Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 10, 2022 | Jul. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | IN8BIO, INC. | ||
Entity Central Index Key | 0001740279 | ||
Entity Tax Identification Number | 82-5462585 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity File Number | 001-39692 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Icfr Auditor Attestation Flag | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 350 5th Avenue | ||
Entity Address, Address Line Two | Suite 5330 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10118 | ||
City Area Code | 646 | ||
Local Phone Number | 600-6438 | ||
Trading Symbol | INAB | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Documents Incorporated By Reference | Portions of the definitive proxy statement for the 2022 Annual Meeting of Stockholders of the Registrant, or the Proxy Statement, are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2021. | ||
Entity Public Float | $ 61.5 | ||
Entity Common Stock, Shares Outstanding | 18,812,267 | ||
Auditor Name | CohnReznick LLP | ||
Auditor Location | Tysons, Virginia | ||
Auditor Firm ID | 596 | ||
Document Transition Report | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 37,021 | $ 17,994 |
Prepaid expenses and other current assets | 1,959 | 150 |
Total Current Assets | 38,980 | 18,144 |
Non-current assets | ||
Property and equipment, net | 97 | 186 |
Construction in Progress | 403 | 0 |
Restricted cash | 251 | 141 |
Deferred offering costs | 0 | 2,439 |
Right of use assets - financing leases | 704 | 0 |
Right of use assets - operating leases | 1,630 | 0 |
Other non-current assets | 158 | 0 |
Total Non-Current Assets | 3,243 | 2,766 |
Total Assets | 42,223 | 20,910 |
Current liabilities | ||
Accounts payable | 395 | 620 |
Accrued expenses and other current liabilities | 1,235 | 1,778 |
Short-term financing lease liability | 392 | 0 |
Short-term operating lease liability | 234 | 0 |
Loan payable, current | 0 | 174 |
Total Current Liabilities | 2,256 | 2,572 |
Deferred rent | 0 | 17 |
Long-term financing lease liability | 269 | 0 |
Long-term operating lease liability | 1,515 | 0 |
Total Non-Current Liabilities | 1,784 | 17 |
Total Liabilities | 4,040 | 2,589 |
Commitments and Contingencies | ||
Convertible preferred stock, Series A (Note 8) | 0 | 34,900 |
Stockholders' Equity (Deficit) | ||
Common stock, par value $0.0001 per share; 490,000,000 and 50,700,000 shares authorized at December 31, 2021 and 2020, respectively; 18,781,242 and 3,764,488 shares issued and outstanding at December 31, 2021 and 2020, respectively | 2 | 1 |
Additional paid-in capital | 70,872 | 1,458 |
Accumulated deficit | (32,691) | (18,038) |
Total Stockholders' Equity (Deficit) | 38,183 | (16,579) |
Total Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) | $ 42,223 | $ 20,910 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 490,000,000 | 50,700,000 |
Common stock, shares, issued | 18,781,242 | 3,764,488 |
Common stock, shares, outstanding | 18,781,242 | 3,764,488 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses: | ||
Research and development | $ 7,347 | $ 5,378 |
General and administrative | 7,306 | 3,179 |
Total operating expenses | 14,653 | 8,557 |
Loss from operations | (14,653) | (8,557) |
Net loss | (14,653) | (8,557) |
Net loss attributable to common stockholders (Note 12) | $ (14,653) | $ (10,340) |
Net loss per share attributable to common stockholders – basic and diluted | $ (1.47) | $ (3.02) |
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 9,969,733 | 3,419,075 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock, Common Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | License Agreement [Member] | Legal Settlement [Member] | Convertible Preferred Stock [Member] | Common Class A [Member] | Common Stock [Member] | Common Stock [Member]License Agreement [Member] | Common Stock [Member]Legal Settlement [Member] | Common Stock [Member]Common Class A [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]License Agreement [Member] | Additional Paid-in Capital [Member]Legal Settlement [Member] | Additional Paid-in Capital [Member]Common Class A [Member] | Accumulated Deficit [Member] | IPO [Member] | IPO [Member]Convertible Preferred Stock [Member] | IPO [Member]Common Stock [Member] | IPO [Member]Additional Paid-in Capital [Member] |
Temporary equity shares beginning at Dec. 31, 2019 | 2,713,980 | |||||||||||||||||
Temporary equity amount beginning at Dec. 31, 2019 | $ 8,896 | |||||||||||||||||
Shares beginning at Dec. 31, 2019 | 3,235,671 | |||||||||||||||||
Balance beginning at Dec. 31, 2019 | $ (9,242) | $ 1 | $ 238 | $ (9,481) | ||||||||||||||
Stock issued during period shares new issues, amount | $ 103 | $ 248 | $ 25,175 | $ 499 | $ 103 | $ 248 | $ 499 | |||||||||||
Stock issued during period shares new issues, shares | 7,048,351 | 89,629 | 200,750 | 227,010 | ||||||||||||||
Exercise of common stock option | $ 13 | $ 13 | ||||||||||||||||
Exercise of common stock option, shares | 11,428 | |||||||||||||||||
Conversion of convertible preferred stock to common stock upon closing of IPO | 0 | |||||||||||||||||
Exercise of Warrants | $ 829 | |||||||||||||||||
Exercise of Warrants, shares | 231,396 | |||||||||||||||||
Stock-based compensation expense | 357 | 357 | ||||||||||||||||
Net loss | (8,557) | (8,557) | ||||||||||||||||
Temporary equity shares ending at Dec. 31, 2020 | 9,993,727 | |||||||||||||||||
Temporary equity amount ending at Dec. 31, 2020 | 34,900 | $ 34,900 | ||||||||||||||||
Shares ending at Dec. 31, 2020 | 3,764,488 | |||||||||||||||||
Balance ending at Dec. 31, 2020 | (16,579) | $ 1 | 1,458 | (18,038) | ||||||||||||||
Stock issued during period shares new issues, amount | $ 32,290 | $ 32,290 | ||||||||||||||||
Stock issued during period shares new issues, shares | 4,000,000 | |||||||||||||||||
Exercise of common stock option | $ 30 | 30 | ||||||||||||||||
Exercise of common stock option, shares | 26,689 | 26,689 | ||||||||||||||||
Temporary equity conversion of convertible preferred stock to common stock, shares | (9,993,727) | |||||||||||||||||
Temporary equity conversion of convertible preferred stock to common stock | $ (34,900) | |||||||||||||||||
Conversion of convertible preferred stock to common stock upon closing of IPO | 10,990,065 | |||||||||||||||||
Conversion of convertible preferred stock to common stock upon closing of IPO | $ 34,900 | $ 34,900 | $ 1 | $ 34,899 | ||||||||||||||
Stock-based compensation expense | 2,195 | 2,195 | ||||||||||||||||
Net loss | (14,653) | (14,653) | ||||||||||||||||
Temporary equity amount ending at Dec. 31, 2021 | 0 | |||||||||||||||||
Shares ending at Dec. 31, 2021 | 18,781,242 | |||||||||||||||||
Balance ending at Dec. 31, 2021 | $ 38,183 | $ 2 | $ 70,872 | $ (32,691) |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock, Common Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Preferred Stock [Member] | ||
Payments of stock issuance costs | $ 81 | |
IPO [Member] | ||
Payments of stock issuance costs | $ 7,685 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | ||
Net loss | $ (14,653) | $ (8,557) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 89 | 88 |
Stock-based compensation | 2,195 | 357 |
Stock issuance related to license agreement | 0 | 103 |
Stock issuance related to legal settlement | 0 | 248 |
Deferred rent | 0 | 17 |
Amortization of financing lease right-of-use assets | 537 | 0 |
Amortization of operating lease right-of-use assets | 162 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,876) | 3 |
Other non-current assets | (159) | (48) |
Accounts payable | (319) | (160) |
Accrued expenses and other current liabilities | (554) | 816 |
Short-term operating lease liabilities | 158 | 0 |
Long-term operating lease liabilities | (197) | 0 |
Net cash used in operating activities | (13,509) | (7,133) |
Investing activities | ||
Construction in progress | (309) | 0 |
Net cash used in investing activities | (309) | 0 |
Financing activities | ||
Proceeds from exercise of common stock options | 30 | 13 |
Proceeds from the issuance of common stock | 36,327 | 499 |
Proceeds from issuance of preferred stock - net of $81 of issuance costs | 0 | 25,175 |
Principal payments on financing leases | (535) | 0 |
Proceeds from issuance of loan | 0 | 174 |
Repayment of loan payable | (174) | 0 |
Payment of deferred offering costs | (2,693) | (1,344) |
Net cash provided by financing activities | 32,955 | 24,517 |
Net increase in cash and restricted cash | 19,137 | 17,384 |
Cash and restricted cash at beginning of period | 18,135 | 751 |
Cash and restricted cash at end of period | 37,272 | 18,135 |
Supplemental disclosure of non-cash operating, financing and investing information | ||
Deferred offering costs included in accounts payable and accrued expenses | 0 | 1,095 |
Exercise of convertible preferred stock warrants | 0 | 829 |
Construction in progress included in accounts payable | 94 | 0 |
Conversion of preferred stock - Series A into common stock | 34,900 | 0 |
Right-of-use assets obtained in exchange for financing lease | 309 | 0 |
Right-of-use assets obtained in exchange for operating lease | 969 | 0 |
Initial measurement of operating lease right-of-use assets and liabilities | 1,693 | 0 |
Initial measurement Of Lease Liabilities | 1,728 | 0 |
Cash, end of year | 37,021 | 17,994 |
Long-term restricted cash, end of year | 251 | 141 |
Cash and restricted cash at end of period | $ 37,272 | $ 18,135 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Preferred Stock | |
