Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | ALX ONCOLOGY HOLDINGS INC | |
Entity Central Index Key | 0001810182 | |
Entity File Number | 001-39386 | |
Entity Tax Identification Number | 85-0642577 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 323 Allerton Avenue | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 466-7125 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 40,755,452 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | ALXO | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 49,054 | $ 363,667 |
Short-term investments | 235,855 | |
Prepaid expenses and other current assets | 5,899 | 3,352 |
Total current assets | 290,808 | 367,019 |
Property and equipment, net | 2,336 | 897 |
Long-term investments | 8,217 | |
Other assets | 16,328 | 12,267 |
Total assets | 317,689 | 380,183 |
Current liabilities: | ||
Accounts payable | 5,880 | 3,764 |
Payable and accrued liabilities due to related party | 2,759 | 1,630 |
Accrued expenses and other current liabilities | 16,604 | 9,901 |
Total current liabilities | 25,243 | 15,295 |
Other non-current liabilities | 5,483 | 1,839 |
Total liabilities | 30,726 | 17,134 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value; 1,000,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 40,745,252 and 40,587,067 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 41 | 41 |
Additional paid-in capital | 583,184 | 564,993 |
Accumulated other comprehensive loss | (1,504) | |
Accumulated deficit | (294,758) | (201,985) |
Total stockholders’ equity | 286,963 | 363,049 |
Total liabilities and stockholders’ equity | $ 317,689 | $ 380,183 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 40,748,290 | 40,587,067 |
Common stock, shares outstanding | 40,748,290 | 40,587,067 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 29,382 | $ 18,214 | $ 73,203 | $ 39,276 |
General and administrative | 7,299 | 6,362 | 22,014 | 15,807 |
Total operating expenses | 36,681 | 24,576 | 95,217 | 55,083 |
Loss from operations | (36,681) | (24,576) | (95,217) | (55,083) |
Interest income | 1,370 | 22 | 2,471 | 70 |
Other expense, net | (9) | (12) | (27) | (12) |
Net loss | $ (35,320) | $ (24,566) | $ (92,773) | $ (55,025) |
Net loss per share, basic | $ (0.87) | $ (0.61) | $ (2.28) | $ (1.37) |
Net loss per share, diluted | $ (0.87) | $ (0.61) | $ (2.28) | $ (1.37) |
Weighted-average shares of common stock used to compute net loss per shares, basic | 40,747,026 | 40,396,188 | 40,684,172 | 40,234,159 |
Weighted-average shares of common stock used to compute net loss per shares, diluted | 40,747,026 | 40,396,188 | 40,684,172 | 40,234,159 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (35,320) | $ (24,566) | $ (92,773) | $ (55,025) |
Other comprehensive loss, net of tax: | ||||
Unrealized loss on available-for-sale investments | (248) | (1,504) | ||
Total comprehensive loss | $ (35,568) | $ (24,566) | $ (94,277) | $ (55,025) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ 429,845 | $ 40 | $ 548,327 | $ (118,522) | |
Balance, shares at Dec. 31, 2020 | 39,844,522 | ||||
Issuance of common stock under equity incentive plans | 1,024 | 1,024 | |||
Issuance of common stock under equity incentive plans, shares | 364,047 | ||||
Stock-based compensation | 1,800 | 1,800 | |||
Net loss | (14,185) | (14,185) | |||
Balance at Mar. 31, 2021 | 418,484 | $ 40 | 551,151 | (132,707) | |
Balance, shares at Mar. 31, 2021 | 40,208,569 | ||||
Balance at Dec. 31, 2020 | 429,845 | $ 40 | 548,327 | (118,522) | |
Balance, shares at Dec. 31, 2020 | 39,844,522 | ||||
Net loss | (55,025) | ||||
Balance at Sep. 30, 2021 | 385,172 | $ 40 | 558,679 | (173,547) | |
Balance, shares at Sep. 30, 2021 | 40,486,287 | ||||
Balance at Mar. 31, 2021 | 418,484 | $ 40 | 551,151 | (132,707) | |
Balance, shares at Mar. 31, 2021 | 40,208,569 | ||||
Issuance of common stock under equity incentive plans | 464 | 464 | |||
Issuance of common stock under equity incentive plans, shares | 114,488 | ||||
Issuance of common stock under employee stock purchase plan | 103 | 103 | |||
Issuance of common stock under employee stock purchase plan, shares | 2,213 | ||||
Stock-based compensation | 2,237 | 2,237 | |||
Net loss | (16,274) | (16,274) | |||
Balance at Jun. 30, 2021 | 405,014 | $ 40 | 553,955 | (148,981) | |
Balance, shares at Jun. 30, 2021 | 40,325,270 | ||||
Issuance of common stock under equity incentive plans | 533 | 533 | |||
Issuance of common stock under equity incentive plans, shares | 161,017 | ||||
Stock-based compensation | 4,191 | 4,191 | |||
Net loss | (24,566) | (24,566) | |||
Balance at Sep. 30, 2021 | 385,172 | $ 40 | 558,679 | (173,547) | |
Balance, shares at Sep. 30, 2021 | 40,486,287 | ||||
Balance at Dec. 31, 2021 | 363,049 | $ 41 | 564,993 | (201,985) | |
Balance, shares at Dec. 31, 2021 | 40,587,067 | ||||
Issuance of common stock under equity incentive plans | 185 | 185 | |||
Issuance of common stock under equity incentive plans, shares | 69,565 | ||||
Stock-based compensation | 5,501 | 5,501 | |||
Unrealized loss on available-for-sale investments | (606) | $ (606) | |||
Net loss | (24,533) | (24,533) | |||
Balance at Mar. 31, 2022 | 343,596 | $ 41 | 570,679 | (606) | (226,518) |
Balance, shares at Mar. 31, 2022 | 40,656,632 | ||||
Balance at Dec. 31, 2021 | 363,049 | $ 41 | 564,993 | (201,985) | |
Balance, shares at Dec. 31, 2021 | 40,587,067 | ||||
Unrealized loss on available-for-sale investments | (1,504) | ||||
Net loss | (92,773) | ||||
Balance at Sep. 30, 2022 | 286,963 | $ 41 | 583,184 | (1,504) | (294,758) |
Balance, shares at Sep. 30, 2022 | 40,748,290 | ||||
Balance at Mar. 31, 2022 | 343,596 | $ 41 | 570,679 | (606) | (226,518) |
Balance, shares at Mar. 31, 2022 | 40,656,632 | ||||
Issuance of common stock under equity incentive plans | 155 | 155 | |||
Issuance of common stock under equity incentive plans, shares | 44,618 | ||||
Issuance of common stock under employee stock purchase plan | 302 | 302 | |||
Issuance of common stock under employee stock purchase plan, shares | 44,002 | ||||
Stock-based compensation | 5,836 | 5,836 | |||
Unrealized loss on available-for-sale investments | (650) | (650) | |||
Net loss | (32,920) | (32,920) | |||
Balance at Jun. 30, 2022 | 316,319 | $ 41 | 576,972 | (1,256) | (259,438) |
Balance, shares at Jun. 30, 2022 | 40,745,252 | ||||
Issuance of common stock under equity incentive plans | 5 | 5 | |||
Issuance of common stock under equity incentive plans, shares | 3,038 | ||||
Stock-based compensation | 6,207 | 6,207 | |||
Unrealized loss on available-for-sale investments | (248) | (248) | |||
Net loss | (35,320) | (35,320) | |||
Balance at Sep. 30, 2022 | $ 286,963 | $ 41 | $ 583,184 | $ (1,504) | $ (294,758) |
Balance, shares at Sep. 30, 2022 | 40,748,290 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net loss | $ (92,773) | $ (55,025) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 237 | 17 |
Non-cash lease costs | 816 | 460 |
Stock-based compensation | 17,544 | 8,228 |
Net amortization of premiums and accretion of discounts on investments | (256) | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | (2,613) | (2,042) |
Other assets | (267) | (10,653) |
Accounts payable | 2,052 | 3,620 |
