Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity Registrant Name | Sigilon Therapeutics, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-39746 | |
Entity Tax Identification Number | 47-4005543 | |
Entity Address, Address Line One | 100 Binney Street, Suite 600 | |
Entity Address, City or Town | Cambridge | |
Entity Address State Or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 336-7540 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | SGTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,456,737 | |
Entity Central Index Key | 0001821323 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 32,925 | $ 107,143 |
Marketable securities | 45,344 | 16,213 |
Accounts receivable (inclusive of $23 and $23 from a related party at September 30, 2022 and December 31, 2021, respectively) | 23 | 59 |
Prepaid expenses and other current assets | 2,084 | 2,729 |
Restricted cash-current | 250 | 250 |
Total current assets | 80,626 | 126,394 |
Property and equipment, net | 3,053 | 3,994 |
Right-of-use assets | 9,908 | 12,863 |
Restricted cash | 1,031 | 1,118 |
Total assets | 94,618 | 144,369 |
Current liabilities: | ||
Accounts payable | 1,408 | 2,344 |
Accrued expenses and other current liabilities | 5,947 | 8,998 |
Lease liabilities, current portion | 4,462 | 4,845 |
Current portion of longterm debt | 6,667 | 1,667 |
Deferred revenue from related party, current portion | 12,071 | 17,034 |
Total current liabilities | 30,555 | 34,888 |
Deferred revenue from related party, net of current portion | 5,333 | |
Lease liability, net of current portion | 5,856 | 8,577 |
Long-term debt, net of discount and current portion | 13,621 | 18,411 |
Other liabilities | 176 | |
Total liabilities | 50,208 | 67,209 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Common stock, par value $0.001 per share; 175,000,000 shares authorized at September 30, 2022 and December 31, 2021; 32,454,237 and 32,359,895 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 32 | 32 |
Preferred stock, par value $0.001 per share; 25,000,000 shares authorized at September 30, 2022 and December 31, 2021; no shares issued and outstanding at September 30, 2022 and December 31, 2021 | ||
Additional paid-in capital | 295,129 | 290,377 |
Accumulated other comprehensive loss | (636) | (10) |
Accumulated deficit | (250,115) | (213,239) |
Total stockholders' equity | 44,410 | 77,160 |
Total liabilities and stockholders' equity | $ 94,618 | $ 144,369 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Condensed Consolidated Balance Sheets | ||
Accounts receivable from a related party | $ 23 | $ 23 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, shares issued (in shares) | 32,454,237 | 32,359,895 |
Common stock, shares outstanding (in shares) | 32,454,237 | 32,359,895 |
Preferred Stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||||
Collaboration revenue | $ 4,252 | $ 1,947 | $ 10,300 | $ 7,609 |
Operating expenses: | ||||
Research and development | 8,280 | 16,645 | 31,775 | 50,381 |
General and administrative | 4,395 | 5,041 | 14,461 | 15,572 |
Total operating expenses | 12,675 | 21,686 | 46,236 | 65,953 |
Loss from operations | (8,423) | (19,739) | (35,936) | (58,344) |
Other income (expense), net: | ||||
Interest income | 300 | 56 | 542 | 212 |
Interest expense | (606) | (499) | (1,640) | (1,481) |
Other income | 58 | 26 | 158 | 47 |
Total other expense, net | (248) | (417) | (940) | (1,222) |
Net loss attributable to ordinary shareholders | $ (8,671) | $ (20,156) | $ (36,876) | $ (59,566) |
Net loss per share attributable to common stockholders-basic (in dollars per share) | $ (0.27) | $ (0.63) | $ (1.14) | $ (1.88) |
Net loss per share attributable to common stockholders-diluted (in dollars per share) | $ (0.27) | $ (0.63) | $ (1.14) | $ (1.88) |
Weighted average common stock outstanding-basic (in shares) | 32,399,855 | 32,055,551 | 32,389,771 | 31,707,068 |
Weighted average common stock outstanding-diluted (in shares) | 32,399,855 | 32,055,551 | 32,389,771 | 31,707,068 |
Other comprehensive loss | ||||
Unrealized loss on marketable debt securities | $ (80) | $ (626) | ||
Total other comprehensive loss | (80) | (626) | ||
Total comprehensive loss | $ (8,751) | $ (20,156) | $ (37,502) | $ (59,566) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total |
Beginning balance at Dec. 31, 2020 | $ 31 | $ 282,053 | $ (135,928) | $ 146,156 | |
Beginning balance (in shares) at Dec. 31, 2020 | 31,464,989 | ||||
Issuance of common stock upon exercise of stock options | $ 1 | 144 | 145 | ||
Issuance of common stock upon exercise of stock options (in shares) | 36,963 | ||||
Stock-based compensation expense | 1,704 | 1,704 | |||
Net loss | (18,973) | (18,973) | |||
Ending balance at Mar. 31, 2021 | $ 32 | 283,901 | (154,901) | 129,032 | |
Ending balance (in shares) at Mar. 31, 2021 | 31,501,952 | ||||
Beginning balance at Dec. 31, 2020 | $ 31 | 282,053 | (135,928) | 146,156 | |
Beginning balance (in shares) at Dec. 31, 2020 | 31,464,989 | ||||
Net loss | (59,566) | ||||
Ending balance at Sep. 30, 2021 | $ 32 | 288,766 | (195,494) | 93,304 | |
Ending balance (in shares) at Sep. 30, 2021 | 32,201,338 | ||||
Beginning balance at Dec. 31, 2020 | $ 31 | 282,053 | (135,928) | 146,156 | |
Beginning balance (in shares) at Dec. 31, 2020 | 31,464,989 | ||||
Net loss | (77,300) | ||||
Ending balance at Dec. 31, 2021 | $ 32 | 290,377 | $ (10) | (213,239) | 77,160 |
Ending balance (in shares) at Dec. 31, 2021 | 32,359,895 | ||||
Beginning balance at Mar. 31, 2021 | $ 32 | 283,901 | (154,901) | 129,032 | |
Beginning balance (in shares) at Mar. 31, 2021 | 31,501,952 | ||||
Issuance of common stock upon exercise of stock options | 486 | 486 | |||
Issuance of common stock upon exercise of stock options (in shares) | 362,068 | ||||
Stock-based compensation expense | 1,986 | 1,986 | |||
Net loss | (20,437) | (20,437) | |||
Ending balance at Jun. 30, 2021 | $ 32 | 286,373 | (175,338) | 111,067 | |
Ending balance (in shares) at Jun. 30, 2021 | 31,864,020 | ||||
Issuance of common stock upon exercise of stock options | 888 | 888 | |||
Issuance of common stock upon exercise of stock options (in shares) | 337,318 | ||||
Stock-based compensation expense | 1,505 | 1,505 | |||
Net loss | (20,156) | (20,156) | |||
Ending balance at Sep. 30, 2021 | $ 32 | 288,766 | (195,494) | 93,304 | |
Ending balance (in shares) at Sep. 30, 2021 | 32,201,338 | ||||
Beginning balance at Dec. 31, 2021 | $ 32 | 290,377 | (10) | (213,239) | 77,160 |
Beginning balance (in shares) at Dec. 31, 2021 | 32,359,895 | ||||
Issuance of common stock upon exercise of stock options | 1 | 1 | |||
Issuance of common stock upon exercise of stock options (in shares) | 833 | ||||
Issuance of ESPP shares | 47 | 47 | |||
Issuance of ESPP shares (in shares) | 38,529 | ||||
Stock-based compensation expense | 1,618 | 1,618 | |||
Unrealized loss on marketable debt securities | (379) | (379) | |||
Net loss | (13,859) | (13,859) | |||
Ending balance at Mar. 31, 2022 | $ 32 | 292,043 | (389) | (227,098) | 64,588 |
Ending balance (in shares) at Mar. 31, 2022 | 32,399,257 | ||||
Beginning balance at Dec. 31, 2021 | $ 32 | 290,377 | (10) | (213,239) | $ 77,160 |
Beginning balance (in shares) at Dec. 31, 2021 | 32,359,895 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 833 | ||||
Net loss | $ (36,876) | ||||
Ending balance at Sep. 30, 2022 | $ 32 | 295,129 | (636) | (250,115) | 44,410 |
Ending balance (in shares) at Sep. 30, 2022 | 32,454,237 | ||||
Beginning balance at Mar. 31, 2022 | $ 32 | 292,043 | (389) | (227,098) | 64,588 |
Beginning balance (in shares) at Mar. 31, 2022 | 32,399,257 | ||||
Stock-based compensation expense | 1,731 | 1,731 | |||
Unrealized loss on marketable debt securities | (167) | (167) | |||
Net loss | (14,346) | (14,346) | |||
Ending balance at Jun. 30, 2022 | $ 32 | 293,774 | (556) | (241,444) | 51,806 |
Ending balance (in shares) at Jun. 30, 2022 | 32,399,257 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 25,460 | ||||
