Compass Therapeutics (CMPX) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		127,459,346

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 19,278	$ 34,946
Marketable securities	149,474	151,663
Prepaid expenses and other current assets	6,520	8,182
Total current assets	175,272	194,791
Property and equipment, net	1,204	1,567
Operating lease, right-of-use ("ROU") asset	2,385	2,967
Other assets	320	320
Total assets	179,181	199,645
Current liabilities:
Accounts payable	724	3,382
Accrued expenses	7,827	11,690
Operating lease obligations, current portion	1,147	1,097
Total current liabilities	9,698	16,169
Operating lease obligations, long-term portion	1,197	1,838
Total liabilities	10,895	18,007
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value: 300,000 shares authorized; 127,459 and 126,495 shares issued at June 30, 2023 and December 31, 2022, respectively; 127,388 and 126,302 shares outstanding at June 30, 2023 and December 31, 2022, respectively	13	13
Additional paid-in-capital	460,709	454,741
Accumulated other comprehensive loss	(507)	(302)
Accumulated deficit	(291,929)	(272,814)
Total stockholders' equity	168,286	181,638
Total liabilities and stockholders' equity	$ 179,181	$ 199,645

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
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)	127,459	126,495
Common stock, shares outstanding (in shares)	127,388	126,302

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 10,223	$ 5,862	$ 16,862	$ 10,278
General and administrative	3,114	3,125	6,183	5,891
Total operating expenses	13,337	8,987	23,045	16,169
Loss from operations	(13,337)	(8,987)	(23,045)	(16,169)
Other income	2,059	493	3,930	513
Loss before income tax expense	(11,278)	(8,494)	(19,115)	(15,656)
Income tax expense	0	0	0	0
Net loss	$ (11,278)	$ (8,494)	$ (19,115)	$ (15,656)
Net loss per share - basic and diluted (in dollars per share)	$ (0.09)	$ (0.08)	$ (0.15)	$ (0.16)
Basic and diluted weighted average shares outstanding (in shares)	126,729	100,947	126,539	100,903
Other comprehensive loss:
Net loss	$ (11,278)	$ (8,494)	$ (19,115)	$ (15,656)
Unrealized loss on marketable securities	(361)	(512)	(205)	(512)
Comprehensive loss	$ (11,639)	$ (9,006)	$ (19,320)	$ (16,168)

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, 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
Unrealized loss on marketable securities					(512)
Net loss					(15,656)
Balance (in shares) at Jun. 30, 2022	100,968
Balance at Jun. 30, 2022	$ 10	376,675	(512)	(249,245)	126,928
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
Unrealized loss on marketable securities	0	0	(512)	0	(512)
Net loss	$ 0	0	0	(8,494)	(8,494)
Balance (in shares) at Jun. 30, 2022	100,968
Balance at Jun. 30, 2022	$ 10	376,675	(512)	(249,245)	126,928
Balance (in shares) at Dec. 31, 2022	126,302
Balance at Dec. 31, 2022	$ 13	454,741	(302)	(272,814)	181,638
Vesting of share-based awards (in shares)	61
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	$ 0	1,267	0	0	1,267
Common stock issued upon exercise of options (in shares)	12
Common stock issued upon exercise of options	$ 0	41	0	0	41
Unrealized loss on marketable securities	0	0	156	0	156
Net loss	$ 0	0	0	(7,837)	(7,837)
Balance (in shares) at Mar. 31, 2023	126,375
Balance at Mar. 31, 2023	$ 13	456,049	(146)	(280,651)	175,265
Balance (in shares) at Dec. 31, 2022	126,302
Balance at Dec. 31, 2022	$ 13	454,741	(302)	(272,814)	$ 181,638
Common stock issued upon exercise of options (in shares)					12
Unrealized loss on marketable securities					$ (205)
Net loss					(19,115)
Balance (in shares) at Jun. 30, 2023	127,388
Balance at Jun. 30, 2023	$ 13	460,709	(507)	(291,929)	168,286
Balance (in shares) at Mar. 31, 2023	126,375
Balance at Mar. 31, 2023	$ 13	456,049	(146)	(280,651)	175,265
Vesting of share-based awards (in shares)	61
Vesting of share-based awards	$ 0	0	0	0	0
Stock-based compensation	0	1,628	0	0	1,628
Unrealized loss on marketable securities	0	0	(361)	0	(361)
Net loss	$ 0	0	0	(11,278)	(11,278)
Common shares issued, net of issuance costs of $0.1 million (in shares)	952
Common shares issued, net of issuance costs of $0.1 million	$ 0	3,032	0	0	3,032
Balance (in shares) at Jun. 30, 2023	127,388
Balance at Jun. 30, 2023	$ 13	$ 460,709	$ (507)	$ (291,929)	$ 168,286

