Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Aligos Therapeutics, Inc. | |
Entity Central Index Key | 0001799448 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock, par value, $0.0001 per share | |
Trading Symbol | ALGS | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39617 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-4724808 | |
Entity Address, Address Line One | One Corporate Drive | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 800 | |
Local Phone Number | 466-6059 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 76,810,229 | |
Non-voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,092,338 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 45,078 | $ 135,704 |
Restricted cash | 70 | 70 |
Short-term investments | 49,458 | |
Other current assets | 4,964 | 5,310 |
Total current assets | 99,570 | 141,084 |
Operating lease right-of-use assets | 5,813 | 6,559 |
Property and equipment, net | 2,797 | 3,259 |
Other assets | 631 | 625 |
Total assets | 108,811 | 151,527 |
Current liabilities: | ||
Accounts payable | 6,819 | 2,517 |
Accrued liabilities | 12,064 | 16,842 |
Operating lease liabilities, current | 3,351 | 3,229 |
Finance lease liabilities, current | 4 | 10 |
Deferred revenue from customers, current | 1,326 | 1,224 |
Deferred revenue from collaborations, current | 84 | |
Total current liabilities | 23,564 | 23,906 |
Operating lease liabilities, net of current portion | 6,279 | 7,668 |
Finance lease liabilities, net of current portion | 203 | 231 |
Warrant liability | 11,490 | 27,596 |
Long term liability | 46 | 46 |
Total liabilities | 41,582 | 59,447 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. | ||
Common stock, $0.0001 par value; 520,000,000 shares and 320,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 79,785,898 and 75,096,906 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. | 8 | 7 |
Additional paid-in capital | 583,326 | 578,325 |
Accumulated deficit | (516,599) | (486,797) |
Accumulated other comprehensive income | 494 | 545 |
Total stockholders’ equity | 67,229 | 92,080 |
Total liabilities and stockholders’ equity | $ 108,811 | $ 151,527 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 520,000,000 | 320,000,000 |
Common Stock, Shares, Issued | 79,785,898 | 75,096,906 |
Common Stock, Shares, Outstanding | 79,785,898 | 75,096,906 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue from collaborations | $ 2,592 | $ 292 | $ 5,175 | |
Revenue from customers | $ 1,061 | 4,294 | 1,755 | 4,434 |
Operating expenses: | ||||
Research and development | 21,099 | 16,781 | 37,464 | 34,916 |
General and administrative | 6,376 | 9,246 | 13,043 | 17,752 |
Total operating expenses | 27,475 | 26,027 | 50,507 | 52,668 |
Loss from operations | (26,414) | (19,141) | (48,460) | (43,059) |
Interest and other income, net | 31,664 | 1,107 | 18,871 | 2,109 |
Income (loss) before income tax expense | 5,250 | (18,034) | (29,589) | (40,950) |
Income tax expense | (189) | (757) | (213) | (796) |
Net income (loss) | 5,061 | (18,791) | (29,802) | (41,746) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | 18 | (2) | (51) | 96 |
Other comprehensive income (loss) | 18 | (2) | (51) | 96 |
Comprehensive income (loss) | $ 5,079 | $ (18,793) | $ (29,853) | $ (41,650) |
Net income (loss) per share, basic | $ 0.03 | $ (0.43) | $ (0.19) | $ (0.97) |
Net income (loss) per share, diluted | $ 0.03 | $ (0.43) | $ (0.19) | $ (0.97) |
Weighted average shares of common stock, basic | 156,444,408 | 43,215,478 | 156,299,282 | 43,063,615 |
Weighted average shares of common stock, diluted | 156,647,917 | 43,215,478 | 156,299,282 | 43,063,615 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2022 | $ 103,900 | $ 4 | $ 502,613 | $ (399,118) | $ 401 |
Beginning balance, Shares at Dec. 31, 2022 | 42,922,980 | ||||
Issuance of common stock upon exercise of stock options | 23 | 23 | |||
Issuance of common stock upon exercise of stock options, shares | 17,109 | ||||
Issuance of common stock related to ESPP purchase | 461 | 461 | |||
Issuance of common stock related to ESPP purchase, shares | 562,493 | ||||
Stock-based compensation expense related to employee stock awards | 6,478 | 6,478 | |||
Stock-based compensation expense related to employee stock purchases | 382 | 382 | |||
Vesting of early exercised common stock options | 41 | 41 | |||
Other comprehensive income (loss) | 96 | 96 | |||
Net income (loss) | (41,746) | (41,746) | |||
Ending balance at Jun. 30, 2023 | 69,635 | $ 4 | 509,998 | (440,864) | 497 |
Ending balance, Shares at Jun. 30, 2023 | 43,502,582 | ||||
Beginning balance at Mar. 31, 2023 | 84,750 | $ 4 | 506,320 | (422,073) | 499 |
Beginning balance, Shares at Mar. 31, 2023 | 42,940,089 | ||||
Issuance of common stock related to ESPP purchase | 461 | 461 | |||
Issuance of common stock related to ESPP purchase, shares | 562,493 | ||||
Stock-based compensation expense related to employee stock awards | 2,975 | 2,975 | |||
Stock-based compensation expense related to employee stock purchases | 222 | 222 | |||
Vesting of early exercised common stock options | 20 | 20 | |||
Other comprehensive income (loss) | (2) | (2) | |||
Net income (loss) | (18,791) | (18,791) | |||
Ending balance at Jun. 30, 2023 | 69,635 | $ 4 | 509,998 | (440,864) | 497 |
Ending balance, Shares at Jun. 30, 2023 | 43,502,582 | ||||
Beginning balance at Dec. 31, 2023 | 92,080 | $ 7 | 578,325 | (486,797) | 545 |
Beginning balance, Shares at Dec. 31, 2023 | 75,096,906 | ||||
Issuance of common stock related to ESPP purchase | 297 | 297 | |||
Issuance of common stock related to ESPP purchase, shares | 560,971 | ||||
Issuance of common stock from RSU vesting, shares | 2,490 | ||||
Issuance of common stock upon exercise of pre-funded warrants | 1 | $ 1 | |||
Issuance of common stock upon exercise of pre-funded warrants, shares | 4,125,531 | ||||
Stock-based compensation expense related to employee stock awards | 4,417 | 4,417 | |||
Stock-based compensation expense related to employee stock purchases | 287 | 287 | |||
Other comprehensive income (loss) | (51) | (51) | |||
Net income (loss) | (29,802) | (29,802) | |||
Ending balance at Jun. 30, 2024 | 67,229 | $ 8 | 583,326 | (516,599) | 494 |
Ending balance, Shares at Jun. 30, 2024 | 79,785,898 | ||||
Beginning balance at Mar. 31, 2024 | 59,796 | $ 7 | 580,973 | (521,660) | 476 |
Beginning balance, Shares at Mar. 31, 2024 | 75,668,521 | ||||
Issuance of common stock related to ESPP purchase | 297 | 297 | |||
Issuance of common stock related to ESPP purchase, shares | 560,971 | ||||
Issuance of common stock upon exercise of pre-funded warrants | 1 | $ 1 | |||
Issuance of common stock upon exercise of pre-funded warrants, shares | 3,556,406 | ||||
Stock-based compensation expense related to employee stock awards | 1,918 | 1,918 | |||
Stock-based compensation expense related to employee stock purchases | 138 | 138 | |||
Other comprehensive income (loss) | 18 | 18 | |||
Net income (loss) | 5,061 | 5,061 | |||
Ending balance at Jun. 30, 2024 | $ 67,229 | $ 8 | $ 583,326 | $ (516,599) | $ 494 |
Ending balance, Shares at Jun. 30, 2024 | 79,785,898 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ (29,802) | $ (41,746) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accretion of discount on investments | (936) | (424) |
Amortization of right of use assets | 746 | 755 |
Impairment of right of use assets | 724 | |
Changes in fair value of the warrants | (16,106) | |
Depreciation expense | 538 | 858 |
Stock-based compensation including ESPP | 4,704 | 6,860 |
Changes in operating assets and liabilities: | ||
Other assets | 342 | 4,251 |
Accounts payable | 4,302 | (1,496) |
Accrued liabilities | (4,778) | (2,202) |
Operating lease liabilities | (1,267) | (1,184) |
Deferred revenue from collaborations | (84) | (4,640) |
Deferred revenue from customers | 102 | 2,241 |
Net cash and cash equivalents used in operating activities | (42,239) | (36,003) |
Activities in available-for-sale investments: | ||
Maturities of short-term investments | 40,000 | 45,000 |
Purchase of short-term investments | (88,573) | (10) |
Purchases of property and equipment | (76) | 7 |
Net cash and cash equivalents (used in) provided by investing activities | (48,649) | 44,997 |
Cash flows from financing activities: | ||
Payments on finance lease | (35) | (71) |
Proceeds from the ESPP purchase | 297 | 461 |
Proceeds from the exercise of common stock option | 23 | |
Net cash and cash equivalents provided by financing activities | 262 | 413 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (90,626) | 9,407 |
Cash, cash equivalents, and restricted cash, beginning of period | 135,774 | 81,463 |
Cash, cash equivalents, and restricted cash, end of period | 45,148 | 90,870 |
Reconciliation to amounts on the Consolidated Balance Sheet: | ||
Cash and cash equivalents | 45,078 | 90,828 |
Restricted cash | 70 | 42 |
Cash, cash equivalents, and restricted cash, end of period | 45,148 | 90,870 |
Supplemental disclosures of noncash financing and investing activities: | ||
Mark to market adjustment for available-for-sale investments | (51) | 96 |
Acquisition of right of use asset through operating lease obligation | 1,094 | |
