Compass Therapeutics (CMPX) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Document Information [Line Items]
Entity Central Index Key	0001738021
Entity Registrant Name	Compass Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39696
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4876496
Entity Address, Address Line One	80 Guest St., Suite 601
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02135
City Area Code	617
Local Phone Number	500-8099
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	CMPX
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		126,191,473

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 16,481	$ 144,514
Marketable securities	104,121	0
Prepaid expenses and other current assets	1,952	2,591
Total current assets	122,554	147,105
Property and equipment, net	1,708	2,243
Operating lease, right-of-use ("ROU") asset	3,256	4,089
Other assets	320	320
Total assets	127,838	153,757
Current liabilities:
Accounts payable	2,761	867
Accrued expenses	5,742	8,775
Operating lease obligations, current portion	1,075	989
Total current liabilities	9,578	10,631
Operating lease obligations, long-term portion	2,144	3,048
Total liabilities	11,722	13,679
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value: 300,000 shares authorized; 101,286 and 101,303 shares issued at September 30, 2022 and December 31, 2021, respectively; 101,032 and 100,832 shares outstanding at September 30, 2022 and December 31, 2021, respectively	10	10
Additional paid-in-capital	377,967	373,657
Accumulated other comprehensive loss	(641)	0
Accumulated deficit	(261,220)	(233,589)
Total stockholders' equity	116,116	140,078
Total liabilities and stockholders' equity	$ 127,838	$ 153,757

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	101,286	101,303
Common stock, shares outstanding (in shares)	101,032	100,832

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 9,791	$ 3,154	$ 20,069	$ 10,763
General and administrative	2,807	2,700	8,698	7,500
In-process R&D	0	0	0	50,618
Total operating expenses	12,598	5,854	28,767	68,881
Loss from operations	(12,598)	(5,854)	(28,767)	(68,881)
Other income (expense), net	623	(121)	1,136	(306)
Loss before income tax expense	(11,975)	(5,975)	(27,631)	(69,187)
Income tax expense	0	0	0	(13)
Net loss	$ (11,975)	$ (5,975)	$ (27,631)	$ (69,200)
Net loss per share - basic and diluted (in dollars per share)	$ (0.12)	$ (0.10)	$ (0.27)	$ (1.26)
Basic and diluted weighted average shares outstanding (in shares)	101,010	61,694	100,939	55,003
Other comprehensive loss:
Net loss	$ (11,975)	$ (5,975)	$ (27,631)	$ (69,200)
Unrealized loss on marketable securities	(129)	0	(641)	0
Comprehensive loss	$ (12,104)	$ (5,975)	$ (28,272)	$ (69,200)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	51,221
Balance at Dec. 31, 2020	$ 5	$ 191,348	$ 0	$ (151,408)	$ 39,945
Vesting of share-based awards (in shares)	92
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	948	0	0	948
Net loss	$ 0	0	0	(7,422)	(7,422)
Balance (in shares) at Mar. 31, 2021	51,313
Balance at Mar. 31, 2021	$ 5	192,296	0	(158,830)	33,471
Balance (in shares) at Dec. 31, 2020	51,221
Balance at Dec. 31, 2020	$ 5	191,348	0	(151,408)	39,945
Net loss					(69,200)
Unrealized loss on marketable securities					0
Balance (in shares) at Sep. 30, 2021	61,760
Balance at Sep. 30, 2021	$ 6	244,490	0	(220,608)	23,888
Balance (in shares) at Mar. 31, 2021	51,313
Balance at Mar. 31, 2021	$ 5	192,296	0	(158,830)	33,471
Vesting of share-based awards (in shares)	88
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	908	0	0	908
Net loss	$ 0	0	0	(55,804)	(55,804)
Common shares issued for TRIGR acquisition (in shares)	10,265
Common shares issued for TRIGR acquisition	$ 1	50,299	0	0	50,300
Balance (in shares) at Jun. 30, 2021	61,666
Balance at Jun. 30, 2021	$ 6	243,503	0	(214,634)	28,875
Vesting of share-based awards (in shares)	94
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	987	0	0	987
Net loss	$ 0	0	0	(5,975)	(5,975)
Unrealized loss on marketable securities					0
Balance (in shares) at Sep. 30, 2021	61,760
Balance at Sep. 30, 2021	$ 6	244,490	0	(220,608)	23,888
Balance (in shares) at Dec. 31, 2021	100,832
Balance at Dec. 31, 2021	$ 10	373,657	0	(233,589)	140,078
Vesting of share-based awards (in shares)	73
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	1,574	0	0	1,574
Net loss	$ 0	0	0	(7,162)	(7,162)
Balance (in shares) at Mar. 31, 2022	100,905
Balance at Mar. 31, 2022	$ 10	375,231	0	(240,751)	134,490
Balance (in shares) at Dec. 31, 2021	100,832
Balance at Dec. 31, 2021	$ 10	373,657	0	(233,589)	140,078
Net loss					(27,631)
Unrealized loss on marketable securities					$ (641)
Exercise of common stock options (in shares)					2
Balance (in shares) at Sep. 30, 2022	101,032
Balance at Sep. 30, 2022	$ 10	377,967	(641)	(261,220)	$ 116,116
Balance (in shares) at Mar. 31, 2022	100,905
Balance at Mar. 31, 2022	$ 10	375,231	0	(240,751)	134,490
Vesting of share-based awards (in shares)	63
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	1,444	0	0	1,444
Net loss	0	0	0	(8,494)	(8,494)
Unrealized loss on marketable securities	$ 0	0	(512)	0	(512)
Balance (in shares) at Jun. 30, 2022	100,968
Balance at Jun. 30, 2022	$ 10	376,675	(512)	(249,245)	126,928
Vesting of share-based awards (in shares)	62
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	1,287	0	0	1,287
Net loss	0	0	0	(11,975)	(11,975)
Unrealized loss on marketable securities	$ 0	0	(129)	0	(129)
Exercise of common stock options (in shares)	2
Exercise of common stock options	$ 0	5	0	0	5
Balance (in shares) at Sep. 30, 2022	101,032
Balance at Sep. 30, 2022	$ 10	$ 377,967	$ (641)	$ (261,220)	$ 116,116