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Stock issuance costs	$ 0.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (19,115)	$ (15,656)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	374	385
Stock-based compensation	2,895	3,018
Amortization of premium and discount on marketable securities	(1,628)	110
ROU asset amortization	582	548
Gain on disposal of equipment	0	(70)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,662	64
Accounts payable	(2,658)	5,588
Accrued expenses	(3,863)	(5,987)
Operating lease liability	(591)	(542)
Net cash used in operating activities	(22,342)	(12,542)
Cash flows from investing activities:
Purchases of property and equipment	(11)	(131)
Purchases of marketable securities	(92,964)	(105,779)
Proceeds from sale or maturities of marketable securities	96,577	0
Proceeds from sale of equipment	0	176
Net cash provided by (used in) investing activities	3,602	(105,734)
Cash flows from financing activities:
Proceeds from exercise of stock options	41	0
Proceeds from issuance of common stock	(3,126)	0
Issuance costs from issuance of common stock	(95)	0
Net cash provided by financing activities	3,072	0
Net change in cash and cash equivalents	(15,668)	(118,276)
Cash and cash equivalents at beginning of period	34,946	144,514
Cash and cash equivalents at end of period	19,278	26,238
Supplemental disclosure of cash flow information
Unrealized loss on marketable securities	(205)	(512)
Purchase of securities included in accrued expenses	0	513
Fixed asset costs included in accounts payable	$ 0	$ 77

Note 1 - Nature of Business and

Note 1 - Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 product 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 June 30, 2023 three six June 30, 2023 2022 six June 30, 2023 2022. three six June 30, 2023 not may December 31, 2023. 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, 2022 ved from the audited consolidated financial statements at that date but does not Annual Report on Form 10 December 31, 2022 (the “Annual Report”). 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. We have funded our operations with proceeds from the sale of our equity securities and borrowing from debt arrangements. Through June 30, 2023, June 30, 2023, 2026. COVID- 19 We have been monitoring the COVID- 19 may 19 may 19

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. There have been no

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. 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 June 30, 2023 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 $ — $ 48,645 $ — $ 48,645 Commercial paper 50,594 — — 50,594 Certificates of deposit — 26,483 — 26,483 U.S. government treasuries 14,778 — — 14,778 Asset-backed securities — 8,974 — 8,974 Cash equivalents 774 — — 774 Total assets $ 66,146 $ 84,102 $ — $ 150,248 Fair Value Measurements as of December 31, 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 $ — $ 87,760 $ — $ 87,760 Commercial paper 37,682 — — 37,682 Certificates of deposit — 19,667 — 19,667 Asset-backed securities — 6,554 — 6,554 Cash equivalents 9,438 — — 9,438 Total assets $ 47,120 $ 113,981 $ — $ 161,101

Note 4 - Marketable Securities

Note 4 - Marketable Securities	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. 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 other 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 in the condensed 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 condensed consolidated balance sheet. The following tables summarize marketable securities held (in thousands): As of June 30, 2023 Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 48,885 $ 10 $ (250 ) $ 48,645 Commercial paper 50,637 — (43 ) 50,594 Certificates of deposit 26,515 2 (34 ) 26,483 U.S. government treasuries 14,932 — (154 ) 14,778 Asset-backed securities 9,012 — (38 ) 8,974 Total assets $ 149,981 $ 12 $ (519 ) $ 149,474 As of December 31, 2022 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 June 30, 2023 December 31, 2022 Maturing in one year or less $ 112,377 $ 134,620 Maturing after one year through two years 37,097 17,043 Total $ 149,474 $ 151,663

Note 5 - Property and Equipment

Note 5 - Property and Equipment	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. Property and equipment consist of the following (in thousands): June 30, 2023 December 31, 2022 Equipment $ 5,148 $ 5,137 Leasehold improvements 1,612 1,612 Software 364 364 Furniture and fixtures 22 22 Total property and equipment–at cost 7,146 7,135 Less: Accumulated depreciation (5,942 ) (5,568 ) Property and equipment, net $ 1,204 $ 1,567 Depreciation and amortization expense for the six June 30, 2023 2022