Payable and accrued liabilities due to related party | 1,129 | 386 |
Accrued expenses and other current liabilities | 6,412 | 2,333 |
Other non-current liabilities | (836) | 2,063 |
Net cash used in operating activities | (68,555) | (50,613) |
Investing activities | ||
Purchase of investments | (315,820) | |
Maturities of investments | 70,500 | |
Purchase of property and equipment | (1,038) | (405) |
Net cash used in investing activities | (246,358) | (405) |
Financing activities | ||
Proceeds from exercise of stock options under equity incentive plan | 345 | 2,022 |
Proceeds from issuance of common stock under employee stock purchase plan | 302 | 103 |
Principal payments on finance leases | (281) | (177) |
Net cash provided by financing activities | 366 | 1,948 |
Net decrease in cash, cash equivalents and restricted cash | (314,547) | (49,070) |
Cash, cash equivalents and restricted cash at beginning of year | 363,667 | 434,219 |
Cash, cash equivalents and restricted cash at end of period | 49,120 | 385,149 |
Supplemental disclosure of non-cash investing and financing activities | ||
Purchase of property and equipment in accounts payable and accrued expenses | 876 | 129 |
Right-of-use asset acquired under operating leases | 4,684 | 1,812 |
Right-of-use asset acquired under finance leases | 834 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | 49,054 | 385,149 |
Restricted cash (included in other assets) | 66 | |
Total cash and cash equivalents and restricted cash | $ 49,120 | $ 385,149 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION | (1) ORGANIZATION Organization ALX Oncology Holdings Inc., or the Company, was formed as a Delaware corporation on April 1, 2020, or Inception. The Company was formed for the purpose of completing the Company’s initial public offering of its common stock and related transactions in order to carry on the business of ALX Oncology Limited. The Company is a clinical-stage immuno-oncology company focused on helping patients fight cancer by developing therapies that block the CD47 checkpoint pathway and bridge the innate and adaptive immune system. The Company wholly-owns two subsidiaries, ALX Oncology Limited, incorporated in Ireland, and ScalmiBio, Inc., incorporated in Delaware. ALX Oncology Inc., incorporated in Delaware, and Alexo International Holdings Limited, incorporated in Malta are wholly-owned subsidiaries of ALX Oncology Limited. Alexo Therapeutics International, incorporated in the Cayman Islands, is a wholly-owned subsidiary of Alexo International Holdings Limited. Sirpant Therapeutics, incorporated in the Cayman Islands, is a wholly-owned subsidiary of Alexo Therapeutics International. All the companies are collectively known as the Subsidiaries. As of September 30, 2022, the Company has devoted substantially all of its efforts to the formation and financing of the Company, as well as product development, and has not realized product revenues from its planned principal operations. The Company has no manufacturing facilities and all manufacturing related activities are contracted out to third-party service providers. Management expects to incur additional losses in the future to conduct product candidate research and development and to conduct pre-commercialization activities and recognizes that the Company will likely raise additional capital to fully implement its business plan. The Company intends to raise such capital through the sale of additional equity, debt financings or strategic alliances with third parties. However, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations or on terms acceptable to the Company. If the Company is unsuccessful in its efforts to raise additional financing, the Company could be required to significantly reduce operating expenses and delay, reduce the scope of or eliminate some of its development programs or its future commercialization efforts, out-license intellectual property rights to its product candidates and sell unsecured assets, or a combination of the above, any of which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to fund its scheduled obligations on a timely basis or at all. The Company believes that the existing capital resources will be sufficient to fund the projected operating requirements for at least the next twelve months. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | (2) SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. The condensed consolidated balance sheet as of September 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022. Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation. Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates. Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 other than the below policy on Investments. Investments Investments consist of money market funds, U.S. Treasury securities, corporate debt securities, commercial paper, and asset-backed securities. The Company’s investments are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments and long-term investments. Management determines the appropriate classification of the investments at the time they are purchased and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months at date of purchase are considered long-term investments. The Company regularly reviews its investments for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of investments in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. The cost of investments sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized within other expense, net in the condensed consolidated statements of operations, and an allowance for credit loss is recorded on the condensed consolidated balance sheets. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive loss, net of tax as a separate component of consolidated stockholders’ equity. Recent Accounting Pronouncements None. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (3) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value 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. The fair value hierarchy of ASC 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels: Level 1—Observable inputs, such as quoted prices in active markets; Level 2—Inputs, other than the quoted prices in active markets, which are observable either directly or indirectly such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life; and Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company classifies money market funds and U.S. treasury securities as Level 1 within the fair value hierarchy as the fair value is based on quoted prices. The Company classifies its investments in corporate debt securities, commercial paper, and asset-backed securities as Level 2 within the fair value hierarchy as the fair value is estimated by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to benchmark yields, reported trades and broker/dealer quotes. Where applicable the market approach utilizes prices and information from market transactions for similar or identical assets. The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 39,271 $ — $ — $ 39,271 U.S. Treasury securities Level 1 80,872 — ( 741 ) 80,131 Corporate debt securities Level 2 56,371 — ( 653 ) 55,718 Commercial paper Level 2 86,573 — — 86,573 Asset-backed