Issuance of ESPP shares | 13 | 13 | |||
Issuance of ESPP shares (in shares) | 29,520 | ||||
Stock-based compensation expense | 1,342 | 1,342 | |||
Unrealized loss on marketable debt securities | (80) | (80) | |||
Net loss | (8,671) | (8,671) | |||
Ending balance at Sep. 30, 2022 | $ 32 | $ 295,129 | $ (636) | $ (250,115) | $ 44,410 |
Ending balance (in shares) at Sep. 30, 2022 | 32,454,237 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (36,876) | $ (59,566) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 949 | 816 |
Gain on disposal of fixed assets | (48) | |
Stockbased compensation expense | 4,691 | 5,195 |
Noncash lease expense | 3,023 | 3,562 |
Noncash interest expense | 210 | 202 |
Amortization of premium on marketable securities | 17 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 36 | 150 |
Prepaid expenses and other current assets | 698 | (1,802) |
Accounts payable | (733) | 1,560 |
Accrued expenses and other current liabilities | (2,932) | (138) |
Other liabilities | 176 | |
Lease liabilities | (3,172) | (3,538) |
Deferred revenue | (10,296) | (7,467) |
Net cash used in operating activities | (44,257) | (61,026) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (42,524) | |
Proceeds from maturities of marketable securities | 12,750 | |
Purchase of property and equipment | (512) | (1,532) |
Proceed from the sale of fixed assets | 177 | |
Net cash used in investing activities | (30,109) | (1,532) |
Cash flows from financing activities: | ||
Payments of deferred offering costs | (622) | |
Proceeds from the exercise of common stock options and employee equity plans | 61 | 1,519 |
Net cash provided by financing activities | 61 | 897 |
Net decrease in cash, cash equivalents and restricted cash | (74,305) | (61,661) |
Cash, cash equivalents and restricted cash at beginning of period | 108,511 | 203,422 |
Cash, cash equivalents and restricted cash at end of period | 34,206 | 141,761 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,422 | 1,274 |
Supplemental disclosures of noncash investing and financing activities: | ||
Right-of-use assets obtained in exchange for lease liabilities | 68 | 1,399 |
Deferred offering costs included in accounts payable | 622 | |
Sale of property and equipment in prepaid expenses and other current assets | $ 53 | |
Purchases of property and equipment included in accounts payable and accrued expenses | $ 238 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Nature of the Business and Basis of Presentation | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Sigilon Therapeutics, Inc. (the “Company” or “Sigilon”) is a clinical stage biotechnology company pioneering a new class of therapeutics and seeking to develop functional cures for patients with a wide range of diseases by providing stable and durable levels of therapeutic molecules to patients. The Company was incorporated on May 14, 2015 under the laws of the State of Delaware. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the successful completion of research and development, development by competitors of new technological innovations, dependence on key personnel, protection of technology, compliance with government regulations, and the ability to secure additional capital to fund operations and commercial success of its product candidates. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing, and incurring research and development costs related to advancing its biomedical platform. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with (i) U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, such financial statements do not include all the information and footnotes required by U.S. GAAP for a complete set of financial statements. In the opinion of management, the Unaudited Condensed Financial Statements include all adjustments, consisting of normal recurring accruals and other adjustments, considered necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows as of and for the periods presented. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2021 was derived from the Company’s audited financial statements at that date but does not include all of the footnote disclosures required by U.S. GAAP. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). The Company’s significant accounting policies are described in Note 2 to the Notes to Financial Statements in the 2021 Form 10-K and are updated, as necessary, in subsequent Form 10-Q filings. Going Concern The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. From its inception through September 30, 2022, the Company has funded its operations primarily with proceeds from its initial public offering, sales of convertible preferred stock, payments received under its collaboration agreement and proceeds from borrowings under loan and security agreements. The Company has incurred recurring losses since inception, including net losses of $8.7 million and $36.9 million for the three and nine months ended September 30, 2022, respectively, and $77.3 million for the year ended December 31, 2021. In addition, as of September 30, 2022, the Company had an accumulated deficit of $250.1 million. The Company expects to generate significant losses and negative cash flows from operations for the foreseeable future. Based on its current operating plans, the Company believes its cash, cash equivalents and marketable securities of $78.3 million as of September 30, 2022 will be sufficient to fund its anticipated level of operations, capital expenditures and satisfy debt repayments for a period of at least 12 months from the issuance date of this Quarterly Report. The Company expects to generate operating losses for the foreseeable future. Accordingly, the Company will seek additional funding through equity financings, debt financing, or additional collaboration agreements. If the Company is unable to raise additional funds through equity financing, debt financings or additional collaboration agreements the Company may be required to delay, limit, reduce or terminate product development or future commercialization efforts or grant rights to develop and market products or product candidates that the Company would otherwise prefer to develop and market itself. Impact of COVID-19 The COVID-19 pandemic has impacted and may continue to impact the clinical sites, the operations of the Company’s third-party manufacturing, clinical research organizations and logistics providers, which has disrupted the supply chain or the availability or cost of materials, and it may affect the Company’s ability to timely complete clinical trials and delay the initiation and/or enrollment of any future clinical trials, disrupt research, supply chain, research and regulatory activities or have other adverse effects on the Company’s business and operations. The Company is monitoring the potential impact of COVID-19 on its business and financial statements. The effects of the public health directives may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on its ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the COVID-19 pandemic and are not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in financial statements. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, research and development expenses and stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Concentration of Credit Risk and of Significant Suppliers The financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of September 30, 2022, the Company’s accounts receivable was related to one customer and as of December 31, 2021, the Company’s accounts receivable were related to two customers. As of September 30, 2022 and December 31, 2021, 100% and 39%, respectively, of the Company’s total receivables were related to the Company’s collaboration agreements with Eli Lilly and Company (Note 8). The Company is dependent on third-party manufacturers to supply certain products for research and development activities in its programs. The Company currently has a supplier of certain raw materials that would be considered a sole supplier. If the Company cannot access additional suppliers or secure sufficient inventory of these raw materials, its programs could be adversely affected by an interruption in the availability of these raw materials. Net Income (Loss) per Share The Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 362): Measurement of Credit Losses on Financial Statements In December 2019, the FASB issued ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting relationships entered into or evaluated, after December 31, 2022. The Company is currently evaluating the potential impact ASU 2020-04 may have on its financial statements. |