Vesting of early exercised options | $ 0 | $ 41 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 5,061 | $ (18,791) | $ (29,802) | $ (41,746) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of business Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (Aligos-Belgium), a limited liability company organized under the laws of Belgium. On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the “Company” or “Aligos”. Aligos is a clinical-stage biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for metabolic dysfunction associated steatohepatitis (MASH), chronic hepatitis B (CHB) and coronaviruses. The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its nonclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third-parties, product liability, and dependence on key individuals. Liquidity The Company has incurred losses and negative cash flows from operations in each fiscal year since its inception. As of June 30, 2024 and December 31, 2023, the Company had an accumulated deficit of $ 516.6 million and $ 486.8 million , respectively. Management expects to continue to incur additional substantial losses in future fiscal years in the foreseeable future as a result of its research and development activities. As of June 30, 2024, the Company has unrestricted cash, cash equivalents and investments of approximately $ 94.5 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it will require significant additional amounts of cash in order to launch and commercialize such drug candidates. In addition, other unanticipated costs may arise. Because the design and outcome of the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop. The Company expects to finance its cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and/or other marketing or distribution arrangements. In addition, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, the Company expects its existing unrestricted cash, cash equivalents and investments, will enable it to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown, and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business and the macro-economic environment generally. The Company’s ability to raise additional funds depends on financial, economic and other factors, many of which are beyond its control. For example, if there is a disruption of global financial markets, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company has always maintained a dual banking system to limit its credit and liquidity risk. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (the SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 , included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2024. Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2024, the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2024 and the consolidated results of its operations and cash flows for the six months ended June 30, 2024 and 2023. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2024 and 2023 are unaudited. The consolidated results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. Significant accounting policies and estimates No material changes were made to the Company’s significant accounting policies disclosed in Note 2, Summary of significant accounting policies, in its Annual Report on Form 10-K, filed with the SEC on March 12, 2024, for the year ended December 31, 2023. Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)(ASU 2023-07). The guidance improves reportable segment disclosures requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the potential impact of this standard on its consolidated financial statements. The Company has considered all recent accounting pronouncements issued, but not yet effective, and does not expect any to have a material effect on the Company’s condensed consolidated financial statements other than those discussed in its Annual Report on Form 10-K, filed with the SEC on March 12, 2024, for the year ended December 31, 2023. |
Property and equipment
Property and equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | 3. Property and equipment The components of property and equipment as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, December 31, Leasehold improvements $ 6,101 $ 6,101 Lab equipment 5,905 5,830 Computer equipment 1,051 1,051 Furniture and office equipment 732 732 Vehicles and equipment 296 296 Asset under construction 4 4 Total, at cost 14,089 14,014 Accumulated depreciation ( 11,292 ) ( 10,755 ) Total, net $ 2,797 $ 3,259 Depreciation expense was $ 0.3 million and $ 0.5 million , respectively, for the three and six months ended June 30, 2024 and $ 0.4 million and $ 0.9 million for the three and six months ended June 30, 2023 , respectively. Finance leases are also included in property and equipment as vehicles and lab equipment on the condensed consolidated balance sheets. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract] | |
Investments | 4. Investments As of June 30, 2024, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands): June 30, 2024 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities: U.S. Treasury bonds $ 49,510 $ - $ ( 51 ) $ 49,458 As of December 31, 2023, the Company did no t hold any available for sale securities. Changes in fair value are related to changes in market interest rates. The Company expects to collect all contractual principal and interest payments. The following is a summary of maturities of securities available-for-sale as of June 30, 2024 (in thousands): Available-for-sale Amortized Cost Estimated Amounts maturing in: One year or less $ 49,510 $ 49,458 Total investments $ 49,510 $ 49,458 The Company recorded interest income of $ 0.3 million and $ 0.9 million for the three and six months ended June 30, 2024, respectively, and $ 1.0 million and $ 1.7 million for the three and six months ended June 30, 2023 , respectively, as a component of interest and other income (expense), net on the Company’s condensed consolidated statements of operations and comprehensive income (loss). |
Accrued liabilities
Accrued liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | 5. Accrued liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2024 2023 Accrued compensation $ 3,599 $ 6,673 Accrued payables 5,758 7,144 Other 2,707 3,025 Total $ 12,064 $ 16,842 |
Capital stock
Capital stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Capital stock | 6. Capital stock Common stock On October 20, 2020, the Company amended its certificate of incorporation to increase the total shares of common stock authorized for issuance to 320,000,000 and decrease the total shares of preferred stock authorized for issuance to 10,000,000 with a par value of $ 0.0001 per share. 300,000,000 shares of the common stock were designated as “Voting Common Stock” and 20,000,000 shares of the common stock were designated as “Non-Voting Common Stock”. On June 27, 2024, the Company amended its certificate of incorporation to increase the total shares of voting common stock authorized for issuance from 300,000,000 to 500,000,000 . The holders of shares of voting common stock are entitled to one vote for each share of common stock at all meetings of stockholders. |
Common Warrants and Pre Funded
Common Warrants and Pre Funded Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Warrants and Rights Note Disclosure [Abstract] | |
Common Warrants and Pre Funded Warrants | 7. Common Warrants and Pre-Funded Warrants In October 2023, the Company completed a private investment in public equity (PIPE) offering and entered into a securities purchase agreement (the Securities Purchase Agreement) with certain institutional and accredited investors, pursuant to which the Company agreed to offer, issue and sell to these investors 31,429,266 shares of common stock, par value $ 0.0001 per share (the Common Stock), pre-funded warrants to purchase an aggregate of 81,054,686 shares of Common Stock (the Pre-Funded Warrants), and warrants to purchase an aggregate of 56,241,973 shares of Common Stock (the Common Warrants, and together with the Pre-Funded Warrants, the Warrants). Each Pre-Funded Warrant has an exercise price of $ 0.0001 per share of common stock, was immediately exercisable and is exercisable until exercised in full. Each accompanying Common Warrant has an exercise price of $ 0.7568 per share of common stock, is immediately exercisable and will expire on October 25, 2030 . The closing of the offering occurred on October 25, 2023. The Company received gross proceeds of $ 92.1 million, and after deducting the placement agent fees and expenses and offering costs, net proceeds were $ 86.2 million. The Company measured the fair value of the Common Stock and the Pre-Funded Warrants based on the $ 0.7568 per share purchase price stated in the Securities Purchase Agreement. The Company measured the fair value of the Common Warrants using the Black-Scholes option pricing model. The Company used the with-and-without method to allocate the net proceeds received from the sale of the Common Stock, the Pre-Funded Warrants, and the Common Warrants on the Consolidated Balance Sheets as follows: As of October 25, 2023 Common Stock $ 18,641 Pre-Funded Warrants 48,079 Common Warrants 25,427 Total $ 92,147 The following table summarizes information about shares issuable under the Pre-Funded Warrants outstanding at June 30, 2024: Pre-funded warrant shares outstanding Outstanding at January 1, 2024 81,054,686 Issued - Exercised ( 4,125,531 ) Outstanding at June 30, 2024 76,929,155 Exercisable at June 30, 2024 76,929,155 The following table sets forth a summary of the activities of the Company’s warrant liability, which represents a recurring measurement that is classified with Level 3 of the fair value hierarchy wherein the fair value is estimated using significant unobservable inputs: Common warrant liability Beginning liability as of January 1, 2024 $ 27,596 Common warrants issued - Change in fair value of liability ( 16,106 ) Ending liability as of June 30, 2024 $ 11,490 The fair value of the Common Warrants was measured using the Black Scholes option pricing model and will be remeasured each reporting period, and the change in fair value will be recorded in earnings. The assumptions that the Company used to determine the fair value at issuance and the reporting date of the Common Warrants granted to participants were as follows: June 30, 2024 December 31, 2023 Expected term (in years) 6.33 6.83 Risk-free interest rate 4.27 % 3.88 % Dividend yield - - Volatility 77.54 % 82.80 % The following table summarizes information about shares issuable under the Common Warrants outstanding at June 30, 2024 : Common warrant shares outstanding Outstanding at January 1, 2024 56,241,973 Issued - Exercised - Outstanding at June 30, 2024 56,241,973 Exercisable at June 30, 2024 56,241,973 |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | 8. Stock-based compensation Stock options During the three and six months ended June 30, 2024, the Company’s stock option compensation expense was approximately $ 1.9 million and $ 4.4 million , respectively, and during the three and six months ended June 30, 2023, the Company’s stock option compensation expense was approximately $ 3.0 million and $ 6.5 million , respectively. There was no recognized tax benefit in either of the periods. As of June 30, 2024, the unamortized expense balance was $ 7.1 million , to be amortized over a weighted average period of 1.95 years. Stock option activity during the six months ended June 30, 2024 is as follows: Shares Weighted- Weighted- Aggregate Outstanding as of January 1, 2024 10,376,838 $ 6.38 6.9 $ — Granted 3,183,515 1.03 Replacement options from Exchange 1,906,153 0.96 Exercised — — — Forfeited or Expired ( 1,544,211 ) 6.73 Cancelled options from Exchange ( 3,880,332 ) 10.43 Outstanding as of June 30, 2024 10,041,963 2.04 8.20 — Options vested and expected to vest as of June 30, 2024 10,041,963 2.04 8.20 — Options vested and exercisable as of June 30, 2024 3,436,608 3.70 5.97 — The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2024 was $ 0.30 and $ 0.74 per share, respectively, and during the three and six months ended June 30, 2023 was $ 0.79 and $ 0.93 per share, respectively. Option exchange In January 2024, the Company commenced a stock option exchange program (the Exchange Offer) pursuant to which eligible employees were provided the opportunity to exchange eligible stock options for a number of new replacement option grants at the exchange ratio of one replacement option for every 1.4 eligible options tendered for those priced between $ 2.10 to $ 11.85 , and one replacement option for every 3.4 eligible options tendered for those priced over $ 11.86 . The Exchange Offer concluded in February 2024. In connection with the Exchange Offer, the Company canceled 3,880,332 eligible options and granted 1,906,153 replacement options. The exchange of these options was accounted for as a modification of share-based compensation awards. The Company recognized $ 3.0 thousand of unamortized compensation cost related to the canceled options as well as the incremental compensation cost associated with the replacement options over their one year vesting term. Restricted stock units During the three and six months ended June 30, 2024 , the Company recorded zero and $ 0.1 million of stock-based compensation expense related to restricted stock units. During the three and six months ended June 30, 2023 , the Company did no t record any stock-based compensation expense related to restricted stock awards. As of June 30, 2024 , the unamortized expense balance was $ 43 thousand, to be amortized over a weighted average period of 3.0 years. Restricted stock activity during the six months ended June 30, 2024 is as follows: Number Weighted- Aggregate Issued and unvested as of January 1, 2024 134,120 $ 0.84 $ 113 Restricted stock awards granted 22,950 1.13 26 Restricted stock awards vested ( 2,490 ) 0.84 ( 2 ) Issued and unvested as of June 30, 2024 154,580 $ 0.88 $ 137 During the six months ended June 30, 2024 and 2023, the C ompany did no t issue shares of common stock, upon exercise of unvested stock options or purchases for unvested restricted stock awards. Employee stock purchase plan During the three and six months ended June 30, 2024, the Company recorded total stock-based compensation expense related to the employee stock purchase plan of $ 0.1 million and $ 0.3 million , respectively. During the three and six months ended June 30, 2023, the Company recorded total stock-based compensation expense related to the employee stock purchase plan of $ 0.2 million and $ 0.4 million , respectively. During the six months ended June 30, 2024 and 2023 , 560,971 and 562,493 purchases of awards under this plan were made, respectively. Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 1,194 $ 1,572 $ 2,634 $ 3,743 General and administrative 862 1,625 2,070 3,117 Total $ 2,056 $ 3,197 $ 4,704 $ 6,860 |
Fair value
Fair value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value | 9. Fair value Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one 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 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 45,078 $ - $ - Available for sale securities 49,458 - - Liabilities: Warrant liability - - ( 11,490 ) $ 94,536 $ - $ ( 11,490 ) Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 135,704 $ - $ - Liabilities: Warrant liability - - ( 27,596 ) $ 135,704 $ - $ ( 27,596 ) |
License and collaboration agree
License and collaboration agreements | 6 Months Ended |
Jun. 30, 2024 | |
License And Collaboration Agreements [Abstract] | |
License and collaboration agreements | 10. License and collaboration agreements Agreement with Emory University (Emory) In June 2018, the Company entered into a license agreement with Emory (the Emory License Agreement), pursuant to which Emory granted the Company a worldwide, sublicensable license under certain of its intellectual property rights to make, have made, develop, use, offer to sell, sell, import and export products containing certain compounds relating to Emory’s hepatitis B virus capsid assembly modulator technology, for all therapeutic and prophylactic uses. Such license is initially exclusive with respect to specified licensed patents owned by Emory and non-exclusive with respect to certain of Emory’s specified know-how. In June 2022, the license to such patents became non-exclusive with respect to all fields except for the treatment and prevention of HBV; however, the Company may select up to six compounds which will maintain exclusivity with respect to all therapeutic and prophylactic uses. With respect to all other compounds that are enabled by the licensed patents, those which are jointly invented by the Company and Emory or inventors in the Schinazi laboratory, or which are disclosed in a specified licensed patent, are licensed to the Company exclusively including as to Emory; whereas all other such compounds are licensed to the Company non-exclusively. Under the terms of the Emory License Agreement, the Company is obligated to use commercially reasonable efforts to bring licensed products to market in accordance with a mutually agreed upon development plan. Unless terminated earlier by either party in accordance with the provisions thereof, the Emory License Agreement shall continue until the expiration of the last–to-expire of the patents licensed to the Company thereunder. In June 2020, the Company amended the license agreement with Emory. Pursuant to the amended license agreement, Emory granted the Company additional patent rights to certain compounds targeting the treatment or prevention of HBV. As consideration for the additional rights, the Company made a one-time, non-refundable payment to Emory in the amount of $ 0.2 million, with an additional obligation to pay up to a maximum of $ 35,000 . On the same date, the Company entered into a collaboration agreement with Emory, with the initial research plan pertaining to the synthesis and evaluation of the compounds licensed through the additional patent rights granted in the amended license agreement. The research plan was set to terminate one year from the effective date of June 2020 but the Company exercised its option to extend it for a second year . In June 2022, the research plan terminated. In connection with the research plan, the Company provided Emory funding up to $ 0.3 million per year. The Company has agreed to pay Emory up to an aggregate of $ 125.0 million upon the achievement of specified development, regulatory, and commercial milestones, and all ongoing patent costs. During the three and six months ended June 30, 2024 and 2023 , the Company had no expenses related to milestone payments. The Company also agreed to pay Emory tiered single-digit royalties on worldwide annual net sales of licensed products, on a quarterly basis and calculated on a product-by-product basis. With respect to licensed products containing any of a specified subset of the licensed compounds, such royalties range from a mid-single digit to a high-single digit percentage rate. With respect to licensed products which do not contain such compounds, the royalties span a range of percentage rates within the mid-single digits if a Phase 1 clinical trial is initiated for the product within three years of the effective date of the Emory License Agreement, and range from a low-single digit to a mid-single digit rate if a Phase 1 clinical trial is initiated more than three years after the effective date. During the three and six months ended June 30, 2024 and 2023 , the Company made no payments associated with royalties and recognized no expense or accruals. Agreement with Luxna Biotech Co., Ltd. (Luxna) On December 19, 2018, the Company entered into a license agreement with Luxna, pursuant to which Luxna granted the Company an exclusive, worldwide, sublicensable license under certain of Luxna’s intellectual property rights to research, develop make, have made and commercialize for all therapeutic and prophylactic uses, (i) products containing oligonucleotides targeting the hepatitis B virus genome, (ii) products containing certain oligonucleotides targeting up to three genes which contribute to MASH, which the Company may select at any time during the first eight years of the term, to the extent not licensed to a third party, and (iii) products containing oligonucleotides targeting up to three genes which contribute to hepatocellular carcinoma, which the Company may select at any time during the first three years of the term, which expired in December 2021. As consideration for this agreement, the Company paid an upfront license fee of $ 0.6 million. In April 2020, the Company amended the license agreement with Luxna. Pursuant to the amended license agreement, Luxna granted the Company an exclusive, worldwide license under the licensed patents to research, develop, make, have made and commercialize products containing oligonucleotides targeting three families of viruses: Orthomyxoviridae, Paramyxoviridae, and Coronaviridae (a family which includes SARS-CoV-2). As consideration for the amended license