Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 10, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-55939 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-4876496 | ||
Entity Address, Address Line One | 80 Guest Street, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 184,000,000 | ||
Entity Common Stock, Shares Outstanding | 126,507,473 | ||
Auditor Firm ID | 596 | ||
Auditor Name | CohnReznick LLP | ||
Auditor Location | Melville, NY U.S.A. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 34,946 | $ 144,514 |
Marketable securities | 151,663 | 0 |
Prepaid expenses and other current assets | 8,182 | 2,591 |
Total current assets | 194,791 | 147,105 |
Property and equipment, net | 1,567 | 2,243 |
Operating lease, right-of-use ("ROU") asset | 2,967 | 4,089 |
Other assets | 320 | 320 |
Total assets | 199,645 | 153,757 |
Current liabilities: | ||
Accounts payable | 3,382 | 867 |
Accrued expenses | 11,690 | 8,775 |
Operating lease obligations, current portion | 1,097 | 989 |
Total current liabilities | 16,169 | 10,631 |
Operating lease obligations, net of long-term portion | 1,838 | 3,048 |
Total liabilities | 18,007 | 13,679 |
Commitments and Contingencies (Note 11) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value: 300,000 shares authorized; 126,495 and 101,303 shares issued at December 31, 2022 and 2021, respectively; 126,302 and 100,832 shares outstanding at December 31, 2022 and 2021, respectively | 13 | 10 |
Additional paid-in-capital | 454,741 | 373,657 |
Accumulated other comprehensive loss | (302) | 0 |
Accumulated deficit | (272,814) | (233,589) |
Total stockholders' equity | 181,638 | 140,078 |
Total liabilities and stockholders' equity | $ 199,645 | $ 153,757 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 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) | 126,495 | 101,303 |
Common stock, shares outstanding (in shares) | 126,302 | 100,832 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 29,997 | $ 20,337 |
General and administrative | 11,658 | 10,927 |
In-process R&D | 0 | 50,618 |
Total operating expenses | 41,655 | 81,882 |
Loss from operations | (41,655) | (81,882) |
Other income (expense) | 2,430 | (299) |
Loss before income tax expense | (39,225) | (82,181) |
Income tax expense | 0 | 0 |
Net loss | $ (39,225) | $ (82,181) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.37) | $ (1.31) |
Basic and diluted weighted average shares outstanding (in shares) | 105,186 | 62,870 |
Other comprehensive loss: | ||
Net loss | $ (39,225) | $ (82,181) |
Unrealized loss on marketable securities | (302) | 0 |
Comprehensive loss | $ (39,527) | $ (82,181) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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 |
Common shares issued for Trigr Therapeutics, Inc. acquisition (in shares) | 10,265 | ||||
Common shares issued for Trigr Therapeutics, Inc. acquisition | $ 1 | 50,299 | 0 | 0 | 50,300 |
Common shares issued in Public Offering, net of issuance costs of $8.5 million (in shares) | 38,987 | ||||
Common shares issued in Public Offering, net of issuance | $ 4 | 127,981 | 0 | 0 | 127,985 |
Share-based awards (in shares) | 359 | ||||
Share-based awards | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 4,029 | 0 | 0 | 4,029 |
Net loss | $ 0 | 0 | 0 | (82,181) | $ (82,181) |
Common stock issued upon exercise of options (in shares) | 0 | ||||
Unrealized loss on marketable securities | $ 0 | ||||
Balance (in shares) at Dec. 31, 2021 | 100,832 | ||||
Balance at Dec. 31, 2021 | $ 10 | 373,657 | 0 | (233,589) | 140,078 |
Common shares issued in Public Offering, net of issuance costs of $8.5 million (in shares) | 25,000 | ||||
Common shares issued in Public Offering, net of issuance | $ 3 | 75,739 | 0 | 0 | 75,742 |
Share-based awards (in shares) | 559 | ||||
Share-based awards | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 5,330 | 0 | 0 | 5,330 |
Net loss | $ 0 | 0 | 0 | (39,225) | $ (39,225) |
Common stock issued upon exercise of options (in shares) | 6 | 6 | |||
Common stock issued upon exercise of options | $ 0 | 15 | 0 | 0 | $ 15 |
Cancelled shares (in shares) | (95) | ||||
Unrealized loss on marketable securities | $ 0 | 0 | (302) | 0 | (302) |
Balance (in shares) at Dec. 31, 2022 | 126,302 | ||||
Balance at Dec. 31, 2022 | $ 13 | $ 454,741 | $ (302) | $ (272,814) | $ 181,638 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock issuance costs | $ 4.5 | $ 8.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (39,225) | $ (82,181) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 782 | 566 |
Gain on disposal of equipment | (70) | (42) |
Noncash interest expense | 0 | 41 |
Stock-based compensation | 5,330 | 4,029 |
Amortization of premium and discount on marketable securities | (801) | 0 |
Write-off of in-process R&D | 0 | 50,618 |
ROU asset amortization | 1,122 | 1,058 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (5,591) | 534 |
Accounts payable | 2,515 | (194) |
Accrued expenses | 2,915 | 7,016 |
Operating lease liability | (1,102) | (1,111) |
Net cash used in operating activities | (34,125) | (19,666) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (200,119) | 0 |
Proceeds from sale or maturities of marketable securities | 48,955 | 0 |
Purchases of property and equipment | (212) | (1,568) |
Asset acquisition costs | 0 | (318) |
Proceeds from sale of equipment | 176 | 116 |
Net cash used in investing activities | (151,200) | (1,770) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock | 76,237 | 128,267 |
Issuance costs from issuance of common stock | (495) | (281) |
Proceeds from exercise of stock options | 15 | 0 |
Repayment of borrowings under loan | 0 | (9,375) |
Net cash provided by financing activities | 75,757 | 118,611 |
Net change in cash, cash equivalents and restricted cash | (109,568) | 97,175 |