Fair Value Measurements and mar
Fair Value Measurements and marketable securities | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Measurements and marketable securities | |
Fair Value Measurements and marketable securities | 3. Fair Value Measurements and marketable securities Value Measurements The following tables present information about the Company’s financial assets that have been measured at fair value as of September 30, 2022 and indicate the fair value of the hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair value determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market 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 related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. During the three and nine months ended September 30, 2022, there were no transfers between Level 1 and Level 2 financial assets. The following table summarizes the Company’s cash equivalents and marketable securities as of September 30, 2022 and December 31, 2021 (in thousands): Fair value measurements as of September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 10,564 $ — $ — $ 10,564 Commercial paper — 9,978 — 9,978 U.S. Treasuries — 3,981 — 3,981 Total cash equivalents 10,564 13,959 — 24,523 Marketable securities Corporate bonds — 22,498 — 22,498 Commercial paper — 10,681 — 10,681 U.S. Government Agencies — 1,225 — 1,225 U.S. Treasuries — 10,940 — 10,940 Total marketable securities — 45,344 — 45,344 Total $ 10,564 $ 59,303 $ — $ 69,867 Fair value measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 50,847 $ — $ — $ 50,847 Commercial paper — 25,995 — 25,995 Corporate bonds — 1,000 — 1,000 Total cash equivalents 50,847 26,995 — 77,842 Marketable securities Corporate bonds — 10,238 — 10,238 Commercial paper — 5,975 — 5,975 Total marketable securities — 16,213 — 16,213 Total $ 50,847 $ 43,208 $ — $ 94,055 Marketable Securities The following tables summarizes the Company’s available-for-sale marketable debt securities as of September 30, 2022 and December 31, 2021 (in thousands): Fair value measurements as of September 30, 2022 Gross Gross Amortized Unrealized Unrealized Credit Cost Gains Losses Losses Total Corporate bonds $ 23,027 $ — $ (529) $ — $ 22,498 Commercial paper 10,722 — (41) — 10,681 U.S. Treasuries 1,229 — (4) — 1,225 U.S. Government Agencies 11,010 — (70) — 10,940 Total $ 45,988 $ — $ (644) $ — $ 45,344 Fair value measurements as of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Total Commercial paper $ 10,244 $ — $ (6) $ 10,238 Corporate bonds 5,977 — (2) 5,975 Total $ 16,221 $ — $ (8) $ 16,213 The unrealized losses at September 30, 2022 were attributed to changes in interest rates and unrealized losses do not represent credit losses. No declines in value were deemed to be other than temporary as of December 31, 2021. The following table summarizes the Company’s available-for-sale marketable debt securities by contractual maturity as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Maturities in one year or less $ 40,082 $ 9,004 Maturities between one and two years 5,262 7,209 Total $ 45,344 $ 16,213 The carrying value of the Company’s long-term debt approximates its fair value at September 30, 2022 and December 31, 2021 because the debt bears interest at a variable market rate and the Company’s credit risk has not materially changed since the inception of the agreement. As of September 30, 2022 and December 31, 2021 the Company did not have any other financial assets and liabilities that were measured at fair value on a recurring basis. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property and Equipment, Net | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2022 2021 Laboratory equipment $ 6,216 $ 6,297 Leasehold improvements 78 78 Furniture and fixtures 620 620 Computers and software 147 163 7,061 7,158 Less: Accumulated depreciation and amortization (4,008) (3,164) Total property and equipment, net $ 3,053 $ 3,994 Depreciation and amortization expense for the three and nine months ended September 30, 2022 and 2021 was $0.3 million, $0.9 million, $0.3 million and $0.8 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2022 2021 Employee compensation and benefits $ 3,059 $ 3,071 External research and development costs 2,125 5,056 Legal and professional fees 553 656 Other 210 215 Total accrued expenses and other current liabilities $ 5,947 $ 8,998 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt | |
Debt | 6. Debt The following discussion of the Company’s debt should be read in conjunction with Note 8 to the Notes to the Consolidated Financial Statements in the 2021 Form 10-K. As of September 30, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands): September 30, December 31, 2022 2021 Principal amount of long‑term debt $ 20,000 $ 20,000 Less: Current portion of long‑term debt (6,667) (1,667) Long‑term debt, net of current portion 13,333 18,333 Final debt payment liability 700 700 Debt discount, net of accretion (412) (622) Long‑term debt, net of discount and current portion $ 13,621 $ 18,411 As of September 30, 2022 and December 31, 2021, the interest rate applicable to borrowings under the loan and security agreement with Oxford Finance LLC (the “2020 Credit Facility”) was 10.80% and 8.40%, respectively. The estimated future principal payments due were as follows (in thousands): September 30, 2022 2022 (Remaining three months) $ 1,666 2023 6,667 2024 6,667 2025 5,000 2026 — $ 20,000 As of September 30, 2022, the Company was in full compliance with all financial covenants of the Loan Agreement. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Stock Based Compensation | |
Stock Based Compensation | 7. Stock Based Compensation The Company uses stock options to provide long-term incentives to its employees, non-employee directors and certain consultants. The Company has two equity compensation plans under which awards are currently authorized for issuance: the 2020 Employee Stock Purchase Plan and the 2020 Equity Incentive Plan. The Company also has outstanding stock-based awards under its 2016 Equity Incentive Plan but is no longer granting awards under this plan. As of September 30, 2022, there were 1,722,783 shares available for issuance under the 2020 Equity Incentive Plan and 853,407 shares available for issuance under the 2020 Employee Stock Purchase Plan. The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. The Company was a private company prior to the initial public offering and lacked company-specific historical and implied volatility information for its stock. Therefore, it estimates its expected stock price volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield of 0% is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Risk-free interest rate 2.77 % 0.96 % 1.74 % 0.76 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected term (in years) 6.0 6.0 6.0 6.1 Expected volatility 85.10 % 78.36 % 84.28 % 78.34 % Stock Option Activity The following table summarizes the Company’s stock option activity since December 31, 2021: Weighted average Weighted remaining Aggregate Number of average contractual term intrinsic