Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Entity Central Index Key | 0001739410 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40693 | |
Entity Registrant Name | RALLYBIO CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-1083789 | |
Entity Address, Address Line One | 234 Church Street | |
Entity Address, Address Line Two | Suite 1020 | |
Entity Address, City or Town | New Haven | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06510 | |
City Area Code | 203 | |
Local Phone Number | 859-3820 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | RLYB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 37,747,433 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 39,519 | $ 56,958 |
Marketable securities | 110,870 | 112,036 |
Prepaid expenses and other assets | 10,887 | 10,502 |
Total current assets | 161,276 | 179,496 |
Property and equipment, net | 346 | 385 |
Operating lease right-of-use assets | 479 | 524 |
Investment in joint venture | 217 | 30 |
Total assets | 162,318 | 180,435 |
Current liabilities: | ||
Accounts payable | 782 | 1,114 |
Accrued expenses | 5,821 | 9,449 |
Operating lease liabilities | 197 | 181 |
Total current liabilities | 6,800 | 10,744 |
Operating lease liabilities, noncurrent | 321 | 374 |
Total liabilities | 7,121 | 11,118 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Common stock, value | 4 | 4 |
Preferred stock, value | 0 | 0 |
Additional paid-in capital | 333,253 | 330,208 |
Accumulated other comprehensive loss | (61) | (214) |
Accumulated deficit | (177,999) | (160,681) |
Total stockholders' equity | 155,197 | 169,317 |
Total liabilities and stockholders' equity | $ 162,318 | $ 180,435 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 37,746,214 | 37,837,369 |
Common stock, shares outstanding | 37,746,214 | 37,837,369 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 11,202 | $ 7,648 |
General and administrative | 7,172 | 6,670 |
Total operating expenses | 18,374 | 14,318 |
Loss from operations | (18,374) | (14,318) |
Other income (expenses): | ||
Interest income | 1,546 | 97 |
Other income | 73 | 113 |
Total other income, net | 1,619 | 210 |
Loss from continuing operations | (16,755) | (14,108) |
Loss on investment in joint venture | 563 | 390 |
Net loss | $ (17,318) | $ (14,498) |
Net loss per common share, basic | $ (0.43) | $ (0.48) |
Net loss per common share, diluted | $ (0.43) | $ (0.48) |
Weighted average number of common shares outstanding, basic | 40,248,893 | 30,318,405 |
Weighted average number of common shares outstanding, diluted | 40,248,893 | 30,318,405 |
Other comprehensive income (loss): | ||
Net unrealized income (loss) on marketable securities | $ 153 | $ (122) |
Other comprehensive income (loss) | 153 | (122) |
Comprehensive loss | $ (17,165) | $ (14,620) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2021 | $ 175,602 | $ 3 | $ 269,626 | $ (94,027) | |
Beginning Balance (in shares) at Dec. 31, 2021 | 32,129,970 | ||||
Issuance of common stock under the stock award plan, vested (in shares) | 1,000 | ||||
Share-based compensation expense | 2,054 | 2,054 | |||
Net loss | (14,498) | (14,498) | |||
Other comprehensive (loss) income | (122) | $ (122) | |||
Ending Balance (in shares) at Mar. 31, 2022 | 32,130,970 | ||||
Ending Balance at Mar. 31, 2022 | 163,036 | $ 3 | 271,680 | (108,525) | (122) |
Beginning Balance at Dec. 31, 2022 | 169,317 | $ 4 | 330,208 | (160,681) | (214) |
Beginning Balance (in shares) at Dec. 31, 2022 | 37,837,369 | ||||
Share-based compensation expense | 3,045 | 3,045 | |||
Forfeiture of restricted common stock, shares | (91,155) | ||||
Net loss | (17,318) | (17,318) | |||
Other comprehensive (loss) income | 153 | 153 | |||
Ending Balance (in shares) at Mar. 31, 2023 | 37,746,214 | ||||
Ending Balance at Mar. 31, 2023 | $ 155,197 | $ 4 | $ 333,253 | $ (177,999) | $ (61) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows used in Operating Activities: | ||
Net loss | $ (17,318) | $ (14,498) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 39 | 42 |
Net accretion of discounts/premiums on debt securities | (895) | 36 |
Stock-based compensation | 3,045 | 2,054 |
Loss on investment in joint venture | 563 | 390 |
Changes in operating assets and liabilities: | ||
Prepaid expenses, right-of-use assets and other assets | (340) | (794) |
Accounts payable | (295) | 447 |
Accrued expenses and operating lease liabilities | (3,564) | (1,408) |
Net cash used in operating activities | (18,765) | (13,731) |
Cash Flows Provided By (Used In) Investing Activities: | ||
Purchases of marketable securities | (29,285) | (80,142) |
Proceeds from maturities of marketable securities | 31,500 | 0 |
Purchase of property and equipment | 0 | (36) |
Investment in joint venture | (750) | 0 |
Net cash provided by (used in) investing activities | 1,465 | (80,178) |
Cash Flows Used In Financing Activities: | ||
Payments of offering costs | (139) | 0 |
Net cash used in financing activities | (139) | 0 |