agreement, the Company paid Luxna a one-time non-refundable fee of $ 0.2 million in April 2020. The Company is obligated to make payments to Luxna, in aggregate, totaling up to but no more than $ 55.5 million upon the achievement of specified development, regulatory, and commercial milestones. During the three and six months ended June 30, 2024 and 2023 , the Company recognized no expenses related to milestone payments. The Company is also required to pay Luxna a low-single digit royalty percentage on net sale of applicable products, if any. During the three and six months ended June 30, 2024 and 2023 , the Company made no payments associated with royalties. Agreement with Katholieke Universiteit Leuven (KU Leuven) On June 25, 2020, the Company entered into a Research, Licensing and Commercialization Agreement (KU Leuven Agreement) with KU Leuven, under which the Company is collaborating with KU Leuven’s Rega Institute for Medical Research, as well as its Centre for Drug Design and Discovery, to research and develop potential protease inhibitors for the treatment, diagnosis or prevention of coronaviruses, including of SARS-CoV-2. Unless terminated earlier by either party in accordance with provisions in the agreement, the collaboration period will terminate at the earlier of completion of all collaboration activities or 2.5 years. In connection with the KU Leuven Agreement, KU Leuven and the Company granted each other exclusive cross-licenses to use certain know-how and existing patents of the other party as well as certain joint know-how and joint patents to carry out research and development collaboration activities during the collaboration period. As of December 2022, the original collaboration period has expired. An amendment to the agreement was agreed in July 2023 to include a new collaboration plan. KU Leuven granted to the Company an exclusive (including as to KU Leuven), worldwide license under certain of KU Leuven’s know-how and existing patents, and certain joint patents and joint know-how, to manufacture and commercialize the licensed products for the treatment, diagnosis or detection of viral infections in humans. KU Leuven reserved the right to use all KU Leuven knowhow, existing KU Leuven patents, joint patents and joint know-how for academic and non-commercial research and teaching purposes. As consideration for this license, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to but no more than $ 30.0 million upon the achievement of certain commercial sales milestones. For each licensed product developed through KU Leuven and the Company’s collaborative effort, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to $ 32.0 million upon the achievement of certain development and regulatory milestones. The Company is also required to pay KU Leuven a low-to-mid-single digit royalty percentage, subject to certain adjustments, on net sales of applicable products, if any. The Company is also required to pay a revenue share to KU Leuven should the program be partnered with an external party. Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. During the three and six months ended June 30, 2024 , the Company made no payments of royalties or milestones. Agreements with Merck In December 2020, the Company and Merck & Co. entered into an exclusive License and Research Collaboration Agreement under which Merck and the Company agreed to apply the Company’s oligonucleotide platform technology to discover, research, optimize and develop oligonucleotides directed against a MASH target and up to one additional liver-targeted cardiometabolic and/or fibrosis target. Under the terms of the agreement, the Company received an upfront payment of $ 12 million from Merck. With respect to the collaboration target, the Company will be eligible for up to $ 458.0 million in development and commercialization milestones as well as tiered royalties on net sales. These potential payments consist of (i) potential development milestones (such as for the first dosing of an animal specimen in a Good Laboratory Practice toxicology study, and initiation of Phase 1, 2 and 3 clinical trials), (ii) regulatory milestones (such as for marketing authorizations for a product in certain countries) and (iii) sales-based milestones. The Company is primarily responsible for designing, preparing and evaluating the oligonucleotide molecules and delivering optimized lead molecules, and Merck is responsible for subsequent research, clinical development and commercialization efforts. In January 2022, the Company and Merck entered into an amendment to the exclusive License and Research Collaboration Agreement (the First Amendment, together with the Original Agreement, the Expanded Arrangement). As a result of the First Amendment, the collaboration with Merck was expanded to include the Company's grant of rights to Merck of an early-stage program with respect to a second undisclosed MASH target, on which the Company had previously been working independently. In addition, under this Expanded Arrangement, Merck has the ability to add an additional third target of interest in the cardiometabolic/fibrosis space to the collaboration. This right to add an additional third target expired in January 2023. Under the Expanded Arrangement, the Company received an upfront payment of $ 15 million from Merck for the Company's grant of rights to the program directed at a second undisclosed MASH target. With respect to the second target in the collaboration, the Company is eligible to receive up to approximately $ 460.0 million in development and commercialization milestones as well as tiered royalties on net sales. These potential payments consist of (i) potential development milestones (such as for the first dosing of an animal specimen in a Good Laboratory Practice toxicology study, and initiation of Phase 1, 2 and 3 clinical trials), (ii) regulatory milestones (such as for marketing authorizations for a product in certain countries) and (iii) sales-based milestones. In February 2023, Merck provided to the Company written notice of termination for one of the targets in the collaboration. In May 2024, Merck provided to the Company written notice of termination for the second of the targets in the collaboration. The Company determined that the Original Agreement and First Amendment fall within the scope of ASC 808, Collaborative Arrangements (ASC 808), due to Merck and the Company being joint active participants, as well as both parties having significant risks and rewards. The Company analogized to ASC 606, Revenue from Contracts with Customers (ASC 606), for the accounting of payments including upfront payments and other milestones. Management of the Company determined that there was one performance obligation for each of the agreements given the deliverables are not distinct. The Company evaluated the performance obligation within each agreement and determined the performance obligations are satisfied over time as Merck jointly owns any collaboration intellectual property that is developed during the research term. Given the nature of the arrangements, the Company believes that the satisfaction of its performance obligations is best measured by the progress of its efforts. As such, the Company has used an input method based on costs incurred to recognize revenue associated with the upfront payments. This assessment is performed separately for each of the Original Agreement and the First Amendment, and the Company recognizes revenue over time based on the costs incurred. The effect of any updates to the estimated overall costs are recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) were evaluated based on the Company’s analysis that the possibility of achieving any of the milestone payments is remote, and therefore determined to be constrained and excluded from the transaction price. Similarly, the Company accounts for the future royalties under the sales-based royalty exception in ASC 606-10-55-65 through 55-65B therefore they are not considered in the transaction price and expected to be recognized when future sales occur since that is expected to occur after the performance obligation has been fully satisfied. During the three months ended June 30, 2024 and 2023, the Company recognized $ 0.3 million and $ 5.2 million , respectively, in revenue from collaborative arrangements related to upfront payments. During the three and six months ended June 30, 2024 and 2023, the Company recognized no revenue from collaborative arrangements related to milestone payments. The unrecognized portion of the upfront payments received during the three and six months ended June 30, 2024 and 2023 is recorded on the consolidated balance sheets as “Deferred revenue from collaborations”. Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from collaborative arrangements during the periods below (in thousands): As of June 30, 2024 2023 Deferred revenue from collaborations as of January 1 $ 84 $ 8,743 Consideration received in the period 208 535 Revenue from collaborations recognized in the period ( 292 ) ( 5,175 ) Deferred revenue from collaborations as of June 30 - $ 4,103 Government Grants In 2022, the Company was awarded a grant of $ 1.1 million by the National Institute of Health (NIH) for research to target coronaviruses. The grant is for multiple years with the amount updated after each year of progress through 2025, subject to the annual reapplication and approval by the NIH. In 2023, the approved grant awarded was an additional $ 1.4 million. In 2024, the approved grant awarded was an additional $ 1.5 million. In 2023, the Company was awarded a contract of $ 8.5 million by the National Institute of Allergies and Infectious Diseases (NIAID) for research to target coronaviruses. In March 2024, the Company entered into an amendment to the above contract and was awarded an additional $ 1.3 million, making the total contract value $ 9.8 million. The contract ends in early 2026 . U.S. GAAP does not contain authoritative accounting standards for grants or contracts provided by governmental entities to a for-profit entity. Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows for the selection of accounting policies amongst acceptable alternatives. The Company determined it most appropriate to account for grants by analogy to International Accounting Standards 20 (IAS 20), Accounting for Government Grants and Disclosure of Government Assistance. Under this model, reimbursements the Company receives from the U.S. government for qualifying expenditures under the NIH grant will be recognized in earnings as a reduction to Research and development expense when there is reasonable assurance that the Company will receive the grant. IAS 20 does not define “reasonable assurance”; however, based on certain interpretations, it is analogous to “probable” as defined in FASB ASC 450-20-20 under U.S. GAAP, which is the definition the Company has applied. The grants and contracts will be recognized in earnings as a reduction of the related expenses. |