Note 6 - Accrued Expenses

Note 6 - Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6. Accrued expenses consist of the following (in thousands): June 30, December 31, 2023 2022 Project expenses $ 6,583 $ 10,038 Compensation and benefits 989 1,556 Other 255 96 Total accrued expenses $ 7,827 $ 11,690 Project expenses are primarily from $6.5 million of accrued manufacturing expenses. These expenses are mostly for the manufacture and purchase of drug product for CTX- 009

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7. Leases The Company has evaluated its leases under ASC 842, Leases 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. one eleven June 30, 2023. three June 30, 2023 2022 six June 30, 2023 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 (in thousands): Remainder of 2023 $ 561 Years ending December 31, 2024 1,379 2025 543 Total minimum lease payments 2,483 Less: amount of lease payments representing interest (139 ) Present value of future minimum lease payments 2,344 Less: operating lease obligations, current portion (1,147 ) Operating lease obligations, long-term portion $ 1,197 Milestone payments As part of the ABL Bio Agreement, the Company is obligated to pay certain development milestone payments. See Note 11

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	8. Stock-based compensation expense for the three six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 146 $ 174 $ 229 $ 548 General and administrative 1,482 1,270 2,666 2,470 Total $ 1,628 $ 1,444 $ 2,895 $ 3,018 As of June 30, 2023, Restricted Stock: Prior to the adoption of the 2020 three six June 30, 2023 Shares Fair Value Weighted Average Fair Value (In thousands) Per Share Unvested, December 31, 2022 193 $ 1.74 Granted — $ — Vested (122 ) $ 1.71 Forfeited or canceled — $ — Unvested, June 30, 2023 72 $ 1.79 As of June 30, 2023, 2020 In June 2020, 2020 “2020 2020 January 1, 2023 June 30, 2023, The 2020 four ten 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 (In thousands) Per Share Term (In years) (In thousands) Outstanding at December 31, 2022 5,378 $ 3.89 8.24 $ 6,316 Granted 2,613 $ 3.80 9.64 Exercised (12 ) $ 2.43 Forfeited/canceled (228 ) $ 4.75 Outstanding at June 30, 2023 7,751 $ 3.84 8.51 $ 1,814 Vested at June 30, 2023 3,233 $ 4.34 7.75 $ 569 For the six June 30, 2023, June 30, 2023, June 30, 2023, For the six June 30, 2022, June 30, 2022, The weighted average assumptions used in the Black-Scholes pricing model to determine the fair value of stock options granted during the six June 30, 2023 2022 Six Months Ended June 30, 2023 2022 Expected term (in years) 6.0 5.8 Risk-free rate 3.8 % 1.9 % Expected volatility 88 % 90 % Expected dividend yield — — As of January 2023, RSUs: The following table summarizes the RSU activity for the 2020 Shares (In thousands) Weighted Average Price Per Share Weighted Average Fair Value (In thousands) Unvested, December 31, 2022 900 $ 3.83 $ 3,447 Granted 900 3.93 3,537 Vested — — — Forfeited or canceled — — — Unvested, June 30, 2023 1,800 $ 3.88 $ 6,984 The 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. June 30, 2023,

Note 9 - Related Parties and Re

Note 9 - Related Parties and Related-party Transactions	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. Related Parties and Related-Party Transactions There were no six June 30, 2023 2022.

Note 10 - Other Income

Note 10 - Other Income	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Other Nonoperating Income and Expense [Text Block]	10. The following table summarizes other income (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Interest income $ 2,059 $ 424 $ 3,930 $ 443 Realized gain on disposal of equipment — 69 — 70 Total other income $ 2,059 $ 493 $ 3,930 $ 513

Note 11 - License, Research and

Note 11 - License, Research and Collaboration Agreements	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	11. Collaboration Agreements ABL Bio Corporation ("ABL Bio") Agreement In November 2018, 009 ABL001 DLL4 two 009, 009 1 009 2 009 009 In May 2021, two Adimab Agreement The Company entered into a collaboration agreement with Adimab, LLC on October 16, 2014. first 471. 2023. June 30, 2023,

Note 12 - Stockholders' Equity

Note 12 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	12. Equity Through June 2023,