value options exercise price (in years) (in thousands) Balances at December 31, 2021 3,138,646 $ 10.74 7.6 $ 328 Options granted 2,551,030 2.23 Options cancelled (687,610) 8.40 Options exercised (833) 0.57 Outstanding and expected to vest at September 30, 2022 5,001,233 6.72 8.0 — Exercisable at September 30, 2022 2,041,630 $ 7.61 6.3 $ — The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the three and nine months ended September 30, 2022 and 2021 were $0, less than $0.1 million, $1.1 million and $5.8 million, respectively. The weighted average grant date fair value of stock options during the three and nine months ended September 30, 2022 and 2021 were $0.74, $2.23, $8.22 and $30.61 respectively. Restricted Stock Units The Company has granted restricted stock units with time-based vesting conditions to employees. The restricted stock units primarily vest over 3 years from the grant date. The Company values restricted stock units on the grant-date using the market price of the Company’s common stock. The following table summarizes restricted stock unit activity since December 31, 2021: Weighted average grant Shares date fair value Unvested shares as of December 31, 2021 275,400 $ 5.57 Vested (25,460) 5.65 Forfeited (85,600) 5.62 Unvested shares as of September 30, 2022 164,340 $ 5.53 Stock-based Compensation Expense Stock-based compensation expense related to stock options and restricted stock units was classified in the statement of operations and comprehensive loss as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 406 $ 318 $ 1,470 $ 2,028 General and administrative 936 1,187 3,221 3,167 $ 1,342 $ 1,505 $ 4,691 $ 5,195 As of September 30, 2022, total unrecognized stock-based compensation expense related to unvested stock-based awards and units was $11.6 million, which is expected to be recognized over a weighted average period of 2.2 years. At-the-Market Offering On April 14, 2022, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC, or Canaccord, pursuant to which the Company may issue and sell shares of common stock, from time to time, having an aggregate offering price of up to $10.0 million. Sales of common stock through Canaccord may be made by any method that is deemed an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company is not obligated to make any sales of its common stock under the Equity Distribution Agreement. Any sales under the Equity Distribution Agreement will be made pursuant to the registration statement on Form S-3 (File No 333- 264296), which became effective on April 22, 2022 and the prospectus relating to such offering. There were no sales under the Equity Distribution Agreement as of September 30, 2022. |
License and Collaboration Agree
License and Collaboration Agreement | 9 Months Ended |
Sep. 30, 2022 | |
License and Collaboration Agreement | |
License and Collaboration Agreement | 8. License and Collaboration Agreement Lilly License and Collaboration Agreement On April 2, 2018, the Company entered into a License and Collaboration Agreement with Lilly (the “2018 Lilly Agreement”). Under the 2018 Lilly Agreement, the Company granted Lilly an exclusive worldwide, royalty-bearing license, including the right to grant sublicenses, to the Company’s encapsulation technology applied to islet cells. The Company is responsible for research and development activities, including supply and manufacturing activities, through investigational new drug (“IND”) filing readiness for the first product candidate, including costs up to $47.5 million and certain supply and manufacturing of products and materials in Phase 1 clinical trials and for clinical and commercial use following Phase 1 clinical trials; provided, however, that, pursuant to an amendment to the 2018 Lilly Agreement entered in May 2022, Lilly may take on certain research and development activities, at its own cost and expense, including supply and manufacturing activities. In addition, Lilly will be responsible for development and commercialization of any licensed product post-IND filing readiness and research and development costs for the IND product candidate above the $47.5 million cost threshold. Lilly is also responsible for all research, development and commercialization related to any subsequent product candidate. The parties are collaborating with the intent of developing encapsulated cell therapies for the potential treatment of type 1 diabetes. The activities under the agreement are governed by a joint research committee (“JRC”), which meets quarterly and consists of at least three members each from the Company and Lilly. Under the 2018 Lilly Agreement, Lilly was obligated to pay the Company a one-time, non-refundable and non-creditable license issuance fee of $62.5 million. Lilly is also obligated to make aggregate milestone payments to the Company of up to $165.0 million upon achievement of certain regulatory milestones for the first licensed product and regulatory milestones up to $160.0 million for additional licensed products. Lilly is also obligated to pay the company sales-based milestones of up to $250.0 million for each licensed product and tiered (from mid-single-to-low-double digit) sales-based royalties for each licensed product. The 2018 Lilly Agreement will expire upon the expiration of the last royalty term, on a product-by-product and country-for country basis. The royalty term, by product and country, commences upon the first commercial sale and ends upon the later to occur of (i) the expiration of the Company’s patent rights of a product candidate developed under the Lilly Agreement, (ii) the expiration of any data exclusivity period in a country or (iii) 10 years after the first commercial sale. The Company will have the right, and the obligation, to supply Lilly’s requirements for the material to be used in the manufacture of licensed products for clinical and commercial use. In connection with the supply responsibilities, the parties may enter into supply and quality agreements for both clinical and commercial supply. The Company evaluated the 2018 Lilly Agreement under ASC 606 as the transactions underlying the agreement were considered transactions with a customer. The Company identified the following material promises under the arrangement: (i) exclusive license to research, develop, manufacture and commercialize licensed products, (ii) initial technology transfer, (iii) research activities (including pre-IND supply), (iv) cell line development and supply, (v) product trademark election, (vi) requirement to supply Lilly with the licensed product related to Phase 1 clinical trial (“Phase 1 Supply”) and (vii) participation in the JRC. The Company determined that the exclusive license to research, develop, manufacture and commercialize the licensed product was not distinct from the related research and manufacturing activities to be provided by the Company as a result of Lilly being unable to benefit on its own or with other resources reasonably available in the marketplace because the license to the Company’s intellectual property requires significant specialized capabilities in order to be further developed, the research services necessary to develop the product are highly specialized and the Company’s proprietary technology is a key capability of that development. The cell line development and supply and research activities were determined not to be distinct because they are performed in conjunction with the research activities to further develop the underlying technology. The product trademark was determined not to be distinct because the benefit that Lilly receives from the Company’s trademark license only exists when combined with the right to commercialize the licensed product. In addition, the Company determined that the impact of the participation in the JRC was insignificant and had an immaterial impact on the accounting model. Therefore, the Company determined