Net decrease in cash and cash equivalents | (17,439) | (93,909) |
Cash and cash equivalents-beginning of period | 56,958 | 175,334 |
Cash and cash equivalents-end of period | 39,519 | 81,425 |
Supplemental Disclosures of Noncash Investing and Financing Activities: | ||
Property and equipment in accounts payable and accrued expenses | $ 0 | $ 8 |
Business and Liquidity
Business and Liquidity | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Liquidity | 1. BUSINESS AND LIQUIDITY Rallybio Corporation and subsidiaries ("Rallybio", the "Company", "we", "our", or "us") is a clinical-stage biotechnology company with a mission to develop and commercialize life-transforming therapies for patients with severe and rare diseases. Rallybio has built a broad pipeline of promising product candidates aimed at addressing diseases with unmet medical need in areas of maternal fetal health, complement dysregulation, hematology, and metabolic disorders. The Company has two clinical stage programs: RLYB212, an anti-HPA-1a antibody for the prevention of fetal and neonatal alloimmune thrombocytopenia ("FNAIT") and RLYB116, a complement factor 5 ("C5") complement inhibitor with the potential to treat several diseases of complement dysregulation, as well as additional programs in preclinical development. The Company had cash, cash equivalents and marketable securities of $ 150.4 million as of March 31, 2023. The Company currently expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date the condensed consolidated financial statements are issued. However, w e do not anticipate that the current cash, cash equivalents and marketable securities as of March 31, 2023 will be sufficient for us to fund any of our product candidates through regulatory approval, and we will need to raise substantial additional capital to complete the development and commercialization of our product candidates, if approved. We may satisfy our future cash needs through the sale of equity securities, debt financings, corporate collaborations or license agreements, working capital lines of credit, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION Unaudited Financial Information — The unaudited condensed consolidated financial statements of the Company have been prepared 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 (the "SEC"). In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (our "Annual Report"). Our significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three months ended March 31, 2023 , which could be expected to materially impact the Company's unaudited condensed consolidated financial statements. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. MARKETABLE SECURITIES The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of March 31, 2023 and December 31, 2022 was as follows: MARCH 31, 2023 (in thousands) Fair Value Hierarchy Level Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Money market funds Level 1 $ 19,187 $ — $ — $ 19,187 U.S. treasury securities Level 1 14,195 1 ( 26 ) 14,170 U.S. government agency securities Level 2 96,736 27 ( 63 ) 96,700 $ 130,118 $ 28 $ ( 89 ) $ 130,057 DECEMBER 31, 2022 (in thousands) Fair Value Hierarchy Level Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Money market funds Level 1 $ 12,647 $ — $ — $ 12,647 U.S. treasury securities Level 1 39,372 — ( 169 ) 39,203 U.S. government agency securities Level 2 76,860 37 ( 82 ) 76,815 $ 128,879 $ 37 $ ( 251 ) $ 128,665 The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of March 31, 2023 and December 31, 2022: (in thousands) MARCH 31, 2023 DECEMBER 31, 2022 Cash and cash equivalents $ 19,187 $ 16,629 Marketable securities 110,870 112,036 $ 130,057 $ 128,665 The fair values of available-for-sale debt securities as of March 31, 2023 and December 31, 2022, by contractual maturity, are summarized as follows: (in thousands) MARCH 31, 2023 DECEMBER 31, 2022 Due in one year or less $ 125,526 $ 127,667 Due after one year through two years 4,531 998 $ 130,057 $ 128,665 The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of March 31, 2023 and December 31, 2022 was $ 50.9 million and $ 70.0 million, respectively. As of March 31, 2023 , we believe that the cost basis of our available-for-sale debt securities is recoverable. No allowance for credit losses was recorded as of March 31, 2023 . |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. BALANCE SHEET COMPONENTS Prepaid expenses and other assets— Prepaid expenses and other assets consisted of the following as of March 31, 2023 and December 31, 2022: (in thousands) MARCH 31, DECEMBER 31, Research and development $ 8,653 $ 7,904 Insurance 539 933 Other prepaids 633 615 Other assets 1,062 1,050 $ 10,887 $ 10,502 Accrued Expenses— Accrued expenses consisted of the following as of March 31, 2023 and December 31, 2022: (in thousands) MARCH 31, DECEMBER 31, Research and development $ 3,255 $ 3,582 Compensation and related expenses 1,411 4,703 Professional fees 506 510 Other 649 654 $ 5,821 $ 9,449 