Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39696 | |
Entity Registrant Name | COMPASS THERAPEUTICS, INC. | |
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, $0.0001 par value per share | |
Trading Symbol | CMPX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 137,589,171 | |
Entity Central Index Key | 0001738021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 23,674 | $ 24,228 |
Marketable securities | 132,581 | 128,233 |
Prepaid expenses and other current assets | 2,356 | 1,420 |
Total current assets | 158,611 | 153,881 |
Property and equipment, net | 744 | 898 |
Operating lease, right-of-use ("ROU") asset | 1,467 | 1,776 |
Other assets | 320 | 320 |
Total assets | 161,142 | 156,875 |
Current liabilities: | ||
Accounts payable | 854 | 4,090 |
Accrued expenses | 1,815 | 2,514 |
Operating lease obligations, current portion | 1,224 | 1,197 |
Total current liabilities | 3,893 | 7,801 |
Operating lease obligations, long-term portion | 189 | 536 |
Total liabilities | 4,082 | 8,337 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value: 300,000 shares authorized; 137,589 and 127,668 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 14 | 13 |
Additional paid-in-capital | 483,231 | 463,796 |
Accumulated other comprehensive (loss) income | (90) | 37 |
Accumulated deficit | (326,095) | (315,308) |
Total stockholders' equity | 157,060 | 148,538 |
Total liabilities and stockholders' equity | $ 161,142 | $ 156,875 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 300,000 | 300,000 |
Common Stock, Shares, Issued (in shares) | 137,589 | 127,668 |
Common Stock, Shares, Outstanding (in shares) | 137,589 | 127,668 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Expense [Member] | ||
Research and development | $ 9,522 | $ 6,638 |
General and administrative | 3,248 | 3,073 |
Total operating expenses | 12,770 | 9,711 |
Loss from operations | (12,770) | (9,711) |
Other income | 1,983 | 1,874 |
Loss before income tax expense | (10,787) | (7,837) |
Income tax expense | 0 | 0 |
Net loss | $ (10,787) | $ (7,837) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.08) | $ (0.06) |
Basic and diluted weighted average shares outstanding (in shares) | 136,608 | 126,375 |
Other comprehensive loss: | ||
Net loss | $ (10,787) | $ (7,837) |
Unrealized (loss) gain on marketable securities | (127) | 156 |
Comprehensive loss | $ (10,914) | $ (7,681) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 126,302 | ||||
Balance at Dec. 31, 2022 | $ 13 | $ 454,741 | $ (302) | $ (272,814) | $ 181,638 |
Share-based awards, net of tax remittance (in shares) | 61 | ||||
Share-based awards, net of tax remittance | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation | 0 | 1,267 | 0 | 0 | 1,267 |
Unrealized (loss) gain on marketable securities | 0 | 0 | 156 | 0 | 156 |
Net loss | $ 0 | 0 | 0 | (7,837) | (7,837) |
Common stock issued upon exercise of options (in shares) | 12 | ||||
Common stock issued upon exercise of options | $ 0 | 41 | 0 | 0 | 41 |
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, 2023 | 127,668 | ||||
Balance at Dec. 31, 2023 | $ 13 | 463,796 | 37 | (315,308) | 148,538 |
Common shares issued, net of issuance costs of $0.5 million (in shares) | 9,790 | ||||
Common shares issued, net of issuance costs of $0.5 million | $ 1 | 17,568 | 0 | 0 | 17,569 |
Share-based awards, net of tax remittance (in shares) | 131 | ||||
Share-based awards, net of tax remittance | (136) | 0 | 0 | (136) | |
Stock-based compensation | $ 0 | 2,003 | 0 | 0 | 2,003 |
Unrealized (loss) gain on marketable securities | 0 | 0 | (127) | 0 | (127) |
Net loss | $ 0 | 0 | 0 | (10,787) | $ (10,787) |
Common stock issued upon exercise of options (in shares) | 0 | ||||
Balance (in shares) at Mar. 31, 2024 | 137,589 | ||||
Balance at Mar. 31, 2024 | $ 14 | $ 483,231 | $ (90) | $ (326,095) | $ 157,060 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 0.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (10,787) | $ (7,837) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 154 | 194 |
Stock-based compensation | 2,003 | 1,267 |
Amortization of premium and discount on marketable securities | (376) | (593) |
ROU asset amortization | 309 | 287 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (936) | (250) |
Accounts payable | (3,236) | (2,257) |
Accrued expenses | (699) | (2,747) |
Operating lease liability | (320) | (293) |