that the first five promises should be combined into a single performance obligation (the “Combined Performance Obligation”). The Company determined the sixth promise, the Phase 1 Supply promise, is distinct in the contract. As this is at no cost to Lilly, the right to receive this supply represents a material right and a distinct performance obligation. As such, the Company determined there were two distinct performance obligations at the outset of the 2018 Lilly Agreement. The Company determined that the $62.5 million upfront payment represents the entirety of the consideration to be included in the transaction price as of the outset of the arrangement. The potential milestone payments that the Company may have been eligible to receive were initially excluded from the transaction price at the outset of the arrangement because (i) all development and regulatory milestone payments did not meet the criteria for inclusion using the most-likely-amount method and (ii) the Company recognizes as revenue sales-based milestones and royalties when the related sales occur. As of September 30, 2022 no milestones or royalties have been deemed likely to be achieved or have been achieved. The Company recognizes revenue for the Combined Performance Obligation as the research, development and manufacturing services are provided using an input method, based on the cumulative costs incurred compared to the total estimated costs expected to be incurred to satisfy the Combined Performance Obligation. The transfer of control to the customer occurs over the time period that the research and development services are to be provided by the Company, and this cost-to-cost method is, in management’s judgement, the best measure of progress toward satisfying this performance obligation. The Company allocated $56.6 million of the transaction price to the Combined Performance Obligation at the outset of the arrangement. The Phase 1 Supply was determined to be a material right, and the standalone selling price was estimated using the expected cost-plus margin approach. The Company allocated $5.9 million of the transaction price to the Phase 1 Supply at the outset of the arrangement. The Company has determined that the Phase 1 Supply will be satisfied at a point in time when the customer obtains control of each unit of product. Therefore, the Company will recognize revenue as shipments of the Phase 1 Supply are made to Lilly. The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research, development and manufacturing activities that the Company is responsible for, are resolved or other changes in circumstances occur, and, if necessary, the Company will adjust its estimate of the transaction price and total estimated costs expected to be incurred. During the nine months ended September 30, 2022, consistent with the Company’s presentation to the JRC, the Company revised its estimate of total costs to complete the activities under the 2018 Lilly Agreement to reflect the Company’s experiences to date and the impact this has on its expected future research and development activities to satisfy the Combined Performance Obligation. During the nine months ended September 30, 2022, there has been an increase to the total estimated costs expected to be incurred of $5.3 million verse the estimate as of December 31, 2021. The increase in total estimated costs impacted both the Company’s estimated transaction price for the 2018 Lilly Agreement, as Lilly is obligated to reimburse the Company if the costs exceed $47.5 million to complete the services, and the Company’s input method used to recognize revenue, as this measure compares the Company’s cumulative costs incurred to the Company’s total estimated costs expected to be incurred. During the nine months ended September 30, 2022, based on the allocation of total transaction price to each performance obligation using the relative stand-alone selling price of each performance obligation under the 2018 Lilly Agreement, the transaction price for the Combined Performance Obligation increased by $6.4 million and the Phase 1 supply performance obligation increased by $0.7 million. During the three and nine months ended September 30, 2022 and 2021, the Company recognized $4.3 million, $10.3 million, $1.9 million and $7.5 million, respectively, of collaboration revenue. As of September 30, 2022 and December 31, 2021, the Company recorded as a contract liability deferred revenue of $12.1 million and $22.4 million, respectively, of which $12.1 million and $17.0 million, respectively, were classified as current liabilities in the accompanying balance sheet. As of September 30, 2022 and December 31, 2021, the research and development services related to the Combined Performance Obligation were expected to be performed over a remaining period of approximately 1.75 years and 2.0 years, respectively. Contract Liability The changes in the total contract liability (deferred revenue) balances related to the Company’s license and collaboration agreements with Lilly were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Deferred revenues at beginning of period $ 16,323 $ 26,229 $ 22,367 $ 31,777 Revenues deferred during the period — — — — Revenues recognized during the period (4,252) (1,919) (10,296) (7,467) Deferred revenues at end of period $ 12,071 $ 24,310 $ 12,071 $ 24,310 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Legal Proceedings The Company is not a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2022 | |
Net Loss per Share | |
Net Loss per Share | 10. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net loss $ (8,671) $ (20,156) $ (36,876) $ (59,566) Net loss attributable to common stockholders $ (8,671) $ (20,156) $ (36,876) $ (59,566) Denominator: Weighted average common stock outstanding—basic and diluted 32,399,855 32,055,551 32,389,771 31,707,068 Net loss per share attributable to common stockholders—basic and diluted $ (0.27) $ (0.63) $ (1.14) $ (1.88) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Warrants to purchase common stock 19,044 19,044 19,044 19,044 Unvested restricted stock units 164,340 264,500 164,340 264,500 Stock options to purchase common stock 5,001,233 3,783,351 5,001,233 3,783,351 5,184,617 4,066,895 5,184,617 4,066,895 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions | |
Related Party Transactions | 11. Related Party Transactions As described in Note 8 above, the Company entered into the 2018 Lilly Agreement with Lilly in April 2018. During the three and nine months ended September 30, 2022 and 2021, the Company recognized $4.3 million, $10.3 million, $1.9 million and $7.6 million, respectively, of related party revenue associated with Lilly collaboration agreements. As of September 30, 2022 and December 31, 2021, the Company had deferred revenue related to the collaboration agreements with Lilly of $12.1 million and $22.4 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had less than $0.1 million of outstanding receivables with Lilly. In January 2021, the Company entered into a shared space arrangement with a portfolio company of Flagship Pioneering, one of the Company’s significant stockholders, to sublease a portion of its office and laboratory space in Cambridge, Massachusetts. The term of the shared space arrangement commenced in January 2021 and the initial term ended on December 31, 2021. Under this agreement, the Company recorded other income of $0.1 million and $0.3 million during the three and nine months ended September 30, 2021. The Company received cash payments of $0.1 million and $0.3 million during the three and nine months ended September 30, 2021, respectively. On February 1, 2022, the Company entered into a shared space arrangement with a portfolio company of Flagship Pioneering, to sublease a portion of its office and laboratory space in Cambridge, Massachusetts. The term of the shared space arrangement commenced on February 1, 2022 and continues for an initial term ending on July 31, 2023. The agreement may be renewed for six successive one-month periods. The Company will be paid a fee based on the portfolio company’s occupancy of the office and laboratory space. Under this agreement, the Company recorded other income, net, of less than $0.1 million and $0.1 million during the three and nine months ended September 30, 2022, respectively. The Company received $0.8 million and $2.4 million of cash payments during the three and nine months ended September 30, 2022, respectively, and as of September 30, 2022, the Company had no outstanding receivables under this agreement and the Company had $0.3 million in accrued expenses and other current liabilities associated with rent prepaid for October 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, research and development expenses and stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. |