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 5. STOCKHOLDERS' EQUITY Common Stock In August 2021, the Company completed its initial public offering ("IPO"), pursuant to which it issued and sold 7,130,000 shares of the Company’s common stock, inclusive of 930,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $ 13.00 per share. The gross proceeds from the IPO, including the exercise of the underwriters' option to purchase additional shares were $ 92.7 million and the net proceeds were approximately $ 83.0 million, after deducting underwriting discounts and commissions and other offering costs. In November 2022, the Company completed a follow-on offering in which we raised gross proceeds of $ 54.8 million from the sale of 5,803,655 shares of common stock, inclusive of 803,654 shares of common stock sold pursuant to the partial exercise of the underwriters' option to purchase additional shares at the price of $ 6.00 per share and to certain investors in lieu of common stock, pre-funded warrants to purchase up to an aggregate of 3,333,388 shares of common stock at a price of $ 5.9999 , which represents the per share public offering price for the shares less the $ 0.0001 per share exercise price for each pre-funded warrant. The net proceeds from the November 2022 follow-on offering were approximately $ 50.8 million, after deducting underwriting discounts and commissions and other offering costs. The Company had 200,000,000 shares of common stock authorized as of March 31, 2023 and December 31, 2022 , respectively, of which 37,746,214 and 37,837,369 shares were issued and outstanding as of March 31, 2023 and December 31, 2022. Preferred Stock The Company had 50,000,000 shares of preferred stock authorized as of March 31, 2023 and December 31, 2022, respectively, of which no shares were outstanding as of March 31, 2023 and December 31, 2022. Pre-Funded Warrants In connection with the follow-on offering entered into in November 2022, the Company entered into an agreement with certain investors for pre-funded warrants in lieu of common stock to purchase up to an aggregate of 3,333,388 shares of common stock at a price of $ 5.9999 , which represents the per share public offering price at the November 2022 follow-on offering for common stock less a $ 0.0001 per share exercise price for each pre-funded warrant. The Company may not effect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant if, upon giving effect to such exercise, the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) would exceed 9.99 % of the number of shares of common stock outstanding immediately after giving effect to the exercise, which percentage may be increased or decreased at the holder’s election upon 61 days’ notice to the Company subject to the terms of such pre-funded warrants, provided that such percentage may in no event exceed 19.99 %. The Company has assessed the pre-funded warrant for appropriate equity or liability classification. During this assessment, the Company determined the pre-funded warrant is a freestanding instrument that does not meet the definition of a liability pursuant to ASC 480 and does not meet the definition of a derivative pursuant to ASC 815. The pre-funded warrant is indexed to the Company’s common stock and meets all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the pre-funded warrant classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. All of the pre-funded warrants related to our November 2022 follow-on offering remain outstanding and unexercised as of March 31, 2023. Share-based Compensation Share-based compensation comprised of stock options, restricted stock awards, restricted stock units and the employee stock purchase plan is classified in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 as follows: FOR THE THREE MONTHS ENDED (in thousands) 2023 2022 Research and development $ 1,063 $ 725 General and administrative 1,982 1,329 $ 3,045 $ 2,054 2021 Equity Incentive Plan In 2021, the board of directors adopted the Rallybio Corporation 2021 Equity Incentive Plan (the "2021 Plan"). The 2021 Plan reserves 5,440,344 for shares of the Company's common stock that have been issued in respect of outstanding equity awards granted prior to the registrant’s IPO and for future issuances of shares to employees, directors and consultants in the form of stock options, SARs, restricted and unrestricted stock and stock units, performance awards and other awards that are convertible into or otherwise based on the Company's common stock. Dividend equivalents may also be provided in connection with awards under the 2021 Plan. The share pool will automatically incr ease on January 1st of each year from 2022 to 2031 by the lesser of (i) five percent of the number of shares of the Company's common stock outstanding as of such date and (ii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date. On January 1, 2023 and January 1, 2022, the 2021 Plan share pool was automatically increased by 1,891,868 