Cash, cash equivalents and restricted cash at beginning of year | 144,514 | 47,339 |
Cash, cash equivalents and restricted cash at end of year | 34,946 | 144,514 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 0 | 370 |
ROU asset acquired through operating leases | 0 | 5,148 |
Issuance of common stock for acquisition of Trigr Therapeutics, Inc. | 0 | 50,300 |
Fixed asset costs included in accrued expenses | 0 | 187 |
Unrealized loss on marketable securities | $ 302 | $ 0 |
Note 1 - Formation and Business
Note 1 - Formation and Business of the Company | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Formation and Business of the Company 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 is subject to risks and uncertainties common to companies in the biotechnology and pharmaceutical industries. There can be no |
Note 2 - Liquidity, Uncertainti
Note 2 - Liquidity, Uncertainties and Going Concern | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. Liquidity, Uncertainties and Going Concern The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one Since its inception, the Company has funded its operations primarily with proceeds from the sale of its equity securities and borrowings under the 2018 December 31, 2022. 2026. The Company is subject to risks common to early stage companies in the biotechnology industry including, but not no may not third |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Principles of Consolidation The accompanying consolidated financial statements include the accounts of Compass Therapeutics, Inc., and its wholly-owned subsidiaries, including Compass Therapeutics LLC, Compass Therapeutics Advisors Inc., Trigr Therapeutics, Inc. and Compass Therapeutics Securities Corporation. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not Segment Information Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company has one operating segment. The Company’s chief operating decision-maker, its chief executive officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources. All the Company’s long-lived assets are held in the United States. Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash with original maturities of three December 31, 2022 2021, Marketable Securities All of the Company’s investment securities are debt securities and bank instruments. The Company carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash equivalents and marketable securities. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company has not Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets as follows: Asset Classification Estimated Useful Life Equipment 5 years Furniture and fixtures 7 years Software 5 years Leasehold improvements Lesser of estimated useful life or lease term Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the consolidated balance sheet and any resulting gains or losses are included in the consolidated statement of operations and comprehensive loss in the period of disposal. Costs for capital assets not Impairment of Long-Lived Assets Long-lived assets consist of property, equipment and right-of-use (“ROU”) assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not not December 31, 2022 2021. Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. An entity may Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development and preclinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, stock-based compensation, third Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no Costs associated with licenses of technology acquired as part of collaborative arrangements are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations if it is determined the license has no Accrued Research and Development Expenses The Company has entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expense in the consolidated statements of operations. Stock-Based Compensation The Company recognizes the grant‑date fair value of stock‑based awards issued to employees and nonemployee board members as compensation expense on a straight‑line basis over the service period of the award. The Company uses the Black‑Scholes option pricing model to determine the grant‑date fair value of stock options and adjusts expense for forfeitures in the periods they occur. The fair value of each equity award was determined by the Company on the date of grant and by using the methods and assumptions discussed below. Certain of these inputs are subjective and generally require judgment to determine. Stock price: June 2020 second 2021, June 2020. Expected term Expected volatility Risk-free interest rate Expected dividend not not Net Loss per Share Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, stock options, restricted stock units, unvested restricted stock awards and common stock warrants that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not The following potentially dilutive securities outstanding as of December 31, 2022 2021 December 31, 2022 2021 (000's) Restricted stock units 900 1,200 Stock options 5,378 3,659 Nonvested restricted stock 193 471 Total 6,471 5,330 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company files income tax returns in the U.S. Federal jurisdiction and in various states. The Company has tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, Leases 12 two January 1, 2021, not not no 2022. In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12" 2019 12 740 January 1, 2022. 2019 12 not There are no |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities 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: Fair Value Measurements as of December 31, 2022 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Corporate bonds $ — $ 87,760 $ — $ 87,760 Commercial paper 37,682 — — 37,682 Certificates of deposit — 19,667 — 19,667 Asset-backed securities — 6,554 — 6,554 Money market funds (cash equivalents) 9,438 — — 9,438 Total assets $ 47,120 $ 113,981 $ — $ 161,101 Fair Value Measurements as of December 31, 2021 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Money market funds (cash equivalents) $ 130,005 $ — $ — $ 130,005 Total assets $ 130,005 $ — $ — $ 130,005 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. 