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (27,631)	$ (69,200)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	587	442
Gain on disposal of equipment	(70)	(75)
Noncash interest expense	0	35
Share-based compensation	4,305	2,843
Amortization of premium and discount on marketable securities	(190)	0
Write-off of in-process R&D	0	50,618
ROU asset amortization	833	786
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	639	63
Accounts payable	1,894	(193)
Accrued expenses	(3,033)	427
Operating lease liability	(818)	(747)
Net cash used in operating activities	(23,484)	(15,001)
Cash flows from investing activities:
Purchases of property and equipment	(158)	(791)
Purchases of marketable securities	(117,332)	0
Proceeds from sale or maturities of marketable securities	12,760	0
Asset acquisition costs	0	(318)
Proceeds from sale of equipment	176	115
Net cash used in investing activities	(104,554)	(994)
Cash flows from financing activities:
Proceeds from issuance of common stock	5	0
Repayment of borrowings under loan	0	(5,625)
Net cash provided by (used in) financing activities	5	(5,625)
Net change in cash, cash equivalents and restricted cash	(128,033)	(21,620)
Cash, cash equivalents and restricted cash at beginning of period	144,514	47,339
Cash, cash equivalents and restricted cash at end of period	16,481	25,719
Supplemental disclosure of cash flow information
Cash paid for interest	0	226
ROU asset acquired through operating leases	0	5,148
Unrealized loss on marketable securities	641	0
Acquisition of Trigr Therapeutics, Inc.	$ 0	$ 50,300