securities Level 2 13,512 — ( 79 ) 13,433 Long-term investments U.S. Treasury securities Level 1 1,436 — ( 2 ) 1,434 Asset-backed securities Level 2 1,725 — ( 14 ) 1,711 Corporate debt securities Level 2 5,088 — ( 15 ) 5,073 Total $ 284,848 $ — $ ( 1,504 ) $ 283,344 December 31, 2021 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 357,181 $ — $ — $ 357,181 The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows (in thousands): September 30, December 31, 2022 2021 Cash and cash equivalents $ 39,271 $ 357,181 Short-term investments 235,855 — Long-term investments 8,218 — Total $ 283,344 $ 357,181 Cash and cash equivalents in the above table excludes bank account cash of $ 9.8 million and $ 6.5 million as of September 30, 2022 and December 31, 2021, respectively. The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows (in thousands): September 30, December 31, 2022 2021 Maturing in one year or less $ 275,126 $ 357,181 Maturing after one year through five years 8,218 — Total $ 283,344 $ 357,181 The primary objective of the Company’s investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. The Company’s investment policy limits investments to certain types of instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. There were no transfers of financial instruments between the fair value measurement levels during the three months and nine months ended September 30, 2022 and 2021 and there were no financial instruments classified as Level 3 as of September 30, 2022. As of September 30, 2022, accrued interest receivable related to the Company’s investments was $ 0.7 million an d was included in prepaid expenses and other current assets on the condensed consolidated balance sheet. As of September 30, 2022, the unrealized losses for available-for-sale investments were non-credit related and the Company does not intend to sell the investments that were in an unrealized loss position, nor will it be required to sell those investments before recovery of their amortized costs basis, which may be maturity. As of September 30, 2022 , no allowance for credit losses for the Company’s investments was recorded. During the three months and nine months ended September 30, 2022 , the Company did no t recognize any impairment losses related to investments. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
BALANCE SHEET COMPONENTS | (4) BALANCE SHEET COMPONENTS Property and Equipment, Net The following table presents the components of property and equipment, net as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Laboratory equipment $ 1,321 $ 324 Computer hardware and software 312 241 Leasehold improvements 246 229 Furniture and fixtures 166 166 Construction in progress 591 — Property and equipment, gross 2,636 960 Less: accumulated depreciation and amortization ( 300 ) ( 63 ) Property and equipment, net $ 2,336 $ 897 Depreciation and amortization expense was $ 0.1 million and $ 0.2 million for the three months and nine months ended September 30, 2022 respectively, and no minal for the three months and nine months ended September 30, 2021. Other Assets The following table presents the components of other assets as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Long-term prepaid clinical expenses $ 6,913 $ 6,694 Long-term prepaid contract manufacturing costs 2,854 2,854 Operating lease right-of-use assets 5,893 1,829 Finance lease right-of-use assets 410 746 Deposits 144 144 Restricted cash 66 — Accrued interest 48 — Total other assets $ 16,328 $ 12,267 Accrued Expenses and Other Current Liabilities The following table presents the components of accrued expenses and other current liabilities as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Accrued contract manufacturing $ 5,477 $ 693 Accrued compensation and related expenses 4,849 3,294 Accrued clinical and nonclinical study costs 3,698 4,125 Operating lease liabilities, current 724 313 Accrued professional fees 571 790 Finance lease liabilities, current 393 429 Other 892 257 Total accrued expenses and other current liabilities $ 16,604 $ 9,901 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
LEASES | (5) LEASES In conjunction with the adoption of ASC 842 on January 1, 2021, the Company evaluated its vendor contracts to identify embedded leases, if any, and noted that a pharmaceutical support services agreement entered into in May 2016 included leases under ASC 842 because the Company has the right to direct the use of certain equipment. The embedded leases commenced in September 2020 and expire in August 2023 with no stated option to extend the term. The Company classified the leases as finance leases. In May 2021, the Company entered into a lease agreement for approximately 10,000 square feet of office space located in South San Francisco, California. The lease commenced on June 6, 2021 and expires on August 31, 2026 . The lease does not provide an option to extend after it expires. The total lease payments for the life of the lease are approximately $ 2.0 million. The Company classified the lease as an operating lease. In February 2022, the Company entered into a lease agreement totaling approximately 11,074 square feet of office and laboratory space located in Palo Alto, California. The lease consists of two premises and expires in February 2030 . The lease provides for an option to extend for two years after expiration . The lease for one premise commenced in February 2022 and the second premise commenced in April 2022 . The lease provides for an annual base rent of approximately $ 0.8 million, which increases on an annual basis by 3 %. The total lease payments for the life of the lease are approximately $ 7.0 million. The Company is also responsible for leasehold improvement costs related to the second premise, which are expected to be approximately $ 2.0 million, of which $ 1.5 million is to be paid with interest at a rate of 7 % per annum as additional payments over the life of the lease. The Company classified the lease as an operating lease. Under the terms of the lease agreement, the Company issued a letter of credit to the landlord in the amount of $ 0.1 million, which is collateralized by a restricted cash deposit of $ 0.1 million (see Note 4 “Other Assets”). As of September 30, 2022, the right-of-use asset, or ROU, recorded for operating leases and finance leases was $ 5.9 million and $ 0.4 million , respectively. These amounts were included in other assets on the condensed consolidated balance sheets. The following table presents the maturities and balance sheet information of the Company’s operating and finance lease liabilities as of September 30, 2022 (in thousands, except lease term and discount rate): September 30, 2022 Operating Leases Finance Leases 2022 (remaining 3 months) $ 297 $ 108 2023 1,246 288 2024 1,273 — 2025 1,311 — 2026 1,193 — Thereafter 3,000 — Total lease payments 8,320 396 Less: imputed interest ( 2,097 ) ( 3 ) Total lease liabilities $ 6,223 $ 393 Lease liabilities: current (i) $ 740 $ 393 Lease liabilities: non-current (ii) 5,483 — Total lease liabilities $ 6,223 $ 393 Weighted average remaining lease term (in years) 6.5 0.9 Weighted average discount rate 8.4 % 1.7 % (i) Current lease liabilities are