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 Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income (loss) in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis. The Company classifies marketable securities that are available for use in current operations as current assets on the consolidated balance sheet. The following tables summarize marketable securities held at December 31, 2022 ( Fair Value Measurements as of December 31, 2022 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 87,998 $ 12 $ (250 ) $ 87,760 Commercial paper 37,680 33 (31 ) 37,682 Certificates of deposit 19,689 16 (38 ) 19,667 Asset-backed securities 6,598 3 (47 ) 6,554 Total assets $ 151,965 $ 64 $ (366 ) $ 151,663 As of December 31, 2022 Maturing in one year or less $ 134,620 Maturing after one year through two years 17,043 Total $ 151,663 There were no marketable securities as of December 31, 2021. |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment Property and equipment consist of the following: December 31, 2022 2021 (000's) Equipment $ 5,137 $ 5,351 Furniture and fixtures 22 22 Leasehold improvements 1,612 1,531 Software 364 365 Total property and equipment–at cost 7,135 7,269 Less: Accumulated depreciation and amortization (5,568 ) (5,026 ) Property and equipment, net $ 1,567 $ 2,243 Total depreciation and amortization expense for years ended December 31, 2022 2021, |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued Expenses Accrued expenses consist of the following: December 31, 2022 2021 (000's) Project expenses $ 10,038 $ 704 Compensation and benefits 1,556 1,601 Accrued milestone — 6,000 Other 96 470 Total accrued expenses $ 11,690 $ 8,775 Project expenses is primarily made up of $8.8 million of accrued manufacturing expenses and $1.3 million of accrued clinical expenses. Manufacturing expenses are primarily for the manufacture and purchase of drug product for CTX- 009 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Stockholders Equity In June 2021, fourth 2022, 16 In November 2021, 30 December 2021, 30 In November 2022, |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. Stock-Based Compensation Stock-based compensation expense for the years ended December 31, 2022 2021 Year Ended December 31, 2022 2021 (000's) Research and development $ 781 $ 658 General and administrative 4,549 3,371 Total $ 5,330 $ 4,029 Restricted Stock A summary of the Company’s restricted share activity during the years ended December 31, 2022 2021 Shares (000's) Estimated Fair Value Per Share Unvested, December 31, 2020 896 $ 2.46 Granted — $ — Vested (359 ) $ 1.83 Forfeited or canceled (66 ) $ 1.70 Unvested, December 31, 2021 471 $ 1.76 Granted — $ — Vested (258 ) $ 1.77 Forfeited or canceled (20 ) $ 1.77 Unvested, December 31, 2022 193 $ 1.74 The weighted average grant date fair value for unvested restricted stock as of December 31, 2022 December 31, 2022, December 31, 2022 2021. 2020 In June 2020, 2020 2020 2020 January 1, January 1, 2021, 4% December 31 no December 31. December 31, 2022, January 1, 2023, 4% The 2020 four ten Stock Options: The following table summarizes the stock option activity for the 2020 Number of Nonvested Options (000's) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (000's) Outstanding at December 31, 2020 2,159 $ 5.00 9.69 $ — Granted 1,822 $ 5.02 9.27 $ — Exercised — $ — — $ — Forfeited/cancelled (322 ) $ 5.00 — $ — Outstanding at December 31, 2021 3,659 $ 5.01 8.98 $ — Granted 2,277 $ 2.30 8.81 $ — Exercised (6 ) $ 2.26 — $ 6 Forfeited/cancelled (552 ) $ 4.78 — $ 118 Outstanding at December 31, 2022 5,378 $ 3.89 8.24 $ 6,316 Vested at December 31, 2022 2,710 $ 4.65 7.62 $ 1,216 For the year ended December 31, 2022, December 31, 2022 December 31, 2022, The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and directors during the years ended December 31, 2022 2021 Year Ended December 31, 2022 2021 Expected term (in years) 6.0 6.1 Risk-free rate 2.02 % 0.85 % Expected volatility 94 % 91 % 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, 2020 — $ — $ — Granted 1,200 3.83 4,596 Vested — — — Forfeited or canceled — — — Unvested, December 31, 2021 1,200 $ 3.83 $ 4,596 Granted — $ — $ — Vested (300 ) 3.83 (1,149 ) Forfeited or canceled — — — Unvested, December 31, 2022 900 $ 3.83 $ 3,447 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. As of December 31, 2022, December 31, 2022, |
Note 10 - License, Research and
Note 10 - License, Research and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 10. License, Research and Collaboration Agreements Collaboration Agreements ABL Bio Corporation ("ABL Bio") Agreements Our wholly-owned subsidiary, TRIGR, and ABL Bio, a South Korean biotechnology company, entered into an exclusive global (excluding South Korea) license agreement (the “TRIGR License Agreement”) which granted TRIGR a license to ABL001, DLL4 009 009, 009 1 009 2 009 $75 009 May 2021 2021, 16 In May 2021, two Adimab Agreement The Company entered into a collaboration agreement with Adimab, LLC ("Adimab") on October 16, 2014. February 11, 2015. first December 31, 2022. December 31, 2019, first December 31, 2022, |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies Leases The Company adopted ASU 2016 02, 842 2016 02" 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 five December 31, 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 consolidated balance sheets: (000's) Years ending December 31, 2023 $ 1,233 2024 1,379 2025 543 Total minimum lease payments 3,155 Less: amount of lease payments representing interest (220 ) Present value of future minimum lease payments 2,935 Less: operating lease obligations, current portion (1,097 ) Operating lease obligations, long-term portion $ 1,838 Milestone payments As part of the ABL Bio agreements, the Company is obligated to pay certain development milestone payments. In the fourth 2021, 1b 009. no December 31, 2022. 10 |