Note 1 - Nature of Business and

Note 1 - Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Compass Therapeutics, Inc. (“Compass” or the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Our scientific focus is on the relationship between angiogenesis and the immune system. Our pipeline includes novel product candidates that leverage our understanding of the tumor microenvironment, including both angiogenesis-targeted agents and immune-oncology focused agents. These product candidates are designed to optimize critical components required for an effective anti-tumor response to cancer. These include modulation of the microvasculature via angiogenesis-targeted agents; induction of a potent immune response via activators on effector cells in the tumor microenvironment; and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. We plan to advance our product candidates through clinical development as both standalone therapies and in combination with our proprietary drug candidates as long as their continued development is supported by clinical and nonclinical data. References to Compass or the Company herein include Compass Therapeutics, Inc. and its wholly-owned subsidiaries. The Company was incorporated as Olivia Ventures, Inc. (“Olivia”) in the State of Delaware on March 20, 2018. 12b 2 1934, The Company is subject to risks and uncertainties common to companies in the biotechnology and pharmaceutical industries. There can be no In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s consolidated financial position as of September 30, 2022 three nine September 30, 2022 2021 nine September 30, 2022 2021. nine September 30, 2022 not may December 31, 2022. The unaudited condensed consolidated financial statements include the accounts of Compass Therapeutics, Inc. and its subsidiaries, and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet at December 31, 2021 not Annual Report on Form 10 December 31, 2021 ( Liquidity Since our inception, we have devoted substantially all of our efforts to organizing and staffing our Company, business planning, raising capital, research and development activities, building our intellectual property portfolio and providing general and administrative support for these operations. To date, we have funded our operations primarily with proceeds from the sale of our equity securities and borrowings from debt arrangements. Through September 30, 2022, September 30, 2022, November 2, 2022, $80.3 11 2026. COVID- 19 We have been carefully monitoring the COVID- 19 19 19 There have been delays in sourcing of selected supplies required for the manufacturing of material to be used in our future clinical trials, and these delays have impacted and may 19 may third 19

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. There have been no Marketable Securities Marketable securities consist of available-for-sale debt securities and are carried at fair value. Unrealized holding gains and losses are reported within other comprehensive loss in the Company's Consolidated Statements of Comprehensive Loss. Fair value is based on available market information including quoted market prices, broker or dealer quotations, or other observable inputs. Accounting Pronouncements not In June 2016, No. 2016 13, No. 2019 04, No. 2019 05, No. 2019 10, No. 2019 11, No. 2020 03 2016 03” December 15, 2022 Recently Adopted Accounting Pronouncements The Company adopted ASU 2019 12, Simplifying the Accounting for Income Taxes January 1, 2022. 740, Income Taxes 740, 2019 12 not

Note 3 - Marketable Securities

Note 3 - Marketable Securities	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. Marketable Securities The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not Unrealized gains and losses on investments that are available for sale are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not The following tables summarize marketable securities held at September 30, 2022 ( Fair Value Measurements as of September 30, 2022 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 70,058 $ — $ (506 ) $ 69,552 Commercial paper 20,825 — (50 ) 20,775 Certificates of Deposit 7,487 — (39 ) 7,448 Asset-backed securities 6,392 — (46 ) 6,346 Total assets $ 104,762 $ — $ (641 ) $ 104,121 As of September 30, 2022 Maturing in one year or less $ 86,552 Maturing after one year through two years 17,569 Total $ 104,121 There were no marketable securities as of December 31, 2021.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. The following tables represent the Company’s financial assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements as of September 30, 2022 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Assets Corporate bonds $ — $ 69,552 $ — $ 69,552 Commercial paper 20,775 — — 20,775 Certificates of deposit — 7,448 — 7,448 Asset-backed securities — 6,346 — 6,346 Cash and cash equivalents 16,481 — — 16,481 Total assets $ 37,256 $ 83,346 $ — $ 120,602 Fair Value Measurements as of December 31, 2021 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Assets Cash and cash equivalents $ 130,005 $ — $ — $ 130,005 Total assets $ 130,005 $ — $ — $ 130,005