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers The financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of September 30, 2022, the Company’s accounts receivable was related to one customer and as of December 31, 2021, the Company’s accounts receivable were related to two customers. As of September 30, 2022 and December 31, 2021, 100% and 39%, respectively, of the Company’s total receivables were related to the Company’s collaboration agreements with Eli Lilly and Company (Note 8). The Company is dependent on third-party manufacturers to supply certain products for research and development activities in its programs. The Company currently has a supplier of certain raw materials that would be considered a sole supplier. If the Company cannot access additional suppliers or secure sufficient inventory of these raw materials, its programs could be adversely affected by an interruption in the availability of these raw materials. |
Net Income (Loss) per Share | Net Income (Loss) per Share The Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 362): Measurement of Credit Losses on Financial Statements In December 2019, the FASB issued ASU 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting relationships entered into or evaluated, after December 31, 2022. The Company is currently evaluating the potential impact ASU 2020-04 may have on its financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Measurements and marketable securities | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s cash equivalents and marketable securities as of September 30, 2022 and December 31, 2021 (in thousands): Fair value measurements as of September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 10,564 $ — $ — $ 10,564 Commercial paper — 9,978 — 9,978 U.S. Treasuries — 3,981 — 3,981 Total cash equivalents 10,564 13,959 — 24,523 Marketable securities Corporate bonds — 22,498 — 22,498 Commercial paper — 10,681 — 10,681 U.S. Government Agencies — 1,225 — 1,225 U.S. Treasuries — 10,940 — 10,940 Total marketable securities — 45,344 — 45,344 Total $ 10,564 $ 59,303 $ — $ 69,867 Fair value measurements as of December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 50,847 $ — $ — $ 50,847 Commercial paper — 25,995 — 25,995 Corporate bonds — 1,000 — 1,000 Total cash equivalents 50,847 26,995 — 77,842 Marketable securities Corporate bonds — 10,238 — 10,238 Commercial paper — 5,975 — 5,975 Total marketable securities — 16,213 — 16,213 Total $ 50,847 $ 43,208 $ — $ 94,055 |
Schedule of marketable securities | The following tables summarizes the Company’s available-for-sale marketable debt securities as of September 30, 2022 and December 31, 2021 (in thousands): Fair value measurements as of September 30, 2022 Gross Gross Amortized Unrealized Unrealized Credit Cost Gains Losses Losses Total Corporate bonds $ 23,027 $ — $ (529) $ — $ 22,498 Commercial paper 10,722 — (41) — 10,681 U.S. Treasuries 1,229 — (4) — 1,225 U.S. Government Agencies 11,010 — (70) — 10,940 Total $ 45,988 $ — $ (644) $ — $ 45,344 Fair value measurements as of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Total Commercial paper $ 10,244 $ — $ (6) $ 10,238 Corporate bonds 5,977 — (2) 5,975 Total $ 16,221 $ — $ (8) $ 16,213 |
Schedule of available-for-sale marketable debt securities by contractual maturity | The following table summarizes the Company’s available-for-sale marketable debt securities by contractual maturity as of September 30, 2022 and December 31, 2021 (in thousands): September 30, December 31, 2022 2021 Maturities in one year or less $ 40,082 $ 9,004 Maturities between one and two years 5,262 7,209 Total $ 45,344 $ 16,213 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property and Equipment, Net | |
Schedule of property and equipment, net | Property and equipment, net consisted of the following (in thousands): September 30, December 31, 2022 2021 Laboratory equipment $ 6,216 $ 6,297 Leasehold improvements 78 78 Furniture and fixtures 620 620 Computers and software 147 163 7,061 7,158 Less: Accumulated depreciation and amortization (4,008) (3,164) Total property and equipment, net $ 3,053 $ 3,994 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2022 2021 Employee compensation and benefits $ 3,059 $ 3,071 External research and development costs 2,125 5,056 Legal and professional fees 553 656 Other 210 215 Total accrued expenses and other current liabilities $ 5,947 $ 8,998 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt | |
Schedule of long-term debt | As of September 30, 2022 and December 31, 2021, long-term debt consisted of the following (in thousands): September 30, December 31, 2022 2021 Principal amount of long‑term debt $ 20,000 $ 20,000 Less: Current portion of long‑term debt (6,667) (1,667) Long‑term debt, net of current portion 13,333 18,333 Final debt payment liability 700 700 Debt discount, net of accretion (412) (622) Long‑term debt, net of discount and current portion $ 13,621 $ 18,411 |
Schedule of estimated future principal payments | The estimated future principal payments due were as follows (in thousands): September 30, 2022 2022 (Remaining three months) $ 1,666 2023 6,667 2024 6,667 2025 5,000 2026 — $ 20,000 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stock Based Compensation | |
Schedule of weighted average assumption for grant date fair value of stock options | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Risk-free interest rate 2.77 % 0.96 % 1.74 % 0.76 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected term (in years) 6.0 6.0 6.0 6.1 Expected volatility 85.10 % 78.36 % 84.28 % 78.34 % |
Schedule of stock option activity | Weighted average Weighted remaining Aggregate Number of average contractual term intrinsic value options exercise price (in years) (in thousands) Balances at December 31, 2021 3,138,646 $ 10.74 7.6 $ 328 Options granted 2,551,030 2.23 Options cancelled (687,610) 8.40 Options exercised (833) 0.57 Outstanding and expected to vest at September 30, 2022 5,001,233 6.72 8.0 — Exercisable at September 30, 2022 2,041,630 $ 7.61 6.3 $ — |
Schedule of restricted stock activity | Weighted average grant Shares date fair value Unvested shares as of December 31, 2021 275,400 $ 5.57 Vested (25,460) 5.65 Forfeited (85,600) 5.62 Unvested shares as of September 30, 2022 164,340 $ 5.53 |
Schedule of stock-based compensation expense | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 406 $ 318 $ 1,470 $ 2,028 General and administrative 936 1,187 3,221 3,167 $ 1,342 $ 1,505 $ 4,691 $ 5,195 |
License and Collaboration Agr_2
License and Collaboration Agreement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lilly License and Collaboration Agreement | |
License and Collaboration Agreement | |