Revenue from contracts with cus
Revenue from contracts with customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 11. Revenue from contracts with customers Agreement with ADCT The Company determined that the ADC Therapeutics (ADCT) agreement falls within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606). The agreement did not fall under the ASC 808 guidance due to ADCT and the Company not being joint active participants, nor both parties having significant risks and rewards. Management of the Company determined that there was one performance obligation for the agreements given the deliverables are not distinct. The Company evaluated the performance obligation and determined the performance obligations are satisfied over time. Given the nature of the arrangement, the Company believes that the satisfaction of its performance obligations is best measured by the progress of its efforts. As such, the Company has used an input method based on costs incurred to recognize revenue associated with the upfront payments, and the Company recognizes revenue over time based on the costs incurred. The effect of any updates to the estimated overall costs are recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) were evaluated based on the Company’s analysis that the possibility of achieving any of the milestone payments is remote, and therefore determined to be constrained and excluded from the transaction price. Similarly, the Company accounts for the future royalties under the sales-based royalty exception in ASC 606-10-55-65 through 55-65B therefore they are not considered in the transaction price and expected to be recognized when future sales occur since that is expected to occur after the performance obligation has been fully satisfied. Agreement with Amoytop In May 2023, the Company and Xiamen Amoytop Biotech Co., Ltd (Amoytop) entered into an exclusive Development Agreement and Research Collaboration Agreement with a focus on nucleic acid technology for HBV treatment, with the Company granting to Amoytop an exclusive option to enter into an exclusive license to develop and commercialize such compounds. Under the terms of the agreement, the Company received an upfront payment of $ 7.0 million, less withholding taxes of $ 1.1 million from Amoytop. With respect to the agreement, the Company will be eligible for up to $ 109.0 million in development and commercialization milestones as well as tiered royalties on net sales. These potential payments consist of (i) potential development milestones (such as for the commencement of a Good Laboratory Practice toxicology study for a collaboration compound, approval of IND by regulatory authority, initiation of Phase 2 and 3 clinical trials, and regulatory approval of a licensed product), and (ii) sales-based milestones. In May 2024, the Company and Amoytop entered into a nine month extension to the Development Agreement and Research Collaboration Agreement, covering work performed through January 2025. Under the terms of the agreement, the Company received an upfront payment of $ 1.5 million. The Company determined that the Amoytop agreement and extension falls within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606). The agreement did not fall under the ASC 808 guidance due to Amoytop and the Company not being joint active participants, and both parties not having significant risks and rewards. Management of the Company determined that there were three performance obligations for the agreement given the deliverables are distinct. The Company evaluated the standalone selling price for each obligation based on available data for similar arrangements. The Company evaluated the performance obligations and determined the provision of R&D services for the collaboration compound performance obligation will be satisfied over time, the research license including data and know-how has been satisfied, and the provision of materials will be satisfied upon delivery. Given the nature of the arrangement, the Company believes that the satisfaction of its performance obligations is best measured by the progress of its efforts as it relates to the performance of the R&D services. As such, the Company has used an input method based on costs incurred to recognize revenue associated with the upfront payments, and the Company recognizes revenue over time based on the costs incurred. The effect of any updates to the estimated overall costs are recorded as a change in estimate. In addition, variable consideration (e.g., milestone payments) were evaluated based on the Company’s analysis that the possibility of achieving any of the milestone payments is remote, and therefore determined to be constrained and excluded from the transaction price. Similarly, the Company accounts for the future royalties under the sales-based royalty exception in ASC 606-10-55-65 through 55-65B therefore they are not considered in the transaction price and expected to be recognized when future sales occur since that is expected to occur after the performance obligation has been fully satisfied. During the three months ended June 30, 2024 and 2023, the Company recognized $ 1.8 million and $ 4.4 million , respectively, in revenue from customers related to upfront payments. During the three months ended June 30, 2024 and 2023 , the Company recognized no revenue from customers related to milestone payments. The unrecognized portion of the upfront payments received during the three months ended June 30, 2024 and 2023 is recorded on the consolidated balance sheets as “Deferred revenue from customers”. Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from customers during the periods below (in thousands): As of June 30, 2024 2023 Deferred revenue from customers as of January 1 $ 1,224 $ 700 Consideration received in the period 1,857 6,676 Revenue from customers recognized in the period ( 1,755 ) ( 4,434 ) Deferred revenue from customers as of June 30 $ 1,326 $ 2,942 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies From time to time, the Company may have certain contingent liabilities, including legal matters that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Contingent liabilities requiring accrual were appropriately accrued as of June 30, 2024 and December 31, 2023. The Company enters into contracts in the normal course of business that includes arrangements with clinical research organizations, vendors for preclinical research and vendors for manufacturing. These agreements generally allow for cancellation with notice. As of June 30, 2024, the Company had no material non-cancellable purchase commitments. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes The Company recorded income tax expense of $ 213.0 thousand for the six months ended June 30, 2024, primarily related to the Company's international operations. The Company has a history of losses in prior fiscal years and projects losses for the full year 2024 . The Company continues to maintain a full valuation allowance on its net deferred tax assets. |
Net income (loss) per share
Net income (loss) per share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net income (loss) per share | 14. Net income (loss) per share The following table summarizes the computation of basic and diluted net income (loss) per share of the Company (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income (loss) $ 5,061 $ ( 18,791 ) $ ( 29,802 ) $ ( 41,746 ) Weighted average common stock outstanding 156,444,408 43,215,478 156,299,282 43,063,615 Common shares issuable 203,509 - - - Weighted average common stock outstanding, assuming dilution 156,647,917 43,215,478 156,299,282 43,063,615 Net income (loss) per share - basic $ 0.03 $ ( 0.43 ) $ ( 0.19 ) $ ( 0.97 ) Net income (loss) per share - diluted $ 0.03 $ ( 0.43 ) $ ( 0.19 ) $ ( 0.97 ) The Company’s potentially dilutive securities, which include options to purchase common stock, unvested restricted stock and warrants to purchase common stock, have been excluded from the computation of diluted net income (loss) per share as the effect would be to reduce the net income (loss) per share. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net income (loss) per share is the same. The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Options to purchase common stock 9,798,963 10,506,661 10,041,963 10,506,661 Unvested restricted stock 40,405 - 154,580 - Warrants to purchase common stock 56,241,973 - 56,241,973 - 66,081,341 10,506,661 66,438,516 10,506,661 |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent events | 15. Subsequent events In preparing the interim financial statements for the three and six months ended June 30, 2024, the Company evaluated subsequent events for recognition and measurement purposes during which time the following events has occurred that require disclosure: Amoytop agreement In July 2024, the Company and Amoytop entered into a clinical trial collaboration and supply agreement whereby Amoytop has agreed to sponsor and perform a Phase 1b exploratory clinical study evaluating the efficacy and safety of ALG-000184 in combination with PEGBING® (Mipeginterferon alfa-2b) in CHB patients in China. The clinical study is expected to begin after approval (if any) by the National Medical Products Administration in China. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (the SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 , included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2024. |