Note 5 - Property and Equipment

Note 5 - Property and Equipment	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. Property and equipment consist of the following (in thousands): September 30, 2022 December 31, 2021 Equipment $ 5,087 $ 5,351 Leasehold improvements 1,607 1,531 Software 364 365 Furniture and fixtures 22 22 Total property and equipment–at cost 7,080 7,269 Less: Accumulated depreciation (5,372 ) (5,026 ) Property and equipment, net $ 1,708 $ 2,243 Depreciation expense for the three September 30, 2022 2021 nine September 30, 2022 2021

Note 6 - Accrued Expenses

Note 6 - Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6. Accrued expenses consist of the following (in thousands): September 30, December 31, 2022 2021 Compensation and benefits $ 1,218 $ 1,601 Project expenses 4,436 704 Accrued milestone — 6,000 Other 88 470 Total accrued expenses $ 5,742 $ 8,775

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7. Leases The Company adopted ASU 2016 02, Leases (Topic 842 January 1, 2021, January 1, 2021. No not 12 The Company has evaluated its leases and determined that it has one When available, the Company will use the rate implicit in the lease to discount lease payments to present value; however, the Company’s current lease does not The Company has one December 2020. January 2021. four five January 1, 2021. two eight September 30, 2022. The table below presents the undiscounted cash flows for the lease term. The undiscounted cash flows are reconciled to the operating lease liabilities recorded on the condensed consolidated balance sheet ( 000's Remainder of 2022 $ 219 Years ending December 31, 2023 1,345 2024 1,379 2025 543 Total minimum lease payments 3,486 Less: amount of lease payments representing interest (267 ) Present value of future minimum lease payments 3,219 Less: operating lease obligations, current portion (1,075 ) Operating lease obligations, long-term portion $ 2,144 Milestone payments As part of the ABL Bio Agreement (see Note 10 fourth 2021, 1 009. third 2022, 1

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. Stock-based compensation expense for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (000’s) (000’s) Research and development $ 170 $ 178 $ 718 $ 476 General and administrative 1,117 809 3,587 2,367 Total $ 1,287 $ 987 $ 4,305 $ 2,843 As of September 30, 2022, Restricted Stock: Prior to the adoption of the 2020 nine September 30, 2022 Shares Fair Value Weighted Average Fair Value (000's) Per Share Unvested, December 31, 2021 471 $ 1.76 Granted — $ — Vested (198 ) $ 1.79 Forfeited or canceled (20 ) $ 1.77 Unvested, September 30, 2022 253 $ 1.73 As of September 30, 2022, 2020 In June 2020, 2020 “2020 2020 January 1, 2022 September 30, 2022, The 2020 four Stock Options: The following table summarizes the stock option activity for the 2020 Weighted Weighted Number of Average Average Aggregate Unvested Exercise Remaining Intrinsic Options Price Contractual Value (000's) Per Share Term (in years) ($000's) Outstanding at December 31, 2021 3,659 $ 4.99 8.67 Granted 2,277 $ 2.30 9.38 Exercised (2 ) $ 1.56 Forfeited/canceled (334 ) $ 4.07 Outstanding at September 30, 2022 5,600 $ 3.97 8.70 $ 277 Vested at September 30, 2022 2,472 $ 4.74 8.22 $ 19 For the nine September 30, 2022, September 30, 2022, September 30, 2022, For the nine September 30, 2021, September 30, 2021. The weighted average assumptions used in the Black-Scholes pricing model to determine the fair value of stock options granted during the nine September 30, 2022 2021 Nine Months Ended September 30, 2022 2021 Expected term (in years) 6.0 6.1 Risk-free rate 2.02 % 0.76 % Expected volatility 94 % 90 % Expected dividend yield — — RSUs: The following table summarizes the RSU activity for the 2020 Shares (000's) Weighted Average Price Per Share Weighted Average Fair Value ($000's) Unvested, December 31, 2021 1,200 $ 3.83 $ 4,596 Granted — — — Vested — — — Forfeited or canceled — — — Unvested, September 30, 2022 1,200 $ 3.83 $ 4,596 Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants. The weighted average fair value is the weighted average share price times the number of shares. September 30, 2022,