Note 12 - Related Parties and R
Note 12 - Related Parties and Related-party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. Related Parties and Related-Party Transactions There were no December 31, 2022 2021. |
Note 13 - Other Income (Expense
Note 13 - Other Income (Expense) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 13. Other income (expense) Other income (expense) consisted of the following: December 31, 2022 2021 (000's) Interest income $ 2,360 $ 29 Interest expense — (370 ) Realized gain on disposal of equipment 70 42 Total other income (expenses) $ 2,430 $ (299 ) |
Note 14 - Defined Contribution
Note 14 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Defined Contribution Plan [Text Block] | 14. Defined Contribution Plan The Company has a 401 “401 may 401 January 1, 2020, December 31, 2022 2021, |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes The Company had no income tax for the years ended December 31, 2022 2021. The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows: December 31, 2022 2021 Statutory rate 21.0 % 21.0 % State taxes 5.6 % 2.1 % Share-based compensation & other nondeductible expenses -2.7 % -1.0 % Write-off of in-process R&D 0.0 % -12.9 % Research credits 1.4 % 0.8 % Other -0.1 % 0.0 % Change in valuation allowance -25.2 % -10.0 % Total 0.0 % 0.0 % The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including current and historical results of operations, future income projections and the overall prospects of our business. Based upon management’s assessment of all available evidence, the Company believes that it is more-likely-than- not not December 31, 2022 2021, As of December 31, 2022, December 31, 2022, not 2017 2039. 2040 2031, may three 50% 382 383 may not The Tax Cuts and Jobs Act of 2017 174 December 31, 2021. five 15 December 31, 2022. December 31, 2022, December 31, 2022 not December 31, 2022. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 2021 Deferred tax assets (000's) Federal net operating loss carryforwards $ 12,405 $ 10,847 State net operating loss carryforwards 2,687 2,228 Research and development credits 3,273 2,716 Section 174 Capitalization 7,294 — Share-based compensation 701 706 Lease liabilities 801 1,131 Capitalized licensing fees 1,591 1,637 Other 70 22 Subtotal 28,822 19,287 Less valuation allowance (28,013 ) (18,113 ) Deferred tax assets, net of valuation allowance 809 1,174 Deferred tax liabilities Right-of-use assets (809 ) (1,116 ) Other — (58 ) Net deferred tax assets $ — $ — |
Note 16 - Merger Transaction
Note 16 - Merger Transaction | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 16. Merger Transaction On May 11, 2021, two June 25, 2021, 2021. In addition, TRIGR shareholders are eligible to receive up to $9.0 million, representing earnout payments based on three first 009 fourth 2021. second third not third no third 009. 009 009 not no To determine whether the transaction meets the definition of a business acquisition or an asset acquisition in accordance with ASC 805 10 55, 009, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Compass Therapeutics, Inc., and its wholly-owned subsidiaries, including Compass Therapeutics LLC, Compass Therapeutics Advisors Inc., Trigr Therapeutics, Inc. and Compass Therapeutics Securities Corporation. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company has one operating segment. The Company’s chief operating decision-maker, its chief executive officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources. All the Company’s long-lived assets are held in the United States. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash with original maturities of three December 31, 2022 2021, |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities All of the Company’s investment securities are debt securities and bank instruments. The Company carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash equivalents and marketable securities. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company has not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets as follows: Asset Classification Estimated Useful Life Equipment 5 years Furniture and fixtures 7 years Software 5 years Leasehold improvements Lesser of estimated useful life or lease term Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the consolidated balance sheet and any resulting gains or losses are included in the consolidated statement of operations and comprehensive loss in the period of disposal. Costs for capital assets not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets consist of property, equipment and right-of-use (“ROU”) assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not not December 31, 2022 2021. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one three first two ● Level 1 ● Level 2 1 not ● Level 3 no To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. An entity may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development and preclinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, stock-based compensation, third Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no Costs associated with licenses of technology acquired as part of collaborative arrangements are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations if it is determined the license has no |