Unaudited interim financial information | Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2024, the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, the consolidated statements of stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2024 and the consolidated results of its operations and cash flows for the six months ended June 30, 2024 and 2023. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2024 and 2023 are unaudited. The consolidated results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. |
Significant accounting policies and estimates | Significant accounting policies and estimates No material changes were made to the Company’s significant accounting policies disclosed in Note 2, Summary of significant accounting policies, in its Annual Report on Form 10-K, filed with the SEC on March 12, 2024, for the year ended December 31, 2023. |
Recently issued accounting standards | Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)(ASU 2023-07). The guidance improves reportable segment disclosures requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the potential impact of this standard on its consolidated financial statements. The Company has considered all recent accounting pronouncements issued, but not yet effective, and does not expect any to have a material effect on the Company’s condensed consolidated financial statements other than those discussed in its Annual Report on Form 10-K, filed with the SEC on March 12, 2024, for the year ended December 31, 2023. |
Property and equipment (Tables)
Property and equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | The components of property and equipment as of June 30, 2024 and December 31, 2023 were as follows (in thousands): June 30, December 31, Leasehold improvements $ 6,101 $ 6,101 Lab equipment 5,905 5,830 Computer equipment 1,051 1,051 Furniture and office equipment 732 732 Vehicles and equipment 296 296 Asset under construction 4 4 Total, at cost 14,089 14,014 Accumulated depreciation ( 11,292 ) ( 10,755 ) Total, net $ 2,797 $ 3,259 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, after Allowance for Credit Loss [Abstract] | |
Summary of Available For Sale and Held to Maturity Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value | As of June 30, 2024, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows (in thousands): June 30, 2024 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities: U.S. Treasury bonds $ 49,510 $ - $ ( 51 ) $ 49,458 |
Summary of Debt Securities Available for Sale Maturity | The following is a summary of maturities of securities available-for-sale as of June 30, 2024 (in thousands): Available-for-sale Amortized Cost Estimated Amounts maturing in: One year or less $ 49,510 $ 49,458 Total investments $ 49,510 $ 49,458 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2024 2023 Accrued compensation $ 3,599 $ 6,673 Accrued payables 5,758 7,144 Other 2,707 3,025 Total $ 12,064 $ 16,842 |
Common Warrants and Pre Funde_2
Common Warrants and Pre Funded Warrants (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Class of Warrant or Right [Line Items] | |
Summary of Net Proceeds Received from Sale of Common Stock, Pre-Funded Warrants and Common Warrants | The Company used the with-and-without method to allocate the net proceeds received from the sale of the Common Stock, the Pre-Funded Warrants, and the Common Warrants on the Consolidated Balance Sheets as follows: As of October 25, 2023 Common Stock $ 18,641 Pre-Funded Warrants 48,079 Common Warrants 25,427 Total $ 92,147 |
Summary of Pre-funded Warrant Shares Outstanding | The following table summarizes information about shares issuable under the Pre-Funded Warrants outstanding at June 30, 2024: Pre-funded warrant shares outstanding Outstanding at January 1, 2024 81,054,686 Issued - Exercised ( 4,125,531 ) Outstanding at June 30, 2024 76,929,155 Exercisable at June 30, 2024 76,929,155 |
Summary of Common Warrant Liability | The following table sets forth a summary of the activities of the Company’s warrant liability, which represents a recurring measurement that is classified with Level 3 of the fair value hierarchy wherein the fair value is estimated using significant unobservable inputs: Common warrant liability Beginning liability as of January 1, 2024 $ 27,596 Common warrants issued - Change in fair value of liability ( 16,106 ) Ending liability as of June 30, 2024 $ 11,490 |
Summary of Common Warrant Shares Outstanding | The following table summarizes information about shares issuable under the Common Warrants outstanding at June 30, 2024 : Common warrant shares outstanding Outstanding at January 1, 2024 56,241,973 Issued - Exercised - Outstanding at June 30, 2024 56,241,973 Exercisable at June 30, 2024 56,241,973 |
Common Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Summary of Assumptions Used to Determine the fair value at Issuance and Reporting Date of Common Warrants Granted | The assumptions that the Company used to determine the fair value at issuance and the reporting date of the Common Warrants granted to participants were as follows: June 30, 2024 December 31, 2023 Expected term (in years) 6.33 6.83 Risk-free interest rate 4.27 % 3.88 % Dividend yield - - Volatility 77.54 % 82.80 % |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Stock Options | Stock option activity during the six months ended June 30, 2024 is as follows: Shares Weighted- Weighted- Aggregate Outstanding as of January 1, 2024 10,376,838 $ 6.38 6.9 $ — Granted 3,183,515 1.03 Replacement options from Exchange 1,906,153 0.96 Exercised — — — Forfeited or Expired ( 1,544,211 ) 6.73 Cancelled options from Exchange ( 3,880,332 ) 10.43 Outstanding as of June 30, 2024 10,041,963 2.04 8.20 — Options vested and expected to vest as of June 30, 2024 10,041,963 2.04 8.20 — Options vested and exercisable as of June 30, 2024 3,436,608 3.70 5.97 — |
Summary of Stock Based Compensation Expense Was Allocated | Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 1,194 $ 1,572 $ 2,634 $ 3,743 General and administrative 862 1,625 2,070 3,117 Total $ 2,056 $ 3,197 $ 4,704 $ 6,860 |
Restricted Stock [Member] | |
Summary of Stock Options | Restricted stock activity during the six months ended June 30, 2024 is as follows: Number Weighted- Aggregate Issued and unvested as of January 1, 2024 134,120 $ 0.84 $ 113 Restricted stock awards granted 22,950 1.13 26 Restricted stock awards vested ( 2,490 ) 0.84 ( 2 ) Issued and unvested as of June 30, 2024 154,580 $ 0.88 $ 137 |
Fair value (Tables)
Fair value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value of the financial instruments that are measured at fair value on a recurring basis | The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 45,078 $ - $ - Available for sale securities 49,458 - - Liabilities: Warrant liability - - ( 11,490 ) $ 94,536 $ - $ ( 11,490 ) Fair Value Measurements Level 1 Level 2 Level 3 Assets: Cash equivalents $ 135,704 $ - $ - Liabilities: Warrant liability - - ( 27,596 ) $ 135,704 $ - $ ( 27,596 ) |
License and Collaboration Agr_2
License and Collaboration Agreements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
License And Collaboration Agreements [Abstract] | |
Schedule of Deferred Revenue from Collaborative Arrangements | Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from collaborative arrangements during the periods below (in thousands): As of June 30, 2024 2023 Deferred revenue from collaborations as of January 1 $ 84 $ 8,743 Consideration received in the period 208 535 Revenue from collaborations recognized in the period ( 292 ) ( 5,175 ) Deferred revenue from collaborations as of June 30 - $ 4,103 Government Grants In 2022, the Company was awarded a grant of $ 1.1 million by the National Institute of Health (NIH) for research to target coronaviruses. The grant is for multiple years with the amount updated after each year of progress through 2025, subject to the annual reapplication and approval by the NIH. In 2023, the approved grant awarded was an additional $ 1.4 million. In 2024, the approved grant awarded was an additional $ 1.5 million. In 2023, the Company was awarded a contract of $ 8.5 million by the National Institute of Allergies and Infectious Diseases (NIAID) for research to target coronaviruses. In March 2024, the Company entered into an amendment to the above contract and was awarded an additional $ 1.3 million, making the total contract value $ 9.8 million. The contract ends in early 2026 . U.S. GAAP does not contain authoritative accounting standards for grants or contracts provided by governmental entities to a for-profit entity. Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows for the selection of accounting policies amongst acceptable alternatives. The Company determined it most appropriate to account for grants by analogy to International Accounting Standards 20 (IAS 20), Accounting for Government Grants and Disclosure of Government Assistance. Under this model, reimbursements the Company receives from the U.S. government for qualifying expenditures under the NIH grant will be recognized in earnings as a reduction to Research and development expense when there is reasonable assurance that the Company will receive the grant. IAS 20 does not define “reasonable assurance”; however, based on certain interpretations, it is analogous to “probable” as defined in FASB ASC 450-20-20 under U.S. GAAP, which is the definition the Company has applied. The grants and contracts will be recognized in earnings as a reduction of the related expenses. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Deferred Revenue from Customers | Changes in deferred revenue balances arose as a result of the Company recognizing the following revenue from customers during the periods below (in thousands): As of June 30, 2024 2023 Deferred revenue from customers as of January 1 $ 1,224 $ 700 Consideration received in the period 1,857 6,676 Revenue from customers recognized in the period ( 1,755 ) ( 4,434 ) Deferred revenue from customers as of June 30 $ 1,326 $ 2,942 |