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements as of June 30, 2023 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 $ — $ 48,645 $ — $ 48,645 Commercial paper 50,594 — — 50,594 Certificates of deposit — 26,483 — 26,483 U.S. government treasuries 14,778 — — 14,778 Asset-backed securities — 8,974 — 8,974 Cash equivalents 774 — — 774 Total assets $ 66,146 $ 84,102 $ — $ 150,248 Fair Value Measurements as of December 31, 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 $ — $ 87,760 $ — $ 87,760 Commercial paper 37,682 — — 37,682 Certificates of deposit — 19,667 — 19,667 Asset-backed securities — 6,554 — 6,554 Cash equivalents 9,438 — — 9,438 Total assets $ 47,120 $ 113,981 $ — $ 161,101

Note 4 - Marketable Securities

Note 4 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Marketable Securities [Table Text Block]	As of June 30, 2023 Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 48,885 $ 10 $ (250 ) $ 48,645 Commercial paper 50,637 — (43 ) 50,594 Certificates of deposit 26,515 2 (34 ) 26,483 U.S. government treasuries 14,932 — (154 ) 14,778 Asset-backed securities 9,012 — (38 ) 8,974 Total assets $ 149,981 $ 12 $ (519 ) $ 149,474 As of December 31, 2022 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 June 30, 2023 December 31, 2022 Maturing in one year or less $ 112,377 $ 134,620 Maturing after one year through two years 37,097 17,043 Total $ 149,474 $ 151,663

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2023 December 31, 2022 Equipment $ 5,148 $ 5,137 Leasehold improvements 1,612 1,612 Software 364 364 Furniture and fixtures 22 22 Total property and equipment–at cost 7,146 7,135 Less: Accumulated depreciation (5,942 ) (5,568 ) Property and equipment, net $ 1,204 $ 1,567

Note 6 - Accrued Expenses (Tabl

Note 6 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2023 2022 Project expenses $ 6,583 $ 10,038 Compensation and benefits 989 1,556 Other 255 96 Total accrued expenses $ 7,827 $ 11,690

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Remainder of 2023 $ 561 Years ending December 31, 2024 1,379 2025 543 Total minimum lease payments 2,483 Less: amount of lease payments representing interest (139 ) Present value of future minimum lease payments 2,344 Less: operating lease obligations, current portion (1,147 ) Operating lease obligations, long-term portion $ 1,197

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 146 $ 174 $ 229 $ 548 General and administrative 1,482 1,270 2,666 2,470 Total $ 1,628 $ 1,444 $ 2,895 $ 3,018
Nonvested Restricted Stock Shares Activity [Table Text Block]	Shares Fair Value Weighted Average Fair Value (In thousands) Per Share Unvested, December 31, 2022 193 $ 1.74 Granted — $ — Vested (122 ) $ 1.71 Forfeited or canceled — $ — Unvested, June 30, 2023 72 $ 1.79
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Weighted Number of Average Average Aggregate Unvested Exercise Remaining Intrinsic Options Price Contractual Value (In thousands) Per Share Term (In years) (In thousands) Outstanding at December 31, 2022 5,378 $ 3.89 8.24 $ 6,316 Granted 2,613 $ 3.80 9.64 Exercised (12 ) $ 2.43 Forfeited/canceled (228 ) $ 4.75 Outstanding at June 30, 2023 7,751 $ 3.84 8.51 $ 1,814 Vested at June 30, 2023 3,233 $ 4.34 7.75 $ 569
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2023 2022 Expected term (in years) 6.0 5.8 Risk-free rate 3.8 % 1.9 % Expected volatility 88 % 90 % Expected dividend yield — —
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Shares (In thousands) Weighted Average Price Per Share Weighted Average Fair Value (In thousands) Unvested, December 31, 2022 900 $ 3.83 $ 3,447 Granted 900 3.93 3,537 Vested — — — Forfeited or canceled — — — Unvested, June 30, 2023 1,800 $ 3.88 $ 6,984

Note 10 - Other Income (Tables)

Note 10 - Other Income (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Interest income $ 2,059 $ 424 $ 3,930 $ 443 Realized gain on disposal of equipment — 69 — 70 Total other income $ 2,059 $ 493 $ 3,930 $ 513

Note 1 - Nature of Business a_2

Note 1 - Nature of Business and Basis of Presentation (Details Textual) $ in Millions	51 Months Ended
	Jun. 30, 2022 USD ($)
Proceeds from Issuance or Sale of Equity	$ 412
Cash and Marketable Securities	$ 169