Accrued Research and Development Expenses [Policy Text Block] | Accrued Research and Development Expenses The Company has entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not |
Patents Costs [Policy Text Block] | Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expense in the consolidated statements of operations. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company recognizes the grant‑date fair value of stock‑based awards issued to employees and nonemployee board members as compensation expense on a straight‑line basis over the service period of the award. The Company uses the Black‑Scholes option pricing model to determine the grant‑date fair value of stock options and adjusts expense for forfeitures in the periods they occur. The fair value of each equity award was determined by the Company on the date of grant and by using the methods and assumptions discussed below. Certain of these inputs are subjective and generally require judgment to determine. Stock price: June 2020 second 2021, June 2020. Expected term Expected volatility Risk-free interest rate Expected dividend not not |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, stock options, restricted stock units, unvested restricted stock awards and common stock warrants that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not The following potentially dilutive securities outstanding as of December 31, 2022 2021 December 31, 2022 2021 (000's) Restricted stock units 900 1,200 Stock options 5,378 3,659 Nonvested restricted stock 193 471 Total 6,471 5,330 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not not The Company files income tax returns in the U.S. Federal jurisdiction and in various states. The Company has tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In February 2016, No. 2016 02, Leases 12 two January 1, 2021, not not no 2022. In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12" 2019 12 740 January 1, 2022. 2019 12 not There are no |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Asset Classification Estimated Useful Life Equipment 5 years Furniture and fixtures 7 years Software 5 years Leasehold improvements Lesser of estimated useful life or lease term |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2022 2021 (000's) Restricted stock units 900 1,200 Stock options 5,378 3,659 Nonvested restricted stock 193 471 Total 6,471 5,330 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of December 31, 2022 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Corporate bonds $ — $ 87,760 $ — $ 87,760 Commercial paper 37,682 — — 37,682 Certificates of deposit — 19,667 — 19,667 Asset-backed securities — 6,554 — 6,554 Money market funds (cash equivalents) 9,438 — — 9,438 Total assets $ 47,120 $ 113,981 $ — $ 161,101 Fair Value Measurements as of December 31, 2021 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Money market funds (cash equivalents) $ 130,005 $ — $ — $ 130,005 Total assets $ 130,005 $ — $ — $ 130,005 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Fair Value Measurements as of December 31, 2022 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 87,998 $ 12 $ (250 ) $ 87,760 Commercial paper 37,680 33 (31 ) 37,682 Certificates of deposit 19,689 16 (38 ) 19,667 Asset-backed securities 6,598 3 (47 ) 6,554 Total assets $ 151,965 $ 64 $ (366 ) $ 151,663 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of December 31, 2022 Maturing in one year or less $ 134,620 Maturing after one year through two years 17,043 Total $ 151,663 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 (000's) Equipment $ 5,137 $ 5,351 Furniture and fixtures 22 22 Leasehold improvements 1,612 1,531 Software 364 365 Total property and equipment–at cost 7,135 7,269 Less: Accumulated depreciation and amortization (5,568 ) (5,026 ) Property and equipment, net $ 1,567 $ 2,243 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 2021 (000's) Project expenses $ 10,038 $ 704 Compensation and benefits 1,556 1,601 Accrued milestone — 6,000 Other 96 470 Total accrued expenses $ 11,690 $ 8,775 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2022 2021 (000's) Research and development $ 781 $ 658 General and administrative 4,549 3,371 Total $ 5,330 $ 4,029 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares (000's) Estimated Fair Value Per Share Unvested, December 31, 2020 896 $ 2.46 Granted — $ — Vested (359 ) $ 1.83 Forfeited or canceled (66 ) $ 1.70 Unvested, December 31, 2021 471 $ 1.76 Granted — $ — Vested (258 ) $ 1.77 Forfeited or canceled (20 ) $ 1.77 Unvested, December 31, 2022 193 $ 1.74 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Nonvested Options (000's) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (000's) Outstanding at December 31, 2020 2,159 $ 5.00 9.69 $ — Granted 1,822 $ 5.02 9.27 $ — Exercised — $ — — $ — Forfeited/cancelled (322 ) $ 5.00 — $ — Outstanding at December 31, 2021 3,659 $ 5.01 8.98 $ — Granted 2,277 $ 2.30 8.81 $ — Exercised (6 ) $ 2.26 — $ 6 Forfeited/cancelled (552 ) $ 4.78 — $ 118 Outstanding at December 31, 2022 5,378 $ 3.89 8.24 $ 6,316 Vested at December 31, 2022 2,710 $ 4.65 7.62 $ 1,216 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2022 2021 Expected term (in years) 6.0 6.1 Risk-free rate 2.02 % 0.85 % Expected volatility 94 % 91 % |
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, 2020 — $ — $ — Granted 1,200 3.83 4,596 Vested — — — Forfeited or canceled — — — Unvested, December 31, 2021 1,200 $ 3.83 $ 4,596 Granted — $ — $ — Vested (300 ) 3.83 (1,149 ) Forfeited or canceled — — — Unvested, December 31, 2022 900 $ 3.83 $ 3,447 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (000's) Years ending December 31, 2023 $ 1,233 2024 1,379 2025 543 Total minimum lease payments 3,155 Less: amount of lease payments representing interest (220 ) Present value of future minimum lease payments 2,935 Less: operating lease obligations, current portion (1,097 ) Operating lease obligations, long-term portion $ 1,838 |