presented within accrued expenses and other current liabilities and payable and accrued liabilities due to related party on the condensed consolidated balance sheets and includes a nominal amount due to Tallac Therapeutics, Inc. for an operating lease. (ii) Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets. The following table presents the components of lease costs (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost $ 320 $ 132 $ 840 $ 229 Variable lease cost and other, net (i) 60 22 203 61 Short-term lease cost 3 — 86 — Finance lease cost: Amortization of right-of-use assets 112 112 336 257 Interest 2 3 7 10 Total lease costs $ 497 $ 269 $ 1,472 $ 557 (i) The variable lease cost and other, net is comprised primarily of common area maintenance charges for the operating lease, which are dependent on usage. These costs are classified as operating lease expense due to the election to not separate lease and non-lease components. These costs were not included within the measurement of the Company’s operating lease ROU assets and operating lease liabilities. The following table presents the supplemental cash flow disclosures for cash paid for leases (in thousands): Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 681 $ 141 Operating cash flows from finance leases $ 7 $ 7 Financing cash flows from finance leases $ 281 $ 177 Right-of-use asset acquired under leases Operating leases $ 4,684 $ 1,812 Finance leases $ — $ 834 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (6) STOCKHOLDERS’ EQUITY On July 21, 2020, the Company’s amended and restated certificate of incorporation became effective, authorizing 1,000,000,000 shares of common stock, $ 0.001 par value per share, and 100,000,000 shares of undesignated preferred stock, $ 0.001 par value per share. As of September 30, 2022 and December 31, 2021, the Company had 40,748,290 and 40,587,067 shares of common stock outstanding, respectively. Common stock reserved for future issuance as of September 30, 2022 consists of the following: September 30, 2022 Stock options issued and outstanding 6,214,107 Stock options authorized for future issuance 2,973,368 Employee Stock Purchase Plan shares authorized for future issuance 1,152,691 Restricted stock issued and outstanding 870,399 Total 11,210,565 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | (7) STOCK-BASED COMPENSATION Amended and Restated 2020 Equity Incentive Plan The Company’s Amended and Restated 2020 Equity Incentive Plan, or the 2020 Plan, serves as the successor to the Company’s 2020 Equity Incentive Plan and provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares. On January 1, 2022, the number of shares available under the 2020 Plan was increased by 1,623,483 shares. As of September 30, 2022, the number of shares of common stock available for issuance under the 2020 Plan was 2,973,368 . Employee Stock Purchase Plan Under the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions. On January 1, 2022, the number of shares available under the ESPP was increased by 405,871 shares. As of September 30, 2022, the number of shares of common stock available for issuance under the ESPP was 1,152,691 . Stock-based Compensation Expenses Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 2,931 $ 1,519 $ 7,696 $ 2,813 General and administrative 3,276 2,672 9,848 5,415 Total $ 6,207 $ 4,191 $ 17,544 $ 8,228 Restricted Stock Units The following table provides a summary of restricted stock unit activity under the 2020 Plan: Number of RSUs Weighted- Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Restricted stock units as of December 31, 2021 15,075 $ 58.56 1.8 $ 324 Granted 904,750 13.55 Released ( 3,701 ) 58.56 Canceled/forfeited ( 45,725 ) 16.55 Restricted stock units as of September 30, 2022 870,399 $ 13.98 1.8 $ 8,330 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | (8) RELATED-PARTY TRANSACTIONS Tallac Service Agreement The Company entered into a research and development services agreement, or the Tallac Services Agreement, with Tallac Therapeutics, Inc., or Tallac, effective as of July 1, 2020. The Tallac Services Agreement provides that Tallac will provide certain preclinical research services to the Company for a service fee based on the costs incurred by Tallac plus a mark-up equal to 10.0 % of such costs. The Tallac Services Agreement has an initial term of four years and is renewed automatically for additional one year terms thereafter. The Company records the payments for the research and development services as research and development, or R&D, costs within the condensed consolidated statements of operations. During the three months and nine months ended September 30, 2022, the Company recorded $ 0.2 million and $ 0.6 million , respectively, as R&D costs in relation to the Tallac Services Agreement. During the three months and nine months ended September 30, 2021, the Company recorded $ 0.1 million and $ 0.6 million , respectively, as R&D costs in relation to the Tallac Services Agreement. Tallac Collaboration Agreement On March 4, 2021, the Company entered into a collaboration agreement with Tallac, or the Tallac Collaboration Agreement, to jointly develop, manufacture, and commercialize a novel cancer immunotherapy. The collaboration builds on the Company’s expertise in developing therapies that block the CD47 checkpoint pathway and expands its immuno-oncology pipeline. The companies will leverage their respective scientific and technical expertise to advance an anti-SIRPα antibody conjugated to a Toll-like receptor 9, or TLR9, agonist for targeted activation of both the innate and adaptive immune systems. The key economic components of the collaboration transaction include that both parties will share equally (a) in the cost and expenses of research and development and (b) any profit or loss. The Company accounts for R&D costs in accordance with ASC 730, Research and Development, which states R&D costs must be charged to expense as incurred. Accordingly, the Company records its internal and third-party costs associated with the collaboration as R&D expenses as incurred. When the Company is entitled to reimbursement of the R&D expenses that it incurs under the collaboration, the Company records those reimbursable amounts as a reduction to R&D expenses. The Company also records as R&D expenses, the portion of Tallac’s expenses that the Company is obligated to reimburse, in the period when Tallac incurs such expenses. During the three months and nine months ended September 30, 2022, the Company recorded $ 2.5 million and $ 6.2 million , respectively, as R&D costs in relation to the Tallac Collaboration Agreement. During the three months and nine months ended September 30, 2021, the Company recorded $ 0.8 million and $ 1.4 million , respectively, as R&D costs in relation to the Tallac Collaboration Agreement. The Tallac Collaboration Agreement includes the right to set off clause, as such, the Company records the amount due to or reimbursable from Tallac on a net basis. As of September 30, 2022 and December 31, 2021, the Company had accrued expenses of $ 2.5 million and $ 1.4 million , respectively, related to the Tallac Collaboration Agreement which was presented within the payable and accrued liabilities due to related party on the condensed consolidated balance sheets. Operating Sub-lease Agreement with Tallac The Company leases office space in Burlingame, California under a single operating sub-lease agreement with Tallac. Refer to Note 5 “Leases” for additional discussion. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | (9) NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Net loss $ ( 35,320 ) $ ( 24,566 ) $ ( 92,773 ) $ ( 55,025 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 40,747,026 40,396,188 40,684,172 40,234,159 Net loss per share, basic and diluted $ ( 0.87 ) $ ( 0.61 ) $ ( 2.28 ) $ ( 1.37 ) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods presented as the inclusion of all potential common stock outstanding would have been anti-dilutive. The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for all periods presented because including them would have been anti-dilutive: September 30, 2022 2021 Stock options issued and outstanding 6,214,107 4,892,109 Restricted stock issued and outstanding 870,399 15,075 Employee Stock Purchase Plan estimated shares issuable 21,775 2,001 Total 7,106,281 4,909,185 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (10) COMMITMENTS AND CONTINGENCIES Guarantees and Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has no t recorded any liabilities for these agreements as of September 30, 2022. Contingencies From time to time, the Company may be a party to various claims in the normal course of business. Legal fees and other costs associated with such actions will be expensed as incurred. The Company will assess, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates will be recorded when and if it is determined that a loss related matter is both probable and reasonably estimable. As of September 30, 2022 , the Company had no pending or threatened litigation. Other Contractual Obligations and Other Commitments In November 2015, the Company entered into a master service agreement, or the MSA, with KBI Biopharma, Inc. relating to formulation development, process development and current good manufacturing practices, or cGMP, manufacturing of evorpacept for use in clinical trials on a project basis. The MSA had an initial term of three years with successive one-year renewal periods, is cancellable upon notice and is non-exclusive. Statements of work under the MSA commit the Company to certain future purchase obligations of approximately $ 42.0 million as of September 30, 2022. In addition, the Company has commitments with two other drug product manufacturers that commit the Company to certain future purchase obligations of approximately $ 0.8 million as of September 30, 2022 . The Company expects to make payments for these commitments through 2026 based on non-cancellable commitments and forecasts that include estimates of future market demand, quantity discounts and manufacturing efficiencies that may impact timing of purchases. The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company’s service providers, up to the date of cancellation. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (11 ) SUBSEQUENT EVENTS In October 2022, the Company entered into a loan and security agreement, or the Loan Agreement, with Oxford Finance LLC, Oxford Finance Credit Fund II LP, and Silicon Valley Bank, or Lenders, for a secured term loan facility of up to $ 100.0 million. Pursuant to the Loan Agreement, the Company drew an initial loan of $ 10.0 million and has access to draw an additional $ 40.0 million through the end of 2023. The Loan Agreement provides for an additional $ 50.0 million over three tranches, with $ 12.5 million available in each of two tranches based upon the achievement of milestones related to the development of evorpacept and one preclinical product candidate, and $ 25.0 million at the Lenders’ sole discretion. The proceeds of the loans may be used by the Company for working capital and to fund its general business requirements. Borrowings under the Loan Agreement bear interest at a floating rate per annum equal to the greater of (i) 1-month term Secured Overnight Financing Rate, or SOFR, and (ii) 2.33 %, plus 6.25 %. The minimum per annum interest rate is 8.58 %. Interest on the term loans is payable monthly in arrears. The term loans once repaid or prepaid may not be reborrowed. The term loans mature on October 1, 2027 . The Company will begin to make principal payments in equal monthly installments beginning on December 1, 2025. However, if either of the milestone related tranche term loans are funded, then the Company will begin to make principal payments in equal monthly installments beginning on December 1, 2026. The term loans may be prepaid in full or in part, in increments of $ 10.0 million, with various prepayment premiums. Upon the earlier prepayment or maturity of any term loan, the Company is required to pay a fee of 6.0 % of the original principal amount of such funded term loan. The Company is also obligated to pay other customary fees for a loan facility of this size and type. The term loans under the Loan Agreement are secured by substantially all of the Company’s assets, except the Company’s intellectual property, which is the subject of a negative pledge, and will be guaranteed by the Company’s future subsidiaries, subject to certain limitations. Upon the outstanding balance of the term loans reaching $ 75.0 million or greater, the Company’s intellectual property will become collateral. The Company and its subsidiary, ALX Oncology Limited, have guaranteed the obligations under the Loan Agreement. The Loan Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company to, among other things, dispose of assets, effect certain mergers, incur debt, grant liens, pay dividends and distributions on its capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. The condensed consolidated balance sheet as of September 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022. |
Reclassifications | Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation. |
Principles of Consolidation | Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates. |
Investments | Investments Investments consist of money market funds, U.S. Treasury securities, corporate debt securities, commercial paper, and asset-backed securities. The Company’s investments are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments and long-term investments. Management determines the appropriate classification of the investments at the time they are purchased and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months at date of purchase are considered long-term investments. The Company regularly reviews its investments for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of investments in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. The cost of investments sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized within other expense, net in the condensed consolidated statements of operations, and an allowance for credit loss is recorded on the condensed consolidated balance sheets. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive loss, net of tax as a separate component of consolidated stockholders’ equity. |