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities	$ 149,474	$ 151,663
Corporate Debt Securities [Member]
Marketable Securities	48,645	87,760
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	50,594	37,682
Certificates of Deposit [Member]
Marketable Securities	26,483	19,667
US Treasury Securities [Member]
Marketable Securities	14,778
Asset-Backed Securities [Member]
Marketable Securities	8,974	6,554
Fair Value, Recurring [Member]
Total assets	150,248	161,101
Fair Value, Recurring [Member] | Corporate Debt Securities [Member]
Marketable Securities	48,645	87,760
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	50,594	37,682
Fair Value, Recurring [Member] | Certificates of Deposit [Member]
Marketable Securities	26,483	19,667
Fair Value, Recurring [Member] | US Treasury Securities [Member]
Marketable Securities	14,778
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]
Marketable Securities	8,974	6,554
Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	774	9,438
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Total assets	66,146	47,120
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	50,594	37,682
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Marketable Securities	14,778
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	774	9,438
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Total assets	84,102	113,981
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Marketable Securities	48,645	87,760
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Marketable Securities	26,483	19,667
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]
Marketable Securities	8,974	6,554
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 3 [Member]
Total assets	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [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	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member]
Marketable Securities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member]
Marketable Securities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member]
Marketable Securities	$ 0	$ 0

Note 4 - Marketable Securitie_2

Note 4 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 149,981	$ 151,965
Unrealized Gains	12	64
Unrealized Losses	(519)	(366)
Marketable Securities	149,474	151,663
Corporate Debt Securities [Member]
Amortized Cost	48,885	87,998
Unrealized Gains	10	12
Unrealized Losses	(250)	(250)
Marketable Securities	48,645	87,760
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	50,637	37,680
Unrealized Gains	0	33
Unrealized Losses	(43)	(31)
Marketable Securities	50,594	37,682
Certificates of Deposit [Member]
Amortized Cost	26,515	19,689
Unrealized Gains	2	16
Unrealized Losses	(34)	(38)
Marketable Securities	26,483	19,667
US Treasury Securities [Member]
Amortized Cost	14,932
Unrealized Gains	0
Unrealized Losses	(154)
Marketable Securities	14,778
Asset-Backed Securities [Member]
Amortized Cost	9,012	6,598
Unrealized Gains	0	3
Unrealized Losses	(38)	(47)
Marketable Securities	$ 8,974	$ 6,554

Note 4 - Marketable Securitie_3

Note 4 - Marketable Securities - Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturing in one year or less	$ 112,377	$ 134,620
Maturing after one year through two years	37,097	17,043
Total	$ 149,474	$ 151,663

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Depreciation	$ 0.4	$ 0.4

Note 5 - Property and Equipme_4

Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Total property and equipment–at cost	$ 7,146	$ 7,135
Less: Accumulated depreciation	(5,942)	(5,568)
Property and equipment, net	1,204	1,567
Equipment [Member]
Total property and equipment–at cost	5,148	5,137
Leasehold Improvements [Member]
Total property and equipment–at cost	1,612	1,612
Software Development [Member]
Total property and equipment–at cost	364	364
Furniture and Fixtures [Member]
Total property and equipment–at cost	$ 22	$ 22

Note 6 - Accrued Expenses (Deta

Note 6 - Accrued Expenses (Details Textual) $ in Millions	Jun. 30, 2023 USD ($)
Accrued Manufacturing Expenses	$ 6.5
Manufacture and Purchase of CTX-009 [Member]
Contractual Obligation	$ 5.3

Note 6 - Accrued Expenses - Sch

Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Project expenses	$ 6,583	$ 10,038
Compensation and benefits	989	1,556
Other	255	96
Total accrued expenses	$ 7,827	$ 11,690

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingencies (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022	Dec. 31, 2020
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)	1 year 11 months 1 day		1 year 11 months 1 day
Operating Lease, Payments	$ 0.3	$ 0.3	$ 0.7	$ 0.7

Note 7 - Commitments and Cont_4

Note 7 - Commitments and Contingencies - Undiscounted Cash Flows Reconciled to Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Remainder of 2023	$ 561
2024	1,379
2025	543
Total minimum lease payments	2,483
Less: amount of lease payments representing interest	(139)
Present value of future minimum lease payments	2,344
Less: operating lease obligations, current portion	(1,147)	$ (1,097)
Operating lease obligations, long-term portion	$ 1,197	$ 1,838