Payments of stock issuance costs | $ 81 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. ORGANIZATION AND NATURE OF OPERATIONS Organization and Business IN8bio, Inc. (the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell therapies for the treatment of cancer. The Company’s lead product candidates are currently in Phase 1 clinical trials: INB-200, for the treatment of patients with newly diagnosed glioblastoma (“GBM”), and INB-100, for the treatment of patients with leukemia that are undergoing hematopoietic stem cell transplantation (“HSCT”). In addition, the Company’s DeltEx platform has yielded a broad portfolio of preclinical programs, including INB-300 and INB-400, focused on addressing other solid tumor types. Incysus, Inc. (“Incysus”) was a corporation formed in the State of Delaware on November 23, 2015 and Incysus, Ltd. was incorporated in Bermuda on February 8, 2016. Incysus was the wholly owned United States subsidiary of Incysus, Ltd. On May 7, 2018, Incysus, Ltd. reincorporated in the United States in a domestication transaction (the “Domestication”) in which Incysus, Ltd. converted into a newly formed Delaware corporation, Incysus Therapeutics, Inc. (“Incysus Therapeutics”). On July 24, 2019, Incysus Therapeutics merged with Incysus. Incysus Therapeutics subsequently changed its name to IN8bio, Inc. in August 2020. Following the Domestication in May 2018 and the merging of Incysus Therapeutics and Incysus in July 2019, the Company did not have any subsidiaries to consolidate as of December 31, 2020. The Company is headquartered in New York, New York. Coronavirus Pandemic Th e ongoing COVID-19 pandemic, including the periods of resurgences of cases relating to the spread of various strains such as the Delta and Omicron variants, has had a significant impact, both direct and indirect, on businesses and commerce, as certain worker shortages have occurred, supply chains have been disrupted, and facilities and productions have been suspended. The COVID-19 pandemic has impacted and may continue to impact the clinical sites and startup activities for the Company’s Phase 1/2 clinical trial, including third-party manufacturing and logistics providers, which have disrupted and may continue to disrupt its supply chains and the availability or cost of materials, and it has affected and may continue to affect the Company’s ability to timely initiate, enroll and complete its clinical trials, conduct regulatory activities and operate its business more generally. The pandemic may impact the timing of regulatory approval of the investigational new drug application for clinical trials, the enrollment of any clinical trials that are approved, the availability of clinical trial materials and regulatory approval and commercialization of our products. The pandemic may also impact the capital markets, inflation expectations and the Company’s ability to access capital, which could negatively impact short-term and long-term liquidity. The full extent to which the pandemic may impact the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including as a result of evolving variants of COVID-19, the actions taken to contain or treat it, including the likelihood of achieving widespread global vaccination rates, the duration and intensity of the related effects of the pandemic and the uncertainty of the timing of the broader economic recovery to pre-pandemic levels. Initial Public Offering On August 3, 2021 , the Company completed its initial public offering (“IPO”) in which it issued and sold 4,000,000 shares of its common stock at a public offering price of $ 10.00 per share. The Company received net proceeds from the IPO of $ 32.3 million, after deducting underwriters’ discounts, commissions, and offering-related costs. Upon closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into 10,990,065 shares of common stock (see Note 8). Liquidity and Capital Resources Through December 31, 2021, the Company funded its operations primarily with proceeds from its Series A convertible preferred stock financing (“Series A Financing”) and, with proceeds from its IPO. The Company has incurred recurring losses and negative operating cash flows from operations since its inception, including net losses of $ 14.7 million and $ 8.6 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company had an accumulated deficit of $ 32.7 million. The Company has not yet generated product sales and as a result has experienced operating losses since inception. The Company expects to incur additional losses in the future to conduct research and development and will need to raise additional capital to fully implement management’s business plan. The Company intends to raise such capital through the issuance of additional equity, and potentially through borrowings, strategic alliances with partner companies and other licensing transactions. However, if such financing is not available at adequate levels, the Company may need to reevaluate its operating plans. Management believes that its existing cash of $ 37.0 million as of December 31, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the useful lives of property and equipment, deferred tax assets and liabilities and related valuation allowance, fair value of stock-based compensation, and accrued research and development costs. Management bases certain estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash. The Company’s cash is maintained with a high quality, accredited financial institution. These amounts, at times, may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Management deems there to be minimal credit risk associated with the Company’s cash. Cash and Restricted Cash Cash consists of standard checking accounts. The Company has restricted cash of $ 0.3 million in the form of cash collateral for the Company’s letter of credit for the year ended December 31, 2021, which has been classified as restricted cash on the Company's balance sheet. The Company had restricted cash of $ 0.1 million in the form of a security deposit related to its agreement with an equipment rental company as of December 31, 2020, which has been classified as restricted cash on the Company’s balance sheet. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Significant replacements and improvements are capitalized, while maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. The estimated useful lives of the Company’s respective assets are as follows: Estimated Useful Life Computer equipment 3 years Laboratory equipment 3 - 5 years Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or disposal of property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in the statement of operations. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. There were no impairments recorded for the years ended December 31, 2021 and 2020. Research and Development Costs Research and development costs are generally expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to nonemployees and entities that conduct certain research and development activities on the Company’s behalf and expenses incurred in connection with license agreements. Non-refundable advance payments for goods or services that will be used for rendered or future research and development activities are deferred and amortized over the period that the goods are delivered, or the related services are performed, subject to an assessment of recoverability. The Company analyzes the progress of clinical trials, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. The Company makes significant judgments and estimates in determining the accrued balance and expense in each accounting period. As actual costs become known, the Company adjusts the accrued estimates. Although the Company does not expect the estimates to be materially different from amounts actually incurred, the status and timing of services performed, the number of patients enrolled and the rate of patient enrollment may vary from the Company’s estimates and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s research and development costs are dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. Leases Effective January 1, 2021, the Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under Accounting Standards Codification ("ASC") 840, Leases . At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date. The Company elected the following practical expedients, which must be elected as a package and applied consistently to all of its leases at the transition date (including those for which the entity is a lessee or a lessor): i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840 are classified as operating leases, and all existing leases that were classified as capital leases in accordance with ASC 840 are classified as finance leases); and iii) the Company did not reassess initial direct costs for any existing leases. For leases that existed prior to the date of initial application of ASC 842 (which were previously classified as operating leases), a lessee may elect to use either the total lease term measured at lease inception under ASC 840 or the remaining lease term as of the date of initial application of ASC 842 in determining the period for which to measure its incremental borrowing rate. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. In accordance with ASC 842, components of a lease should be split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. On the adoption date, $ 1.7 million was recognized as total lease liabilities and $ 1.7 million was recognized as total right-of-use assets on the Company’s balance sheet. Additionally, $ 0.04 was recognized as a reduction to prepaid expenses and other current assets and $ 0.02 was recognized as a reduction to deferred rent on the Company's balance sheet. Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be disclosed at fair value in the financial statements. Fair value is the price at which an asset could be exchanged, or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets at the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs are other than quoted prices included in Level 1, which are either directly or indirectly observable for the asset or liability through correlation with market data at the reporting date and for the duration of the instrument’s anticipated life. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the reporting date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The Company’s financial instruments include cash and restricted cash, and accounts payable. The carrying amounts of cash, restricted cash, and accounts payable approximate fair value due to the short-term nature of these instruments. Income Taxes The Company uses the asset-and-liability method for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards. These are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized. The calculation of the income tax expense involves the use of estimates, assumptions and judgments while taking into account current tax laws and our interpretation of current and possible outcomes of future tax audits. In addition, our policy for accounting for uncertainty in income taxes requires the evaluation of tax positions taken or expected to be taken in the course of the preparation of tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Reevaluation of tax positions considers factors such as changes in facts or circumstances, changes in or interpretations of tax law, effectively settled issues under audit or expiration of statute of limitation and new audit activity. The Company classifies interest and penalty expense related to uncertain tax positions as a component of operating expenses on the statements of income. As of December 31, 2021, the Company had no accrued interest or penalties. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require application of significant judgment. The Company is subject to U.S. federal and various state and local jurisdictions. Due to the Company’s net operating loss carryforwards, the Company may be subject to examination by authorities for all previously filed income tax returns. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act. At present, the Company does not expect that the NOL carryback provision or other provisions of the CARES Act resulting in a material tax benefit to the Company. Convertible Preferred Stock Classification The Company records all convertible preferred stock upon issuance at its respective fair value or original issuance price less issuance costs. The Company classifies its convertible preferred stock outside of stockholders’ deficit as the redemption of such shares is outside the Company’s control. The Company does not adjust the carrying values of the convertible preferred stock to redemption value unless and until it becomes probable that the instrument will become redeemable. As of December 31, 2020, the Company’s convertible preferred stock was not adjusted to redemption value. After the closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into shares of common stock. Stock-Based Compensation The Company measures all stock-based awards granted to employees, nonemployees and directors based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The stock-based compensation expense is accounted for in the statements of operations based on the awards’ grant date fair values. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards. The Company estimates the fair value of options granted using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk-free interest rate and (d) expected dividends. Due to a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company, including stage of product development and life science industry focus. The Company uses the simplified method as allowed by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. Before the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation (the “Practice Aid”), to estimate the fair value of its common stock. The common stock valuation is based on the Company’s enterprise value determined utilizing various methods including the option-pricing method (“OPM”) or a hybrid of the probability-weighted expected return method (“PWERM”) and the OPM. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process preferred stock or common stock financings as deferred offering costs until such financings are consummated. As of August 3, 2021, the date of the closing of the Company's IPO, the Company had deferred offering costs related to the IPO of $ 4.0 million. After closing of the IPO, these costs were recorded in stockholders' equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Recently Issued Accounting Standards Updates In December 2019, the FASB Issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes ,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company has evaluated this guidance and determined that it does not have a material impacts to its financial statements. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 3. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands): December 31, December 31, Machinery and equipment $ 443 $ 443 Less accumulated depreciation ( 346 ) ( 257 ) Property and equipment, net $ 97 $ 186 Depreciation expense was $ 0.1 million for the years ended December 31, 2021 and 2020. |
Construction In Progress
Construction In Progress | 12 Months Ended |
Dec. 31, 2021 | |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | |
Construction in Progress | 4. CONSTRUCTION IN PROGRESS Construction in progress consist of the following (in thousands): December 31, December 31, Furniture $ 77 $ — Leasehold improvements 200 — Internal use software not yet in service 126 — Construction in progress $ 403 $ — |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): December 31, December 31, Accrued offering costs $ — $ 876 Accrued clinical trials 196 376 Accrued compensation 926 400 Accrued other 113 126 Total accrued expenses and other current liabilities $ 1,235 $ 1,778 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | 6. Debt In April 2020, the Company was granted a loan (the “Loan”) in an amount of $ 0.2 million, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted on March 27, 2020. The Loan, which was in the form of a Note dated April 16, 2020, matures on April 16, 2022 and bears interest at a rate of 1.0 % per annum, payable monthly commencing on November 16, 2020 . The Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Funds from the Loan may only be used for payroll costs, costs used to continue group healthcare benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before February 15, 2020. The Company used the entire Loan amount for qualifying expenses. In August 2021, the Company repaid the PPP Loan of $ 0.2 million in full. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 7. Stockholders' Equity (DEFICIT) In August 2021, in connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation which authorized 490,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s Board of Directors in one or more series. Common Stock There were 490,000,000 shares and 50,700,000 shares authorized for issuance at December 31, 2021 and 2020, respectively, and 18,781,242 shares and 3,764,488 shares issued and outstanding at December 31, 2021 and 2020, respectively. Convertible Preferred Stock Upon closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into 10,990,065 shares of common stock. There were no outstanding shares at December 31, 2021. As of December 31, 2020, there were 27,564,260 shares of convertible preferred stock authorized and 9,993,727 shares, issued and outstanding. The convertible preferred shares had a par value of $ 0.0001 and liquidation preference of $ 38.0 million. Preferred Stock Warrants As of December 31, 2021 and 2020, there were no preferred stock warrants outstanding. During the year ended December 31, 2020, all 231,396 outstanding warrants were exercised at the price of $ 0.0003 per share and the warrant liability was settled for the fair value of $ 0.8 million. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | . STOCK-BASED COMPENSATION 2018 Equity Incentive Plan On May 7, 2018, the Company established and adopted the 2018 Equity Incentive Plan (the “2018 Plan”) providing for the granting of stock awards for employees, directors and consultants to purchase shares of the Company’s common stock. Upon the effectiveness of the 2020 Plan (as defined below), the plan was terminated and no further issuances were made under the 2018 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2018 Plan. 2020 Equity Incentive Plan The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the Board of Directors and the Company’s stockholders and became effective on July 29, 2021. The Board of Directors, or committee thereof, is authorized to administer the 2020 Plan. The 2020 Plan provides for the grant of incentive stock options ("ISOs") within the meaning of Section 422 of the U.S. Internal Revenue Code of 1986, as amended, to employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants and any affiliates’ employees and consultants. The number of shares initially reserved for issuance under the 2020 Plan was 4,200,000 , which will automatically increase on January 1 of each year for a period of 10 years , beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to 5 % of the total number of shares of common stock outstanding on the last day of the immediately preceding year, or a lesser number of shares determined by the Board of Directors no later than the last day of the immediately preceding year. The maximum number of shares of common stock that may be issued upon the exercise of ISOs under the 2020 Plan will be 13,000,000 shares. As of December 31, 2021, 10,594,584 shares were available for grant pursuant to the Plan. On January 1, 2022, the shares reserved for issuance was increased to 5,139,062 shares. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the Company’s Board of Directors and the Company’s stockholders and became effective on July 29, 2021. A total of 200,000 shares of common stock were initially reserved for issuance under this plan, which will automatically increase on January 1 of each year for a period of 10 years , beginning on January 1, 2021 and continuing through January 1, 2031, by the lesser of 1 % of the total number of shares of common stock outstanding on the last day of the immediately preceding year; and 400,000 shares, except before the date of any such increase, the Board of Directors may determine that such increase will be less than the amount set forth above. As of December 31, 2021, no shares of common stock had been issued under the 2020 ESPP and 200,000 shares remained available for future issuance under the 2020 ESPP. On January 1, 2022, the shares reserved for issuance was increased to 387,812 shares. The first offering period has not yet been decided by the Company’s Board of Directors or designated committee of the Company’s Board of Directors. Stock Option Activity The following is a summary of the stock option award activity during the year ended December 31, 2021: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2020 1,247,158 $ 5.16 9.34 $ 1,486 Granted 1,231,965 7.59 Exercised ( 26,689 ) ( 1.09 ) Forfeited ( 146,055 ) ( 5.76 ) Outstanding at December 31, 2021 2,306,379 $ 6.51 8.99 $ 983 Exercisable at December 31, 2021 503,206 $ 6.00 8.37 $ 544 Options expected to vest as of December 31, 2021 1,803,173 $ 6.83 9.16 $ 439 The weighted-average grant date fair value of options granted during the years ended December 31, 2021 and 2020 was $ 5.41 and $ 4.67 , respectively. The aggregate intrinsic value is calculated as the difference between the exercise price and the market price of the Company’s common stock at the date of exercise. The aggregate intrinsic value of stock options exercised in the years ended December 31, 2021 and 2020 was $ 0.2 million and $ 0.1 million, respectively. Stock-Based Compensation Expense For the years ended December 31, 2021 and 2020, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options. The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used: December 31, December 31, Volatility 85.67 %- 89.15 % 83.3 %- 90.9 % Expected life (years) 5.49 - 6.68 4.25 - 9.34 Risk-free interest rate 0.66 %- 1.32 % 0.3 %- 1.4 % Dividend rate — % — % • Volatility—The Company estimates the expected volatility of its common stock at the date of grant based on the historical volatility of comparable public companies over the expected term. • Expected life—The expected term represents the period that the Company’s stock option grants are expected to be outstanding. The expected term of the options granted to employees and non-employee directors by the Company has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. • Risk-free interest rate—The risk-free rate for periods within the estimated life of the stock award is based on the U.S. Treasury yield curve in effect at the time of grant. • Dividend rate—The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Stock-based compensation expense was recorded in the following line items in the statements of operations for the years ended December 31, 2021 and 2020 (in thousands): Year Ended 2021 2020 Research and development $ 1,014 $ 192 General and administrative 1,181 $ 165 Total stock-based compensation expense $ 2,195 $ 357 No related tax benefits from stock-based compensation expense were recognized for the years ended December 31, 2021 and 2020. As of December 31, 2021, there was $ 8.3 million in unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 3.11 years. |
License Agreements
License Agreements | 12 Months Ended |
Dec. 31, 2021 | |
License Agreements [Abstract] | |
License Agreements | 9. LICENSE AGREEMENTS Emory University, Children’s Healthcare of Atlanta, Inc. and UAB Research Foundation In June 2016, the Company entered into an exclusive license agreement with Emory University, Children’s Healthcare of Atlanta, Inc. and UAB Research Foundation ("UABRF"), as amended from time to time (the “Emory License Agreement”). The Emory License Agreement was amended in October 2017 and July 2020. Under the Emory License Agreement, the Company obtained an exclusive worldwide license under certain immunotherapy related patents and know-how related to gamma-delta T cells developed by Emory University, Children’s Healthcare of Atlanta, Inc. and UABRF’s affiliate, the University of Alabama at Birmingham, to develop, make, have made, use, sell, import and otherwise commercialize products that are covered by such patents or otherwise incorporate or use the licensed technology. Such exclusive license is subject to certain rights retained by these institutions and also the U.S. government. In consideration of the license granted under the Emory License Agreement, the Company paid Emory University a nominal upfront payment. In addition, the Company is required to pay Emory University development milestones totaling up to an aggregate of $ 1.4 million, low-single-digit to mid-single-digit tiered running royalties on the net sales of the licensed products, including an annual minimum royalty beginning on a specified period after the first sale of a licensed product, and a share of certain payments that the Company may receive from sublicenses. In addition, in the event no milestone payments have been paid in certain years, the Company will be required to pay an annual license maintenance fee. The Emory License Agreement also requires the Company to reimburse Emory University for the cost of the prosecution and maintenance of the licensed patents. Pursuant to the Emory License Agreement, the Company is required to use its best efforts to develop, manufacture and commercialize the licensed product, and is obligated to meet certain specified deadlines in the development of the licensed products. The term of the Emory License Agreement will continue until 15 years after the first commercial sale of the licensed product, or the expiration of the relevant licensed patents, whichever is later . The Company may terminate the Emory License Agreement at will at any time upon prior written notice to Emory University. Emory University has the right to terminate the Emory License Agreement if the Company materially breaches the agreement (including failure to meet diligence obligations) and fails to cure such breach within a specified cure period, if the Company becomes bankrupt or insolvent or decides to cease development and commercialization of the licensed product, or if the Company challenges the validity or enforceability of any licensed patents. Exclusive License Agreement with UABRF In March 2016, the Company entered into an exclusive license agreement with The UAB Research Foundation, or UABRF, as amended from time to time (the “UABRF License Agreement”). The Company amended the UABRF License Agreement in December 2016, January 2017, June 2017 and November 2018. Under the UABRF License Agreement, the Company obtained an exclusive worldwide license under certain immunotherapy-related patents related to the use of gamma-delta T cells, certain CAR-T cells and combination treatments for cellular therapies developed by the University of Alabama at Birmingham and owned by UABRF to develop, make, have made, use, sell, import and otherwise commercialize products that are covered by such patents. Such exclusive license is subject to certain rights retained by UABRF and also the U.S. government. In consideration of the license granted under the UABRF License Agreement, the Company paid UABRF a nominal upfront payment and issued 91,250 shares of common stock to UABRF, which were subject to certain antidilution rights. In addition, the Company is required to pay UABRF development milestones totaling up to an aggregate of $ 1.4 million, lump-sum royalties on cumulative net sales totaling up to an aggregate of $ 22.5 million, mid-single-digit running royalties on net sales of the licensed products, low-single-digit running royalties on net sales of the licensed products, and a share of certain non-royalty income that the Company may receive, including from any sublicenses. The UABRF License Agreement also requires the Company to reimburse UABRF for the cost of the prosecution and maintenance of the licensed patents. Pursuant to the UABRF License Agreement, the Company is required to use good faith reasonable commercial efforts to develop, manufacture and commercialize the licensed product. The term of the UABRF License Agreement will continue until the expiration of the licensed patents. The Company may terminate the UABRF License Agreement at will at any time upon prior written notice to UABRF. UABRF has the right to terminate the UABRF License Agreement if the Company materially breaches the agreement and fails to cure such breach within a specified cure period, if the Company fails to diligently undertake development and commercialization activities as set forth in the development and commercialization plan, if the Company underreports its payment obligations or underpays by more than a specified threshold, if the Company challenges the validity or enforceability of any licensed patents, or if the Company becomes bankrupt or insolvent. Antidilution Provision The antidilution provision required the Company to issue additional shares of common stock such that UABRF maintains a 2.5 % ownership interest in the Company until it has raised at least $ 20.0 million through one or more rounds of investment. As of December 31, 2021, the Company had a total of 151,382 shares of common stock issued in satisfaction of this antidilution provision. The Company assessed the antidilution right and determined that the right (i) meets the definition of a freestanding financial instrument that was not indexed to the Company’s own stock and (ii) meets the definition of a derivative and did not qualify for equity classification. The initial fair value of the antidilution liability, and the value at June 30, 2020, was determined to be immaterial based on the remote probability of an additional financing and the immaterial value of the total number of shares that could be issued pursuant to the provision. The antidilution provision was settled in August 2020 when the Company raised an additional $ 19.8 million in gross proceeds through the issuance and sale of Series A Preferred Stock for a total of $ 35.0 million in gross proceeds related to the issuance and sale of Series A Preferred Stock. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES For the years ended December 31, 2021 and 2020, the tax provision (benefit) consisted of (in thousands): December 31, December 31, Current provision (benefit): Federal $ — $ — State — — Total — — Deferred provision (benefit) Federal ( 2,670 ) ( 1,569 ) State ( 1,938 ) ( 1,116 ) Total ( 4,608 ) ( 2,685 ) Change in valuation allowance 4,608 2,685 Income tax provision (benefit) $ — $ — The items accounting for the difference between income taxes computed at the federal statutory rate and the Company’s effective tax rate for 2021 and 2020 were as follows: December 31, December 31, U.S Federal statutory rate 21 % 21 % State taxes, net of federal benefit 10 % 10 % Stock-based compensation - 2 % 0 % Other permanent differences - 1 % 0 % True up adjustments 3 % 0 % Change in valuation allowance - 31 % - 31 % Income tax provision (benefit) 0 % 0 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Components of the Company’s net deferred tax assets (liabilities) balance are as follows at December 31, 2021 and 2020 (in thousands): December 31, December 31, Deferred tax assets: Stock-based compensation $ 337 $ 155 Net operating loss carryforwards and alternative minimum tax credits 6,803 4,667 Lease liabilities 791 — Reserves and accruals 304 — Intangibles and fixed assets 1,922 — Total deferred tax assets 10,157 4,822 Deferred tax liabilities: ROU assets ( 766 ) — Property and equipment — ( 38 ) Total deferred tax liabilities ( 766 ) ( 38 ) Valuation allowance ( 9,391 ) ( 4,784 ) Deferred tax assets (liabilities), net $ — $ — On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act. At present, the Company does not expect that the NOL carryback provision or other provisions of the CARES Act resulting in a material tax benefit to the Company . As of December 31, 2021, the Company had federal NOL carryforwards of approximately $ 20.1 million, New York State and City NOL carryforwards of approximately $ 30.1 million which will begin to expire in 2039. However, the Company’s ability to utilize these NOLs will be dependent on the Company’s ability to generate future taxable income. Furthermore, the utilization of these NOLs may also be limited in the future. The Company has evaluated both positive and negative evidences and determined that negative evidence outweighed the positive evidence and that a full valuation allowance on its net deferred tax assets will be maintained. The net change in the valuation allowance for the year ended December 31, 2021 was an increase of $ 4.6 million. IRC Section 382 imposes limitations on the use of net operating loss carryovers when the stock ownership of one or more 5 % shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Accordingly, there is a risk of an ownership change that could trigger a limitation of the use of the loss carryover. The Company has undertaken a formal IRC Section 382 study up until March 1, 2022. Management concluded that the Company did not undergo a no more than 50 % ownership change defined under IRS Section 382(a); all the attributes disclosed in this footnotes reflect the conclusion of that study. However, subsequent ownership changes may further limit the Company's ability in the future to utilize its NOLs and other tax carryforwards. In the ordinary course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessment by these taxing authorities. Accordingly, the Company believes that it is more likely than not that it will realize the benefits of tax positions it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with FASB ASC 740. Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position. The Company believes its tax positions are highly certain of being upheld upon examination. The Company is subject to the U.S. federal and state income taxes with varying statutes of limitations. Tax years from 2018 forward remaining open to examination due to the carryover of net operating losses or tax credits. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. NET LOSS PER SHARE Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Year Ended 2021 2020 Net loss $ ( 14,653 ) $ ( 8,557 ) Cumulative dividends on convertible preferred stock — ( 1,783 ) Net loss attributable to common stockholders $ ( 14,653 ) $ ( 10,340 ) Net loss per share—basic and diluted $ ( 1.47 ) $ ( 3.02 ) Weighted-average number of shares used in computing net loss 9,969,733 3,419,075 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is antidilutive: Year Ended 2021 2020 Convertible preferred stock — 9,993,727 Stock options to purchase common stock 1,723,587 1,247,158 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. COMMITMENTS AND CONTINGENCIES Intellectual Property The Company has existing commitments to the licensors of the intellectual property which the Company has licensed. These commitments are based upon certain clinical research, regulatory, financial and sales milestones being achieved. Additionally, the Company is obligated to pay a single-digit royalty on commercial sales on a global basis. The royalty term is the later of 10 years from first commercial sale or expiration of the last-to-expire component of the licensed intellectual property. Litigation Disclosure In July 2020, the Company entered into a settlement agreement with a former employee for $ 0.3 million in cash and 200,750 shares of common stock. Legal Proceedings The Company is not currently party to and is not aware of any material legal proceedings. At each reporting date, the Company evaluated whether or not a potential loss amount or potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expense as incurred costs related to such legal proceedings. |
Facility Leases
Facility Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Facility Leases | 13. FACILITY LEASES The Company has historically entered into lease arrangements for its facilities. As of December 31, 2021, the Company had three operating leases with required future minimum payments. In applying the transition guidance under ASC 842, the Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options. Finance Leases The Company entered into an agreement with an equipment leasing company in 2018, which provided up to $ 1.4 million for equipment purchases in the form of sale and leasebacks or direct leases. As of December 31, 2021, the Company had completed the sale and leaseback for four pieces of equipment and is leasing three other items directly from the leasing company. The terms of the leases are three years and afterwards provide for either annual extensions or an outright purchase of the equipment. The equipment leases require two advance rental payments to be held as security deposits. The security deposits held amounted to approximately $ 0.1 million as of December 31, 2021 and 2020, and are included in restricted cash on the balance sheets. Operating Leases In December 2020, the Company entered into an operating lease for office and laboratory space in Birmingham, Alabama, for a 63-month term, ending in February 2026, with an option to extend five years . Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. In September 2021, the Company entered into a new operating lease for office space in New York, New York, with a term commencing on September 15, 2021 and continuing through March 2027 . Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. In September 2021, the Company entered into a lease agreement with a third party to build out the Company's labs in Birmingham, Alabama. The agreement has a threshold of $ 4.0 million in total costs incurred. As of December 31, 2021, $ 0.2 million in expenses have been incurred and are classified as construction in progress on the balance sheet. The operating leases required security deposits at the inception of each lease. The security deposits amounted to approximately $ 17,000 and $ 251,000 as of December 31, 2021, which are included in other non-current assets and restricted cash on the balance sheet, respectively. The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s finance and operating leases for the year ended December 31, 2021 (in thousands): Year Ended Lease Cost Amortization of finance right-of-use assets $ 537 Interest on finance lease liabilities 86 Operating lease cost 280 Short-term lease cost 460 Total lease cost $ 1,363 December 31, Other Operating Lease Information Cash paid for amounts included in the measurement of lease liability – finance leases $ 86 Cash paid for amounts included in the measurement of lease liability – operating leases $ 158 Weighted-average remaining lease term – finance leases 1.64 Weighted-average remaining lease term – operating leases 4.73 Weighted-average discount rate – finance leases 10.2 % Weighted-average discount rate – operating leases 10.4 % The following table reconciles the undiscounted cash flows to the operating and financing lease liabilities at December 31, 2021 (in thousands): Financing Leases Operating Leases 2022 $ 435 $ 405 2023 252 478 2024 30 490 2025 — 502 2026 — 311 Thereafter — 45 Total lease payment 717 2,231 Less: interest 56 482 Total lease liabilities 661 1,749 Less: short-term lease liability 392 234 Long-term lease liability $ 269 $ 1,515 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions include the useful lives of property and equipment, deferred tax assets and liabilities and related valuation allowance, fair value of stock-based compensation, and accrued research and development costs. Management bases certain estimates on historical experience and on various other market-specific relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash. The Company’s cash is maintained with a high quality, accredited financial institution. These amounts, at times, may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to significant risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Management deems there to be minimal credit risk associated with the Company’s cash. |
Cash and Restricted Cash | Cash and Restricted Cash Cash consists of standard checking accounts. The Company has restricted cash of $ 0.3 million in the form of cash collateral for the Company’s letter of credit for the year ended December 31, 2021, which has been classified as restricted cash on the Company's balance sheet. The Company had restricted cash of $ 0.1 million in the form of a security deposit related to its agreement with an equipment rental company as of December 31, 2020, which has been classified as restricted cash on the Company’s balance sheet. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Significant replacements and improvements are capitalized, while maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. The estimated useful lives of the Company’s respective assets are as follows: Estimated Useful Life Computer equipment 3 years Laboratory equipment 3 - 5 years Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or disposal of property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and any gain or loss is reflected in the statement of operations. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. There were no impairments recorded for the years ended December 31, 2021 and 2020. |