shares and 1,606,549 shares, respectively. As of March 31, 2023 , the total number of shares of common stock that were issuable under the 2021 Plan was 6,779,094 shares, of which 2,346,595 shares remained available for future issuance. The following table summarizes stock option activity for the three months ended March 31, 2023: Stock Options Number of Option Shares Weighted-Average Exercise Price Weighted-Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 2,609,314 $ 13.01 8.8 $ — Granted 1,864,150 $ 6.58 Forfeited ( 146,500 ) $ 13.65 Expired ( 32,490 ) $ 14.07 Exercised — $ — Outstanding at March 31, 2023 4,294,474 $ 10.19 9.0 $ — Options exercisable at March 31, 2023 843,035 $ 13.01 7.9 $ — was $ 4.99 per share and $ 10.96 per share, respectively. Options vested during the three months ended March 31, 2023 and 2022 with an exercise price above the closing price as of March 31, 2023 were considered to have no intrinsic value. As of March 31, 2023 , there was unrecognized share-based compensation expense related to unvested stock options of $ 23.0 million, which the Company expects to recognize over a weighted-average period of approximately 3.06 years. The fair value of the stock options granted during the three months ended March 31, 2023 was determined using the Black-Scholes option pricing model with the following assumptions: FOR THE THREE MONTHS ENDED MARCH 31, 2023 Expected volatility 89.37 % - 92.27 % Expected term (years) 5.50 - 6.08 Risk free interest rate 3.68 % - 4.52 % Expected dividend yield — Exercise price $ 6.19 - $ 7.83 A summ ary of the status of the Company's nonvested restricted common stock awards at March 31, 2023 and changes during the three months ended March 31, 2023 was as follows: Restricted Stock Awards Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock awards at December 31, 2022 1,006,368 $ 3.48 Granted — $ — Vested ( 211,332 ) $ 2.87 Forfeited ( 91,155 ) $ 2.77 Outstanding nonvested restricted stock awards at March 31, 2023 703,881 $ 3.75 As of March 31, 2023 , there was unrecognized share-based compensation expense related to unvested restricted stock awards of $ 2.5 million, which the Company expects to recognize over a weighted-average period of approximately 1.91 years. A summary of the status of the Company's nonvested restricted common stock units at March 31, 2023 and changes during the three months ended March 31, 2023 was as follows: Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock units at December 31, 2022 128,600 $ 11.12 Granted 9,425 $ 6.50 Forfeited — $ — Vested — $ — Outstanding nonvested restricted stock units at March 31, 2023 138,025 $ 10.81 , there was unrecognized share-based compensation expense related to unvested restricted stock units of $ 1.0 million, which the Company expects to recognize over a weighted-average period of approximately 2.04 years. 2021 Employee Stock Purchase Plan In connection with the Company's IPO, the board of directors adopted the Rallybio Corporation 2021 Employee Stock Purchase Plan (the "2021 ESPP"), which reserves 291,324 shares of the Company's common stock for future issuances under this plan. The share pool will automatically increase on January 1st of each year from 2022 to 2031 by the lesser of (i) one percent of the number of shares of the Company's common stock outstanding as of such date, (ii) 582,648 shares of the Company’s common stock and (iii) the number of shares of the Company's common stock determined by the board of directors on or prior to such date . On January 1, 2023 and January 1, 2022, the 2021 ESPP share pool was automatically increased by 378,373 shares and 321,309 shares, respectively. As of March 31, 2023 , the total number of shares of the Company's common stock that were available for future issuance under the 2021 ESPP was 952,161 shares. During the three months ended March 31, 2023 , the Company did no t issue any shares under the 2021 ESPP. For the three months ended March 31, 2023 , the total share-based compensation for ESPP was $ 60 thousand. |
Investment In Joint Venture
Investment In Joint Venture | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | 6. INVESTMENT IN JOINT VENTURE The Company, through one of its wholly-owned subsidiaries, has a 50 % interest of the joint venture entity, RE Ventures I, LL C, a limited liability company (“REV-I”). For the three months ended March 31, 2023 the Company funded $ 0.8 million associated with the Company's commitment and its share of REV-I development. For the three months ended March 31, 2022 , the Company did no t provide funding to REV-I. The Company did not provide any additional financial support outside of capital contributions to REV-I during the three months ended March 31, 2023 and 2022. While the Company held a 50% interest in the joint venture as of March 31, 2023, based on management’s analysis, the Company is not the primary beneficiary of REV-I and accordingly, the entity is not consolidated in the Company's