Schedule of the changes in the total contract liability (deferred revenue) balances related to the Company's license and collaboration agreements | The changes in the total contract liability (deferred revenue) balances related to the Company’s license and collaboration agreements with Lilly were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Deferred revenues at beginning of period $ 16,323 $ 26,229 $ 22,367 $ 31,777 Revenues deferred during the period — — — — Revenues recognized during the period (4,252) (1,919) (10,296) (7,467) Deferred revenues at end of period $ 12,071 $ 24,310 $ 12,071 $ 24,310 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Net Loss per Share | |
Schedule of Basic and diluted net loss per share attributable to common stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net loss $ (8,671) $ (20,156) $ (36,876) $ (59,566) Net loss attributable to common stockholders $ (8,671) $ (20,156) $ (36,876) $ (59,566) Denominator: Weighted average common stock outstanding—basic and diluted 32,399,855 32,055,551 32,389,771 31,707,068 Net loss per share attributable to common stockholders—basic and diluted $ (0.27) $ (0.63) $ (1.14) $ (1.88) |
Schedule of potential dilutive securities excluded from the computation of diluted net loss per share | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Warrants to purchase common stock 19,044 19,044 19,044 19,044 Unvested restricted stock units 164,340 264,500 164,340 264,500 Stock options to purchase common stock 5,001,233 3,783,351 5,001,233 3,783,351 5,184,617 4,066,895 5,184,617 4,066,895 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 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 | Dec. 31, 2021 | |
Nature of the Business and Basis of Presentation | |||||||||
Net loss | $ 8,671 | $ 14,346 | $ 13,859 | $ 20,156 | $ 20,437 | $ 18,973 | $ 36,876 | $ 59,566 | $ 77,300 |
Accumulated deficit | 250,115 | 250,115 | $ 213,239 | ||||||
Cash, cash equivalents and marketable securities | $ 78,300 | $ 78,300 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - Accounts receivable - Customer Concentration Risk - customer | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | ||
Number of customers | 1 | 2 |
Lilly | ||
Summary of Significant Accounting Policies | ||
Concentrations of credit risk | 100% | 39% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Measurements | ||
Total cash equivalents | $ 24,523 | $ 77,842 |
Total marketable securities | 45,344 | 16,213 |
Total | 69,867 | 94,055 |
Money market funds | ||
Fair Value Measurements | ||
Total cash equivalents | 10,564 | 50,847 |
Commercial paper | ||
Fair Value Measurements | ||
Total cash equivalents | 9,978 | 25,995 |
Total marketable securities | 10,681 | 5,975 |
Corporate bonds | ||
Fair Value Measurements | ||
Total cash equivalents | 1,000 | |
Total marketable securities | 22,498 | 10,238 |
U.S. Government Agencies | ||
Fair Value Measurements | ||
Total marketable securities | 1,225 | |
U.S. Treasuries | ||
Fair Value Measurements | ||
Total cash equivalents | 3,981 | |
Total marketable securities | 10,940 | |
Level 1 | ||
Fair Value Measurements | ||
Total cash equivalents | 10,564 | 50,847 |
Total | 10,564 | 50,847 |
Level 1 | Money market funds | ||
Fair Value Measurements | ||
Total cash equivalents | 10,564 | 50,847 |
Level 2 | ||
Fair Value Measurements | ||
Total cash equivalents | 13,959 | 26,995 |
Total marketable securities | 45,344 | 16,213 |
Total | 59,303 | 43,208 |
Level 2 | Commercial paper | ||
Fair Value Measurements | ||
Total cash equivalents | 9,978 | 25,995 |
Total marketable securities | 10,681 | 5,975 |
Level 2 | Corporate bonds | ||
Fair Value Measurements | ||
Total cash equivalents | 1,000 | |
Total marketable securities | 22,498 | $ 10,238 |
Level 2 | U.S. Government Agencies | ||
Fair Value Measurements | ||
Total marketable securities | 1,225 | |
Level 2 | U.S. Treasuries | ||
Fair Value Measurements | ||
Total cash equivalents | 3,981 | |
Total marketable securities | $ 10,940 |
Fair Value Measurements - Cash
Fair Value Measurements - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash Equivalents and Marketable Securities | ||
Amortized Cost | $ 45,988 | $ 16,221 |
Gross Unrealized Losses | (644) | (8) |
Total | 45,344 | 16,213 |
Commercial paper | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 10,722 | 10,244 |
Gross Unrealized Losses | (41) | (6) |
Total | 10,681 | 10,238 |
Corporate bonds | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 23,027 | 5,977 |
Gross Unrealized Losses | (529) | (2) |
Total | 22,498 | $ 5,975 |
U.S. Treasuries | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 1,229 | |
Gross Unrealized Losses | (4) | |
Total | 1,225 | |
U.S. Government Agencies | ||
Cash Equivalents and Marketable Securities | ||
Amortized Cost | 11,010 | |
Gross Unrealized Losses | (70) | |
Total | $ 10,940 |
Fair Value Measurements - Avail
Fair Value Measurements - Available-for-sale marketable debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
available-for-sale marketable debt securities contractual maturity | ||
Maturities in one year or less | $ 40,082 | $ 9,004 |
Maturities between one and two years | 5,262 | 7,209 |
Total | $ 45,344 | $ 16,213 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property and Equipment, Net | |||||
Property and equipment, gross | $ 7,061 | $ 7,061 | $ 7,158 | ||
Less: Accumulated depreciation and amortization | (4,008) | (4,008) | (3,164) | ||
Total property and equipment, net | 3,053 | 3,053 | 3,994 | ||
Depreciation and amortization expense | 300 | $ 300 | 949 | $ 816 | |
Laboratory equipment | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | 6,216 | 6,216 | 6,297 | ||
Leasehold improvements | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | 78 | 78 | 78 | ||
Furniture and fixtures | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | 620 | 620 | 620 | ||
Computers and software | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | $ 147 | $ 147 | $ 163 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Expenses and Other Current Liabilities | ||
Employee compensation and benefits | $ 3,059 | $ 3,071 |
External research and development costs | 2,125 | 5,056 |
Legal and professional fees | 553 | 656 |
Other | 210 | 215 |
Total accrued expenses and other current liabilities | $ 5,947 | $ 8,998 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt | ||
Total principal | $ 20,000 | $ 20,000 |
Less: Current portion of long-term debt | (6,667) | (1,667) |
Longterm debt, net of current portion | 13,333 | 18,333 |
Final debt payment liability | 700 | 700 |
Debt discount, net of accretion | (412) | (622) |
Longterm debt, net of discount and current portion | $ 13,621 | $ 18,411 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
2020 Credit Facility | ||
Debt | ||
Interest rate | 10.80% | 8.40% |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Estimated future principal payments due | ||
2022 (Remaining three months) | $ 1,666 | |
2023 | 6,667 | |
2024 | 6,667 | |
2025 | 5,000 | |
Total principal | $ 20,000 | $ 20,000 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plans (Details) | 9 Months Ended |
Sep. 30, 2022 plan shares | |
Stock Based Compensation | |
Number of equity compensation plans | plan | 2 |
2020 Employee Stock Purchase Plan And 2020 Equity Incentive Plan | |
Stock Based Compensation | |
Expected dividend yield | 0% |
2020 Employee Stock Purchase Plan | |
Stock Based Compensation | |
Number of shares available for grant | 853,407 |
2020 Equity Incentive Plan | |
Stock Based Compensation | |
Number of shares available for grant | 1,722,783 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Valuation (Details) - Employees and directors | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Assumptions used | ||||
Risk free interest rate | 2.77% | 0.96% | 1.74% | 0.76% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Expected term (in years) | 6 years | 6 years | 6 years | 6 years 1 month 6 days |
Expected volatility | 85.10% | 78.36% | 84.28% | 78.34% |
Stock Based Compensation - St_2
Stock Based Compensation - Stock Option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Number of options | |||||