Research and Development Costs | Research and Development Costs Research and development costs are generally expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to nonemployees and entities that conduct certain research and development activities on the Company’s behalf and expenses incurred in connection with license agreements. Non-refundable advance payments for goods or services that will be used for rendered or future research and development activities are deferred and amortized over the period that the goods are delivered, or the related services are performed, subject to an assessment of recoverability. The Company analyzes the progress of clinical trials, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. The Company makes significant judgments and estimates in determining the accrued balance and expense in each accounting period. As actual costs become known, the Company adjusts the accrued estimates. Although the Company does not expect the estimates to be materially different from amounts actually incurred, the status and timing of services performed, the number of patients enrolled and the rate of patient enrollment may vary from the Company’s estimates and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s research and development costs are dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers. |
Leases | Leases Effective January 1, 2021, the Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under Accounting Standards Codification ("ASC") 840, Leases . At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date. The Company elected the following practical expedients, which must be elected as a package and applied consistently to all of its leases at the transition date (including those for which the entity is a lessee or a lessor): i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840 are classified as operating leases, and all existing leases that were classified as capital leases in accordance with ASC 840 are classified as finance leases); and iii) the Company did not reassess initial direct costs for any existing leases. For leases that existed prior to the date of initial application of ASC 842 (which were previously classified as operating leases), a lessee may elect to use either the total lease term measured at lease inception under ASC 840 or the remaining lease term as of the date of initial application of ASC 842 in determining the period for which to measure its incremental borrowing rate. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. In accordance with ASC 842, components of a lease should be split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. On the adoption date, $ 1.7 million was recognized as total lease liabilities and $ 1.7 million was recognized as total right-of-use assets on the Company’s balance sheet. Additionally, $ 0.04 was recognized as a reduction to prepaid expenses and other current assets and $ 0.02 was recognized as a reduction to deferred rent on the Company's balance sheet. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be disclosed at fair value in the financial statements. Fair value is the price at which an asset could be exchanged, or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets at the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs are other than quoted prices included in Level 1, which are either directly or indirectly observable for the asset or liability through correlation with market data at the reporting date and for the duration of the instrument’s anticipated life. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the reporting date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The Company’s financial instruments include cash and restricted cash, and accounts payable. The carrying amounts of cash, restricted cash, and accounts payable approximate fair value due to the short-term nature of these instruments. |
Income Taxes | Income Taxes The Company uses the asset-and-liability method for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards. These are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized. The calculation of the income tax expense involves the use of estimates, assumptions and judgments while taking into account current tax laws and our interpretation of current and possible outcomes of future tax audits. In addition, our policy for accounting for uncertainty in income taxes requires the evaluation of tax positions taken or expected to be taken in the course of the preparation of tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Reevaluation of tax positions considers factors such as changes in facts or circumstances, changes in or interpretations of tax law, effectively settled issues under audit or expiration of statute of limitation and new audit activity. The Company classifies interest and penalty expense related to uncertain tax positions as a component of operating expenses on the statements of income. As of December 31, 2021, the Company had no accrued interest or penalties. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require application of significant judgment. The Company is subject to U.S. federal and various state and local jurisdictions. Due to the Company’s net operating loss carryforwards, the Company may be subject to examination by authorities for all previously filed income tax returns. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act. At present, the Company does not expect that the NOL carryback provision or other provisions of the CARES Act resulting in a material tax benefit to the Company. |
Convertible Preferred Stock Classification | Convertible Preferred Stock Classification The Company records all convertible preferred stock upon issuance at its respective fair value or original issuance price less issuance costs. The Company classifies its convertible preferred stock outside of stockholders’ deficit as the redemption of such shares is outside the Company’s control. The Company does not adjust the carrying values of the convertible preferred stock to redemption value unless and until it becomes probable that the instrument will become redeemable. As of December 31, 2020, the Company’s convertible preferred stock was not adjusted to redemption value. After the closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into shares of common stock. |
Stock-Based Compensation | Stock-Based Compensation The Company measures all stock-based awards granted to employees, nonemployees and directors based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The stock-based compensation expense is accounted for in the statements of operations based on the awards’ grant date fair values. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards. The Company estimates the fair value of options granted using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk-free interest rate and (d) expected dividends. Due to a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company, including stage of product development and life science industry focus. The Company uses the simplified method as allowed by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment , to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. Before the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation (the “Practice Aid”), to estimate the fair value of its common stock. The common stock valuation is based on the Company’s enterprise value determined utilizing various methods including the option-pricing method (“OPM”) or a hybrid of the probability-weighted expected return method (“PWERM”) and the OPM. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process preferred stock or common stock financings as deferred offering costs until such financings are consummated. As of August 3, 2021, the date of the closing of the Company's IPO, the Company had deferred offering costs related to the IPO of $ 4.0 million. After closing of the IPO, these costs were recorded in stockholders' equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. |
Recently Issued Accounting Standards Updates | Recently Issued Accounting Standards Updates In December 2019, the FASB Issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes ,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company has evaluated this guidance and determined that it does not have a material impacts to its financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment Estimated Useful Lives | The estimated useful lives of the Company’s respective assets are as follows: Estimated Useful Life Computer equipment 3 years Laboratory equipment 3 - 5 years |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): December 31, December 31, Machinery and equipment $ 443 $ 443 Less accumulated depreciation ( 346 ) ( 257 ) Property and equipment, net $ 97 $ 186 |
Construction in Progress (Table
Construction in Progress (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | |
Schedule of construction in progress | Construction in progress consist of the following (in thousands): December 31, December 31, Furniture $ 77 $ — Leasehold improvements 200 — Internal use software not yet in service 126 — Construction in progress $ 403 $ — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): December 31, December 31, Accrued offering costs $ — $ 876 Accrued clinical trials 196 376 Accrued compensation 926 400 Accrued other 113 126 Total accrued expenses and other current liabilities $ 1,235 $ 1,778 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Award Activity | The following is a summary of the stock option award activity during the year ended December 31, 2021: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2020 1,247,158 $ 5.16 9.34 $ 1,486 Granted 1,231,965 7.59 Exercised ( 26,689 ) ( 1.09 ) Forfeited ( 146,055 ) ( 5.76 ) Outstanding at December 31, 2021 2,306,379 $ 6.51 8.99 $ 983 Exercisable at December 31, 2021 503,206 $ 6.00 8.37 $ 544 Options expected to vest as of December 31, 2021 1,803,173 $ 6.83 9.16 $ 439 |
Schedule of Estimating Fair Value of the Stock Options and Common stock Warrants Granted | The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used: December 31, December 31, Volatility 85.67 %- 89.15 % 83.3 %- 90.9 % Expected life (years) 5.49 - 6.68 4.25 - 9.34 Risk-free interest rate 0.66 %- 1.32 % 0.3 %- 1.4 % Dividend rate — % — % |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was recorded in the following line items in the statements of operations for the years ended December 31, 2021 and 2020 (in thousands): Year Ended 2021 2020 Research and development $ 1,014 $ 192 General and administrative 1,181 $ 165 Total stock-based compensation expense $ 2,195 $ 357 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Year Ended 2021 2020 Net loss $ ( 14,653 ) $ ( 8,557 ) Cumulative dividends on convertible preferred stock — ( 1,783 ) Net loss attributable to common stockholders $ ( 14,653 ) $ ( 10,340 ) Net loss per share—basic and diluted $ ( 1.47 ) $ ( 3.02 ) Weighted-average number of shares used in computing net loss 9,969,733 3,419,075 |
Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is antidilutive: Year Ended 2021 2020 Convertible preferred stock — 9,993,727 Stock options to purchase common stock 1,723,587 1,247,158 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Provision (Benefit) | For the years ended December 31, 2021 and 2020, the tax provision (benefit) consisted of (in thousands): December 31, December 31, Current provision (benefit): Federal $ — $ — State — — Total — — Deferred provision (benefit) Federal ( 2,670 ) ( 1,569 ) State ( 1,938 ) ( 1,116 ) Total ( 4,608 ) ( 2,685 ) Change in valuation allowance 4,608 2,685 Income tax provision (benefit) $ — $ — |
Schedule of Difference Between Income Taxes at Federal Statutory Rate and Effective Tax Rate | The items accounting for the difference between income taxes computed at the federal statutory rate and the Company’s effective tax rate for 2021 and 2020 were as follows: December 31, December 31, U.S Federal statutory rate 21 % 21 % State taxes, net of federal benefit 10 % 10 % Stock-based compensation - 2 % 0 % Other permanent differences - 1 % 0 % True up adjustments 3 % 0 % Change in valuation allowance - 31 % - 31 % Income tax provision (benefit) 0 % 0 % |
Schedule of Net Deferred Tax Assets (Liabilities) | Components of the Company’s net deferred tax assets (liabilities) balance are as follows at December 31, 2021 and 2020 (in thousands): December 31, December 31, Deferred tax assets: Stock-based compensation $ 337 $ 155 Net operating loss carryforwards and alternative minimum tax credits 6,803 4,667 Lease liabilities 791 — Reserves and accruals 304 — Intangibles and fixed assets 1,922 — Total deferred tax assets 10,157 4,822 Deferred tax liabilities: ROU assets ( 766 ) — Property and equipment — ( 38 ) Total deferred tax liabilities ( 766 ) ( 38 ) Valuation allowance ( 9,391 ) ( 4,784 ) Deferred tax assets (liabilities), net $ — $ — |
Facility Leases (Tables)
Facility Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Costs and Other Information to Company's Finance and Operating Liabilities | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s finance and operating leases for the year ended December 31, 2021 (in thousands): Year Ended Lease Cost Amortization of finance right-of-use assets $ 537 Interest on finance lease liabilities 86 Operating lease cost 280 Short-term lease cost 460 Total lease cost $ 1,363 December 31, Other Operating Lease Information Cash paid for amounts included in the measurement of lease liability – finance leases $ 86 Cash paid for amounts included in the measurement of lease liability – operating leases $ 158 Weighted-average remaining lease term – finance leases 1.64 Weighted-average remaining lease term – operating leases 4.73 Weighted-average discount rate – finance leases 10.2 % Weighted-average discount rate – operating leases 10.4 % |
Schedule of Reconciliation of Undiscounted Cash Flows to Operating and Financing Lease Liabilities | The following table reconciles the undiscounted cash flows to the operating and financing lease liabilities at December 31, 2021 (in thousands): Financing Leases Operating Leases 2022 $ 435 $ 405 2023 252 478 2024 30 490 2025 — 502 2026 — 311 Thereafter — 45 Total lease payment 717 2,231 Less: interest 56 482 Total lease liabilities 661 1,749 Less: short-term lease liability 392 234 Long-term lease liability $ 269 $ 1,515 |
Organization and Nature of Op_2
Organization and Nature of Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Organization And Nature Of Operations [Line Items] | |||
Losses from operations | $ 14,653 | $ 8,557 | |
Accumulated deficit | (32,691) | (18,038) | |
Cash | 37,021 | 17,994 | |
IPO [Member] | |||
Organization And Nature Of Operations [Line Items] | |||
Sale of stock, date | Aug. 3, 2021 | ||
Sale of shares | 4,000,000 | ||
Offering price, per share | $ 10 | ||
Aggregate net proceeds from offering | $ 32,300 | ||
Conversion of convertible preferred stock to common stock, shares | 10,990,065 | ||
Series A Financing | |||
Organization And Nature Of Operations [Line Items] | |||
Losses from operations | (14,700) | $ (8,600) | |
Accumulated deficit | $ (32,700) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer Equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 3 years |
Laboratory Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 3 years |
Laboratory Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 03, 2021 | |
Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 251,000 | $ 141,000 | |
Impairment of long-lived assets | 0 | 0 | |
Lease liabilities | 1,749,000 | ||
Prepaid expenses and other current assets | 1,959,000 | 150,000 | |
Prepaid expenses and other current assets | (1,876,000) | 3,000 | |
Right of use assets - operating leases | $ 1,630,000 | $ 0 | |
Dividend rate | 0.00% | 0.00% | |
Deferred offering costs | $ 0 | $ 2,439,000 | |
IPO [Member] | |||
Significant Accounting Policies [Line Items] | |||
Deferred offering costs | $ 4,000,000 | ||
Accounting Standards Update 2016-02 | |||
Significant Accounting Policies [Line Items] | |||
Lease liabilities | 1,700,000 | ||
Prepaid expenses and other current assets | (40,000) | ||
Reduction to deferred rent | 20,000 | ||
Right of use assets - operating leases | 1,700,000 | ||
Cash Collateral | |||
Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 300,000 | ||
Security Deposit | |||
Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 100,000 |
Property And Equipment, Net - S
Property And Equipment, Net - Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 443 | $ 443 |
Less accumulated depreciation | (346) | (257) |
Property and equipment, net | $ 97 | $ 186 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 89 | $ 88 |
Construction In Progress - Sche
Construction In Progress - Schedule of Construction In Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract] | ||
Furniture | $ 77 | $ 0 |
Leasehold improvements | 200 | 0 |
Internal use software not yet in service | 126 | 0 |
Construction in Progress | $ 403 | $ 0 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses and other current assets | $ 1,959 | $ 150 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued offering costs | $ 0 | $ 876 |
Accrued clinical trials | 196 | 376 |
Accrued compensation | 926 | 400 |
Accrued other | 113 | 126 |
Total accrued expenses and other current liabilities | $ 1,235 | $ 1,778 |
Debt - Additional Information (
Debt - Additional Information (Details) - Paycheck Protection Program [Member] - USD ($) $ in Thousands | 1 Months Ended | |
Aug. 31, 2021 | Apr. 30, 2020 | |
Debt Instrument [Line Items] | ||
Loan | $ 200 | |
Loan maturity, date | Apr. 16, 2022 | |
Interest Rate | 1.00% | |
Debt instrument, Payment terms | monthly | |
Debt instrument, Date of first required payment | Nov. 16, 2020 | |
Prepayment penalties | $ 0 | |
Repayment of loan | $ 200 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 03, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Aug. 31, 2021 |
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 50,700,000 | 490,000,000 | ||
Undesignated Preferred stock shares, authorized | 27,564,260 | |||
Common stock, shares, issued | 3,764,488 | 18,781,242 | ||
Common stock, shares, outstanding | 3,764,488 | 18,781,242 | ||
Preferred Stock, Shares Outstanding | 9,993,727 | 0 | ||
Preferred stock shares issued | 9,993,727 | |||
Convertible Preferred Stock Authorized | 27,564,260 | |||
Preferred stock par value | $ 0.0001 | |||
Preferred Stock Liquidation Preference Value | $ 38 | |||
Preferred stock warrants outstanding | 0 | 0 | ||
Number of outstanding warrants exercised | 231,396 | |||
Exercise price per unit of warrants | $ 0.0003 | |||
Warrant liability settlement fair value | $ 0.8 | |||
IPO [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 50,700,000 | 490,000,000 | 490,000,000 | |
Undesignated Preferred stock shares, authorized | 10,000,000 | |||
Common stock, shares, issued | 3,764,488 | 18,781,242 | ||
Common stock, shares, outstanding | 3,764,488 | 18,781,242 | ||
Convertible Preferred Stock Authorized | 10,000,000 | |||
Conversion of convertible preferred stock to common stock, shares | 10,990,065 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Weighted average grant-date fair value of options granted | $ 5.41 | $ 4.67 | |
Aggregate intrinsic value of stock options exercised | $ 200 | $ 100 | |
Tax benefit from stock based compensation expense | 0 | $ 0 | |
Restricted Stock [Member] | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Share-based payment arrangement, unrecognized stock based compensation cost | $ 8,300 | ||
Performance Based Award [Member] | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Weighted-average period over which cost not yet recognized is expected to be recognized | 3 years 1 month 9 days | ||
2018 Equity Incentive Plan | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Share-based payment award, shares issued in period | 0 | ||
2020 Equity Incentive Plan | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Common stock reserved for future issuance | 4,200,000 | ||
Shares reserved of issuance under the plan increase duration | 10 years | ||
Percentage of number of shares of common stock outstanding | 5.00% | ||
Maximum number of shares of common stock issuable | 13,000,000 | ||
Share-based payment award, number of shares available for grant | 10,594,584 | ||
2020 Equity Incentive Plan | January 1, 2022 [Member] | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Common stock reserved for future issuance | 5,139,062 | ||
2020 Employee Stock Purchase Plan | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Share-based payment award, shares issued in period | 0 | ||
Common stock reserved for future issuance | 200,000 | ||