Adopted Accounting Pronouncements | Accounting Pronouncements None. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Available for Sale Investments Measured at Fair Value on Recurring Basis | The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 39,271 $ — $ — $ 39,271 U.S. Treasury securities Level 1 80,872 — ( 741 ) 80,131 Corporate debt securities Level 2 56,371 — ( 653 ) 55,718 Commercial paper Level 2 86,573 — — 86,573 Asset-backed securities Level 2 13,512 — ( 79 ) 13,433 Long-term investments U.S. Treasury securities Level 1 1,436 — ( 2 ) 1,434 Asset-backed securities Level 2 1,725 — ( 14 ) 1,711 Corporate debt securities Level 2 5,088 — ( 15 ) 5,073 Total $ 284,848 $ — $ ( 1,504 ) $ 283,344 December 31, 2021 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds Level 1 $ 357,181 $ — $ — $ 357,181 |
Schedule of Fair Value of Available for Sale Investments | The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows (in thousands): September 30, December 31, 2022 2021 Cash and cash equivalents $ 39,271 $ 357,181 Short-term investments 235,855 — Long-term investments 8,218 — Total $ 283,344 $ 357,181 |
Schedule of Fair Value of Available-for-Sale Investments by Contractual Maturity | The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows (in thousands): September 30, December 31, 2022 2021 Maturing in one year or less $ 275,126 $ 357,181 Maturing after one year through five years 8,218 — Total $ 283,344 $ 357,181 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Components of Property and Equipment | The following table presents the components of property and equipment, net as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Laboratory equipment $ 1,321 $ 324 Computer hardware and software 312 241 Leasehold improvements 246 229 Furniture and fixtures 166 166 Construction in progress 591 — Property and equipment, gross 2,636 960 Less: accumulated depreciation and amortization ( 300 ) ( 63 ) Property and equipment, net $ 2,336 $ 897 |
Schedule of Components of Other Assets, Net | The following table presents the components of other assets as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Long-term prepaid clinical expenses $ 6,913 $ 6,694 Long-term prepaid contract manufacturing costs 2,854 2,854 Operating lease right-of-use assets 5,893 1,829 Finance lease right-of-use assets 410 746 Deposits 144 144 Restricted cash 66 — Accrued interest 48 — Total other assets $ 16,328 $ 12,267 |
Components of Accrued Expenses and Other Current Liabilities | The following table presents the components of accrued expenses and other current liabilities as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Accrued contract manufacturing $ 5,477 $ 693 Accrued compensation and related expenses 4,849 3,294 Accrued clinical and nonclinical study costs 3,698 4,125 Operating lease liabilities, current 724 313 Accrued professional fees 571 790 Finance lease liabilities, current 393 429 Other 892 257 Total accrued expenses and other current liabilities $ 16,604 $ 9,901 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Maturities of Operating and Finance Lease Liabilities | The following table presents the maturities and balance sheet information of the Company’s operating and finance lease liabilities as of September 30, 2022 (in thousands, except lease term and discount rate): September 30, 2022 Operating Leases Finance Leases 2022 (remaining 3 months) $ 297 $ 108 2023 1,246 288 2024 1,273 — 2025 1,311 — 2026 1,193 — Thereafter 3,000 — Total lease payments 8,320 396 Less: imputed interest ( 2,097 ) ( 3 ) Total lease liabilities $ 6,223 $ 393 Lease liabilities: current (i) $ 740 $ 393 Lease liabilities: non-current (ii) 5,483 — Total lease liabilities $ 6,223 $ 393 Weighted average remaining lease term (in years) 6.5 0.9 Weighted average discount rate 8.4 % 1.7 % (i) Current lease liabilities are presented within accrued expenses and other current liabilities and payable and accrued liabilities due to related party on the condensed consolidated balance sheets and includes a nominal amount due to Tallac Therapeutics, Inc. for an operating lease. (ii) Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets. |
Components of Lease Costs | The following table presents the components of lease costs (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Operating lease cost $ 320 $ 132 $ 840 $ 229 Variable lease cost and other, net (i) 60 22 203 61 Short-term lease cost 3 — 86 — Finance lease cost: Amortization of right-of-use assets 112 112 336 257 Interest 2 3 7 10 Total lease costs $ 497 $ 269 $ 1,472 $ 557 (i) The variable lease cost and other, net is comprised primarily of common area maintenance charges for the operating lease, which are dependent on usage. These costs are classified as operating lease expense due to the election to not separate lease and non-lease components. These costs were not included within the measurement of the Company’s operating lease ROU assets and operating lease liabilities. |
Supplemental Cash Flow Disclosures for Cash Paid for Leases | The following table presents the supplemental cash flow disclosures for cash paid for leases (in thousands): Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 681 $ 141 Operating cash flows from finance leases $ 7 $ 7 Financing cash flows from finance leases $ 281 $ 177 Right-of-use asset acquired under leases Operating leases $ 4,684 $ 1,812 Finance leases $ — $ 834 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance as of September 30, 2022 consists of the following: September 30, 2022 Stock options issued and outstanding 6,214,107 Stock options authorized for future issuance 2,973,368 Employee Stock Purchase Plan shares authorized for future issuance 1,152,691 Restricted stock issued and outstanding 870,399 Total 11,210,565 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Share-Based Compensation Expense | Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 2,931 $ 1,519 $ 7,696 $ 2,813 General and administrative 3,276 2,672 9,848 5,415 Total $ 6,207 $ 4,191 $ 17,544 $ 8,228 |
Summary of Restricted Stock Unit Activity | The following table provides a summary of restricted stock unit activity under the 2020 Plan: Number of RSUs Weighted- Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Restricted stock units as of December 31, 2021 15,075 $ 58.56 1.8 $ 324 Granted 904,750 13.55 Released ( 3,701 ) 58.56 Canceled/forfeited ( 45,725 ) 16.55 Restricted stock units as of September 30, 2022 870,399 $ 13.98 1.8 $ 8,330 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Net loss $ ( 35,320 ) $ ( 24,566 ) $ ( 92,773 ) $ ( 55,025 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 40,747,026 40,396,188 40,684,172 40,234,159 Net loss per share, basic and diluted $ ( 0.87 ) $ ( 0.61 ) $ ( 2.28 ) $ ( 1.37 ) |
Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for all periods presented because including them would have been anti-dilutive: September 30, 2022 2021 Stock options issued and outstanding 6,214,107 4,892,109 Restricted stock issued and outstanding 870,399 15,075 Employee Stock Purchase Plan estimated shares issuable 21,775 2,001 Total 7,106,281 4,909,185 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value assets and liabilities transfers amount | $ 0 | $ 0 | $ 0 | $ 0 | |