condensed consolidated financial statements. For the three months ended March 31, 2023 and 2022, the Company recorded its allocable share of REV-I’s losses, which totaled $ 0.6 million and $ 0.4 million, respectively, as a loss on investment in joint venture within the condensed consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, the carrying value and maximum exposure to risk of the REV-I investment as of March 31, 2023 and December 31, 2022 was $ 0.2 million and $ 30 thousand, respectively, which was recorded in investment in joint venture in the accompanying condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Purchase Commitments —The Company enters contracts in the normal course of business with contract research organizations and other third-party vendors for clinical trials and testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by us upon written notice. Payments that may be due upon cancellation consist of payments for services provided or expenses incurred prior to cancellation. As of March 31, 2023 and December 31, 2022 there were no amounts accrued related to termination charges. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 8. NET LOSS PER COMMON SHARE Basic and diluted loss per common share was calculated as follows: FOR THE THREE MONTHS ENDED 2023 2022 Net loss $ ( 17,318 ) $ ( 14,498 ) Weighted-average number of common shares 40,248,893 30,318,405 Net loss per common share, basic and diluted $ ( 0.43 ) $ ( 0.48 ) Basic net loss per share of common stock is based on the weighted-average number of shares of common stock outstanding during the period. Pre-funded warrants to purchase 3,333,388 shares of common stock that were issued in connection with the November 2022 follow-on offering were included in the weighted-average number of common shares outstanding for the three months ended March 31, 2023. The weighted average number of common shares outstanding diluted for the three months ended March 31, 2023 excludes approximately 5.1 million stock options and unvested restricted share awards/units, which were not dilutive and not included in the computation of net loss per common share. The weighted-average number of common shares outstanding diluted for three months ended March 31, 2022 excludes approximately 4.3 million stock options and unvested restricted common shares, which were not dilutive and not included in the computation of net loss per common share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Unaudited Financial Information | Unaudited Financial Information — The unaudited condensed consolidated financial statements of the Company have been prepared 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 (the "SEC"). In the opinion of the Company, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying unaudited condensed consolidated financial statements include the accounts of Rallybio Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 (our "Annual Report"). Our significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in our Annual Report. There have been no new accounting policies, including the adoption of new accounting standards during the three months ended March 31, 2023 , which could be expected to materially impact the Company's unaudited condensed consolidated financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Fair Value of Marketable Securities by Type of Marketable Securities | The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of our marketable securities by type of security as of March 31, 2023 and December 31, 2022 was as follows: MARCH 31, 2023 (in thousands) Fair Value Hierarchy Level Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Money market funds Level 1 $ 19,187 $ — $ — $ 19,187 U.S. treasury securities Level 1 14,195 1 ( 26 ) 14,170 U.S. government agency securities Level 2 96,736 27 ( 63 ) 96,700 $ 130,118 $ 28 $ ( 89 ) $ 130,057 DECEMBER 31, 2022 (in thousands) Fair Value Hierarchy Level Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Money market funds Level 1 $ 12,647 $ — $ — $ 12,647 U.S. treasury securities Level 1 39,372 — ( 169 ) 39,203 U.S. government agency securities Level 2 76,860 37 ( 82 ) 76,815 $ 128,879 $ 37 $ ( 251 ) $ 128,665 |
Schedule of Marketable Securities by Balance Sheet Location Classification | The fair values of marketable securities by classification in the condensed consolidated balance sheets was as follows as of March 31, 2023 and December 31, 2022: (in thousands) MARCH 31, 2023 DECEMBER 31, 2022 Cash and cash equivalents $ 19,187 $ 16,629 Marketable securities 110,870 112,036 $ 130,057 $ 128,665 |