Beginning balances | 3,138,646 | ||||
Options granted | 2,551,030 | ||||
Options cancelled | (687,610) | ||||
Options exercised | (833) | ||||
Ending balances | 5,001,233 | 5,001,233 | 3,138,646 | ||
Exercisable | 2,041,630 | 2,041,630 | |||
Weighted average exercise price | |||||
Beginning balances | $ 10.74 | ||||
Options granted | 2.23 | ||||
Options cancelled | 8.40 | ||||
Options exercised | 0.57 | ||||
Ending balances | $ 6.72 | 6.72 | $ 10.74 | ||
Exercisable | $ 7.61 | $ 7.61 | |||
Weighted average remaining contractual term | |||||
Weighted average remaining contractual term (in years) | 8 years | 7 years 7 months 6 days | |||
Exercisable | 6 years 3 months 18 days | ||||
Aggregate intrinsic value | |||||
Beginning balances | $ 328 | ||||
Ending balances | $ 328 | ||||
Aggregate intrinsic value of stock options exercised | $ 0 | $ 1,100 | $ 5,800 | ||
Weighted average grant date fair value of stock options (in dollars per share) | $ 0.74 | $ 8.22 | $ 2.23 | $ 30.61 | |
Maximum | |||||
Aggregate intrinsic value | |||||
Aggregate intrinsic value of stock options exercised | $ 100 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Stock Based Compensation | |
Vesting period | 3 years |
Shares | |
Unvested shares beginning balance | shares | 275,400 |
Unvested shares, Vested | shares | (25,460) |
Unvested shares, Forfeited | shares | (85,600) |
Unvested shares ending balance | shares | 164,340 |
Weighted average grant date fair value | |
Weighted average grant date fair value, beginning balance | $ / shares | $ 5.57 |
Weighted average grant date fair value, Vested | $ / shares | 5.65 |
Weighted average grant date fair value, forfeited | $ / shares | 5.62 |
Weighted average grant date fair value, ending balance | $ / shares | $ 5.53 |
Stock Based Compensation - St_3
Stock Based Compensation - Stock 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 | |
Stock Based Compensation | ||||
Stock based compensation | $ 1,342 | $ 1,505 | $ 4,691 | $ 5,195 |
Unrecognized stock-based compensation expense | 11,600 | $ 11,600 | ||
Period of unrecognized stock-based compensation expense | 2 years 2 months 12 days | |||
Research and development | ||||
Stock Based Compensation | ||||
Stock based compensation | 406 | 318 | $ 1,470 | 2,028 |
General and administrative | ||||
Stock Based Compensation | ||||
Stock based compensation | $ 936 | $ 1,187 | $ 3,221 | $ 3,167 |
Stock Based Compensation - At-t
Stock Based Compensation - At-the-Market Offering (Details) $ in Millions | Apr. 14, 2022 USD ($) |
At the market offering | |
Stock Based Compensation | |
Maximum amount of shares offered | $ 10 |
License and Collaboration Agr_3
License and Collaboration Agreement - Lilly License and Collaboration Agreement (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 02, 2018 USD ($) item | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
License and Collaboration Agreement | |||||||||
Collaboration revenue | $ 4,252 | $ 1,947 | $ 10,300 | $ 7,609 | |||||
Current liabilities | 30,555 | 30,555 | $ 34,888 | ||||||
Lilly License and Collaboration Agreement | |||||||||
License and Collaboration Agreement | |||||||||
Amount of research and development costs the Company is responsible to cover | $ 47,500 | ||||||||
Threshold amount of research and development costs above which the collaboration partner is responsible for | $ 47,500 | 47,500 | |||||||
Minimum number of members from the Company and partner on joint research committee | item | 3 | ||||||||
Non-refundable, non-creditable upfront payment received | $ 62,500 | ||||||||
Sales based milestone payments receivable | $ 250,000 | ||||||||
Term of the license and collaboration agreement | 10 years | ||||||||
Upfront payment | $ 62,500 | ||||||||
Allocation of transaction price to combined performance obligation | 56,600 | 6,400 | |||||||
Allocation of transaction price to Phase I supply | 5,900 | 700 | |||||||
Increase in total estimated costs expected to be incurred | 5,300 | ||||||||
Collaboration revenue | 4,300 | 1,900 | 10,300 | 7,500 | |||||
Current liabilities | 12,100 | 12,100 | 17,000 | ||||||
Contract with customer liability, deferred revenue | $ 12,071 | $ 24,310 | $ 12,071 | $ 24,310 | $ 22,367 | $ 16,323 | $ 26,229 | $ 31,777 | |
Research and development services performance obligation period | 1 year 9 months | 2 years | |||||||
Lilly License and Collaboration Agreement | First Licensed Product | |||||||||
License and Collaboration Agreement | |||||||||
Maximum payments to be received from collaboration partner if milestones are met | 165,000 | ||||||||
Lilly License and Collaboration Agreement | Additional Licensed Product | |||||||||
License and Collaboration Agreement | |||||||||
Maximum payments to be received from collaboration partner if milestones are met | $ 160,000 |
License and Collaboration Agr_4
License and Collaboration Agreement - Contract Liability (Details) - Lilly License and Collaboration Agreement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
License and Collaboration Agreement | ||||
Deferred revenues at beginning of period | $ 16,323 | $ 26,229 | $ 22,367 | $ 31,777 |
Revenues recognized during the period | (4,252) | (1,919) | (10,296) | (7,467) |
Deferred revenues at end of period | $ 12,071 | $ 24,310 | $ 12,071 | $ 24,310 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 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 | Dec. 31, 2021 | |
Numerator: | |||||||||
Net loss | $ (8,671) | $ (14,346) | $ (13,859) | $ (20,156) | $ (20,437) | $ (18,973) | $ (36,876) | $ (59,566) | $ (77,300) |
Net loss attributable to common stockholders | $ (8,671) | $ (20,156) | $ (36,876) | $ (59,566) | |||||
Denominator: | |||||||||
Weighted average common stock outstanding-basic (in shares) | 32,399,855 | 32,055,551 | 32,389,771 | 31,707,068 | |||||
Weighted average common stock outstanding-diluted (in shares) | 32,399,855 | 32,055,551 | 32,389,771 | 31,707,068 | |||||
Net loss per share attributable to common stockholders-basic (in dollars per share) | $ (0.27) | $ (0.63) | $ (1.14) | $ (1.88) | |||||
Net loss per share attributable to common stockholders-diluted (in dollars per share) | $ (0.27) | $ (0.63) | $ (1.14) | $ (1.88) |
Net Loss per Share - Potential
Net Loss per Share - Potential dilutive securities excluded from the computation of diluted net loss per share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Loss per Share | ||||
Warrants to purchase common stock | 19,044 | 19,044 | 19,044 | 19,044 |
Unvested restricted stock | 164,340 | 264,500 | 164,340 | 264,500 |
Stock options to purchase common stock | 5,001,233 | 3,783,351 | 5,001,233 | 3,783,351 |
Total | 5,184,617 | 4,066,895 | 5,184,617 | 4,066,895 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Feb. 01, 2022 item | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transactions | ||||||
Accrued expenses for related parties | $ 0.3 | $ 0.3 | ||||
Flagship Pioneering Inc. | ||||||
Related Party Transactions | ||||||
Other income | $ 0.1 | $ 0.3 | ||||
Cash payments received | 0.1 | 2.4 | 0.3 | |||
Outstanding receivables related to other current assets | 0 | 0 | ||||
Flagship Pioneering Inc. | Shared Space Agreement | ||||||
Related Party Transactions | ||||||
Cash payments received | 0.8 | |||||
Number of successive periods for renewal of sublease | item | 6 | |||||
Sublease renewal term | 1 month | |||||
Flagship Pioneering Inc. | Shared Space Agreement | Maximum | ||||||
Related Party Transactions | ||||||
Other income | 0.1 | 0.1 | ||||
Lilly | Lilly License and Collaboration Agreement | ||||||
Related Party Transactions | ||||||
Revenue from related party | 4.3 | $ 1.9 | 10.3 | $ 7.6 | ||
Deferred revenue from related party | 12.1 | 12.1 | $ 22.4 | |||
Lilly | Lilly License and Collaboration Agreement | Maximum | ||||||
Related Party Transactions | ||||||
Accounts receivable | $ 0.1 | $ 0.1 | $ 0.1 |