Shares reserved of issuance under the plan increase duration | 10 years | ||
Percentage of number of shares of common stock outstanding | 1.00% | ||
Maximum number of shares of common stock issuable | 400,000 | ||
Share-based payment award, number of shares available for grant | 200,000 | ||
2020 Employee Stock Purchase Plan | January 1, 2022 [Member] | |||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | |||
Common stock reserved for future issuance | 387,812 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Award Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Options outstanding, beginning balance | 1,247,158 | |
Options granted | 1,231,965 | |
Options exercised | (26,689) | |
Options forfeited | (146,055) | |
Options outstanding, ending balance | 2,306,379 | 1,247,158 |
Options exercisable | 503,206 | |
Options vested or expected to vest | 1,803,173 | |
Options outstanding, weighted average exercise price, beginning balance | $ 5.16 | |
Options granted, weighted average exercise price | 7.59 | |
Options exercised, weighted average exercise price | (1.09) | |
Options forfeited, weighted average exercise price | (5.76) | |
Options outstanding, weighted average exercise price, ending balance | 6.51 | $ 5.16 |
Options exercisable, weighted average exercise price | 6 | |
Options vested or expected to vest, weighted average exercise price | $ 6.83 | |
Options outstanding, weighted average remaining contractual term | 8 years 11 months 26 days | 9 years 4 months 2 days |
Options exercisable, weighted average remaining contractual term | 8 years 4 months 13 days | |
Options vested or expected to vest, weighted average remaining contractual term | 9 years 1 month 28 days | |
Options outstanding, aggregate intrinsic value | $ 983 | $ 1,486 |
Options exercisable, aggregate intrinsic value | 544 | |
Options vested or expected to vest, aggregate intrinsic value | $ 439 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Estimating Fair Value of the Stock Options and Common stock Warrants Granted (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend rate | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 85.67% | 83.30% |
Expected life (years) | 5 years 5 months 26 days | 4 years 3 months |
Risk-free interest rate | 0.66% | |
Risk-free interest rate minimum | 0.30% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 89.15% | 90.90% |
Expected life (years) | 6 years 8 months 4 days | 9 years 4 months 2 days |
Risk-free interest rate | 1.32% | |
Risk-free interest rate maximum | 1.40% |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,195 | $ 357 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,014 | 192 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,181 | $ 165 |
License Agreements - Additional
License Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock, shares, issued | 18,781,242 | 3,764,488 | |
UABRF [Member] | Antidilution Provision [Member] | |||
Common stock, shares, issued | 151,382 | ||
Equity Method Investment, Ownership Percentage | 2.50% | ||
Raise of investment | $ 20,000,000 | ||
UABRF [Member] | Antidilution Provision [Member] | Preferred Stock [Member] | |||
Raise of investment | $ 19,800,000 | ||
Preferred stock shares issued | $ 35,000,000 | ||
Emory License Agreement [Member] | UABRF [Member] | |||
Aggregate pay for development milestones total | $ 1,400,000 | ||
License agreement description | The term of the Emory License Agreement will continue until 15 years after the first commercial sale of the licensed product, or the expiration of the relevant licensed patents, whichever is later | ||
Exclusive License Agreement [Member] | UABRF [Member] | |||
Common stock, shares, issued | 91,250 | ||
Royalties on cumulative net sales | $ 22,500,000 | ||
Exclusive License Agreement [Member] | UABRF [Member] | Maximum | |||
Milestone payment | $ 1,400,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryovers and carrybacks offset, Description | On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act. At present, the Company does not expect that the NOL carryback provision or other provisions of the CARES Act resulting in a material tax benefit to the Company |
Federal NOL carryforwards | $ 20.1 |
New York State and City NOL carryforwards | 30.1 |
Increase in valuation allowance, net deferred tax | $ 4.6 |
Percentage of stock ownership with regards to limitations on the use of net operating loss carryovers | 5.00% |
Cumulative Increment in stock ownership - Basis points | 50.00% |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current provision (benefit): | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Current provision (benefit) | 0 | 0 |
Deferred provision (benefit) | ||
Federal | (2,670) | (1,569) |
State | (1,938) | (1,116) |
Deferred provision (benefit) | (4,608) | (2,685) |
Change in valuation allowance | 4,608 | 2,685 |
Income tax provision (benefit) | $ 0 | $ 0 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Difference Between Income Taxes at Federal Statutory Rate and Effective Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
U.S Federal statutory rate | 21.00% | 21.00% |
State taxes, net of Federal Benefit | 10.00% | 10.00% |
Stock-based compensation | (2.00%) | 0.00% |
Other permanent differences | 1.00% | 0.00% |
True up adjustments | 3.00% | 0.00% |
Change in valuation allowance | (31.00%) | (31.00%) |
Income tax provision (benefit) | 0.00% | 0.00% |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Stock-based compensation | $ 337 | $ 155 |
Net operating loss carryforwards and alternative minimum tax credits | 6,803 | 4,667 |
Lease accounting | 791 | 0 |
Reserves and accruals | 304 | 0 |
Intangibles and fixed assets | 1,922 | 0 |
Total deferred tax assets | 10,157 | 4,822 |
Deferred tax liabilities | ||
ROU Asset | (766) | |
Property and equipment | (38) | |
Total deferred tax liabilities | (766) | (38) |
Valuation allowance | (9,391) | (4,784) |
Deferred tax assets (liabilities), net | $ 0 | $ 0 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (14,653) | $ (8,557) |
Cumulative dividends on convertible preferred stock | 0 | (1,783) |
Net loss attributable to common stockholders | $ (14,653) | $ (10,340) |
Net loss per share attributable to common stockholders – basic and diluted | $ (1.47) | $ (3.02) |
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 9,969,733 | 3,419,075 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 0 | 9,993,727 |
Stock Options To Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from calculation of diluted net loss per share | 1,723,587 | 1,247,158 |
Commitments and Contingencies (
Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Royalty term | 10 years | |
Litigation settlement | $ 0.3 | |
Number of shares issued and sold | 200,750 |
Facility Leases - Additional In
Facility Leases - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Agreement Threshold | $ 1,363,000 | ||
Birmingham, Alabama | |||
Loss Contingencies [Line Items] | |||
Lease expense incurred | 200,000 | ||
New York [Member] | |||
Loss Contingencies [Line Items] | |||
Lease expiration month and year | 2027-03 | ||
Office and Laboratory | Birmingham, Alabama | |||
Loss Contingencies [Line Items] | |||
Operating lease, term of contract | 63 months | ||
Operating lease, option to extend | an option to extend five years | ||
Operating lease, existence of option to extend | true | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Agreement Threshold | $ 4,000,000 | ||
Maximum | Birmingham, Alabama | |||
Loss Contingencies [Line Items] | |||
Security deposit | 251,000 | ||
Minimum | Birmingham, Alabama | |||
Loss Contingencies [Line Items] | |||
Security deposit | $ 17,000 | ||
Laboratory Equipment | |||
Loss Contingencies [Line Items] | |||
Leaseback transaction, description | Company had completed the sale and leaseback for four pieces of equipment and is leasing three other items directly from the leasing company. The terms of the leases are three years and afterwards provide for either annual extensions or an outright purchase of the equipment. | ||
Security deposit | $ 100,000 | $ 100,000 | |
Laboratory Equipment | Maximum | |||
Loss Contingencies [Line Items] | |||
Amount held for equipment purchases | $ 1,400,000 |
Facility Leases - Summary of Le
Facility Leases - Summary of Lease Costs and Other Information to Company's Finance and Operating Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost | ||
Amortization of finance right-of-use assets | $ 537 | $ 0 |
Interest on finance lease liabilities | 86 | |
Operating lease cost | 280 | |
Short-term lease cost | 460 | |
Total lease cost | 1,363 | |
Cash paid for amounts included in the measurement of lease liability – finance leases | 86 | |
Cash paid for amounts included in the measurement of lease liability – operating leases | $ 158 | |
Weighted-average remaining lease term – finance leases | 1 year 7 months 20 days | |
Weighted-average remaining lease term – operating leases | 4 years 8 months 23 days | |
Weighted-average discount rate – finance leases | 10.20% | |
Weighted-average discount rate – operating leases | 10.40% |
Facility Leases - Schedule of R
Facility Leases - Schedule of Reconciliation of Undiscounted Cash Flows to Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 435 | |
2023 | 252 | |
2024 | 30 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total lease payment | 717 | |
Less: interest | 56 | |
Total lease liability | 661 | |
Short-term financing lease liability | 392 | $ 0 |
Long-term financing lease liability | 269 | 0 |
2022 | 405 | |
2023 | 478 | |
2024 | 490 | |
2025 | 502 | |
2026 | 311 | |
Thereafter | 45 | |
Total lease payment | 2,231 | |
Less: interest | 482 | |
Total lease liability | 1,749 | |
Short-term operating lease liability | 234 | 0 |
Long-term operating lease liability | $ 1,515 | $ 0 |
Schedule Of Quarterly Financial
Schedule Of Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses: | ||
Research and development | $ 7,347 | $ 5,378 |
General and administrative | 7,306 | 3,179 |
Total operating expenses | 14,653 | 8,557 |
Loss from operations | (14,653) | (8,557) |
Net loss | (14,653) | (8,557) |
Net loss attributable to common stockholders | $ (14,653) | $ (10,340) |
Net loss per share attributable to common stockholders – basic and diluted | $ (1.47) | $ (3.02) |