Schedule of Fair Values of Available-for-Sale Debt Securities by Contractual Maturity | The fair values of available-for-sale debt securities as of March 31, 2023 and December 31, 2022, by contractual maturity, are summarized as follows: (in thousands) MARCH 31, 2023 DECEMBER 31, 2022 Due in one year or less $ 125,526 $ 127,667 Due after one year through two years 4,531 998 $ 130,057 $ 128,665 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consisted of the following as of March 31, 2023 and December 31, 2022: (in thousands) MARCH 31, DECEMBER 31, Research and development $ 8,653 $ 7,904 Insurance 539 933 Other prepaids 633 615 Other assets 1,062 1,050 $ 10,887 $ 10,502 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of March 31, 2023 and December 31, 2022: (in thousands) MARCH 31, DECEMBER 31, Research and development $ 3,255 $ 3,582 Compensation and related expenses 1,411 4,703 Professional fees 506 510 Other 649 654 $ 5,821 $ 9,449 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Share-Based Compensation for Stock Options, Restricted Stock Awards and Restricted Stock Units and the Employee Stock Purchase Plan | Share-based compensation comprised of stock options, restricted stock awards, restricted stock units and the employee stock purchase plan is classified in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 as follows: FOR THE THREE MONTHS ENDED (in thousands) 2023 2022 Research and development $ 1,063 $ 725 General and administrative 1,982 1,329 $ 3,045 $ 2,054 |
Summary of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2023: Stock Options Number of Option Shares Weighted-Average Exercise Price Weighted-Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2022 2,609,314 $ 13.01 8.8 $ — Granted 1,864,150 $ 6.58 Forfeited ( 146,500 ) $ 13.65 Expired ( 32,490 ) $ 14.07 Exercised — $ — Outstanding at March 31, 2023 4,294,474 $ 10.19 9.0 $ — Options exercisable at March 31, 2023 843,035 $ 13.01 7.9 $ — |
Summary of Assumptions of Fair Value of Option Pricing Granted | The fair value of the stock options granted during the three months ended March 31, 2023 was determined using the Black-Scholes option pricing model with the following assumptions: FOR THE THREE MONTHS ENDED MARCH 31, 2023 Expected volatility 89.37 % - 92.27 % Expected term (years) 5.50 - 6.08 Risk free interest rate 3.68 % - 4.52 % Expected dividend yield — Exercise price $ 6.19 - $ 7.83 |
Summary of Nonvested Restricted Common Stock Awards | A summ ary of the status of the Company's nonvested restricted common stock awards at March 31, 2023 and changes during the three months ended March 31, 2023 was as follows: Restricted Stock Awards Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock awards at December 31, 2022 1,006,368 $ 3.48 Granted — $ — Vested ( 211,332 ) $ 2.87 Forfeited ( 91,155 ) $ 2.77 Outstanding nonvested restricted stock awards at March 31, 2023 703,881 $ 3.75 |
Summary of Nonvested Restricted Common Stock Units | A summary of the status of the Company's nonvested restricted common stock units at March 31, 2023 and changes during the three months ended March 31, 2023 was as follows: Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Per Share Nonvested restricted stock units at December 31, 2022 128,600 $ 11.12 Granted 9,425 $ 6.50 Forfeited — $ — Vested — $ — Outstanding nonvested restricted stock units at March 31, 2023 138,025 $ 10.81 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Loss Per Common Share | Basic and diluted loss per common share was calculated as follows: FOR THE THREE MONTHS ENDED 2023 2022 Net loss $ ( 17,318 ) $ ( 14,498 ) Weighted-average number of common shares 40,248,893 30,318,405 Net loss per common share, basic and diluted $ ( 0.43 ) $ ( 0.48 ) |
Business and Liquidity - Additi
Business and Liquidity - Additional Information (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Cash, cash equivalents and marketable securities | $ 150.4 |
Marketable Securities - Summary
Marketable Securities - Summary of available-for-sale marketable securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 130,118 | $ 128,879 |
Gross Unrealized Holding Gains | 28 | 37 |
Gross Unrealized Holding Losses | (89) | (251) |
Fair Value | 130,057 | 128,665 |
Level 1 | Money Market Funds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 19,187 | 12,647 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 19,187 | 12,647 |
Level 1 | U S Treasury Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 14,195 | 39,372 |
Gross Unrealized Holding Gains | 1 | 0 |
Gross Unrealized Holding Losses | (26) | (169) |
Fair Value | 14,170 | 39,203 |
Level 2 | U.S. government agency securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 96,736 | 76,860 |
Gross Unrealized Holding Gains | 27 | 37 |
Gross Unrealized Holding Losses | (63) | (82) |
Fair Value | $ 96,700 | $ 76,815 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Available-for-Sale Securities by Balance Sheet Location Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Debt securities available-for-sale | $ 130,057 | $ 128,665 |
Cash and cash equivalents | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt securities available-for-sale | 19,187 | 16,629 |