Fair value assets transferred into level 3 | 0 | ||||
Fair value assets transferred out of level 3 | 0 | ||||
Fair value liabilities transferred into level 3 | 0 | ||||
Fair value liabilities transferred out of level 3 | 0 | ||||
Accrued interest receivable, investment | $ 700,000 | $ 700,000 | |||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | |||
Bank account cash | $ 9,800,000 | $ 9,800,000 | $ 6,500,000 | ||
Allowance for credit losses | 0 | 0 | |||
Impairment losses related to investments | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Available for Sale Investments Measured at Fair Value of Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value | $ 283,344 | $ 357,181 |
Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 284,848 | |
Unrealized Losses | (1,504) | |
Fair Value | 283,344 | |
Money Market Funds | Level 1 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 39,271 | 357,181 |
Fair Value | 39,271 | $ 357,181 |
US Treasury Securities | Level 1 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 80,872 | |
Unrealized Losses | (741) | |
Fair Value | 80,131 | |
Corporate Debt Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 56,371 | |
Unrealized Losses | (653) | |
Fair Value | 55,718 | |
Commercial Paper | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 86,573 | |
Fair Value | 86,573 | |
Asset-Backed Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 13,512 | |
Unrealized Losses | (79) | |
Fair Value | 13,433 | |
Long Term Investment U.S. Treasury Securities | Level 1 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,436 | |
Unrealized Losses | (2) | |
Fair Value | 1,434 | |
Long Term Investment Asset-Backed Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,725 | |
Unrealized Losses | (14) | |
Fair Value | 1,711 | |
Long Term Investment Corporate Debt Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 5,088 | |
Unrealized Losses | (15) | |
Fair Value | $ 5,073 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale investments | $ 283,344 | $ 357,181 |
Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents available for sale | 39,271 | $ 357,181 |
Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short term investments available for sale | 235,855 | |
Long-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long term investments available for sale | $ 8,218 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Value of Available-for-sale Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Maturing in one year or less | $ 275,126 | $ 357,181 |
Maturing after one year through five years | 8,218 | |
Total available-for-sale investments | $ 283,344 | $ 357,181 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,636 | $ 960 |
Less: accumulated depreciation and amortization | (300) | (63) |
Property and equipment, net | 2,336 | 897 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,321 | 324 |
Computer Hardware and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 312 | 241 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 246 | 229 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 166 | $ 166 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 591 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation and amortization expense | $ 100,000 | $ 0 | $ 200,000 | $ 0 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Components of Other Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use assets | $ 5,893 | $ 1,829 |
Finance lease right-of-use assets | 410 | 746 |
Deposits | 144 | 144 |
Restricted cash | 66 | |
Accrued interest | 48 | |
Total other assets | 16,328 | 12,267 |
Long-term Prepaid Clinical Expenses | ||
Property Plant And Equipment [Line Items] | ||
Long-term prepaid expenses | 6,913 | 6,694 |
Long-term Prepaid Contract Manufacturing Costs | ||
Property Plant And Equipment [Line Items] | ||
Long-term prepaid expenses | $ 2,854 | $ 2,854 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued contract manufacturing | $ 5,477 | $ 693 |
Accrued compensation and related expenses | 4,849 | 3,294 |
Accrued clinical and nonclinical study costs | 3,698 | 4,125 |
Operating lease liabilities, current | 724 | 313 |
Accrued professional fees | 571 | 790 |
Finance lease liabilities, current | 393 | 429 |
Other | 892 | 257 |
Total accrued expenses and other current liabilities | $ 16,604 | $ 9,901 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 USD ($) ft² | May 31, 2021 USD ($) ft² | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee Lease Description [Line Items] | ||||
Operating lease ROU assets | $ 5,893 | $ 1,829 | ||
Total lease payment | 8,320 | |||
Finance lease ROU assets | $ 410 | $ 746 | ||
Office Space at 323 Allerton Avenue, South San Francisco, California | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, operating lease commencing end date | Jun. 06, 2021 | |||
Lessee operating lease expiration year | Aug. 31, 2026 | |||
Operating lease ROU assets | $ 2,000 | |||
Area of operating lease | ft² | 10,000 | |||
Operating lease, description | Company entered into a lease agreement for approximately 10,000 square feet of office space located in South San Francisco, California. The lease commenced on June 6, 2021 and expires on August 31, 2026. The lease does not provide an option to extend after it expires. The total lease payments for the life of the lease are approximately $2.0 million. The Company classified the lease as an operating lease. | |||
Office and Laboratory Space Located In Palo Alto, California | ||||
Lessee Lease Description [Line Items] | ||||
Lease operating lease expiration period | 2030-02 | |||
Lease operating lease commencement period | 2022-02 | |||
Lease operating lease commencement period for second premises | 2022-04 | |||
Annual base rent | $ 800 | |||
Percentage of increase of annual rent | 3% | |||
Total lease payment | $ 7,000 | |||
Lessee operating lease leasehold improvements | 2,000 | |||
Lessee Operating Lease Leasehold Improvements Additional Payments | $ 1,500 | |||
Annual interest rate of additional payments over life of lease | 7% | |||
Letter of credit | $ 100 | |||
Restricted cash deposits | $ 100 | |||
Area of operating lease | ft² | 11,074 | |||
Lessee operating lease renewal term | 2 years | |||
Option to extend term | The lease provides for an option to extend for two years after expiration | |||
Existence of option to extend | true |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 (remaining 3 months) | $ 297 | |
2023 | 1,246 | |
2024 | 1,273 | |
2025 | 1,311 | |
2026 | 1,193 | |
Thereafter | 3,000 | |
Total lease payments | 8,320 | |
Less: imputed interest | (2,097) | |
Operating lease liabilities | 6,223 | |
Lease liabilities: current | 740 | |
Lease liabilities: non-current | 5,483 | |
Total lease liabilities | $ 6,223 | |
Weighted average remaining lease term (in years) | 6 years 6 months | |
Weighted average discount rate | 8.40% | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2022 (remaining 6 months) | $ 108 | |
2023 | 288 | |
Total lease payments | 396 | |
Less: imputed interest | (3) | |
Finance lease liabilities | 393 | |
Finance lease liabilities, current | 393 | $ 429 |