Net cash used in operating activities | (13,888) | (12,229) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (41,878) | (54,919) |
Proceeds from sale or maturities of marketable securities | 37,779 | 59,188 |
Net cash (used in) provided by investing activities | (4,099) | 4,269 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | (18,113) | 0 |
Issuance costs from issuance of common stock | (544) | 0 |
Taxes paid related to net shares settlement of RSUs | (136) | 0 |
Proceeds from exercise of stock options | 0 | 41 |
Net cash provided by financing activities | 17,433 | 41 |
Net change in cash and cash equivalents | (554) | (7,919) |
Cash and cash equivalents at beginning of period | 24,228 | 34,946 |
Cash and cash equivalents at end of period | 23,674 | 27,027 |
Supplemental disclosure of cash flow information | ||
Unrealized (loss) gain on marketable securities | $ (127) | $ 156 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business and Basis of Presentation 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 assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. 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 March 31, 2024 and its consolidated results of operations, comprehensive loss and changes in stockholders’ equity for the three months ended March 31, 2024 and 2023 and cash flows for the three months ended March 31, 2024 and 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 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 March 31, 2024, we have received $430 million in gross proceeds from the sale of equity securities. As of March 31, 2024, we had cash, cash equivalents and marketable securities of $156 million. Based on our research and development plans, we expect that such cash resources will enable us to fund our operating expenses and capital expenditure requirements into late 2026. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements 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 March 31, 2024 (000's): Quoted Prices in Significant Other Significant Fair Value Assets Corporate bonds $ — $ 61,914 $ — $ 61,914 Commercial paper 30,124 — — 30,124 Certificates of deposit — 17,943 — 17,943 U.S. government treasuries 12,658 — — 12,658 Asset-backed securities — 9,942 — 9,942 Cash equivalents 1,549 — — 1,549 Total assets $ 44,331 $ 89,799 $ — $ 134,130 Fair Value Measurements as of December 31, 2023 (000's): Quoted Prices in Significant Other Significant Fair Value Assets Corporate bonds $ — $ 54,281 $ — $ 54,281 Commercial paper 28,534 — — 28,534 Certificates of deposit — 18,866 — 18,866 U.S. government treasuries 16,080 — — 16,080 Asset-backed securities — 10,472 — 10,472 Money market funds (cash equivalents) 575 — — 575 Total assets $ 45,189 $ 83,619 $ — $ 128,808 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. 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 realized any net losses from its investments. Unrealized gains and losses on investments that are available for sale are recognized in accumulated other comprehensive (loss) income, 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 be recoverable. 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): Fair Value Measurements as of March 31, 2024 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 61,948 $ 33 $ (67 ) $ 61,914 Commercial paper 30,130 6 (12 ) 30,124 Certificates of deposit 17,931 13 (1 ) 17,943 U.S. government treasuries 12,733 — (75 ) 12,658 Asset-backed securities 9,928 20 (6 ) 9,942 Total assets $ 132,670 $ 72 $ (161 ) $ 132,581 Fair Value Measurements as of December 31, 2023 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 54,256 $ 74 $ (49 ) $ 54,281 Commercial paper 28,507 30 (3 ) 28,534 Certificates of deposit 18,850 17 (1 ) 18,866 U.S. government treasuries 16,127 3 (50 ) 16,080 Asset-backed securities 10,456 23 (7 ) 10,472 Total assets $ 128,196 $ 147 $ (110 ) $ 128,233 As of March 31, 2024 December 31, 2023 Maturing in one year or less $ 99,172 $ 93,117 Maturing after one year through two years 33,409 35,116 Total $ 132,581 $ 128,233 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment Property and equipment consist of the following (in thousands): March 31, December 31, Equipment $ 5,167 $ 5,167 Leasehold improvements 1,612 1,612 Software 364 364 Furniture and fixtures 22 22 Total property and equipment–at cost 7,165 7,165 Less: Accumulated depreciation (6,421 ) (6,267 ) Property and equipment, net $ 744 $ 898 Depreciation and amortization expense for each of the three months ended March 31, 2024 and 2023 was $0.2 million. |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, December 31, 2024 2023 Project expenses $ 742 $ 336 Compensation and benefits 792 1,938 Other 281 240 Total accrued expenses $ 1,815 $ 2,514 Project expenses includes $0.5 million of accrued manufacturing expenses and $0.2 million of accrued clinical expenses related to CTX-009. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies Leases The Company has evaluated its leases under ASC 842, Leases 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 provide an implicit rate. Therefore, the Company used its incremental borrowing rate to discount the lease payments based on the date of the lease commencement. The Company has one four one 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 2024 $ 919 2025 543 Total minimum lease payments 1,462 Less: amount of lease payments representing interest (49 ) Present value of future minimum lease payments 1,413 Less: operating lease obligations, current portion (1,224 ) Operating lease obligations, long-term portion $ 189 Defined Contribution Plan The Company has a 401(k) defined contribution plan (the “401(k) Plan”) for substantially all its employees. Eligible employees may make pre-tax or post-tax (Roth) contributions to the 401(k) Plan up to statutory limits. Since January 1, 2020, the Company has been matching employee contributions to the plan up to 4% of salary. On July 1, 2023, the Company increased the employee matching contribution from 4% to 6%. The Company made matching contributions of $0.1 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Stock-Based Compensation Stock-based compensation expense for the three months ended March 31, 2024 and 2023 was classified in the condensed consolidated statement of operations as follows (in thousands): Three Months Ended March 31, 2024 2023 (000’s) Research and development $ 924 $ 83 General and administrative 1,079 1,184 Total $ 2,003 $ 1,267 As of March 31, 2024, the remaining unrecognized stock-based compensation cost from all plans to be recognized in future periods totaled $21.5 million. 2020 Plan In June 2020, the Company’s board of directors adopted the 2020 Stock Option and Incentive Plan (the “2020 Plan”) and reserved 2.9 million shares of common stock for issuance under this plan. The 2020 Plan includes automatic annual increases. The increase on January 1, 2024 was 5.1 million shares. As of March 31, 2024, 4.5 million shares remain available for grant. The 2020 Plan authorizes the board of directors or a committee of the board to grant incentive stock options, nonqualified stock options, restricted stock awards and restricted stock units ("RSUs") to eligible officers, employees, consultants and directors of the Company. Options generally vest over a period of four ten Stock Options: The following table summarizes the stock option activity for the 2020 Plan: Weighted Weighted Number of Average Average Aggregate Unvested Exercise Remaining Intrinsic Options Price Contractual Value (000's) Per Share Term (in years) ($000's) Outstanding at December 31, 2023 7,876 $ 3.81 8.05 $ 11 Granted 3,440 $ 1.83 9.80 — Exercised — $ — — — Forfeited/canceled — $ — — — Outstanding at March 31, 2024 11,316 $ 3.21 8.41 $ 627 Vested at March 31, 2024 4,447 $ 4.10 7.33 $ 60 For the three months ended March 31, 2024, the weighted average grant date fair value for options granted was $1.30. The intrinsic value for options vested as of March 31, 2024, was $0.6 million. As of March 31, 2024, the total unrecognized compensation cost related to outstanding options was $12.7 million, to be recognized over a weighted average period of 1.5 years. For the three months ended March 31, 2023, the weighted average grant date fair value for options granted was $2.95. The intrinsic value for options vested as of March 31, 2023 was $0.5 million. The weighted average assumptions used in the Black-Scholes pricing model to determine the fair value of stock options granted during the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended March 31, 2024 2023 Expected term (in years) 6.0 6.0 Risk-free rate 4.04 % 3.80 % Expected volatility 80 % 89 % Expected dividend yield — — RSUs: The following table summarizes the RSU activity for the 2020 Plan: Shares Weighted Weighted Unvested, December 31, 2023 1,500 $ 3.83 $ 5,745 Granted 2,391 1.93 4,622 Vested (225 ) 3.93 (884 ) Forfeited or canceled — — — Unvested, March 31, 2024 3,666 $ 2.61 $ 9,483 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. |