Marketable securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Debt securities available-for-sale | $ 110,870 | $ 112,036 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Fair Values of Available-For-Sale Debt Securities By Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less | $ 125,526 | $ 127,667 |
Due after one year through two years | 4,531 | 998 |
Total available-for-sale debt securities by contractual maturity | $ 130,057 | $ 128,665 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Aggregate fair value of available-for-sale debt securities in an unrealized loss position | $ 50,900,000 | $ 70,000,000 |
Allowance for credit losses | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Research and development | $ 8,653 | $ 7,904 |
Insurance | 539 | 933 |
Other prepaids | 633 | 615 |
Other assets | 1,062 | 1,050 |
Prepaid expenses and other assets | $ 10,887 | $ 10,502 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule Of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Research and development | $ 3,255 | $ 3,582 |
Compensation and related expenses | 1,411 | 4,703 |
Professional fees | 506 | 510 |
Other | 649 | 654 |
Accrued expenses | $ 5,821 | $ 9,449 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Jan. 01, 2023 | Jan. 01, 2022 | Nov. 30, 2022 | Aug. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 37,746,214 | 37,837,369 | |||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||||
Common stock, shares outstanding | 37,746,214 | 37,837,369 | |||||
Weighted average grant date fair value | $ 4.99 | $ 10.96 | |||||
Intrinsic value of stock options vested | $ 0 | ||||||
Unrecognized share-based compensation expense | $ 23,000 | ||||||
Total unrecognized compensation costs, weighted average period for recognition | 3 years 21 days | ||||||
Pre-Funded Warrants | |||||||
Class of Stock [Line Items] | |||||||
Common stock price per share | $ 5.9999 | ||||||
Pre-funded warrants exercise price | $ 0.0001 | ||||||
Number of securities called by warrants or rights | 3,333,388 | ||||||
Restricted Stock Awards | |||||||
Class of Stock [Line Items] | |||||||
Total unrecognized compensation costs, weighted average period for recognition | 1 year 10 months 28 days | ||||||
Unrecognized share-based compensation expense, restricted stock awards | $ 2,500 | ||||||
Restricted Stock Units (RSUs) | |||||||
Class of Stock [Line Items] | |||||||
Unrecognized share-based compensation expense, restricted stock units | $ 1,000 | ||||||
Total unrecognized compensation costs, weighted average period for recognition | 2 years 14 days | ||||||
2021 Equity Incentive Plan | |||||||
Class of Stock [Line Items] | |||||||
Common stock issuable | 6,779,094 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 5,440,344 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 2,346,595 | ||||||
No of shares increased | 1,891,868 | 1,606,549 | |||||
2021 Employee Stock Purchase Plan | |||||||
Class of Stock [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 291,324 | ||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 952,161 | ||||||
Common stock shares outstanding | 582,648 | ||||||
No of shares increased | 378,373 | 321,309 | |||||
Shares issued | 0 | ||||||
Total share based compensation | $ 60 | ||||||
IPO | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period, shares, new issues | 7,130,000 | ||||||
Common stock price per share | $ 13 | ||||||
Proceeds from issuance of common stock | $ 92,700 | ||||||
Net proceeds | $ 83,000 | ||||||
Over Allotment On Follow On Offering | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period, shares, new issues | 803,654 | ||||||
Over Allotment On Initial Public Offering | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period, shares, new issues | 930,000 | ||||||
Follow On Offering | |||||||
Class of Stock [Line Items] | |||||||
Stock issued during period, shares, new issues | 5,803,655 | ||||||
Common stock price per share | $ 6 | ||||||
Proceeds from issuance of common stock | $ 54,800 | ||||||
Net proceeds | $ 50,800 | ||||||
Number of securities called by warrants or rights | 3,333,388 | ||||||
Follow On Offering | Pre-Funded Warrants | |||||||
Class of Stock [Line Items] | |||||||
Pre-funded warrants exercise price | $ 0.0001 | ||||||
Exceed Limit Percentage With Exercise To Aggregate Shares Of Common Stock Beneficially Owned | 9.99% | ||||||
Percentage of common stock beneficially owned not exceed | 19.99% | ||||||
Number of securities called by warrants or rights | 3,333,388 | ||||||
Days of notice | 61 days |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Equity-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 3,045 | $ 2,054 |
Research and Development | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 1,063 | 725 |
General and Administrative | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 1,982 | $ 1,329 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-based compensation arrangement by share-based payment award, options, outstanding, number, beginning balance | 2,609,314 | |
Options granted - shares | 1,864,150 | |
Options forfeited - shares | (146,500) | |