Note 9 - Other Income (Expense)

Note 9 - Other Income (Expense)	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Other Nonoperating Income and Expense [Text Block]	9. Other income (expense) consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (000's) (000's) Interest income $ 623 $ 1 $ 1,066 $ 25 Interest expense — (78 ) — (331 ) Realized gain on disposal of equipment — (44 ) 70 — Total other income (expense) $ 623 $ (121 ) $ 1,136 $ (306 )

Note 10 - License, Research and

Note 10 - License, Research and Collaboration Agreements	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	10. Collaboration Agreements ABL Bio Corporation ("ABL Bio") Agreement In November 2018, ABL001, DLL4 009 009, 009 1 009 2 1 009 2021, Adimab Agreement The Company entered into a collaboration agreement with Adimab, LLC on October 16, 2014. first first nine 2022. September 30, 2022, Other License and Research Agreements FUJIFILM Diosynth Biotechnologies ("Fujifilm ) Agreement The Company entered into a scope of work (“SOW”) under a master services agreement with Fujifilm on July 20, 2020. three September 30, 2022 nine September 30, 2022. September 30, 2022,

Note 11 - Subsequent Events

Note 11 - Subsequent Events	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	11. On November 2, 2022, November 4, 2022.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Marketable Securities, Policy [Policy Text Block]	Marketable Securities Marketable securities consist of available-for-sale debt securities and are carried at fair value. Unrealized holding gains and losses are reported within other comprehensive loss in the Company's Consolidated Statements of Comprehensive Loss. Fair value is based on available market information including quoted market prices, broker or dealer quotations, or other observable inputs.
New Accounting Pronouncements, Policy [Policy Text Block]	Accounting Pronouncements not In June 2016, No. 2016 13, No. 2019 04, No. 2019 05, No. 2019 10, No. 2019 11, No. 2020 03 2016 03” December 15, 2022 Recently Adopted Accounting Pronouncements The Company adopted ASU 2019 12, Simplifying the Accounting for Income Taxes January 1, 2022. 740, Income Taxes 740, 2019 12 not

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Marketable Securities [Table Text Block]	Fair Value Measurements as of September 30, 2022 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 70,058 $ — $ (506 ) $ 69,552 Commercial paper 20,825 — (50 ) 20,775 Certificates of Deposit 7,487 — (39 ) 7,448 Asset-backed securities 6,392 — (46 ) 6,346 Total assets $ 104,762 $ — $ (641 ) $ 104,121
Investments Classified by Contractual Maturity Date [Table Text Block]	As of September 30, 2022 Maturing in one year or less $ 86,552 Maturing after one year through two years 17,569 Total $ 104,121

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements as of September 30, 2022 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Assets Corporate bonds $ — $ 69,552 $ — $ 69,552 Commercial paper 20,775 — — 20,775 Certificates of deposit — 7,448 — 7,448 Asset-backed securities — 6,346 — 6,346 Cash and cash equivalents 16,481 — — 16,481 Total assets $ 37,256 $ 83,346 $ — $ 120,602 Fair Value Measurements as of December 31, 2021 Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Assets Cash and cash equivalents $ 130,005 $ — $ — $ 130,005 Total assets $ 130,005 $ — $ — $ 130,005

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2022 December 31, 2021 Equipment $ 5,087 $ 5,351 Leasehold improvements 1,607 1,531 Software 364 365 Furniture and fixtures 22 22 Total property and equipment–at cost 7,080 7,269 Less: Accumulated depreciation (5,372 ) (5,026 ) Property and equipment, net $ 1,708 $ 2,243