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		6 Months Ended
	Jan. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2020
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 17,400
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 2.85	$ 2.29
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		$ 569	$ 47
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 11,300
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)	5.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		5.2
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 100
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		6 months
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years
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		$ 5,900
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense	$ 1,628	$ 1,444	$ 2,895	$ 3,018
Research and Development Expense [Member]
Stock-based compensation expense	146	174	229	548
General and Administrative Expense [Member]
Stock-based compensation expense	$ 1,482	$ 1,270	$ 2,666	$ 2,470

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested, shares (in shares) | shares	193
Unvested, weighted average price per share (in dollars per share) | $ / shares	$ 1.74
Granted, shares (in shares) | shares	0
Granted, weighted average price per share (in dollars per share) | $ / shares	$ 0
Vested, shares (in shares) | shares	(122)
Vested, weighted average price per share (in dollars per share) | $ / shares	$ 1.71
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	72
Unvested, weighted average price per share (in dollars per share) | $ / shares	$ 1.79

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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Outstanding (in shares)	5,378
Outstanding, weighted average exercise price per share (in dollars per share)	$ 3.89
Outstanding, weighted average remaining contractual term (Year)	8 years 6 months 3 days	8 years 2 months 26 days
Outstanding, aggregate intrinsic value	$ 1,814	$ 6,316
Granted (in shares)	2,613
Granted, weighted average exercise price per shar (in dollars per share)	$ 3.80
Granted, weighted average remaining contractual term (Year)	9 years 7 months 20 days
Exercised (in shares)	(12)
Exercised, weighted average exercise price per shar (in dollars per share)	$ 2.43
Forfeited/canceled (in shares)	(228)
Forfeited/cancelled, weighted average exercise price per shar (in dollars per share)	$ 4.75
Outstanding (in shares)	7,751	5,378
Outstanding, weighted average exercise price per share (in dollars per share)	$ 3.84	$ 3.89
Vested (in shares)	3,233
Vested, weighted average exercise price per share (in dollars per share)	$ 4.34
Vested, weighted average remaining contractual term (Year)	7 years 9 months
Vested, aggregate intrinsic value	$ 569		$ 47

Note 8 - Stock-based Compensa_7

Note 8 - Stock-based Compensation - Weighted Average Assumptions (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Expected term (in years) (Year)	6 years	5 years 9 months 18 days
Risk-free rate	3.80%	1.90%
Expected volatility	88%	90%

Note 8 - Stock-based Compensa_8

Note 8 - Stock-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unvested, shares (in shares)	900
Unvested, weighted average price per share (in dollars per share)	$ 3.83
Unvested, weighted average fair value	$ 6,984	$ 3,447
Granted, shares (in shares)	900
Granted, weighted average price per share (in dollars per share)	$ 3.93
Granted, weighted average fair value	$ 3,537
Vested, shares (in shares)	0
Vested, weighted average price per share (in dollars per share)	$ 0
Forfeited or canceled, shares (in shares)	0
Forfeited or canceled, weighted average price per share (in dollars per share)	$ 0
Unvested, shares (in shares)	1,800
Unvested, weighted average price per share (in dollars per share)	$ 3.88

Note 10 - Other Income - Schedu

Note 10 - Other Income - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income	$ 2,059	$ 424	$ 3,930	$ 443
Realized gain on disposal of equipment	0	69	0	70
Total other income	$ 2,059	$ 493	$ 3,930	$ 513

Note 11 - License, Research a_2

Note 11 - License, Research and Collaboration Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Mar. 31, 2023	Jun. 30, 2023
ABL Bio Agreement [Member]
Upfront Payment	$ 5,000
Development Milestone Payment	6,000
Maximum Development and Regulatory Milestone Payments	96,000
ABL Bio Agreement [Member] | Oncology [Member]
Maximum Commercial Milestone Payments and Royalties	303,000
ABL Bio Agreement [Member] | Ophthalmology [Member]
Maximum Development and Regulatory Milestone Payments	75,000
Maximum Commercial Milestone Payments and Royalties	$ 110,000
Adimab Agreement [Member]
Milestone Payments Paid		$ 0
Milestone Payment Obligation			$ 2,000

Note 12 - Stockholders' Equity

Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Proceeds from Issuance of Common Stock		$ 3,126	$ 0
At The Market [Member]
Stock Issued During Period, Shares, New Issues (in shares)	951,873
Shares Issued, Price Per Share (in dollars per share)	$ 3.28	$ 3.28
Proceeds from Issuance of Common Stock	$ 3,100
Proceeds from Issuance of Common Stock, Net	$ 3,000