Note 13 - Other Income (Expen_2
Note 13 - Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | December 31, 2022 2021 (000's) Interest income $ 2,360 $ 29 Interest expense — (370 ) Realized gain on disposal of equipment 70 42 Total other income (expenses) $ 2,430 $ (299 ) |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2022 2021 Statutory rate 21.0 % 21.0 % State taxes 5.6 % 2.1 % Share-based compensation & other nondeductible expenses -2.7 % -1.0 % Write-off of in-process R&D 0.0 % -12.9 % Research credits 1.4 % 0.8 % Other -0.1 % 0.0 % Change in valuation allowance -25.2 % -10.0 % Total 0.0 % 0.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Deferred tax assets (000's) Federal net operating loss carryforwards $ 12,405 $ 10,847 State net operating loss carryforwards 2,687 2,228 Research and development credits 3,273 2,716 Section 174 Capitalization 7,294 — Share-based compensation 701 706 Lease liabilities 801 1,131 Capitalized licensing fees 1,591 1,637 Other 70 22 Subtotal 28,822 19,287 Less valuation allowance (28,013 ) (18,113 ) Deferred tax assets, net of valuation allowance 809 1,174 Deferred tax liabilities Right-of-use assets (809 ) (1,116 ) Other — (58 ) Net deferred tax assets $ — $ — |
Note 2 - Liquidity, Uncertain_2
Note 2 - Liquidity, Uncertainties and Going Concern (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Retained Earnings (Accumulated Deficit), Total | $ (272,814) | $ (233,589) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 $ / shares | Jan. 01, 2021 USD ($) | |
Number of Operating Segments | 1 | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 34,946 | $ 144,514 | ||
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 2,967 | $ 4,089 | ||
Operating Lease, Liability, Total | $ 2,935 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 5,100 | |||
Operating Lease, Liability, Total | $ 5,100 | |||
Common Stock [Member] | ||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 5 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Equipment [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Furniture and Fixtures [Member] | |
Property, plant and equipment, useful life (Year) | 7 years |
Software and Software Development Costs [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Leasehold Improvements [Member] | |
Property, plant and equipment, estimated useful life | Lesser of estimated useful life or lease term |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 6,471 | 5,330 |
Restricted Stock Units (RSUs) [Member] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 900 | 1,200 |
Share-Based Payment Arrangement, Option [Member] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 5,378 | 3,659 |
Restricted Stock [Member] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 193 | 471 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Marketable Securities | $ 151,663 | |
Fair Value | 151,663 | |
Corporate Debt Securities [Member] | ||
Marketable Securities | 87,760 | |
Fair Value | 87,760 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 37,682 | |
Fair Value | 37,682 | |
Certificates of Deposit [Member] | ||
Marketable Securities | 19,667 | |
Fair Value | 19,667 | |
Asset-Backed Securities [Member] | ||
Marketable Securities | 6,554 | |
Fair Value | 6,554 | |
Fair Value, Recurring [Member] | ||
Total assets | 161,101 | $ 130,005 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 87,760 | |
Fair Value | 87,760 | |
Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 9,438 | 130,005 |
Fair Value | 9,438 | 130,005 |
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 37,682 | |
Fair Value | 37,682 | |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 19,667 | |
Fair Value | 19,667 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 6,554 | |
Fair Value | 6,554 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 47,120 | 130,005 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 0 | |
Fair Value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 9,438 | 130,005 |
Fair Value | 9,438 | 130,005 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 37,682 | |
Fair Value | 37,682 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 0 | |
Fair Value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 0 | |
Fair Value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 113,981 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 87,760 | |
Fair Value | 87,760 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value | 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 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 19,667 | |
Fair Value | 19,667 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 6,554 | |
Fair Value | 6,554 | |
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 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value | 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 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 0 | |
Fair Value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 0 | |
Fair Value | $ 0 |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities (Details Textual) $ in Thousands | Dec. 31, 2021 USD ($) |
Marketable Securities, Total | $ 0 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Marketable Securities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Amortized Cost | $ 151,965 |
Unrealized Gains | 64 |
Unrealized Losses | (366) |
Fair Value | 151,663 |
Corporate Debt Securities [Member] | |
Amortized Cost | 87,998 |
Unrealized Gains | 12 |
Unrealized Losses | (250) |
Fair Value | 87,760 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | |
Amortized Cost | 37,680 |
Unrealized Gains | 33 |
Unrealized Losses | (31) |
Fair Value | 37,682 |
Certificates of Deposit [Member] | |