Note 6 - Accrued Expenses (Tabl

Note 6 - Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2022 2021 Compensation and benefits $ 1,218 $ 1,601 Project expenses 4,436 704 Accrued milestone — 6,000 Other 88 470 Total accrued expenses $ 5,742 $ 8,775

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Remainder of 2022 $ 219 Years ending December 31, 2023 1,345 2024 1,379 2025 543 Total minimum lease payments 3,486 Less: amount of lease payments representing interest (267 ) Present value of future minimum lease payments 3,219 Less: operating lease obligations, current portion (1,075 ) Operating lease obligations, long-term portion $ 2,144

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (000’s) (000’s) Research and development $ 170 $ 178 $ 718 $ 476 General and administrative 1,117 809 3,587 2,367 Total $ 1,287 $ 987 $ 4,305 $ 2,843
Nonvested Restricted Stock Shares Activity [Table Text Block]	Shares Fair Value Weighted Average Fair Value (000's) Per Share Unvested, December 31, 2021 471 $ 1.76 Granted — $ — Vested (198 ) $ 1.79 Forfeited or canceled (20 ) $ 1.77 Unvested, September 30, 2022 253 $ 1.73
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Weighted Number of Average Average Aggregate Unvested Exercise Remaining Intrinsic Options Price Contractual Value (000's) Per Share Term (in years) ($000's) Outstanding at December 31, 2021 3,659 $ 4.99 8.67 Granted 2,277 $ 2.30 9.38 Exercised (2 ) $ 1.56 Forfeited/canceled (334 ) $ 4.07 Outstanding at September 30, 2022 5,600 $ 3.97 8.70 $ 277 Vested at September 30, 2022 2,472 $ 4.74 8.22 $ 19
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2022 2021 Expected term (in years) 6.0 6.1 Risk-free rate 2.02 % 0.76 % Expected volatility 94 % 90 % Expected dividend yield — —
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Shares (000's) Weighted Average Price Per Share Weighted Average Fair Value ($000's) Unvested, December 31, 2021 1,200 $ 3.83 $ 4,596 Granted — — — Vested — — — Forfeited or canceled — — — Unvested, September 30, 2022 1,200 $ 3.83 $ 4,596

Note 9 - Other Income (Expens_2

Note 9 - Other Income (Expense) (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (000's) (000's) Interest income $ 623 $ 1 $ 1,066 $ 25 Interest expense — (78 ) — (331 ) Realized gain on disposal of equipment — (44 ) 70 — Total other income (expense) $ 623 $ (121 ) $ 1,136 $ (306 )

Note 1 - Nature of Business a_2

Note 1 - Nature of Business and Basis of Presentation (Details Textual) $ in Millions	54 Months Ended
	Sep. 30, 2022 USD ($)
Proceeds from Issuance or Sale of Equity, Total	$ 329
Cash and Marketable Securities	$ 120.6

Note 3 - Marketable Securitie_2

Note 3 - Marketable Securities (Details Textual) $ in Thousands	Dec. 31, 2021 USD ($)
Marketable Securities, Total	$ 0

Note 3 - Marketable Securitie_3

Note 3 - Marketable Securities - Marketable Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Amortized Cost	$ 104,762
Unrealized Gains	0
Unrealized Losses	(641)
Total	104,121
Corporate Debt Securities [Member]
Amortized Cost	70,058
Unrealized Gains	0
Unrealized Losses	(506)
Total	69,552
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	20,825
Unrealized Gains	0
Unrealized Losses	(50)
Total	20,775
Certificates of Deposit [Member]
Amortized Cost	7,487
Unrealized Gains	0
Unrealized Losses	(39)
Total	7,448
Asset-Backed Securities [Member]
Amortized Cost	6,392
Unrealized Gains	0
Unrealized Losses	(46)
Total	$ 6,346

Note 3 - Marketable Securitie_4

Note 3 - Marketable Securities - Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Maturing in one year or less	$ 86,552
Maturing after one year through two years	17,569
Total	$ 104,121