Note 9 - Related Parties and Re
Note 9 - Related Parties and Related-Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. Related Parties and Related-Party Transactions There were no material related party transactions during the three months ended March 31, 2024 and 2023. |
Note 10 - Other Income
Note 10 - Other Income | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 10. Other Income Other income consists exclusively of interest income of $2.0 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. |
Note 11 - License, Research and
Note 11 - License, Research and Collaboration Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 11. License, Research and Collaboration Agreements Collaboration Agreements ABL Bio Corporation ("ABL Bio") Agreement In November 2018, the Company and ABL Bio, a South Korean biotechnology company, entered into an exclusive global (excluding South Korea) license agreement which granted the Company a license to CTX-009 (ABL001), ABL Bio’s bispecific antibody targeting DLL4 and VEGF-A. Under the terms of the agreement, the two companies would jointly develop CTX-009, with ABL Bio responsible for development of CTX-009 throughout the end of Phase 1 clinical trials and the Company responsible for the development of CTX-009 from Phase 2 and onward. ABL Bio received a $5 million upfront payment and $6 million development milestone payment. In addition, ABL Bio is eligible to receive up to $96 million of development and regulatory milestone payments, and up to $303 million of commercial milestone payments and tiered single-digit royalties on net sales of CTX-009 in oncology. ABL Bio is also eligible to receive up to $75 million in development and regulatory milestones and up to $110 million in commercial milestone payments and tiered, single-digit royalties on net sales of CTX-009 in ophthalmology. In May 2021, the Company and ABL Bio terminated license agreements to several preclinical assets. As a result of the return of these assets to ABL Bio and termination of the license agreements, the Company is eligible to receive royalty payments if ABL Bio develops or licenses two bispecific antibodies that were previously licensed to the Company. Adimab Agreement The Company entered into a collaboration agreement with Adimab, LLC on October 16, 2014. The agreement includes provisions for payment of royalties at rates ranging in the single digits as a percentage of future net sales within a specified term from the first commercial sale for certain antibodies, including our product candidate, CTX-471. There were no milestone payments made during the first quarter of 2024. As of March 31, 2024, future potential milestone payments in connection with this agreement amounted to $2.0 million. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. Stockholders Equity In the quarter ended March 31, 2024, we sold through our at-the-market (“ATM”) agreement with Jefferies LLC, 9,790,577 shares of common stock at an average price of $1.85 for total proceeds of $18.1 million and net proceeds of $17.6 million. |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Events In January 2021, the Company licensed certain rights to Elpiscience Biopharmaceuticals Co., Limited (“Elpiscience”) to develop, manufacture, commercialize or otherwise exploit CTX-009 in mainland China, Hong Kong, Taiwan and Macau (the “Elpiscience Agreement”). In April 2024, Elpiscience notified the Company that it achieved a milestone pursuant to the Elpiscience Agreement for completion of its phase 1 clinical trial with CTX-009, which triggered a $1.0 million milestone payment due to the Company. This milestone payment is subject to a sublicensing revenue payment of 15%, or $150 thousand, due to ABL Bio. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | During the three-month period ended March 31, 2024, none |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of March 31, 2024 (000's): Quoted Prices in Significant Other Significant Fair Value Assets Corporate bonds $ — $ 61,914 $ — $ 61,914 Commercial paper 30,124 — — 30,124 Certificates of deposit — 17,943 — 17,943 U.S. government treasuries 12,658 — — 12,658 Asset-backed securities — 9,942 — 9,942 Cash equivalents 1,549 — — 1,549 Total assets $ 44,331 $ 89,799 $ — $ 134,130 Fair Value Measurements as of December 31, 2023 (000's): Quoted Prices in Significant Other Significant Fair Value Assets Corporate bonds $ — $ 54,281 $ — $ 54,281 Commercial paper 28,534 — — 28,534 Certificates of deposit — 18,866 — 18,866 U.S. government treasuries 16,080 — — 16,080 Asset-backed securities — 10,472 — 10,472 Money market funds (cash equivalents) 575 — — 575 Total assets $ 45,189 $ 83,619 $ — $ 128,808 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Fair Value Measurements as of March 31, 2024 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 61,948 $ 33 $ (67 ) $ 61,914 Commercial paper 30,130 6 (12 ) 30,124 Certificates of deposit 17,931 13 (1 ) 17,943 U.S. government treasuries 12,733 — (75 ) 12,658 Asset-backed securities 9,928 20 (6 ) 9,942 Total assets $ 132,670 $ 72 $ (161 ) $ 132,581 Fair Value Measurements as of December 31, 2023 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 54,256 $ 74 $ (49 ) $ 54,281 Commercial paper 28,507 30 (3 ) 28,534 Certificates of deposit 18,850 17 (1 ) 18,866 U.S. government treasuries 16,127 3 (50 ) 16,080 Asset-backed securities 10,456 23 (7 ) 10,472 Total assets $ 128,196 $ 147 $ (110 ) $ 128,233 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of March 31, 2024 December 31, 2023 Maturing in one year or less $ 99,172 $ 93,117 Maturing after one year through two years 33,409 35,116 Total $ 132,581 $ 128,233 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, Equipment $ 5,167 $ 5,167 Leasehold improvements 1,612 1,612 Software 364 364 Furniture and fixtures 22 22 Total property and equipment–at cost 7,165 7,165 Less: Accumulated depreciation (6,421 ) (6,267 ) Property and equipment, net $ 744 $ 898 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Project expenses $ 742 $ 336 Compensation and benefits 792 1,938 Other 281 240 Total accrued expenses $ 1,815 $ 2,514 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2024 $ 919 2025 543 Total minimum lease payments 1,462 Less: amount of lease payments representing interest (49 ) Present value of future minimum lease payments 1,413 Less: operating lease obligations, current portion (1,224 ) Operating lease obligations, long-term portion $ 189 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 (000’s) Research and development $ 924 $ 83 General and administrative 1,079 1,184 Total $ 2,003 $ 1,267 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Number of Average Average Aggregate Unvested Exercise Remaining Intrinsic Options Price Contractual Value (000's) Per Share Term (in years) ($000's) Outstanding at December 31, 2023 7,876 $ 3.81 8.05 $ 11 Granted 3,440 $ 1.83 9.80 — Exercised — $ — — — Forfeited/canceled — $ — — — Outstanding at March 31, 2024 11,316 $ 3.21 8.41 $ 627 Vested at March 31, 2024 4,447 $ 4.10 7.33 $ 60 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2024 2023 Expected term (in years) 6.0 6.0 Risk-free rate 4.04 % 3.80 % Expected volatility 80 % 89 % Expected dividend yield — — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted Weighted Unvested, December 31, 2023 1,500 $ 3.83 $ 5,745 Granted 2,391 1.93 4,622 Vested (225 ) 3.93 (884 ) Forfeited or canceled — — — Unvested, March 31, 2024 3,666 $ 2.61 $ 9,483 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Basis of Presentation (Details Textual) $ in Millions | 72 Months Ended |
Mar. 31, 2024 USD ($) | |
Proceeds from Issuance or Sale of Equity | $ 430 |
Cash and Marketable Securities | $ 156 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities | $ 132,581 | $ 128,233 |
Corporate Debt Securities [Member] | ||
Marketable Securities | 61,914 | 54,281 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 30,124 | 28,534 |
Certificates of Deposit [Member] | ||
Marketable Securities | 17,943 | 18,866 |
US Treasury Securities [Member] | ||
Marketable Securities | 12,658 | 16,080 |
Asset-Backed Securities [Member] | ||
Marketable Securities | 9,942 | 10,472 |
Fair Value, Recurring [Member] | ||
Cash equivalents | 1,549 | 575 |
Total assets | 134,130 | 128,808 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 61,914 | 54,281 |
