTED AVERAGE EXERCISE PRICE, Expired | 291.79 | |
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance | 138.21 | $ 293.81 |
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable | 249.63 | |
WEIGHTED AVERAGE EXERCISE PRICE, Options vested or expected to vest | $ 138.21 | |
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding | 6 years | 6 years 10 months 24 days |
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable | 2 years 7 months 6 days | |
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options vested or expected to vest | 6 years | |
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance | $ 0 | |
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance | 13,000 | $ 0 |
AGGREGATE INTRINSIC VALUE, Options exercisable | 0 | |
AGGREGATE INTRINSIC VALUE, Options vested or expected to vest | $ | $ 13,000 | |
2021 Equity Incentive Plan | Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
SHARES, Outstanding, Beginning Balance | 9,039 | |
SHARES, Vested and distributed | $ (3,317) | |
SHARES, Cancelled or forfeited | (5,722) | |
SHARES, Outstanding, Ending Balance | 0 | 9,039 |
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Outstanding, Beginning Balance | $ 83.88 | |
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Vested and distributed | 83.8 | |
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Forfeited | 83.93 | |
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Ending Balance | $ 0 | $ 83.88 |
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance | $ 131,000 | |
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance | $ 0 | $ 131,000 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 300 | $ 1,830 | $ 1,480 | $ 3,950 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 0 | 760 | 231 | 1,769 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 300 | $ 1,070 | $ 1,249 | $ 2,181 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||
Company's contribution to plan | $ 0.1 | $ 0.4 |
Loss per Share - Basic and Dilu
Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Numerator: | |||||||
Net loss | $ (6,950) | $ (62,347) | $ (22,700) | $ (24,567) | $ (69,297) | $ (47,267) | |
Net loss attributable to common stockholders, basic | (6,950) | (22,700) | (69,297) | (47,267) | |||
Net loss attributable to common stockholders, diluted | $ (6,950) | $ (22,700) | $ (69,297) | $ (47,267) | |||
Denominator: | |||||||
Weighted-average common stock outstanding, basic | [1] | 1,604,795 | 1,585,978 | 1,603,811 | 1,585,093 | ||
Weighted-average common stock outstanding, diluted | [1] | 1,604,795 | 1,585,978 | 1,603,811 | 1,585,093 | ||
Net loss per share attributable to common stockholders, basic | $ (4.33) | $ (14.31) | $ (43.21) | $ (29.82) | |||
Net loss per share attributable to common stockholders, diluted | $ (4.33) | $ (14.31) | $ (43.21) | $ (29.82) | |||
[1] * Adjusted for the 1-for-30 reverse stock split |
Loss per Share - Computation of
Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 72,586 | 118,564 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 72,586 | 109,522 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 0 | 9,039 |
Employee Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 0 | 3 |