Total lease liabilities | $ 393 | |
Weighted average remaining lease term (in years) | 10 months 24 days | |
Weighted average discount rate | 1.70% |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 320 | $ 132 | $ 840 | $ 229 |
Variable lease cost and other, net | 60 | 22 | 203 | 61 |
Short-term lease cost | 3 | 86 | ||
Finance lease cost, Amortization of right-of-use assets | 112 | 112 | 336 | 257 |
Finance lease cost, Interest | 2 | 3 | 7 | 10 |
Total lease costs | $ 497 | $ 269 | $ 1,472 | $ 557 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Disclosures for Cash Paid for Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 681 | $ 141 |
Operating cash flows from finance leases | 7 | 7 |
Financing cash flows from finance leases | 281 | 177 |
Right-of-use asset acquired under leases | ||
Operating leases | $ 4,684 | 1,812 |
Finance leases | $ 834 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 | Jul. 21, 2020 |
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, par value | $ 0.001 | ||
Common stock, shares outstanding | 40,748,290 | 40,587,067 | |
Undesignated Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 100,000,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Sep. 30, 2022 shares |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 11,210,565 |
Stock Options Issued and Outstanding | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 6,214,107 |
Stock Options Authorized for Future Issuance | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 2,973,368 |
Employee Stock Purchase Plan Shares Authorized for Future Issuance | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 1,152,691 |
Restricted Stock Issued and Outstanding | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 870,399 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | Jan. 01, 2022 | Sep. 30, 2022 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 11,210,565 | |
ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 1,152,691 | |
Number of additional shares reserved for future issuance | 405,871 | |
2020 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 2,973,368 | |
Number of additional shares reserved for future issuance | 1,623,483 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 6,207 | $ 4,191 | $ 17,544 | $ 8,228 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 2,931 | 1,519 | 7,696 | 2,813 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 3,276 | $ 2,672 | $ 9,848 | $ 5,415 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of RSUs, Balance | 15,075 | |
Number of RSUs, Granted | 904,750 | |
Number of RSUs, Released | (3,701) | |
Number of RSUs, Canceled/forfeited | (45,725) | |
Number of RSUs, Balance | 870,399 | 15,075 |
Weighted-Average Grant Date Fair Value, Balance | $ 58.56 | |
Weighted-Average Grant Date Fair Value, Granted | 13.55 | |
Weighted-Average Grant Date Fair Value, Released | 58.56 | |
Weighted-Average Grant Date Fair Value, Canceled/forfeited | 16.55 | |
Weighted-Average Grant Date Fair Value, Balance | $ 13.98 | $ 58.56 |
Weighted Average Remaining Contractual Life (Years), Balance | 1 year 9 months 18 days | 1 year 9 months 18 days |
Aggregate Intrinsic Value, Balance | $ 8,330 | $ 324 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 01, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
R&D costs | $ 29,382 | $ 18,214 | $ 73,203 | $ 39,276 | ||
Research and Development Services Agreement | Tallac Therapeutics | ||||||
Related Party Transaction [Line Items] | ||||||
Initial term of agreement with related party | 4 years | |||||
Markup cost in percentage | 10% | |||||
Agreement automatically renewal additional term unless terminated | 1 year | |||||
R&D costs | 200 | 100 | 600 | 600 | ||
Collaboration Agreement | Tallac Therapeutics | ||||||
Related Party Transaction [Line Items] | ||||||
R&D costs | 2,500 | $ 800 | 6,200 | $ 1,400 | ||
Accrued expenses | $ 2,500 | $ 2,500 | $ 1,400 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||||
Net loss | $ (35,320) | $ (32,920) | $ (24,533) | $ (24,566) | $ (16,274) | $ (14,185) | $ (92,773) | $ (55,025) |
Denominator: | ||||||||
Weighted-average shares of common stock outstanding, basic | 40,747,026 | 40,396,188 | 40,684,172 | 40,234,159 | ||||
Weighted-average shares of common stock outstanding, diluted | 40,747,026 | 40,396,188 | 40,684,172 | 40,234,159 | ||||
Net loss per share, basic | $ (0.87) | $ (0.61) | $ (2.28) | $ (1.37) | ||||
Net loss per share, diluted | $ (0.87) | $ (0.61) | $ (2.28) | $ (1.37) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 7,106,281 | 4,909,185 |
Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 6,214,107 | 4,892,109 |
Restricted Stock Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 870,399 | 15,075 |
Employee Stock Purchase Plan Estimated Shares Issuable | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 21,775 | 2,001 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 9 Months Ended |
Nov. 30, 2015 | Sep. 30, 2022 USD ($) Litigation | |
Commitments And Contingencies [Line Items] | ||
Number of pending or threatened litigation | Litigation | 0 | |
Master Service Agreement | ||
Commitments And Contingencies [Line Items] | ||
Initial term of agreement | 3 years | |
Renewal periods of agreement | 1 year | |
Future purchase obligations | $ 42,000,000 | |
Master Service Agreement | Two Drug Product Manufacturer | ||
Commitments And Contingencies [Line Items] | ||
Future purchase obligations | $ 800,000 | |
Payments for future purchase obligations commitment, year | 2026 | |
Indemnification Agreement | ||
Commitments And Contingencies [Line Items] | ||
Guarantee obligations | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Loan Agreement | 1 Months Ended |
Oct. 31, 2022 USD ($) | |
Subsequent Event [Line Items] | |
Draw an additional loan | $ 50,000 |
Interest rate terms | Borrowings under the Loan Agreement bear interest at a floating rate per annum equal to the greater of (i) 1-month term Secured Overnight Financing Rate, or SOFR, and (ii) 2.33%, plus 6.25%. The minimum per annum interest rate is 8.58%. |
Maturity date | Oct. 01, 2027 |
Incremental prepayment amount | $ 10,000,000 |
Percentage of fee amount paid upon final payment | 6% |
SOFR | |
Subsequent Event [Line Items] | |
Basis spread rate | 2.33% |
Fixed Rate | |
Subsequent Event [Line Items] | |
Basis spread rate | 6.25% |
Minimum Interest Rate | |
Subsequent Event [Line Items] | |
Basis spread rate | 8.58% |
Maximum | Secured Term Loan Facility | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 100,000,000 |
Minimum | Term Loan | Intellectual Property | |
Subsequent Event [Line Items] | |
Outstanding balance of loan threshold at which Intellectual Property becomes collateral | 75,000,000 |
Tranche A | |
Subsequent Event [Line Items] | |
Drew an initial loan | 10,000,000 |
Draw an additional loan | 40,000 |
Tranche B | |
Subsequent Event [Line Items] | |
Available borrowing capacity upon achievement of milestones | 12,500,000 |
Tranche C | |
Subsequent Event [Line Items] | |
Available borrowing capacity upon achievement of milestones | 12,500,000 |
Tranche D | |
Subsequent Event [Line Items] | |
Available borrowing capacity at lender's discretion | $ 25,000,000 |