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 30,124 | 28,534 |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 17,943 | 18,866 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Marketable Securities | 12,658 | 16,080 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 9,942 | 10,472 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 1,549 | 575 |
Total assets | 44,331 | 45,189 |
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 | 30,124 | 28,534 |
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 | 12,658 | 16,080 |
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 2 [Member] | ||
Cash equivalents | 0 | 0 |
Total assets | 89,799 | 83,619 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 61,914 | 54,281 |
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 | 17,943 | 18,866 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 9,942 | 10,472 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | 0 | 0 |
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 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | $ 0 | $ 0 |
Note 4 - Marketable Securitie_2
Note 4 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | $ 132,670 | $ 128,196 |
Unrealized gains | 72 | 147 |
Unrealized Losses | (161) | (110) |
Fair Value | 132,581 | 128,233 |
Marketable Securities | 132,581 | 128,233 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 61,948 | 54,256 |
Unrealized gains | 33 | 74 |
Unrealized Losses | (67) | (49) |
Fair Value | 61,914 | 54,281 |
Marketable Securities | 61,914 | 54,281 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 30,130 | 28,507 |
Unrealized gains | 6 | 30 |
Unrealized Losses | (12) | (3) |
Fair Value | 30,124 | 28,534 |
Marketable Securities | 30,124 | 28,534 |
Certificates of Deposit [Member] | ||
Amortized Cost | 17,931 | 18,850 |
Unrealized gains | 13 | 17 |
Unrealized Losses | (1) | (1) |
Fair Value | 17,943 | 18,866 |
Marketable Securities | 17,943 | 18,866 |
US Treasury Securities [Member] | ||
Amortized Cost | 12,733 | 16,127 |
Unrealized gains | 0 | 3 |
Unrealized Losses | (75) | (50) |
Fair Value | 12,658 | 16,080 |
Marketable Securities | 12,658 | 16,080 |
Asset-Backed Securities [Member] | ||
Amortized Cost | 9,928 | 10,456 |
Unrealized gains | 20 | 23 |
Unrealized Losses | (6) | (7) |
Fair Value | 9,942 | 10,472 |
Marketable Securities | $ 9,942 | $ 10,472 |
Note 4 - Marketable Securitie_3
Note 4 - Marketable Securities - Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Maturing in one year or less | $ 99,172 | $ 93,117 |
Maturing after one year through two years | 33,409 | 35,116 |
Total | $ 132,581 | $ 128,233 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation | $ 0.2 | $ 0.2 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total property and equipment–at cost | $ 7,165 | $ 7,165 |
Less: Accumulated depreciation | (6,421) | (6,267) |
Property and equipment, net | 744 | 898 |
Equipment [Member] | ||
Total property and equipment–at cost | 5,167 | 5,167 |
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 | Mar. 31, 2024 USD ($) |
Accrued Manufacturing Expenses | $ 0.5 |
Accrued Clinical Expenses | $ 0.2 |
Note 6 - Accrued Expenses - Sch
Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Project expenses | $ 742 | $ 336 |
Compensation and benefits | 792 | 1,938 |
Other | 281 | 240 |
Total accrued expenses | $ 1,815 | $ 2,514 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | 42 Months Ended | ||||
Jul. 01, 2023 | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2024 | Jun. 30, 2023 | Jan. 01, 2021 | 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 7 months 28 days | 1 year 7 months 28 days | |||||
Operating Lease, Payments | $ 0.3 | $ 0.3 | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | 4% | |||||
Defined Contribution Plan, Cost | $ 0.1 | $ 0.1 | |||||
Maximum [Member] | |||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Undiscounted Cash Flows Reconciled to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Remainder of 2024 | $ 919 | |
2025 | 543 | |
Total minimum lease payments | 1,462 | |
Less: amount of lease payments representing interest | (49) | |
Present value of future minimum lease payments | 1,413 | |
Less: operating lease obligations, current portion | (1,224) | $ (1,197) |
Less: operating lease obligations, current portion | $ 189 | $ 536 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | |||