Options expired - shares | (32,490) | |
Options exercised - shares | 0 | |
Share-based compensation arrangement by share-based payment award, options, outstanding, number, ending balance | 4,294,474 | 2,609,314 |
Options exercisable, end of period (in shares) | 843,035 | |
Options outstanding, beginning of period - weighted average exercise price per share | $ 13.01 | |
Options granted - weighted average exercise price per share | 6.58 | |
Options forfeited - weighted average exercise price per share | 13.65 | |
Options expired - weighted average exercise price per share | 14.07 | |
Options exercised - weighted average exercise price per share | 0 | |
Options outstanding, end of period - weighted average exercise price per share | 10.19 | $ 13.01 |
Options exercisable, end of period - weighted average exercise price per share | $ 13.01 | |
Options outstanding, beginning of period - weighted average remaining contractual term (years) | 9 years | 8 years 9 months 18 days |
Options outstanding, end of period - weighted average remaining contractual term (years) | 9 years | 8 years 9 months 18 days |
Options exercisable, end of period - weighted average remaining contractual term (years) | 7 years 10 months 24 days | |
Options outstanding, beginning of period - aggregate intrinsic value | $ 0 | |
Options outstanding, end of period - aggregate intrinsic value | 0 | $ 0 |
Options exercisable, end of period - aggregate intrinsic value | $ 0 |
Stockholder's Equity - Summar_2
Stockholder's Equity - Summary of Assumptions of Fair Value of Option Pricing Granted (Details) - Employee Stock Options - Two Thousand and Twenty One Equity Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected volatility, minimum | 89.37% |
Expected volatility, maximum | 92.27% |
Risk-free interest rate, minimum | 3.68% |
Risk-free interest rate, maximum | 4.52% |
Expected dividend yield | 0% |
Maximum | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term (years) | 6 years 29 days |
Exercise price | $ 7.83 |
Minimum | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term (years) | 5 years 6 months |
Exercise price | $ 6.19 |
Stockholder's Equity - Summar_3
Stockholder's Equity - Summary of Nonvested Restricted Common Stock Awards (Details) - Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted average grant date fair value, beginning balance | $ / shares | $ 3.48 |
Weighted average grant date fair value, shares granted | $ / shares | 0 |
Weighted average grant date fair value, shares vested | $ / shares | 2.87 |
Weighted average grant date fair value, shares forfeited | $ / shares | 2.77 |
Weighted average grant date fair value, ending balance | $ / shares | $ 3.75 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning balance | shares | 1,006,368 |
Shares granted | shares | 0 |
Shares vested | shares | (211,332) |
Shares forfeited | shares | (91,155) |
Outstanding, ending balance | shares | 703,881 |
Stockholder's Equity - Summar_4
Stockholder's Equity - Summary of Nonvested Restricted Common Stock Units (Details) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, beginning balance | shares | 128,600 |
Shares granted | shares | 9,425 |
Shares forfeited | shares | 0 |
Shares vested | shares | 0 |
Outstanding, ending balance | shares | 138,025 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 11.12 |
Weighted average grant date fair value, shares granted | $ / shares | 6.50 |
Weighted average grant date fair value, shares forfeited | $ / shares | 0 |
Weighted average grant date fair value, shares vested | $ / shares | 0 |
Weighted average grant date fair value, ending balance | $ / shares | $ 10.81 |
Investment In Joint Venture - A
Investment In Joint Venture - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Allocable share of losses recorded | $ (563) | $ (390) | |
Investment in joint venture | 217 | $ 30 | |
Funding for joint venture | $ 750 | 0 | |
RE Ventures I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest of joint venture entity | 50% | ||
Allocable share of losses recorded | $ 600 | 400 | |
Investment in joint venture | 200 | $ 30 | |
Funding for joint venture | $ 800 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Other Commitments [Line Items] | ||
Termination charges | $ 0 | $ 0 |
Net Loss Per Common Share - Sum
Net Loss Per Common Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (17,318) | $ (14,498) |
Weighted average number of common shares outstanding, basic | 40,248,893 | 30,318,405 |
Weighted average number of common shares outstanding, diluted | 40,248,893 | 30,318,405 |
Net loss per common share, basic | $ (0.43) | $ (0.48) |
Net loss per common share, diluted | $ (0.43) | $ (0.48) |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Follow-On Offering [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of securities called by warrants or rights | 3,333,388 | |
Stock Options And Unvested Restricted Share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,100,000 | 4,300,000 |