Net income (loss) per share (Ta
Net income (loss) per share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the computation of basic and diluted net income (loss) per share of the Company (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income (loss) $ 5,061 $ ( 18,791 ) $ ( 29,802 ) $ ( 41,746 ) Weighted average common stock outstanding 156,444,408 43,215,478 156,299,282 43,063,615 Common shares issuable 203,509 - - - Weighted average common stock outstanding, assuming dilution 156,647,917 43,215,478 156,299,282 43,063,615 Net income (loss) per share - basic $ 0.03 $ ( 0.43 ) $ ( 0.19 ) $ ( 0.97 ) Net income (loss) per share - diluted $ 0.03 $ ( 0.43 ) $ ( 0.19 ) $ ( 0.97 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Options to purchase common stock 9,798,963 10,506,661 10,041,963 10,506,661 Unvested restricted stock 40,405 - 154,580 - Warrants to purchase common stock 56,241,973 - 56,241,973 - 66,081,341 10,506,661 66,438,516 10,506,661 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Nature Of Operations [Line Items] | ||
Accumulated deficit | $ 516,599 | $ 486,797 |
Unrestricted cash, Cash equivalent and investment | $ 94,500 |
Property and equipment - Summar
Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total, at cost | $ 14,089 | $ 14,014 |
Accumulated depreciation | (11,292) | (10,755) |
Total, net | 2,797 | 3,259 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 6,101 | 6,101 |
Lab equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 5,905 | 5,830 |
Computer equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 1,051 | 1,051 |
Furniture and office equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 732 | 732 |
Vehicles and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 296 | 296 |
Asset under construction [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | $ 4 | $ 4 |
Property and equipment - Additi
Property and equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 300 | $ 400 | $ 538 | $ 858 |
Investments - Summary of Availa
Investments - Summary of Available For Sale Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 49,510,000 | |
Available-for-sale securities, Estimated Fair Value | 49,458,000 | $ 0 |
U.S. Treasury bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-sale securities, Amortized Cost | 49,510,000 | |
Available-for-sale securities, Gross Unrealized Loss | (51,000) | |
Available-for-sale securities, Estimated Fair Value | $ 49,458,000 |
Investments - Summary of Debt S
Investments - Summary of Debt Securities Available for Sale Maturity (Detail) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Available-for-Sale Securities, Debt Maturities [Abstract] | ||
Available-for-Sale, Amortized Cost, One year or less | $ 49,510,000 | |
Available-for-sale securities, Amortized Cost | 49,510,000 | |
Available-for-Sale, Estimated Fair Value, One year or less | 49,458,000 | |
Available-for-sale, Estimated Fair Value, Total investments | $ 49,458,000 | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Investment In Available For Sale And Held To Maturity Securities [Line Items] | |||||
Available for sale securities | $ 49,458,000 | $ 49,458,000 | $ 0 | ||
Interest income | $ 300,000 | $ 1,000,000 | $ 900,000 | $ 1,700,000 |
Accrued liabilities - Summary o
Accrued liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 3,599 | $ 6,673 |
Accrued payables | 5,758 | 7,144 |
Other | 2,707 | 3,025 |
Total | $ 12,064 | $ 16,842 |
Capital stock - Additional Info
Capital stock - Additional Information (Detail) - $ / shares | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 27, 2024 | Dec. 31, 2023 | Oct. 20, 2020 | |
Number of shares of common stock authorized | 520,000,000 | 320,000,000 | 320,000,000 | |
Number of shares of preferred stock authorized | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock authorized par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock voting right | one | |||
Preferred Stock, Shares Issued | 0 | 0 | ||
Voting Common Stock [Member] | ||||
Number of shares of common stock authorized | 300,000,000 | |||
Voting Common Stock [Member] | Minimum [Member] | ||||
Number of shares of common stock authorized | 300,000,000 | |||
Voting Common Stock [Member] | Maximum [Member] | ||||
Number of shares of common stock authorized | 500,000,000 | |||
Non-Voting Common Stock [Member] | ||||
Number of shares of common stock authorized | 20,000,000 |
Common Warrants and Pre Funde_3
Common Warrants and Pre Funded Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Oct. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Warrant or Right [Line Items] | |||
Shares issued (in Shares) | 31,429,266 | 79,785,898 | 75,096,906 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Gross Proceeds | $ 92.1 | ||
Net proceeds | $ 86.2 | ||
2023 Pre-Funded Warrants | |||
Class of Warrant or Right [Line Items] | |||
Number of prefunded warrants to be issued | 81,054,686 | ||
Exercise price of warrant per share | $ 0.0001 | ||
Price per share of warrants | $ 0.7568 | ||
Common Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants to purchase common stock | 56,241,973 | ||
Warrant expiration date | Oct. 25, 2030 | ||
Exercise price of warrant per share | $ 0.7568 |
Common Warrants and Pre Funde_4
Common Warrants and Pre Funded Warrants - Summary of Net Proceeds Received from Sale of Common Stock, Pre-Funded Warrants and Common Warrants (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Oct. 25, 2023 | Oct. 31, 2023 | |
Class of Warrant or Right [Line Items] | ||
Common Warrants | $ 86,200 | |
October 2023 Securities Purchase Agreement | ||
Class of Warrant or Right [Line Items] | ||
Common Stock | $ 18,641 | |
Pre-Funded Warrants | 48,079 | |
Common Warrants | 25,427 | |
Total | $ 92,147 |
Common Warrants and Pre Funde_5
Common Warrants and Pre Funded Warrants - Summary of Pre-funded Warrant Shares Outstanding (Details) - October 2023 Securities Purchase Agreement | 6 Months Ended |
Jun. 30, 2024 shares | |
Class of Warrant or Right [Line Items] | |
Beginning balance, shares | 81,054,686 |
Exercised | (4,125,531) |
Ending balance, shares | 76,929,155 |
Exercisable at June 30, 2024 | 76,929,155 |
Common Warrants and Pre Funde_6
Common Warrants and Pre Funded Warrants - Summary of Common Warrant Liability (Details) - October 2023 Securities Purchase Agreement - Level 3 [Member] | 6 Months Ended |
Jun. 30, 2024 USD ($) shares | |
Class of Warrant or Right [Line Items] | |
Beginning liability as of January 1, 2024 | $ 27,596 |
Change in fair value of liability | shares | (16,106) |
Ending liability as of June 30, 2024 | $ 11,490 |
Common Warrants and Pre Funde_7
Common Warrants and Pre Funded Warrants - Summary of Assumptions Used to Determine the fair value at Issuance and Reporting Date of Common Warrants Granted (Details) - Common Warrants [Member] | Jun. 30, 2024 | Dec. 31, 2023 |
Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 6.33 | 6.83 |
Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 0.0427 | 0.0388 |
Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 0.7754 | 0.828 |
Common Warrants and Pre Funde_8
Common Warrants and Pre Funded Warrants - Summary of Common Warrant Shares Outstanding (Details) - October 2023 Securities Purchase Agreement | 6 Months Ended |
Jun. 30, 2024 shares | |
Class of Warrant or Right [Line Items] | |
Beginning balance, shares | 56,241,973 |
Issued | 0 |
Exercised | 0 |
Ending balance, shares | 56,241,973 |
Exercisable at June 30, 2024 | 56,241,973 |
Derivative liabilities and rede
Derivative liabilities and redeemable convertible preferred stock liability - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | |
Changes in fair value of the warrants | $ (16,106) |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 2,056,000 | $ 3,197,000 | $ 4,704,000 | $ 6,860,000 | |
Share based compensation expense recognized tax benefit | 0 | 0 | 0 | 0 | |
Share based payment unamortized share based payment expenses | $ 3,000 | ||||
Number of options cancelled in connection with exchange offer | 3,880,332 | ||||
Number of replacement options granted in connection with exchange offer | 1,906,153 | ||||
Unamortized compensation cost | $ 3,000 | ||||
Common stock vesting period | 1 year | ||||
Replacement Option One [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options tendered | 1.4 | ||||
Replacement Option Two [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options tendered | 3.4 | ||||
Eligible options tendered for replacement option, value | $ 11.86 | ||||
Maximum [Member] | Replacement Option One [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Eligible options tendered for replacement option, value | 11.85 | ||||
Minimum [Member] | Replacement Option One [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Eligible options tendered for replacement option, value | $ 2.1 | ||||
Employee Stock Option [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | 1,900,000 | $ 3,000,000 | 4,400,000 | $ 6,500,000 | |
Share based payment unamortized share based payment expenses | 7,100,000 | $ 7,100,000 | |||
Share based payment expenses amortized over a weighted average period | 1 year 11 months 12 days | ||||
Unamortized compensation cost | $ 7,100,000 | $ 7,100,000 | |||
Share based payments weighted-average grant date fair value | $ 0.3 | $ 0.79 | $ 0.74 | $ 0.93 | |
Common stock issued upon exercise of stock options | 0 | 0 | |||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 0 | $ 0 | $ 100,000 | $ 0 | |
Share based payment unamortized share based payment expenses | 43,000 | $ 43,000 | |||
Share based payment expenses amortized over a weighted average period | 3 years | ||||
Unamortized compensation cost | 43,000 | $ 43,000 | |||
Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 100,000 | $ 200,000 | $ 300,000 | $ 400,000 | |