Jan. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2020 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21,500 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.3 | $ 2.95 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 600 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 12,700 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 60 | $ 500 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 8,700 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 884 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |||
The 2020 Stock Option and Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 2.9 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 5.1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 4.5 | |||
The 2020 Stock Option and Incentive Plan [Member] | Share-Based Payment Arrangement, Option [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 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense | $ 2,003 | $ 1,267 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 924 | 83 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 1,079 | $ 1,184 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Outstanding, options (in shares) | 7,876 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 3.81 | ||
Outstanding, weighted average remaining contractual term (Year) | 8 years 4 months 28 days | 8 years 18 days | |
Outstanding, aggregate intrinsic value | $ 627 | $ 11 | |
Granted, options (in shares) | 3,440 | ||
Granted, weighted average exercise price (in dollars per share) | $ 1.83 | ||
Granted, weighted average remaining contractual term (Year) | 9 years 9 months 18 days | ||
Exercised, options (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 0 | ||
Forfeited/canceled, options (in shares) | 0 | ||
Forfeited/canceled, weighted average exercise price (in dollars per share) | $ 0 | ||
Outstanding, options (in shares) | 11,316 | 7,876 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.21 | $ 3.81 | |
Vested, options (in shares) | 4,447 | ||
Vested, weighted average exercise price (in dollars per share) | $ 4.1 | ||
Vested, weighted average remaining contractual term (Year) | 7 years 3 months 29 days | ||
Vested, aggregate intrinsic value | $ 60 | $ 500 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Weighted Average Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Expected term (in years) (Year) | 6 years | 6 years |
Risk-free rate | 4.04% | 3.80% |
Expected volatility | 80% | 89% |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - Summary of RSU Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Unvested, weighted average fair value | $ 9,483 | |
Vested, weighted average fair value | $ (600) | |
Unvested, shares (in shares) | 3,666 | |
Unvested, weighted average price (in dollars per share) | $ 2.61 | |
Unvested, weighted average fair value | $ 9,483 | |
Restricted Stock Units (RSUs) [Member] | ||
Unvested, shares (in shares) | 1,500 | |
Unvested, weighted average price (in dollars per share) | $ 3.83 | |
Unvested, weighted average fair value | $ 5,745 | |
Granted, shares (in shares) | 2,391 | |
Granted, weighted average price (in dollars per share) | $ 1.93 | |
Granted, weighted average fair value | $ 4,622 | |
Vested, shares (in shares) | (225) | |
Vested, weighted average price (in dollars per share) | $ 3.93 | |
Vested, weighted average fair value | $ (884) | |
Forfeited or canceled, shares (in shares) | 0 | |
Forfeited or canceled, weighted average price (in dollars per share) | $ 0 | |
Unvested, weighted average fair value | $ 5,745 |
Note 10 - Other Income (Details
Note 10 - Other Income (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Income, Interest | $ 2 | $ 1.9 |
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, 2024 | |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Proceeds from Issuance of Common Stock | $ 18,113 | $ 0 |
At The Market [Member] | ||
Stock Issued During Period, Shares, New Issues | 9,790,577 | |
Shares Issued, Price Per Share | $ 1.85 | |
Proceeds from Issuance of Common Stock | $ 18,100 | |
Proceeds from Issuance of Common Stock, Net | $ 17,600 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Elpiscience Agreement [Member] $ in Thousands | 1 Months Ended |
Apr. 30, 2024 USD ($) | |
Milestone Payments Paid | $ 1,000 |
Sublicensing Revenue Percentage | 15% |
Sublicensing Revenue Obligation | $ 150 |