Amortized Cost | 19,689 |
Unrealized Gains | 16 |
Unrealized Losses | (38) |
Fair Value | 19,667 |
Asset-Backed Securities [Member] | |
Amortized Cost | 6,598 |
Unrealized Gains | 3 |
Unrealized Losses | (47) |
Fair Value | $ 6,554 |
Note 5 - Marketable Securitie_4
Note 5 - Marketable Securities - Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Maturing in one year or less | $ 134,620 |
Maturing after one year through two years | 17,043 |
Total | $ 151,663 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 0.8 | $ 0.6 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total property and equipment–at cost | $ 7,135 | $ 7,269 |
Less: Accumulated depreciation and amortization | (5,568) | (5,026) |
Property and equipment, net | 1,567 | 2,243 |
Equipment [Member] | ||
Total property and equipment–at cost | 5,137 | 5,351 |
Furniture and Fixtures [Member] | ||
Total property and equipment–at cost | 22 | 22 |
Leasehold Improvements [Member] | ||
Total property and equipment–at cost | 1,612 | 1,531 |
Software Development [Member] | ||
Total property and equipment–at cost | $ 364 | $ 365 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Accrued Manufacturing Expenses | $ 8.8 |
Accrued Clinical Expenses | 1.3 |
Manufacture and Purchase of CTX-009 [Member] | |
Contractual Obligation, Total | $ 6.4 |
Note 7 - Accrued Expenses - Sch
Note 7 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Project expenses | $ 10,038 | $ 704 |
Compensation and benefits | 1,556 | 1,601 |
Accrued milestone | 0 | 6,000 |
Other | 96 | 470 |
Total accrued expenses | $ 11,690 | $ 8,775 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Issuance of Common Stock | $ 76,237 | $ 128,267 | |||||
Payments of Stock Issuance Costs | $ 495 | $ 281 | |||||
Common Stock [Member] | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 5 | ||||||
Underwriting Public Offering [Member] | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.50 | ||||||
Underwriting Public Offering [Member] | Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 35,715,000 | ||||||
Over-Allotment Option [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,271,857 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.50 | ||||||
Option to Purchase Additional Shares of Common Stock (in shares) | 5,357,250 | ||||||
Follow On Public Offering [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 38,986,857 | ||||||
Proceeds from Issuance or Sale of Equity, Total | $ 136,500 | ||||||
Underwriters Legal and Accounting Costs | 8,500 | ||||||
Proceeds from Issuance of Common Stock | $ 128,000 | ||||||
Private Investment in Public Entity Offering [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 | ||||||
Payments of Stock Issuance Costs | 4,500 | ||||||
Proceeds from Issuance of Common Stock, Net | $ 75,700 | ||||||
Trigr Therapeutics, Inc. [Member] | |||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | 10.3 | ||||||
Stock Cancelled During Period, Shares, Acquisitions (in shares) | 95 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9,500 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.89 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 1,216 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 6,316 | ||||
The 2020 Stock Option and Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,900 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 2,480 | ||||
The 2020 Stock Option and Incentive Plan [Member] | Subsequent Event [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 7,540 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 5,060 | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 1.74 | $ 1.76 | $ 2.46 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 300 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 5,900 | ||||
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 Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 3.83 | $ 3.83 | $ 0 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 3,300 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 1,200 |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based compensation expense | $ 5,330 | $ 4,029 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 781 | 658 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 4,549 | $ 3,371 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested, shares (in shares) | 471 | 896 |
Unvested, fair value per share (in dollars per share) | $ 1.76 | $ 2.46 |
Granted, shares (in shares) | 0 | 0 |
Granted, fair value per share (in dollars per share) | $ 0 | $ 0 |
Vested, shares (in shares) | (258) | (359) |
Vested, fair value per share (in dollars per share) | $ 1.77 | $ 1.83 |
Forfeited or canceled, shares (in shares) | (20) | (66) |
Forfeited or canceled, fair value per share (in dollars per share) | $ 1.77 | $ 1.70 |
Unvested, shares (in shares) | 193 | 471 |
Unvested, fair value per share (in dollars per share) | $ 1.74 | $ 1.76 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding (in shares) | 3,659 | 2,159 | |
Outstanding, weighted average exercise price per share (in dollars per share) | $ 5.01 | $ 5 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 2 months 26 days | 8 years 11 months 23 days | 9 years 8 months 8 days |
Granted (in shares) | 2,277 | 1,822 | |
Granted, weighted average exercise price per shar (in dollars per share) | $ 2.30 | $ 5.02 | |
Granted, weighted average remaining contractual term (Year) | 8 years 9 months 21 days | 9 years 3 months 7 days | |
Exercised (in shares) | (6) | 0 | |
Exercised, weighted average exercise price per shar (in dollars per share) | $ 2.26 | $ 0 | |
Forfeited/cancelled (in shares) | (552) | (322) | |
Forfeited/cancelled, weighted average exercise price per shar (in dollars per share) | $ 4.78 | $ 5 | |
Exercised, aggregate intrinsic value | $ 6 | ||
Forfeited/cancelled, aggregate intrinsic value | $ 118 | ||