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities	$ 104,121
Corporate Debt Securities [Member]
Marketable Securities	69,552
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	20,775
Certificates of Deposit [Member]
Marketable Securities	7,448
Asset-Backed Securities [Member]
Marketable Securities	6,346
Fair Value, Recurring [Member]
Total assets	120,602	$ 130,005
Fair Value, Recurring [Member] | Corporate Debt Securities [Member]
Marketable Securities	69,552
Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	16,481	130,005
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	20,775
Fair Value, Recurring [Member] | Certificates of Deposit [Member]
Marketable Securities	7,448
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]
Marketable Securities	6,346
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total assets	37,256	130,005
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	16,481	130,005
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	20,775
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total assets	83,346	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Marketable Securities	69,552
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Marketable Securities	7,448
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]
Marketable Securities	6,346
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Total assets	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	0	$ 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member]
Marketable Securities	$ 0

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation, Total	$ 0.2	$ 0.1	$ 0.6	$ 0.4

Note 5 - Property and Equipme_4

Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Total property and equipment–at cost	$ 7,080	$ 7,269
Less: Accumulated depreciation	(5,372)	(5,026)
Property and equipment, net	1,708	2,243
Equipment [Member]
Total property and equipment–at cost	5,087	5,351
Leasehold Improvements [Member]
Total property and equipment–at cost	1,607	1,531
Software Development [Member]
Total property and equipment–at cost	364	365
Furniture and Fixtures [Member]
Total property and equipment–at cost	$ 22	$ 22

Note 6 - Accrued Expenses - Sch

Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Compensation and benefits	$ 1,218	$ 1,601
Project expenses	4,436	704
Accrued milestone	0	6,000
Other	88	470
Total accrued expenses	$ 5,742	$ 8,775

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingencies (Details Textual) $ in Millions	Sep. 30, 2022 USD ($)
Number of Operating Leases	1
Lessee, Operating Lease, Term of Contract (Year)	4 years 5 months 1 day
Lessee, Operating Lease, Discount Rate	6.25%
Lessee, Operating Lease, Remaining Lease Term (Year)	2 years 7 months 28 days
ABL Bio [Member]
Milestone Payment Obligation	$ 6

Note 7 - Commitments and Cont_4

Note 7 - Commitments and Contingencies - Undiscounted Cash Flows Reconciled to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Remainder of 2022	$ 219
2023	1,345
2024	1,379
2025	543
Total minimum lease payments	3,486
Less: amount of lease payments representing interest	(267)
Present value of future minimum lease payments	3,219
Less: operating lease obligations, current portion	(1,075)	$ (989)
Operating lease obligations, long-term portion	$ 2,144	$ 3,048

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		9 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2020
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 11,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 2.30	$ 3.82
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		$ 19	$ 0
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 7,500
The 2020 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)				2.9
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	4.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		2.2
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 400
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 1 month 6 days
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 9 months 18 days
Share-Based Payment Arrangement, Option [Member] | The 2020 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 3,600
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years 1 month 6 days

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation expense	$ 1,287	$ 987	$ 4,305	$ 2,843
Research and Development Expense [Member]
Stock-based compensation expense	170	178	718	476
General and Administrative Expense [Member]
Stock-based compensation expense	$ 1,117	$ 809	$ 3,587	$ 2,367

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Unvested, shares (in shares) | shares	471
Unvested, weighted average price per share (in dollars per share) | $ / shares	$ 1.76
Granted, shares (in shares) | shares	0
Granted, weighted average price per share (in dollars per share) | $ / shares	$ 0
Vested, shares (in shares) | shares	(198)
Vested, weighted average price per share (in dollars per share) | $ / shares	$ 1.79
Forfeited or canceled, shares (in shares) | shares	(20)
Forfeited or canceled, weighted average price per share (in dollars per share) | $ / shares	$ 1.77
Unvested, shares (in shares) | shares	253
Unvested, weighted average price per share (in dollars per share) | $ / shares	$ 1.73