Purchase of common stock | 560,971 | 562,493 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Employee Stock Option [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Number of options - Beginning balance | 10,376,838 | |
Number of options, Granted | 3,183,515 | |
Number of options, Replacement options from Exchange | 1,906,153 | |
Number of options, Forfeited or Expired | (1,544,211) | |
Number of options, Cancelled options from Exchange | (3,880,332) | |
Number of options - Ending balance | 10,041,963 | 10,376,838 |
Number of options vested and expected to vest | 10,041,963 | |
Number of options vested and exercisable | 3,436,608 | |
Weighted average exercise price - Beginning balance | $ 6.38 | |
Weighted average exercise price Granted | 1.03 | |
Weighted average exercise price Replacement options from Exchange | 0.96 | |
Weighted average exercise price Forfeited or Expired | 6.73 | |
Weighted average exercise price Cancelled options from Exchange | 10.43 | |
Weighted Average Exercise Price - Ending balance | 2.04 | $ 6.38 |
Weighted average exercise price Options vested and expected to vest | 2.04 | |
Weighted average exercise price options vested and exercisable | $ 3.7 | |
Weighted- Average Remaining Contractual Term, Outstanding | 8 years 2 months 12 days | 6 years 10 months 24 days |
Weighted- Average Remaining Contractual Term, Options vested and expected to vest | 8 years 2 months 12 days | |
Weighted- Average Remaining Contractual Term, Options vested and exercisable | 5 years 11 months 19 days | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Number of awards - Beginning balance | 134,120 | |
Number of awards, granted | 22,950 | |
Number of awards, vested | (2,490) | |
Number of awards - Ending balance | 154,580 | 134,120 |
Weighted average granted fair date value - Beginning balance | $ 0.84 | |
Weighted average granted fair date value, granted | 1.13 | |
Weighted average granted fair date value, vested | 0.84 | |
Weighted average granted fair date value - Ending balance | $ 0.88 | $ 0.84 |
Aggregate intrinsic value - Beginning | $ 113 | |
Aggregate intrinsic value, Granted | 26 | |
Aggregate intrinsic value, Vested | (2) | |
Aggregate intrinsic value - Ending balance | $ 137 | $ 113 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Based Compensation Expense Was Allocated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated Share Based Compensation Expense | $ 2,056 | $ 3,197 | $ 4,704 | $ 6,860 |
Research and Development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated Share Based Compensation Expense | 1,194 | 1,572 | 2,634 | 3,743 |
General and Administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated Share Based Compensation Expense | $ 862 | $ 1,625 | $ 2,070 | $ 3,117 |
Fair value - Summary of Fair Va
Fair value - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | $ 45,078 | $ 135,704 |
Available for sale securities | 49,458 | |
Liabilities: | ||
Fair value, Liabilities | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 94,536 | 135,704 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Available for sale securities | 0 | |
Liabilities: | ||
Fair value, Liabilities | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 0 | 0 |
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Available for sale securities | 0 | |
Liabilities: | ||
Fair value, Liabilities | (11,490) | (27,596) |
Fair Value, Net Asset (Liability), Total | $ (11,490) | $ (27,596) |
License and collaboration agr_3
License and collaboration agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Jun. 25, 2020 | Mar. 31, 2024 | Jan. 31, 2022 | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 30, 2020 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 19, 2018 | Jun. 30, 2018 | |
Revenue recognized from collaborative arrangements | $ 0 | $ 0 | |||||||||||||||
Revenue recognized from collaborative arrangements on upfront payment | $ (292,000) | $ (5,175,000) | |||||||||||||||
KU Leuven [Member] | |||||||||||||||||
Collaboration expire period | 2 years 6 months | ||||||||||||||||
Katholieke Universiteit Leuven [Member] | |||||||||||||||||
Payments for royalties and milestones | 0 | $ 0 | |||||||||||||||
Emory license agreement [Member] | Emory university [Member] | |||||||||||||||||
Non-refundable payment | $ 200,000 | ||||||||||||||||
Long term purchase commitment additional obligation to be paid | 35,000 | ||||||||||||||||
Long term purchase commitment period description | The research plan was set to terminate one year from the effective date of June 2020 but the Company exercised its option to extend it for a second year | ||||||||||||||||
Royalties or milestones payments made | 0 | 0 | $ 0 | 0 | |||||||||||||
Payments for royalties | 0 | 0 | 0 | 0 | |||||||||||||
Expense or accruals recognized related to royalties | 0 | 0 | 0 | 0 | |||||||||||||
Emory license agreement [Member] | Emory university [Member] | Maximum [Member] | |||||||||||||||||
Funding related to collaboration agreement extension | $ 300,000 | ||||||||||||||||
Aggregate payments | $ 125,000,000 | ||||||||||||||||
Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | |||||||||||||||||
Royalties or milestones payments made | 0 | 0 | 0 | 0 | |||||||||||||
Payments for royalties | 0 | 0 | $ 0 | 0 | |||||||||||||
Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | Maximum [Member] | |||||||||||||||||
Aggregate payments | $ 55,500,000 | ||||||||||||||||
Katholieke Universiteit Leuven License Agreement [Member] | Katholieke Universiteit Leuven [Member] | |||||||||||||||||
Non-refundable payment | $ 30,000,000 | ||||||||||||||||
Long term purchase commitment period description | Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. | ||||||||||||||||
First commercial sale of a licensed product period | 10 years | ||||||||||||||||
Katholieke Universiteit Leuven License Agreement [Member] | Katholieke Universiteit Leuven [Member] | Maximum [Member] | |||||||||||||||||
Non-refundable payment | $ 32,000,000 | ||||||||||||||||
Merck License and Research Collaboration | Merck | |||||||||||||||||
Upfront payment received | $ 15,000,000 | $ 12,000,000 | |||||||||||||||
Merck License and Research Collaboration | Merck | Maximum [Member] | |||||||||||||||||
Milestone payments and royalties receivable | $ 460,000,000 | $ 458,000,000 | |||||||||||||||
Merck License and Research Collaboration First Amendment [Member] | Merck | |||||||||||||||||
Revenue recognized from collaborative arrangements | 0 | 0 | $ 0 | $ 0 | |||||||||||||
Revenue recognized from collaborative arrangements on upfront payment | $ 300,000 | $ 5,200,000 | |||||||||||||||
Research and Development [Member] | Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | |||||||||||||||||
Upfront license fees paid | $ 600,000 | $ 600,000 | |||||||||||||||
Non-refundable payment | $ 200,000 | ||||||||||||||||
Grant by the National Institute of Health (NIH) for Research to Target Coronaviruses | |||||||||||||||||
Government grants / contract awarded | $ 1,500,000 | $ 1,400,000 | $ 1,100,000 | ||||||||||||||
Grant by the National Institute of Allergies and Infectious Diseases (NIAID) for Research to Target Coronaviruses | |||||||||||||||||
Government grants / contract awarded | $ 1,300,000 | $ 9,800,000 | $ 8,500,000 | ||||||||||||||
Government contract end year | 2026 |
License and collaboration agr_4
License and collaboration agreements - Summary of Deferred Revenue from Collaborative Arrangements (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
License And Collaboration Agreements [Abstract] | ||
Deferred revenue from collaborations as of January 1 | $ 84 | $ 8,743 |
Consideration received in the period | 208 | 535 |
Revenue from collaborations recognized in the period | $ (292) | (5,175) |
Deferred revenue from collaborations as of June 30 | $ 4,103 |
Revenue from contracts with c_3
Revenue from contracts with customers - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 31, 2024 | May 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from customers related to upfront payments | $ 1,800,000 | $ 4,400,000 | ||
Revenue from customers related to milestone payments | $ 0 | $ 0 | ||
Amoytop License and Research Collaboration [Member] | Amoytop [Member] | ||||
Upfront payment received | $ 1,500,000 | $ 7,000,000 | ||
Withholding taxes | 1,100,000 | |||
Amoytop License and Research Collaboration [Member] | Amoytop [Member] | Maximum [Member] | ||||
Milestone payments and royalties receivable | $ 109,000,000 |
Revenue from contracts with c_4
Revenue from contracts with customers - Schedule of Deferred Revenue from customers (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue from customers as of January 1 | $ 1,224 | $ 700 |
Consideration received in the period | 1,857 | 6,676 |
Revenue from customers recognized in the period | (1,755) | (4,434) |
Deferred revenue from customers as of June 30 | $ 1,326 | $ 2,942 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Line Items] | ||||
Income tax expense | $ 189,000 | $ 757,000 | $ 213,000 | $ 796,000 |
BELGIUM | ||||
Income Taxes [Line Items] | ||||
Income tax expense | $ 213,000 |
Net income (loss) per share - S
Net income (loss) per share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 5,061 | $ (18,791) | $ (29,802) | $ (41,746) |
Weighted average common stock outstanding | 156,444,408 | 43,215,478 | 156,299,282 | 43,063,615 |
Common shares issuable | 203,509 | |||
Weighted average common stock outstanding, assuming dilution | 156,647,917 | 43,215,478 | 156,299,282 | 43,063,615 |
Net income (loss) per share - basic | $ 0.03 | $ (0.43) | $ (0.19) | $ (0.97) |
Net income (loss) per share - diluted | $ 0.03 | $ (0.43) | $ (0.19) | $ (0.97) |
Net income (loss) per share -_2
Net income (loss) per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 66,081,341 | 10,506,661 | 66,438,516 | 10,506,661 |
Options to purchase common stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 9,798,963 | 10,506,661 | 10,041,963 | 10,506,661 |
Unvested restricted stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 40,405 | 0 | 154,580 | 0 |
Warrants to purchase common stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 56,241,973 | 0 | 56,241,973 | 0 |