Outstanding (in shares) | 5,378 | 3,659 | 2,159 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ 3.89 | $ 5.01 | $ 5 |
Outstanding, aggregate intrinsic value | $ 6,316 | ||
Vested (in shares) | 2,710 | ||
Vested, weighted average exercise price per share (in dollars per share) | $ 4.65 | ||
Vested, weighted average remaining contractual term (Year) | 7 years 7 months 13 days | ||
Vested, aggregate intrinsic value | $ 1,216 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Expected term (in years) (Year) | 6 years | 6 years 1 month 6 days |
Risk-free rate | 2.02% | 0.85% |
Expected volatility | 94% | 91% |
Note 9 - Stock-based Compensa_8
Note 9 - Stock-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested, shares (in shares) | 1,200 | 0 |
Unvested, fair value per share (in dollars per share) | $ 3.83 | $ 0 |
Granted, shares (in shares) | 0 | 1,200 |
Granted, fair value per share (in dollars per share) | $ 0 | $ 3.83 |
Granted, weighted average fair value | $ 4,596 | |
Vested, shares (in shares) | (300) | 0 |
Vested, fair value per share (in dollars per share) | $ 3.83 | $ 0 |
Forfeited or canceled, shares (in shares) | 0 | 0 |
Forfeited or canceled, fair value per share (in dollars per share) | $ 0 | $ 0 |
Unvested, weighted average fair value | $ 3,447 | $ 4,596 |
Vested, weighted average fair value | $ (1,149) | |
Unvested, shares (in shares) | 900 | 1,200 |
Unvested, fair value per share (in dollars per share) | $ 3.83 | $ 3.83 |
Note 10 - License, Research a_2
Note 10 - License, Research and Collaboration Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2019 | |
ABL Bio Agreement [Member] | |||
Upfront Payment | $ 5,000 | ||
License and Research Agreement, Future Payments | 6,000 | ||
Milestone Payment Obligation | 96,000 | ||
Maximum Development and Regulatory Milestone Payments | $ 303,000 | ||
Milestone Payments Paid | $ 110,000 | ||
Adimab Agreement [Member] | |||
Milestone Payment Obligation | 2,000 | ||
Milestone Payments Paid | $ 0 | $ 1,500 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 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 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Undiscounted Cash Flows Reconciled to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 1,233 | |
2024 | 1,379 | |
2025 | 543 | |
Total minimum lease payments | 3,155 | |
Less: amount of lease payments representing interest | (220) | |
Present value of future minimum lease payments | 2,935 | |
Less: operating lease obligations, current portion | (1,097) | $ (989) |
Operating lease obligations, long-term portion | $ 1,838 | $ 3,048 |
Note 13 - Other Income (Expen_3
Note 13 - Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | $ 2,360 | $ 29 |
Interest expense | 0 | (370) |
Realized gain on disposal of equipment | 70 | 42 |
Total other income (expenses) | $ 2,430 | $ (299) |
Note 14 - Defined Contributio_2
Note 14 - Defined Contribution Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Cost | $ 0.1 | $ 0.1 |
Maximum [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance | 28,013 | $ 18,113 |
Deferred Tax Assets, Capitalized Research and Development Expenses | 28,600 | |
Deferred Tax Assets, Amortized Research and Development Expenses | 1,800 | |
Unrecognized Tax Benefits, Ending Balance | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 59,100 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 1,400 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 42,500 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 2,400 |
Note 15 - Income Taxes - Schedu
Note 15 - Income Taxes - Schedule of Effective Tax Rate of Provision for Income Taxes differs from Federal Statutory Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory rate | 21% | 21% |
State taxes | 5.60% | 2.10% |
Share-based compensation & other nondeductible expenses | (2.70%) | (1.00%) |
Write-off of in-process R&D | 0% | (12.90%) |
Research credits | 1.40% | 0.80% |
Other | (0.10%) | 0% |
Change in valuation allowance | (25.20%) | (10.00%) |
Total | 0% | 0% |
Note 15 - Income Taxes - Signif
Note 15 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal net operating loss carryforwards | $ 12,405 | $ 10,847 |
State net operating loss carryforwards | 2,687 | 2,228 |
Research and development credits | 3,273 | 2,716 |
Section 174 Capitalization | 7,294 | 0 |
Share-based compensation | 701 | 706 |
Lease liabilities | 801 | 1,131 |
Capitalized licensing fees | 1,591 | 1,637 |
Other | 70 | 22 |
Subtotal | 28,822 | 19,287 |
Less valuation allowance | (28,013) | (18,113) |
Deferred tax assets, net of valuation allowance | 809 | 1,174 |
Right-of-use assets | (809) | (1,116) |
Other | 0 | (58) |
Net deferred tax assets | $ 0 | $ 0 |
Note 16 - Merger Transaction (D
Note 16 - Merger Transaction (Details Textual) - Trigr Therapeutics, Inc. [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
May 11, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
Stock Issued During Period, Shares, Purchase of Assets (in shares) | 10,265,133 | ||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 50.3 | ||
Asset Acquisition, Consideration Transferred, Transaction Cost | 0.3 | $ 0.3 | |
Asset Acquisition, Consideration Transferred, Total | $ 50.6 | ||
Milestone Payment Under the Elpiscience Agreement [Member] | |||
Asset Acquisition, Contingent Consideration, Liability, Total | 2 | ||
Payment for Contingent Consideration Liability, Financing Activities | $ 2 | ||
Regional License Agreement with Specific Third Party [Member] | |||
Asset Acquisition, Contingent Consideration, Liability, Total | 2 | ||
Filing Biologics License Application in United States [Member] | |||
Asset Acquisition, Contingent Consideration, Liability, Total | 5 | ||
Maximum [Member] | |||
Asset Acquisition, Contingent Consideration, Liability, Total | $ 9 |