Note 8 - Stock-based Compensa_6

Note 8 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Outstanding (in shares)	3,659
Outstanding, weighted average exercise price per share (in dollars per share)	$ 4.99
Outstanding, weighted average remaining contractual term (Year)	8 years 8 months 12 days	8 years 8 months 1 day
Granted (in shares)	2,277
Granted, weighted average exercise price per share (in dollars per share)	$ 2.30
Granted, weighted average remaining contractual term (Year)	9 years 4 months 17 days
Exercised (in shares)	(2)
Exercised (in dollars per share)	$ 1.56
Forfeited/canceled (in shares)	(334)
Forfeited/canceled (in dollars per share)	$ 4.07
Outstanding (in shares)	5,600	3,659
Outstanding, weighted average exercise price per share (in dollars per share)	$ 3.97	$ 4.99
Outstanding, aggregate intrinsic value	$ 277
Vested (in shares)	2,472
Vested, weighted average exercise price per share (in dollars per share)	$ 4.74
Vested, weighted average remaining contractual term (Year)	8 years 2 months 19 days
Vested, aggregate intrinsic value	$ 19		$ 0

Note 8 - Stock-based Compensa_7

Note 8 - Stock-based Compensation - Weighted Average Assumptions (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Expected term (in years) (Year)	6 years	6 years 1 month 6 days
Risk-free rate	2.02%	0.76%
Expected volatility	94%	90%
Expected dividend yield	0%	0%

Note 8 - Stock-based Compensa_8

Note 8 - Stock-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Unvested, shares (in shares) | shares	1,200
Unvested, weighted average price per share (in dollars per share) | $ / shares	$ 3.83
Unvested, weighted average fair value | $	$ 4,596
Granted, shares (in shares) | shares	0
Granted, weighted average price per share (in dollars per share) | $ / shares	$ 0
Vested, shares (in shares) | shares	0
Vested, weighted average price per share (in dollars per share) | $ / shares	$ 0
Forfeited or canceled, shares (in shares) | shares	0
Forfeited or canceled, weighted average price per share (in dollars per share) | $ / shares	$ 0
Unvested, shares (in shares) | shares	1,200
Unvested, weighted average price per share (in dollars per share) | $ / shares	$ 3.83

Note 9 - Other Income (Expens_3

Note 9 - Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income	$ 623	$ 1	$ 1,066	$ 25
Interest expense	0	(78)	0	(331)
Realized gain on disposal of equipment	0	(44)	70	0
Total other income (expense)	$ 623	$ (121)	$ 1,136	$ (306)

Note 10 - License, Research a_2

Note 10 - License, Research and Collaboration Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2018	Sep. 30, 2022	Sep. 30, 2022
ABL Bio Agreement [Member]
Upfront Payment	$ 5,000
License and Research Agreement, Future Payments	6,000
Maximum Development and Regulatory Milestone Payments	110,000
ABL Bio Agreement [Member] | Oncology [Member]
Maximum Commercial Milestone Payments and Royalties	$ 295,000
Adimab Agreement [Member]
Milestone Payments Paid			$ 0
Milestone Payment Obligation		$ 2,000	2,000
FUJIFILM Diosynth Biotechnologies Agreement [Member]
Cash Payment for License Agreement		0	500
Research and Development Expense, Total		89	2,900
License and Research Agreement, Expenses to be Recognized		600	600
FUJIFILM Diosynth Biotechnologies Agreement [Member] | Maximum [Member]
License and Research Agreement, Expenses to be Recognized		$ 100	$ 100

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Nov. 04, 2022	Sep. 30, 2022	Sep. 30, 2021
Proceeds from Issuance of Common Stock		$ 5	$ 0
Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues (in shares)	25,000,000
Shares Issued, Price Per Share (in dollars per share)	$ 3.21
Proceeds from Issuance of Common Stock	$ 80,300